Draghi comments in line with government strategy on AIB sale – Hayes
Brian Hayes MEP today welcomed comments made by ECB President Mario Draghi in relation to the sale of AIB. Mr. Hayes questioned President Draghi during a hearing of the European Parliament’s Economic and Monetary Affairs Committee.
“Commenting on the planned government sale of AIB, President Draghi essentially endorsed the strategy of returning bank ownership to the private sector as this transfers the risks away from the taxpayer.
“President Draghi’s comments should be welcomed as they are very much in line with the government’s strategy to shortly begin the process of returning AIB to the private sector.
“It is now about finding the best outcome for taxpayers and for the long-term sustainability of our banking system. The time is ripe for the partial sale of AIB to go ahead very soon.
“As President Draghi said, we have made a great deal of progress in repairing our banks since the crisis. Now that our banks are on a stable footing, we should be looking to stimulate a strong, safe and competitive banking environment.
“It’s not in Ireland’s long-term interest to have large state holdings in the banking sector. It doesn’t help competition in the sector. It discourages new entrants from coming into the banking market, offering new products and competing with the pillar banks for business. If ever we need new entrants it’s now.”