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

Mr. Bernard Byrne:

That structure is to specifically address concerns about the bailout of AIB, about which we have spoken.

Under this new structure the entirety of AIB as it sits today is here; all those companies, and new companies put in on top. That company will issue debt that can be bailed in. In other words, if there is another crisis at some point in time, that debt bails straight in.