A TD HAS warned that loans to fund trips to Euro 2016 are reminiscent of “the economic euphoria of the past”.
AIB recently announced that football fans can apply for loans of between €1,000 to €30,000 to finance a trip to France next summer. The bank hopes to give customers a decision on the loans within three hours.
Labour TD John Lyons has said this “sounds all too familiar to the approach used by banks in the past”, adding: “We all know how that story ended.”
“The maximum amount available – €30,000 – is a big sum of money for a holiday and we need to be prudent about this.”
This trip for anyone who goes on it would be a once in a lifetime trip, but people shouldn’t spend a lifetime paying it back.
Lyons said everyone wants to see banks become profitable again “so that the state and taxpayer can stop carrying their burden”. However, he said this needs to be done in a “sustainable” and “prudential” way.
A spokesperson for AIB said the bank anticipates that the “vast majority of Euro 2016-related loans will be at the low end” of the €1,000-€30,000 scale.
All our loans are subject to credit assessment based on the individual customer’s ability to repay the amount requested.
The Irish League of Credit Unions (ILCU) is also helping Irish fans finance a trip to France.
A spokesperson previously told TheJournal.ie:
“The credit unions have always had a good relationship with Irish fans over the years who want to travel to tournaments.
If you want to go you’ll have to sit down and look at the full cost of travel, accommodation and food, and start saving now. You’ll need an emergency fund also.
“If you have savings in place, and if you start now you’ll have a lump sum available for next year, it’s more likely you will get the loan.”
- with reporting by Cianan Brennan
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