Government must become activist shareholder in AIB

Ged Nash TD
22 July 2022
  • Relationship Framework signed after the bailout must be changed

Labour Finance spokesperson Ged Nash TD has said that the AIB branch cuts debacle has exposed the government’s vacuous ‘passive shareholder’ approach to the management and the direction of the majority State-owned bank.

Deputy Nash said:

“Unless the government’s approach fundamentally changes, this won’t be the last we will hear of cuts to services at AIB.

“This week’s debacle exposes the fact that this government has no vision for AIB and its function in the real economy aside from selling off shares.

“Labour has argued in our submission to the retail banking review that AIB should remain in public hands as a strategic bank focusing on driving investment in the economy and the development of good sustainable jobs and businesses.

“For some time now I have been calling for the relationship framework between the Minister for Finance and AIB and PTSB to be re-written. This call has been met with a wall of silence.

“If Fianna Fáil and Fine Gael backbenchers are genuinely concerned about the services the majority State-owned banks provide, they should demand action on this.

“It is also high time that the government required the nodding dogs in the Central Bank to carry out proper community impact assessment before changes to services in the regulated banks are green lit.”

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