Noonan Clears The Way for Bankers Bonuses

Freddie59 · 03-04-2012 01:19PM #1

For fcuk's sake. Can this get any more surreal and ridiculous? Last week we had yer man in Anglo being paid €823k a year. Now this. And they want people to pay a "household charge" while this fiasco rages. As someone else recently posted FG/FF are no different. Same wine - different bottle.:mad:

http://www.independent.ie/business/irish/michael-noonan-clears-way-for-bank-bosses-to-get-bonuses-3068637.html

FINANCE Minister Michael Noonan has cleared the way for bailed-out banks to begin paying bonuses to their top executives as early as next year.

All state-supported banks were banned from paying bonuses soon after they were rescued.

But new rules on how the Government oversees state- supported banks pave the way for "incentive arrangements" at AIB, Permanent TSB and Irish Bank Resolution Corporation, formerly Anglo.

The rules stress that all the "incentives" have to be "closely related" to the performance of executives and must be linked to the achievement of the banks' business plans.

Previously, all incentive payments were explicitly banned. This ban could stay in place until mid-2013, under the terms of last year's bank recapitalisations, sources said.

But the latest document establishes, at least in principle, that bailed-out banks can pay bonuses to their directors and senior executives while the banks are still dependent on the State.

Gummy Panda · 03-04-2012 01:21PM

Executives get bonuses, teller staff get made redundant.

Good bailout lads!

Nothingbetter2d · 03-04-2012 01:22PM

remember with your votes next election.

starbelgrade · 03-04-2012 01:24PM

Nothingbetter2d wrote: »

remember with your votes next election.

Vote Fianna Fail. That'll teach them.

xflyer · 03-04-2012 01:24PM

I hope you're not surprised by this? Remember this government is simply a continuation of the previous government with a bunch of charmless and clueless ginks in charge.

If you're wondering where your household charges and higher taxes are going. Now you know. It'll be taxpayer money in those bonuses.

Pighead · 03-04-2012 01:24PM

Nothingbetter2d wrote: »

remember with your votes next election.

And who do you suggest we vote for? Aren't we boycotting the other crowd as well? You asking Pighead to vote for the Shinners?

ejmaztec · 03-04-2012 01:24PM

Nothingbetter2d wrote: »

remember with your votes next election.

Remember not to vote for anyone at all?

CardBordWindow · 03-04-2012 01:24PM

Nothingbetter2d wrote: »

remember with your votes next election.

But which is the better of 2 evils?

sbsquarepants · 03-04-2012 01:26PM

Is anybody surprised?

At this stage i'd nearly say FG are worse, ie more corrupt, more dishonest and more incompetent than the last shower of gits.:mad:

starbelgrade · 03-04-2012 01:28PM

sbsquarepants wrote: »

Is anybody surprised?

At this stage i'd nearly say FG are worse, ie more corrupt, more dishonest and more incompetent than the last shower of gits.:mad:

Whatever about dishonesty & incompetance, I'm not sure you could accuse them of corruption, in all fairness.

Nothingbetter2d · 03-04-2012 01:29PM

starbelgrade wrote: »

Vote Fianna Fail. That'll teach them.

nah lets vote gummy panda for taoiseach next time.

we would only need to feed him bamboo shoots and he'd get on well with the chinese.

PogMoThoin · 03-04-2012 01:29PM

I'm voting SF in the next election, not because I agree with their policies, I don't, but because they're the only party I can see that have the balls to stand up and say "Enough!!".

Nothingbetter2d · 03-04-2012 01:30PM

Pighead wrote: »

And who do you suggest we vote for? Aren't we boycotting the other crowd as well? You asking Pighead to vote for the Shinners?

tbh they cant be any worse than the current or previous lot.

Thrill · 03-04-2012 01:31PM

:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:

Grrrrrrrrrrrr.

biko · 03-04-2012 01:32PM

The incentive shouldn't be money, it should be "doesn't go to prison".

Freddie59 · 03-04-2012 01:33PM

starbelgrade wrote: »

Whatever about dishonesty & incompetance, I'm not sure you could accuse them of corruption, in all fairness.

Probably not. But the corruption of their morals? Especially in the case of the "Labour" Party, who seem to only now wheel out Happy Gilmore on occasions. FF are what they are, but the "Labour" party, for all its pontificating and occupation of the moral high ground, are truly monumental hypocrites of the highest order.

Nothingbetter2d · 03-04-2012 01:34PM

starbelgrade wrote: »

Whatever about dishonesty & incompetance, I'm not sure you could accuse them of corruption, in all fairness.

sure they are.... what about them giving jobs for the boys aka "special advisers" that exceed the agreed cap on pay?

xflyer · 03-04-2012 01:40PM

Freddie59 wrote: »

Probably not. But the corruption of their morals? Especially in the case of the "Labour" Party, who seem to only now wheel out Happy Gilmore on occasions. FF are what they are, but the "Labour" party, for all its pontificating and occupation of the moral high ground, are truly monumental hypocrites of the highest order.

True, Labour has lost it's credibility and in danger of following the Green into history. As for corruption FG were never as bad as FF. Their corruption was less blatant. Only Lowry stands out but I think he was more like a Fianna Failer. But make no mistake they had their snouts in the trough just like the rest of them.

But they're not more competent than FF. In fact they're less competent. Kenny looks like a man out of his depth.

Plazaman · 03-04-2012 01:41PM

Thanks you for paying your household charge. Your €100 will be used to fund local services *

* Disclaimer : Please note "local services" maybe taken to be considered as a bonus paid to a bailed out bank manager already on €623,000 a year.

Pighead · 03-04-2012 01:42PM

Nothingbetter2d wrote: »

tbh they cant be any worse than the current or previous lot.

Of course they could. Anythings possible. Look at the Twilight sequels. Just because something is awful it doesn't necessarily mean that replacing it will improve it. There is the potential for way more shitness in government and the Shinners could very well fulfill that potential.

Barely Hedged · 03-04-2012 01:47PM

Thrill wrote: »

:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:

Grrrrrrrrrrrr.

Just to play devils advocate - if a particular employee was worth say €2 million or more a year to a bank, which is a modest enough figure in banking terms, and was being paid €250k a year and a €250k bonus if they got more than €2 million what would you say or want done to this person? When I say bank I mean an institution that is essentially recovering as much money as possible for me and you the tax payer.

humanji · 03-04-2012 01:49PM

PogMoThoin wrote: »

I'm voting SF in the next election, not because I agree with their policies, I don't, but because they're the only party I can see that have the balls to stand up and say "Enough!!".

That's what a lot of people thought about FG.

Johnny Bitte · 03-04-2012 01:50PM

Barely Hedged wrote: »

Just to play devils advocate - if a particular employee was worth say €2 million or more a year to a bank, which is a modest enough figure in banking terms, and was being paid €250k a year and a €250k bonus if they got more than €2 million what would you say or want done to this person? When I say bank I mean an institution that is essentially recovering as much money as possible for me and you the tax payer.

Barely Hedged · 03-04-2012 01:53PM

PogMoThoin wrote: »

I'm voting SF in the next election, not because I agree with their policies, I don't, but because they're the only party I can see that have the balls to stand up and say "Enough!!".

If you can explain to me what they've got to lose by telling people exactly what they want to hear, no matter how illogical it might sound then I might vote for them as well

Barely Hedged · 03-04-2012 01:57PM

The_Goose135 wrote: »

Say a banker working in one of our majority owned banks had the ability to recover €2 million for that bank in doing his job. Do you think he should be incentivised or the tax payer would rather see that €2 million go up in smoke?

Born to Die · 03-04-2012 02:01PM

Barely Hedged wrote: »

Say a banker working in one of our majority owned banks had the ability to recover €2 million for that bank in doing his job. Do you think he should be incentivised or the tax payer would rather see that €2 million go up in smoke?

If he was the same banker that gave it away frivolously the first time, he sure as hell shouldn't be rewarded for getting it back.

ArmaniJeanss · 03-04-2012 02:02PM

newspaper article in the op wrote:

The rules stress that all the "incentives" have to be "closely related" to the performance of executives and must be linked to the achievement of the banks' business plans.

Sounds ideal to me, some executive comes up with a good business plan, reduces the banks debt and gets it on the road back to profit? Then reward this person to the hilt.

shedweller · 03-04-2012 02:04PM

Barely Hedged wrote: »

The_Goose135 wrote: »

Say a banker working in one of our majority owned banks had the ability to recover €2 million for that bank in doing his job. Do you think he should be incentivised or the tax payer would rather see that €2 million go up in smoke?

That banker is lucky to have a job. He or she is already incentivised enough.

Barely Hedged · 03-04-2012 02:06PM

Born to Die wrote: »

If he was the same banker that gave it away frivolously the first time, he sure as hell shouldn't be rewarded for getting it back.

These decisions to give it away friviously were the direction very senior management took. Richie Boucher seems to be the only carry over from this era.

They're a lot of people who wernt making these frivilous decisions and made and continue to make money for the bank.

Would you consider incentivising these employees wrong?

smash · 03-04-2012 02:06PM

It's pretty simple really. Contract probably states if they reduce expenditure by X then they'll get a bonus of Y. So they fire a load of low level staff and get their bonus.

Bastards!

mac_iomhair · 03-04-2012 02:06PM

ireland needs a new political party which represents the people and not the bankers, but at the same time isn't full of "save the whales" types!!

Noonan Clears The Way for Bankers Bonuses

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