Tony’O’Reilly at the INM AGM in 2004 (Top) and David Duffy on The Real Deal last night.
You may recall how this summer AIB secured judgements against Tony O’Reilly and companies controlled by him for €45million.
In June the Commercial Court heard that he owed approximately €195 million to eight different banks – with AIB reportedly calling him ‘insolvent’ three times during the hearing.
On The Real Deal, a documentary on Tony O’Reilly (by RTÉ’s David Murphy) broadcast last night, David Duffy, CEO of AIB, pictured above, said:
“People will make all kinds of comments about what they perceive is the reality. We engage in a very simple process, it’s very consistent and it’s equitable and fair and does not differentiate between one person and another. So there is absolutely no question whatsoever that we took an action for a purpose, other than to treat people exactly as everybody else is treated.”
Further to this, readers may also recall how in June, Colm Keena reported in the Irish Times:
“The purchase of three major Irish businesses over the past two years by the billionaire businessman Denis O’Brien involved total bank write-offs of more than €300 million. The deals saw the businessman invest €230 million to acquire the Siteserv Group, the Topaz Group and the Beacon Private Hospital.”
“Mr O’Brien, who has a 29.9 per cent stake, is the biggest shareholder in the Independent News & Media. In April last year the group did a deal with its eight banks, which include AIB and Bank of Ireland, where the banks wrote off €138 million of an overall debt of €422 million, in exchange for a shareholding in the group worth approximately €10 million.”
Watch back in full here
(Eamonn Farrell/Photocall Ireland)