AIB - A Mess too Far?

Bits_n_Bobs

Following the conviction of the two fraudsters today, and the judges generous description of AIB staff as 'careless' is it finally time for the government to really take a knife to the people heading up AIB?

This is the bank that scewed up in the States with the John Rusnack rogue trading, was bailed out of its screw up with ICI, screwed up with DIRT, in 2004 overcharged foreign transactions, had the Faldor scandal and had serious questions to answer in its dealing with CJ Haughey at Moriarty, not to mention the small matter of the Irish taxpayer bailing the whole rotten mess out yet again a few years ago.

Given the litany of cock-ups is it not time to take a knife to this institution in order to radically change the whole culture of the place? Seeing as the taxpayer owns the mess surely a raft of new managers should be appointed and the existing muck thrown out on the scrap-heap?

Dob74

Bits_n_Bobs wrote: »

Following the conviction of the two fraudsters today, and the judges generous description of AIB staff as 'careless' is it finally time for the government to really take a knife to the people heading up AIB?

This is the bank that scewed up in the States with the John Rusnack rogue trading, was bailed out of its screw up with ICI, screwed up with DIRT, in 2004 overcharged foreign transactions, had the Faldor scandal and had serious questions to answer in its dealing with CJ Haughey at Moriarty, not to mention the small matter of the Irish taxpayer bailing the whole rotten mess out yet again a few years ago.

Given the litany of cock-ups is it not time to take a knife to this institution in order to radically change the whole culture of the place? Seeing as the taxpayer owns the mess surely a raft of new managers should be appointed and the existing muck thrown out on the scrap-heap?

Ccouldn't agree more. AIB needs to be broken up, corporate governance has always been a joke there.
As a business formed in the 60's it has gone belly up twice only to have the taxpayer step in and save it.
The way it handled the Rusnuck scandal was as bad as the scandal itself. Getting rid of the auditor who uncovered the overcharging scandal on the same day the Rusnuck report was published says it all. The bosses of AIB can not be trusted. Changing the names at the top won't change anything. Time to slice up the company into smaller banks, none of which would be too big to fail. That way the regulators would have some chance controlling them.

AIB as a taxpayer I am sick of supporting these failures.

tenton

It sickens me to see one or 2 bank managers in AIB ( and their now subsidiary EBS ) still getting big pay and pensions, when it was these same managers who I know for a fact made specific reckless (if not corrupt ) loans only 5, 6, 7 years ago.
I see small pensioners with their hard earned life savings gone because of AIB share collapse, because they thought the big banks were regulated and they were told they were "blue chip" shares.
The truth will out eventually, I hope. Like Haughey, it takes time.

thebman

Took all my money out of it a year or two ago.

Never looked back. Hopelessly mismanaged even on the simple day to day things.

Customers come last at AIB, local branch workers are alright sometimes depending on the branch but other times as one of my friends said if you go in, only ask them to do one thing because even if you ask them to do two, they will just pick one of the two things to do and you'll end up going back again to ask for the other one.

I don't know why anyone still banks with them other than it is where they first opened an account and they are too lazy to change.

Scofflaw

They do come off startlingly lightly in terms of public opinion when you consider that they're the second biggest hole we had to fill after Anglo - €20.7bn compared to Anglo's €29.3bn.

I've always found them quite dismal to have any dealings with. They always gave the impression of being disorganised, which isn't very attractive in any business, let alone a bank.

cordially,
Scofflaw

_Kaiser_

thebman wrote: »

I don't know why anyone still banks with them other than it is where they first opened an account and they are too lazy to change.

Because if you're with ANY bank any length of time and have multiple accounts, credit cards, overdraft facility, maybe a loan/finance agreement or mortgage with them, it's not that easy to swith as other institutions won't want to know beyond offering you another current account. None of them want to take on other banks' loans.

That then leaves you with having money transferring back and forth every month and the inevitable delays, screw-ups that will come from that which you will pay for through penalty charges.

I have been with AIB for years and I did look into switching (to Ulster Bank) late last year. Even went so far as getting the aforementioned current account setup.. then the fiasco with their systems happened which thankfully I wasn't affected by as I hadn't transferred my wages over (was only 2 weeks between this though), but I watched the mess drag on and on and when most customers were offered a paltry €25 as compensation, I decided I'd stay where I was! Also, although I was initially told by UB that an overdraft facility, credit card etc shouldn't be an issue - that changed after I'd signed up for the account.

Plus I have to say that I've found AIB fine in the most part and when I have had a problem, it's been resolved fairly quickly. I think the issue most people have generally though is they don't know HOW to escalate a problem properly.. it's not by shouting at the agent on the phone (they haven't the authority to fix it anyway) and it takes time and effort on your part - not something most people will do in this country.. which is ironically why the "Ah shure it'll be grand approach" is so prevalent in EVERYTHING

Anyway, aside from the current a/c fees recently, I've found them grand and very willing to work with you if you're honest with them (as I've posted here before about when I was unemployed for a year). No connection to them other than as a customer by the way.