Irish Nationwide staff urged not to co-operate with transfer of assets without agreement

Issued : 10 February 2011

Following Tuesday's announcement by the Department of Finance of proposals to auction of Irish Nationwide's deposits, representatives of the Society's employees from around the country met today in Dublin to consider its implications.
Larry Broderick, General Secretary of IBOA The Finance Union, said that there was a clear sense of anger and frustration at the meeting over the failure of management, the Department of Finance and the National Treasury Management Agency to engage with staff in INBS either before or since the announcement.

"Tuesday's announcement has been greeted with shock and distress by staff in Irish Nationwide. It raises far more questions than it answers for the staff and their future employment prospects. But no attempt has been made to clarify the their situation

"This is an appalling way to treat staff especially when they have already endured an extremely difficult couple of years as a result of the gross mismanagement of the Society's affairs by the previous senior management team.

"In view of the revelation that the auction process is to proceed at breakneck speed, IBOA the Finance Union has sought an urgent meeting with the leadership of the Board and senior management of Irish Nationwide - at which we will remind them of their duty of care towards staff as well as towards the Society's assets and deposits. In particular we will seek the implementation of their previous commitment to engage fully with the Union in a process of consultation, negotiation and agreement.

"We are also seeking clarification from the National Treasury Management Agency and the Department of Finance as to the rationale for their current proposals and the likely implications for the staff of the Society.

"Until such time as those commitments and clarifications are forthcoming, IBOA is advising its members throughout Irish Nationwide to withhold co-operation with the transfer of any of the Society's assets," he declared.

"Furthermore, following yesterday's decision by the Minister for Finance to defer the further recapitalisation of Anglo Irish Bank until after the formation of a new Government, we strongly believe that the auction of assets should also be deferred to enable the new Government to review the situation in its entirety in the context of bringing greater stability and certainty to the banking system in Ireland."