The AIB thread


#2144

Persons close to me are being screwed over since then by these banks who convinced Government to drive all competition off the Island.

bailing out the banks shouldn’t have been a pure cold hard business decision by an Investor seeking a return.
What we got was Government giving the banks permission and protection to screw everybody they could so long as no repossessions were done.


#2145

Jeysus. Can the banks ever be non controversial.
If people are being screwed over by higher interest rates at least part of this is due to the increased credit risks in this country thanks to defaulters strategic or otherwise and the unprecedented lack of recourse on secured lending.


#2146

and whose fault is that? The guys elected to look after the best interests of the citizens of the Country.


#2147

yeah, wasn’t there numpties complaining that their shares dropped in value cause Noonan signaled the banks valuation was incorrect or something to that affect , can’t remember the exact specifics apart from a few cannies got burned


#2148

AIB sells non-performing BTL loans to Goldman Sachs

rte.ie/news/business/2017/0414/867727-aib-portfolio-goldman-sachs/

I think I know a few people whose loans will be shifted in this.


#2149

I’m sure GS will totally engage in extend-and-pretend :slight_smile:


#2150

Considering the fact that they bought the loans for about half their face values, I suspect that many of these loans are for properties that are out in the sticks and deep in negative equity.
They’ll just evict and offload the properties for whatever they can get for them.


#2151

Well yes I was being sarcastic


#2152

I know :wink:


#2153

Looks like the government are going to start selling AIB shares.


#2154

Minimum €10k to purchase at the planned IPO.

Good investment yes or no?


#2155

Buying into an industry ripe for disruption?


#2156

LOL there are no longer-lasting businesses in Ireland than AIB, BoI and Ulster.


#2157

All it would take to change that is IBAN portability - moving my bank account should be just like moving to a different mobile network. Crazy that this wasn’t introduced at the same time as SEPA.


#2158

I never thought about that.
Excellent point.


#2159

I can’t see it. Disruption has been happening in capital light sections of the economy. Bank lending is anything but capital light, if you want any degree of scale in the industry, you need billions of capital.


#2160

Going a bit OT here - but the reason why moving your number to a different network is so easy is because the system has been designed in that way and it is part of the standard. (Very) Simply put, the phone number is largely irrelevant for the operator as well as call routing. It is achieved (again, very simplified) by having 2 numbers: SIM card and phone number, so all you need is to update the phone number database with the new sim card number and all is sorted. A bit like the link between web URL and IP address via DNS.
IBAN and to a lesser extend BIC are (AFAIK) in fact at the heart of SEPA, and do not have a comparable system. I am not sure if I could see the benefits / ROI on introducing this, for either customer nor banks itself. Open for discussion though.
TelCo innovation move at a much faster speed than banking innovation, so it is much easier to introduce large changes.


#2161

Compliance with anti-money laundering requirements also makes switching difficult.


#2162

Number26 made it really easy. Basically a Skype call with someone who looks at your passport over the interwebs (plus you post or scan utility bills)


#2163

I was talking to someone who is in the process of establishing an online retail bank in the US. Says he can easily provide free banking by keeping deposits in US Treasuries and making money out of debit card transaction fees (to the retailer of course, not the customer). Also said the only reason Apple and Amazon don’t provide direct banking services is that the terms of US banking law would require the entire corporation to be subject to banking regulations if they did.