Staff at IBRC are being treated better than at other businesses that have gone into liquidation, even as their contracts are terminated, the Republic's Finance Minister Michael Noonan has said.
The 800 Irish-based staff had their contracts with the former Anglo Irish Bank and Irish Nationwide terminated when the bank was rushed into liquidation last week. Some 150 UK staff have retained their contracts as they are in a different jurisdiction.
Arriving at a meeting of EU finance ministers in Brussels, Mr Noonan was adamant the rank and file staff at the bank would be treated as fairly as possible given the circumstances.
He said: "Unlike a shop closing on the street, the liquidator here is re-employing people on ongoing contracts and, as well as that, when Nama gets involved in the acquisition of the assets it's their intention to hire a cohort of staff so the staff are in a better position than in a normal liquidation."
Banking union the IBOA has criticised the decision to terminate service contracts with IBRC employees. Yesterday the union's Larry Broderick met with KPMG's Kieran Wallace who is liquidator to the business.