Current Developments
The bank is currently involved in a number of "sale and leaseback" deals with its properties. In 2005 it sold an extension to its Ballsbridge Bankcentre headquarters for €367m. There are also plans to sell the remainder of the building for €275m, as well as the bank's branch network for €421m.
In February 2006 the bank announced record pre-tax profits of €1.7 billion, a 23% rise on the previous year and the largest ever for an Irish bank. The majority of the increase came from its Republic of Ireland operations, but with its Capital Markets, Northern Ireland, Great Britain, Poland and American divisions also making significant contributions. This led to criticism from some newspapers, as their profit per customer was some three times that of other European banks. Former Irish Labour Party leader Pat Rabbitte called for more competition in the Irish banking sector. In August 2006 the bank again announced record profits for the first half of 2006, making €1.2 billion before tax, equating to €1.2 million per hour.
AIB were the main sponsors of the 2006 Ryder Cup, which was held at The K Club in Straffan, County Kildare. In May 2006 the bank launched a €5 million advertising campaign for the tournament.
Read more about this topic: Allied Irish Banks
Famous quotes containing the words current and/or developments:
“I have come to believe ... that the stage may do more than teach, that much of our current moral instruction will not endure the test of being cast into a lifelike mold, and when presented in dramatic form will reveal itself as platitudinous and effete. That which may have sounded like righteous teaching when it was remote and wordy will be challenged afresh when it is obliged to simulate life itself.”
—Jane Addams (1860–1935)
“The developments in the North were those loosely embraced in the term modernization and included urbanization, industrialization, and mechanization. While those changes went forward apace, the antebellum South changed comparatively little, clinging to its rural, agricultural, labor-intensive economy and its traditional folk culture.”
—C. Vann Woodward (b. 1908)