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DIRT Evaders Should Not Expect AIB Bailout, Chairman Warns

by Carla Johnson, Investors Offshore.com

28 April 2003

Speaking at the group's AGM on Thursday, AIB chairman, Lochlann Quinn warned that customers facing investigations as a result of outstanding deposit interest retention tax (DIRT) issues should not expect the bank to bail them out.

According to an Irish Independent report on the meeting, Mr Quinn was accused by one shareholder of 'tightening the noose' around the necks of many AIB customers who had, he alleged, been 'cajoled by AIB into breaking the law'.

However, although the bank's chairman admitted that DIRT evasion had been 'rampant throughout the country', and acknowledged that some of those currently facing investigation were advised by AIB staff, he argued that:

'The Revenue told all of those people they could settle and have their interest and penalties capped at 100%. Those now receiving letters (from the tax authority) chose not to settle.'

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