Restructuring at Anglo Irish Bank

Issued : 17 August 2011


IBOA was advised today by senior management at Anglo Irish Bank that the Board of the Bank has endorsed a restructuring plan which includes provision for 130 redundancies in the Republic and a total of 350 across the business globally.

The Bank has committed to engage with IBOA on the plan. Negotiations will begin tomorrow. IBOA represents the majority of staff who transferred to Anglo recently from the now defunct Irish Nationwide Building Society - as well as a growing number of staff within Anglo, itself.
IBOA General Secretary, Larry Broderick, said the Union was disappointed, though not surprised, at the announcement. Management's earlier indication that a plan was in preparation had resulted in considerable anxiety among staff in the Bank.

"We will be seeking clarification of both the scope and rationale for the restructuring proposals," he said. "While we acknowledge that the Bank has indicated its preference that redundancies should be implemented on a voluntary basis, IBOA will urge management to strengthen that commitment so as to avoid making any staff redundant on a compulsory basis given the current employment situation in the financial services sector.

"Negotiations on other issues such as the level of the severance terms and the criteria for selection will also begin tomorrow. As part of the restructuring agenda, we also intend to raise the concerns of the staff who will remain with the Bank on issues such as redeployment, retraining and remuneration.

"Our aim is to achieve a fair and balanced approach to the restructuring of the business both for those staff who opt to leave the Bank at this time and for those who decide to remain with the Bank," said Mr. Broderick.