Irish Nationwide recognises union
Issued : 7 March 2010
Sunday Tribune
IRISH Nationwide Building Society has for the first time agreed to recognise the Irish Bank Officials Association in negotiations with its staff.
An Irish Nationwide spokesman confirmed that the board of the society signed off on the agreement to recognise the union last week. Former Irish Nationwide managing director Michael Fingleton had for years resisted attempts by the union to represent workers, but since his departure last year the IBOA has held several meetings with his successor, Gerry McGinn.
The move to recognise the IBOA comes ahead of the building society's merger with EBS, which is expected to lead to a large number of job cuts and branch closures. Irish Nationwide employs about 400 people.
The IBOA said the number of building society staff joining it since the banking crisis began has been increasing and it is concerned about job security after the merger.
Irish Nationwide is expected to post a huge loss for 2009. It is transferring €8.3bn of loans to the National Asset Management Agency, equivalent to 80% of its loan book.
The building society said in December that it would need as much as €2bn in fresh capital once its toxic loans go to Nama.
Ian Guider
