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Friday 1 December 2023 Dublin: -3°C
Wanderley Massafelli/Photocall Ireland Irish Bank Resolution Corporation headquarters on the Burlington Road in Dublin 4

Union representing IBRC staff to meet with LRC chief Kieran Mulvey next week

The Irish Bank Officials Association says that the meeting is evidence of the legitimacy of IBRC staff’s claims over redundancy packages being cut.

A UNION REPRESENTING hundreds of workers at the Irish Bank Resolution Corporation (IBRC) is to meet with the head of the Labour Relations Commission (LRC) next week in a bid to resolve a long-running dispute over redundancy terms.

The Irish Bank Officials Association (IBOA) has confirmed in a letter to its members working in the former Anglo Irish Bank that it will meet with Kieran Mulvey, the chief executive of the Labour Relations Commission next week.

The meeting will be exploring solutions to the dispute over the changing of redundancy terms for the bank’s employees in the wake of IBRC’s dramatic liquidation last February.

For months, IBOA members at the bank have been in dispute with the special liquidators, KPMG, over changes to their redundancy terms.

Some workers have left the bank altogether, some have been rehired to deal with the winding down of its loan book.

‘Legitimate claim’

The dispute concerns redundancy terms for IBRC staff who were entitled to four weeks’ pay per year of service prior to liquidation.

This has now been replaced by statutory redundancy of two weeks’ pay per year of service, effectively halving redundancy packages for many workers.

In a letter to its members yesterday IBOA general secretary Larry Broderick said that the meeting with Mulvey is a “positive development” and follows Mulvey’s meeting with “all relevant parties to the dispute”.

He cautioned that while there is no promise of a resolution the meeting is “evidence of the legitimacy of members’ claims”.

Finance Minister Michael Noonan has previously said that it would be legally problematic to give staff anything more than statutory redundancy.

More: Data breach involving payments to current and former IBRC staff

Read: Union now tells IBRC staff to cooperate with NAMA over new roles

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