Anglo-Irish Bank: Pay Increases

Sir Oxman

Within earshot of announcing a loss of upwards of 14 thousand million euro, this state-owned bank has said that approx 70 of it's staff in Ireland, the UK and the US will be receiving salary increases.

Just now on Prime Time.

F-Stop

I'm sitting on my sofa watching this. I am outraged and shouting at the TV. Problem solved.

Liam Byrne

* There are no words

trapsagenius

Jesus wept.

F-Stop

****ING *****

greendom

Why was this bank not just left to sink into the abyss?

How is the Irish Economy benefitting from its continued existence?

hinault

Specialist staff within the bank, require special treatment according to the people making the apologies for this increases.




Defies belief :


Especially when you consider that perhaps, just perhaps, some people who are on the dole might have that same specialist knowledge.

By taking them off the dole to work at Anglo: the Exchequer would save money at both of ends of the situation.

But that's joined up thinking for ya!

IrishTonyO

Words just fail me.

ShamoBuc

Unbelievable, astounding incompetence!
Why we didn't allow the bank to go slowly bust - over say a 5year period - is beyond me. It would have had little or no effect on the economy - in comparison to the current mess!

ixoy

Utterly ridiculous. What's worse is that this sort of action will fuel the PS/CS unions even more - it's obviously going to p*ss them off even more than it does me.

thebaldsoprano

Mad. From the Irish times:

The bank said the increases were awarded in cases where roles and responsibilities had changed since the completion of its voluntary redundancies and in situations where qualifications of relevance to individual's jobs had recently been completed.

We've had both of those situations where I work and we got pay cuts. The company quite understandably said there just isn't the money. I would've thought the same would apply to Anglo when they're apparently about to announce loses of 12 billion but hell, what to economic reality and banks have in common?

ilovelamp2000

There were Christmas bonuses in '08, on top of pay rises at the time.

oppenheimer1

Maybe those employees were entitled to it, or deserved it. You have to pay good money to keep good people.

IrishTonyO

oppenheimer1 wrote: »

Maybe those employees were entitled to it, or deserved it. You have to pay good money to keep good people.

Not when you don't have the money!!!

bette

oppenheimer1 wrote: »

Maybe those employees were entitled to it, or deserved it. You have to pay good money to keep good people.

The "good people" were employees in a failed bank. Bit of an oxymoron there!
The country abounds with "good people" and one may wonder why we are in la plus grand pile de merde.

kevinonearth

According to a Prime Time report Anglo Irish Bank Employees are to an increase in salary, this will apply to employees in Ireland, the UK and US.
Enough is enough it is time the young people of this country stand up and be counted, the scandal of Anglo Irish will affect us and our children. It is time we called a halt to this mickey taking. Get out on the streets and shut this country down.

oppenheimer1

bette wrote: »

The "good people" were employees in a failed bank. Bit of an oxymoron there!
The country abounds with "good people" and one may wonder why we are in la plus grand pile de merde.

Are you seriously suggesting there are no talented bankers working for anglo?

Liam Byrne

oppenheimer1 wrote: »

You have to pay good money to keep good people.

....and you have to pay €57 billion times as much to get rid of the useless people.

IrishTonyO

oppenheimer1 wrote: »

Are you seriously suggesting there are no talented bankers working for anglo?

They might have talented people there, but they were there and now the company is about to post the biggest corporate loss in the states history, so they should be rewarded for that?

lucy2010

WTF......Seriously - - - & what does our Government have to say about this since they own the bloody thing ???

Cuts in dole, cuts in public sector, cuts in hospital beds etc but give good aul Seanies crew a slap on the back & more euros for a job well done. WELL DONE on nearly toppling the countrys banking sysem.. Well done on creating our downturn & unemployment & companies gone under.. But you remember WELL DONE !!!!!!!

Physicly sick at this

& forgot to add - How talented do you need to be to run a " Zombie bank"......

Liam Byrne

oppenheimer1 wrote: »

Are you seriously suggesting there are no talented bankers working for anglo?

Are you seriously asking that question ? :eek:

Talented bankers don't loose hundreds of billions, surely ?

oppenheimer1

Liam Byrne wrote: »

Are you seriously asking that question ? :eek:

Talented bankers don't loose hundreds of billions, surely ?

It is possible that some traders made a profit, only for it to be wiped out by the mistakes of others.

IrishTonyO

Honestly they should kill off Anglo as soon as possible, let it fail. It will be a bottomless pit for money for the foreseeable future with no returns. Now that's really where you want to put your money. And how many average joe soaps will be affected by it?? The banking system can't really get a worse reputation than it already has by this happening.

Liam Byrne

Already being discuss-ted here :

http://www.boards.ie/vbulletin/showthread.php?t=2055863388

oppenheimer1

IrishTonyO wrote: »

They might have talented people there, but they were there and now the company is about to post the biggest corporate loss in the states history, so they should be rewarded for that?

If the company is to turn itself around, surely it makes sense to reward those that are performing in order to keep them? Even or perhaps especially when those around them are not.

bette

oppenheimer1 wrote: »

Are you seriously suggesting there are no talented bankers working for anglo?

The proof of the pudding...

...and if the government hadn't bailed them out they would be *talented*, unemployed bankers. Geddit?

So yes, I am seriously suggest just that.

Liam Byrne

oppenheimer1 wrote: »

If the company is to turn itself around, surely it makes sense to reward those that are performing in order to keep them? Even or perhaps especially when those around them are not.

If a company has enough money, then it might.

If the company has no money and is relying on enforced charity to survive, then no.

If the company's raison d'etre no longer exists, then no.

Especially nowadays when those of us in the real world have to be glad to have jobs that barely cover the bills.

Anglo staff should be damn glad to still have jobs, considering the likes of Seanie Fitz ran it into the ground at full speed.

lucy2010

Ok for example lets say I work for company o3. They are running at a loss, a savage one, a few billions of a loss, but me & the lads are performing well.... where do the get the money to give me & the lads a pay rise ??? Eh they dont - we are lucky to have a job there at all.

Now change it to the fact its a GOVERMENT COMPANY now. The government have no money, so whos paying them? Who agreed to the pay rise. The taxpayer who owns this company now certainly didnt ..........

IrishTonyO

oppenheimer1 wrote: »

It is possible that some traders made a profit, only for it to be wiped out by the mistakes of others.

Honestly what planet are you on? If a company makes losses and gargantuan ones at that, you reckon we should give the employees a pay rise?? They don't even have the money to pay their staff. Already €4,000,000,000 injected into it, about €28,000,000,000 loses to NAMA and looks like they will need another €4,000,000,000 to €8,000,000,000 in the next year as well. Yeah that really deserves a pay rise. Even at the lowest estimates that is a total of a minimum of €36,000,000,000. We have a population of 4.8 million so that is €7,500 for every man woman and child or €18,000 for every worker in the state.

NUIG_FiannaFail

oppenheimer1 wrote: »

Maybe those employees were entitled to it, or deserved it. You have to pay good money to keep good people.

thank you. at least there is someone here with their head screwed on. you should go over to the monkeys on AH where there is a similar thread and tell them that.

We want to save anglo yet people are giving out trying to keep the best people there to do it? :rolleyes: monkeys, peanuts etc

thebaldsoprano

oppenheimer1 wrote: »

Maybe those employees were entitled to it, or deserved it. You have to pay good money to keep good people.

Great, more entitlement culture. It's an employers' market, if the money they were getting wasn't enough to keep them, there are likely talented bankers on the dole who would happily take their place.

NUIG_FiannaFail

oppenheimer1 wrote: »

Are you seriously suggesting there are no talented bankers working for anglo?

i'd give up oppenheimer. no point trying to talk sense to a mob. the general public are retards.

oppenheimer1

bette wrote: »

The proof of the pudding...

...and if the government hadn't bailed them out they would be *talented*, unemployed bankers. Geddit?

So yes, I am seriously suggest just that.

Yes if the government didn't back the bank they would be unemployed, but that is of little relevance. Perhaps those people would then have been snapped up by other banks in the City. However the bank is still trading and if it doesn't want to lose good people, it has to pay the going rate for good people. Obviously the bank has made the decision that these people are worth the money.

bette

NUIG_FiannaFail wrote: »

i'd give up oppenheimer. no point trying to talk sense to a mob. the general public are retards.

Jaysus man, sorry to be negative. I take it all back. Anglo went to the wall because they have talented bankers and they kinda don't know why it failed. There is great insight in staff like that and there just ain't enough money to reward such talent.

Is that better now?

thebaldsoprano

NUIG_FiannaFail wrote: »

the general public are retards.

Can you provide a reference to some research backing that up please?

Liam Byrne

NUIG_FiannaFail wrote: »

the general public are retards.

thebaldsoprano wrote: »

Can you provide a reference to some research backing that up please?

http://electionsireland.org/results/general/30dail.cfm

Would that be the same general public that FF claim they have a mandate from ?

NUIG_FiannaFail wrote: »

We want to save anglo yet people are giving out trying to keep the best people there to do it?

Not sure who "we" are. General consensus is that if it weren't for Lenihan's hair-brained guarantee that it should have been let rot.

NUIG_FiannaFail

bette wrote: »

Jaysus man, sorry to be negative. I take it all back. Anglo went to the wall because they have talented bankers and they kinda don't know why it failed. There is great insight in staff like that and there just ain't enough money to reward such talent.

Is that better now?

banks all around the world needed to be bailed out. Ireland is no different. No-one could have seen what was coming and there is no point having a mob mentality now against staff only doing their job. everyone needs to put the head down and hands to the wheel.

Atlantic Dawn

NUIG_FiannaFail wrote: »

We want to save anglo yet people are giving out trying to keep the best people there to do it? :rolleyes: monkeys, peanuts etc

We know your party does but the rest of us don't. If it was wiped off the face of the earth in the morning less money would be lost and putting that turncoat Alan Dukes at the wheel says it all really. Seanie Fitz was talented we should have him in goverment for accounting our budget figures to the EU.

oppenheimer1

IrishTonyO wrote: »

Honestly what planet are you on? If a company makes losses and gargantuan ones at that, you reckon we should give the employees a pay rise?? They don't even have the money to pay their staff. Already €4,000,000,000 injected into it, about €28,000,000,000 loses to NAMA and looks like they will need another €4,000,000,000 to €8,000,000,000 in the next year as well. Yeah that really deserves a pay rise. Even at the lowest estimates that is a total of a minimum of €36,000,000,000. We have a population of 4.8 million so that is €7,500 for every man woman and child or €18,000 for every worker in the state.

Yes I do, only the ones that are performing though. Should Tommy, the man that approved a loan for €500m that has gone sour get a rise? No of course, he should be fired but the man or woman who turned €100k for the bank into €10m should be rewarded, no matter what the circumstances. If the bank wants to turn things around for itself, it needs to keep the best people they have.

NUIG_FiannaFail

thebaldsoprano wrote: »

Can you provide a reference to some research backing that up please?

well if boards.ie and politics.ie is anyway representative of them. all ya hear these days is people moaning about the government. do some bloody work would ya and we'll be out of this in no time. ireland is a small country which got hit by a global financial downturn. bit of bad luck thats all. now let's put the head down and stop bitching.

NUIG_FiannaFail

Atlantic Dawn wrote: »

We know your party does but the rest of us don't. If it was wiped off the face of the earth in the morning less money would be lost and putting that turncoat Alan Dukes at the wheel says it all really. Seanie Fitz was talented we should have him in goverment for accounting our budget figures to the EU.

alan dukes is smart enough to know NAMA is the only game in town

bette

NUIG_FiannaFail wrote: »

well if boards.ie and politics.ie is anyway representative of them. all ya hear these days is people moaning about the government. do some bloody work would ya and we'll be out of this in no time. ireland is a small country which got hit by a global financial downturn. bit of bad luck thats all. now let's put the head down and stop bitching.

Thanks for clearing that up for us. We can now sleep soundly.

ilovelamp2000

NUIG_FiannaFail wrote: »

well if boards.ie and politics.ie is anyway representative of them. all ya hear these days is people moaning about the government. do some bloody work would ya and we'll be out of this in no time. ireland is a small country which got hit by a global financial downturn. bit of bad luck thats all. now let's put the head down and stop bitching.

LOL

Atlantic Dawn

NUIG_FiannaFail wrote: »

alan dukes is smart enough to know NAMA is the only game in town

And for this reason he was smart enough to go against his former party when he saw sight of the chance of a nice job being handed to him down the line.

Liam Byrne

NUIG_FiannaFail wrote: »

well if boards.ie and politics.ie is anyway representative of them. all ya hear these days is people moaning about the government.

With good reason.

NUIG_FiannaFail wrote: »

do some bloody work would ya and we'll be out of this in no time.

If we could be paid as much as the staff of bankrupt Anglo, and maybe keep our jobs, and maybe not work - in sharp contrast to Anglo and Government ministers and other FF friends - for pittance from which "levies" are being swiped, then we might "do some bloody work".

NUIG_FiannaFail wrote: »

ireland is a small country which got hit by a global financial downturn.

Exacerbated and multiplied by brain-dead policies, corruption and a firm two fingers to those who warned about what was coming.

zootroid

NUIG_FiannaFail wrote: »

thank you. at least there is someone here with their head screwed on. you should go over to the monkeys on AH where there is a similar thread and tell them that.

We want to save anglo yet people are giving out trying to keep the best people there to do it? :rolleyes: monkeys, peanuts etc

In the report, the case of AIG was mentioned where wages were cut to the tune of 63%, yet few staff left. Given how the whole industry is under huge pressure, it's not a certainty that without these wage increases the staff would leave to join a rival.

I've worked for companies that pay below the market rate, and while there is a temptation to leave in search of a higher salary when the economy is doing well, the same cannot be said when there is a recession on.

Given the performance of Anglo, and how the Irish state is now bank rolling it, it is easy to understand the perception that incompetence is being rewarded and why people are upset about that.

And one more thing, a lot of people would be quite happy to see Anglo go bust. Firstly it sets a precedent that some firms are too big to fail, and therefore encourages risky behaviour. But most of all they don't want to see billions of taxpayers money go to waste.

therecklessone

So let me get this right, while the government are facing down public service unions over recent pay cuts, they are transferring huge sums to a failed bank that played roulette and lost, and some of that money will help pay for pay rises among their staff.

The mind boggles.

Sir Oxman

NUIG_FiannaFail wrote: »

banks all around the world needed to be bailed out. Ireland is no different. No-one could have seen what was coming and there is no point having a mob mentality now against staff only doing their job. everyone needs to put the head down and hands to the wheel.

Would the lucky people employed by Anglo-Irish Bank, being paid from the public purse, 'put the head down and the hand to the wheel' and be glad they are still in a job?
National interest and all that?

NUIG_FiannaFail

Atlantic Dawn wrote: »

And for this reason he was smart enough to go against his former party when he saw sight of the chance of a nice job being handed to him down the line.

He knows well that anything the mayo peasant leading his party endorses he should run a million miles from. NAMA will be vindicated. Just wish they would get on with knocking these empty housing estates sooner rather than later so we can supply down, demand up and prices back to equilibrium.

Sir Oxman

NUIG_FiannaFail wrote: »

alan dukes is smart enough to know NAMA is the only game in town

I smell someone who lives under a bridge.

Atlantic Dawn

NUIG_FiannaFail wrote: »

He knows well that anything the mayo peasant leading his party endorses he should run a million miles from. NAMA will be vindicated. Just wish they would get on with knocking these empty housing estates sooner rather than later so we can supply down, demand up and prices back to equilibrium.

House prices have a long way to fall before they even begin any kind of levelling off, even with NAMA's cartel control that it will hold of property it simply will not find a market for all these unwanted homes.