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Loan Claims: AIB executives should 'defer' bonuses

Executives at stricken Irish bank Allied Irish Banks (AIB) should defer their bonuses, according to The Irish Bank Officials Association (IBOA).

Earlier this week, it was revealed that AIB is set to award its staff a bumper bonus payout of around 40 million euros (£34 million) despite the fact it is set to receive another bailout package from the Irish government.

Around 2,400 bankers in its Dublin capital markets division will share the funds under an agreement struck in 2008.

This has promoted outrage from many quarters, with the IBOA calling on staff to defer the payments until the firm is back in the black.

"They have a responsibility to look at the overall interests of everybody, not just themselves," IBOA general secretary Larry Broderick told the Guardian.

Mr Broderick added that although it was up to employees to decided whether to accept the payments it was a matter for individuals but hoped they would be "looking at deferring payments until the bank is in a position to pay them".

Posted by John Fieldman

Having worked in the city for 19 years, John's main focus is interest rates and corporate finance ADNFCR-2776-ID-800285785-ADNFCR

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