IBOA members accept mediator's recommendation on Ulster Bank job losses

Issued : 16 May 2012

IBOA The Finance Union has confirmed that its members in Ulster Bank have voted to accept the recommendation from independent mediator, Martin King, on the Bank's restructuring proposals - involving the loss of up to 950 jobs. The Bank's senior management has also indicated its acceptance of the recommendation.

Among the improvements to the Bank's original proposals recommended by the mediator - were the following:

  • enhanced severance terms of 4 weeks' pay year of service (including statutory entitlements);
  • an early retirement option;
  • additional provisions to protect the terms and conditions of the staff who remain with the Bank - especially on the issues of relocation to other workplaces and redeployment to other roles.

IBOA General Secretary, Larry Broderick, said that his members in Ulster Bank had accepted the mediator's recommendation in good faith. "The onus is now on the Bank to set out in detail - for the benefit of customers as well as staff - the full implications of all aspects of its plans.

"The full details of its restructuring plan has still to be clarified. This is essential to enable staff to make an informed decision about whether they should remain with Ulster Bank or leave at this time."

The development in Ulster Bank is likely to be the first in a series of announcements expected in the coming days about the future of Ireland's major retail banks. The implications of these developments will be considered by over 120 IBOA activists meeting in Galway tomorrow (Thursday) and Friday. Delegates will consider the emerging situation in:

  • AIB - where a recommendation on the Bank's restructuring plans is now imminent;
  • Bank of Ireland - where the Union is hoping to conclude a further round of negotiations on the Bank's restructuring plans within days; and
  • Danske Bank - which has just outlined proposals for a major reorganisation of its National Irish Bank and Northern Bank into one merged entity under the Danske brand.

The conference will also see Professor Bill Roche of UCD formally launch a history of IBOA, Handling Change, written by Paul Rouse and Mark Duncan, and published by the Collins Press.