Shedding a little more light on the bailed-out, failed-ass, employee-shedding mess that is AIB, the Irish Times’ Simon Carswell has seen a series of reports that reveal nothing less than Anglo’s ugly sister:
“The spoils of the property market lured the mighty AIB into a heavy concentration that felled it.The loan book increased by €76 billion between 2002 and 2008, when the percentage of property loans as a proportion of overall loans went from 18 per cent to 37 per cent.”
And there’s more.
Property’s spoils ruined mighty AIB (Simon Carswell, Irish Times)
(Photocall Ireland)
It’s almost like they steered The Titanic directly into the iceberg.
and then threw all the life jackets into the furnace for more power
Whilst balancing tippy toed on a pile of deck chairs at a jaunty angle…
…with a ham burger in each ear lobe
and getting a 500K mortgage on a 35k salary, true fact
Is that actually true?
…..bought with the commission earned on “selling” the loans.
Draw me like wan a yer French girls, jack!
Sorry. Off topic.
Interesting that AIB are shedding 2500 jobs, and yet are taking on new contract staff all the time…
The loan book increased by EUR 76 Billion, but from what? The percentage increase is the staggering statistic.
Read the article. Their loan book stood at €134bn in 2009.