Turn AIB into reconstruction bank, says TD

on 05/10/2012 09:15:32

An Independent TD has called for AIB to be closed and converted into a national reconstruction bank.

Stephen Donnelly says the bailed-out bank should be rebranded and have a ''public value'' role.

Earlier this week, AIB came under fire after it announced its second interest rate hike in three months.

The Wicklow TD says the bank is focused only on making money and that needs to change.

"I'd close AIB in the morning and would turn it into a national reconstruction bank," he said.

"I would remove AIB's single-line operation - in other words, I would say: 'Your objective is no longer just to maximise profit, you have a public value role'.

"So I would re-brand it, I would turn it into that in the morning."