Allied Irish Banks to give $50 million bonuses amid government bailout
Dublin, Ireland, United Kingdom (AHN) – Financially challenged Allied Irish Banks is scheduled to give $50 million (EUR 40 million) bonuses to bank officers despite the company being a possible recipient of another bailout from the Irish government.
The bonuses, amounting to $214,328 (EUR 161,000) for each of 2,400 bankers in the Dublin capital markets division, are part of a court award in 2008. The bonuses are scheduled to be given Dec. 17.
Because of the AIB situation, European banking regulators were scheduled to meet in London Thursday to come up with new rules applicable within the regional bloc on payment of bonuses amid financial crises. The rules propose to defer paying the bonuses over three years and forfeiting the payments if the banks suffer more losses.
AIB is 19 percent owned by taxpayers, but the government share is expected to go up to 95 percent after the Irish central bank required AIB to raise another $6.9 billion (EUR 5.2 billion) by the end of February. The amount will likely come not from the private sector, but from the $113 billion (EUR 85 billion) bailout from the International Monetary Fund and the European Union.
AIB investors, including some of the world’s largest fixed-income pension and insurance funds, are scheduled to meet Friday to discuss a possible lawsuit against the Irish government if the bank will be required to reduce again the value of subordinated debts issued by AIB.
Investors who held Tier 1 and Tier 2 bonds in AIB agreed in June 2009 to trade in these bonds for a new issue of lower Tier 2 debt. The move caused investors to lose 33 to 50 percent of their investments’ face value.
The investors warned that if they were forced to another round of swap, many pension funds, insurers and main fixed-income funds would shirk from Irish paper in the future for a long time.
Subordinated debt investors have filed similar legal cases against the Anglo Irish Bank and Irish Nationwide, but with little success.
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Shareholders give go-ahead to United-Continental merger
Next, tougher act is winning over unions, employees Shareholders voted overwhelmingly Friday to combine Continental and United into the world’s largest airline.
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