Anyone who's uneasy about the €7bn recapitalization of AIB & Bank of Ireland got a major confidence booster yesterday when they opened their newspaper. Right there amid the seemingly endless articles on the problems with our banking system and the scandals at Anglo-Irish (with a big dose of Irish Life & Permanent) thrown in, was a full page ad with "a message from AIB."
AIB wants us to know that they are "absolutely committed to fulfilling" their "obligation" to "play a role in helping to get our economy back on its feet." They want to help if we "want to buy a new home" or if we "need credit support for a viable business".
And, best of all, they have thanked us for "the support you've extended to us."
I can't tell you how reassured I was after I saw that ad. No need to worry that there might be more "unknown unknowns" lurking in the bank's books, as David McWilliams recently speculated.
And, right at the bottom of the page, the most comforting line of all: "Allied Irish Banks, p.l.c. is regulated by the Financial Regulator." Now, don't you feel all warm inside?
