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IBOA to Govt: protect IBRC staff rights

Thursday, February 07 10:49:15

Finance union, the IBOA's General Secretary, Larry Broderick, today called on the Minister for Finance to honour the commitments given to workers in IBRC on their terms and conditions of employment.

Arising from the Government's decision to liquidate IBRC, the contracts of employment of almost 1,000 employees (of whom approximately 800 are based in the Republic of Ireland) are intended to be terminated immediately.

"The Government has indicated that many of these workers may be employed by NAMA - when it takes over the assets of IBRC - but, as it stands, there is no guarantee as to how many of them will be employed and on what terms and conditions," said Mr Broderick.

"This is an appalling situation for these workers - whose livelihoods have been suddenly put at risk by the actions of a Government which, only a couple of years ago, gave commitments to the staff of IBRC when agreeing a strategic plan for the wind-down of this institution."

"Our members opted to continue working for IBRC - rather than take redundancy - on the basis of this strategic plan. It would be despicable if the reward for their loyalty and dedication was to be cast aside in such a callous fashion - especially in circumstances where it appears that bond-holders are again being protected."

"A transfer of undertakings from one corporate entity to another would normally provide certain protections for workers under EU law. We intend to seek legal advice as to whether the approach being taken in this case - which amounts to a technical liquidation because its assets are being transferred to NAMA rather than a total liquidation of all IBRC's assets - contravenes the letter as well as the spirit of that protective legislation."

"However, the Government could remedy athat injustice by immediately directing the special liquidators to ensure that the earlier commitments given to these workers are honoured in full," said Larry Broderick.

By Joe O'Connor