AIB Anyone going to the AIB AGM next week to raise tracker issues?

Brendan Burgess

Brendan Burgess

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The AIB AGM is on next week.

It's a great opportunity to raise the issue of the prevailing rate directly with the Chairman and the board and the media.

Anyone thinking of going?

You need to be a shareholder or to get the proxy from someone who is a shareholder.

Brendan
 
I issued a press statement on Tuesday letting the press know that I would be raising this issue at the AGM the following day.

RTE contacted me and arranged to interview me and Neverever prior to the AGM.
The Indo said that they would cover it.
Newstalk Breakfast contacted me to do an interview yesterday morning at 7.10 about the Ulster Bank computer problem. I agreed to do it but asked them if they would cover the AIB issue as well, but they didn't. I did the UB interview anyway.

Neverever and I met the RTE crew outside the RDS before the meeting and recorded interviews.
Shortly afterwards, the Chief Executive and the Finance Director arrived so Neverever and I introduced ourselves and raised the issue but they said they would not discuss it on the doorstep. RTE recorded that, but I don't know if it was broadcast or not.

At the meeting, I stood up and raised the issue. The usual arguments. They responded with the usual arguments but noting that the Central Bank "was comfortable" with their position. I responded to some of their arguments.

Then neverever spoke about the impact on him. It went over the head of the Chairman who considered it an administrative issue and told him to speak to their Head of Complaints.

I did an interview with TV 3 afterwards.

Over the tea and coffee we spoke to the Chairman Richard Pym but made no progress.
Then we spoke to a non executive director who knew about the issue but was interested in hearing more.

RTE TV broadcast it on the 1 pm news, (starts at 18.30) but they focussed on share options even quoting Neverever on that topic, but not on the prevailing rate.

It was scheduled to go out on the 6 One News but it got squeezed out by more newsworthy issues.

TV3 did a a good piece on it at 5.30. They included my piece about going to the High Court to clarify the meaning of "prevailing rate".
And they interviewed the Chief Executive and asked him what he thought about that. He said that was our entitlement.

Neither the Indo nor the Irish Times has covered it today in the paper editions.

Brendan
 
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On reflection, if I may say so myself, neverever and I did a good job given that there were just two of us.

I still do not understand how 4,000 people can be affected by this and it is costing them about €4,000 a year and they do absolutely nothing about it.

If there had been 10 of us speaking at that meeting, it would have squeezed the other stuff off the 6 One News and the publicity would probably get the Board of AIB telling the Chief Executive to do a Franceso on it and sort it out. But my gut feeling is that AIB feel that they have managed the storm on this one. And that talk of a High Court challenge is hot air. If they can't be bothered turning up at an AGM, how could they organise themselves to take a High Court case?

Brendan
 
Well done Brendan and neverever, I'm not an AIB customer. However I think its down to the outliers now, the main cohorts seems to be sorted.

I think we all need to get ourselves organised better, this looked like a big missed opportunity for the AIB folks to apply much needed public pressure on the AIB execs.

Hopefully another opportunity will arise.....
 
Fairplay to you both....and thanks for doing that.....there may not be many that are affected that are actually shareholders in AIB?
It would be interesting to see how many of the 4000 are actually going to appeal the redress and compensation. The more i look into this prevailing rate i can't believe what AIB are trying to do.
In the Q and A booklet AIB mention that a prevailing rate was reintroduced in 2013. How can they make this claim when there is nothing in any of the press releases for that year with regard to a Tracker prevailing rate?
 
As one of the 4000, thank you Brendan and neverever for your huge efforts. I imagine a number of the affected don't understand the issue.
 
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