Business Irish

Wednesday 17 September 2014

Taxpayers to fork out up to €5m in pay-offs to former Anglo staff

Over 400 staff to receive lump sums of up to €18k on top of redundancy payment

Anne-Marie Walsh, Industry Correspondent

Published 25/04/2014 | 11:39

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Anglo Irish Bank sign at former Anglo headquarters, St Stephen's Green, Dublin, being removed in 2011

UP to 400 staff at the former Anglo Irish Bank are set to ballot on a redundancy deal worth up to €18,000 on top of statutory redundancy.

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The workers lobbied the government for a better package after they were offered the minimum statutory package of two year’s pay per year of service, plus an extra week, when the bank went into liquidation.

The staff, who earn an average €30,000 a year, expected four weeks pay per year of service, the same as the deal on offer in the public service.

It is understood that the packages range from €2,000 for staff with less than two years’ service to €18,000 for those with over 10 years.

The lump sums deal, worth between €4m and €5m, was drawn up following talks between the Irish Bank Officials Association and Chief Executive of the Labour Relations Commission, Kieran Mulvey.

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