'Qualified' IBOA support for NAMA
Issued : 9 September 2009
RTE
The Irish Bank Officials Association has given 'qualified' support to the Government's proposals for a National Assets Management Agency.
IBOA general secretary Larry Broderick said the 'NAMA approach has the best chance of any of the solutions proposed so far of repairing the banking system.'
However, the association, which represents over 23,000 staff in the financial service sector, added that complimentary measures must be introduced alongside NAMA to make it work.
The measures include a mechanism to monitor the supply of credit, a more effective regulatory regime, the introduction of a whistle-blowers' charter and a public inquiry into the banking crisis.
The IBOA also wants an agreed framework for how banks will behave following the transfer of assets to NAMA.
It wants negotiated settlements to be reached, rather than the use of compulsory redundancies, and wants the current rates of pay and terms and conditions of employment in the industry to be maintained.
Emma MacNamara
