Update regarding variable pay/profit share scheme - PTSB

10 June 2026

 

You may be aware that Unite has commenced a ballot of its members for industrial action in relation to PTSB’s Variable Pay / Profit Share Scheme announcement yesterday.

 

Given the level of interest in this matter, we felt it was important to update you on the background to the issue and importantly, our Union’s position.

 

The chronology of recent events is set out below.

 

  1. Several meetings were held on Variable Pay during March 2026. A Variable Pay model was agreed in principle, subject to ratification by the members of the three Unions through a democratic ballot process.

 

  1. The ballot closed on 1 April 2026 with the following outcomes:
  • FSU – Accepted the proposed model
  • Mandate – Accepted the proposed model
  • Unite – Rejected the proposed model

 

  1. Following the ballot, the Group of Unions (GOU) and the Bank re-engaged in an effort to reach a mutually acceptable resolution. No agreement was reached.

 

  1. Several meetings subsequently took place between the three Unions between April and May 2026. Despite extensive engagement, no mutual agreement could be reached.

 

  1. On 20 May 2026, the Unions formally wrote to the Bank advising that the parties had reached an impasse and that the Unions wished to refer the matter to the Workplace Relations Commission (WRC).

 

  1. During a meeting with the Bank on 26 May 2026, the Bank advised that it intended to implement a Variable Pay model for a period of 1 year only.

 

  1. The Bank’s position was formally communicated in writing to the GOU on 3 June 2026. The Bank is keen to implement the scheme ahead of the potential BAWAG sale and 2026 Performance Year.

 

  1. The Bank’s position is that this represents a fair compromise that acknowledges the position of Union members who voted in favour of the Scheme; acknowledges the legitimate concerns of other members by providing further engagement on the enduring scheme design and also ensures that all colleagues (including those colleagues who are not in a Union) receive payment that rewards them for their performance of the Bank in 2026, with awards payable in Q2 2027.

 

The FSU position is as follows:

  • We remain committed to the Group of Unions approach and to collective bargaining through the agreed structures.
  • Our members voted to accept the Variable Pay / Profit Share proposals following the conclusion of negotiations.
  • We recognise that members of another Union reached a different conclusion through their own democratic ballot process and we respect their right to determine their own position.
  • We believe it is important that members receive clarity and certainty regarding Variable Pay / Profit Share, particularly in the context of the proposed sale of the business.
  • We continue to support engagement through established industrial relations processes and would welcome any outcome that improves upon the proposals already accepted by our members.
  • However, our primary responsibility is to represent the mandate given to us by our members. At present, that mandate remains acceptance of the Variable Pay / Profit Share proposals that were put to ballot.
  • AIB and BOI members have had 3 years of similar profit share arrangements and we do not want our PTSB members to miss out on another year’s payment.
  • We have been seeking to agree profit share arrangements with PTSB for over 2 years at this point.
  • Accordingly, our Union is not currently in dispute with the Bank on this matter and will not be conducting a ballot for industrial action.

 

We will continue to keep you updated on any developments. We are also keen to hear your thoughts on the above, so feel free to reply to this email and let us know.

 

James Callaghan

Industrial Relations Organiser