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IBRC staff face statutory payment only

Thursday, February 21 16:01:40

Staff at the IBRC, now in liquidation, have been told that a deal previously made with the Department of Finance on redundancy is now void and they'll get only statutory redundancy payments.

The liquidation, which was linked to the deal with the European Central Bank on the promissory notes of the former Anglo Irish Bank, has dramatically accelerated the wind-down of the business.

Apart from facing the prospect of losing their jobs much earlier than was originally intended under the IBRC strategic plan agreed with the Department of Finance in 2011, the workers have also been informed that the redundancy terms agreed with the Department at the end of 2011 are being withdrawn and replaced by statutory entitlements only, staff members said.

"While the workers in IBRC are still struggling to come to terms with the sudden change in their career prospects, they are still expected to carry on dealing with customers as though nothing had happened," said IBOA General Secretary, Larry Broderick. "Then to add insult to injury, they have been told that the modest redundancy terms agreed with the Department of Finance less than fifteen months ago, are now being withdrawn."

"350 workers have left the company on these redundancy terms and many others who wished to leave were encouraged to stay at IBRC on the understanding that these terms would apply when their work was completed. So they feel justifiably aggrieved at the latest developments."