ALLOCATABLE attribute

I spent quite a bit of time debugging an application that in the end boils down to the code below:

PROGRAM MAIN
IMPLICIT NONE

INTEGER,ALLOCATABLE :: ARRAY(:),I

ALLOCATE(ARRAY(5))
ARRAY = [1,2,3,4,5]
WRITE(*,*) (ARRAY(I),I=1,5)

END PROGRAM MAIN

This triggers an access violation. Obviously the declaration of the variable I is incorrect (it should not be declared as allocatable), but I am surprised that the compiler lets this slide. Maybe my understanding of this is not complete. In what circumstances "INTEGER,ALLOCATABLE :: I" (without a DIMENSION statement somewhere else in the code) would be acceptable and what would it mean?

This is with 16 Update 2.