AIB’s Colin Hunt honored a week after bank’s record €97 million mortgage penalty

The CEO of AIB, Dr. Colin Hunt is set to receive a corporate governance award just a week after his bank was fined a record €97m for its role in the mortgage scandal.

The scandal resulted in some customers losing their homes and others paying inflated fees for years.

The bank’s board was urged not to accept an Irish-American corporate organization’s award after the central bank’s fine and reprimand.

dr Hunt was forced to make a humble apology last week over the central bank’s fine and admitted the bank’s treatment of its tracker customers was a “damage to its reputation”.

He is to receive the 2022 Global Business Leadership Award from the Ireland-US Council, a non-profit organization established in 1963 to promote business ties between the two countries.

Dublin Castle hosts the €300 Black Tie Gala Dinner on Friday, which also honors former Tánaiste Mary Harney.

Last week, the central bank fined AIB and its subsidiary EBS a total of €96.7 million for abusing tracker mortgage customers.

It said the bank’s mistakes had caused unacceptable damage and losses to affected customers for nearly 18 years.

The regulator said there were breaches of rules for tracker mortgages up until March this year.

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The central bank accused AIB of putting its interests above those of customers.

The leader of the Consumers’ Association of Ireland, Michael Kilcoyne, urged Dr. Hunt not to accept the award in view of the fine.

He said 21 families lost their homes as a result of the actions of AIB and its subsidiary EBS.

“He shouldn’t accept that award,” Mr Kilcoyne said. “The saddest thing is that families have lost their homes because of his bank’s actions.”

A spokesman for Dr. Hunt declined to comment.

Meanwhile, Treasury Secretary Paschal Donohoe has announced plans to sell about 5 percent of AIB to institutional investors via a so-called placement – effectively inviting buyers to bid for a share of the available shares.

It will reduce the state’s stake in the bank from 68.5 percent to about 63.5 percent.

The bank has a market capitalization of €6.5 billion and values ​​the stake to be sold at around €325 million, depending on the daily rate.

The money will reclaim part of the €20.8 billion cost of bailing out the bank a decade ago, about half of which has been recouped to date.

https://www.independent.ie/business/personal-finance/property-mortgages/award-for-aibs-colin-hunt-a-week-after-banks-record-97m-tracker-mortgage-fine-41796816.html AIB’s Colin Hunt honored a week after bank’s record €97 million mortgage penalty

Fry Electronics Team

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