IBOA seeks talks on INBS-Anglo merger...
Issued on May 19, 2011 at 10:34 AM
IBOA The Finance Union is seeking urgent negotiations with the senior management of Irish Nationwide Buidling Society on the Society's proposed merger with Anglo Irish Bank - following today's announcement of annual losses at the Society totalling more than €3 billion.
"This ongoing legacy of the past mismanagement of Irish Nationwide's affairs continues to have serious implications for its staff - even though they were not responsible for the reckless policies that were pursued by the Society," declared Union General Secretary, Larry Broderick.
"When we meet Irish Nationwide's management, IBOA will outline our view that a completely new Board structure will be necessary to supervise the direction of the new merged entity. We will also be seeking clarification on the implications for the jobs of staff in Irish Nationwide and Anglo. We will also demand a commitment that existing agreements and staff contractual arrangements will be fully protected; and that all restructuring proposals will be subject to negotiation and agreement with IBOA.
"It is vital," said the IBOA leader, "that, before any merger takes place, very clear policies are developed for the new company about the roles, selection criteria and other operational matters which could have an impact on staff."
Mr. Broderick also called on the Government to engage further with the Union on the future of the financial services sector arising from the Minister's enunciation of his two-pillar strategy for Irish banking.
