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I need a new Bank ...

  • 23-08-2011 7:42pm
    #1
    bnt
    Registered Users, Registered Users 2 Posts: 13,115 ✭✭✭✭


    ... since AIB have, according to reports, been loaning millions to Catholic dioceses in the USA, so that they could pay compensation to victims of child abuse:
    Many American dioceses, confronted in recent years with compensation cases, have filed for bankruptcy and negotiated settlements with victims.

    But instead of being funded by the Vatican, which is fighting court cases by denying any legal responsibility to pay, almost half a billion of the money paid out in America was borrowed from AIB in Dublin. Many other agreements may have been made out of court, in secret.
    ...
    U.S. lawyer Jim Stang, who sat on nine bankruptcy committees charged with looking after victim creditors, said: 'We joke that AIB is the bank of the Catholic Church.'

    The bank is still exposed on some of the loans. It is owed almost $10m by the diocese of Wilmington in Delaware.

    An AIB spokesman said: 'AIB's business focus in America was in the 'Not for Profit' areas and this included churches.

    'Any loans advanced were approved in accordance with AIBGroup policy.'
    :mad:

    You are the type of what the age is searching for, and what it is afraid it has found. I am so glad that you have never done anything, never carved a statue, or painted a picture, or produced anything outside of yourself! Life has been your art. You have set yourself to music. Your days are your sonnets.

    ―Oscar Wilde predicting Social Media, in The Picture of Dorian Gray



Comments

  • #2
    Turtwig
    Registered Users, Registered Users 2 Posts: 26,578 ✭✭✭✭Turtwig


    Send us your bank details and we'll sort you out with a new bank. :)


  • #3
    bnt
    Registered Users, Registered Users 2 Posts: 13,115 ✭✭✭✭bnt


    Years ago, when I was in London, I spoke to someone at Coutts about the possibility of opening an account there. My annual income was missing a couple of zeros off the end, though ... I wonder if I can open an account at the Vatican Bank? :cool:

    You are the type of what the age is searching for, and what it is afraid it has found. I am so glad that you have never done anything, never carved a statue, or painted a picture, or produced anything outside of yourself! Life has been your art. You have set yourself to music. Your days are your sonnets.

    ―Oscar Wilde predicting Social Media, in The Picture of Dorian Gray



  • #4
    Coriolanus
    Registered Users, Registered Users 2 Posts: 4,879 ✭✭✭Coriolanus


    Ha. I jumped ship last week from AIB. Even more glad I did it now. Once the whole transfer is over I was planning on writing them a letter outlining why I left. I think this can be added to that letter. :)


  • #5
    ShooterSF
    Registered Users, Registered Users 2 Posts: 8,824 ✭✭✭ShooterSF


    Pfft. Under the mattress is where it's at these days.


  • #6
    meryem
    Registered Users, Registered Users 2 Posts: 271 ✭✭meryem


    AIB management should face legal action against them for putting public money to such a r****l use. :(


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  • #7
    MagicMarker
    Banned (with Prison Access) Posts: 32,865 ✭✭✭✭MagicMarker


    meryem wrote: »
    r****l

    :confused:


  • #8
    liamw
    Closed Accounts Posts: 1,780 ✭✭✭liamw


    r****l

    Is it bad that I went to think of words that started in 'r' and ended in 'l' and the first word I thought of was rohypnol


  • #9
    Cool Mo D
    Registered Users, Registered Users 2 Posts: 1,419 ✭✭✭Cool Mo D


    Why is it a bad thing that AIB are loaning them the money? You have to pay back a loan with interest, you know.


  • #10
    robindch
    Moderators, Society & Culture Moderators Posts: 24,449 Mod ✭✭✭✭robindch


    Cool Mo D wrote: »
    Why is it a bad thing that AIB are loaning them the money?
    AIB does not have a history of prudent fiscal practice.


  • #11
    mikhail
    Registered Users, Registered Users 2 Posts: 3,862 ✭✭✭mikhail


    liamw wrote: »
    Is it bad that I went to think of words that started in 'r' and ended in 'l' and the first word I thought of was rohypnol
    You were probably looking (perhaps unconsciously) for a word with negative connotations, which might reasonably be censored. So, no, it doesn't say anything terrible about you.


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  • #12
    jhegarty
    Registered Users, Registered Users 2 Posts: 6,441 ✭✭✭jhegarty


    robindch wrote: »
    AIB does not have a history of prudent fiscal practice.

    It would appear this was an exception , as they loans are preforming.

    I am confused , most of the posts I read are saying the Church should take responsibly and compensate the victims (as they should).

    Why are people against a bank for loaning the money to allow this to happen ?


  • #13
    bnt
    Registered Users, Registered Users 2 Posts: 13,115 ✭✭✭✭bnt


    Cool Mo D wrote: »
    Why is it a bad thing that AIB are loaning them the money? You have to pay back a loan with interest, you know.
    There's a suggestion, in the article, that the Vatican is backing the loans in secret. The Vatican Bank has, to put it politely, "a history"

    You are the type of what the age is searching for, and what it is afraid it has found. I am so glad that you have never done anything, never carved a statue, or painted a picture, or produced anything outside of yourself! Life has been your art. You have set yourself to music. Your days are your sonnets.

    ―Oscar Wilde predicting Social Media, in The Picture of Dorian Gray



  • #14
    magicbastarder
    Moderators, Category Moderators, Arts Moderators, Sports Moderators Posts: 51,672 CMod ✭✭✭✭magicbastarder


    Nevore wrote: »
    Ha. I jumped ship last week from AIB. Even more glad I did it now. Once the whole transfer is over I was planning on writing them a letter outlining why I left. I think this can be added to that letter. :)
    that'd be a sin, though.


  • #15
    robindch
    Moderators, Society & Culture Moderators Posts: 24,449 Mod ✭✭✭✭robindch


    jhegarty wrote: »
    Why are people against a bank for loaning the money to allow this to happen ?
    Read down towards the end of the article, where it points out that by getting the money, the US church avoided going to court, a process that could have meant it had to to release internal documentation related to the abuse. The AIB loan meant it didn't have to release any documentation.

    It's also quite strange that a number of the dioceses have apparently filed for bankruptcy, but are still managing to pay off the loans, without having sold any substantial assets, and with the help of unknown cash sources.


  • #16
    Coriolanus
    Registered Users, Registered Users 2 Posts: 4,879 ✭✭✭Coriolanus


    magicbastarder wrote: »
    that'd be a sin, though.
    Not sure I follow.


  • #17
    magicbastarder
    Moderators, Category Moderators, Arts Moderators, Sports Moderators Posts: 51,672 CMod ✭✭✭✭magicbastarder


    you mentioned you were intending writing a letter outlining why you left, and your post implied that this was going to be added to that list. but this was obviously not a factor in your decision.


  • #18
    Coriolanus
    Registered Users, Registered Users 2 Posts: 4,879 ✭✭✭Coriolanus


    Ahhh. Well, sin is forgiveable and all that.


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