Deposit Interest Retention Tax Settlement.Business Editors DUBLIN Dublin, city, Republic of Ireland Dublin, Irish Baile Átha Cliath, county borough (1991 pop. 915,516), Leinster, capital of the Republic of Ireland, on Dublin Bay at the mouth of the Liffey River. , Ireland--(BUSINESS WIRE)--Oct. 3, 2000 Allied Irish Banks Allied Irish Banks, p.l.c. (AIB) (Irish: Bainc-Aontas Éireann),ISEQ: ALBK, LSE: ALBK, NYSE: AIB, FWB: AIB is a commercial bank based in Ireland not to be mistaken for Anglo Irish Bank. AIB is one of the so called Big Four commercial banks in Ireland. , p.l.c. (NYSE NYSE See: New York Stock Exchange :AIB AIB n abbr (BRIT) (= Accident Investigation Bureau) → oficina de investigación de accidentes AIB n abbr (Brit) (= Accident Investigation Bureau) → ;AIBPR;FMBPR) today announced that it had reached a full and final settlement with the Irish Revenue Commissioners of IR(pound)90.04 million in relation to the Group's Deposit Interest Retention Tax (DIRT) for the period 1986 to 1999. The terms of the settlement are as follows :
Period DIRT Interest & Total
Penalties
IR(pound)m IR(pound)m IR(pound)
1986/87 to 1991/92 32.92 54.23 87.15
1992/93 to 1998/99 1.66 1.23 2.89
Total 34.58 55.46 90.04
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This settlement includes tax of IR(pound)1.08 million paid in
prior years in respect of cases discovered by AIB after 1991.
Therefore, an amount of IR(pound)88.96 million, which has now been
paid, will be reflected in the accounts of AIB Group for the year
ending 31 December, 2000.
The total DIRT paid by AIB is now as follows:
Period Original DIRT Additional DIRT Total Paid
Paid Now Paid for Period
(See table above)
IR(pound)m IR(pound)m IR(pound)m
1986/87 to 1991/92 304.10 32.92 337.02
1992/93 to 1998/99 298.80 1.66 300.46
Total 602.90 34.58 637.48
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AIB Chairman Lochlann Quinn Quinn or O'Quinn is a surname of Irish origin. It comes from the original Irish name Ó Cuinn, ie descendants of Conn. It means wisdom or chief. said: "Although AIB believes that it had an agreement with the Revenue Commissioners in 1991 in relation to DIRT, the Board of AIB considers that concluding this settlement is in the best interests of shareholders, customers and staff. The settlement brings finality fi·nal·i·ty n. pl. fi·nal·i·ties 1. The condition or fact of being final. 2. A final, conclusive, or decisive act or utterance. Noun 1. to the DIRT issue and follows an intensive and thorough audit by the Revenue Commissioners lasting 15 months in which AIB co-operated fully. AIB would like to apologise v. 1. same as apologize. Verb 1. apologise - defend, explain, clear away, or make excuses for by reasoning; "rationalize the child's seemingly crazy behavior"; "he rationalized his lack of success" for past shortcomings A shortcoming is a character flaw. Shortcomings may also be:
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