IBOA welcomes decision of Irish Life and Permanent TSB and AIB management to offer protection to transferring Irish Nationwide and Anglo Irish staff

Issued : 24 February 2011

The decision by the Government today announcing the transfer of deposits from Anglo Irish to AIB and Irish Nationwide Building Society to Irish Life and Permanent TSB has been welcomed by IBOA given the commitment by both institutions to protect the jobs and terms and conditions of staff being transferred.

Following discussions with both institutions focusing on the impact on staff being transferred, IBOA has welcomed the commitment to retain jobs.

Speaking this evening, IBOA General Secretary, Larry Broderick, said: "Since the announcement of the sale of these deposits, IBOA has argued that these should be transferred to Irish institutions and at the same time sought the full protection of staff as part of any transfer. Positive discussions have taken place this evening with both Irish Life and Permanent TSB and AIB senior management and we welcome their commitment to retain jobs for the transferred staff. In particular the Irish Life and Permanent TSB senior management has given very real assurances to staff both in terms of a commitment to no compulsory redundancies; ensuring any redundancies in the future will be on a voluntary basis and protecting the terms and conditions of employment of all staff transferred across.

"IBOA is particularly critical of the manner in which these transactions have been prosecuted - denying staff the opportunity to consult with IBOA in line with the Transfer of Undertakings (Protection of Employment) regulations," said the IBOA leader. Nevertheless the commitment of both Irish Life and Permanent TSB and AIB to engage with us in the coming weeks is very much welcomed and I look forward to building on these commitments."

Mr Broderick concluded: "With the formation of a new Government imminent, we believe it is imperative that an early meeting takes place between IBOA and the new Government about a strategic vision for the banking sector which puts people and customers at the centre of these plans rather than focusing simply on propping up financially impaired institutions."