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  1. #1
    TexMec Senior Member Louis VI the Fat's Avatar
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    Default Re: Irish Govt raises four-year austerity target to €15bn

    Stricken Allied Irish Banks is preparing to hand out €40m (£34m) of bonuses next week – despite being on the brink of receiving another emergency bailout from the Irish government.

    As many as 2,400 bankers in its Dublin capital markets division are to receive the payments on 17 December under agreements struck with the bank in 2008.

    The bank, 19% owned by Ireland's taxpayers but expected to reach 95% state-ownership, had originally been blocked from making the payments under one of the government's bailout programmes.

    http://www.guardian.co.uk/business/2...espite-bailout
    The cheek.


    What are those Republican paramilitary groups trying to blow up things in Britain for when there are still banks left standing in the Irish (banana) Republic?
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  2. #2
    Mr Self Important Senior Member Beskar's Avatar
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    Default Re: Irish Govt raises four-year austerity target to €15bn

    Quote Originally Posted by Louis VI the Fat View Post
    The cheek.


    What are those Republican paramilitary groups trying to blow up things in Britain for when there are still banks left standing in the Irish (Cheese) Republic?
    Fixed. Though quite amusing, since we called the French cheese-eating surrender monkeys, it now applies to the Irish.
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  3. #3
    Senior Member Senior Member gaelic cowboy's Avatar
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    Default Re: Irish Govt raises four-year austerity target to €15bn

    Beskar your obsessed with Cheese for some reason.

    The Cheese is for needy families as a once off part of there social welfare it is not for putting on fancy cream crackers.

    The government has always actually given these people free butter as a once off and there being given cheese now cos it's cheaper.
    They slew him with poison afaid to meet him with the steel
    a gallant son of eireann was Owen Roe o'Neill.

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  4. #4
    Senior Member Senior Member gaelic cowboy's Avatar
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    Default Re: Irish Govt raises four-year austerity target to €15bn

    Quote Originally Posted by Louis VI the Fat View Post
    The cheek.


    What are those Republican paramilitary groups trying to blow up things in Britain for when there are still banks left standing in the Irish (banana) Republic?
    Dont even joke about it Louis thats the very last thing we need here.

    You will be happy to know the bankers will be bared from any bonus craic next time, unfortunately the court upheld there old contract so they had to get a bonus this time.

    Bonus tax not to apply to €40m AIB payments

    After it emerged that AIB is paying €40m in bonuses to executives at the bank, the Minister for Finance has proposed a 90% tax on any future bank bonuses.
    However this would not affect the AIB bonuses revealed today.
    AIB Executive Chairman David Hodgkinson told staff this afternoon that the issuing of the €40m in bonuses to executives 'reflects the past'.
    Mr Hodgkinson made his comments in a note to staff this morning after it emerged that 2,400 workers will receive an average bonus of €16,700.
    AIB will give the bonuses after several staff took court action to secure the payments.
    The payments are part of contracts signed before the financial crisis began in 2008.
    Spoiler Alert, click show to read: 
    It is believed that cheques will be posted to executives on 17 December.
    'Whilst this is legally required of us, it reflects the past and is not the way we intend to conduct ourselves in future,' Mr Hodgkinson said.
    He added: 'The issues we are facing mean that the bank currently relies on government and taxpayer support and I am working to ensure that, in future, our pay and benefits policy is more reflective of our organisation's responsibilities, performance and of the economic climate in general.'
    The bank has so far received €3.5bn of recapitalisation funds from the State.
    Shares in the bank have plummeted from €23.95 to just 50c over the last two years.
    The €40m represents a significant part of the €572.9m the bank is worth on the ISEQ today. Almost €55m was paid to staff in bonuses last year.
    IDA Ireland Chief Executive Barry O'Leary has said it is 'bizarre' that AIB is paying €40m in bonuses to executives.
    Mr O'Leary told RTÉ Radio that he wished the IDA had that sort of money to repair the country's tarnished reputation on the international scene.
    The issue was raised by Opposition parties in the Dáil this morning.
    Labour leader Eamon Gilmore said that the bonuses would amount to more than what a carer would get all year.
    Elsewhere, Fine Gael leader Enda Kenny described the payment as scandalous.
    He said it was an obscenity that the Irish taxpayer was being asked to fork out for these bonuses while the most vulnerable in society had to bear the brunt of the 'recklessness and incompetence' of Government.
    The party is to propose amendments to legislation to impose a 99% 'super tax' on bankers' bonuses.
    The amendments are to be put down to the Financial Emergency Measures Bill, which is due to clear all stages in the Dáil by tomorrow afternoon.
    Banking Spokesperson Damien English said the proposed amendments would 'tax these immoral bonuses out of existence.'
    Minister Lenihan said this afternoon that legislation brought in on foot of the bank guarantee already prohibits the payment of any performance bonuses to senior bank executives.
    No bonuses have been paid to bankers for 2009 or for this year.
    Last edited by gaelic cowboy; 12-09-2010 at 23:40.
    They slew him with poison afaid to meet him with the steel
    a gallant son of eireann was Owen Roe o'Neill.

    Internet is a bad place for info Gaelic Cowboy

  5. #5
    Needs more flowers Moderator drone's Avatar
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    Default Re: Irish Govt raises four-year austerity target to €15bn

    I'm having AIG flashbacks.
    Congress Moves to Slap Heavy Tax on Bonuses
    90% Levy for Biggest Payouts at Bailed-Out Firms
    Friday, March 20, 2009

    Congress moved yesterday to levy punitive taxes on bonuses paid by financial firms receiving government aid, threatening to undermine federal efforts to rescue the financial system by driving away participants in the programs.

    A quickly assembled House bill was approved 328 to 93. It struck hard at Wall Street's compensation system, which has come under fire because of the $165 million in bonuses distributed last week by American International Group to executives of the troubled unit that helped lead the insurance giant to the brink of collapse. Under the legislation, those who received bonuses of more than $125,000 would surrender 90 percent of their payments to a special income tax.
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    Senior Member Senior Member gaelic cowboy's Avatar
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    Default Re: Irish Govt raises four-year austerity target to €15bn

    Quote Originally Posted by drone View Post
    There talking about bringing in some kind of deferred bonus system for companies outside bailout central.

    The idea is to defer payment for 3 yr and if they have a big loss it will be clawed back.
    They slew him with poison afaid to meet him with the steel
    a gallant son of eireann was Owen Roe o'Neill.

    Internet is a bad place for info Gaelic Cowboy

  7. #7
    Needs more flowers Moderator drone's Avatar
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    Default Re: Irish Govt raises four-year austerity target to €15bn

    In an ideal world, corporate retention bonuses would have a sensible nullification clause. If you run the company into the ground, sorry, no bonus.
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  8. #8
    TexMec Senior Member Louis VI the Fat's Avatar
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    Default Re: Irish Govt raises four-year austerity target to €15bn

    You will be happy to know the bankers will be bared from any bonus craic next time, unfortunately the court upheld there old contract so they had to get a bonus this time.
    Yes, I understand that the bonus is over 2008.

    But, old contracts are not at all upheld. The very point of the bailout is that banks do not have to suffer the financial consequences of their pre-bailout obligations. However, apparantly the bankers are shielded from negative consequences, but protected in positive consequences of pre-bailout arrangements. That is not on.

    Dont even joke about it Louis thats the very last thing we need here.
    Joke? What makes you think I'm joking when I suggest blowing up this bank?

    In fact, as we speak, on the news there's this video of Irish Republican paramilitaries who tried to blow up the car of a banking executive. They all burned their lips on the exhaust pipe.

    Now that, that was a joke. (Bet you have never heard it before )
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  9. #9
    Old Town Road Senior Member Strike For The South's Avatar
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    Default Re: Irish Govt raises four-year austerity target to €15bn

    1. Those accents are ridiculous

    2. "When we run out of pheasant, we shoot peasant" is something I can see BG saying :)
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