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Allied Irish Banks to pay 40m bonuses despite bailout
Key Excerpts from Article on Website of The Guardian (One of the UK's leading newspapers)
Posted: December 20th, 2010
http://www.guardian.co.uk/business/2010/dec/08/allied-irish-...
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. But legal action by a trader, John Foy, over a deferred 161,000 bonus awarded in 2008 has led the bank to conclude it will need to pay bonuses to many of the staff to whom they were awarded for that year. The bonuses are being handed out at a time when the government is instigating four years of tax rises and brutal cuts to benefits. Bankers are receiving much of the blame for forcing Ireland to take international assistance and implement the austerity budgetary measures.
Note: For lots more from reliable sources on the worldwide bailout by taxpayers of failed banks, click here.
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