Allied Irish Banks
At the beginning of 2008 AIB entered the Latvian, Estonian and Lithuanian markets by acquiring AmCredit mortgage finance business from the Baltic – American Enterprise Fund.[7] In December 2021, when the company was valued less than 6 billion euro on the public market, the government announced it would start gradually selling its stake.[citation needed] Initially, the bank operated under the names of its former constituent companies, alongside a new AIB logo, a circle divided in three with an "A" at the centre.The new logo features a depiction of Noah's Ark, after a carving on a Celtic cross at Killary Church near Lobinstown in County Meath,[11] which dates from the 9th century.[19]On 9 September 2010 AIB reached agreement to sell a 66% stake in BZ-WBK to Santander for €3.1 billion, the balance of the shares to be sold on the open market.[22] At the beginning of 2008 AIB entered the Latvian, Estonian and Lithuanian markets by acquiring the AmCredit mortgage finance business from the Baltic American Enterprise Fund.[citation needed] In 2008 AIB operated through its local branches providing financial services under established AmCredit brand in all three countries.[24] In February 2008, AIB entered into an agreement to acquire a 49.99% interest in Bulgarian American Credit Bank (BACB), a specialist provider of secured finance to small and medium-sized companies in Bulgaria.As AIB depends to a significant extent on the international financial markets for liquidity due to an insufficient deposit base, this has impacted the bank severely.The Irish government stepped in with a guarantee which effectively granted a triple A rating on AIB debt, thus freeing up its access to finance.AIB correctly identify a systematic risk of triggering an even more severe financial crisis in Ireland if they were to call in the loans as they fall due.[45] AIB needed to raise additional capital due to increasing losses on bad loans incurred from the real estate bubble, and Irish Finance Minister Brian Lenihan stated that the bank was unable to attract sufficient interest from private investors.[45][46] As part of the deal, Chairman Dan O'Connor agreed to quit the bank while managing director, Colm Doherty, announced he would leave before the end of the year after 13 months in the job.[48] The High Court subsequently approved the deal on 24 Dec 2010, allowing the Irish government to take a 49.9% stake in the bank, rising to 92.8% following disposal of the Polish subsidiary to Banco Santander.[50] AIB filed a lawsuit against Oracle Financial Services, India in January 2011, claiming breach of contract on Flexcube implementation.[56] John Rusnak, a currency trader at Allfirst, racked up losses of almost US$700 million during Michael Buckley's tenure as group chief executive.The bank's internal auditor, Tony Spollen,[60] highlighted a potential Deposit Interest Retention Tax (DIRT) liability of IR£100 million for the period 1986–1991,[61][62] but Gerry Scanlon, the group chief executive at that time rubbished this estimate, describing it as "infantile".The Revenue Commissioners on 28 March 2006 imposed a tax settlement plus penalties on four former senior executives for their interest, while employed by AIB, arising from investments they maintained in Faldor Limited.[63] Faldor was an investment company set up in the British Virgin Islands that between 1989 and 1996 hold funds on behalf of these senior AIB executives as well as people connected to them.The Central Bank of Ireland published a report into an investigation of AIB Group concerning overcharging its own customers for FX transactions and deal allocation and other associated issues.[69][70] The whistleblower who gave the Central Bank the information was requested to come to a meeting with them but was only invited to withdraw the allegations of wrongdoing and at the same time found himself removed from his position at AIB without any reason given.[citation needed] Between 1989 and 1996, funds of certain senior executives of AIB at the time and/or related parties were managed by Allied Irish Investment Managers Limited (now AIBIM) through a British Virgin Islands investment company, Faldor Ltd.[74] Faldor benefited from inappropriate favorable deal allocations, by way of artificial deals, amounting to approximately IR£38,000 (€48,000) out of AIBIM's own funds.Further inappropriate deal allocation practices relating to eight transactions in the period 1991 to 1993 were identified which adversely affected the performance of two specialist unit trusts, amounting to a total of £137,000 (€174,000), to the advantage of other clients.Tom Mulcahy, group chief executive of AIB from 1994 to June 2001, resigned the chairmanship of the board of Aer Lingus on 28 May 2004 following the disclosure of this matter.[84] In the afternoon, AIB announced that it would not be proceeding with its plan to end cash services at 70 branches around the country following a backlash to the move from business groups, consumers, farming and rural organisations and politicians.
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