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Real cost of AIB privatisation will be social as well as economic – Doherty

1 June, 2017 - by Pearse Doherty TD

Sinn Féin TD and Finance spokesperson Pearse Doherty has said the consequences of privatising AIB for consumers is becoming apparent only one day after Minister Michael Noonan firing the starting pistol on its privatisation. He was responding to reports that AIB will ramp up its repossessions and sales to vulture funds.

Deputy Doherty said:

“The unfairness of the selling of AIB is becoming obvious only one day into the process. It is clear now the leash has been loosened, AIB will move swiftly to repossess homes and sell to vulture funds. These are the people who were always going to lose out once political influence was lost. It seems AIB aren’t even going to pretend otherwise.

“Debates over what to do with the proceeds of this sale miss the point; this sale is damaging to the interest of the Irish people, to Irish mortgage holders, and to Irish businesses. The real cost of this sale will not be measured in euro but also in the social cost.

“The fact is that many of those families in arrears are only there because of the cost of bailing out the likes of AIB and other banks. It is a deep injustice that those same families now look to feel the teeth of a private AIB. The real cost of selling AIB on the cheap is not just the billions lost but also the influence over a banking sector that when left unchecked before crashed the country.” 

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