Business Irish

Tuesday 26 September 2017

IBRC staff 'outraged' as pay-off meeting is cancelled

Donal O'Donovan

Donal O'Donovan

Tensions between unions and management at state-owned Irish Bank Resolution Corp (IBRC) have risen sharply after special liquidator Kieran Wallace cancelled a planned meeting with the bank's main union.

Staff at the bank were "outraged" by the late cancellation of a scheduled meeting yesterday to discuss fears about redundancy packages, according to the head of the Irish Bank Officials Organisation (IBOA) which represents many workers at the company.

It later emerged that Kieran Wallace, a partner at KPMG, had earlier been appointed as receiver of Thomas Crosbie Holding, the company that publishes 'The Examiner' newspaper .

IBRC, the former Anglo Irish Bank is in liquidation but around 800 staff are still employed on short-term contracts to manage some €15bn of state-owned assets.

Ultimatum

The union has now issued an ultimatum demanding that a meeting to discuss redundancy terms for 850 workers take place immediately, or they will ballot for industrial action.

Last week, staff at the bank voted overwhelmingly to support a campaign for "fairness and respect", according to the IBOA.

They are prepared to take industrial action if necessary, according to a spokesman for the bank workers' union.

The 800 Irish-based staff at the bank had their contracts with the former Anglo Irish Bank and Irish Nationwide terminated when IBRC was rushed into a dramatic liquidation on February 7 at the behest of Finance Minister Michael Noonan.

The bulk of staff have been re-hired on monthly contracts by the special liquidators who are charged with selling off the remains of the bank, or transferring any remaining assets to NAMA.

Everyone who worked at IBRC knew that the bank was eventually to shut at the end of a 10-year 'wind-down'.

However, the shock liquidation of the bank means employees are only entitled to minimal so-called statutory redundancy packages, instead of a previously agreed deal.

Irish Independent

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