Liveline Thread 25/7/12 to 12/10/2012

rollcall

Maybe the in-car oven in Joe Dolan's car exploded, and thats why it broke down! Mystery solved

my friend

A eye bay

RadioRetro

Bastard money-grabbing banks, how unusual.

JonathanAnon

"If you read the Irish Times you would know"..

A charge targetting the elite..

SEPT 23 1989

AIB should not exist

ButtersSuki

my friend wrote: »

has anyone ever gotten cancer in their finger?

Don't know. But I suspect some cases of ear cancer after prolonged listening to the Lahv Lahn....

IvyTheTerrible

They didn't steal from your account.

my friend

SEPT 23 1989 wrote: »

AIB should not exist

4500 super doler's

europa11

RadioRetro wrote: »

Bastard money-grabbing banks, how unusual.

Or, as the great man might say (yet again) ..."It's not Unusual"

.......grabs coat......runs for door

Jaysoose

Scary thing is they are applying the charges and putting people overdrawn and then charging them for being overdrawn!!

mad stuff.

scargill

it's just a new form of tax - after all we own this bank ?

sudzs

absoloootley! :rolleyes:

my friend

Miss Absolutely

(she had to borrow cash from the live in Boyfriend)

JonathanAnon

ffs Derek is the GAY rights activist, Joe is the SOCIAL rights activist.. get it right people..

Big Daddy Cool

Bahahaha, Joe confused with Derek, how humiliating....for Derek

sudzs

"hello derek" :D:D

IvyTheTerrible

PUKKKKKKKEEEEE

syklops

SEPT 23 1989 wrote: »

AIB should not exist

Why not?

neris

Serves em right for striking

my friend

ah scargill!

der reminiscin about de Strikes!

Jaysoose

This is ridiculous joe has an oppurtunity to highlight the AIB extortion of its customers but cuts a woman off after 2 minutes for more waffle about clearys and peoples rambling non stories...

patwicklow

Bastards money grabbing greedy con artists hitting the poor again! notice how much air time that got.. well you have to worry about being charged will you joey no you wont sitting on your ass talking ****e for 500 k a year

vicwatson

Are you being served? - DUFFY deffo reads this thread

RadioRetro

Anyone living outside Duberlin (like me), this doesn't concern you. Please go about your normal daily activities.

JonathanAnon

syklops wrote: »

Why not?

I agree 100% with Sept... If they werent a bank, there is no way the company would exist.. They should have had their banking license revoked years ago... serial offenders..

AIB Bank Centre, Ballsbridge, Dublin 4, Ireland.
[edit]Insurance Corporation of Ireland
The Can of Worms at ICI was the headline in Business & Finance magazine on 8 November 1984.[11] The Insurance Corporation of Ireland (ICI) was a wholly owned subsidiary of AIB when it collapsed in 1985 with losses of over £200 million that had arisen due to severe under-was being written, whether adequate reserves were being maintained and to monitor the true profitability of the business. When it was discovered in November 1984 that ICI was operating below the statutory reserve ratio, a request for further capital was made to AIB - ICI had returned a profit of £80 million the previous year.

This collapse occurred at a time of deep economic recession in Ireland. The level of Government debt at that time was 116% of GDP. But the Irish taxpayer bailed ICI out of its difficulties. The Irish Government did so to ensure a continuation of the insurance business and to protect policyholders. AIB claimed that it could not resolve the problems of ICI without putting its core banking business in jeopardy. The investment of £85 million by AIB in ICI was written off and the cost to the Irish taxpayer was £400 million.[12]

[edit]John Rusnak
John Rusnak, a "lone wolf" currency trader at Allfirst, racked up losses of almost US$700 million during Michael Buckley's tenure as group chief executive. It was Ireland's biggest banking scandal and the fourth-biggest banking scandal in the world when it came to light on 4 February 2002.[13][14][15]

[edit]Tax evasion
The €90 million settlement that AIB reached with the Revenue Commissioners in respect of Deposit Interest Retention Tax evasion in 2000 was the highest tax settlement in the history of Ireland. The bank's internal auditor, Tony Spollen,[16] highlighted a potential Deposit Interest Retention Tax (DIRT) liability of £100 million for the period 1986 - 1991,[17][18] but Gerry Scanlon, the group chief executive at that time rubbished this estimate, describing it as "infantile". The Oireachtas Sub-Committee Inquiry into DIRT hearing on 27 September 1999 concluded that it was "extraordinary" when Scanlon told the Inquiry that he was unaware of the scale of the DIRT issue.

The Revenue Commissioners on 28 March 2006 imposed a tax settlement plus penalties on four former senior executives for their interest, while employed by AIB, arising from investments they maintained in Faldor Limited.[19] Faldor was an investment company set up in the British Virgin Islands that between 1989 and 1996 hold funds on behalf of these senior AIB executives as well as people connected to them. Allied Irish Banks Investment Managers then managed the funds in the company on their behalf; at the time Mr Gerry Scanlan was CEO of the bank.[20] Faldor subsequently benefited from inappropriate deal allocations, and artificial deals that amounted to €48,000 out of AIB Investment Managers' own funds.

Those cited include[21]:

Gerry Scanlon, chief executive AIB Group when this arrangement was in place, of Glenageary, County Dublin; tax and penalties amounted to €206,010.
Diarmuid Moore, former director of corporate strategy at AIB, Malahide, County Dublin; tax and penalties amounted to €51,044.
Roy Douglas, chairman, Irish Life & Permanent Plc and formerly of AIB, Howth, County Dublin; tax and penalties amounting to €53,245.43 was secured.
Patrick Dowling, former deputy chief executive, late of Delgany, County Wicklow; the estate paid tax and penalties of €13,000.
[edit]Excess FX charging issues
In 2004 it was revealed that the bank had been overcharging on foreign exchange transactions for up to ten years. The overcharging affected 3 million purchase transactions of foreign drafts. Initially the projected amount of overcharging was €14m. However the bank has set aside €50m to cover the cost of refunds.

The Central Bank of Ireland published a report into an investigation of AIB Group concerning overcharging its own customers for FX transactions and deal allocation and other associated issues.[22] This revealed excess charges of €34.2 million, including interest. AIB failed to comply with the law for a period of almost 8 years and that certain staff and management were fully aware of this at the time.

The Central Bank of Ireland knew that Allied Irish Banks were overcharging consumers in FX fees but failed to act for a number of years.[23][24] They gave a parliamentary inquiry the "false impression" that they were unaware of it.[25][26] The whistleblower who gave the CBOI the information was requested to come to a meeting with them but was only invited to withdraw the allegations of wrongdoing and at the same time found himself removed from his position at Allied Irish Banks without any reason given. After his case was highlighted in the media, the CBOI officially apologised on how the authorities treated him, eight years after alerting them of overcharging.[27]

AIB announced on 27 September 2006 that the final outlay in respect of restitution and interest arising from overcharging amounted to €65 million and that this included a donation of €20.6 million on behalf of its customers to an unspecified charity that it was unable to identify. No employee or officer of the banks was disciplined.[28]

[edit]Other charging issues
Apart from FX, the Central Bank of Ireland discovered, following an anonymous tip-off, that AIB overcharged customers €8.6 million.[29] The account categories involved were:

Surplus Builder, variable rate mortgage product with savings: 4,200 customers impacted; financial impact €3.6 million
Student and Graduate facilities: 34,000 customers impacted; financial impact €1.4 million
Overdraft limit amendments, fees incorrectly applied: 24,000 customers impacted; financial impact €600,000
Financial & Leasing, early termination of consumer leases: 950 customers impacted; financial impact €230,000
Personal Savings Plans Products, loan discounts: 2,436 customers impacted; financial impact €196,000
Overdraft interest in Foreign Currency Hold Accounts, incorrect reference rate applied: 200 customers impacted
Merchant Terminal rental charges: 155 customers impacted
PPI Mortgage top ups: 573 customers impacted
Trust Funds' fees charged at double the rate for withdrawals, management fees and other charges: number of customers impacted not disclosed; period of overcharges 1972-1986, and into the 90s.
No regulatory action was taken.

JM Skipton

Jaysoose wrote: »

This is ridiculous joe has an oppurtunity to highlight the AIB extortion of its customers but cuts a woman off after 2 minutes for more waffle about clearys and peoples rambling non stories...

He is not going to highlight it when AIB get their money from the same source that he gets his wages!

IvyTheTerrible

Those vacuum systems are risky, there was some supermarket robbed in France, they used an industrial hoover to suck the money out of the system...

my friend

Jim Corrs dad?

vicwatson

TJ doesn't instill confidence in his blurb I'm afraid

JonathanAnon

Is this lad setting up his own militia? Plenty of cheap land available for a compound these days..