Fianna Fáil Spokesperson on Public Expenditure and Reform Sean Fleming has said there is no justification for the reintroduction of bonuses or ‘incentive packages’ at AIB.
Responding to media reports today that AIB has approached the Department of Finance about creating an incentive plan for senior staff Deputy Fleming commented: “As long as AIB fails to act to help people in mortgage arrears, is running a loss, remains almost wholly owned by the taxpayer and is not doing enough to meet the need of businesses in need of credit there can be no talk whatsoever of a return to a bonus culture. The fact that executives would think that it was an idea worth pursuing gives a worrying glimpse into the emerging culture at the bank.
“At another level, it is perhaps understandable that AIB executives would chance their arm, given the recent revelation that the Government has secretly signed off on a corporate bonus scheme at the troubled new super-quango Irish Water, but this needs to be nipped in the bud early and AIB need to be told that a bonus scheme at the bank is just a non-runner.
“AIB has survived only because of the sacrifices made by the Irish people who bailed out the bank. The idea that management would be eligible for state-backed salary top-ups while the country continues to struggle with the cost of their rescue, is deeply unjust. They need to be sent packing and reminded of their slow rate of progress on dealing with personal debt, mortgage arrears and SME lending.”