Just before the pandemic, at the beginning of February 2020, AIB looked stuck. Like other Irish and European banks, it wasn’t making an economic profit. The whole sector had been stuck in a rut for 12 years. Investors valued AIB at just 70 per cent of the notional value of its assets. And it had few options for fixing the situation.   Then the pandemic came. In the first five weeks of the crisis, AIB shares dropped 72 per cent. Investors realised that the pandemic was going to require massive stimulus from central banks, which would result in lower interest rates…

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