AIB Restructuring Speech Reveals Structure Deficit

Leading a financial institution right now can’t be much fun, what with all the financial re-structuring. And the Allied Irish Banks EGM (Extraordinary General Meeting), held on Wednesday in Dublin, proved no exception.

In the chair was Dan O’Connor; and it was his speech that got the proceedings underway. The speech was not unusual for the sector right now. Most Chairmen echo the same “mea culpa” words of Mr O’Connor.

This speech made clear just how wrong AIB had got its calculations leading up to the financial crisis of 2008.

Relatively short, his speech made a series of points about the bank’s re-structuring and the re-structuring of its debts.

In contrast to the re-structuring exercises, the speech itself lacked structure. Point followed point. Fact followed fact. And plans followed in quick succession. That was a pity because there was plenty of substance here;  substance that needed some coherent structure.

The sentences were too long…probably prepared for the written word and not considered as speech material. Editing would have worked wonders on them:

“We are also taking action to ensure we have both the pricing and lending structures in place that will enable us to successfully meet two of our key objectives – returning to profitability and supporting our customers through these difficult times.”

A sound technical Chairman’s speech, but an opportunity wasted for setting out a vision for the future of AIB.