Business Irish

Thursday 18 January 2018

'Sorry guys' - Michael Noonan rules out bonuses for top bankers

Finance Minister Michael Noonan. Photo: Frank McGrath
Finance Minister Michael Noonan. Photo: Frank McGrath

THE finance minister Michael Noonan has made it clear to top AIB bankers that they can either accept the ban on bonuses - or they can leave the state-owned bank.

He ruled out reintroducing bonuses until performance improves.

His stance comes after AIB approached the government about the possibility of setting up an incentive plan to keep top executives.

“The answer is sorry guys, much better performance required before we’ll even consider” bonuses, Mr Noonan said yesterday. “If any executive wants to leave AIB, I’ll shake his hand and wish him fair passage as he leaves.”

“While we’re holding 99 per cent of AIB, there’s no point in having those discussions with me,” Mr Noonan said. “It makes no sense, and it’s not a demand that I’m prepared to deal with.”

After the exploratory discussions between the bank and Department of Finance officials were reported, TDs rushed to urge Noonan to resist the reintroduction of bonuses.

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