Sunday July 12, 2020

AIB rules out debt writeoffs for staff

Bank says move would trigger tax liabilities

Ian Guider

Markets Editor

@ianguider
18th June, 2017

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.

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