Yet another quango, yet another incompetent assessment

On November 18th last (3rd report), John Thredowen, head of office at the Credit Review Office had the following to say in regard to the financial health of AIB.

Allied Irish Banks are now approaching the finalisation of their restructuring and they’re out with their staff and about to approach the market to say – ‘we’re open for business’.

A couple of days later AIB announced that investors had withdrawn €13 billion from the bank.

John Thredowen is head of just one of over 800 quangos that costs the taxpayer over €13 billion per annum.