IBOA responds to Bank of Ireland's UK job cuts announcement

Issued : 4 November 2010

Bank of Ireland Group's announcement of 270 job losses in Northern Ireland and Great Britain is profoundly disappointing, though not unexpected, according to IBOA The Finance Union.

These redundancies form part of the 750-job reduction programme announced by the Group in July under the restructuring plan agreed with the EU Commission in return for the injection of State funding by the Irish Government.

"Job cuts not only affect those who leave - but also those who remain," noted IBOA General Secretary, Larry Broderick. "IBOA's aim is always to protect both - by securing the best possible redundancy terms and by ensuring that any potential adverse impact on continuing staff is kept to an absolute minimum.

"At the time of the Bank's original restructuring announcement in July, IBOA secured an agreement under the auspices of mediator, Mark Connaughton SC, that any job reductions should be implemented on a voluntary basis for IBOA members and in line with existing agreements between IBOA and the Bank on voluntary severance terms - which provide for 6 weeks' pay per year of service plus statutory entitlements in the Republic of Ireland and Northern Ireland, subject to a cap of 2.5 years; and 6 weeks' pay per year of service inclusive of statutory in Great Britain.

"We understand that the areas most affected by today's announcement will be Belfast departments responsible for business support activities whose functions are to be transferred to Dublin - while similar work currently undertaken London is to be transferred to Bristol.

"We will be meeting the Bank's senior management tomorrow (Friday) to ensure that appropriate redeployment options are available to staff who wish to remain with the Bank and also that the transfer of workloads does not adversely affect continuing staff."

"While we are gratified that the Bank has committed to engage fully with IBOA on the implementation of its restructuring plan, we are nevertheless disappointed that such measures should be necessary. The impact of these redundancies will be felt not only by the families of those staff members who elect to go - but also by the wider economy of Northern Ireland which can ill afford to lose up to 240 jobs at this time," said Mr. Broderick