Grzywna dla AIB jest za niska

Even John McGuinnes, the Fianna Fáil TD, has called the fine on AIB 'paltry’. For once, he is right.

AIB swindled €125 million from customers and EBS took €105 million in the tracker mortgage scandal. Families lost their homes and many suffered massive distress.

But the CEOs of these banks will walk free. The Gardaí never called to their houses to investigate their wrong doing. They were never brought to a police station to answer questions. There will not even be a stain on their so-called 'commercial reputation’.

Or consider the case of a Galway woman who was jailed in 2020 for 18 months for a string of minor thefts.

If you are a bank CEO and preside over the swindle of millions, you walk free.

Worse, your case is handled by the Central Bank, who took 13 years to investigate. And while the Central Bank was investigating, the banks kept on swindling. Right up to March of 2022.

The €96 million fine is being reported as „record breaking”. This may be so, but AIB and its subsidiary EBS are mainly state-owned. Therefore the fine is part of a circular economy where the money goes back to the very state that encouraged banks to act as financial predators.

People Before Profit

Pracownicy i rodziny
Felieton sobotni Jan