Finance union in "constructive engagement" with IBRC liquidator

Issued : 11 February 2013

A delegation from IBOA The Finance Union, which represents workers in the Irish Bank Resolution Corporation, met the liquidator, Kieran Wallace from KPMG, in Dublin today to discuss the implications of last week's decision to liquidate the company.

General Secretary, Larry Broderick, described the meeting as "the beginning of what we hope will continue to be a constructive engagement" between the parties.

"The liquidator has confirmed that the terms of the contracts being offered to workers for the duration of the liquidation process will now be extended to include all of the terms in force before the liquidation, except for those relating to redundancy - which are to be the subject of separate engagement with the Irish Government.

"The liquidator recognised the tremendous difficulty and uncertainty being created for staff in the present circumstances and agreed to review the issues of the duration of the contracts as soon as he had finalised the timeframe for the working through of the liquidation process.

"We hope that further information on the timeframe for each of the departments within IBRC should be shared with the Union by the end of this week. At this point it should be possible to indicate the proposed length of tenure advise for the workers in each area so that IBOA can engage with the liquidator further on this matter.

"The liquidator also confirmed that the employment rights of IBRC workers in Northern Ireland and Great Britain cannot be rescinded by an act of the Oireachtas. IBOA believes that this situation requires much further consideration in view of the potential anomalies that might arise for IBRC workers in the Republic of Ireland.

"While there are a number of issues yet to be resolved," said the Finance Union leader, "today's meeting represents a constructive start. We will meet the liquidator later this week to continue our discussions - and we expect there to be ongoing engagement as the liquidation proceeds. As for those issues - like redundancy terms - which lie outside his control, we will intend to engage with the Irish Government as the representatives of the shareholder, the State, to achieve an equitable outcome."