Oireachtas Joint and Select Committees
Thursday, 14 December 2017
Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach
Paradise Papers (Resumed): Allied Irish Banks
9:30 am
Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source
He wrote quite an important one on this matter. It refers to a document that was produced in 2011, in which "the offshore bank said it remained 'a key provider of funding for AIB' with deposit balances peaking at £2.8 billion in June 2010", which is substantially higher than the figure claimed by Mr. Byrne. The article goes on to note that "by April 2011, deposits had fallen to £1.36 billion". That is important because Mr. Byrne gave the impression that deposits declined rapidly after 2008. The truth is that 2008 was not the peak. During the nationalisation period, when people had to put their hands in their pockets and mothers and fathers had to say goodbye to their sons and daughters at Dublin Airport because of the financial crisis, we saw a peak in deposits in this offshore entity. Some people might think that is insignificant, but I think it is very significant. Has AIB looked at that? It has many staff members. I assume some of them have looked at Colm Keena's article. I have asked whether the bank disputes any of the facts set out in it. Is this one of the facts that it disputes? Perhaps it simply does not know whether this fact is the truth.
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