Spectrum December 2010 by Seamas Sheils

DECEMBER 2010

The bleak

midwinter BUDGETS • BAIL-OUTS • BLIZZARDS

infra: red

SHORTCUTS

Art for art’s sake • £1.5m award to banker • Euro title for Deutsche Bank chief • Barclays Ireland boss steps down • Facebook post leads to dismissal

SHORTCUTS

File corruption wreaks havoc at Australian bank • Former RBS directors escape sanction • Central Bank to the world

4-5

CULTURE SHIFT

IBOA - THE FINANCE UNION

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MCR: Union seeks talks with Central Bank

6-7

HOUSECALLS

Close encounters of the Santa kind • Area meetings • Pensioners’ Committee Biennial Meeting

Excessive executive pay – a concern to Central Bank

EUNION

IBOA-TV: a new departure • Keeping us informed

Financial aid package to impose major cost on banking sector

CULTURESHIFT

From best case to basket case: How did it all go wrong?

9-12

SAFETY FEATURE

CULTURE SHIFT

NEWSFOCUS

Heartaches • Play safe! Work safe! • Austerity will lead to more working wounded • Lack of safety inspections

IBOANEWS

There is a better, fairer way!

18-19

YOUTHNEWS educ8-instig8-activ8

SPORTSSOCIAL

Belfast Bankers’ Club • Irish Bankers’ Club Draw

The QuarTerly Magazine froM iBoa – The finance union

SPECTRUM december 2010

infra: red

SPORTSSOCIAL WORKPLACE Happy famillies at Belfast NEWS Zoo • Pantomimes

IBOA refers NIB pension changes to Labour Court

26-27

WORKPLACE NEWS

IBOA seeks greater clarity about AIB’s future • Bonus row distresses AIB staff • Talks continue with AIB management

Too big too fail • Living Dolls: Free to choose (from a limited menu)

Talks continue over transfer of BOI IT contract to IBM • INBS set to merge with Anglo?

34-35

SPORTSLIFE

IRFU’s wishful thinking

IBOAQUIZZES

Prize crossword•Picture board • Sudoku challenge

42-45

LIFESTYLE The Gift of Life

36-37

ULTRAVIOLET

Breaking banks • Botoxification • A chip off the old block • New bank policies • Rising sum • Bankrupt banker • And finally…

46-47

SeaSonS greetingS to all our readerS

Mediated talks follow 24hour strike at HP CDS

FLICKPICK

Angelina and Johnny in The Tourist

MUSIC MAESTRO

Cool as Fire! • Elvis lives!

Spectrum is published by IBOA – The Finance Union, IBOA House, Stephen Street Upper, Dublin 8 and 29, Malone Road, Belfast. BT9 6RU. Telephone: 00353-1-4755908 and 0044-28-90200130 info@iboa.ie www.iboa.ie www.iboa.org.uk General Secretary: Larry Broderick Honorary Secretary: Tommy Kennedy Communications Manager: Séamas Sheils Advertising enquiries to Anna O’Doherty or Louise O’Donnell in IBOA House. Spectrum is printed on recycled paper and wrapped for posting in oxy-degradable polythene at W & G Baird, Antrim, Northern Ireland.

SPECTRUM

december 2010

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Bank of Ireland seeks to raise more capital • BOI announces job cuts in Northern Ireland & Britain

WORKPLACE NEWS

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BOOKWORM

WORKPLACE NEWS

Union secures full payment of promotion increases • MCR issue goes to Labour Court • Health & safety

WORKPLACE NEWS

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32-33

WORKPLACE NEWS

short: cuts

Oksana Denysenko

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London tribunal awards £1.5m to banker sacked on return from maternity leave

A London-based investment banker who was made redundant shortly after returning to work from maternity leave was awarded £1.5 million recently by an employment tribunal. When Oksana Denysenko came back to work as a vicepresident with Credit Suisse after the birth of her daughter, she found that the colleague covering her position was still there. The two continued to work together for seven months before Ms. Denysenko was told two people were no longer needed in the role. Although Credit Suisse contested the case, an employment tribunal in East London ruled that Ms. Denysenko had suffered discrimination because she was chosen for redundancy as a direct result of her maternity The tribunal ruled that she be paid £656,104 in compensation for loss of future earnings and injury to feelings – with a further £900,000 to cover lost bonuses, wages for one and a quarter years and an enhanced redundancy package. The total award equates to more than 18 times her basic salary.

SPECTRUM december 2010

Art for art’s sake At last Anglo-Irish shares are ﬁnally worth something in artwork Worthless Anglo Irish Bank shares, which once peaked at E17, appear to have recovered some of their value since they were incorporated in a work of art recently by Dublin-based artist, Frank O'Dea. Anglo investors, who donated shares in response to the artist’s appeal earlier this year, each received a free print of the artwork, The Anglo Irish Bank Shareholder, showing a distressed investor sitting at a bar with his worthless share certificates beside him.

The limited edition of 35 prints were originally sold by a Dublin gallery last August for €19.71. However, one print offered for auction on eBay recently attracted a bid of €218 – a staggering increase of 1,106%. "The people who gave me their shares thought they were worthless,” commented Frank O’Dea. “I’m delighted to have turned it into art which is continuing to rise in value,” he said.

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short: cuts Facebook post leads to dismissal for RBS worker

Barclays Ireland chief steps down The managing director of Barclays Bank Ireland plc, John O'Connor, has stepped down after two-and-a-half years in the position “to pursue other interests.” Responding to the news, a spokesman for the Bank said that Barclays remains “committed” to its Irish operation – which employs around 120 people, mainly in corporate banking, wealth management and the group’s investment banking arm, Barclays Capital. John O’Connor, who also worked for UBS, Fortis and Bank of Ireland before joining Barclays Ireland, called for a return to the basics of banking last year. “Will we go back to boring banking? Well, what I ask is boring banking? Is boring banking doing what you should have been doing all along? “Is that boring banking? Maybe we should drop the ‘boring’ and just call it banking,” declared O’Connor.

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Deutsche Bank CEO, Josef Ackermann, has been named ‘European Banker of the Year’ by a panel of economic journalists who praised his leadership of Deutsche Bank during troubled times. That view may not be pean Central Bank and Jeanshared by the 20,000 staff cut Claude Juncker, Prime Minister from Deustche Bank since of Luxembourg, along with Ackermann became Deutsche Peter Wuffli of UBS who was Bank’s first non-German chief ousted as CEO for excessive executive officer in 2006. Indeed risk-taking just two years after the Swiss-born boss is regarded winning the award in 2005. by many as a controversial The 2003 winner was choice for a title with a track another CEO with an aggresrecord for unusual selections. sive approach to cutting staff – First awarded in 1994, the Fred “the Shred” Goodwin of European Banker of the Year RBS – who subsequently brought roll of honour includes senior Ulster Bank’s parent company public policy-makers, such as to the brink of collapse in 2008 Jean-Claude Trichet of the Euroand needing major State aid.

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Deutsche Bank boss wins controversial European title

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TAKE A BREAK

European Banker of the Year 2010 is Deustche Bank Chief Executive, Josef Ackermann.

An employee of Royal Bank of Scotland was sacked without compensation recently after a co-worker told her boss about posts she had made on Facebook. When the Bank announced in September that it was to cut 3,500 jobs, Kate Furlong suspected she would be one of those to be laid off. She outlined her suspicions rather exuberantly on Facebook, as follows: “I speak for myself when I say ‘WoOOOOooooOooooHO oooOooOoo’ it was pretty damn obvious something like this was coming. I'm neither stupid nor naive… and quite honestly it is the best news ever as far as I am concerned!” “It was not unexpected. I’ve just hung on by my fingertips to stick around long enough for a nice pay-out when they could’ve had me out long ago without a penny! More fool them! Haha! Xx.” After a work colleague reported her, the Bank responded by ordering her to appear at a disciplinary hearing, where she was sacked without compensation. She's now suing for unfair dismissal.

SPECTRUM

december 2010

short: cuts

Fred ‘the Shred’ Goodwin

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Former RBS directors escape sanctions

The UK’s Financial Services Authority (FSA) has closed its investigation into the near collapse of Royal Bank of Scotland (RBS). Even though the Edinburgh-based bank needed a £45bn rescue package from the British Exchequer, the FSA is to take no action against any of its former directors – including Sir Fred Goodwin, its Chief Executive at that time. The FSA appointed PricewaterhouseCoopers to analyse the events that preceded the near collapse of RBS in October 2008. The consultants concluded that while its senior management made poor judgments, there are no grounds to take enforcement action against the individuals involved. So far only one former RBS executive – Johnny Cameron, head of the investment division – has been subjected to public censure by the FSA. In May the Authority agreed not to take disciplinary action against him in return for an undertaking from Cameron that he would not hold any “significant influence function” at a City firm or “undertake any further full-time employment in the financial services industry.”

SPECTRUM december 2010

The launch of National Australia Bank’s new logo has been overshadowed by the impact of the corrupt computer file.

File corruption wreaks havoc at Australian bank W

hile allegations of corruption in banking have been commonplace in many parts of the world, corruption of a different kind wrought havoc at one of Australia’s largest financial institutions recently.

A corrupt electronic file is believed to have been behind a recent systems meltdown at National Australia Bank (NAB) – which not only meant that thousands of customers ran out of cash recently but also generated a large number of bogus transactions. File corruption on the Bank’s mainframe computer – apparently caused by a failed upgrade – meant that thousands of personal and business customers were unable to access their accounts through ATM machines. It also halted payments or caused them to be read incorrectly, added fictitious debits to other customer accounts and conducted money

transfers to other accounts in NAB and even to accounts in a number of other banks. The Bank was forced to run full-page advertisements in the Australian press to express its regret for what happened and its commitment to resolve the issue. NAB which operates over 1,700 branches and service centres and almost 3,000 ATMs has recently completed a major rebranding campaign – involving the adoption of a new logo and a new popular name – ‘nab’ rather than ‘National.’ The adverse publicity arising from this event has severely deflated the momentum behind the attempted re-launch of the brand. National Australia Bank was active in the Irish banking scene for eighteen years. NAB acquired Northern Bank in 1987 and renamed Northern Bank’s Republic of Ireland operation as National Irish Bank in 1988 before eventually completing the sale of the two institutions in 2005 to their current owner, Danske Bank, of Denmark .

short: cuts

Ben Bernanke, Chairman of the US Federal Reserve Board

Central Bank to the World? The chaos at the height of the global financial crisis was far more extensive than previously thought, according to previously classified documents released by the US Federal Reserve recently, which revealed that emergency funding was provided to billionaire investors and international corporations like Toyota and General Electric, as well banks. Among the many beneficiaries of Federal aid were Harley-Davidson, Caterpillar, Verizon and even computer billionaire, Michael Dell. This

lending reached $3,300bn at its peak. In addition the Fed provided short-term loans to Goldman Sachs of nearly $600bn; nearly

$2,000 bn to Morgan Stanley; $1,800 bn to Citigroup; nearly $1,000 bn to Bear Stearns; and about $1,500 bn to Merrill Lynch.

A number of foreign banks also benefitted from the Fed's support – including AIB which received emergency loans totalling $27 bn. Barclays, Royal Bank of Scotland, Bank of Scotland (now part of Lloyds), Abbey National and HSBC also received billions in loans. The release of details of 21,000 transactions – against the Fed’s wishes – was secured by Senator for Vermont, Bernie Sanders, who said he found it “most surprising” that huge sums were used to bail out foreign banks and corporations. “Has the Federal Reserve of the United States become the central bank of the world?,” he said. “I intend to investigate whether these secret Fed loans, in some cases turned out to be direct corporate welfare to big banks that used these loans not to re- invest in the economy but rather to lend back to the federal government at a higher rate of interest by purchasing treasury securities,” he said.

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SPECTRUM

december 2010

headline: news

Ajai Chopra from the IMF, Istvan Szekely from the EU Commission and Klaus Masuch from the ECB at the press conference to announce the financial aid package for Ireland. (Photo: Sasko Lazarov/Photocall Ireland).

Financial aid package demands high price in interest charges –

but what will be cost to banking in Ireland?

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As part of the recently agreed ¤85 billion aid package for Ireland – with support from the International Monetary Fund, the EU Commission and the European Central Bank – a number of specific commitments were made about the future of the Irish banking industry, including the following:

• a new core tier 1 capital ratio of 12% must be met by 28 February 2011 for AIB, Bank of Ireland and EBS and by 31 May 2011 for Irish Life & Permanent. • a prudential liquidity assessment review will be conducted at Bank of Ireland, AIB, Irish Life and Permanent and EBS to be finalised by April 2011. • NAMA is to be extended to take further property and development loans from AIB and Bank of Ireland. As well as these specific commitments, further references were made to the restructuring of the banking sector in Ireland. However, apart from the comments from the Governor of the Central Bank about the disappearance of the Anglo brand early in the New Year and a joint restructuring proposal to be put the EU Commission by Anglo amd Irish Nationwide, there has been nothing to indicate how the other financial institutions operating in Ireland might be affected.

SPECTRUM december 2010

Accordingly IBOA is seeking a meeting with the Minister for Finance, the Head of Financial Regulation and the Governor of the Central Bank in order to clarify the implications of these developments for the future of Irish banking and in particular for jobs in the industry. IBOA is seeking clarification as to the implications for foreign- as well as domestically-owned banks. “While bank officials have always recognised that some consolidation would be inevitable within the banking sector, our members have become increasingly concerned as speculation about the possible scale of this restructuring has intensified,” said the Union’s General Secretary, Larry Broderick. “It is important, therefore, that clarity is provided as soon as possible on the extent and nature of this reconfiguration of the banking sector – for the sake of staff and indeed for the sake of customers,” he said. “A key concern for IBOA will be to protect the maximum number of jobs within the industry at this time. In particular we will be urging the authorities to resist the temptation to reduce costs by implementing further staff cuts. “Any short-term gains from such an approach are likely to be more than offset by the loss of experience and skill at a

crucial time for the sector and by the negative impact on the economy of lost tax revenue, increased welfare costs and reduced consumer spending,” he pointed out. “With over 6,000 jobs lost within the sector since the crisis began in 2008 and with many more already scheduled to go in the next twelve months, ordinary bank officials are continuing to pay a significant price for the widescale mismanagement of this industry – while those who actually made those decisions have generally enjoyed a soft landing courtesy of golden parachutes. “In contrast to the knee-jerk responses to market fluctuations which have characterised policy in more recent months, the IMF/EU/ECB intervention should at least stabilise the funding position of Irish banks to allow for a more considered review of the banking system as a whole to determine what kind of financial framework is required to support economic growth and social development in the future.” “Furthermore, if this restructuring of the banking system is to be genuinely effective, it is vital that it secures the fullest possible buy-in from the staff who will be required to deliver it. This requires proper engagement based on meaningful consultation, negotiation and agreement,” the General Secretary declared.

news: analysis

From best case to basket case

How did it all go wrong?

However, it would appear that the creation of IFSRA was primarily intended as a public relations exercise rather than a genuine attempt to improve regulation as subsequent events have confirmed. Historically Irish governments were unwilling to confront financial institutions even for the purpose of ensuring good governance and appropriate standards. In such a lax regulatory environment, it is perhaps understandable – though not excusable – that the leaders of many financial institutions developed a rather cavalier attitude to the conduct of their affairs based on the assumption that if they got into major difficulties, the State would step in to assist them.

Big Bonuses for Short-Term Profits As each of these scandals was brought to light, the reaction from the authorities was little more than mild censure. In some cases, like the ICI scandal, public funding was even used to meet the substantial deficits created by maladministration.

Cosmetic Regulation

SPECTRUM

december 2010

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The creation of the Irish Financial Services Regulatory Authority (IFSRA) in 2003 reflected increasing public disquiet over the lack of accountability within the Irish financial services sector under the previous regulatory regime operated through the Central Bank.

Running parallel with this light touch regulation has been the transformation of the prevailing culture within banking from one focused on customer service to one dictated by targets driven by the demand at Board level for maximisation of shareholder value through the ruthless and relentless pursuit of short-term profit-taking by senior executives who were rewarded by astronomical remuneration packages – even by international standards. This new era in banking which began at the start of this decade was reflected in a rebalancing of remuneration at all levels ⁄

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Bank employees have never been encouraged to express their views within their institutions: to do so would generally be regarded as a form of insubordination and could even risk disciplinary censure. Within that general climate of fear within the workplace, IBOA the Finance Union has effectively become the only vehicle through which staff concerns can be expressed.

Black Track Record Even before the present crisis, the Irish banking industry had become the focus of public concern and comment over the previous twenty-five years as a result of a series of major financial scandals, including: • the collapse of the Insurance Corporation of Ireland (AIB Group); • the inquiry into the evasion of Deposit Interest Relief Tax (DIRT); • the Faldor/AIB Investment Managers scandal; • the Ansbacher affair; • the All-First (Ruznak) affair; • allegations of mis-selling at National Irish Bank; , • the loans to politicians scandal; and • numerous overcharging complaints.

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he intervention of the International Monetary Fund, the European Central Bank and the EU Commission to provide Ireland and its banking system with an unprecedented level of financial support. has been a source of further distress to the many thousands of bank employees who were in no way responsible for the appalling catastrophe which has befallen the financial services sector and the economy as a whole. The reckless lending decisions which have pushed Ireland to the brink of economic collapse were taken at the highest levels within these institutions on the basis of policies pursued by senior management and endorsed by the banks’ Boards, regardless of any concerns on the part of their staff.

news: analysis within the industry with an increasing emphasis on performance-related pay – calculated on the basis of targets set by senior management and approved by the Board. Although performance-related pay was introduced initially for managerial grades, over time it has been widely applied throughout all grades within the sector – although clearly the value of these payments to lower-ranking staff was substantially less than those on offer to senior executives. Although IBOA does not oppose performance-related pay in principle, the Union has expressed major concerns about the manner of its application within the Irish banking system – as it appears to be designed to encourage a management style which has not only had a negative impact on the working environment but has re-inforced a culture which is unhealthy, undemocratic and ultimately detrimental to the interests of the customer – and the long-term interests of the institution, itself.

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Ticking the Boxes

This change in approach also affected the lending policies and practices adopted by the major financial institutions. The new emphasis on measureable performance targets was reflected in the excessive standardisation of many banking procedures – which bank staff have identified as a “box-ticking” mentality. The discretion and judgment of branch managers – which had been central to the traditional prudential approach to lending – was effectively devalued by this new standardised approach. The importance of ‘local knowledge’ based on long-standing relationships with customers was no longer deemed to be crucial. The significance of extenuating circumstances which might colour decisions to approve or disapprove certain transactions with customers was no longer considered to be as relevant. As long as a customer’s application “ticked all the boxes,” then their lending or other business proposition would be approved.

From Banking to Retailing The new objective in the financial services sector has become the selling of ‘products’ – rather than facilitating the prudent management of the financial affairs of customers. This has also been reflected in a new trend to appoint staff to key positions in the industry with no previous experience in banking but who, instead, have experience as managers in retail sales.

SPECTRUM december 2010

Patrick Neary, the former Financial Regulator, whose light-touch regime was incapable of dealing with the growing crisis in the financial services sector (Photo: James Horan/Photocall Ireland).

Reckless Competition Many commentators have referred to the impact of aggressive (and, in hindsight reckless) competitors like Anglo Irish Bank in the commercial banking area in forcing traditionally more conservative institutions like AIB and Bank of Ireland into adopting similar methodology in order to “stay in the game.” While this was undoubtedly true, it should also be acknowledged that some of the foreign-owned banks operating in Ireland such as Ulster Bank/First Active (owned by RBS), National Irish Bank (owned by Danske Bank) and Halifax (Bank of Scotland) were underwritten by their multinational parents to try to offer extremely competitive rates in order to acquire market share from the “big two” – especially, but not exclusively, in the area of personal banking. For example, First Active was one of the first institutions operating in Ireland to offer 100% mortgages – while following Danske’s acquisition of National Irish Bank, the new management team focused on growing the lending book in a manner which, following the property crash, has created such serious difficulties that the Bank has been forced to close almost half of its Branch network and make over a quarter of its staff redundant this year.

This transformation in the operating culture was allowed to happen by the existence of an extremely limited regulatory framework – based on the so-called “light touch” approach – which was applied without appropriate rigour or diligence. In short IFSRA was unfit for purpose: it had neither the quantity nor the quality of staff to provide effective regulation for the industry. It also lacked the necessary leadership to establish a proper relationship with the institutions it was supposed to regulate.

he combined effect of all of these factors has been the dilution of the traditional prudential values of the banking sector. This dilution has been a significant contributor to the current collapse. But at the root is the pursuit of the short-term maximisation of share-holder value which became the primary objective across virtually every institution on this island – even to the extent that it overrode major considerations about the long-term health of the individual institution, of the sector as a whole and tragically now of the entire economy. ⁄

news: analysis Fixing the Banking System

Central Bank Governor, Patrick Honohan, who will have a critical role in the restructuring of the Irish banking system (Photo: James Horan/Photocall Ireland).

Changing the Culture is Key

SPECTRUM

december 2010

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Certainly the general culture within banking is as oppressive as ever for staff: the only difference is that, whereas before the crash, staff were required to engage in high pressure campaigns to sell financial products, they are now required to engage in high pressure campaigns to acquire deposits as well as trying to achieve totally unrealistic sales figures. They remain under extreme pressure to meet targets – even though some managements are reluctant to honour agreed performance awards. At the same time, dissent is not tolerated. Staff are expected to convey each new twist in the message to customers without question – despite the fact that previous messages to customers about the soundness of the institution have proven to be patently untrue. Staff who are brave enough to speak out – even in the most general terms about the state of the industry – may find themselves subject to disciplinary action on the grounds that they are somehow breaching confidentiality. Whistleblowers highlighting specific irregularities have to be prepared to face disciplinary action and even dismissal if ⁄

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IBOA Concerns The Union also made a presentation on recent developments in Irish banking to the Joint Oireachtas Committee on Finance and the Public Service in 2004 which highlighted a range of concerns about: • the new culture developing within the sector characterised by short-termism and falling standards; • the inadequacy of regulation; and • the absence of protection for staff who question the prevailing orthodoxy. These concerns have been repeated since then in public statements, confererence speeches and representations to Government – including the Union’s demand for the creation of a Forum on Banking which would bring all of the sector’s stakeholders together to develop a strategic vision for the future. While the Union’s voice was heard on these occasions, no-one in authority felt moved to action. At a time of unprecedented (but in hindsight illusory) profitability in the economy as a whole – and especially in the financial services sector – IBOA seemd to be regarded as a group of party-poopers. It appears that those who could have acted to address these concerns chose to believe the prevailing hype that the boom would never end and accordingly concluded that “if it ain’t broke, why fix it?”

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The View from Ground Level Of course, although Irish banks were achieving unprecedented levels of profit during the height of the boom, their employees did not receive the exceptional and indeed obscenely generous reward packages on offer to senior management. Pay movement for the vast majority of staff was in line with the norms laid down in successive National Wage Agreements negotiated under social partnership. Indeed during this period, in the major financial institutions staff were met with demands for major restructuring – involving significant levels of redundancies and outsourcing – on the grounds that this would secure viability by improving competitiveness – when, of course, the underlying purpose of these measures was to maximise profits in order to enhance shareholder value. IBOA expressed concern at these developments in a variety of public fora as well as through statements at Conferences and in the media. During this period, the Union made submissions to the Department of Finance on a range of legislative proposals – including the Strategic Review on Banking in 2000, the Central Bank and Financial Services Authority No. 2 Bill in 2002 and the Review of Financial Services Legislation in 2004.

The failure to recognise that some intervention was necessary has resulted in the current situation where the banking system is so badly broken that it needs a fix of the most substantial proportions in order to remedy it. This should not only seek to address the capital needs of these financial institutions: it should also consider policy and practice to ensure that the regulatory framework and the cultural environment within which these institutions operate, are reformed in order to eliminate as far as possible any recurrence of this catastrophe. In the early days of the unfolding crisis, there was much comment about the need to reassert traditional values, to re-establish the connection with customers – not least because in future Irish banks would again be heavily dependent on customers – rather than international markets – for rebuilding their deposit base. However, little if any of the change anticipated in these comments has taken place so far. As in so many other respects, the leadership of the financial services sector continues to be in denial – appearing instead to believe that, after a period of discomfort and disturbance, they will event-ually be able to return to business as usual.

news: analysis

they venture to highlight their concerns to the authorities – not an attractive prospect at the best of times but certainly not at a time of rising unemployment within the economy and within the financial services sector in this country, Change in culture is vital. This current period where the State occupies a pivotal position within the financial services sector offers a major opportunity to embed a new culture – which should involve a return to the traditional values of prudential lending and the restoration of customer service as the primary goal.

Protecting Whistleblowers A key symbol of this changing culture should be strong legislative protection for “whistleblowers.” This should help to deter any repeat of the previous excesses of senior executives while at the same time assisting a more

SPECTRUM december 2010

robust regulatory authority in its efforts to ensure that promises by banking leaders are actually being implemented in practice as well as on paper. A change in the sector’s prevailing industrial relations environment could make a significant contribution to re-inforcing the new culture in banking. Attempts by some employers within the sector to dilute or remove previously agreed staff protections should be reversed as part of a new movement towards openness and transparency. This should be accompanied by a rootand-branch review of remuneration policies within the banking industry from top to bottom which should include: • consideration of the various payments made to Board members; and • the role of performance-related pay systems when an intensive targetdriven culture is no longer relevant.

More Diverse Bank Boards The Boards of banks should be opened up to a much more diverse membership as a further initiative to promote transparency and regulatory compliance. The inclusion of employee representatives along with those of other stake-holders should be a priority to ensure that the Board is made aware not only of the manner of implementation of the policies they adopt – but also of their impact upon customers. At the sectoral level, IBOA’s demand for a Forum on Banking is an idea whose time is now long overdue. This body should enable all of the stake-holders across the industry – including both domestic and foreign-owned institutions – to engage in robust discussions on the strategic direction of the financial services sector to ensure that it again becomes a loyal servant of economic and social development rather than its untrustworthy master. S

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SPECTRUM

december 2010

culture: shift T

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hree months have now elapsed since the closing date for submissions on the Central Bank’s review of the Minimum Competency Requirement (MCR) in the financial services sector. Yet the submissions have still to be published on the Central Bank website as is usually the practice with consultations of this kind.

While the primary focus of the Central Bank has no doubt been elsewhere in recent months, the continued uncertainty over one of the key proposals in the Central Bank’s consultation paper (CP45) – for an end to ‘grandfathered’ status – has given rise to considerable anxiety among many older staff who have been grandfathered and have acted as accredited individuals since the beginning of 2008. IBOA General Secretary, Larry Broderick, has written to the Central Bank to seek an early meeting to clarify the status of grandfathered individuals and to discuss other points in the Union’s submission to the Central Bank’s consultation. IBOA’s submission which dealt with grandfathering in some detail was covered extensively in the last issue of Spectrum. “We are strongly opposed to any change in the status of individuals who have already been grandfathered,” said Larry Broderick. “Grandfathering was not conceived as a temporary status to be subject to further review. It arose from the recognition that longserving employees have – by virtue of their extensive experience – equivalent or even greater expertise than a recognised qualification and therefore fulfill the minimum competency requirement. “Once staff are accredited or specified accredited and meet the required CPD standards, then no distinction should be drawn between individuals in terms of selling and giving advice to consumers. “We believe that the principles of natural justice should apply on this issue,” continued the IBOA leader. “No evidence has been presented and no case has been made

SPECTRUM december 2010

The Union wants reassurances from the Central Bank that the grandfathered status will continue – as well as other changes to the MCR framework (Photo: PhotocallIreland!)

MCR:

Union seeks early talks with Central Bank to justify a change in the status of grandfathered individuals. Only a minority of accredited individuals in regulated entities are grandfathered and over time these staff will either voluntarily pursue qualifications or reach retirement age. In this sense, grandfathering is not a permanent feature of the MCR framework. “The responsibility for determining who should be grandfathered based on the individual’s experience lies with the financial institutions which are also required to document the criteria for assessing individuals availing of the grandfathering arrangements.

“Based on IBOA’s experience and the results of last year’s themed inspections undertaken by the Central Bank, it seems clear that some institutions may not have fulfilled their MCR responsibilities in terms of grandfathering arrangements. “Some employees have had their status rescinded and IBOA believes any change in the status of the remaining individuals will be a green light to manage these employees out of institutions or significantly change their terms and conditions of employment at a time of major turmoil within the sector,” he added.

Great savinGs for IBOA members

& their families

www.iboa.org.uk

These offers are exclusive to IBOA members so you’ll need your IBOA membership number to access the website.

www.iboa.ie

For more information, check the IBOA websites: www.iboa.ie/members/otherservices/iboaplusdiscount.html or www.iboa.org.uk/members/otherservices/iboaplusdiscount.html

IBOA - THE FINANCE UNION

• 10% off glasses, contact lenses and designer sunglasses, plus FREE eye test • FREE 2nd pair of glasses (including bifocal and varifocal lenses) • 10% off laser eye surgery, FREE consultation, plus 10 months interest-free credit • 10% off cosmetic treatment, FREE consultation, plus 10 months interest-free credit

SPECTRUM

december 2010

culture: shift

Excessive executive pay – a concern to Central Bank Bank warns of sanctions if Irish banks and building societies fail to comply with higher standards

IBOA - THE FINANCE UNION

www.iboa.ie

www.iboa.org.uk

arlier this month the Irish Central Bank published the findings of a review of remuneration policies and practices in a number of Irish retail banks.

bonuses. There is also some evidence of tightening of severance pay, with some banks imposing stricter conditions on golden parachutes. There is, though, further to go;

The review – which was conducted in September and October – assessed whether banks have changed how they remunerate employees, particularly those in senior executive positions, to reflect incoming regulatory standards and the lessons of the crisis. In particular, it examined if banks have ended remuneration practices which fostered inappropriate risk-taking or inadequate risk management. The main findings from the review include: • There is little evidence that banks have self-consciously made a link between their risk appetite and their incentive structures. This exposes banks and, by extension the State, to the consequences of inappropriate risk taking;

• All banks reviewed disclose certain information on remuneration externally, but there is little evidence of banks moving to the fuller disclosure required by incoming regulations and guidance from the EU. Issues identified in the review are being followed up individually with institutions.

• The governance and oversight of remuneration practices is poor. Nonexecutive directors need to step-up their scrutiny of remuneration arrangements, and in particular make sure that senior executives’ remuneration is aligned to a bank’s willingness and capacity to take risk; • In the majority of banks, procedures to determine remuneration are not clear, well documented or internally transparent. There was little evidence of consideration of risk, or collaboration with risk management functions to ensure remuneration policies are aligned with long term strategic plans; • The majority of banks were found to have given little or no consideration

SPECTRUM december 2010

Jonathan McMahon, Head of Financial Institutions Supervision at the Central Bank to preparing for the implementation of impending European requirements and guidance on remuneration, which will become effective in Ireland on 1 January 2011. The Central Bank of Ireland expected to find that banks were much more advanced in their arrangements for compliance with these important requirements; • Some banks are tightening their approach to paying guaranteed

“If a bank is not employing the right financial incentives, it is not managing its risks – it’s as simple as that.”

The Central Bank has declared its intention to achieve a robust framework for ensuring that banks operating in Ireland have remuneration policies that are consistent with prudent risk-taking and will conduct a follow-up review in this area in 2011 to assess compliance with the new European and domestic regulations. The new legal requirements will mean that enforcement action can be taken against those institutions which fail to comply. Commenting on the review, Jonathan McMahon, Head of Financial Institutions Supervision at the Central Bank said: “We conducted this review to determine whether banks have ceased those remuneration practices which fostered inappropriate risk-taking and inadequate risk management in the 2000s. “While the majority of banks have started to reform their remuneration policies and practices, the balance of our findings is discouraging, with only one bank having taken an obvious lead. “If a bank is not employing the right financial incentives, it is not managing its risks – it’s as simple as that. We expect banks to have dealt with these issues when we review their remuneration practices again in 2011.”

IBOA - THE FINANCE UNION

www.iboa.ie

www.iboa.org.uk

december 2010

SPECTRUM

safety: feature

IBOA - THE FINANCE UNION

www.iboa.ie

www.iboa.org.uk

Play safe work safe

The IBOA Safety, Health, Welfare and Security (SHWS) Committee aims to work with members and employers to create healthier, safer working environments for everyone. IBOA has produced guidelines on your rights under health and safety legislation in the Republic and Northern Ireland These can be accessed on the IBOA websites by following these links: ROI: www.iboa.ie/knowyour rights/yourrightsroi/healthsafety. html NI: www.iboa.org.uk/knowyour rights/yourrightsni.html If you have any questions or concerns about health and safety in your workplace, please contact a member of your local health and safety committee in the first instance. If there is no health and safety committee in your workplace, please contact a member of the IBOA SHWS Committee below: Elaine Barker (BOI), Carmel Curran (FTB), Margaret Power (BOI-GB), Etain Ryan-Lyons (AIB), Jaynette Stirling (Ulster NI), Robert Thompson (NBL) and Kate Varley (AIB) – together with Senior Industrial Relations Officer, Steve Tweed. You can contact all of these by e-mail at safety@iboa.ie or by phone at 00-353-(0)1-4755908 or 00-44-(0)2890-200130.

SPECTRUM december 2010

Heartaches Job stress increases risk of cardiac disease for women W

omen with high job stress have a greatly increased risk of cardiovascular disease compared with those in less demanding posts, a new study suggests. They have an 88% higher risk of a heart attack, and more chance of strokes and damage requiring coronary artery bypass surgery, according to researchers from Boston's Brigham and Women's Hospital in the US. The study found that overall women who report having high job stress have a 40% increased risk of cardiovascular disease, including heart attacks and the need for procedures to open blocked arteries, compared to those with low job stress. Job stress is defined as having a demanding job that provides limited opportunity for decision-making or to use creative or individual skills. The study findings which were presented to the American Heart Association recently, also revealed that job insecurity was associated with risk factors for cardiovascular disease, such as

high blood pressure and obesity– but not directly with poor cardiovascular health. Lead researcher, Natalie Slopen, observed: “Women in jobs characterised by high demands and low control, as well as jobs with high demands but a high sense of control are at higher risk for heart disease long term.” Study co-author, Dr. Michelle Albert, said the study suggested job stress had both a short- and long-term effect on cardiovascular health. “From a public health perspective, it's crucial for employers, potential patients, as well as government and hospital entities to monitor perceived employee job strain,” she said, “and initiate programmes to alleviate job strain and perhaps positively impact prevention of heart disease.” The Boston project – which tracked 17,415 healthy women for over ten years – backs up the findings of a long-term study of 12,000 female nurses in Denmark which were reported in the June/July 2010 issue of Spectrum.

safety: feature Almost half of UK workplaces have never had safety inspection Spending cuts will add to risks – TUC

Austerity will lead to “more working wounded” warns safety body osses must beware of the signs of ‘presenteeism’ among workers as austerity measures begin to bite across the public and private sectors, according to a leading British-based organisation for workplace safety professionals.

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TUC General Secretary Brendan Barber

SPECTRUM

december 2010

www.iboa.org.uk

The Institution of Occupational Safety and Health (IOSH) says cost-cutting across government departments, public bodies and suppliers could lead to more working wounded, who turn up for work even though they are ill because they are worried about the implications of taking time off sick. It points to a survey this year that found nine out of every 10 public sector workers in Britain had been to work even though they were too ill to go. One in three of those did so because they did not want to let people down or give colleagues extra work.

IOSH’s head of research, Dr Luise Vassie, said: “Presenteeism can become more common during times of economic struggle and job cuts. At the moment we are seeing a situation where some people who may be in fear of losing their jobs are taking on extra work – this could cause them to experience symptoms of stress and when they get ill they feel as though they cannot take time off. “What we want to avoid,” she said, “is this dangerous Catch 22 where a downward spiral develops.” Dr Vassie added that organisations that helped to tackle stress in the workplace could reap benefits, including reduced sickness absence costs. The Health and Safety Executive’s latest statistics reveal that 435,000 people in the UK reported suffering stress, anxiety and depression attributed to work – while the British TUC’s latest biennial survey of safety reps identifies stress as the number one workplace health and safety concern.

IBOA - THE FINANCE UNION

New figures show that 49% of workplaces in the UK have never been visited by a health and safety inspector. Many fear that public spending cuts will make the situation worse – posing further threats to employee safety. The figures have come to light in the British TUC's biennial survey of safety reps which revealed that only 16% of smaller companies – employing less than 50 – have had an inspection in the last year, and only a third of large employers – with more than 1,000 staff – have had a safety inspection in the last twelve months. The TUC believes that health and safety checks encourage employers to bring in vital improvements, boosting the safety at work of staff. “Knowing that an inspector is likely to visit is one of the key drivers to changing employers' behaviour and making the workplace safer and healthier,” said TUC General Secretary Brendan Barber. “Deep cuts in spending will make it easier for employers to avoid their obligations under the law to protect their staff at work. The Health and Safety Executive has just seen its government funding cut by 35% and that – combined with a 28% cut in local government funding – will have a very damaging effect on safety in UK workplaces,” he added.

www.iboa.org.uk www.iboa.ie IBOA - THE FINANCE UNION

THERE IS A BETTER, FAIRER WAY IBOA members in national protest against excessive austerity measures IBOA made a distinctive and welcome contribution to the recent national protest against austerity organised by the Irish Congress of Trade Unions at the end of last month as part of a Europe-wide action. Carrying IBOA pennants as well as witty and attractive placards – which are illustrated in this issue of Spectrum on pages 12, 46 and 47) – the Union contingent was determined to demonstrate by their presence that ordinary bank officials were not responsible for the reckless decisionmaking which fuelled the current crises in the financial services sector and in the economy as a whole.

SPECTRUM december 2010

The placard that received the most comment from passers-by was a version of The Usual Suspects film poster showing five failed bank leaders under the slogan: Wanted: For Impersonating Bankers. Other placards highlighted former Irish Nationwide boss, Michael Fingleton’s extraordinary personal pension pot, and the ‘Convention of Lying’ – quoting statements by banking leaders which have since been shown to be untrue. The presence of an IBOA contingent on the march attracted attention – especially from some of many foreign television crews who were covering the protest.

Union General Secretary, Larry Broderick, was interviewed by a French crew while other IBOA members were featured by a Spanish television unit. The fears of many of the protestors about the likely composition of the austerity measures being proposed for the Republic of Ireland were borne out by subsequent events – which revealed a budgetary programme not only of unprecedented severity but also of unacceptable unfairness. Notwithstanding the need for a major fiscal correction, there is a better fairer way than the policy choices being exercised by the Irish Government.

house: calls Area meetings discuss key issues A

series of Area Meetings took place throughout the month of November in preparaion for the Union’s Biennial Delegate Conference in Dublin in April. The meetings at venues in Britain as well as Northern Ireland and the Republic debated a range of propositions which will be put to the Conference in the form of motions. The breadth of the issues covered in the motions reflects the various facets of the current crisis in the financial services sector – raising concerns about job security, staffing levels, the reform of remuneration policies (including the removal of performancerelated pay) and the need for radical change to the excessive sales culture prevalent in the industry. The issue of staff representation on the boards of financial institutions was raised in a

number of meetings as well as the need for much greater protection for whistleblowers. Concerns about the unilateral imposition of changes to pension arrangements was evident at some of the meetings. Other issues raised in the form of motions from the meetings include workplace health and safety, bullying and harassment, Minimum Competency Requirement, compliance with agreed overtime arrangements, adequate time-off for Union representatives, and the right of manager members to IBOA representation. The area meetings also provided an important opportunity for members to be updated on recent developments within the financial services sector as a whole as well as within individual employments. The Union’s Biennial Delegate Conference will be held at the Croke Park conference facility in Dublin on April 15-16.

The IBOA Members Diary has been mailed to all current members with this

The IBOA Pensioners’ Biennial Meeting will take place on Weddesday April 6, 2011 at 2.30pm in IBOA House, Stephen Street Upper, Dublin 8. All pensioner members are most welcome to the meeting which will be followed by a reception in the Irish Bankers’ Club. Nominations for the Pensioners’ Committee, duly proposed and seconded by other IBOA pensioner members, should be sent to Mr. Cecil Barron, IBOA Pensioners Committee, IBOA House, Stephen Street Upper, Dublin 8 to arrive no later than Friday, March 4, 2011.

SPECTRUM

december 2010

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Any pensioner members who would like to receive a diary should contact Jane Higgins at IBOA House, Stephen Street Upper, Dublin 8. E-mail: info@ iboa.ie or telephone: 00-353-1-4755908.

Pensioners’ Committee Biennial Meeting

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issue of Spectrum.

One man in the red who is a most welcome visitor everywhere is Santa Claus who called into IBOA House recently with gifts for lots of members’ children. Apart from meeting the man of the moment, the children were entertained by face painters and a magician. Meanwhile at the end of November, a number of children of IBOA members in Northern Ireland spent a very exciting afternoon at Santa's Cottage in the Mourne Mountains – where they, too, had a most enjoyable encounter with Santa and his helpers. Much credit is due to the IBOA members and staff who organised these two special events. IBOA - THE FINANCE UNION

Members’ Diary 2011

Close encounters of the Santa kind

e: union

IBOA - THE FINANCE UNION

www.iboa.ie

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If you keep us informed, we can keep you informed

All members should make sure that they inform IBOA House of any changes in their personal and employment data – such as changes in address, employment status, grade, etc. This is particularly important since a change in employment status – such as moving to part-time hours, for example – could result in a reduced subscription rate. Claims for a refund for any overpayment of subscriptions – which might arise in such cases – can only be backdated to cover a maximum of two years. You can check your key membership details by logging on to the Members Only Section of the Union’s websites at either www.iboa.ie/members/profile/ or www.iboa.org.uk/members/profile/ and make any changes online. Or if you prefer, you can contact the Union’s Membership Department: – by letter to IBOA House, Stephen Street Upper, Dublin 8; – by e-mail to info@iboa.ie; –– by telephoning 00-353-1-4755908 or 00-44-2890-200130.

BELFAST

Virtually half-price tickets

Adult ticket: £3 To purchase your tickets contact IBOA @ 02890-200130

SPECTRUM december 2010

Coming soon to a computer screen near you Plans are advanced for the launch of a web-based news and information service for IBOA members – IBOA TV – which should appear in the New Year. Following discussions arising out of the Union’s internal strategic review, it has been decided to develop a new service which will provide regular news, information and comment to members through online video bulletins – to complement the Union’s existing information channels. “Many of our members are already familiar with YouTube, Vimeo and other internet services which allow video clips to play through your computer,” explained IBOA’s Communications Manager, Séamas Sheils. “Over the last year, the Union has posted one-off video clips on various topics on the IBOA website. After these experimental offerings, we have now decided to provide regular news updates online. “The basic style of these video presentations will be a short news programme – covering a number of stories. This should provide members with a quick summary of the major events involving the Union.

“The news items will be interspersed with ads for Union services. So the whole package should be infomative at a number of levels. From time to time we may also air extended interviews on more complex topics. “And, of course, members will be able to acquire further information from the written items which are also available on our websites in the form of press releases, circulars and notices,” he added. Access to this new service will be through the Union’s two websites – www.iboa.ie and www.iboa.org.uk. While most of the news bulletins are likely to be available for everyone to view, some of the broadcasts may be located within the Members Only section of the sites, depending on their content. The key to accessing the Members Only section of the sites is the individual IBOA membership number – which is listed on the address cover sheet accompanying every issue of Spectrum.

youth: news

educ8 instig8 activ8 ICTU Youth campaigns on many fronts in Northern Ireland

have on day to day services and to dispel the myth that there is no alternative. In support of IBOA members, campaign literature has been widely distributed and public meetings held to combat the negative image that has been created in the media of bankers – the vast majority of whom bear no responsibility for the crisis. Defending Bank Officials This literature has stressed that pensions and terms and conditions of finance workers are under attack with widespread and increasing job losses in the sector. And while there have been redundancies and cuts for ordinary bankers there remain obscene salaries at the top. Northern Ireland is still waiting for the Finance Minister to announce the outcome of his spending review. As this will undoubtedly have serious implications for workers in both the public and private

SPECTRUM

december 2010

www.iboa.org.uk

Planning for 2011 For 2011 we will be working very closely with ICTU with its campaign to secure jobs, protect terms and conditions and lobby for a better, fairer way to deal with the current crisis. We have already began setting up a music event to raise awareness of the campaign with great support from local artists. Several training courses have been organised and “round table” discussions have been scheduled with community groups, church groups, LGBT organisations and many other youth organisations to develop an all-inclusive campaign to defend working people in Northern Ireland. In 2010 we produced a magazine which explored many areas of concern for young people. In early 2011 we will be creating another publication which will be sent to all affiliated trade unions for distribution. For more information on the NIC-ICTU Youth Committee or to receive some of its written materials, including the magazine, contact Chairperson, Kieran McCann, on 0751-5417024 or Secretary, Kerry Fleck, on 0787-2815968, c/o ICTU Youth Committee, 45/47 Donegall Street, Belfast BT1 2FG. Email: solidarity@ictuyouth.com or visit www.ictuyouth.com/ or follow ictuyouth on Facebook.

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Kieran McCann

sectors, the Youth Committee, in conjunction with IBOA’s own Youth Committee and similar bodies in other unions, will need to step up to the challenge in the coming year to ensure that all workers are protected as far as possible.

IBOA - THE FINANCE UNION

he Youth Committee of the Northern Ireland Committee of the Irish Congress of Trade Unions (NIC-ICTU) is made up of young members from a wide range of unions in both the public and private sectors – including NIPSA, UCATT, PCS, UNISON, FBU, ATL, NUJ, CWU, UNITE as well as IBOA whose nominee, Kieran McCann, is now in his second term as Chair of the Committee. The diversity of the group enables it to focus on issues that impact young people across all areas of society in Northern Ireland and develop strategies to address those issues. The group conducted research that clearly showed that many young workers, including a significant number of migrant workers, were not aware of their basic legal employment rights. In response to this a “Young Workers’ Rights Cards” was produced and widely distributed. The card also proved useful in assisting unions in organising campaigns in nonunion workplaces. It is now being used by the ICTU’s Migrant Workers Unit and has been translated into a number of languages. A key part of the Youth Committee’s strategy is to try work with and support individual union campaigns. In the context of the current crisis, NIC-ICTU Youth has been to the fore in supporting the Congress “Better Fairer Way” campaign. In co-operation with local Trades Councils, information stands have been held throughout Northern to highlight to the wider public the impact that cuts will

Members of ICTU Youth take part in the recent Gay Pride march in Belfast.

sports: social IRISH BANKERS’ CLUB DRAW

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Belfast Bankers’ Club

IBOA - THE FINANCE UNION

Bewitching: Sinéad and Dominic Boyd (Bank of Ireland) at the recent Halloween Fancy Dress Table Quiz in the Belfast Bankers’ Club in aid of the Marie Curie Foundation.

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Fresh from the final bumper draw for 2010 on Friday December 17, in the Irish Bankers Club in IBOA House, Dublin, entries for the new draw are still being taken. Members can join the draw for the remaining nine months for the specially reduced price of ¤40.00 or £36.00. (Application forms are included with this issue of Spectrum.) Members can pay in full immediately by a single cheque or bank draft or, if preferred, by three post- dated cheques of ¤15.00/£15.00, ¤15.00/£15.00 and ¤10.00/ £6.00 dated 25/01/11, 25/02//11 and 25/03/11 respectively.

31 Malone Road Belfast Bt9 6Ru

SPECTRUM december 2010

Isn’t it time you joined the club? openInG HoUrS:

The Club opens at 5:30pm from Monday-Friday.

AVAILABLe For pArTIeS:

Available for parties on request (any day). There is no charge for parties and room booking. Please phone 02890-382866 any time after 5.30pm or e-mail: bankers.club@ntlbusiness.com

Online DVD Rentals No more late fees! No more contracts! No catch! A special price of ¤12.99 (usual price ¤15.99) is available to all IBOA members. Check IBOA websites for details.

THe IrISH BankerS’ CluB IBOA HOuse, stepHen street upper, DuBlIn 8

Bar openInG HourS: Tuesday-Saturday – 4.30pm till late. Sunday-Monday – closed.

Still Selling:

THE 25th BANKERS’ CLUB DRAW agni icent Holiday Destinations umerous Cas rizes Special Prizes for Members and Non-Dublin Entrants Attendance Prizes in Dublin and Belfast Each Month

Still ONly E45 Or £40 fOr tEN GrEAt DrAw NiGHtS! DON’T MISS OUT: Return you entry today Pay by three cheques dated: 25/01/11, 25/02/11 and 25/03/11 Join us and celebrate 25 great years of our fabulous Club draws Entry forms with this magazine!

UPCOMINg CLUB DRAW NIgHTS

CLUB MEMBERSHIP

Friday December 17: 1st Prize – One week’s skiing holiday for two in St. Anton, Austria

New members welcome. Join now and enjoy free membership until September 2011 – cost then only ¤20 per annum. Facilities include: • Special room hire rates • Bar and meeting room facilities. • Catering and DJ facilities available • Big screen for all sporting occasions

Friday January 28: 1st Prize – Two weeks holiday for two to Florida Friday February 25: 1st Prize – Two weeks holiday for two to Florida

Don’t miss out – Join today! Copy and complete the application form below and return it to Honorary Secretary, Michael Martin at the address above.

2nd Prize: E500, 3rd, 4th & 5th Prizes: Christmas hampers worth E200, 6th & 7th Prizes: Turkey, Ham, Bottle of Brandy or value 8th, 9th & 10th Prizes: Turkey, Ham or value

Draws at 9pm. Bar Food each night plus Attendance Prizes

Name:................................................................ Male/Female (delete where applicable) Employment:.....................................................

• Why not book or call in and look around? Call 01-4758970 10am-12noon or after 5pm.

THE PERFECT PARTY VENUE

Branch/Dept:....................................................... Bank Account Details Bank & Branch:................................................. NSC:....................A/c No................................. hereby authorise you to debit my account with the annual subscription for Club membership. I agree to be bound by he Rules of the Club and accept the appropriate annual adjustment when applicable. Notification will be forwarded n writing if I wish to cancel this mandate.

Signed:.................................Date:............................. Please return to Michael Martin, Honorary Secretary at the address above.

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• Reduced Room Hire Rates • Birthday Parties • Going Away Nights • Table Quizzes, Race Nights • Parties and Christenings • Catering and DJ Facilities Available • We can cater for numbers up to 120 • Full Bar Licence – Extension Available

IBOA - THE FINANCE UNION

THE PLACE TO PARTY IN 2011

APPLICATION TO JOIN CLUB

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Results of recent Bankers Club draws are posted on the IBOA websites: www.iboa.ie/services/sportsandsocial/bankersclub.html www.iboa.org.uk/services/sportsandsocial/bankersclub.html

SPECTRUM

december 2010

sports: social

Happy families at Belfast Zoo

IBOA - THE FINANCE UNION

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IBOAâ&#x20AC;&#x2122;s annual family day at Belfast Zoo proved to be a big hit with members and their families. Apart from free admission for the day, the Union provided an assortment of refreshments which hit the spot for the young and the not-so-young (Photos: Robert Thompson).

SPECTRUM december 2010

sports: social The Magic of

Aladdin

This year’s Gaiety pantomime is the story of Aladdin which will be brought magically to life in a spectacular production starring Mikey Graham from Boyzone in the role of Abanazar and the voice of Louis Walsh as the Master of the World. Along with amazing visual effects, a genie with attitude, a magic flying carpet and a mesmerising cave of jewels, Aladdin will be an unmissable pantomime experience.

IBOA is offering tickets for two special performances of Aladdin at ¤10 below the normal asking price on Monday December 27. The Union has a limited number of tickets for both the afternoon matinee and for the evening performance. • All tickets will be allocated on a first come first served basis – as processed by IBOA staff – to applicants quoting their IBOA membership number. • Only franked postal appplications will be accepted – which must be accompanied by a cheque or moeny order. • Ticket applications should cover your immediate family needs – up to a maximum of 10 tickets. • Dublin-based members are urged to opt for the evening performance in order to facilitate attendance by members form outside Dublin at the afternoon matinee. • Seats will be allocated proportionally to pensioner members.

Full houses for Snow White in Belfast and Cork The specially priced tickets for IBOA members have all sold out for Snow White and the Seven Dwarfs at the Grand Opera House in Belfast in December 27 at 2.30pm. The show which features May McFettridge and Lesley Joseph (below) runs u Me rk where Snow W he Seven Dwarfs featured pantom ork Opera House, ally priced tickets mbers of IBOA – fer for the perfor ce on Janua 8 – have also sol out.

Remember no IBOA membershp number means no tickets.

All applications must be returned to: Sports & Social Dept IBOA The Finance Union IBOA House Stephen St Upper Dublin 8

Special Offer for IBOA members For individuals: Save ¤3 off full admission price For families: Supersaver deal of ¤20 for family of 4 (normal price ¤35) Offers may not be used in conjunction with any other offer or promotion. National Sea Life Centre, Bray Seafront, Bray, Co. Wicklow. Tel. 00-353-1-2866939 www.sealife.ie

SPECTRUM

december 2010

www.iboa.org.uk

For more information see the Union websites: www.iboa.ie or www.iboa.org.uk

IBOA Price ¤24.00 ¤23.00

www.iboa.ie

Special price available for IBOA members for shows on Monday, December 27 at 2.30pm & 7.30pm

Normal Price ¤34.00 ¤33.00

IBOA - THE FINANCE UNION

Dress Circle & Boxes Parterre

workplace: news IBOA refers NIB pension changes to Labour Court T

he Labour Court is to hear an IBOA claim that National Irish Bank breached agreed procedures in transferring staff from the Defined Benefit pension scheme to a hybrid pension scheme without full consultation and agreement with the Union. The Bank’s senior management withdrew from a previously agreed mediation process under the auspices of Kevin Foley of the Labour Relations Commission before he had the opportunity to consider the arguments from the pensions experts on both sides.

from the normal practice of collective bargaining with the Union – even though the process has been utilised in recent years to address a number of major issues in the Bank – including an extensive restructuring programme. The Union has sought high-level meetings with management in Ireland and in Denmark to secure commitments about the future conduct of industrial relations in the Bank.

www.iboa.org.uk

Christmas Eve at the Belfast Bankers’ Club 1) Christmas Eve on 17th December starts at 7.00 pm. Come for the disco, fun and more fun!

www.iboa.ie IBOA - THE FINANCE UNION

The Union's negotiating team was confident that changes could be made to the DB scheme which could address the deficit in the fund – without the need to close it down completely. Even though IBOA members in NIB were almost unanimous in their preference for a negotiated outcome to the issue, the Bank decided to impose its own settlement. IBOA is concerned that on this occasion the senior management in NIB departed

2) 'The Other Christmas Eve' on 24th December starts at 1.00pm for the celebration of Christmas then home early to recover for Christmas Day.

So good we celebrate it twice! SPECTRUM december 2010

National Irish Bank CEO, Andrew Healy

CEOs to meet IBOA National Irish Bank Chief Executive, Andrew Healy, has responded positively to a request from IBOA for a high-level meeting to review relationships between the Union and the Bank. His counterpart in Northern Bank, Gerry Mallon, has also agreed to meet IBOA representatives earliy in 2011.

workplace: news Union secures full payment of recent promotion increases A

fter repeated representations by IBOA, Ulster Bank has now recognised that since the start of 2009, at least, it has not applied the correct salary level to a number of employees who were successful in gaining promotion.

The Bank is now reviewing all recent promotions and will apply the correct level of salary retrospectively. IBOA has asked any members who have still not received the payments due to them on promotion to contact the Union. All outstanding cases notified to the Union will then be communicated directly to the Bank.

Good news “This is good news for all members of staff who have suffered a shortfall in their promotional pay,” said IBOA’s Senior Industrial Relations Officer, Steve Tweed.

egotiations on a new health and safety policy have just been completed in Ulster Bank. IBOA Senior Industrial Relations Officer, Steve Tweed, who also happens to be IBOA’s health and safety specialist, said that the new policy was a welcome advance. “While there are aspects of the new protocols between the Bank and IBOA where further progress should be possible, it would be churlish not to recognise that the new agreement represents a positive step forward. “Our aim now is to secure the full implementation of these new provisions while reserving the right to seek further improvements in the future.” “In particular, we are keen to ensure that the broader culture operating within the Bank is reviewed and reformed, where necessary, to minimise any adverse health issues arising from workplace stress,” added Steve Tweed.

SPECSAPPEAL FOR IBOA MEMBERS

¤30 off glasses from the ¤149 range or above in the Irish Republic

To receive your SpecSavers discount voucher, call 0(0-353-)1-4755908 or 0(0-44-)2890-200130.

SPECTRUM

december 2010

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£20 off glasses from the £99 range or above in Great Britain and Northern Ireland

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IBOA has referred two MCR-related issues in Ulster Bank to the Labour Court in the Republic. The Union is contesting the inclusion of Team Leaders as being in-scope for MCR. IBOA believes this role should be out of scope and that staff should be allowed to voluntarily ‘opt-in’ to the process. The Union is also contesting the Bank’s view that in-scope members of staff who are not qualified can be moved to a lower graded role with a subsequent loss in salary. IBOA believes members of staff who, for genuine reasons, cannot obtain the necessary qualification should not suffer any financial detriment.

“It is the result of a consistent campaign by IBOA to ensure the matter was addressed in a proper manner by the Bank.”

IBOA - THE FINANCE UNION

Union refers MCR issue to Labour Court

IBOA Ulster Bank Officer, John Burns

New health and safety policy agreed in Ulster Bank

workplace: news BOI announces job cuts in Northern Ireland and Britain

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Bank of Ireland Chief Executive, Richie Boucher (Photo: Eamonn Farrell, Photocall Ireland)

Bank of Ireland seeks to raise more capital Senior management in Bank of Ireland aims to raise capital independently in order to meet the higher 12% Tier 1 ratio being demanded now by the Central Bank as part of the financial aid package from the IMF, EU and ECB. “At this point, the IBOA has been advised original provision for 750 that if the Bank can secure redundancies – which was this additional capital withcontained in the Restrucout recourse to the public turing Plan – remains in funding on offer to the place,” said IBOA Senior banking sector under the Industrial Relations Officer, aid package, then there Gerry Hanna. should be no necessity to “The Union’s engagerenegotiate the Restructurment with senior manageing Plan already agreed ment in Bank of Ireland on with the EU Commission in the implementation of the July as the price for the EU Restructuring Plan is public funds which the proceeding on that basis,” Bank has already received he said. from the Irish State.

SPECTRUM december 2010

The first tranche of job losses under the EU Restructuring Plan has been confirmed by Bank of Ireland. Of the 750 redundancies originally agreed as part of the plan, up to 240 are to take place in Belfast, with around 30 more jobs to be shed between Bristol and London. IBOA General Secretary, Larry Broderick, described the job cuts as “profoundly disappointing” but not unexpected in view of the prior agreement with the EU. “While we are gratified that the Bank has committed to engage fully with IBOA on the implementation of the Restructuring Plan, we are nevertheless disappointed that such measures should be necessary. “The impact of these redundancies will be felt not only by the families of those staff members who opt to leave, but also by the wider economy of Northern Ireland which can ill afford to lose up to 240 jobs at this time."

The Bank has re-affirmed that the terms of the Connaughton Agreement negotiated by IBOA will be implemented to ensure that IBOA members will only exit the Bank on a purely voluntary basis and on severance terms previously agreed between the Union and the Bank. In Northern Ireland these provide for 6 weeks’ pay per year of service plus statutory entitlements, subject to a cap of 2.5 years; and in Great Britain it amounts to 6 weeks’ pay per year of service inclusive of statutory entitlements. In the ongoing negotiations on the implementation of the proposed job cuts, IBOA aims to ensure that the Bank honours the the terms of the Connaughton Agreement. As part of this process, the Union has sought a list of redeployment opportunities within the Bank to ensure that realistic options are available for staff who do not wish to leave.

Driving l essons Special rates for IBOA members

Pinnacle Driving School is a national driving school with instructors in Dublin, Belfast, Cork, Galway, Limeirck and Bray. All instructors are ADI qualified and our pass rates are at least 15% above the average in all test centres. IBOA members can avail of the special offer price of only ¤30 per lesson – rather than the normal price of ¤35). For further information on how to claim this special price, check

www.iboa.ie/members/ or www. iboa.org.uk/members/ This offer is also extended to IBOA members buying Gift Vouchers for a third party. Unlike other vouchers, Pinnacle’s do not have an expiry date. So they can be redeemed at any time in the future.

workplace: news

Mediated talks follow 24-hour strike at HP CDS Following the first of two scheduled twenty-four hour work stoppages by IBOA members at HP Customer Delivery Services (CDS, an initiative by the Department of Enterprise, Trade and Innovation in the Republic resulted in the appointment of an agreed mediator to try to resolve a number of issues in dispute. While the mediator is directly involved in the case of those members of the HP CDS staff already covered by a collective agreement by virtue of transferring from another employment (Redstone), a parallel process has been established for other staff who are progressing their issues through a newly created internal procedure. If this internal procedure fails to bring about a satisfactory resolution for these staff, then the mediator will be called into action in this case, too. As talks between the parties continue, Union organiser, Gareth Murphy, reports steady progress on a number of issues of concern to our members.

On the picket line: IBOA members at HP CDS demonstrate at the campus of parent company, HP.

“It is unfortuate that our members were left with no other option but industrial action in order to achieve meaningful dialogue with management. However, now that real engagement is under way, we are finally beginning to make progress to our mutual benefit.”

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HICKEY’S

workplace: news IBOA seeks greater clarity over AIB’s future in wake of aid deal I

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BOA has sought a high-level meeting with the new Executive Chairman of AIB Group, David Hodgkinson, to discuss the implications for staff of the conditions attaching to the financial aid package for the Irish Republic provided by the International Monetary Fund, the European Central Bank and the EU Commission.

IBOA General Secretary, Larry Broderick, has also sought clarification from the Governor of the Central Bank, the Head of Financial Regulation and the Department of Finance. “While some restructuring of AIB Group was already on the cards as the price for State funding, it is not clear if the higher Tier 1 capital ratios now being sought from the key guaranteed institutions – which is likely to result in the virtual nationalisation of AIB – is also likely to result in a more extensive restructuring of the Bank than would otherwise have been contemplated. “Mr. Hodgkinson’s recent e-mail to staff to the effect that AIB will be a smaller operation in future is in line with earlier comments by the previous leadership of the Bank. But what form this downsizing takes – and particularly what impact it will have on staff – remains unclear.

AIB Executive Chair, David Hodgkinson (Photo: Sasko Lazarov Photocall-Ireland) “In particular, we need clarity about the future of AIB UK,” said Mr. Broderick. “At the Bank’s recent EGM, the Executive Chairman said that the Division was being withdrawn from sale in the absence of any

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SPECTRUM december 2010

meaningful bids – and that further analysis of all of the options for its future would follow. “However, some commentators have suggested that, following the IMF/ EU/ECB intervention, the sell-off of AIB UK is now back on the agenda – while others have argued that the new certainty arising in the wake of the financial aid package should ease the pressure on AIB to take hasty decisions on rapid asset disposals and allow for a more considered approach to be taken to the Bank’s medium- to long-term future. “At the same time, staff are also concerned about media speculation over the future ownership of AIB Group – following the declaration by the Governor of the Central Bank that, as the Irish State is about to become either the sole or majority shareholder in virtually every domestic bank, the Government is open to offers for them. “Although the situation is still fluid,” said the General Secretary, “our members in AIB are entitled to clarity – at the earliest opportunity – about the long-term prospects for the Bank and for their jobs.”

workplace: news Talks continue with AIB

Bonus row causes distress for AIB staﬀ I

BOA members in AIB have been extremely disappointed at the inaccurate media coverage and commentary on the decision of AIB Group to pay bonuses earned in 2008 to senior executives and certain specialist staff in its Capital Markets Division following a legal action by a number of these staff to enforce the terms of their contracts. “An impression was created in the minds of many members of the general public that ordinary bank officials in AIB were sharing in a massive bonus bonanza - and once again Branch staff throughout Ireland are bearing the brunt of further unjustified abuse and demeaning comments from various quarters.” said IBOA General Secretary, Larry Broderick. “The vast majority of staff in AIB have not benefitted from any such payments. Indeed, our members in AIB are now suffering the consequences of the distorted remuneration policies introduced in AIB over the last decade or so – which have

given rise to a pay structure which has placed increasing emphasis on performance-related pay compared to basic pay. “These policies were introduced by the Bank's senior management – against the wishes of IBOA – on the basis of encouraging staff to meet short-term targets “The excessive pursuit of narrowly focused targets by AIB and other institutions in order to maximise share-holder value in the short-term – while inevitably undermining the long-term stability of the bank – lies at the heart of the current financial crisis which has done so much damage to the Irish economy. "For our part, IBOA is keen – not only to ensure the protection of as many jobs as possible within AIB and the industry generally – but also to encourage a new approach to remuneration throughout the sector – which would eliminate the bonus culture by providing a reasonable level of basic pay for our members,” the IBOA leader declared.

The Figures Some of the Press Misinterpreted

Although the future ownership status of AIB Group – or elements of it – may be in doubt following recent developments, IBOA has continued to negotiate with the Bank’s senior management teams in the Republic and the UK on a wide range of issues including job security, pension, pay, managers' recognition, repatriation rights and culture. In the United Kingdom, discussions have commenced on these issues under the chairmanship of independent mediator, Liam Deane – while in the Republic of Ireland, Senior Counsel Mark Connaughton has been agreed as an independent mediator to assist both sides in putting in place an Enabling Agreement to deal with these issues. IBOA’s AIB Group Officer, Claire Walsh, told Spectrum that an agreement was essential to provide a structured framework to enable the challenges facing staff to be addressed effectively. “In an extremely uncertain environment, our members in AIB deserve as much re-assurance as possible about the future,” she said. “An Enabling Agreement of the kind sought by IBOA will provide us with some comfort in these very difficult times.”

Extract from the Minister for Finance’s Statement to the Dáil on December 1 Bonuses (Booked in the Financial Accounts) 2010 Total No. of Staff ¤m 2 0.71 41 3.06 1 44

0.02 3.79

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december 2010

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Check out the IBOA websites: www.iboa.ie/services/ smallads.html or www.iboa.org.uk/services/ smallads.html

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¤56.3m of the total bonuses of ¤58.7m paid in 2009 and 2010 related to performancerelated bonuses to staff in AIB Capital Markets. These bonuses were awarded for individual and business performance in prior years but deferred and paid in the 2009 and 2010. The awards made in 2009 to staff in AIB Capital Markets in respect of 2008 were deferred and subsequently paid following threatened or initiated legal action: ¤17.1m was paid in 2009 to overseas staff on foot of legal action; ¤35.5m was paid in 2010 following legal action and a High Court judgement against the Bank. A further ¤3.7m was paid to staff in AIB Capital Markets in 2010 in respect of deferred bonuses relating to 2006 and 2007 and were in accordance with the individuals’ contractual terms. The balance of ¤2.4m was paid to junior management and clerical staff in AIB’s customer contact centres in Ireland, to staff in AIB’s offices in Jersey and the Isle of Man and also included payments in respect of a small number of pre-existing contractual bonuses.

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2009 Total Grade No. of Staff ¤m Executives 62 11.11 Managers 674 30.06 Junior Management 700 9.20 Other Staff 1,389 4.49 Total 2,825 54.86

workplace: news

Talks continue over transfer of BOI IT contract to IBM

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Multi-lateral talks are continuing between IBOA and a number of employers in the wake of the Bank of Ireland’s decision to award its major IT contract to IBM. A number of staff in various companies currently work on the contract – primarily HP where approximately 200 staff are involved – but also some staff in HP’s subsidiary, HP CDS, along with IT staff in Bank of Ireland Asset Management, Bank of Ireland Global Markets and Bank of Ireland Securities Services. Staff in the three Bank of Ireland subsidiaries have balloted to accept the outcome of the transfer negotiations between IBOA, IBM and Bank of Ireland – which were facilitated by independent mediator, Mark Connaughton, SC. However, negotiations over the terms of transfer for staff in HP have yet to conclude. The parties have now decided to refer all outstanding issues for independent mediation in an effort to achieve a resolution.

Similar negotiations in HP CDS have been complicated by the proposal to transfer some of the staff working on the Bank of Ireland contract to another company, Manpower – rather than to IBM directly. Members are rightfully concerned about the implication of such an arrangement for their

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Hyho Travel provides a range of special deals for IBOA members. Check the IBOA website for details of the latests offers on holidays for destinations worldwide, as well as specialised golf trips and sports packages. For every booking made on the Hyho site or via our dedicated call centre, Hyho

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The IBM Campus at Damastown, Co. Dublin. (Photo: Gareth Chaney/ Photocall Ireland!)

SPECTRUM december 2010

working conditions and other contractual entitlements. In the meantime, members in HP and HP CDS have been advised by the Union to withhold cooperation from any arrangements relating to the transfer of work until such time as all issues have been satisfactorily addressed in each case.

Travel will donate between 10% and 20% of its agency commission to a charity, school, club or community organisation of your choice at no extra cost. Check the latest offers through www. iboa.ie/s/7 or www.iboa.org.uk/s/7/. You’ll need your IBOA membership number to log on!

workplace: news

INBS set to merge with Anglo and wind down? In a move that appears to mark the start of the wind-down of both Irish Nationwide Buidling Society and Anglo-Irish Bank, the Governor of the Republic’s Central Bank, Patrick Honohan, confirmed recently that Irish Nationwide and Anglo Irish Bank have been asked to submit a revised restructuring plan to the EU Commission – but this time on a joint basis. At the same time Dr. Honohan also announced that the Anglo-Irish brand would cease to be used early in the New Year – and that the heavily indebted bank would then be wound down as quickly as possible. However, he conceded that this would happen over “a multi-year” period.

It appears that Irish Nationwide’s E4bn in deposits are to be transferred to other institutions – possibly AIB and Bank of Ireland – along with Anglo’s deposits totalling between E12bn and E15bn. The financial press has also suggested that two companies may be interested in acquiring Irish Nationwide’s savings arm. However, the implications of all of these possible developments for IBOA’s members in INBS, as well as for Anglo’s employees, have yet to be clarified. The Union has sought an urgent meeting with Irish Nationwide’s senior management to discuss the emerging situation.

IBOA members reject management proposal to address pay Meanwhile a proposal by Irish Nationwide to address a claim by staff for the payment of awards due in December 2009 and December 2010 as well as pay for 2010 has been overwhelmingly rejected in a ballot of the Union’s members. “The proposal – which offered extra annual leave days rather than additional remuneration – was unsatisfactory,” said General Secretary, Larry Broderick. “Given the growing uncertainty around Irish Nationwide’s future, it is understandable that our members would find additional leave days rather less attractive than hard cash.”

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SPECTRUM

december 2010

life: style No gift is more precious than

The Gift of Life… as sisters, Martina and Imelda – both bank oﬃcials – tell Spectrum Martina Nugent has worked in Bank of Ireland for 23 years in total. After spending 17 years in Branch Banking, she has been a Project Manager for the last six years in Group Change Management based in Donegall Square South in Belfast. Her sister, Imelda Loughran, has worked in Northern Bank’s Lurgan Branch as a Customer Service Adviser for 17 years.

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Martina’s story

I had a medical condition called Polycystic Kidney Disease which is an inherited condition from my father. Polycystic Kidney Disease leads to chronic kidney failure normally when the person reaches their 40s or 50s. Over time cysts grow in the kidneys so that eventually the kidney can no longer function. Currently there is no cure for the condition. When the kidneys start to fail, the only treatment is regular dialysis or a kidney transplant for suitable patients. In January 2008 I was told that my kidneys would probably fail within 18 to 24 months. One option mentioned at this stage was the possibility of a living donor transplant, which ideally would be a member of my family. In April 2008 my brother and two sisters attended Belfast City Hospital to have initial tests to

SPECTRUM december 2010

Martina (right) and Imelda – sisters with a very special bond.

establish if any of my siblings could donate a kidney to me. Imelda, my eldest sister, was a perfect match. My other two siblings were not. An extensive process of medical tests and checks began for my sister before she would be given the go-ahead to be my donor. The person donating needs to be in good health to be a donor. In the summer of 2009, once Imelda was given the all-clear as my donor, I was put on a waiting list for my operation. The aim is to

have the transplant a number of months before requiring dialysis.

Imelda’s story It was quite a shock to learn that Martina had inherited the same disease which marred our Dad's life. When her kidney function began to fail rather rapidly, my sister, brother and I began the process of donation. Much to their disappointment I was the only suitable donor. In fact I couldn’t have been a better match.

life: style However, I had to undergo further tests before I got the goahead to be a donor – without any risk to myself and my health. So began the process of frequent examinations at the Belfast City Hospital. In fact two years later and having had a full ‘MOT,’ we were ready to avail of the first opportunity for the transplant operation to take place. My only dread during this time was the fact that I could fall ill and the transplant wouldn’t go ahead! That would have been devastating because as soon as I had the goahead I just wanted to get on with it. Never at any time did I doubt what I was doing. I just wanted to help my sister have the gift of life without dialysis – after witnessing at first hand what Dad had to cope with.

Martina’s story

From 2008 to June 2010, I regularly attended Belfast City Hospital where my condition was closely monitored. My kidney function steadily declined over this period which left me feeling lethargic and tired. I was working full time throughout this period and looking after my family– my husband, Patrick, and two teenage children, Cillian and Hannah.

Imelda’s story

Martina’s story

I cannot speak highly enough of the nursing and medical staff of the Renal Unit and the Transplant Ward in Belfast City Hospital for the treatment I have had in the last fifteen years but in particular in the last year during my transplant. Special thanks to my consultant throughout these years Dr. Doherty who recently retired, Dr. Courtney who has been such a support throughout the transplant process, Pauline Haslett the Transplant Coordinator and Mr. Connolly, the surgeon who performed my transplant.

Imelda’s story

As Martina and I are both Bank employees – working for different Banks – we can assure all concerned even though we share a vital organ there will definitely be no 'conflict of interest'!

In the Irish Republic, would-be organ donors should contact the National Organ Procurement Service at Beaumont Hospital in Dublin.

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december 2010

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In June 2010 we were given the date for the operation – 26 July – it was an exciting yet nerve-wracking time. I worried for Imelda she was undertaking fairly major surgery and giving

I had the utmost care and attention from Pauline Haslett, living donor transplant co-ordinator, she is invaluable. Dr. Aisling Courtney was so supportive through every stage of the process and even now they are only a phone call away.

Kidney failure can occur for many reasons, and affects people of all ages – from babies to octogenarians! When the kidneys stop working completely, regular dialysis treatment (carried out at home by the patient and their family, or by attending hospital three times a week) can keep people alive. Dialysis, however, Dr Aisling Courtney cannot provide the quality or quantity of life that a new kidney can. Kidney transplantation is the best treatment for many people with kidney failure. Ideally everyone who is suitable for a transplant should get one before they even need to start dialysis! Kidneys can be donated from someone who has died in hospital of an unrelated cause, or from a relative or friend who is alive and in good health. The kidneys given by people who are alive usually work better and for longer than those from deceased donors. Unfortunately there are a lot more people waiting for a transplant than there are kidneys available, but I would encourage everyone to consider being an organ donor, either by considering giving a kidney if you have a relative or friend with kidney failure, or by registering on the NHS Organ Donor Register (www.organdonation.nhs.uk). It is a lifetransforming and life-prolonging gift! Dr. Aisling Courtney Clinical Lead for Transplantation Belfast City Hospital

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Martina’s story

Imelda’s story

The doctor’s story

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I was going from being well to the position of having to recover from surgery. But Martina was going from struggling to keep going daily to having a new life – and my recovery would be complete given time. I had the full support of my husband, Edward, and my three daughters, Leesa, Gail and Lynn. They never at any time questioned or asked why – their attitude was the same as my own. I had something my sister needed. Friends and colleagues were so supportive and commented on my bravery – but I never at any stage felt this way, I was so delighted to be in a position to help Martina.

up a kidney but she was very determined and had such a positive outlook. We were admitted to Belfast City Hospital on Sunday 25 July for our operation the next day. Imelda was taken to theatre at 8.30am. At 11.30am the surgeon re-assured us that all was well and I was taken to theatre around noon. When I came round in the recovery room I was reassured that all was well and that the kidney had started to work straight away. This is not always the case: it can often take several weeks before the kidney begins to function. Imelda was able to be wheeled in to see me the next day. I was so relieved to see her looking so well. She left hospital two days later. I remained for a further ten days. I will have to take drugs for the rest of my life to stop my new kidney being rejected. But this is a reminder each day of the very special gift that I have been given. Several months on, we are both doing well and already I feel so much better.

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For full list of participating cinemas, see www.independentcinematicket.co.uk/

CINEMAS IN IRELAND

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Valid at 26 cinemas around Ireland and over 180 more in Britain to see any film at any time on any day.

• Arklow: GCG Cinema • Banbridge: Iveagh Movie Studio • Belfast: Movie House • Carrick-on-Shannon: Carrick Cineplex • Castlebar: Mayo Movie World, Moneen • Coleraine: Movie House • Cookstown: The Ritz • Cork (Ballincollig): The Reel Picture Show

• Cork (Blackpool): The Reel Picture Show • Cork (Douglas): Cinema World • Cork (Mallow): Gate Cinema • Cork (Midleton): Gate Cinema • Cork (North Gate Bridge): Gate Multiplex • Dublin (Dundrum): Movies@Dundrum • Dublin (Stillorgan): Ormonde Cinema

• Dublin (Swords): Movies@Swords • Dungannon: Global Cinema • Glengormley: Movie House • Letterkenny: Classic Cinema • Lifford: Eclipse Cinemas • Listowel: Classic Cinema • Maghera: Movie House • Newtownards: Movieland • Sligo: GCG Cinema • Waterford: SGC Dungarvan • Wexford: SGC Enniscorthy

To avail of these tickets, please send a cheque made payable to the IBOA for the value of the number of tickets you require to IBOA Cinema Offer, IBOA House, Stephen Street Upper, Dublin 8. Note: IBOA accepts no responsibility for lost or stolen tickets, or for tickets which have passed their expiry date.

SPECTRUM december 2010

flick: pick

Johnny Depp, Angelina Jolie and Venice in The Tourist.

More chemistry in the periodic table! T

wo Hollywood A-listers – Johnny Depp and Angelina Jolie – an acclaimed director, Florian The Lives of Others von Donnersmark; and a talented supporting cast featuring Paul Bettany, Timothy Dalton, Stephen Berkoff and Venice.

SPECTRUM

december 2010

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While Venice provides a spectacular backdrop to the action, the core of the film – the relationship between Depp and Jolie – never really ignites. So we are left with a meringue of a film – promising much on the outside but ultimately empty inside – rather like, Sex and The City, it is pleasing to the eye but with no real substance behind the froth. Occasionally even relatively mediocre films can be lifted by the performance of one or two stars. But unfortunately in this case the weight of expectation seems to have been too much. Although Depp and Jolie are currently two of Hollywood’s biggest box office draws and both award-winning actors (Jolie has an Oscar and Depp should have had one), The Tourist is unlikely to feature in either’s “best of” retrospectives.

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Yet somehow The Tourist manages to be less than the sum of its parts! And all those media stories about Depp’s real-life partner, Vanessa Paradis, being afraid that he might find it difficult to resist the charms of Jolie on the set, appear to be little more than a rather desperate attempt by the film’s publicity department to convince us that what we are about to see is real sexual tension. The Tourist sees Jolie as Elise, a femme fatale being tailed by detectives who are

hoping she will lead them to her lover, a thief who has stolen millions from a rather less than wholesome Russian. In order to throw the sleuths off the scent, Elise forms an attachment to a tourist, Frank, a hapless American maths teacher (Depp) traveling around Europe, because he roughly fits the description of her beau. Frank is completely taken in by Elise’s flirting. And why not – when she appears to be acting as a fashion model? With elements of a spy thriller, a romantic comedy and a travelogue, some reviewers have been drawn comparisons with the Alfred Hitchcock classic, North by NorthWest. But unfortunately The Tourist lacks the wit and the suspenseful engagement of its illustrious predecessor.

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The Tourist is less than the sum of its parts

music: maestro

Arcade Fire

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Cool as ﬁre!

Though none of the band’s current eight-member line-up are likely to be mobbed in the streets, Arcade Fire have beem acclaimed as the world’s finest indie rock band. Currently on a pre-Christmas tour of Britain and Ireland, the Montreal based band bring a refreshing humility to a music industry where hype is usually king. “The clichéed rock life never seemed that cool to me," said the Fire’s frontman, Win Butler, in a recent interview. “We’re

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SPECTRUM december 2010

not a band that’s out to party until we die every night. We did a lot of shows with a lot of bands that were living that dream, but it’s a dream I never bought into. It never seemed that fun. In fact, it was always kind of embarrassing to me. That isn’t what I think is cool about rock.” The sense that it is the music – rather than the image – that matters most is reflected in the stage presentation on this tour. There are no special effects, apart from a small video screen. The band needs no artificial aids: the music is allowed to speak for itself. "Even when we started out playing little art galleries in Montreal, we’d pick up on a certain level of cool stand-offishness in the crowd and just try and break through it,” Butler explained. “We wanted to connect with the audience in a way that other groups we played with didn’t seem to really care about. I guess, in one way, every band ends up doing what they feel other bands should do for them as fans.” Despite graduating from small intimate venues to festivals and arenas, the band is clear about its priorities: “If it stops feeling organic,” says Butler’s wife, co-writer and band member, Régine Chassagne, “we’ll stop doing it. I have no ambition to be the biggest or the bestselling. That kind of thing is not why I, or any of us, play music.”

Elvis Costello

Elvis lives! F

ew artists could get away with making an album that runs the gamut from jazz to vaudeville from bluegrass to country but Declan MacManus can and does in his latest album, National Ransom, which marks his second collaboration with T-Bone Burnett within the last two years. While Elvis Costello has moved between a number of different genres during his long career, his latest release packs them into a single album. Each song is linked to a specific time and place – ranging from “A Drawing Room in Pimlico, London, 1919” or “Somewhere in South America, 1951” to “On a Narrow Bed, Some Other Time.” National Ransom bears further testimony to Costello’s enduring talent as a superb song-writer. Long renowned for his clever wordplay, Elvis also offers wonderfully rich character portraits as well as a fine line in heartbreak. Although some, who prefer their music in neat genre-defined boxes, may find the electicism of the album slightly troubling, National Ransom offers a diverse but compelling collection of songs.

book: worm

Too Big to Fail Too Big to Fail: The Inside Story of How Wall Street and Washington Fought to Save the Financial System – and Themselves is the 800page tome by Andrew Ross Sorkin, of the New York Times, examining the fallout from the failure of Lehman Brothers Bank. Having reputedly spent over 300 hours interviewing the main protagonists, it is hardly surprising that Sorkin is pre-occupied with the human failings of these characters and the human cost of the collapse.

While this approach results in a very readable and engaging writing style, it also denies us any overarching conclusions or even a sense of who were the real villains of the piece. Almost all of the main characters are presented as striving to do their best for the highest of motives, whether to safeguard the interests of shareholders or of taxpayers. But there is little exploration of the system failures that contributed to the crisis.

, g to Fail is essential reading for anyone who wants a clear sense of the individual steps that resulted not only in Lehman’s collapse but also in chaos both on Wall Street and Washington.

Free to choose – but from a very limited menu Andrew Ross Sorkin

CHAPTERS BOOKSTORE

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december 2010

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Parnell Street Dublin 1

Ten years ago in The New Feminism, Natasha Walter declared that feminism should no longer concern itself with women’s personal lives: feminism had triumphed and we were well on our way to complete equality, she thought. In Living Dolls, she outlines why she now thinks she was wrong. She explains why what we trumpet as an expansion of ‘choice’ for women is actually the opposite – and talks to many young women who feel as constricted by the prevailing “raunch culture” as previous generations of women were by the earlier emphasis on modesty and virginity. While the opportunities available to women may have expanded, the ambitions of many young girls are in reality limited by a highly sexualised culture that asks them to see consumerism and self-decoration as their only proper occupations, and their bodies as their only passport to success. At the same time we are asked to believe that the inequality we observe all around us is born of innate biological differences rather than social factors. Drawing on a wealth of research and personal interviews, Living Dolls is a straight-talking, passionate and important book that makes us look afresh at women and girls, at sexism and femininity today.

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sports: life

Over a century ago, before Ireland’s Rugby team had ever locked horns with the All Blacks or the Springboks, an English writer by the name of William Wymark Jacobs published a horror story, The Monkey’s Paw. This yarn introduced what has become popular street wisdom: be careful what you wish for. I wonder did that thought cross the mind of anyone in Lansdowne Road as November gave way to December. It seemed they had it all. Four Tests on consecutive weekends. The champions of the world as guests for the first international Rugby match in the new surrounds of the game’s oldest venue, and another headline act in the All Blacks. There were Samoa and Argentina too, to offer another kind of yardstick. What they got was a sharp blast of the chill of reality, and not just in the sporting sense. An ill-conceived ticket plan that demanded top dollar led to red faces and empty green seats. It must have been a source of huge embarrassment that the FAI Cup Final which slotted in mid-month attracted more through the gate than had come to see Ireland beat Samoa the day before. The stadium was 30% below capacity when South Africa played. Even the All Blacks failed to fill the Aviva. And then there was the Rugby. Two wins and two defeats from the Guinness Series might have been the safe bet before a ball was kicked. Two wins and two defeats from what actually transpired left as many questions as answers. The World Cup may be ten months away, but the shape of a side that might do damage there is still hard to discern. Notes on the last Six Nations in this space concluded with a question: had the 2009 Grand Slam been the summit, had this Ireland team’s time been and gone. The first seventy minutes against South Africa lent that thesis some validity. This was an end-of-season understrength Springbok XV, and still they cantered clear with

SPECTRUM december 2010

IRFU’s wishful thinking

Flanker Stephen Ferris touches down for Ireland against Argentina. (Photo: INPHO/ James Crombie).

ease. Ireland’s doughty late comeback that brought them to within two points at the final whistle was like the redeeming hit of the perfect espresso after a forgettable dinner. Invigorating as it was, the tang of its aftertaste could not obliterate the memory of what had gone before. Too many unforced errors, too little imagination. They were 23-9 down with just a quarter of an hour remaining when the half backs were changed. O’Gara came on for his 100th appearance, with Stringer alongside him.

What followed was supercharged, all right, and might even have ended Ireland’s run of defeats had the out half crowned his cameo with a second conversion, but they remained, tantalisingly, two points short. Given that South Africa had been beaten on their last three visits to Dublin – most recently just a year ago – this was a huge disappointment. Declan Kidney’s assessment was as honest as it was brutal. “We gave ourselves too much of a hill to climb,” he said.

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sports: life

by George Hamilton

scores, but missed it, and in the curious way of these things, it was Ireland who next put points on the board, O’Gara getting what turned out to be the crucial touchdown. The best that could be said was that the losing streak – four Tests plus two losses in Ireland XV games – was at an end. Ireland have never beaten New Zealand, and there was nothing in the two previous Tests to suggest that history would be made in November. And yet, this turned out to be the best Irish show of the four.

Ireland’s Jamie Heaslip contests a line-out with Juan Fernandez Lobbe in the recent rugby international against Argentina. (Photo: INPHO/ James Crombie)

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The best never slip far from the summit. At least against Samoa there was improvement to report. Well, of a sort. The introduction of the two-metre-plus Devon Toner (6’11” in old money) meant the line-out was no longer a cause for concern. But now the scrum was misfiring. And Samoa were refusing to play the part of perfect guests. At 13-7, Ireland were by no means comfortable. It became 1310, the game was swinging Samoa’s way. They had a chance to level the

There were superb individual performances all over the pitch – Tommy Bowe and Stephen Ferris spring to mind – and of course Brian O’Driscoll was a towering presence. Ireland even led, for five glorious minutes just after the half hour, after Ferris smashed his way over the line. But sustained excellence was the preserve of the opposition, and 13-9 had become 13-19 by half time, and 13-33 within ten minutes of the restart. This class of opposition does seem to spur something in the Irish, even if the cause is lost, and two tries –O’Driscoll got the other –underscored the captain’s comment that “we did play some great stuff.” But not enough. The three tries New Zealand scored either side of half time illustrated the gulf there is between playing some great stuff and playing it when you have to. And with Dan Carter keeping the scoreboard clicking on, the outcome was never in any real doubt. 18-38 was an improvement on their most recent outings against the All Blacks and it did represent the high point of the autumn series. After it, the Argentina game was sure to be an anti-climax. And so it turned out. But against rugged opponents, Ireland were solid, and there’s no doubt that, in the problem areas, especially the scrum, the graph, over the four weekends, had traced a trajectory of some slight improvement. Yet the worry would be that, notwithstanding the raised game against New Zealand, Ireland seem unable to build the kind of platform that they used as the foundation of their assault on the Grand Slam two seasons ago. They couldn’t always manage it when they came up short last term. That graph, taking in the bigger picture, is heading gently south. With a Six Nations that begins away to Italy, and France and England at home, maybe the fixtures have fallen the way Ireland would wish. But perhaps that should be the limit of what they wish for. A steady improvement will have to be worked at if next autumn’s World Cup isn’t to become rugby’s equivalent of the monkey’s paw.

super: quiz prize: crossword

A prize of ¤50 will be awarded to the first entry drawn from our post bag after the closing date.

Across: 1. Collapse (9) 6. Lorry (5) 9. Oak fruit (5) 10. Learned discussion (9) 11. Tropical area said to be the lungs of the Earth (10) 12. For one time (4) 14. Graceful artistry (7) 15. Shameful controversy (7) 17. Credit (7) 19. Absence of order (7) 20. Small measure (4) 22. Decontaminated or rendered infertile (10) 25. Openings (9) 26. Worthless (2,3) 27. Keen (5) 28. Thrown away (9)

Down: 1. Former British premier (5) 2. Passionate (9) 3. River bird (10) 4. Notice (7) 5. Vengeful rival (7) 6. Norse god of thunder (4) 7. IBOA for example (5) 8. South African mining city (9) 13. Film starring Bogart and Bergman (10) 14. Manufacture (9) 16. German breed of dog (9) 18. Went in (7) 19. Takes into custody (7) 21. UK’s deputy premier (5) 23. Fear (5) 24. Featured performer (4)

Name ............................................................

Union No .....................

Address .................................................................................................. ...............................................................................................................

Previous solution

The winning entry for the prize crossword competition in the last issue was submitted by Jim Tallon of Ballygawley, Co. Tyrone.

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Employer...................................

Branch/Dept....................................

A prize of ¤50 will be given to the sender of the first correct entry drawn from our post bag on January 31, 2011. Entries should be sent to Crossword, Spectrum, IBOA – The Finance Union, IBOA House, Stephen Street Upper, Dublin 8. A photocopy of the grid is acceptable if you prefer not to cut up the magazine.

Sheilas Flowers is a leading online florist and flower shop. We can offer same day flower delivery personally throughout Dublin, Bray and North Wicklow. Also as founding members of Interflora, flowers and gifts can be delivered to practically anywhere in Ireland, the United Kingdom, and worldwide.

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Across: 1. Cartridge; 6. Paper; 9. Badge; 10. Ballerina; 11. Locomotive; 12. Stag; 14. Painted; 15. Nicosia; 17. Tunisia; 19. Evinced; 20. Inch; 22. Blistering; 25. Tolerance; 26. Tripe; 27. Crony; 28. Annulment. Down: 1. Cabal; 2. Reduction; 3. Rheumatism; 4. Debated; 5. Enliven; 6. Peer; 7. Point; 8. Rearguard; 13. Accidental; 14. Patriotic; 16. Sacrifice; 18. Atlanta; 19. Epstein; 21. Cello; 23. Great; 24. Prey.

From fresh flowers and plants to our extensive selection of chocolates, wines, soft toys and balloons, we have a stunning selection of gifts to choose from. For more information on how to obtain your special 10% discount in Ireland and the UK, check the IBOA websites: www.iboa.ie/members/otherservices.html or www.iboa.org.uk/members/otherservices.html

SPECTRUM december 2010

super: quiz picture: board

A prize of ¤30 will be awarded to the first entry drawn from our post bag after the closing date.

Use the first letter of the surnames of each of the people pictured to spell out the surname of a sporting personality. A prize of ¤30 will be awarded to the sender of the first correct entry drawn from our post bag on January 31, 2011. The winner of the last Picture Board quiz was Susan Crosbie of Foulksmills, Co. Wexford. The answer was Stallone.

5 6

9 7

3 5

5 7

3 4

3 3 2

Name ............................................................

7 2

Union No: ............................................

Address .............................................................................................................................. ...........................................................................................................................................

Employer.......................................................

Branch/Dept.........................................

SPECTRUM

december 2010

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A prize of ¤30 will be awarded to the sender of the first correct entry drawn from our post bag on January 31, 2011. All entries should be sent to Sudoku, Spectrum, IBOA – The Finance Union, IBOA House, Stephen Street Upper, Dublin 8. A photocopy of the grid will be acceptable – if you would prefer not to cut up the magazine. The winning entry for the Sudoku Challenge in the last issue was submitted by Catherine Jinks of Craigavon, Co. Armagh.

www.iboa.ie

A prize of ¤30 will be awarded to the first entry drawn from our post bag after the closing date.

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sudoku: challenge

ultra: violet

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Breaking Banks

In line with the cinematic theme of some of the graphics in this issue, Ultra: Violet can confirm there is absolutely no truth in the rumour that a major Hollywood producer is considering making a film inspired by the Anglo Irish Bank collapse under the working title, BrokeBank Mountain. The claim that this film would tell the story of two cowboys who got to the top and screwed an entire country is also entirely without foundation. The claim is clearly untrue – because if such a film project was genuinely inspired by the Anglo debacle, we would obviously be talking about a continent and an international currency rather than just a country!

with STEPHEN MALONE

Although some of the corporate suits may be uneasy at the possible negative consequences of being publicly associated with such a controversial political figure, far more alarming for a product with a reputation for banishing wrinkles and restoring lost youth would be the Libyan leader’s lined and leathery complexion. However, the Ultra: Violet column is nothing if not resourceful and we offer this PR strategy to Allergan entirely free of charge: just launch a viral campaign on all the appropriate social networking sites based on the following question: “Who says he injects it into his face?”

Botox-ification Among the more bizarre claims to emerge from the revelation of confidential diplomatic communications by the whistleblowing website, WikiLeaks, recently is the proposition that the Libyan Head of State, Muammar Gaddafi, may use botox for cosmetic purposes. This claim must surely cause great concern to Allergan, the US-based multinational company behind Botox.

SPECTRUM december 2010

Muammar Gaddafi

A Chip off the Old Block OR DOG BITES MAN Another WikiLeaks revelation that appears to have caused some consternation in parts of the British media is the claim that the Duke of York – Britain’s trade envoy to the Middle East – may have been rather indiscreet in comments he made recently to a business audience in Saudi Arabia about bribery investigations under way back in the UK. Apart from criticising the activities of the Serious Fraud Office in Britain as well as investigative journalists for trying to expose bribery, Prince Andrew is also alleged to have made gratuitously disparaging remarks about “the French.” So a prince has problems with the principle of democratic accountability. Dah! Isn’t that to be expected when your family business is monarchy? And this particular prince is inclined to be rather xenophobic. Remind me again who his father is. Surely the real shock would have been if he had adopted an approach based on ethical integrity and inclusiveness. Otherwise, it’s just a case of “dog bites man.”

New Bank Policies In this age of austerity, the Acme Bank is introducing new policies.

“I used to think that if there was reincarnation, I wanted to come back as the President or the Pope or as a .400 baseball hitter. But now I’d like to come back as the bond market. You can intimidate everybody.” – James Carville

Bankrupt Banker So former Anglo boss, Séanie FitzPatrick has been declared bankrupt at his own request. Morally as well as financially?

And Finally… There is no truth in the rumour that when Goldman Sachs CEO, Lloyd Blankfein, emptied his pockets at the security check before the recent US Congressional hearings on the banking crisis, a number of Republican senators fell out.

SPECTRUM

december 2010

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Sick Days: A doctor’s certificate is no longer acceptable as proof of sickness. If you can go to the doctor, you can come to work.

Think Positive: Thank you for your loyalty to the Bank. We are here to provide a positive employment experience. So all questions, comments, concerns, complaints, frustrations, irritations, insinuations, allegations, accusations and other input should be directed elsewhere.

In recent times there has been much talk about Japan’s “lost decade” when after a major financial collapse, the country was left with a number of zombie banks. On further investigation, we found that Origami Bank folded, Sumo Bank went belly up and Bonsai Bank cut many branches. Karaoke Bank went for a song as shares in Kamikaze Bank nose-dived. While Samurai Bank tried to soldier on, the Ninja Bank took quite a hit but remained in the black. Almost a quarter of Karate Bank staff were given the chop while their colleagues at the Sushi Bank also got a raw deal.

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Bathroom Breaks: In view of the excessive time being spent in the toilet, a strict three-minute time limit will be enforced in the cubicles. At the end of three minutes, an alarm will sound, the toilet paper roll will retract, the door will open, and a photo will be taken. After your second offence, your picture will be posted on the staff notice board.

Bereavement Leave: Bereavement is no excuse for missing work. There is nothing you can do for dead friends, relatives or co-workers. Every effort should be made to have non-employees attend the funeral in your place. In rare cases where employee involvement is necessary, the funeral should be scheduled in the late afternoon. We will be glad to allow you to work through your lunch hour and leave one hour early.

Rising Sum

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Dress Code: In future you should dress for work according to your salary: • If you wear Prada, Versace or Gucci, you are clearly already overpaid and therefore do not need a pay rise. • If you dress poorly, you obviously need to manage your money better and therefore a pay rise would be wasted on you. • If you dress appropriately, you are obviously financially comfortable and therefore do not need a pay rise.

Personal Days: Each employee will receive 104 personal days a year. They are called Saturdays and Sundays.

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