Bank Executive Pay

S

Sunny

Registered User
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4,571
Here we go again....

How in God's name can you pay an executive who was forced out of a job a package of €3 million when you planning on letting 10,000 people go and are taking billions off the taxpayer.

I work in financial services and worked in London and saw the pay maddness there but this is just taking the absolute mickey. Who do these guys think they are to be entitled to this pay? What have they contributed apart a loss of about €18 billion to shareholders?

The corporate governance and ethical behaviour in Irish Boardrooms is gone way beyond a joke not that it ever wasa joke. And I am sick of hearing that he was contractually entitled. Unless his contract stated that he should help run one of Ireland's largest banks into the ground, I think it is fair to say that he didn't live up the terms of his contract.

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Also the Chairman gets paid €120k accomodation allowance and is then compensated for any tax implications on this allowance i.e. BIK. Does that mean that he is not paying tax on the compensation for the tax. Or is he compensated for the tax on the compensation for the tax. All very confusing.
 
+1 Sunny. I saw this as well in the IT. I hardly even get angry bout this any more, I just keep expecting the same auld same auld from the banks. I wonder what you would have to do at senior level in an Irish bank to get the boot without a red cent?
 
I read this this morning and was sickened. As an employee of a financial institution we have had no bonus for 4 years, no pay increase for 4 years (and rightly so) but the pain isnt being spread.

So long as you are at the top normal rules dont apply to you.

Sickened
 
why when he signed his new contract in November 09 which I presume Lenihan had a part in, was there a clause for 1 years extra pay when leaving plus a pension top up---and then 12 months later the same Lenihan tells him to go and the contactual 'extras' kick-in
Absolute madness...I cannot believe that FF would still hand out suck contracts but I suppose we should'nt be surprised
 
One might thing that 'contractual entitlements' are carried down to earth on the wings of fairies, given some of the coverage. They try to spin that no-one was really involved in this, and the contractual entitlements just happened.

This is not true, of course. Someone signed off on these ludicrous entitlements.
 
I have a contract that says I get a bonus each year yet I dont and would be too ashamed to make a song and dance about it seeing as how my company is being bailed out by the taxpayer.
We work after hours but dont get overtime because the bonus was supposed to make up for it. However, as previously stated we havent gotten a bonus in 4 years.

Yet, these same rules dont apply to bank executives. Contracts must be honoured, but not for the little people.

Strange world
 
Just goes to prove that we are all just plebs in this wonderful country and no matter what we say or do, the golden few will always have laws created for them so they can continue to milk this country for all it has.

Where's the shotgun? Because I really feel like shooting someone!
 
Lets hear from our so called 'public interest directors' about this i.e. Dick Spring, Declan Collier and Michael Summers. What exactly are they doing apart from picking up director fees.
 
Lenihan on the radio earlier as good as blamed Spring for Doherty's appointment...saying he did'nt want him, there was a long stand off but Spring came to him and said that the delay was affecting international sentiment towards AIB!!!! and that Doherty was the best man for the job. ended up in the contract
No mention of how a clause was put in that 12 months notice or a years pay in lieu had to be ponied up when he eventually left
He did claim that the 2m pension related to all his years in AIB and not just this last 12 months
 
The_Banker said:
I have a contract that says I get a bonus each year yet I dont and would be too ashamed to make a song and dance about it seeing as how my company is being bailed out by the taxpayer.
We work after hours but dont get overtime because the bonus was supposed to make up for it. However, as previously stated we havent gotten a bonus in 4 years.

Yet, these same rules dont apply to bank executives. Contracts must be honoured, but not for the little people.

Strange world
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I feel sorry for the frontline employees in banks, Banker. I recently had a verbal exchange with someone who was screaming at the cashier at my local bank, and blaming her for what the banks had done to the economy.
 
Delboy said:
Lenihan on the radio earlier as good as blamed Spring for Doherty's appointment...saying he did'nt want him, there was a long stand off but Spring came to him and said that the delay was affecting international sentiment towards AIB!!!! and that Doherty was the best man for the job. ended up in the contract
No mention of how a clause was put in that 12 months notice or a years pay in lieu had to be ponied up when he eventually left
He did claim that the 2m pension related to all his years in AIB and not just this last 12 months
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I heard Lenihan on The Last Word and also on Five Live. My, god, he's so arrogant, at times. I just have to hear him speak, to realise how much I despise Fianna Fáil!
 
I worked for 15 years in the Bank of Ireland having joined in 1970. I was in their non contributory pension scheme. When I left I was told that I would not be entitled to any pension at any time. So for 15 years the Bank of Ireland put away money in to their pension scheme on my behalf. Where is it? Gone to pay the big boys pay-offs who probably only worked there for a few years?
 
Tintagel said:
I worked for 15 years in the Bank of Ireland having joined in 1970. I was in their non contributory pension scheme. When I left I was told that I would not be entitled to any pension at any time. So for 15 years the Bank of Ireland put away money in to their pension scheme on my behalf. Where is it? Gone to pay the big boys pay-offs who probably only worked there for a few years?
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I would check that out if I was you.
 
Lex Foutish said:
I feel sorry for the frontline employees in banks, Banker. I recently had a verbal exchange with someone who was screaming at the cashier at my local bank, and blaming her for what the banks had done to the economy.
Click to expand...

Im not frontline as such, I work in IT so I am away from customers. But the nature of IT means that I could do over 120 hours a year in OT. Last year I did 130 hours (over 18 days) OT without renumeration and something similar the previous year. Got nothing for it but in this environment I wouldnt complain. Also I am expected to travel to other sites, again without any renumeration.
However, in this environment we all have to make sacrifices and I am happy to play my part but when I hear of executives getting massive pay offs it makes my blood boil.

On top of that I have to listen to snide remarks from people I know who seem to think I am personally responsible for the countries ills.

That said, I would hate to be a member of staff in a branch facing customers because they get dogs abuse.
 
It should also be pointed out that all Bank employees on union negotiated contracts can claim overtime - an agreement exists between the IBOA & the Banks that all overtime should be recorded & paid for , the way it should be.
 
Deiseblue said:
It should also be pointed out that all Bank employees on union negotiated contracts can claim overtime - an agreement exists between the IBOA & the Banks that all overtime should be recorded & paid for , the way it should be.
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Should be able to claim overtime but I don't think it is being paid.

I was shown what looked like a postcard delivered to a friend who has left BOI in the last few weeks. On one side it was red, the other yellow. It said on one side that IBOA members will not be working overtime unless there are other payments made. One the other side it it says that IBOA members will not participate in the appraisal process if there are no pay changes resulting from it.
 
Didn't the government step in a few months ago and stop the bonuses for mid-ranking bank employees even though it was in their contract?
How come they were able to do something about it then?

Different rules for the big boys alright.
 
Complainer said:
One might thing that 'contractual entitlements' are carried down to earth on the wings of fairies, given some of the coverage. They try to spin that no-one was really involved in this, and the contractual entitlements just happened.

This is not true, of course. Someone signed off on these ludicrous entitlements.
Click to expand...


+1. Very well put Complainer.
 
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