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Thread: AIB refuses to comment on the execs who borrowed and lost 20 million of the bank's money on property speculation

  1. #1
    Join Date
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    Default AIB refuses to comment on the execs who borrowed and lost 20 million of the bank's money on property speculation

    Another one of the those Tiger stories but featuring AIB for a change.
    From last week's Sunday World:
    THIS IS the field of gold that a family sold for almost €40million in the boom – and have now bought back for an incredible €1.2 million.The spectacular land deal netted them tens of millions of euro from selling and buying at just the right time
    Nine members of the McCarthy clan from Portmarnock, Co. Dublin, sold the 52-acre plot of land near the peak of the property bubble in 2006 for a massive €35million to a development company.
    And now four of them have just bought back the exact same plot for just €1.2m.
    In November 2006, the nine sold the plot to a property company called Kanizay Ltd, of Herbert Street, Dublin.Kanizay’s financial records, seen by the Sunday World, show they paid a whopping €39,975,071 for the property, although that would have included stamp duty and fees.
    The company’s financial report said its aim was “to acquire a high-profile site in North County Dublin and to subsequently seek to have the site rezoned.”
    Although the company lodged two formal submissions to have the plot reassigned for development, the Fingal Development Plan of 2011-2017 crushed their hopes by keeping it as green belt land.
    As a result, the company started an orderly wind-down of its operations, meaning AIB, which provided the bulk of the funding, made a massive loss.
    The plot was put up for sale last year and was being advertised by Savills for €1.2million.

    http://www.sundayworld.com/top-stori...aires-hedgerow

    The story moves on in this week's edition and it seems that two AIB executives were directors of Kanizay when the bank lent the money for the land purchase in 2006.


    They were John Rockett, AIB's former Head of Private Banking from 1994 to 2008, and John Roger Wilkinson, and Executive Director at AIB
    Private Banking. A former AIB exec, Bryan O'Connor, was later added to the board of Kanizay
    Bryan O'Connor is the current Head of Deposits, Investments and Insurance at AIB according to the Sunday World piece this week(not online yet as far as I can see)
    AIB is refusing to comment apparently.
    Last edited by PaddyJoe; 20-01-2014 at 12:05 AM.

  2. #2
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    Default Re: AIB refuses to comment on the execs who borrowed and lost 20 million of the bank's money on property speculation

    1000 AIB employees have mortgages of more than 1 million.

    Staff mortgages

    http://www.politicalworld.org/showth...s#.UtxoK_vLeAw

    Should loan write offs for bank employees be legal?

    http://www.politicalworld.org/showth...yees+Mortgages
    Last edited by C. Flower; 20-01-2014 at 12:11 AM.
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

  3. #3
    Join Date
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    Default Re: AIB refuses to comment on the execs who borrowed and lost 20 million of the bank's money on property speculation

    Quote Originally Posted by C. Flower View Post
    1000 AIB employees have mortgages of more than 1 million.

    Staff mortgages

    http://www.politicalworld.org/showth...s#.UtxoK_vLeAw




    Should loan write offs for bank employees be legal?

    http://www.politicalworld.org/showth...yees+Mortgages
    Ouch!
    To say the least!

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