AIB - bonus payments not to be paid
(Thomson Reuters ONE) -
The Board of Allied Irish Banks, p.l.c. ("AIB") [NYSE:AIB] met this evening to
consider a letter received from the Minister for Finance in relation to the
payment of bonuses to certain employees.
Previously the Board had received strong legal advice that it was obliged to pay
these bonuses. However the letter from the Minister conveys a decision by him to
legislate which overtakes this obligation.
In his letter, the Minister stated that the provision of further State funding
to AIB will be conditional on the non-payment of any bonuses awarded, no matter
when they may have been earned.
The letter to the Board stated that without the State support which had been
provided in a variety of forms, AIB could not have survived until now.
The bank very much appreciates the support it has received to date from the
State and the Irish taxpayers and acknowledges that it will continue to rely on
this support for some time to come.
Accordingly, the Board has decided not to pay the bonuses.
The Executive Chairman of AIB Mr David Hodgkinson said "The Board of AIB very
much welcomes the actions of the Minister and is relieved to be in a position
not to pay these bonuses. We are determined to position the Bank to play a full
role in the recovery and development of the Irish economy. In doing so, we are
committed to treating our customers, staff, the taxpayer and the public in a
fair and transparent manner".
- ENDS -
For further information, please contact:
Alan Kelly Ronan Sheridan
General Manager, Corporate Services Group Press Officer
AIB Group AIB Group
Dublin Dublin
Tel: +353-1-6412162 Tel: +353-1-6414651
email: alan.j.kelly(at)aib.ie email: ronan.j.sheridan(at)aib.ie
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
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originality of the information contained therein.
Source: Allied Irish Banks, p.l.c. via Thomson Reuters ONE
[HUG#1471946]
Unternehmensinformation / Kurzprofil:
Datum: 13.12.2010 - 20:24 Uhr
Sprache: Deutsch
News-ID 49658
Anzahl Zeichen: 2740
contact information:
Town:
Dublin 4
Kategorie:
Business News
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