Too early to say if Goodbody brokers will face sanctions

EXPERTS yesterday said it was too early to say what sanctions, if any, face AIB and Goodbody following Mr McErlean claims that he raised with the Financial Regulator the fact that Goodbody had arranged for all of its purchases of AIB shares for clients to go through what he believed was an illegal process.

“It is too early to know what exactly went on here. We need more information and AIB need to explain what happened,” said one source.

Goodbody is the stockbroking arm of AIB.

It is Ireland’s longest established stockbroking firm dating back to 1877 and it employs over 300 people.

Meanwhile, in an unrelated move the man caught up at the centre of the blizzard of revelations concerning overcharging of AIB branch customers yesterday announced he is stepping down as managing director of the bank’s Irish operations and moving to a new role.

Donal Forde, from Newmarket, Co Cork, has also decided not to seek re-election to the board at AIB’s forthcoming AGM in May.

Mr Forde has been appointed to the new post of director of group strategy at the bank. AIB said he is being deployed to help “ensure the company is equipped to successfully navigate and withstand the current market conditions and be well placed for future success”.

The father-of-three joined AIB in 1978 and worked for 15 years in the Capital Markets area rising to become head of corporate and commercial lending and in 1998, head of treasury services.