priority payment

"If you'll put through your invoice, I'll see that it receives priority payment authorization."

They agreed, but only if he first filed for bankruptcy protection so that the new loans would receive priority payment should the company not survive.

For the offer to succeed, Owens-Illinois will also have to cut a deal with its banks, which also have the right to priority payment.

"The I.M.F. and the World Bank have enjoyed priority payment even though they don't have it legally," he said.

In early 2008, the EBA launched the Euro Priority Payment Scheme, a non-proprietary scheme open to any bank in the European Economic Area (EEA).

It has rejected Winsor's plan for a new skills bonus to replace an automatic competency allowance that became known as "grab a grand" and instead backed scrapping special priority payments, which were supposed to reward frontline roles but had become routine, to save a further £86m a year.

The police arbitration tribunal has backed most of the key principles of the proposals put forward by the former rail regulator, Tom Winsor, with the bulk of the savings coming from the abolition of £1,200-a-year "special priority payments" and a two-year freeze on officers automatically moving up payscales.