Sunday 19 November 2017

IBRC seeks 40 redundancies among its staff in UK

Sarah McCabe

Sarah McCabe

IBRC is seeking 40 redundancies among its UK staff as it attempts to outsource some of its asset management operation to Capita.

The employees, who work in London and Belfast, will be made redundant in August.

These employees manage former IBRC assets, estimated to be worth €1bn, that were transferred to NAMA following the bad bank's liquidation. The group now wants to outsource the management of these assets to business outsourcing specialists Capita.

Capita may rehire some of the employees. Most of the staff in Northern Ireland are former Irish Nationwide employees while the UK staff are former employees of Anglo Irish Bank.

In Ireland all of IBRC's Irish staff were immediately made redundant upon the bad bank's liquidation but many were rehired for the liquidation process by special liquidators KPMG. Once the liquidation process is complete some may be later rehired by NAMA or Capita.

It was though redundancies would be avoided among IBRC's 170 UK staff because of employment laws, which were disallowed in the Irish case. But special liquidators KPMG are now seeking an exemption from these laws in the UK. If successful this would permit the job cuts.

"While the decision to transfer the management of these assets to Capita is no real surprise under the circumstances, we are shocked and disappointed that no commitment has been made to implement legislation covering the rights of workers on the transfer of business," said Irish Bank Officials Association secretary Larry Broderick. The IBOA represents many staff at the former IBRC.

Irish Independent

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