Noonan Clears The Way for Bankers Bonuses

Born to Die · 03-04-2012 02:07PM

shedweller wrote: »

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

Agreed, most of these clowns should be on the dole queue. The degree to which incompetence is tolerated and often rewarded in this country is astounding.

Born to Die · 03-04-2012 02:07PM

mac_iomhair wrote: »

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!!

Sinn Fein

smash · 03-04-2012 02:09PM

Born to Die wrote: »

Sinn Fein

I pray that they NEVER get into power.

The King of Moo · 03-04-2012 02:10PM

mac_iomhair wrote: »

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!!

Yeah, f**k the whales!

PogMoThoin · 03-04-2012 02:10PM

humanji wrote: »

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

Yes, but unless you have a Government with the balls to make serious changes at higher level nothing changes. You can change Governments as often as you like, but as long as the public servant advisers to Government don't change then all will remain the same.

Pat Rabitte is minister for comms, he's been quoted on the Ireland Offline forum as giving identical speeches (word for word) as his predecessor, proving the Government are only puppets.

mac_iomhair · 03-04-2012 02:11PM

They may fill the vacuum. But I think there is room there for a new party with new ideas.

Barely Hedged · 03-04-2012 02:12PM

shedweller wrote: »

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

What if to not have this person working for the bank (tax payer) was to the detriment of the return the tax payer could expect from the bank, would this not be a case for incentivisation?

RichieC · 03-04-2012 02:14PM

lol, Noonan done what he was ordered to do by the people who now own this country.

Guess what they are?

Born to Die · 03-04-2012 02:14PM

Barely Hedged wrote: »

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?

Giving incentives to people for doing their job!!!!
Fcuk me I thought that is what a salary was.

AeoNGriM · 03-04-2012 02:16PM

Votail None Of The Above, hey, it worked for Richard Pryor in the 80's!

If there was any such thing as justice, the Anders Breivik's of this world would confine their killing sprees to Dail Eireann........

shedweller · 03-04-2012 02:16PM

Barely Hedged wrote: »

shedweller wrote: »

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

What if to not have this person working for the bank (tax payer) was to the detriment of the return the tax payer could expect from the bank, would this not be a case for incentivisation?

Nice try.

Bank does NOT equal taxpayer. Never have and never will.

Barely Hedged · 03-04-2012 02:17PM

Born to Die wrote: »

Giving incentives to people for doing their job!!!!
Fcuk me I thought that is what a salary was.

Many jobs advertised contain a "base salary". It's not uncommon in a lot of jobs including banking to be offered a bonus depending on performance. Why should it be any different?

Zebra3 · 03-04-2012 02:18PM

starbelgrade wrote: »

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

Lowry.

Their links with Denis O'Brien look, ahem, "suspect". :rolleyes:

In the late 80s, FG and FF councillors on the Dublin Corpo (now Dublin City Council) joined forces to stop a Workers Party motion calling on an investigation into planning corruption.

The only reason there's been more corruption within FF then FG is because FF have been in power more.

They are two brands of the one political ideaology.

Mé Féinism.

smash · 03-04-2012 02:20PM

Born to Die wrote: »

Giving incentives to people for doing their job!!!!
Fcuk me I thought that is what a salary was.

So you have no idea how bonuses work then!

shedweller · 03-04-2012 02:22PM

Barely Hedged wrote: »

Born to Die wrote: »

Giving incentives to people for doing their job!!!!
Fcuk me I thought that is what a salary was.

Many jobs advertised contain a "base salary". It's not uncommon in a lot of jobs including banking to be offered a bonus depending on performance. Why should it be any different?

Those performance / bonus thingys. Where do i get one of those.
The place i work for has its profits rising but i don't see any wage increase. Why? I don't work in a financial institution, that's why.

mac_iomhair · 03-04-2012 02:22PM

Barely Hedged wrote: »

Many jobs advertised contain a "base salary". It's not uncommon in a lot of jobs including banking to be offered a bonus depending on performance. Why should it be any different?

Because we are bailing them out! We are paying their bonus. While we try and scrape enough money together to put petrol in the car(if you havn't had to sell it yet) these guys are out buying new BMW's.

fishy fishy · 03-04-2012 02:23PM

mac_iomhair wrote: »

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!!

but I thought Mary Hearney was long gone.

ScumLord · 03-04-2012 02:23PM

There is research out there that shows that cash incentives aren't all that effective either, especially for people that are already cash rich. All I remember about the research is that it had something to do with sticking a candle to a wall.

I don't think Ireland has a real affluent part where you have to have shed loads of money to live as you would with big cities like London and New York. Space is at such a premium in those places, everything is horribly expensive and they've created a vicious circle of spiralling costs. While Dublin has tried it's best to be as expensive as those places it's small enough that you can just move to a less expensive area while still being able to work in the area where people want to spend way to much money on things.

mac_iomhair · 03-04-2012 02:23PM

fishy fishy wrote: »

but I thought Mary Hearney was long gone.

now now fishy fishy! apt name!:D

Born to Die · 03-04-2012 02:34PM

smash wrote: »

So you have no idea how bonuses work then!

I do but in the New Ireland I suspect something like this:

Ring my mate politician, he backtracks, bonus paid.

TwoShedsJackson · 03-04-2012 02:38PM

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!!".

And that's because it's easy to stand up and say what you like when you're in Opposition. See what they do if they ever do get into power.

Born to Die · 03-04-2012 02:48PM

TwoShedsJackson wrote: »

And that's because it's easy to stand up and say what you like when you're in Opposition. See what they do if they ever do get into power.

Fine Gael or Labour were very quiet while in opposition as FF plundered the country.

Zebra3 · 03-04-2012 02:51PM

Born to Die wrote: »

Fine Gael or Labour were very quiet while in opposition as FF plundered the country.

Yep, as Bertie doubled TDs salaries and gave them generous bonuses, he wasn't just buying the silence of his own TDs. :mad:

ArmaniJeanss · 03-04-2012 02:51PM

TwoShedsJackson wrote: »

And that's because it's easy to stand up and say what you like when you're in Opposition. See what they do if they ever do get into power.

I actually hope SF get enough seats in the next election (or the one after) that it becomes impossible to form a government without them.

At the moment they are the childless aunty explaining to their siblings about how parenthood is remarkably easy if they just did things the correct way.

Having a party with large support who have never been in government is not good for the democratic system long term.

2ndcoming · 03-04-2012 02:53PM

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?

Those banks are in all reality now extensions of the public service. Publicly owned, publicly funded but in service to European masters.

If a tax official investigated and prosecuted a case of tax evasion that recouped €2m for the Dept. of Finance, would you call for them to get a €250k bonus? A pay cut would be more likely...

Barely Hedged · 03-04-2012 02:53PM

shedweller wrote: »

Nice try.

Bank does NOT equal taxpayer. Never have and never will.

I refer you to the past 4 years as evidence

Born to Die · 03-04-2012 02:54PM

ArmaniJeanss wrote: »

I actually hope SF get enough seats in the next election (or the one after) that it becomes impossible to form a government without them.

At the moment they are the childless aunty explaining to their siblings about how parenthood is remarkably easy if they just did things the correct way.

Having a party with large support who have never been in government is not good for the democratic system long term.

I think what Sinn Fein, for all their percieved faults, are doing is showing that they see the people of this country as people and not as commodities like FG, FF and now Labour.

2ndcoming · 03-04-2012 02:57PM

humanji wrote: »

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

Well anyone who thought that are gullible beyond redemption and it wouldn't surprise me if they go so far as to bouncing back to FF in the next election, so limited is their understanding of the gross realities of the two political powerhouses in this country.

Born to Die · 03-04-2012 02:57PM

Barely Hedged wrote: »

I refer you to the past 4 years as evidence

You are an example of what is wrong with this country, people trying to defend what is clearly only beneficial to the minority at the expense of the majority.

dsmythy · 03-04-2012 03:00PM

Freddie59 wrote: »

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.

Rabbling over, none of the current board of AIB or the bank formerly known as Anglo, were on the board prior to 2009. In Bank of Ireland's case two of the board were, though the State doesn't completely own it so it doesn't matter. So these guys will be paid bonuses if they successfully fix the mess left by others in the lead up to 2008/09.

Noonan Clears The Way for Bankers Bonuses

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