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"
Indeed as recently as 2 weeks ago they were fighting government attempts to sort out the banking crisis.
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.
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.
Well the government also some of the voting rights in AIB** ... will they be pushing for a head ?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
... and more importantly will they try to ensure genuinely new management , afterall there were some internal dissenters in Bankcentre during the Sheehy reign.
* 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 ...