Tag Archives: AIB

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Following an anonymous email sent to RTÉ…

RTÉ reports:

A whistleblower has alleged AIB misled regulators on its progress in dealing with loans which are in arrears.

The claims have been made over recent days to the Central Bank and the European Central Bank.

AIB has told RTÉ News that it is “not aware” of the allegations.

A spokesperson for the Central Bank said that while the bank cannot comment on specific allegations “any correspondence received by the Central Bank through its protected disclosure channel is treated seriously and examined thoroughly.”

The individual said AIB tried to make progress on restructuring look better than it was in reality.

Whistleblower alleges AIB misled Central Bank, ECB (RTE)

Previously: AIB And ‘Fraud Of The Highest Order’

The Mortgage Arrears Reality

The Mortgage Arrears Pie

Rollingnews

AIBinternet

Are you with AIB?

A mathematician writes:

The principal danger with AIB’s online banking portal stems from the fact that there exist a great many accounts for which the first 6 digits of the ‘secret’ 8-digit registration number are simply the account holder’s birthday in DDMMYY format.

Oh.

Allied Irish Banks’s web and mobile banking portals are ‘protected’ by a level of security that is twice as easy to crack as would be provided by a single password containing only two lowercase letters.

Eek.

A person of malicious intent could easily gain access to hundreds, possibly thousands, of accounts as well as completely overwhelm the branch network by locking an estimated several 100,000s of people out of their online banking

Both AIB and the Irish Financial Services Ombudsman have refused to respond meaningfully to multiple communications each in which these concerns were raised privately [see link below]….

Mathematician and software engineer Oliver Nash

Anyone?

Read on: Security Theatre At AIB (Oliver Nash)

(Photocall Ireland)

90377677Former chairman of AIB Dermot Gleeson, right, arriving at the Banking Inquiry this morning

Dermot Gleeson was chair of AIB from 2003 until 2009. (also a board member of Independent News and Media from 2000 until 2004).

The obvious.

He likes to states it.

From the Banking Inquiry:

Committee of inquiry into banking crisis

Banking inquiry: AIB ‘not aware’ of bank guarantee decision (Irish Times)

(Sam Boal/Photocall Ireland)

00069347Screen Shot 2014-11-04 at 01.26.12

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.”

Good times.

Watch back in full here

Related: Ignominious end to career of Ireland’s first business superstar (Ciaran Hancock, Mark Paul, Irish Times, June 27, 2014)

Sir Anthony O’Reilly described as ‘insolvent’ by AIB (Tom Lyons, Irish Times, June 24, 2014)

Banks write off over €300m in three deals with Denis O’Brien (Colm Keena, Irish Times, June 13, 2014)

(Eamonn Farrell/Photocall Ireland)

hallaib-logo[Top: David Hall of The Irish Mortgage Holders Association]

Newstalk reporter Frances Fitzgibbon recently disclosed the story of a woman, ‘Mary’ who is terminally ill with cancer and was being pursued for mortgage arrears by AIB.

It had been assumed the bank had resolved the matter.

This morning’s Irish Examiner, however, reports that AIB has told the woman her arrears will remain after her death.

David Hall, founder of debt-restructuring group, the Irish Mortgage Holders Association, contacted The Pat Kenny Show on Newstalk earlier to discuss the story and his organisation’s role in the woman’s case.

Pat Kenny: “David Hall the CEO of the Irish Mortgages Association got in touch and he’s here now to give us an update and maybe give us a comment on that story that appeared in ‘The Examiner’ and the activities of [Senator]Deirdre Clune [Fine Gael’s MEP candidate in Ireland South who had commented on the story] First of all, what happened on foot of that [Newstalk] interview {with the mortgage holder]?”

David Hall: “I got in touch with Frances [Fitzgibbon] and Frances introduced me to the lady who had a number of problems financially, nothwithstanding her medical condition, which is very, very serious and terminal. And on her behalf, and Theresa Ferris was one of the local councillors who was assisting her – she gave me authority to engage on her behalf with the Bank (AIB) and come up with some level of resolution on her behalf.”

Kenny: “Now, if you look at the story in ‘The Examiner’ you would think that she has been failed by you and failed by her bank, and failed by everybody. What is the story?”

Hall: “The story is that, and I spoke to the lady before coming on air, I probably shouldn’t have done, because she’s not very,very well at the moment. But there are arrangements in place. Pat, with AIB for mortgage to rent, with this lady that will involve….”

Kenny: “I can see you’re upset…”

Hall: “…the residual of the debt being written off.”

Kenny:
“You spoke to her this morning and she is deeply upset over the publicity…”

Hall: “and concerned that the publicity would tamper the deal that has been done. That is not the case. So, an undertaking was given to this lady after that interview that our situation would be resolved and that that situation will be resolved.”

Kenny:
“Right so, there is no…”

Hall: “That situation will be resolved – AIB committed to me the very first day, and the AIB contacted your programme that morning and AIB contacted me, or were in contact with me and this arrangement is been in place for the last number of months. We agreed that this would be resolved, and I spoke with AIB this morning, and obviously the objective of the exercise here is to get this resolved. There are some challenges with the mortgage to rent programme, if mortgage to rent doesn’t work, there will be an alternative arrangement in place for this lady.”

Kenny: “And this has been put to her – she should know this and accept this, and get some peace from…”

Hall: “Absolutely, and is very upset this morning with the story. This lady is a vulnerable lady, this lady is dying, this shouldn’t be happening today. Responsible people should be taking response and being responsible for dealing with people….”

Kenny: “Are you deeply critical of Deirdre Clune for going big with this?”

Hall: “I’m going to temper my comments, because I’m probably not in a fit state to be making comments in relation to it – but sufficeth to say, that a national newspaper and a would-be politician running with a story of a dying woman needs serious consideration.”

Kenny: “So, this is going to be resolved one way or another to the satisfaction of…”

Hall: “I spoke to AIB and this is going to be resolved.”

Kenny: “This is going to be resolved, this is not on foot of ‘The Examiner’ story?”

Hall:
“It’s already resolved and if it needs to be tweaked as regards mortgage to rent, this will be resolved. There’s a number of factors at play here, there’s an issue around insurance – that’s all rubbish. The insurance is irrelevant. I mean you could have a row with someone about it… the undertaking has been given to me by AIB and I’ve given the lady the undertaking, this matter will be resolved – she can get on with what she’s got to do in the last time she has on this earth, rather than dealing with all this rubbish that’s going on in the background – and various people popping up and down. And it is difficult when people are trying to deal with a bank when they’re sick, it’s difficult when people have a third part whom they’ve never met before, such as myself to trust them to go and do a deal on their behalf. This has been done, and as I say this will be concluded to everyone’s satisfaction – and more importantly her’s.”

Kenny: “Alright, let’s put that one to bed, it’s gone, it’s done.”

Hall: “This has been done, and as I said, I spoke to her, I probably shouldn’t have, before coming on air, she’s exceptionally sick at the moment, exceptionally weak at the moment and very emotional and upset at the story this morning. And I reassured her, having spoken to AIB this morning that there was no impact – that the deal has been done. And as I said, I re-iterated that the undertaking that was given by us and AIB, this matter would be resolved – she had greater things and greater challenges that she should be thinking about than this bullshit.”

Kenny: “Alright then, let’s hope that everyone leaves her in peace for the moment, because…”

Hall: “That’s now what should happen – everyone should back off and leave this lady alone.”

Listen back in full here

Mother with terminal cancer told arrears mean mortgage will not be paid off when she dies (Claire O’Sullivan, irish Examiner)

(Sasko Lazarov/Photocall Ireland)