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No sense in selling AIB – Doherty

2 March, 2017 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has said the planned sale of 25% of AIB later this year makes no sense in light of the fact that the bank has started paying dividends to the State. He said that the State should hold on to the bank for the foreseeable future.

Deputy Doherty said:

“The proposal by AIB to pay a €250m dividend this year to the State really begs the question why, having pumped €20bn of the people’s money into the bank, the State would now sell any part of the bank.

“There is no logic in offloading a profitable bank for a short term boost.

“The involvement of Morgan Stanley and other international corporations in advising on the sales process should not encourage anybody that the public interest will be to the fore in this decision.

“It is time to stop and ask ‘who benefits?’ from this sale. The bankers keen to drop the €500 thousand salary cap will benefit, the speculators that wouldn’t touch the bank for the last decade will benefit.  It’s clear though that the Irish people will not benefit. They will be short-changed and lose the influence over the banking sector currently enjoyed.

“The Government lacks a vision of a functioning, competitive and properly regulated banking system. They are simply laying the road to a return to a smaller, even more complacent banking system than the country had before the crash.” 

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