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As AIB posts profits of €645 million it is time to reassess their tax structure and customer model - Pearse Doherty TD

3 March, 2022 - by Pearse Doherty TD

Sinn Féin spokesperson on Finance Pearse Doherty TD has called on AIB to provide a ‘customer dividend’ as the bank today posted profits of €645 million for 2021.

Deputy Doherty said that the bank’s results, including its plans to distribute €122m in dividends and €91 million in share buybacks, highlight the need to reassess how the bank is taxed and the responsibilities of the Minister under the Framework Agreement.

Speaking today, the Donegal TD said:

“Today’s announcement that AIB enjoyed pre-tax profits of €629 million last year, and €645 million after tax, should be followed by a ‘customer dividend’ in the time ahead.

“Last year, the bank announced 23 branch closures North and South, while its customers continue to pay among the highest mortgage interest rates in Europe.

“As AIB demonstrates its strong return to profitability and expands with the acquisition of Goodbody Stockbrokers and a €4.2 billion purchase of Ulster Bank’s commercial and corporate loan book, we must see a consumer-centred approach moving forward.

“There are also questions for the Minister for Finance.

“Given today’s announcement, how can he justify a reduction in the overall yield in the bank levy?

“And how can banks such as AIB be permitted, like it has done in 2021, to reduce their tax liability down to zero despite such high profits?

“AIB has made clear their intent to buy back €91 million in shares, including shares held by the state.

“This would reduce the state’s shareholding in the bank – something Sinn Féin is opposed to.

“These proposals are at the discretion of the Minister for Finance and we must now hear his plans and decision in relation to these proposals.”

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