Belfast Telegraph

Thursday 23 October 2014

Bank staff severance deals warning

Workers at the former Anglo Irish Bank have vowed to take industrial action if severance deals are not just and fair

Workers at the former Anglo Irish Bank have vowed to take industrial action if severance deals are not just and fair.

Some 800 workers had their contracts terminated when the Government rushed through emergency legislation to liquidate the toxic bank, which had been rebranded as the Irish Bank Resolution Corporation (IBRC).

IBOA, the finance union, said there has still been no move on a pledge to retain many of the employees when the state's bad bank, the National Asset Management Agency, takes over Anglo debts.

General secretary Larry Broderick revealed members voted overwhelmingly to support the union's campaign for fairness and respect for all staff in the bailed-out bank, and are prepared to take industrial action if necessary.

"Workers will stand by each other and stand up for each other. IBRC workers want to support the taxpayer by capturing the value of IBRC's assets. However, the commitments that the Government made to staff must be honoured," he said

The bailed-out lender was liquidated last month as part of a deal to swap its controversial 25 billion euro promissory notes with long-term bonds.

IBOA said Finance Minister Michael Noonan and the liquidator, who representatives will meet on Wednesday, should take note of this show of solidarity and strength.

"Staff are clearly saying this liquidation may have been necessary to reach a deal on promissory notes but it was not necessary to liquidate staff's rights and agreements into the bargain," said Mr Broderick.

"The legislation gives the minister the power to undo this injustice and we are saying very clearly today that he must undo the injustice so that this wind-down can be as advantageous to the taxpayer as it can be."

The result of IBOA's ballot, which closed on Friday, was communicated to workers throughout the day with hundreds of staff meeting in IBOA's office while others dialled in from offices in London, Belfast, Cork, Limerick, Waterford and Galway in a show of solidarity and support for the campaign, the union said.

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