I don’t follow your point. Because some people elsewhere didn’t get paycuts then AIB staff shouldn’t get paycuts? They’re bust. If these people worked in any other company they’d have been let go years ago with statutory redundancy or worse in fact and the businesses would be closed. Now they’re talking about generous redundancies with the vast majority on a voluntary basis. They lost €10 billion in 2010 and they can afford generous redundancies, when I say ‘they’ of course I mean us, because of course the tax payer will have to pay for this multi million euro redundancy pay off. How AIB are allowed to dictate the value of redundancy packages is beyond me. If people don’t want to ‘lose their livelihood’ as the fella says then don’t take redundancy. Anything else is a lifestyle choice and waltzing off with 50 or 100k will suit alot of people I’m sure. If AIB was a private company I couldn’t give a fuck what they get but WE’RE paying for it.
Spot on
+1
let the dept of enterprise,trade & employemt make up any shortfall if AIB cant afford statutory redundanies
Just because they wouldn’t give him an overdraft to fund his West Brit lifestyle.
Terrible to see worker turned against worker
Indeed. SS** has now been outwitted by both Fianna^ Fail and Fine Gael governments.
^ This came up as Fanny on predictive text. Fanny Fail. Wahey.
Sounds like a regular Saturday night out for you
Ooofftt. Cruel.*
- I usually strike out on Friday nights. Saturday is reserved for Serie A, La Liga and stroking myself.
The guards in Dachau didn’t get pensions. That’s where I’m coming from here.
Given the public sector have been hit with the pensions levy, shouldn’t bank staff be hit with a ‘fuck up levy’? Their moaning about a pay freeze (eh ye’re broke lads) I think there should be a paycut across the board in all these banks. If they don’t like it, hit the bricks pal and take statutory redundancy. How these creeps are being cushioned from the economic firestorm going on outside of their offices I don’t know. All perks and company cars should be knocked on the head immediately.
Like the gym and golf club memberships.
The bottom rung staff have had their pay and bonuses frozen since '08, despite them having contracts for a payrise/bonus.
But when it came to the senior staff apparently there was no way to stop them getting bonuses because it was “in their contracts” :lol:
I have just sent a rather crazed letter to a few key politicians on this matter and will report back if I get a response beyond a PFO.
Did you write it with a quill?
You should post it up here. Or at the very least, quote the war reference you used.
The letter is lacking in imagination and is generally an inferior piece of writing however the rushed feverishness of it rather conveys my crazed frame of mind and anger. I have high hopes that Joan Burton in particular will empathise with my outlook. The bankers will be seething that I have exposed their cosy sponsorship of the Solheim Cup and “fairly generous” redundancies. I am determined that the marketing budget of this bank will be zero by 2012.
:lol:
New Low for the Banking Sector #23385901
Colm Doherty walked away with €3m for his 10 month stint in charge of AIB.
saw that, but he once wrote a letter to the times so the payoff was obviously forced on him
It was in his contract sure. They had no option but to give it to him. Them contracts are great and seem to be more legally binding the higher up the scale you go.
Here is the story.
Incredible. Fucking incredible. Scandalous. Shameful. I don’t know what more I can say to articulate my sheer anger and disbelief with this. A taxpaper propped up business paying out such an amount of money to the head of the failed institution, and someone in a senior position at the time when the bank was run into the ground. And it being legal despite not being signed off by the Department of Finance. And yet they cut the blind pension. What a shower of utter cunts.
The Minister for Finance has said the whole approach to bankers’ remuneration would have to be re-examined.
Michael Noonan was referring to the pay package of €3 million to AIB’s former managing director Colm Doherty who stepped down last November as a condition of the State’s second bailout of the bank.
Speaking as he arrived at Government Buildings, Mr Noonan said the payment dated back to the time of the last government.
The Minister for Agriculture, Marine and Food, Simon Coveney, described the payment as ‘inappropriate’.
General Secretary of the Irish Bank Officials Association Larry Broderick said despite the serious crisis in the banking sector, the culture at the top had not changed.
The Irish Times reports that Mr Doherty received the payments under a contract agreed when he was promoted in November 2009 to the role of managing director, replacing chief executive Eugene Sheehy.
The newspaper says details of the payments to Mr Doherty must appear in AIB’s 2010 annual report, which is expected to be published shortly.
Mr Doherty’s pay was made up of a salary, from January to November, of €432,000.
In place of a year’s notice, he was paid €707,000, when his contract was terminated at the direction of former finance minister Brian Lenihan.
He was also paid about €2m instead of a contribution to his pension.
In its own defence, the Department of Finance says it did not sign off on this payment, but that the package was what Mr Doherty was legally entitled to, under the terms of his contract.
His appointment to the position of managing director in 2009 was controversial, as it went against the former government’s commitment to change at senior executive level at the banks.
Mr Doherty had been on the board of the bank since 2003, and a director at a time when the bank made bad lending decisions.
AIB said it will not be commenting on executive pay in advance of the publication of the group’s annual report.
The report by former International Monetary Fund economist Peter Nyberg on the Irish banking crisis is due to go to Cabinet today for a decision on publication