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Thread: AIB managers lending to themselves?

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    Default AIB managers lending to themselves?

    AIB chief executive vows to tackle property loans to managers - The Irish Times - Sat, Feb 23, 2013


    From the article 'David Duffy, the chief executive of AIB, said that, while he does not have the exact details of how many of the bank’s staff used loans during the Celtic Tiger to dabble in the property market, he accepts that the practice prevailed'

    'But the days of the banker becoming the investor are now over at AIB, he said, promising to root out and dismiss any manager or other member of staff who used their position to borrow the bank’s money for their own gain.'

    So what exactly is Duffy saying? Is he actually going to look at past loans that AIB managers gave to themselves for property speculation and property development and 'root' them out? As an aside I wonder would a manager lending to himself have got a bonus based on the amount that he lent!

    Or is Duffy simply stating that such unethical behaviour will not be tolerated in the future and that he has no intention of investigating such loans that took place in the past and that a that a blind eye is in effect being turned.

    It would be interesting to see if he is willing to state whether any action will be taken against staff who broke guidelines that were already in existence when they lent themselves money for property speculation and development.

    What were the guidlines then and what are they now?

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    Politics.ie Member Nemesiscorporation's Avatar
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    Quote Originally Posted by birthday View Post
    AIB chief executive vows to tackle property loans to managers - The Irish Times - Sat, Feb 23, 2013


    From the article 'David Duffy, the chief executive of AIB, said that, while he does not have the exact details of how many of the bank’s staff used loans during the Celtic Tiger to dabble in the property market, he accepts that the practice prevailed'

    'But the days of the banker becoming the investor are now over at AIB, he said, promising to root out and dismiss any manager or other member of staff who used their position to borrow the bank’s money for their own gain.'

    So what exactly is Duffy saying? Is he actually going to look at past loans that AIB managers gave to themselves for property speculation and property development and 'root' them out? As an aside I wonder would a manager lending to himself have got a bonus based on the amount that he lent!

    Or is Duffy simply stating that such unethical behaviour will not be tolerated in the future and that he has no intention of investigating such loans that took place in the past and that a that a blind eye is in effect being turned.

    It would be interesting to see if he is willing to state whether any action will be taken against staff who broke guidelines that were already in existence when they lent themselves money for property speculation and development.

    What were the guidlines then and what are they now?
    Go to any property auction in Ireland. You will see staff from all the banks at them. They are the main buyers at some auctions.

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    Quote Originally Posted by Nemesiscorporation View Post
    Go to any property auction in Ireland. You will see staff from all the banks at them. They are the main buyers at some auctions.
    How can you tell they are bank employees?
    Racism = fear, low self-esteem and breath-taking ignorance.

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    Quote Originally Posted by birthday View Post
    AIB chief executive vows to tackle property loans to managers - The Irish Times - Sat, Feb 23, 2013


    From the article 'David Duffy, the chief executive of AIB, said that, while he does not have the exact details of how many of the bank’s staff used loans during the Celtic Tiger to dabble in the property market, he accepts that the practice prevailed'

    'But the days of the banker becoming the investor are now over at AIB, he said, promising to root out and dismiss any manager or other member of staff who used their position to borrow the bank’s money for their own gain.'

    So what exactly is Duffy saying? Is he actually going to look at past loans that AIB managers gave to themselves for property speculation and property development and 'root' them out? As an aside I wonder would a manager lending to himself have got a bonus based on the amount that he lent!

    Or is Duffy simply stating that such unethical behaviour will not be tolerated in the future and that he has no intention of investigating such loans that took place in the past and that a that a blind eye is in effect being turned.

    It would be interesting to see if he is willing to state whether any action will be taken against staff who broke guidelines that were already in existence when they lent themselves money for property speculation and development.

    What were the guidlines then and what are they now?
    If he does root them out, will they no longer be able to pay back the loans?
    Could they have secured their employment by lending to themselves?

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    Quote Originally Posted by nakatomi View Post
    If he does root them out, will they no longer be able to pay back the loans?
    Could they have secured their employment by lending to themselves?

    You have hit the nail on the head!
    Is there any other business or profession where such a practice would prevail?

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    Quote Originally Posted by Kev408 View Post
    How can you tell they are bank employees?
    Lets see.

    Having to deal with AIB, NIB, etc, etc, on a weekly basis, might have been something to do with it.

    Also being harrangued by them to take out loans everytime I was in did get annoying. They also remember me and my answers to them.

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    Politics.ie Member Nemesiscorporation's Avatar
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    Quote Originally Posted by nakatomi View Post
    If he does root them out, will they no longer be able to pay back the loans?
    Could they have secured their employment by lending to themselves?
    Try transferring mortgages to each other in a merry go around, so as to make it look it like they have a lot of extra business.

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    So any AIB Manager that dabbled will be dismissed?

    Sounds like AIB will have a whole raft of dismissals so.

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    Quote Originally Posted by dizillusioned View Post
    So any AIB Manager that dabbled will be dismissed?

    Sounds like AIB will have a whole raft of dismissals so.
    It was and still is every bank.

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    Quote Originally Posted by Nemesiscorporation View Post
    It was and still is every bank.
    If this is news to anyone they should definitely get a new rock to crawl out from underneath.

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