Bankers Bonus Bill

Bruce7

Not exactly going after the high flyers is it? Is banking suddenly the only industry where you can make 60k and get a bonus of a grand??

http://www.irishtimes.com/newspaper/ireland/2012/0726/1224320829139.html

Mr O’Dea said the Credit Institutions Stabilisation Amendment Bill 2012, which he dubbed “the Bankers’ Bonuses Bill”, would restrict bonuses of more than €1,000 to bank employees on basic salaries of more than €60,000. “Banks played a very, very significant role in the economic destruction of this country over the last 10 to 15 years. Basically what I’m trying to do is I’m trying to ensure that bankers who get bonuses actually earn those bonuses,” he said.

Wacker The Attacker

**** boners bill

Is it really a bad thing to reward someone for doing their job properly. As long as it done properly of course

rn

Was the banking crisis significantly contributed to by giving bonus's to staff earning under 60K?

How this bill addresses the poor performance of the boards of directors of the bank and how all those directors failed in their duties to protect the shareholders by allowing the banks management to lobby and benefit from less and less government regulation would be more news worthy.

Wacker The Attacker

rn wrote: »

Was the banking crisis significantly contributed to by giving bonus's to staff earning under 60K?

How this bill addresses the poor performance of the boards of directors of the bank and how all those directors failed in their duties to protect the shareholders by allowing the banks management to lobby and benefit from less and less government regulation would be more news worthy.

Wouldnt that be a case of shutting the door after the horse has bolted.

The damage has already been done

MOH

rn wrote: »

Was the banking crisis significantly contributed to by giving bonus's to staff earning under 60K?

The restriction applies to those earning *over* 60K.

admiralofthefleet

their bonuses should be left alone but taxed at 99%, that way more money will be taken in

BizzyC

Yet another reason why the Irish fanancial sector is doomed.

Every major company pays bonuses. By limiting the bonus a bank can pay they will either have to pay higher salaries, or employ a much lower quality of staff because they wont be able to compete.

The problem was unjustified high bonuses at senior levels costing millions for a couple of people. Not the guys getting paid 60k+ who got a 10% bonus for working 60 hour weeks without overtime.

But of course our government wouldn't attempt to do something intelligent like more stringent oversight into why high paid employees earned their bonus, instead they'll pick a random number and put on a blanket cap.

jester77

Stupid move.

60k is not a great salary for someone in finance and if you limit bonuses you will only end up pushing the better workers out of the sector or abroad leaving an even worse bunch of cowboys running it.

golden lane

jester77 wrote: »

Stupid move.

60k is not a great salary for someone in finance and if you limit bonuses you will only end up pushing the better workers out of the sector or abroad leaving an even worse bunch of cowboys running it.

why is 60k not a bad salary for an industry that failed......

except for a stupid government decision.....these company's went broke....

and they are still a failed industry.......a charity case, except people are forced to pay for them.....

have they no shame.........lots of people paying for them earn less....

BizzyC

golden lane wrote: »

why is 60k not a bad salary for an industry that failed......

except for a stupid government decision.....these company's went broke....

and they are still a failed industry.......a charity case, except people are forced to pay for them.....

have they no shame.........lots of people paying for them earn less....

Competition.
Do you want your money being handled and invested by someone highly qualified, or the cheapest person available?

Instead of capping earnings of mid-level employees, they should be trying to make sure that people aren't being given bonuses they havent earned, not ensuring people who do genuine extra work to deserve a bonus cant get one.

boo3000

Wacker The Attacker wrote: »

Wouldnt that be a case of shutting the door after the horse has bolted.

The damage has already been done

Agreed I think we need to start making an example of the bankers to ensure other groups don't step outta line to the same extent again.

Obviously our government or legal system isn't up to it

Anybody up for starting a banker vigilante group?

SafeSurfer

“Banks played a very, very significant role in the economic destruction of this country over the last 10 to 15 years."

Thats a pretty ironic quote coming from a former Fianna Fail cabinet minister.


What about your pension Willy?

uch

The Title Rhymes Too much for me to take you serious!

grindle

Wacker The Attacker wrote: »

Is it really a bad thing to reward someone for doing their job properly. As long as it done properly of course

It's not a bad thing, but this just puts a ceiling that you have to reach before you get a bonus.

Higher earning doesn't equal actual productivity. It usually means you've worked there the longest and have a relevant degree (possibly).
Whether they understand their degree subject (or if their degree subject is even finance-related) is a moot point.

I'd hope/wish most did, but experience says most don't.

Wacker The Attacker

grindle wrote: »

It's not a bad thing, but this just puts a ceiling that you have to reach before you get a bonus.

Higher earning doesn't equal actual productivity. It usually means you've worked there the longest and have a relevant degree (possibly).
Whether they understand their degree subject (or if their degree subject is even finance-related) is a moot point.

I'd hope/wish most did, but experience says most don't.

True enough but shouldnt a bonus reflect a standard of performance that exceeds expectations

grindle

Wacker The Attacker wrote: »

True enough but shouldnt a bonus reflect a standard of performance that exceeds expectations

Definitely, but it's become common practice to offset or offload a negative balance by borrowing or pushing the debt to the next year.
All of a sudden this year's a winner! Woo, bonuses all round!

I'm not a banker, or a banking regulator (hmmm... Who is?), so I can't say if they're keeping a closer eye on things nowadays or not, but I'd have my doubts judging from the dearth of dismissals/court cases, continuous passing of the buck, and all the usual rhetoric from banking powerhouses ("You've got to pay for talent to stay!" Really? The same über-talented financial geniuses that spewed bile and blood at those who said "Recession's coming."? Those? You want to keep them?)
Apparently they're the right guys for the jobs... I guess.

Maybe I'm too skeptical. :pac: