Tag Archives: AIB

Former AIB chief Eugene Sheehy last night bowed to pressure and agreed to a pension reduction after Taoiseach Enda Kenny said the lender’s former managers had a “moral responsibility” to reduce their retirement payments over the failure of the bank.
Mr Sheehy will take a cut in his annual pension to €250,000 from between €300,000 and €325,000, he said in a statement released to The Irish Times.

“I fully appreciate the ongoing difficulties facing the bank and the economy, and this is a personal decision on my part,” said the former chief, who left the bank in 2009 after it was bailed out by the State.

The Government has since pumped nearly €21 billion into AIB and almost fully nationalised it to cover losses due to the property crash.

Bless.

He’ll live with it, somehow.

Former AIB chief agrees to reduced pension of €250,000 (Simon Carswell, Irish Times)

(Sasko Lazarov/Photocall Ireland)

Landigan writes:

As you know AIB are forcing customers to swap to electronic card readers instead of the old code cards (100 single-use verification numbers) for online banking. Mine arrived yesterday, and what’s printed on the accompanying leaflet?
“We want to do our bit for the environment. That’s why AIB has created ‘Add more green’, a range of environmentally-friendly initiatives that will help us and our customers create a greener world.”

Nothing overly controversial — I just think there’s a conflict between claiming a ‘going green’ mission and replacing a fairly low-impact security system (code cards) with thousands of new plastic-and-electronic devices.

It is comedic, bordering on farcical, that this country will agonise over the disposal of the 25% stake in Aer Lingus – worth about a lousy €175m – whilst at the same time largely ignore sales of assets worth many multiples of this. Today, the British commercial property portal, CoStar.co.uk reports that AIB has sold €600m of assets in Poland. The Irish state owns 99.8% of AIB, so these disposals are of OUR assets.

The buyer appears to be a joint venture between two non-Irish companies, Peakside Capital and Partners Group. The purchase price appears to be €600m. What was the sales and marketing process, and was it adequate to maximise the sales price? What were the assets worth in AIB’s books at 30th June 2012? Did we make a profit or loss on the deal?

 

Today Ireland sold €600m of state assets…(NamaWineLake)

STATE-OWNED bank AIB yesterday disclosed that it paid €4,500 a month for a Dublin apartment used by David Hodgkinson during his term as executive chairman of the bank.

Mr Hodgkinson stayed in the apartment, the location of which the bank declined to reveal, throughout 2011 while he was executive chairman. Since assuming a non-executive role following the appointment of David Duffy as chief executive of the bank last December, Mr Hodgkinson stopped using the apartment.

“Do you know how hard it is to find a place to live here in Ballsbridge?” he said to the Guardian’s Lisa O’Carroll in an interview last year.

Hmm.

Chairman’s flat cost AIB €4,500 a month (Irish Times)

Mortgage arrears at AIB still on the rise (Irish Times)

(Laura Huttonl/Photocall Ireland)

Seriously.

Come on.

Allied Irish Banks will have to increase pay for hundreds of workers because senior executives received nearly €4m in secret bonuses allegedly designed to prevent them from abandoning the State-owned institution.

A human resources bank official told [a] tribunal that the secret bonuses, which included £426,000 paid to 24 senior managers at [AIB’s Northern ireland unit] First Trust in Northern Ireland, were “retention payments”.

...The payments were made last year and the recipients were warned not to tell anybody they’d received the cash.

 

AIB staff To Get Pay Hikes As ‘Secret Bonuses’ For Senior Chiefs Revealed (John Mulligan, irish Independent)