NIB job fears as bank chief exits

THE State's main banking union has called for an "urgent" meeting with management at National Irish Bank (NIB) amid fears of looming job cuts.

The concerns among staff emerged after its owner, Danske Bank, announced a major restructuring plan. Danske Bank is shifting €4.6bn of bad loans at NIB into a so-called 'bad bank'.

The move will eliminate the NIB brand, including its name, with its Irish operations being merged with a separate bank in the North.

The loans -- which amount to more than half of the institution's loan portfolio -- will be shifted into the bad bank.

The announcement prompted a call by the Irish Bank Officials Association for an "urgent meeting", with fears the plan will lead to job cuts.


Danske refused to rule out redundancies, adding that staff numbers are "constantly under review".

The dramatic changes were announced at Danske's first quarter results -- with the company also revealing that NIB's long-running CEO, Andrew Healy, is to step down to consider "new opportunities".

He has been chief executive of National Irish Bank and a member of Danske Bank Group's executive committee since 2005. Danske carried out a major restructuring of NIB back in 2010, closing 25 branches and axing 150 jobs.