In a move certain to spark fury, the bank has decided about 2,400 staff must be paid the bonuses for legal reasons after several of them took court action.
Brendan Burgess: Should they ignore the legal advice and fight it in the courts and waste further taxpayers' money on losing a case?
Their employment contracts would make interesting reading.
So what should the bank and its owners do?
Should they ignore the legal advice and fight it in the courts and waste further taxpayers' money on losing a case?
I heard Roisin Shortall(?) on Morning Ireland being highly critical of this payment to overpaid bankers. There are 2,400 staff involved in this. Presumably most of these are union members. Why does she not call on the trade unions to get their members to give up this bonus?
Here's what they should do.
The Govt should set up a brand new Ltd company caled AIB2 Ltd. Sell their shares in AIB to this new company and transfer ALL business to the new company. Make every single staff member redundant paying only statutory redundancy and force them all the reapply for their jobs on brand new contracts, refusing to employ those who threatened to take them to court. They should then put AIB into liquidation, thus ensuring that the bonuses can't be paid.
I doubt the legal costs would be that significant in the greater scheme of things if the State fought the employees looking for the bonuses. 1 or 2 cases will set the precedent. Also it will cost the AIB staff in legal fees as well AFAIK.
The State has my permission to fight them all the way to Europe as far as I'm concerned.
The High Court has ordered AIB to pay the bonuses. Are you saying they should be in comtempt of court?
The High Court has ordered AIB to pay the bonuses. Are you saying they should be in comtempt of court?
Playing devil's advocate here but what would happen if AIB were held in contempt of court? What's the punishment - is it a fine? Is there a maximum fine? Will the fine be less than €40m?
Playing devil's advocate here but what would happen if AIB were held in contempt of court? What's the punishment - is it a fine? Is there a maximum fine? Will the fine be less than €40m?
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