ALLIED Irish Banks (AIB) Has No Intention of Selling Allfirst, the Bank's US Subsidiary at the Centre of the [Pounds Sterling]520m Foreign Exchange Loss That Has Rocked the Financial World, According to Group Chief Executive Michael Buckley

Sunday Business (London, England), February 17, 2002 | Go to article overview

ALLIED Irish Banks (AIB) Has No Intention of Selling Allfirst, the Bank's US Subsidiary at the Centre of the [Pounds Sterling]520m Foreign Exchange Loss That Has Rocked the Financial World, According to Group Chief Executive Michael Buckley


ALLIED Irish Banks (AIB) has no intention of selling Allfirst, the bank's US subsidiary at the centre of the pound sterling520m foreign exchange loss that has rocked the financial world, according to group chief executive Michael Buckley.

In his first comments on the future of Allfirst since it was revealed that there was an alleged fraud by rogue trader John Rusnak, Buckley said he is confident Allied will not be forced by its investors to break itself up.

Buckley told The Business: "There's no reason to sell either Allfirst or indeed any of our other assets. We're adequately capitalised even with this hit, and there's no question of us not being able to grow with the capital that we have."

There were signs this weekend that feverish speculation that Allied would fall victim to a quick takeover was beginning to subside. Royal Bank of Scotland and Fleet Bank of the US have been among those cited as potential bidders for Allied.

"We've had a very intensive programme of contact with our investors and they're satisfied with the explanation of events that took place, as they're currently known. Like us, they'll want to see the findings of the review," he added.

Allied has ordered an internal investigation into the events at Allfirst. The review committee, to include an independent expert from the financial services industry, is expected to report back to the full Allied board within 30 days.

A team of the bank's most senior officers, led by Pat Ryan, group treasurer and a former central banker, has gone to the US to conduct their own paper trail into the series of trades that left Allfirst with a huge trading loss.

The Central Bank of Ireland has also sent its own team to the US to investigate the losses within the foreign exchange division of Allfirst's proprietary trading operation. …

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ALLIED Irish Banks (AIB) Has No Intention of Selling Allfirst, the Bank's US Subsidiary at the Centre of the [Pounds Sterling]520m Foreign Exchange Loss That Has Rocked the Financial World, According to Group Chief Executive Michael Buckley
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