ILP chief executive urges staff to 'stay positive' (Sunday Business Post)

04 November 2011

Irish Life & Permanent (ILP) chief executive Denis Casey has written to staff asking them to ‘‘please stay positive and stay focused on the day-to-day job’’, despite the recent share price collapse suffered by the banking and life assurance company.
In a memo to management seen by The Sunday Business Post, Casey said the weakness in ILP’s share price ‘‘may be a cause of concern for our staff’’ and told managers ‘‘a falling share price affects our staff very directly and also inevitably takes its toll on morale around the group’’.
Casey told employees ILP was not the only financial services company to suffer in the current environment.
‘‘This may be cold comfort but it is important to appreciate that we have not been uniquely singled out, nor are we uniquely vulnerable and that all our banking peers and competitors are feeling equally battered and bruised.
‘‘We have spent many years building up great businesses in Irish Life & Permanent. These businesses are still great – it would be easy to become distracted by the daily flow of negative news.
‘‘It’s important we don’t let this happen and all of our managers have a key leadership role to play at this time,” he said.
Casey also circulated information comparing the fall in the ILP share price with those suffered by the three other quoted Irish banks as well as Ulster Bank parent Royal Bank of Scotland, Halifax parent HBOS and Fortis, which operates in Ireland through Postbank, a joint venture with An Post.
He said each bank had suffered similar damage to its share price in recent months.