Bloomberg News

Allied Irish Banks Said to Consider Redundancy Payoff Ceiling

February 03, 2012

Feb. 3 (Bloomberg) -- Allied Irish Banks Plc, the country’s biggest government-controlled lender, is finalizing details of a redundancy package for more than 2,000 staff that will likely include a limit on individual payouts, according to two people familiar with the situation.

The bank’s executive committee yesterday discussed the program, being drawn up in liaison with the Finance Ministry, said people, who declined to be identified as the matter is not yet public. An announcement may be made in the next two weeks, said the people. Nationalized lender Irish Bank Resolution Corp., formerly Anglo Irish Bank Corp., set a 175,000 euro payout cap in a redundancy package last year.

Talks are ongoing, Alan Kelly, an Allied Irish spokesman said, adding no decisions have been reached. A Finance Ministry spokesman declined to comment on the size of a cap or timing of an announcement.

To contact the reporter on this story: Joe Brennan in Dublin at jbrennan29@bloomberg.net

To contact the editor responsible for this story: Dara Doyle at ddoyle1@bloomberg.net


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