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Thread: Loan Write Offs for Bank Employees - Should They Even Be Legal ?

  1. #1
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    Default Loan Write Offs for Bank Employees - Should They Even Be Legal ?

    I've been asking the question since the crash, as to how we can know how much debt owed by bank employees is being written off.

    RTE is now reporting on assumed write offs in terms of a sob story about part of the write off being taxable.

    Not a word about the conflict of interest and gross unfairness of staff who in many cases were directly involved in pushing reckless loans at people for their personal gain through commissions getting preferential write offs.

    Bank employees are still untouchable it seems.
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

  2. #2
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    Default Re: Loan Write Offs for Bank Employees - Should They Even Be Legal ?

    Did employees also get better/lower interest rates than us mere mortals?

  3. #3
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    Default Re: Loan Write Offs for Bank Employees - Should They Even Be Legal ?

    Quote Originally Posted by Saoirse go Deo View Post
    Did employees also get better/lower interest rates than us mere mortals?

    That was always an official perk of the job.

    But they also borrowed a lot during the boom, and not just for mortgages.
    “ We cannot withdraw our cards from the game. Were we as silent and mute as stones, our very passivity would be an act. ”
    — Jean-Paul Sartre

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    Default Re: Loan Write Offs for Bank Employees - Should They Even Be Legal ?

    Quote Originally Posted by C. Flower View Post
    That was always an official perk of the job.

    But they also borrowed a lot during the boom, and not just for mortgages.
    So the employees got loans they were unable to afford, approved by themselves or their collegues - they can't have been ignorant given its their job dealing with these things - with a lower interest rate and then get it written off.

    It sounds like a scam to me.

  5. #5
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    Default Re: Loan Write Offs for Bank Employees - Should They Even Be Legal ?

    Remember this one from three years back? Quietly buried.
    Last night, Whistleblowersireland.com was told that an anonymous AIB whistleblower has lodged complaints with both the regulator and the Department of Finance.

    A string of serious allegations about the bank are now being investigated.

    The allegations include a claim that staff have been allowed to have mortgages more than TWENTY times their salary.

    One AIB staff member who spoke last night said they have debts owed to AIB of more than €500,000 on a salary of less than €35,000.

    Another employee at the bank – which employs 12,000 staff – claims that more than 1,000 employees have mortgages of more than €1million.

    And they dispute the official figure €1.8billion AIB gave earlier this year for the total amount of staff mortgages.

    They said last night: ’It is astonishing that officially the average mortgage amount for each employee amounts to €150,000-a-head.

    ‘Given that most of the bank’s staff would be in their 20s and 30s, I can’t see too many of them having been able to get houses for €150,000 during the boom.

    ‘What you have to realise about AIB is that many of its staff don’t just have one mortgage, there are a lot of them who have multiple mortgages and not just with AIB.’
    http://www.politicalworld.org/showth...n#.Us9GAnk_P8s

  6. #6
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    Default Re: Loan Write Offs for Bank Employees - Should They Even Be Legal ?

    I assume Dinny (or his company) will not be taxed on any write-off received?

    Nor the NAMA developers.
    Politics is the gentle art of getting votes from the poor and campaign funds from the rich, by promising to protect each from the other. ~Oscar Ameringer

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