Bloomberg News

Irish Finance Ministry Delaying Bank Negotiations, Union Says

January 23, 2012

Jan. 23 (Bloomberg) -- Ireland’s Finance Ministry is “preventing negotiations to be finalized” between banks and labor unions on programs to cut jobs in the industry, according to Larry Broderick, head of the Irish Bank Officials’ Association.

Allied Irish Banks Plc, which outlined plans in April to cut over 2,000 jobs, still hasn’t completed its proposals, Broderick said in an interview with Dublin-based RTE Radio today. Bank of Ireland Plc, which agreed revised redundancy terms in October with the IBOA for staff as it completes a 750 job-cuts plan, still isn’t able to implement it, he said.

The Finance Ministry “is working with the banks as they design systems that are appropriate for the banks,” a ministry spokeswoman said in an e-mailed statement. The government has agreed with Ireland’s Troika bailout partners “that any redundancy plans must take account of the high level of investment by taxpayers in these banks.”

To contact the reporter on this story: Joe Brennan in Dublin at jbrennan29@bloomberg.net

To contact the editor responsible for this story: Finbarr Flynn at fflynn3@bloomberg.net


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