Mr McGuinness said the committee would not be getting into the specifics around Mr Carey’s debt settlement agreement with AIB but that he expected that people would be able to deduce from the bank’s answers to the committee’s questions around how similar cases are dealt with generally.
Three properties at the golf resorts owned and linked to Mr Carey were sold in 2014 and 2015 generating proceeds of €1.8 million, most of which went towards the reduction of his debts. In response to political reaction to an RTE report last week suggesting a much larger write-down, AIB took the unusual step of issuing a circular to staff on Tuesday responding to the “external commentary over recent days” around the debt deal and how it “does not provide the full picture.”
The timing of the bank’s public appearance before the committee could pose challenges for the bank as AIB is in a closed reporting period in advance of the publication of its 2022 annual results on March 8th.
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