Staff and customers need to see a dividend from AIB profits

Inflation proofed pay increases and a return to the 35-hour week are affordable and deserved says FSU

The announcement today by AIB of €645 million after tax in profits for last year show beyond doubt that an inflation proofed pay increase for staff and a return to the 35-hour week are affordable and deserved according to John O’Connell, General Secretary of the Financial Services Union.

The Announcement by AIB of €645 million in profits follow Monday’s announcement by Bank of Ireland of €1.4 billion in profits for 2021.

Commenting on the results John O’Connell said:

“The two retail Banks in Ireland have both announced this week a significant improvement in profitability with a combined profit of over 2 billion euros.

This is due entirely to the professionalism and dedication of staff working under extreme conditions to provide a customer friendly service across the Country.

Both Banks have also announced a dividend pay out to their shareholders with a combined total of over 250 million euros.

It is time that staff and customers receive a dividend for their loyalty and work in helping return the Banks to profitability.

The FSU are currently in negotiations with AIB on pay for next year.

It is clear from today’s announcement that the Bank has the funding available to reward staff with an inflation proofed pay increase for next year and to ensure that its retired workers’ pensions are increased in line with inflation.

If dividends can be paid to shareholders, then a similar dividend should be available to staff and retired staff

ENDS