Ireland blocks Allied Irish Banks pay premiums of EUR 40 million
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Irish Finance Minister Brian Lenihan warned that State aid were "conditional on the non-payment of premiums granted anytime they may have earned" photo: AFP
The Bank argued that it is legally obliged to pay premiums to bankers work for 2008--in the lead up to the banking crisis.
In November, he lost a case brought by a former banker, John Foy, which had requested a bonus of 160 €000 based on its performance in 2008.
However, Allied reconsider its position in a letter to the Minister of Irish finance Brian Lenihan.
M. Lenihan warned that State aid were "conditional on the non-payment of premiums granted anytime they may have won.
The Minister of finance last week, said pushes tax 90pc on future Bank staff bonuses.
"The Bank greatly appreciates the support received this update of the State and Irish taxpayers and recognizes that it would continue to rely on the support for sometime to come," Allied said on Monday.
"Accordingly, the Commission has decided not step to pay premiums."
Most allies will be owned by the Irish taxpayer after the latest round of support has been completed.
It will also be the recipient of some program aid of €85bn by the Irish Government in Europe and the international monetary fund.
The allies lost €1. 7bn during the first half of 2010.
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