The AIB thread


#2124

Amazing.

In other countries rate rises are seen as positive for bank Margins…


#2125

Furthermore - government ministers are amoral and mercenary and are not to be trusted (and never were to be trusted). All their pronouncements should be treated with heavy scepticism.


#2126

I would not equate Ministers with bankers. Ministers don’t work for a corporation, don’t get promoted for screwing people, don’t get salaries or bonuses comparable to Bankers, have some degree of independence from their boss and are subject to dismissal by the electorate every so often. It may be popular to slag off politicians and to be ultra cynical about their motives at all stages, but I think the banks deserve a category all of their own.


#2127

Yeah, I don’t think the two are in the same league at all. When was the last time you heard of the CEO of Goldman Sachs losing an election?


#2128

Just because you don’t equate them with bankers doesn’t mean they aren’t amoral and mercenary and are not to be trusted (and never were to be trusted). All their pronouncements should be treated with heavy scepticism.

In the last 20 years there been many government ministers who match the above criteria


#2129

…unless the are Scot Bannon or Wilbur Ross who are both steeped in Investment Banking/Investment and now hold positions equivalent to that of Ministers.


#2130

Removed


#2131

Well, fair enough, investment banker politicians and spider-babies are genuinely evil.


#2132

“Politicians are bad” seems to be a very broad proposition for debate and very off topic on this thread. A dead cat, better suited to the dead cat cemetery at politics.ie, perhaps?


#2133

It was a joke.


#2134

250m dividend to the state. 1.7bn profit. Ok it’s a start anyway on the €20bn pumped in. Good news for the long suffering taxpayer nonetheless.


#2135

With their loan book I wouldn’t pay a dividend.
conventional investors wouldn’t be looking for a dividend either, they’d be looking for share appreciation but I suppose Govt. only pays income tax to itself on the dividend it receives from AIB and anyone else with a shareholding is forced to pay income tax. Hmmm other shareholders in AIB would be pissed that management are working toward interest of government and not theirs.
I could be wrong on all this and I’m happy to be corrected.


#2136

What other share holders?


#2137

Isn’t it still listed on the ISEQ?


#2138

answering my own question.
At the time of article is was .2% not in govt. ownership.

irishtimes.com/business/fina … -1.2347731


#2139

Not a start. A continuation. Already over €6bn returned to the State.


#2140

In various fees and charges.

To argue that this is a pure win for the state requires the assumption that the €21bn put in was sitting around doing nothing at the time. Which is of course pretty intellectually dubious…


#2141

I’d have seen 2008 and I did see it at the time as the opportunity to break the banking duopoly and with a healthy banking sector after their demise a fitter healthier wealthier economy afterward. The Irish Government passed up this opportunity.


#2142

The 21bn wasn’t sitting around - it was borrowed. So you have to factor in the borrowing costs. But these aren’t that high. The point is most people still believe austerity was a result of bailing out the banks, when really that wasn’t the case at all.


#2143

Aib and BOI announced massive profits in the last week. It’s business news.

When you think back to the vincent browne’s of 2009 or 2010 you thought you’d hardly see the day again in a generation. That’s quite a success. But this narrative doesn’t suit too many who dominate our airwaves in Irish politics or the media it seems.