Oireachtas Joint and Select Committees

Thursday, 13 November 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Overview of Banking Sector: AIB

11:50 am

Mr. David Duffy:

The board discussion is a macro, high-level one which talks about, first, meeting our European Commission objectives. That has been the substance of the conversation to date. That takes us to half-time in the match, so to speak. The second half is to do with the question of how we can remain sustainable and competitive and generate value in the future. There have been intensive discussions around how we position ourselves. We have reduced our head count from a high of 25,000 to in and around 11,000, while costs have been reduced by €350 million in the past three years. That has been the nature of the discussion. With regard to the sale, the discussion has been about those two elements creating a valuation at the maximum potential for the shareholder.

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