News

Friday 29 August 2014

Bank to pay off 100 staff but has 130 jobs to fill

John Mulligan

Published 07/06/2014 | 02:30

  • Share
The Central Bank has let staff go
The Central Bank has let staff go

As many as 100 staff at the Central Bank are being let go under a voluntary severance programme, despite the institution having more than 130 vacancies to fill.

  • Share
  • Go To

Some staff who applied for redundancy under the voluntary scheme have already been issued with indicative offers, but no final offers have yet been made, the Irish Independent has learned.

In a statement to the Irish Independent last night, the Central Bank said that it has some "skill mis-matches" within the institution.

"The scheme recognises the amount of change that has taken place across the bank and that is still on-going, which has resulted in some skills mis-matches," it said.

A spokeswoman declined to detail the types of roles being undertaken by the staff who have applied for the redundancy scheme, which was drafted in conjunction with trade union Unite.

She also declined to say how many staff had applied for the redundancy scheme or how many formal redundancy offers might be made.

It is understood that the redundancy package, including statutory payment, works out at the equivalent of five weeks pay per year of service – up to a maximum of two years salary. It also includes an additional one week payment on top of the overall redundancy package.

The Central Bank has about 1,400 employees. Earlier this week, it was revealed that there are 133 vacancies at the institution. While 50 job offers had been made to fill those roles, just 27 had so far been accepted. Of the vacancies, 72 are posts related to regulatory functions.

The Central Bank said it introduced a voluntary severance scheme under the so-called Foster Agreement, as part of a collective agreement with Unite that was hammered out last year.

The Foster Agreement enabled the Central Bank and its staff "to meet the commitments set down for the wider public service envisaged by the Financial and Emergency Measures in the Public Interest (FEMPI) legislation," the Central Bank noted in its latest annual report published in April.

The application process for the severance scheme ran for the month of March.

"The terms of the scheme are identical to those offered across the public service," according to yesterday's Central Bank statement.

The Irish Independent understands that over 100 staff will go under the scheme. It's also believed that formal offers will be made by the end of this month or early in July. Staff who take up the offers will leave in coming months.

Irish Independent

Read More

Editor's Choice

Also in Irish News