Bankers still on the gravy train

waster81

http://www.independent.ie/national-news/bank-staff-to-benefit-from-euro38m-in-payoffs-2806181.html

Nice to see tax payers money hard at work

RichardAnd

Regardless of truth of the issue, that article is something that belongs in a tabloid. It's written in a sensationalistic manner that serves only to irk the reader.

It's further proof of the level to which the Irish Independent has sunk.


EDIT:

Just looked a little more closely at the figures being quoted there. Seven weeks pay for every year with the company seem generous but lets take a manager on say 800 euro a week before tax with 10 years service behind him:

(800 * 7) * 15 = 56k

Now 56k is a nice redundancy package but it's a far cry from the 120k average mentioned in that article. That's what really irritates me about this populist "media" reporting, they throw out these figures to get Joe Normal worked up but don't take the time to explain how they are arrived at.

sarumite

RichardAnd wrote: »

Regardless of truth of the issue, that article is something that belongs in a tabloid. It's written in a sensationalistic manner that serves only to irk the reader.

It's further proof of the level to which the Irish Independent has sunk.

I thought the indo was a tabloid

RichardAnd

sarumite wrote: »

I thought the indo was a tabloid

It claims to be a broad-sheet as far as I know.

waster81

RichardAnd wrote: »

Regardless of truth of the issue, that article is something that belongs in a tabloid. It's written in a sensationalistic manner that serves only to irk the reader.

It's further proof of the level to which the Irish Independent has sunk.


EDIT:

Just looked a little more closely at the figures being quoted there. Seven weeks pay for every year with the company seem generous but lets take a manager on say 800 euro a week before tax with 10 years service behind him:

(800 * 7) * 15 = 56k

Now 56k is a nice redundancy package but it's a far cry from the 120k average mentioned in that article. That's what really irritates me about this populist "media" reporting, they throw out these figures to get Joe Normal worked up but don't take the time to explain how they are arrived at.

And where are you getting your figures from!

Your throwing out figures which certainly have no basis at all

RichardAnd

waster81 wrote: »

And where are you getting your figures from!

Your throwing out figures which certainly have no basis at all

I just choose a hypothetical example of a well paid person working over a fairly long period of time. Yes I just made them up but my figures aren't going to put to print and read by hundreds of thousands of people.

I was merely trying to illustrate the point that that article is making some rather grandiose claims with little to back them and I did this by demonstrating that to get a redundancy of 120k, some one would have to be extremely well paid and have a long history with their employer. Thus, there is reason to question those figures.

By the way, what made you question my maths when you seem to have excepted the spindo's as true? Never trust anything you read in the papers, especially in Ireland.

waster81

Because most of those managers would be working more than 15 years

And lets not forget your maths 800 * 7 * 15 is certainly not 56k!

Where you getting the figure of €800 a week for a bank manager?

Any basis for the figure or just plucked out of thin air.

There not that grandiose a figure as you would lead us to believe

25 years working at €1000 a week working out at a nice tidy sum of 175000!!

Oh to be a banker.

mprgst78

In fairness, what do you expect when you put the government in charge of a company? This is the norm when govt gets involved.

dan_d

Em...this is happening in several financial companies around the country. It's being offered in a semi-state that a friend works in and something similar in RTE.

I'm not defending the payments, but the Indo has written that article with that focus to get a deliberate reaction out of people.

Most of those payments will be hit for serious tax. Most of those people will struggle to get another job. THe word "average" and the accompanying figure means sweet FA without a breakdown of the number of people applying, the types of salaries they're on and the number of years service they have - which are not provided.

I don't see why we need to react to articles such as this when they're simply sensationalist reporting and have the word "bankers" in them.

waster81

These payments are way over the top, another example of tax payers money been wasted, but hey its going to private sector so its not so bad

And as can be seen from what AIb were proposing those employed in banks are still living in the boom times

Too right nobody would employ them, look at the mess they created

Anita Blow

Why the hell is the Indo so obsessed with attaching the word "golden" to anything related work-related payments?
Golden Goodbye
Golden Handshake
Golden Parachute

Dannyboy83

Why are people taking such issue with this article?

The deal at the crippled bank, which only exists because of a State guarantee,
.....

provides payouts of up to 2.75 annual earnings based on 7.25 weeks' compensation compared with [many in other non-nationalised sectors] who only received the basic legal entitlements when they lost their jobs over the past two years.

The bank is being rescued by the taxpayers and needs to raise €4bn to remain in business............

Some of the key points picked out above.