Sunday July 12, 2020

AIB rules out debt writeoffs for staff

Bank says move would trigger tax liabilities

Ian Guider

Markets Editor

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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