Author Archives: Aaron McAllorum

Taken literally 20 minutes ago.

The Union of Students in Ireland (USI) launching its Election Express, a national bus tour to register 50,000 young people to vote over the next two weeks.

USI will visit EVERY college in the country encouraging students to register to vote in the General Election.

See? It’s not all circle jerks and depraved ‘spend-offs’.

(Photocall Ireland)
Brian Lenihan with, right, Kevin Cardiff Secretary Genral of the Department of Finance, and John Corrigan of the NTMA.

From today’s Irish Times:

THE DEPARTMENT of Finance told AIB last July that if it proceeded to pay 2008 bonuses to staff in its capital markets division, it should not make any reference to or infer that Minister for Finance Brian Lenihan approved them.

Ann Nolan, assistant secretary at the department at the time, told AIB’s head of human resources John Conway in a letter last July the Minister had “no role” in approving the bonus payments at the bank.

“In the event that AIB decide to proceed with the awards, it should be noted that no reference to the Minister for Finance having approved the payments should be inferred or made,” said Ms Nolan, who is in charge of banking policy at the department.

The AIB Timeline

DECEMBER 21st, 2008 Government announces that it intends to recapitalise AIB and to take partial control of the bank’s board.

JANUARY 29th, 2009 Senior AIB staff are unexpectedly summoned to meetings and told that their bonuses – totalling €40 million for 2008, due in April, are being brought forward. Staff are told that this information constitutes a verbal contract.

JANUARY 31st, 2009 A report in The Irish Times by John Collins reveals that AIB staff in the bank’s Capital Markets Division have been told of their bonus payments. However, following a query from Collins, AIB then announced that the payments were being deferred.

FEBRUARY 11th, 2009 Government announces that it has agreed terms for its €3.5 billion recapitalisation of AIB

(Photocall Ireland)

The protest, to highlight the lack of job prospects for young people, took nine days to complete. The eight men from Kilmacow, Co Kilkenny arived at the gates of Leinster House this afternoon.

Their demands included a halving of the number of TDs along with their wages, the abolition of the Seanad, social welfare for the self employed and the right to vote for Irish emigrants.

One of the protestors, Stephen Tobin, arrived at the gates of Leinster House on crutches after hurting himself yesterday.

“I got shin splints and just went through six or seven miles on crutches yesterday evening and the same all of this morning” he said.

Despite his injury getting worse all the time, Mr Tobin said that “it was well worth every bit of it” and that he never thought of stopping.

The men, who ranged in age between 34 and 64, carried signs bearing the slogans “stop the talking and start the walking” and “our children are not for export”.

Spokesman for the group John Kavanagh said at the gates:

“I hope that God will forgive Fianna Fáil and the Green coalition because the men from Kilkenny won’t.”

Walking Protest Reaches Dail (Cian Nihill, Irish Times)

(Photocall Ireland)

“There is something about island life that stifles dissent. In the island goldfish bowl, you cannot hide. The ability to sustain an establishment consensus and suppress troublemakers make islands especially hospitable to offshore finance, reassuring international financiers that local establishments can be trusted not to allow democratic politics to interfere in the business of making money.”

Nicholas Shaxson: Treasure Islands, Tax Havens* And The Men Who Stole The World.

*Including Hong Kong, the Bahamas and Ireland.

Thanks BH