Noonan Clears The Way for Bankers Bonuses

Freddie59

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

Executives get bonuses, teller staff get made redundant.

Good bailout lads!

Nothingbetter2d

remember with your votes next election.

starbelgrade

Nothingbetter2d wrote: »

remember with your votes next election.

Vote Fianna Fail. That'll teach them.

xflyer

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

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

Nothingbetter2d wrote: »

remember with your votes next election.

Remember not to vote for anyone at all?

CardBordWindow

Nothingbetter2d wrote: »

remember with your votes next election.

But which is the better of 2 evils?

sbsquarepants

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

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

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

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

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

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


Grrrrrrrrrrrr.

biko

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

Freddie59

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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!!

Born to Die

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

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

Born to Die wrote: »

Sinn Fein

I pray that they NEVER get into power.

The King of Moo

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

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

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

Barely Hedged

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

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

Guess what they are?

Born to Die

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

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

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

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

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

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

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

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

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

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

fishy fishy wrote: »

but I thought Mary Hearney was long gone.

now now fishy fishy! apt name!:D

Born to Die

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.