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AIB-pay for your own pensions!


B

birthday

http://www.google.ie/url?sa=t&rct=j&q=&esrc=s&frm=1&source=web&cd=1&cad=rja&sqi=2&ved=0CB8QqQIwAA&url=http://www.independent.ie/opinion/analysis/colm-mccarthy-the-country-is-bust-we-cannot-keep-this-gravy-train-on-the-tracks-3290533.html&ei=Ec6iUNm_EoOShgeokoCQCg&usg=AFQjCNHC5I69nikSrULQOpBVEQFn91yjcw

Colm Mc Carthy points out how AIB DB pension fund would have gone under without the recapitalisation provided by the taxpayer.

When this was being planned how is it that no provision was made for preventing taxpayer money from being used to
fix the underfunded DB pension scheme in the bank.
Is it credible that this could not have been forseen?

AIB now contribute only 5% for their DB scheme as the gap has been made up by the taxpayer.

How can citizens stand by and and watch cuts to home help for the elderly and massive new taxes imposed on struggling families?

http://www.google.ie/url?sa=t&rct=j&q=&esrc=s&frm=1&source=web&cd=1&cad=rja&sqi=2&ved=0CB8QqQIwAA&url=http://www.irishtimes.com/newspaper/breaking/2012/1113/breaking33.html&ei=t9CiUMyMO8KKhQeg4YDQAQ&usg=AFQjCNHxohaZaq9R6CYrmZfSpuSSjGnXrQ
 

tigerben

Well-known member
Joined
Sep 21, 2010
Messages
4,621
Sure AIB are now just public servant workers. Some highly paid, others just get increments as lowly paid workers who deserve it, as hear no evil speak no evil is the motto. Anyway it's entitlements Doncha know!
 

dresden8

Well-known member
Joined
Feb 5, 2009
Messages
14,937
Public Sector were charged more for their pensions while their pension fund was being given away and the banks were having their pension fund topped up.

When oh when are the public sector going to suffer the results of this recession?
 

constitutionus

Well-known member
Joined
Feb 19, 2007
Messages
23,330
taxation lads.

lots and LOTS of taxation. a "pension fund rescue tax" sounds good to me for all schemes that wouldve failed without state money.

course when you consider these lads are funding FF/FG.

Well take a flying guess at how likely this is.
 
B

birthday

It is a sickening disgrace. But what to do ?
For a start I would like to hear the govt and Dept of Finance explain how this could not have been expected.
It is interesting that Colm McCarthy appears to be the only one who has raised this in the public arena so far.
All other comment has centred on the pensions of one or two fat cats with excessive pensions but the true extent of this issue
is much more costly to the taxpayer.

The DB fund was seriously under water well before recapitalisation.
So this would have been well known and yet they allowed taxpayers money to be used in this way.
 

SPN

Well-known member
Joined
Feb 2, 2004
Messages
16,890
There is no appetite among our political class to have the Unions come out on strike.

Much simpler to buy industrial peace using taxpayer money.

Watch how the taxpayer ends up bailing out the Aer Lingus pension fund.

Get in the trough now, because there isn't much left to divvy out.
 

dresden8

Well-known member
Joined
Feb 5, 2009
Messages
14,937
Sure AIB are now just public servant workers. Some highly paid, others just get increments as lowly paid workers who deserve it, as hear no evil speak no evil is the motto. Anyway it's entitlements Doncha know!
If they were public sector workers they would be paying the "pension levy".

Oh no, their pension fund was topped up, not given away!
 
B

birthday

Public Sector were charged more for their pensions while their pension fund was being given away and the banks were having their pension fund topped up.

When oh when are the public sector going to suffer the results of this recession?
Exactly- so PS now pay 15% for possible 50% of final salary
Meanwhile AIB with DB pay 5% for 2/3rds final salary.

How did this come about? Is it something to do with trade union solidarity that PS unions do not tell IBOA to take a jump?
 

EvotingMachine0197

Well-known member
Joined
Feb 17, 2006
Messages
8,629
For a start I would like to hear the govt and Dept of Finance explain how this could not have been expected.
It is interesting that Colm McCarthy appears to be the only one who has raised this in the public arena so far.
All other comment has centred on the pensions of one or two fat cats with excessive pensions but the true extent of this issue
is much more costly to the taxpayer.

The DB fund was seriously under water well before recapitalisation.
So this would have been well known and yet they allowed taxpayers money to be used in this way.
Wasn't there legislation passed to nationalise AIB, I know there was for Anglo but not sure about AIB.

Maybe it was in the Credit Institutions Stability Act. Anyway, there must have been something in place that we could look at to see how this could have happened.
 

dresden8

Well-known member
Joined
Feb 5, 2009
Messages
14,937
Exactly- so PS now pay 15% for possible 50% of final salary
Meanwhile AIB with DB pay 5% for 2/3rds final salary.

How did this come about? Is it something to do with trade union solidarity that PS unions do not tell IBOA to take a jump?
The government shat on the ps unions and gave cinderella deals to the bank unions.

Go figure.
 

asset test

Well-known member
Joined
Oct 3, 2008
Messages
14,812
Sure AIB are now just public servant workers. Some highly paid, others just get increments as lowly paid workers who deserve it, as hear no evil speak no evil is the motto. Anyway it's entitlements Doncha know!
I don't believe they pay the pension levy that all others paid from the public purse have to do now, same for IBRC employees etc.

But what do I know?

Only way out is to move from that bank, anyone who has a hapenny left, that is.
 
B

birthday

Wasn't there legislation passed to nationalise AIB, I know there was for Anglo but not sure about AIB.

Maybe it was in the Credit Institutions Stability Act. Anyway, there must have been something in place that we could look at to see how this could have happened.
It would be worth looking into. Workers in Waterford Crystal have every right to feel aggrieved.

Could the recapitalisation money used to buy wedding cakes for €100,000 for directors daughters on the bank?
 

an innocent abroad

Well-known member
Joined
Apr 15, 2010
Messages
27,685
Public Sector were charged more for their pensions while their pension fund was being given away and the banks were having their pension fund topped up.

When oh when are the public sector going to suffer the results of this recession?


Aren't they protesting on some saturday shortly???? Lets see how many banners will call for the destruction of Bankers, retired politicans, senior CPA civil servants pensions? Will they !Fxxk... Union whips, work like political whips...


Making the P.S workers protesting fodder! But hey, they can turn it into a bit of shopping while in dublin. Cos nothing else will happen.... Best thing they can do is as NO SHOW. Blue flu, white flu, green flu, call it what ever you want flu..
 

dresden8

Well-known member
Joined
Feb 5, 2009
Messages
14,937
Aren't they protesting on some saturday shortly???? Lets see how many banners will call for the destruction of Bankers, retired politicans, senior CPA civil servants pensions? Will they !Fxxk... Union whips, work like political whips...


Making the P.S workers protesting fodder! But hey, they can turn it into a bit of shopping while in dublin. Cos nothing else will happen.... Best thing they can do is as NO SHOW. Blue flu, white flu, green flu, call it what ever you want flu..
Hang on, I thought we shopped in Newry. You're giving out mixed messages there. Or is that mixed lies?
 
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