That’s the reason AIB gave me when I asked why I have to fill out a form to make a bank transfer of more than 5k (then there’s the 5 days for transfer to be processed and funds to clear – unless you cough up the fee €25 for express transfer).
Not that I do personal transfers of that size all that often, but the experience would make me switch banks if I had to do it again anytime soon.
Surely innovation/distruption is a major threat on the retail side?
The likes of Revolut (which I’ve used) N26 (which I have not) are gaining a foothold. I use revolut for Amazon etc. but browsing online others use it as an alternative to their usual debit card to avoid bank fees
On the commercial side I’m not so sure alternatives such as these would work
It’s interesting to compare AIB with BOI. AIB is the state run enterprise, BOI is the bank that has been essentially under private equity control via Wilbur Ross, Fairfax, and Fidelity. You’d naturally assume the American money men would know what they’re doing, but the truth is surprising. The government run AIB actually generates a better return on less leverage than BOI. When you consider that AIB was in worse state than BOI to after the crash, the transformation looks to be quite impressive.
I think as a long term buy and hold, it will actually do well. Just keep an eye out for when we get the next crash…
Interesting read. Comment in it that banks can make whatever profit they wish. Not untrue. Reminded of this reading the prospectus and the quarterly YOY comparison. Rather nice uplift in interest margin in Mar 17.
Not saying it’s a bad investment. Just watch the capacity for shenanigans.
I keep seeing their schmaltzy ads showing couples “on the last day of their mortgage”, talking about their struggles over the years and how it was all worth it, with the tag line “We back belief every day”. Seems a bit incongruous from the institutions that nearly wrecked the country.
Amazing how little public interest there is in the sale of the State’s bank shares. Lots of media coverage of AIB’s sale of loans and about the salary of their new CEO, but all that should be secondary to getting value for our shareholding. Failure to follow the advice of our National Treasury Management Agency last year has probably cost us the price of the National Children’s Hospital (I don’t say those costs won’t rise further.)