Follow @PoliticsIE
 
 
 
Page 1 of 2 12 LastLast
Results 1 to 10 of 15

Thread: Moves afoot to oust Eugene Sheehy from AIB- will the goverment join in?

  1. #1
    Politics.ie Member cyberianpan's Avatar
    Join Date
    Jan 2006
    Location
    Wherever I can see
    Posts
    16,730
    Mentioned
    0 Post(s)

    Question Moves afoot to oust Eugene Sheehy from AIB- will the goverment join in?

    Moves are afoot to oust Eugene Sheehy from AIB. This ex-union member's stewardship of AIB has been disastrous and so far about all he has done is say "sorry"


    Property News 21.04.09

    AIB has the biggest exposure to property and construction of any Irish financial institution, with €22.6bn of development property loans. With land prices collapsing and few houses being sold, the bank is looking at large provisions.

    Irish Independent Friday April 10 2009
    Of all the country's banks covered by the state guarantee, AIB has the largest exposure to eastern European loans.

    The taxpayer may now have to take on responsibility for these loans as a result of the new state asset management agency.

    London Times March 2, 2009
    The chief executive of Allied Irish Bank (AIB), Ireland’s largest lender, today said that he “regretted” the huge sums lent during the climax of Ireland’s economic bubble last year after being forced to write off €1.8 billion of bad loans.
    Indeed as recently as 2 weeks ago they were fighting government attempts to sort out the banking crisis.

    There's been no attempt to reduce staff headcount from peak, indeed their managerial tier bloated during the boom *... and rather late in the game Robbie Henneberry has been recalled from the UK to fix the Irish division.

    Sunday Tribune
    AIB board members and the bank's institutional shareholders are trying to force chief executive Eugene Sheehy to step down ahead of the bank's make-or-break agm next month, the Sunday Tribune has learned.

    The institutions - investment managers who together control the bulk of AIB stock - called for a change in leadership at the bank in a series of meetings and contacts with the board in recent weeks.

    Chief among their grievances are near total losses resulting from the collapse in AIB shares in the past year
    Well the government also some of the voting rights in AIB** ... will they be pushing for a head ?

    ... and more importantly will they try to ensure genuinely new management , afterall there were some internal dissenters in Bankcentre during the Sheehy reign.

    cYp
    * I'm aware that AIB had the same regional management structure beofre the boom, where the bloat occured was in extra head office managers and extar managers on each regional director's staff#
    ** I'm not sure what voting rights were given from the December bailout, I think 25%, see here but not sure if this was achieved and new bailout due now ...
    "Yawn , am I alive yet ?"

  2. #2
    Politics.ie Royalty toxic avenger's Avatar
    Join Date
    Jun 2007
    Location
    London
    Posts
    19,031
    Mentioned
    0 Post(s)

    Default

    Not just Sheehy, also Gleeson and the entire Board, plus the senior management of the various departments. The amount they're in hock for is going to prove to be treble what they're claiming, and foreign institutions will not begin to have faith enough to lend to them again if there isn't seen to be a complete decapitation there. It wouldn't be tolerated in ordinary business, and any workers responsible for such devastation at their work would likely be sacked and prosecuted, why should it be different here?

  3. #3
    Politics.ie Newbie
    Join Date
    Mar 2009
    Posts
    22
    Mentioned
    0 Post(s)

    Default

    Sheehy how is he surviving- that is the big question-one thing we know Biffo the booz has a little loan from him for his UK investment. Like Charlie a Deby of Honour I suppose.

  4. #4
    Politics.ie Member
    Join Date
    Feb 2007
    Posts
    23,231
    Mentioned
    0 Post(s)

    Default

    reuters is saying investers are trying to oust the guy too on both the nib site and the sharewatch site.

    TBH im surprised its took this long. all these guys care about is their investment and as stated its been wiped out.

    should make the EGM/AGM fun anyway

  5. #5
    Politics.ie Member MsAnneThrope's Avatar
    Join Date
    Apr 2009
    Location
    pɹɐʍɹoℲ ƃuıoפ
    Posts
    1,819
    Mentioned
    0 Post(s)

    Default

    And here we are 1 year after the Guarantee and Sheehy is still at the helm, and an AIB insider and director is still the first choice...

    The AIB succession race has run into a political impasse after coalition partner Green Party this weekend threatened to veto the appointment of any insider to head up Ireland's largest bank.

    With no political agreement in sight on who to appoint as the new AIB chief executive, the current holder of the post Eugene Sheehy will now be staying on for much longer than originally envisaged.
    Tribune: Doherty chances of AIB job hit by political impasse

    How is Sheehy still there 1 year later, on a basic pay of €1.15 million? And what of Lenihan's assurances in 2008 of major changes at the banks???
    We all love animals. Why do we call some 'pets' and others 'dinner'?

  6. #6
    Politics.ie Member cyberianpan's Avatar
    Join Date
    Jan 2006
    Location
    Wherever I can see
    Posts
    16,730
    Mentioned
    0 Post(s)

    Default

    The €500k pay cap vastly reduced international interest

    Colm Doherty in fairness was a dissenter within AIB, unhappy at the risk of property related loans

    All that said though AIB took a shocking hit and was horribly mismanaged - they lost the run of themselves towarsd the end of the bubble and were lending like loonies (hence why Nama is to take on far more from them than BOI)

    Sheehy needs to be tossed asap, on top of everything he's a trade union man, who'll avoid cutting the boomfat from the bank. The Greens would do well to consider Doherty at this late stage

    cYp
    "Yawn , am I alive yet ?"

  7. #7
    Politics.ie Member
    Join Date
    Jun 2007
    Posts
    8,717
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by cyberianpan View Post
    The €500k pay cap vastly reduced international interest

    Colm Doherty in fairness was a dissenter within AIB, unhappy at the risk of property related loans

    All that said though AIB took a shocking hit and was horribly mismanaged - they lost the run of themselves towarsd the end of the bubble and were lending like loonies (hence why Nama is to take on far more from them than BOI)

    Sheehy needs to be tossed asap, on top of everything he's a trade union man, who'll avoid cutting the boomfat from the bank. The Greens would do well to consider Doherty at this late stage

    cYp


    AIB were losing out on their traditional market share with builders/developers to INBS and Anglo and part of the reason they are now in the shlte is their absolute greed to be the number 1.

  8. #8
    Politics.ie Newbie
    Join Date
    Aug 2009
    Posts
    54
    Mentioned
    0 Post(s)

    Default

    Quote Originally Posted by MsAnneThrope View Post
    And here we are 1 year after the Guarantee and Sheehy is still at the helm, and an AIB insider and director is still the first choice...



    Tribune: Doherty chances of AIB job hit by political impasse

    How is Sheehy still there 1 year later, on a basic pay of €1.15 million? And what of Lenihan's assurances in 2008 of major changes at the banks???
    Massive corruption is the only thing that explains all this. Lenihan told us a week ago that he had transformed the culture of Irish banks. Given that Sheehy is still at the helm can we trust anything Lenihan says on Nama? No, we can't.

  9. #9
    Politics.ie Newbie
    Join Date
    Sep 2009
    Posts
    14
    Mentioned
    0 Post(s)

    Default

    exactly massive corruption ,what the f2ck are these wonkers still doing in aib, after all it is now a semi state company , with the taxpayer proping it up via the gaurantee and the share holding ,why have these village idiots not been tortured, o wait it will be another roddy badly stuck molloy or brian i dont know how much i get paid goggins out fit, a few million in the hip pocket to help them on their way.

    they done no wrong!



    im being very sarcastic

  10. #10

    Default

    Most telling fact was that BOI selected Richard Boucher as Chief BOI top executive. Even Brian Lenihan could NOT stop this at all.

    Don't trust any words uttered by Brian Lenihan as he is toothless as far as i' m concerned. He couldn't get rid of all the rotten eggs (Director's who played a big part in reckless lending in the boom). No Convictions at all. No wonder Ireland is a laughing stock!!!!

Page 1 of 2 12 LastLast

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •