Enterprise Minister Simon Coveney questions AIB slogan ‘we’re backing brave’ after case of Cork business family’s loan raised in Dáil

Enterprise Minister Simon Coveney has questioned the AIB slogan “We’re backing brave” in the context of the bank’s actions with existing clients.

The slogan, used in the bank’s TV advertising, is predominantly aimed at young entrepreneurs setting up on their own – and the financing they will need.

Mr Coveney, standing in for the Taoiseach for Leaders’ Questions in the Dáil today, made his comments after Independent TD Michael Collins raised the case of a family business in Clonakilty, Co Cork, which is a customer of AIB.

The O’Donovan family’s business loan was restructured and then sold off to a third-party fund.

“I have huge sympathy for the O’Donovan family and businesspeople who find themselves in the kind of financial pressure they are clearly feeling at the moment,” Mr Coveney replied.

“Every bank in Ireland has an obligation in my view to behave fairly towards their clients.

“When we hear slogans like ‘We’re backing brave’ - and all the rest of them coming from advertisements for banking in Ireland - it is not unreasonable that questions are raised as to whether they are supporting enterprise in an appropriate way.”

Mr Coveney stressed that it was not appropriate for him to start getting involved in an individual case on the floor of the House when he did not know the full detail of what happened.

“When loan books are sold on there is a responsibility, of course, on the regulator, which is the Central Bank of Ireland, to ensure that consumers are given the protections that are expected,” Mr Coveney said.

He said that as Enterprise, Trade and Employment Minister he had responsibility to ensure that “businesses are treated fairly, and that enterprise has an opportunity to thrive and grow. That includes the relationship, obviously, with the banking sector”.

But he added: “Government ministers do not control the banks, and they should not do so.

“I assume AIB has sold on this loan and therefore has no more control or attachment to it.” The liability is now owned by Everyday Finance.

Mr Coveney offered to meet a representative from the O'Donovan family. “I will go through their case in more detail with them,” he said.

Mr Collins said: “They are an honest, straight, hardworking family who have been in business for seven generations and 44 years.

“Their hearts and souls have been broken by what the vulture funds and banks have done. The Government cannot keep turning its back and saying it does not know the details.”

Reporting: The Irish Independent