AIB has set aside €190m to compensate customers wrongly moved off tracker mortgage loans. The bank also admitted 14 people had lost their home as a result of the error.

The Government will set a new minimum wage before the budget.

Tánaiste Joan Burton has warned banks who refused to lower variable mortgage rates that they will be targeted by Government in the next budget.

The number of high-fliers at the State-owned AIB with pay packages in excess of €100,000 totalled almost 1,100 at the end of last year.

Appearing before the banking inquiry this week, the expert who coined the term ‘zombie banks’ was full of ideas, writes Kyran Fitzgerald

Over 1,300 people with mortgage arrears found long-term resolutions to the problem with the help of the Irish Mortgage Holders Organisation.

Almost 150,000 homeowners are to get a long-awaited break on their mortgages after AIB bowed to pressure to cut variable rates.

The Irish Mortgage Holders Organisation has said more than 1,200 people have sought assistance from their new bankruptcy service which was launched in November.

A fast-track and free mortgage arrears process that aims to deliver favourable solutions for up to 10,000 distressed mortgage holders could help hundreds in arrears avoid repossession.

The Irish Mortgage Holders Organisation has announced it is to provide a new mortgage negotiation service for those struggling with loan repayments.

Staff at Allied Irish Banks (AIB) have threatened industrial action if management plans to change pay, pensions and benefits go ahead.

Finance union chiefs fear another 600 jobs could be lost at Bank of Ireland after a redundancy deal for the first swathe of lay-offs was agreed.

AIB does not have a chief executive, yet last night announced the blueprint for its new banking structure that reduces its two coredivisions serving Ireland and Britain.

The Irish Bank Officials Association has said that frontline bank staff are not getting any of the €40m in bonuses issued to AIB executives.

FEXCO is to purchase AIB’s stockbroking arm, Goodbody, for €24 million in an intricate deal which will see senior management at the brokerage get a 25% stake in the firm and as many as 55 staff lose their jobs.

THE Irish economy may have grown in the first quarter of this year according to Bank of Ireland, contrary to most predictions which said it would only start to recover in the second half of the year.

DURING the week Allied Irish Banks announced losses of more than €2.65 billion for 2009. In explaining the situation, Colm Doherty, managing director of AIB Group, described the current state of retail banking in Ireland as “quite dysfunctional”.

AIB reported today that it is in the red for the first time with pre-tax losses of more than €2.65bn.

Bernard Byrne, Group Financial and Commercial Director, ESB, has been appointed Chief Financial Officer (CFO) at AIB, it was announced today.

OF the € 24 billion of bad, property and other related loans being transferred by AIB Group to NAMA, nearly half will be in the bad debt category by the end of 2009.

Dublin: The chairman of Irish Life & Permanent, Gillian Bowler, has announced that Pat Ryan will be appointed to the board as a non-executive director effective from the next board meeting on December 15.

Pat Ryan is to be appointed to the Irish Life & Permanent board as a non-executive director, it was announced today.

THE level of trust Irish investors have in the credit unions is at a level Irish banks can only dream about at this stage.

AIB said today it has raised about €1bn in a debt swap exercise with its bondholders which was initially announced earlier this month.

THE ISEQ index closed up 25.97 points yesterday at 2,955.57. The main news of the day was that the AIB Group has announced that it to exchange up to €2.7 billion worth of bonds in a swap programme to boost its core tier 1 capital ratio.

REACTION to the bad bank announced by Finance Minister Brian Lenihan on Wednesday evening has been mixed.

THE Central Bank reported AIB and Goodbody Stockbrokers for suspected money laundering in 2001 and was not involved in any cover-up, the Financial Regulator has said.

AIB has reported pre-tax profits of €1.28bn for the first half of this year.

FITCH Ratings yesterday gave AIB’s British-based and Channel Islands operations Individual “B” ratings in line with the parent bank’s, despite the fact that it is facing tougher trading conditions and rising bad debts.

SOME of the country’s most expensive addresses are experiencing the slowest mail deliveries because of a dispute involving postal staff.

CALYX, which employs 500 people in Ireland and Britain serving the information and communications technology (ICT) sector, is merging its nine divisions under the Calyx brand.

AIB Group has announced that Nick Treble, managing director, AIB Global Treasury, has been appointed AIB Group chief risk officer (CRO) and a member of the AIB group executive committee (GEC).

IT was another black day for Irish shares yesterday which lost about €4.5 billion and saw 4.7% wiped from share values.

Bank of Ireland has reported that its chief executive has become the best paid executive of an Irish stock market listed company.

A Limerick-born artist was today unveiled as a name for the future after winning one of the country's most sought-after art awards.

Budding artists in the frame for one of the country’s most prestigious art prizes will today find out if they have been marked out as a name for the future.

Commercial property consultancy Harrington Bannon has been acquired by European commercial real estate services group Atisreal, a subsidiary of the BNP Paribas Group, in a deal worth close to €10m.

AIB could raise an extra €500 million from the sale and lease back of a large portion of its 325-branch network on the island of Ireland.

BANK shares traded higher in Dublin yesterday after speculation in the Financial Times that AIB could be in the sights of Spain’s largest bank, Santander.

THE country’s largest bank, AIB Group, has announced it is to pass on the full 0.25% interest rate hike to borrowers with effect from today.

The AIB bank has made some startling predictions on the property front today.

IN his first major statement about his plans for that AIB Group, new chief executive Eugene Sheehy said yesterday he had no intention of trying to reinvent the wheel.

The ISEQ rallied this afternoon to close the week on a positive note, rising 33.8 points to end the day at 6,797.94.

Allied Irish Banks today announced two new appointments to its senior management team.