I propose to take Questions Nos. 201 to 204, inclusive, together.
AIB has informed me that the Bank is satisfied that it took all necessary steps to maximise value and minimise losses when selling this portfolio of properties to Green Property during very difficult market conditions.
Unfortunately, as normal customer confidentiality applies between Green Property and AIB, the Bank is not in a position to comment on any of the details of this transaction. AIB can confirm however that it has taken steps within its controls to prevent a re-occurrence of such a fraud.
AIB does not comment specifically on issues relating to current or former individual staff members. The events that the Deputy refers to occurred over a period of years prior to 2008. Since the State Guarantee in 2008 AIB has completely overhauled its management and governance structure. This included the appointment of a new Board and Management Team, all of whom have been appointed since 2009. AIB has continually updated its Code of Conduct for employees, incorporating a policy on corporate hospitality, which is strictly enforced. This code is also available on AIB’s Group website.