Financier Dermot Desmond has criticised AIB for the manner in which it acted against Sir Anthony O'Reilly. He praised Sir Anthony's contribution to Irish life and to the business world and added that regardless of his financial difficulties his honour is intact.
Mr Desmond, who was at Queen's University, Belfast yesterday to receive an honorary degree took issue with the decision of AIB to move against Sir Anthony O'Reilly's assets bringing him to the brink of financial collapse.
"The Irish Government showed sensitivity to the bank and the bank should have shown the same sensitivity to Tony O'Reilly," said Mr Desmond.
“Life is not about the things that you leave. Life is about the experience that you leave and the example that you set. He set a wonderful example. “Money is replaceable, honour is not, and he has left great honour with what he has done,” he added.
‘Great businessman’
Mr Desmond described Sir Anthony as a “great businessman” who ran a “great company”. He continued: “Tony O’Reilly is one of the outstanding businessmen of several generations. He was a role model for myself. He was a world leader in business, a great communicator.”
Worthy causes
The financier also praised Sir Anthony for establishing the
Ireland
Fund in 1976 with Pittsburgh businessman and former US ambassador to Ireland
Dan Rooney
. It has raised more than $480 million for worthy causes in Ireland and Irish causes around the world, assisting more than 3,000 organisations.
“What he did with the Ireland Fund was magnificent – it’s a wonderful legacy,” said Mr Desmond.
“Again that baton is going to be handed down through further generations. Tony O’Reilly is one of the founders there and you can’t congratulate him enough for the efforts that he made and the amount he invested both in time and money.”
Mr Desmond, a keen football fan who is the chief shareholder in Glasgow Celtic, said he was enjoying the World Cup. "But without Ireland," he lamented. He expressed some confidence that Martin O'Neill and Roy Keane could achieve success in the coming four years.
"I am optimistic that he gets them into Europe first of all, the European championship, and then hopefully on to the World Cup."
Austerity
Asked should the Government loosen up on its austerity measures, Mr Desmond said: “I think the Government has done a great job and I wouldn’t dare to advise them.”
Mr Desmond, at a ceremony attended by scores of young business graduates, was awarded a Queen’s doctorate for his contribution to business and commerce. He said he was honoured to receive the award on behalf of himself, his family and friends and the people who had worked with him down through the decades.
“The world is never going to run out of opportunity. Never despair . . . follow your instinct,” he said when asked what was his advice for the graduates.
