Allied Irish Bank (nyse:aib) is running for the loot – AIB will pay $53 million in bonuses to senior bankers. What is the bonus for? Not announcing a haircut yet? While Anglo Irish and the Bank of Ireland already announced restructuring / burden sharing / cutting the hair of bondholders,
Allied Irish Banks haven’t done it yet, but they’re struggling. They also rely on the Irish government, which now relies on the EU and the IMF for cash.
It seems like a last minute run on the money left there. Brings back memories of the AIG bonus stories in the US, following their bailout by the US government. The banker always deserves a bonus. A correlation between the bonus and performance? Not necessary apparently…
See more in this article at Irish Central.
The focus in the Euro-zone slowly shifts to Portugal, after the Irish parliament approved the budget and paved the way for the bailout for the Ireland. By the way, Ireland just received a credit downgrade from Fitch.
But anyway, such news sure don’t help EUR/USD, which is struggling in lower ground today.
See technical levels and analysis for the common currency in the EUR/USD forecast.