Deal allocation and associated issues Allied Irish Banks

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between 1989 , 1996, funds of senior executives of aib @ time and/or related parties managed allied irish investment managers limited (now aibim) through british virgin islands investment company, faldor ltd.


faldor benefited inappropriate favorable deal allocations, way of artificial deals, amounting approximately €48,000 out of aibim s own funds. further inappropriate deal allocation practices relating 8 transactions in period 1991 1993 identified adversely affected performance of 2 specialist unit trusts, amounting total of €174,000, advantage of other clients. these unrelated faldor. while internal audit function of aib did identify inappropriate dealing practices in 1991 , 1993, there no evidence faldor account identified in these audits. no disciplinary action taken against individuals involved in these practices @ time , compensation not paid unit trusts affected. when episode of law breaking exposed disciplinary process put in place within aib , compensation has been paid disadvantaged. tom mulcahy, group chief executive of aib 1994 june 2001, resigned chairmanship of board of aer lingus on 28 may 2004 following disclosure of matter.








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