provision of 0.21%. This does not appear to be consistent with the real negative changes taking place in property market fundamentals. The Central Bank told the Oireachtas Enterprise Committee that shareholders who lost their money in the banking collapse are to blame for their fate and got what was coming to them for not keeping bank chiefs in check, but did admit that the Central Bank had failed to give sufficient warning about reckless lending to property developers. In contrast, on 7 October 2008, Danske Bank wrote off a substantial sum largely due to property-related losses incurred by its Irish subsidiary, National Irish Bank. Write downs by the domestically owned Irish banks are only now beginning to take place. AIB's then subsidiary Goodbody Stockbrokers continually issued "buy" recommendations for its then parent, notwithstanding its worsening financial position, and used Client Discretionary mandates to invest their monies in Allied Irish Banks at the start of the post-2008 Irish banking crisis in November 2008, which generated adverse comment. When asked if they had ever issued a sell notice on AIB, a Goodbody spokesman said "I don't know if we even keep records going back that far". Rescue package 2009 On 12 February 2009 the Irish government arranged a €7 billion rescue plan for AIB and Bank of Ireland. The bank's capital value had fallen to €486 million, rather less than its 70% holding in Bank Zachodni in Poland. Goodbody Stockbrokers was sold as part of the restructuring plan for €24 million. The Financial Times commented that the lowly price tag placed on Ireland's oldest stockbroker and "one-time bastion of Ireland's Protestant business elite" was just another measure of the dramatic decline of the Irish economy. AIB were likely to have had to indemnify the new owners of Goodbody Stockbrokers against any legal action arising from the firm's boom-time trading. 2010: Nationalisation On 30 September 2010, the Irish Government announced plans to use its National Pensions Reserve to inject €3.7 billion of capital into Allied Irish Banks, becoming the majority shareholder and effectively nationalizing the bank. AIB needed to raise additional capital due to increasing losses on bad loans incurred from the real estate bubble, and Irish Finance Minister Brian Lenihan stated that the bank was unable to attract sufficient interest from private investors. As part of the deal, Chairman Dan O'Connor agreed to quit the bank while managing director, Colm Doherty, announced