What's a fair redundancy package for AIB workers

mikemac1

I don't believe a word of that whistleblower blog

You can claim anything when you say you have an anonymous source

The investigation is probably true but not those examples

micropig

mikemac1 wrote: »

I don't believe a word of that whistleblower blog

You can claim anything when you say you have an anonymous source

The investigation is probably true but not those examples

I'd say it fairly close to what was going on. Can you provide proof otherwise?

http://www.thejournal.ie/aib-still-paying-millions-for-staff-gym-and-golf-club-fees-371875-Mar2012/



From 6 days ago

THOUSANDS OF STAFF at Allied Irish Bank are still having gym and golf club memberships paid for by the bank.............................................The ‘club sub’ allowances – of a maximum of €2,500 per year for senior management, and €1,250 for other staff – are still being paid for a significant number of staff, because the allowance forms part of their contracts and cannot be removed.

The bank this morning confirmed the allowance is still being taken up by up to 25 per cent of staff, which now numbers around 14,000.
The payments were still being made for employees for their 2012 memberships as recently as two weeks ago........................................The bank also said that the allowance was not removed from the contracts of new employees until November of last year – some 15 months after the payments were first reported in August of 2010.

This is despite one of the conditions of the state recapitalisation being that the banks are meant to discontinue any bonus payments to employees, once the government became the bank’s main shareholder in autumn 2010. The bank is 99.8 per cent owned by the State.

up for anything

micropig wrote: »

Please quote the post that I'm responding to also, everything in context please

Proof of what exactly is it you seek?
Have you any proof of your claims?

I emboldened the items in my post. If everybody started quoting the person they were seeking clarification from and the post that that that person was answering these threads would go on forever (hyperbole). Surely, people are able to go back and check the context of a post if they wish to do so, they don't need to be spoon fed.

micropig

up for anything wrote: »

I emboldened the items in my post. If everybody started quoting the person they were seeking clarification from and the post that that that person was answering these threads would go on forever (hyperbole). Surely, people are able to go back and check the context of a post if they wish to do so, they don't need to be spoon fed.

True, we'd be here until the 13th month if we started that;)


Now I'm off to use the 'Sub Club' perk:p

blue5000

Mahou wrote: »

The staff laid off probably have mortgages and car loans with the bank so what they get would have to go back to the bank. It could be in the interest of the bank/state to pay above the minimum.

This is a very good point. AIB staff AFAIK owe the bank over 2 billion euro. If they lay off staff who are in debt they remove the ability of those staff to re-pay these loans. This, I think will make it awkward for anyone on the staff not in hock to AIB.

micropig

blue5000 wrote: »

This is a very good point. AIB staff AFAIK owe the bank over 2 billion euro. If they lay off staff who are in debt they remove the ability of those staff to re-pay these loans. This, I think will make it awkward for anyone on the staff not in hock to AIB.

I doubt there is many not in hock to AIB, they got extra special rates as employees;)

Most probably borrowed more because of this:(

mikemac1

micropig wrote: »

I doubt there is many not in hock to AIB, they got extra special rates as employees;)

The difference in the interest rate for mortgages was small and there is benefit in kind attached to this.

When I was in AIB everyone certainly checked out all offers but even with the special rate it usually wasn't the most attractive offer

BIK pretty much wipes out the staff rate advantage on mortgages.

And bank staff do not get special rates on personal loans
They don't pay transaction fees though, wave your card and you won't pay a fee on bank drafts, things like that. A whole euro or two off the cost of a bank draft, wow

micropig

AIB axes interest on current accounts but staff keep perks 30 march 2011

It also emerged that thousands of staff at AIB and Bank of Ireland (BoI) continue to receive free banking and discounted interest rates.

AIB, which has around one million customers, will stop interest payments on current accounts from June. The bank said it had no plans to hike fees and charges on current accounts.

At present, people who keep a credit balance of at least €1,500 in their accounts are able to earn interest on that.

However, since the banking crisis started, AIB has been steadily cutting that rate, reducing it from a high of 4pc on the High Interest Current Account to just 1pc today.

The Personal Current Account, which had paid interest of up to 0.5pc at one stage, will no longer pay any interest from June 15.

Earlier this year, Bank of Ireland made it difficult for consumers to avail of free banking by requiring nine payments to be made out of an account to avoid charges.

AIB said yesterday that it would not be writing to all those who were currently benefiting from the interest payments on their current accounts.

However, its staff -- and those in BoI -- will continue to avail of benefits.

The 14,000 staff of BoI and AIB continue to get free banking as well as free currency exchange, up to a limit, and cheaper mortgage deals.

These apply when interest rates rise above a certain percentage -- not disclosed by the banks -- but are not available to staff currently because interest rates are at an historic low.

Favourable

But with rates expected to start rising from as early as tomorrow week when the European Central Bank meets in Frankfurt, favourable rates could soon again be a perk for bank staff.

The preferential rates would also be subject to tax.

The Department of Finance said yesterday that the new Government will review all benefits for current and former staff at bailed-out banks.

It is already looking into a range of other freebies for former bank staff including gym and golf club membership.

AIB has admitted 2,500 retired employees are entitled to claim refunds for fees paid to golf clubs, fitness centres and tennis clubs, while 2,500 former BoI staff can claim a refund of their subscription to a club of their choice.

AIB is currently 93pc owned by the State while the State also has 36pc of BoI's shares -- they have received €7.2bn and €3.5bn in funding respectively since the bank guarantee was introduced in September 2008

Dirk Gently

They've had full wages 3 years after their company failed. It's already the biggest redundancy package in the history of the state.

galway23

Dirk Gently wrote: »

They've had full wages 3 years after their company failed. It's already the biggest redundancy package in the history of the state.

That would be true if it wasn't for the fact that they have been working for the last three years, most harder and for less pay than they were before

murphm45

micropig wrote: »

It also emerged that thousands of staff at AIB and Bank of Ireland (BoI) continue to receive free banking and discounted interest rates.

no sh*t sherlock, this has to be the most ridicolous comment ever. of course they got preferntial treatment in "buying" services they offered. i'm sure if you worked in butchers you'd get your meat cheaper than joe public.

Also these comment on "perks" are a load of rubbish too. if they didn't pay these they would have simply paid them higher wages. The reason its done this way is someone can get, say, €1,000, gym membership and that's all it'll cost the company but if they gave them a €1,000 pay rise it'd cost them more, they'd have to pay PRSI pension conts etc on it. The perks way offers better "value" for the company.

micropig wrote: »

One AIB staff member who spoke last night said they have debts owed to AIB of more than €500,000 on a salary of less than €35,000.

Sorry this is a bit of a one but i also wnt to comment on this. i'd put money on, even if it is true, it only being part of the picture. it's possible the person in question had a partner who was earning, at least at the time the loan(s) were given, north of 60k p.a. or they might have had a guarantor. Either way i'd be very surprised if they simply gave 500k to someone who clearly didn't have the capacity to repay it.

also alot of this is turing into a witch hunt against staff. just a few things to note on this. alot of the comments seem to centre around bank staff be extrmely financially aware. While this should be the case, although my dealings with the bank would indicate otherwise, there're alot of departments where this isn't a requirement , e.g. IT or HR. these staff may not be in dire financial straits and would never have been in a possition to influence the banks operations , not that most staff could anyway. given that saying these are entitled to nothing because they "followed the crowd" is extremely harsh to say the least.

Finally, low level staff were lied to too, or worse still they weren't told anything. if you worked behind the counter accepting deposits and payments or on customer service how could you possibly be aware that hundreds of millions was being loaned to "developers" to buy fields in carlow, or derilect apartment or office blocks in dublin? even if you did what were the chances of you being listened to? saying they should have left is fine but how ese are these people to feed, cloth etc themsleves and their families.

i appreciate there is anger centred at the banks, and justifiably so, they are responsible for a large part of the countries problems but blaming the lemming who followed the "leader" off the cliff will get us nowhere. it'll lead to a situation where no trusts anyone and society breaks down

Sorry about the long post.