IBOA meets NI Assembly on First Trust fears
Issued : 20 May 2010
Inside Ireland
Officials from the IBOA banking trade union have met the Finance Committee of the Northern Ireland Assembly to express fears about the proposed sale of AIB's First Trust Bank subsidiary.
The meeting is one of a series of briefings being conducted by the IBOA in the Republic, the North and in Britain to alert public representatives to the increasing concerns about AIB's plans to sell of its businesses in the Britain and Northern Ireland and to scale-back its operations in the Republic.
The lobbying activity is being accompanied by a series of members' meetings in all three jurisdictions.
Outlining some of the key concerns of First Trust Bank staff today, IBOA General Secretary Larry Broderick, said: "First Trust Bank (FTB) and its predecessors have been a vital cog in the Northern Ireland economy for decades.
"Last month's announcement that the Board of AIB Group is proposing to sell FTB came as a major shock to businesses, customers and staff right across Northern Ireland.
"With the current depressed market, any sale of First Trust is likely to be for a fire-sale price. What could in fact emerge is the purchase of First Trust for a knockdown price by an institution not committed to economic growth or the local economy, but simply in servicing the current loan book.
"If the bank is not sold, and remains part of the AIB Group, it is likely to feature in any rationalisaton of the bank on the island as a whole which could see further job losses," he added.
