Wednesday 21 February 2018

AIB names O'Neill for UK unit


Siobhan Creaton and Laura Noonan

AIB HAS strengthened its senior management team by promoting Ronan O'Neill as head of its UK operations, weeks before it is expected to appoint a new chief executive.

Yesterday the bank said Mr O'Neill, who heads up its corporate and commercial banking operations, will join its executive committee, which works with AIB chairman David Hodgkinson to run the bank.

Recently it also made Dara Rowley its new chief credit officer and appears to have returned to offering "normal promotions and pay rises" since the bust bank was bailed out by the State.

A spokeswoman yesterday declined to reveal whether Mr O'Neill had got a pay rise in line with his promotion.

"We never comment on anyone's salary below board level," she said. Mr O'Neill will replace Nick Treble, who takes over the newly created role of 'head of non-core UK'.

The appointment comes as Mr Hodgkinson is working with the Department of Finance to sign off a pay deal to appoint a new boss to the state-owned bank.

He has backed down on the bank's demand to be allowed to pay the new chief a salary of more than €500,000 but is expected to be allowed to offer him extras -- such as generous expenses, a relocation allowance share options and a long-term bonus that could boost his total pay package to close to €1m provided he met bank targets.

Meanwhile, Finance Minister Michael Noonan said in Brussels last night that neither of the two candidates shortlisted for the top job at AIB have a "good case" to be paid more than €500,000.

But Mr Noonan stopped short of ruling out a share option or bonus scheme to further reward the new chief executive, saying that was "a matter for the Government".

Irish Independent

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