03 Sep 2015
STATEMENT BY IFA PRESIDENT ON FBD
Following a meeting with Fiona Muldoon, interim Chief Executive of FBD, the Executive Council of the IFA has given its full backing to FBD and welcomed its renewed focus on strengthening its insurance service to farmers, small and medium businesses and consumers.
IFA President Eddie Downey said farmers, the wider agri-sector and rural communities value the FBD service and they will continue to support the business in providing competitive rates and bespoke insurance cover.
Eddie Downey said, “With reserves of over €800m on the balance sheet, FBD is well capitalised. IFA intend to support the bond required by FBD to increase these capital reserves in order to meet Solvency II requirements”.
Mr. Downey said that farmers, shareholders and customers are rightly very disappointed that FBD has found itself in such difficulty as a result of market conditions, new solvency rules and the business strategy pursued in the past.
It is also clear that necessary changes must be made at all levels of FBD to fully restore confidence and get the business back to profitability as soon as possible. In this regard, Eddie Downey welcomed the appointment of Liam Herlihy to the Board of FBD Holdings this week.