‘Greedy’ banks attacked as AIB nets record €1.7bn profit

IRISH banks wring three times more profit from their customers than other banks in Europe.

Labour leader Pat Rabbitte accused the banks of greed yesterday as AIB announced record profits of €1.7 billion for 2005 - or €6.8 million every working day. Profits were up 25% on the year before. Almost €780m, or 45%, came from AIB’s customers in Ireland.

Speaking in the Dáil, a critical Mr Rabbitte said: “This is the highest rate of profitability in Europe. The two major Irish banks take three times more in profit per customer than the average bank in Europe. It is obvious some of this is excessive profit-taking. There is a lack of competition.