@joehas Both true, but there’s a third reason from the inside: payments were the ugly sister. AIB was all about lending/corporate banking — payments never got attention. AIB had P2P projects since 2001 and still didn’t see the disruption coming. The innovators also exited, post-crash.
@fesshole Why is this important ? Company Law requires financial statements to give a “true and fair view” of the company’s financial position. Channel stuffing inolves overstating revenue, which would breach both provisions.
@Niall_Boylan Brendan O’Connor show….Establishment voices:- “in a downturn, we can’t redistribute cash as we don’t have it… in a boom, we can’t redistirbute cash as we’ll need it for a downturn”.