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AFTER UNLEASHING A flood of anger from customers and politicians, AIB announced today that it was reversing its decision to remove cash services from 70 of its branches across the country, prompting a slew of TDs to declare a victory for people power.
The swift u-turn came following an intercession from Taoiseach Michéal Martin and as three TDs from the Rural Independent Group – Mattie McGrath, Michael Collins and Danny Healy-Rae – were in the bank’s Dublin city centre headquarters, demanding a meeting with its CEO Colin Hunt.
The three rural representatives had pledged to stay in the plush Molesworth Street offices until they had secured a meeting with senior management. They were therefore in prime position to declare victory to the media waiting outside when the AIB announcement came through.
“Democracy is a great thing and people’s power is what won the battle here. We had a movement here that wasn’t seen since Irish Water and it was going to be a severe movement,” Collins said outside AIB’s head office.
The three TDs were told Hunt wasn’t unavailable but said they were willing to wait all day long and over the weekend if it was necessary. In the end it wasn’t required as the AIB roll-back was confirmed at around midday.
Collins added that the rural independents will be keeping a “very close eye” on AIB and other banks, claiming that finance minister Paschal Donohoe and public expenditure minister Michael McGrath are “afraid” to do so.
“If they [Donohoe and McGrath] say they knew nothing about this and they owning a 63.5% stake in the bank, there’s something wrong somewhere,” the Cork South-West TD said.
Deputy Michael Collins gives his reaction following AIB's u-turn on removing cash services from 70 banks pic.twitter.com/oqxYW6CDHN
— Céimin Burke (@CeiminB) July 22, 2022
Other opposition parties also made hay out of the fact that the State is the majority shareholder in AIB and have queried why the finance minister wasn’t imploring the bank to keep the services open.
However, minister Donohoe was quick out of the blocks to welcome AIB’s decision not to proceed with the withdrawal of cash services from dozens of branches.
“I note the significant public reaction to AIB’s announcement earlier this week and I welcome the Bank’s decision not to proceed with the proposed changes to customer services in certain branches,” he said.
The reaction wasn’t limited to ministers, as TDs, MEPs and senators – from both government and opposition parties – quickly fired off statements welcoming AIB’s backtrack.
“People power” was the phrase of the day as politicians from Sinn Féin and Aontú echoed Collins’ analysis of the u-turn.
“I want to commend communities who stood their ground and refused to allow corporate interests to hollow out the services upon which they rely. People power has won out,” said Sinn Féin’s expenditure spokesperson Mairéad Farrell.
“The Government have evidently been caught on the hop and need to explain why this was the case. Customers need to know exactly how this debacle came about and need reassurance that it will not happen again,” Farrell said.
The Galway West TD added that minister Donohoe and senior AIB figures must still appear before the Oireachtas Finance Committee to answer questions about the saga.
Aontú’s Peadar Tóibín said the “crisis” in banking will continue unless there is the provision of proper competition in the sector.
“There is a disastrous lack of competition within the banking market. It is the root cause of the continuing dysfunction in banking throughout the state.
“It has not happened by accident, FG (Fine Gael) created what they called a Pillar Banking System after the crash. FG’s plan was for the vast majority of the market to be serviced by only two banks, AIB and Banking of Ireland. Their plan is coming to pass with disastrous consequences,” Tóibín said.
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If only the same people power was used to hold the government accountable for their actions.
@Sean Stevenson: And also, if only we could have a guarantee that no more state owned shares in AIB will be sold by this FFG government lest it falls into private ownership.
@Frank Cauldhame: But then how would they organise another wave of public money going into private hands if they don’t let it go public again? Oh wait, they’ve found other ways to do that via HAP, having us stuck paying billions to landlords in the short term instead of building long term housing.
@Frank Cauldhame: no, sell every last share before Pierce “magic money tree” Doherty becomes minister for finance.
@Andrew Dillon: Oh look, another ill informed moronic FFG voter. Why has each SF budget been costed by the central bank if there’s a magic money tree? You know that Ireland is currently hemorrhaging money because of your current FFG leaders? Who put us as one of the highest debt to GDP ratio nations on Earth? It wasn’t SF anyways. Your “magic money trees” from Bertie, Varadkar and Mehole caused the state of this country. You fanbots will never learn.
@Sean Stevenson: They are. Through regular elections.
@Sean Stevenson: you’re correct on one thing, Pierse’s budgets are costed by the dept of finance based on existing tax income. So when SF arrive with their money for everyone policies and the only additional tax is on the wealthy, will this have an effect on tax take?
I am looking forward to the housing crisis, hospital waiting lists, school building shortage, staffing shortage in the public service, sna shortage, gp shortage, consultant shortage and of course environment catastrohy all being resolved without taking a dime more from me than I already am paying in tax.
You said we had “one of the highest debt to GDP ratio’s on the planet” and blamed Veradker. How is any of this his fault?
@Andrew Dillon: Read it again. How did I blane specifically varadkar? Typical FFG supporter, ignores the majority of the argument, and cherry picks things he can debate with. YOUR government caused the current emigration crisis. YOUR government oversees the housing disaster. YOUR government caused our debt to GDP disaster.
@Sean Stevenson: and Northern ireland with sin fein at the helm is the land of milk and honey.
@Andrew Dillon: Sinn Fein is not at the helm. They’ve never had a first minister. Why are you lying? Typical FFG supporters.
Jasus, it had to be him…
This has nothing to do with them. This is a PR move. They’ll still reduce services just slower.
@Sequoia: or pay higher charges
@Des Houlihan: a year or two time, there will be a cash handling fee introduced
@Liam Burke: There already is a cash handling fee, very similar in cost to the non-cash one!
Its apparently only a victory of people power if the government ministers go against it. When everyone but FFG go against it its “populist politics” or bringing up a magic money tree.
@Paul Cunningham: It’s hilarious to me when FFG voters bring up the magic money tree BS. That same magic money tree that FG is using to fund HAP, transferring huge amounts of cash to private developers. Same magic money tree used to rent council houses from private developers, enriching them for short term solutions. Same magic money tree that’s under-seeing the construction of one of the most expensive hospitals in the world.
At this stage, FFG know they won’t be in power by next election, and are trying to F up the economy as much as they can so they can say “Look! Sinn Fein isn’t even in power a month and the country is in the toilet!”
@Paul Cunningham: you mean SF right?
@Paul Cunningham: Bobby Storey’s funeral
Bravo. The power of the grey vote should never be underestimated.
A fantastic days work for our Politicians – well done yourselves, medals and pats on the back for all involved!
@Peter B: are you for real ?
I do not understand that obsession with cash, I have been leaving cashless (card and phone payment, direct debits) for the last 5 year. I have 50E in my wallet for urgent backup that I have never used, and two coins for the shopping trolley.
@Dr. Emmett Lathrop Brown: For anyone self employed, particularly if they run a small business in the tourism, food sector etc cash and cheque are still a big, irreplaceable part of one’s livelihood.
@Dr. Emmett Lathrop Brown: You haven’t really been living cashless though, have you? Get rid of the €50 and the two coins. Go on , i dare ya.
@Dr. Emmett Lathrop Brown: There’s a cohort of older technology avoiders which these politicians likely represent who still aren’t using smartphones and only reluctantly engage with the internet. They don’t use internet banking and still rely on monthly paper statements so the idea of going cashless would make it much more difficult for them to keep track of their spending.
@Dr. Emmett Lathrop Brown: gold star for Emmett
@Liam Armstrong: masterbatecard
@Dr. Emmett Lathrop Brown: If only everyone in the country could be like you Dr —- If only huh for the love of god…
@Dr. Emmett Lathrop Brown: well u are a lucky guy I use both cash & card & thats the was i would like it to stay a lot of peoole using cards don’t even know whats left in their a/c another reason charities will lose out big time also if i want to give a tip to a youg girl in a restaurant or hairdresser or whoever i want to give a personal tip to that will be gone & I am not so sure people get their tips fully from the card & I still like cash in my purse as do thousands of others
This is fantastic news. SO glad the voice of the people was heard. I complained directly to AIB, anyone else?
Danny Healy Ray and his interpreter for Taoiseach. You would feel sort of sorry for Colin Hunt been confronted by the three rural tears. Danny could win the All Ireland all by himself. God! We will never hear the end of his ‘ heroics’. But fair play Job done
These three will never shut up about this now. I agree that it was a decision that needed to be reversed and probably would have without the intervention of these incomprehensible, populus, thunder-twonks.
Fair play to the boys, they took on the big bad AIB and made them do a u turn..
The Big Bucks people say we should serve the banks. The Moderate Bucks people say the banks should serve us. I’m on the side of the latter.
Very good need
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