AIB CAN NOW FOCUS ON GETTING THE SHOW BACK ON THE ROAD - It is almost 24 hours since the row over top managment pay at AIB Group was resolved to the satisfaction of the Government. Colm Doherty is installed on a basic salary of €0.5m as managing director, while chairman Dan O'Connor has become executive chairman on a temporary basis. The position of chief executive, held by Eugene Sheehy, will disappear for the time being when he leaves the bank at the end of November.
The chief executive of the Irish Association of Investment Managers - the body that represents institutional shareholders in the Irish stocks - Frank O' Dwyer says it has been months since Eugene Sheehy, announced he was going to retire. In this 'fairly critical time' when domestically owned banks are a vital part of the country's economic recovery, the bank's top team should be known so as the bank can address not only the challenges facing financial institutions all over the world, but also dealing with the EU on strategic issues going forward and transferring its assets to NAMA.
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MORNING BRIEFS - The quoted insurance group, FBD has updated the markets this morning about how its been doing in its financial year to date. It is best known for its connections to the farming sector but has been looking to grow its market share in Dublin in recent times. This morning it says it expects to report operating profits in both its underwriting and non-underwriting business for this year and earnings per share will be ahead of current broker forecasts.
*** Aer Lingus directors have said that if a deal is not reached with unions at the Labour Relations Commission by November 30 on the latest round of job and cost cuts, then compulsory redundancies may be necessary. The company is seeking €97m of savings to ensure its continued viability.
*** On the currency markets, the euro is worth $1.4922 US cents and 89.24 pence sterling.
