FSU & Ulster Bank Extend Agreement

Issued : 29 September 2016

UB stock photo




Redundancy Terms Remain in Place

The Financial Services Union (FSU) and Ulster Bank have agreed to extend their procedural agreement and current redundancy terms for a further two years until the end of December 2018. 

The aim is to foster constructive industrial relations and support a relationship between the FSU and the Bank based on mutual trust and positive engagement. This will be achieved through agreed negotiation and dispute resolution procedures with the use of third party mediation where deemed necessary by either side.

Recent negotiations have also secured the current redundancy terms of four weeks’ pay per year of service.

The deal comes at a time when the banking sector and Ulster Bank continue to undergo significant change, including a new senior management team for the Bank in the Republic of Ireland and greater alignment with RBS in Northern Ireland.

FSU Senior Official, Gareth Murphy, who negotiated the extended agreement, said:

“There have been many difficult changes and restructures for Bank employees in recent times, but this agreement gives a collective voice to staff to protect jobs and negotiate pay increases.

“It hasn’t been easy for front line staff, but effective representation by FSU and these negotiated procedures with Ulster Bank give members the opportunity to be involved in their employment and make a positive difference to their working lives and conditions.”

RBS has also assured FSU that it remains committed to Ulster Bank in both NI and ROI, and to the Union as the representatives of staff. The agreement states that the “Bank see’s the value Union members and representatives bring to the business”.

FSU General Secretary, Larry Broderick, added:

“It is important for staff and customers that RBS remains committed to Ulster Bank - competition is vital for the banking sector across the island and that requires a strong Ulster Bank.

“In turn, a strong Ulster Banks depends upon the commitment of its staff to customers.  This has been a period of unprecedented change, including several senior management teams.  The agreement negotiated between FSU and the Bank provides certainty and a framework from which both parties can contribute to the Bank’s growth.”

The agreement ensures that negotiating procedures and arrangements remain as they have been with third party mediation to be used, if necessary, to avoid disputes.  

Both sides have also committed to more local engagement between FSU representatives and the Bank to ensure that staff have a clear view of the Bank’s future business direction.


For More Information Please Contact

Jonathan King

Stakeholder Communications

077646 27297 / 028 9033 9949

[email protected]