AIB appoints new chief risk officer
ALLIED Irish Banks has appointed a new chief risk officer (CRO) on an interim basis after apparently being unable to fill the role permanently.
The bank has retained professional services firm Alvarez and Marsal, and their associate Mary Phibbs will become group CRO on October 26 on a six-month consultancy assignment. It is believed that the government cap on executive pay has made it far more difficult for the bank to fill the position. Ms Phibbs has previously worked for National Australia Bank and Standard Chartered.
Questions hang over retirement income
MORE than half of adults who are saving for a private pension have no idea what income this is likely to provide them in retirement, according to a new study conducted for AIB by Red C Research. The survey also found that a majority of adults who did not have a private pension said they would need to supplement the state pension to maintain their current lifestyle. In addition to being able to fund basic needs, over half of those surveyed considered taking holidays and replacing their car important.
Tullow gets green light to sell stakes
TULLOW Oil, the biggest company listed on the Dublin stock exchange, has received permission to sell oil stakes to China's CNOOC and France's Total SA and to delink the asset-transfer transaction from an ongoing tax dispute that had delayed the deal, the 'Wall Street Journal' website reported yesterday, citing a Uganda government source. Meanwhile, Dragon Oil plans to boost its average daily output by 50pc to 75,000 barrels of oil per day, the company said.
Dublin Bus invites bids but has no cash
DUBLIN Bus has invited tenders to supply 120 new buses, even though it has no budget to pay for them. The bus company has invited bids to supply up to 100 new double-decker and 20 single-decker buses as part of its fleet replacement programme. But a spokesperson said that without new capital funding from the National Transport Authority the state-owned bus company can only use the process to stay current with prices. It has no funds to actually buy the vehicles.