Oireachtas Joint and Select Committees

Thursday, 22 March 2018

Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach

Proposed Sale of Non-Performing Loans to Private Investment Funds (Vulture Funds): Allied Irish Banks

9:30 am

Photo of Gerry HorkanGerry Horkan (Fianna Fail) | Oireachtas source

I had written down a few points before the concluding remarks of Deputies McGrath and Doherty. We are clearly not getting the kind of information we want. The witnesses are apologising for that frustration but we are not getting what we hope and want to get. Commissioner Dombrovskis appeared before us a couple of months ago and told us that banks could sort out their problems. The vulture funds do not have to be the answer to the problems. The banks can do their write offs. The witnesses are saying it is because of lack of engagement. It surprises me that AIB has let these people sit with this situation with no engagement for as long as the witnesses say it has happened.

I will not get caught up in the issue of bonuses. We know nearly 1,000 people in AIB are on nearly €100,000 a year. I am not sure if they are all going to qualify for the bonuses. The witnesses might clarify that at some point in time. Are the witnesses really telling us that the only people AIB is trying to get rid of in terms of vulture funds are people with whom it has had no engagement? Is that what the witnesses are actually saying?

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