The Republic’s Minister of Finance has been challenged to intervene in order to help save the jobs of 1,500 Northern Ireland based workers at the First Trust Bank.

South Belfast MP Dr. Alasdair McDonnell said that as a subsidiary of Allied Irish Bank the proposed sale of First Trust if completed would simply add to the ever growing monopoly in terms of a contracting financial services sector in the North.

Dr. McDonnell said that apart from “the questionable financial benefits” behind the planned sell off of First Trust, the human impact in terms of job losses would be devastating.

And he said that the perceived reluctance of the Republic’s Government to act on behalf of Irish citizens living and working on this side of the Border would fuel fears that a discriminatory choice would ultimately be made.

“I have written to Minister Brian Lenihan outlining my grave concerns at the way this issue has been handled. “If this planned fire sale had been based on purely economic grounds, as it should, then there could be no justification for putting at risk the jobs of 1,500 First Trust staff in Northern Ireland.

“The parent Allied Irish Bank owes NAMA £22 billion of which it has to generate £7 billion through its own resources.

“The fact is that unlike its counterpart in the Republic, First Trust is an exceptionally robust example of profitable banking. Its latest annual accounts place estimated profitability in the region of £100 million. In the current economic climate that is no mean achievement.

“It is possible for Minister Lenihan to make the case that as Allied Irish Bank is partly owned by the Irish Government under the terms of its legally binding agreement with NAMA, he can have a significant say in any negotiations.

“Given the past abject performance of the Board of AIB it should not be left for that Board to independently make the end call on the livelihood of so many people.

“In the current financial climate the challenges facing AIB must be addressed in the context of minimising the detrimental impact to the overall economy of the island.

“It should not be based on what many fear is a judgement call based on taking the soft geographic option,” Dr. McDonnell warned.

ENDS

29-07-10