DJ Allied Irish Banks: Adequate Funds To Meet Customer Demands
AIB | Quote | Chart | News | PowerRating -- Allied Irish Banks PLC (IRE) Chief Executive Eugene Sheehy Wednesday said AIB has adequate funds to meet customers demands, and that there will be no significant difference in lending immediately after the establishment of the National Asset Management Agency.
"The country won't be awash with money after NAMA," Sheehy told a parliamentary committee on finance, adding, "The Irish banking system would be in a lot of trouble if it wasn't for NAMA...The system overall would not be able to survive without NAMA."
AIB has received EUR3.5 billion in capital from the government in return for a 25% stake and will transfer EUR24 billion in loans to NAMA after gaining approval from shareholders. It is also covered by the government's industry-wide EUR400 billion deposit guarantee.
Sheehy also said the bank would not be pulling out of Poland. "The worst thing we could do would be to withdraw support from a market that's actually helping Ireland," he said. AIB has a 70.5% share in Poland's Bank Zachodni/WBK.
Company Web site: http://www.aib.ie
-By Quentin Fottrell, Dow Jones Newswires; +353-1-676-2189; quentin.fottrell@dowjones.com
(END) Dow Jones Newswires
11-25-09 0908ET
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