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Realistbear

Allied Irish To Pay Crimbo Bonuses Of E 40,000,000

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8190104/Allied-Irish-Banks-to-pay-40m-bonuses-despite-bail-out.html

Banks and Finance

Allied Irish Banks to pay €40m bonuses despite bail-out

Allied Irish Banks is set to pay out €40m (£34m) in bonuses to its investment banking staff despite the Irish lender edging closer to near total state ownership amid the country's financial crisis....../

A spokesman for Allied Irish was not immediately available to comment on the bonus payments.

:lol::D:P:lol::lol:

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Last night I laughed my head off watching the most outrageously over-the-top film ever - 2012.

Scream with terror as the heroes take off in a plane, when suddenly the earth's crust moves and flings a subway train over the top of the plane!

Grip your seat rests while they try to coax the same plane over the Pacific without any fuel in the tanks... the clouds clear and they see that the movement of the earth's crust has moved Siberia 1000 miles and put it right below their landing gear!

Breathe a sigh of relief as the hero fixes the ship door that prevents the engines from being switched on and moving the ship away from a collision course with Mount Everest (don't even ask...)!

Still, it was more believable than this story of Irish banks handing out bonuses.

What, it's for real?

Oh.

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http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/8190104/Allied-Irish-Banks-to-pay-40m-bonuses-despite-bail-out.html

Banks and Finance

Allied Irish Banks to pay €40m bonuses despite bail-out

Allied Irish Banks is set to pay out €40m (£34m) in bonuses to its investment banking staff despite the Irish lender edging closer to near total state ownership amid the country's financial crisis....../

A spokesman for Allied Irish was not immediately available to comment on the bonus payments.

:lol::D:P:lol::lol:

...jail the Board for fraud....a bonus is only paid when the company succeeds and makes a profit .....even the best pen jugglers in the world could not call these figures a success.... :rolleyes:

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Lenihan intervenes to stop AIB bonus payments

AIB has decided not to pay the €40m in bonuses to some of its senior staff members after Minister for Finance Brian Lenihan threatened to cut State funding.

AIB says its board has decided not to pay the controversial €40m in bonuses to some of its senior staff members.

The move follows a letter from Minister for Finance Brian Lenihan to the bank's board.

The Minister said the payment of financial support needed by the bank from the State would be conditional on the non-payment of bonuses 'no matter when they may have been earned'.

Mr Lenihan said: 'I appreciate that AIB was not in a position to put up a sworn defence in the High Court proceedings and that the Executive Chairman and the Board have acted with complete propriety in this matter.'

The bank said tonight its legal advice had been that it was obliged to pay the bonuses but that the Minister's intervention overtook that obligation.

It said: 'The bank very much appreciates the support it has received to date from the State and the Irish taxpayers and acknowledges that it will continue to rely on this support for some time to come.'

AIB Executive Chairman David Hodgkinson said the bank was 'relieved' to be in a position not to pay the bonuses.

Head of Corporate Services at AIB, Alan Kelly, said that the board of the bank had been embarrassed at the prospect of paying the bonuses.

The bank, which has received €3.5bn from the Government in assistance, was due to pay the bonuses for 2008 as a result of a High Court ruling earlier this year.

A staff member had taken the legal action to force the bank to pay him his bonus.

Earlier, Taoiseach Brian Cowen said the Government was looking at all its options to see if anything could be done to stop the payment of the bonuses.

Mr Cowen said the matter would be discussed at a Cabinet meeting tomorrow. He said he understands the serious concerns people have about the bonuses.

His comments came after two of his senior ministers criticised the payments.

Minister for Health Mary Harney said it would have been better if AIB had contested the legal action.

She also highlighted the amount of that which had been put into the bank.

Ms Harney said: 'Clearly the bank's ability to pay is very much in doubt given the state of the bank and the huge amount of capital the Exchequer, on behalf of the taxpayer, have had to invest in the bank.

'At a time when the Exchequer is putting a huge amount of capital into AIB, everyone has to be mindful of their responsibilities, and that includes management, the board and the Government.'

Minister for the Environment and Green Party leader John Gormley said the payment of the bonuses was 'insensitive and inappropriate'.

Fine Gael deputy leader James Reilly said the Minister had 'caved in' to pressure from the public and the Opposition.

He said: 'Brian Lenihan has finally responded to public outrage and Opposition pressure on the obscenity of AIB bonuses.'

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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