Monday 18 December 2017

IBRC staff threaten action over redundancies

Donal O'Donovan

Donal O'Donovan

STAFF at Irish Bank Resolution Corp (IBRC), the former Anglo Irish Bank, have threatened industrial action after the decision to shut the bank wiped out their entitlement to the bulk of expected redundancy payments

Staff at the bank voted overwhelmingly to support a campaign for "fairness and respect," according to the Irish Bank Officials' Association (IBOA).

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

The dispute centres on demands by employees of the former state-owned bank that their former redundancy packages be reinstated.

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.


Around 150 staff in the UK retained their contracts, including redundancy entitlements, as they are in a different jurisdiction.

"IBRC workers want to support the taxpayer by capturing the value of IBRC's assets. But the commitments that the Government made to staff must be honoured," said IBOA general secretary Larry Broderick (pictured).

He said legislation used to shut the former Anglo also gave the minister power to compensate former staff. The liquidators last night declined to comment. Representatives of the union are due to meet the liquidator tomorrow.

Meanwhile, state-owned AIB said yesterday that it planned to transfer 73 staff to software company HCL by the summer. The staff are responsible for desktops and software at the bank.

Irish Independent

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