AiB Annual Report and Accounts 2007-08

Commenting on the release of AiB's Annual Report and Accounts, Minister for Community Safety Fergus Ewing said:

"This Governments focus is creating a more successful country through improved public services; with opportunities for all of Scotland to flourish; through increasing sustainable economic growth. This is our purpose. I believe AiB has an important role to play in either healthy or weak economic circumstances. That people neither treat bankruptcy lightly nor are disadvantaged by debt."

"The release of AiB's Annual Report and Accounts 2007-08 note the continued rise in bankruptcy numbers on par with previous years. The 2007-08 figures however do not represent current activity and the impact of the Low Income Low Asset route to bankruptcy as detailed in more recent statistics. We cannot therefore speculate that they have been impacted by, or contributed to, the current economic downturn."

"The drop in numbers of Protected Trust Deeds (PTDs) is believed to have resulted from increased creditor participation in the PTD process. Evidence from the sector suggests that creditors have adopted a more vigorous approach to Trust Deeds leading to fewer Trust Deeds becoming protected. Reforms to the Debt Arrangement Scheme were introduced in June 2007, including freezing interest and charges on debts in DAS Debt Payment Programmes. These changes had an immediate impact as shown by the sharp increase in figures."

The AiB Annual Report and Accounts 2007-08 is now available.