AIB rules out debt writeoffs for staff
Bank says move would trigger tax liabilities
AIB said it is unable to write off debt for its staff and their families because it would trigger tax liabilities for them.
State-controlled AIB is one of the few banks which openly talks about offering debt relief for struggling borrowers.
But it said that legislation surrounding benefits-in-kind means that if staff had their loans written down, they would be taxed the Revenue Commissioners, reducing its ability to restructure loans.
Subscribe from just €1 for the first month!
Exclusive offers:
All Digital Access + eReader
Trial
€1
Unlimited Access for 1 Month
*New subscribers only
Annual
€200
€149 For the 1st Year
Unlimited Access for 1 Year
Quarterly
€55
€42
90 Day Pass
2 Yearly
€315
€248
Unlimited Access for 2 Years
Team Pass
Get a Business Account for you and your team
Related Stories
Mary Lawlor: Women who defend human rights take immense risks for little recognition
International Women’s Day is a good time to reflect on the dangers faced by WHRDs across the world, and also to celebrate their courage and pay tribute to the astonishing work they do
Johnny Ward: How one photograph knocked Irish horse racing off its stride
As disgraced trainer Gordon Elliott begins his year-long ban from racing, the damage done to the sport is looking increasingly incalculable
Brian Keegan: Sunak’s tax hikes should be watched in Ireland
The British Chancellor, faced with an economy that shrank last year by almost 10 per cent, has resorted to austerity-style measures in his attempt to stem the bleeding
Editorial: Ireland must not rise to the latest piece of rancid Brexit bait
The urge by Brussels and Dublin to respond to Britain‘s gunboat diplomacy in kind should be resisted
