DECEMBER 2011
COMPLIMENTS OF THE SEASON
NEWS REVIEW
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JENNINGS AT G20 Philip Jennings, General Secretary, UNI Global Union met President Sarkozyas part of the Labour 20 (L20) Summit which ran alongside the G20 Leaders Summit in Cannes. See Page 4
VIRGIN TAKES ON THE ROCK
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TOO BIG TO FAIL
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The Basel Committee on Banking Supervision recently released a list of the world’s 29 systemically important banks – from the US, Europe and Asia.
• Growth is the Key - ICTU • Gender bias in global workplace • Rough trade for rogue traders
See Page 5
EU WANTS MORE WOMEN ON BOARD New proposals published by the EU Commission are seeking more women directors on bank boards. See Page 8
See Pages 10-17
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• Anglo Rescue: Saving Europe’s Bacon • Softening the Blow for Whistleblowers • Reforming banking culture • Stress at Work • Safety Reps cost effective See Pages 18-27
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The nationalised Northern Rock is to be sold to Virgin Money for £747m, the British Government has decided. See Page 7
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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.
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UK BANKS FACE SEXISM CHARGE According to research many British banks still hold deeply sexist attitudes towards female customers. See Page 9
IBOA NEWS
• Handlling Change: history of IBOA out soon • New courses in train • Kerry Christie tribute fundraiser • Youth Committee • Steve Tweed to leave IBOA See Pages 28-37
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• Future uncertain for Irish banking • New relationship at NIB • Intense talks at Northern • No talks yet at AIB • Ulster developments • Stalemate at BOI See Pages 38-45
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Banking on art Close to the Heart Sports Quiz Crossword, Sudoku and Picture Board UltraViolet See Pages 54-63
AIB’s new Chief Executive, David Duffy.
AIB’s new Group Chief Executive Officer is David Duffy – the former CEO of Standard Bank International. Aged 50, Mr. Duffy has previously worked for Goldman Sachs and the ING Group. His appointment follows a year-long search for a successor to the Bank’s former Managing Director, Colm Doherty. The search was led by the Bank’s interim Executive Chairman, David Hodgkinson, who is likely to remain with
the Bank as its non-executive Chairman. The search has been the subject of much media speculation over the issue of compliance with the Government’s E500,000 annual salary cap. Mr. Duffy faces a very challenging task in co-ordinating the recovery of AIB. IBOA General Secretary, Larry Broderick, has welcomed the appointment of David Duffy as the final piece in the executive jigsaw in Allied Irish Bank Group.
“Staff in AIB have been told repeatedly for over 20 months that AIB will be scaled down and since April they have had the axe of over 2,000 redundancies hovering over them – but with no indication of where, when and how deeply it might fall. “I hope that with the new executive leadership in AIB will now work with IBOA to rebuild staff morale which will be vital to restoring AIB to full health so that it can once again contribute to the economic recovery.
Cover Picture: Irish international rugby star, Gordon D’Arcy, pictured with Libby (5) and Rory Gorman (9) from Blackrock after he turned on the Christmas lights in Dublin’s Henry Street recently. Gordon’s father, John has been a long-standing member of IBOA The Finance Union, as a former employee of Bank of Ireland in Wexford (Photo:Leon Farrell/Photocall Ireland).
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Bankcentre’s latest
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• Flourishing with Maureen Gaffney • Why not toys for tots? • Upcoming sports and social events • Learning to get your message across See Pages 46-53
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Best wishes from IBOA
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The Officers, Executive Committee and staff of IBOA The Finance Union wish all our members and Spectrum readers the compliments of the season. The holiday break offers a brief respite from the unrelenting pressure many members feel at this time – and which the Union is fighting to resist. While 2011 has proven to be a very difficult year for many staff in the financial services in the wake of the ongoing crisis in banking and in the economy generally, 2012 promises to be equally challenging. However, with the continued and committed support of its members, IBOA is pledged to strive to protect the interests of workers in the financial services sector by promoting the recovery of Irish banking in a measured and structured fashion – avoiding short-term expediency and with job retention as an essential element. We wish you a joyful Christmas and a brighter 2012.
Union to make donations to charity IBOA has decided to make a number of charitable donations this year – including grants to the Irish Cancer Society and to Marie Curie Cancer Care instead of sending seasonal greetings cards by post. However, the Union is to send electronic greetings by e-mail.
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Above: Oxfam stages a demonstration at the G20 summit in Cannes (Photo: Delphine Bedel/Oxfam International). Right: UNI Global Union Federation General Secretary, Philip Jennings (Photo: Remy Steinegger).
Jennings takes case to G20 Philip Jennings, General Secretary, UNI Global Union met President Sarkozy at the Elysée Palace in Paris recently as part of the Labour 20 (L20) Summit which ran alongside the G20 Leaders Summit in Cannes. Jennings and other leading trade union leaders brought a message to Sarkozy, calling on the G20 leaders not to miss this second chance to get it right. They urged the G20 to tackle the crisis constructively by putting employment at the heart of the recovery and a new deal on the table for the people. After the financial crisis broke in 2008 there was a flurry of co-ordinated activity but since then the G20 has lost its way and has so far been unable to provide the leadership required or stand up to big business. If the G20 wants to take this second chance, UNI Global Union has demanded they take the following steps: • Stop the “business and bonus” as usual mentality among finance sector bosses. • Push for businesses to start re-investing and
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focusing on job creation. • Ensure that the widening gap between the poor and the rich is redressed. • Close tax havens which fuel inequalities. • Introduce a financial transactions tax. • Develop global solidarity and fair working conditions across markets. “We pressed President Sarkozy, as the G20 President, for a co-ordinated plan which would cut youth unemployment worldwide, and enhance social protection, workers’ rights and stronger G20 policies for social cohesion” said Jennings. “The financial crisis has revealed that the social order created in the post-war social contract has been systematically torn to pieces by the business and political elites and their thinktank cohorts,” said Jennings. “The wave of protests which are growing all over the world are an authentic voice of ordinary people who feel they have been disenfranchised from society and have no hope for tomorrow. This growing unrest needs to be answered in a positive manner,” he said.
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Prime mover in UK: Sir David Walker of NBNK Investments
As part of the deliberations surrounding the recent G20 summit held in Cannes, the Basel Committee on Banking Supervision has released a list of the world’s 29 systemically important banks that will be required to raise their core tier 1 capital ratios by between 1% and 2.5% above the 7% specified in the Basel III agreements. The list includes 8 US banks, 17 European banks, 3 Japanese and one Chinese. Meanwhile the Financial Stability Board – established by the G20 in 2009 – is also pushing banks to improve their internal supervisory regime and for governments to safeguard taxpayers when bailing out institutions deemed too big to fail, while also figuring out how to resolve various cross-border issues. The ‘Too Big’ 29 • • • • •
Banco Santander (Spain) Bank of America (USA) Bank of China (China) Bank of New York Mellon (USA) Banque Populaire (France)
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Barclays (UK) BNP Paribas (France) CitiGroup (USA) Commerzbank (Germany) Credit Agricole (France) Credit Suisse Deutsche Bank (Germany) Dexia (Belgium) Goldman Sachs (USA) HSBC (UK) ING (Netherlands) JPMorgan Chase (USA) Lloyds Banking Group (UK) Mitsubishi UFJ (Japan) Mizuho FInancial Group (Japan) Morgan Stanley (USA) Nordea (Sweden) Royal Bank of Scotland (UK) Société Genérale (France) State Street (USA) Sumitomo Mitsui Banking Corp. (Japan) UBS (Switzerland) Unicredito (Italy) Wells Fargo (USA)
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Too big too fail: the top 29
The investment vehicle recently made a £1.5bn bid for the 632 branches which Lloyd’s is required to sell by the EU Commission in return for the extensive State support for the group since the onset of the crisis. NBNK is also reported to have entered exploratory talks with National Australia Bank (NAB) about the possible acquisition of NAB’s Clydesdale and Yorkshire banks – although it is not yet clear if they are up for sale. The Australian group may yet decide to expand its interests in the UK. NBNK’s interest in Lloyd’s is understandable since the investment group is led by former Lloyd’s Chairman, Lord Peter Levene, and the former Lloyd’s Deputy Chairman, Sir David Walker, who has also served previously as Chair of Morgan Stanley International. Walker also conducted a recent review of corporate governance in British banking for UK Prime Minister, David Cameron.
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NBNK Investments plc is now actively seeking to establish a presence in British retail banking.
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NBNK aims to make mark in British banking
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Hartzer to leave RBS/Ulster Ulster Bank chief, Brian Hartzer, who also has responsibility for RBS’s retail and wealth divisions is to return to Australia next summer.
Brian Hartzer heading back to Australia.
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The American-born Hartzer will lead the newly created division of Australian financial services within Westpac (formerly Western Pacific) – which promotes itself as “Australia’s first bank” but also operates in New Zealand, Fiji and Samoa. Brian Hartzer joined RBS three years ago having previously headed ANZ Bank’s Australian business division. RBS Chief Executive, Stephen Hester, described Hartzer as a “valuable part of the team restructuring RBS”
adding that he will “leave the UK retail business in good health.” Banking observers in Australia are speculating that Hartzer may have been recruited with a view to becoming the eventual successor to Westpac Chief Executive, Gail Kelly, whose five-year contract falls due for review in 2013. However, rather than becoming too pre-occupied with executive snakes and ladders, Australia’s Financial Services Union is more concerned at Westpac’s recent announcement that it intends to outsource 188 IT jobs from its Enterprise Testing Services division. This latest proposal comes on the back of a total of 770 redundancies already announced by Westpac during the last year.
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Snake in the PASS?
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Customer startled by reptile at ATM A bank customer in the Basque town of Llodio got more than cash when he used the ATM outside the Caja Madrid bank on his way to work. An omery serpent – which had become trapped inside the cash dispenser – emerged highly enraged because it was still entangled in the mechanism. After eventually managing to
release the reptile by activating the ATM from the inside, the resourceful bank manager took it to an animal shelter. Local police said that while it was possible that a cruel prankster had put the snake in the ATM, it was equally possible that the inquisitive ophidian had become trapped by itself as the bank was located in a remote area.
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Richard Branson (Photo: Virgin Money)
Virgin on the Rock after injecting £1.4bn into Northern Rock plc. In addition to the upfront payment of £747m, a further return of £280m may also accrue over the next few years. Meanwhile the scale of the potential losses at the “bad bank” is still uncertain. It still owes the Exchequer £21bn. Virgin Money is part of Sir Richard Branson’s Virgin Group.
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Northern Rock was subsequently split into two parts – Northern Rock plc, and Northern Rock (Asset Management), which contains the original bank’s bad debt. Virgin Money is acquiring the “good Bank.” Commentators have estimated that the British Exchequer would end up with a “paper” loss of somewhere between £400m and £650m
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Northern Rock is to be sold to Virgin Money for £747m, the British Government has decided. Northern Rock plc will be rebranded as Virgin Money. which has committed that there will be no compulsory job cuts for at least three years among its current staffing complement of 2,500. Nationalised in 2008 after its near collapse at the start of the global credit crisis,
The Governor of the Bank of England, Sir Mervyn King, is seeking sweeping powers for the UK’s new Prudential Regulatory Authority (PRA) to enable it to force banks to implement changes – even when they are complying with written guidelines – if, in the opinion of the PRA, they were taking on too much risk. Addressing MPs involved in drafting new legislation to regulate the financial services sector, King expressed concern that if the regulator did not have these additional powers, the banks would find a way round the guidelines – not least because it would be impossible to frame rules that would cover every eventuality. King also told the MPs that the financial regulators should be accountable to Parliament and the public – rather than to the financial services industry. In a separate development British MPs have demanded the right to veto the appointment of future governors of the Bank of England.
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King seeks further powers over banks
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EU wants more women on bank boards Draft directive Gamekeeper on gender quota turned poacher would change Irish boards
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Sir Callum McCarthy
The revolving door between the regulatory authorities and the regulated in the UK is illustrated by the recent case of the former chairman of Britain’s Financial Services Authority, Sir Callum McCarthy, who had to step down temporarily as a director of H.M. Treasury to avoid any conflict of interest while it assessed the bids for Northern Rock. McCarthy is also the chair of the European operations of US private equity firm, J. C. Flowers, which entered a bid for the nationalised bank. Meanwhile, Adam Applegarth, who was Northern Rock’s Chief Executive when it collapsed four years ago, is reported to be advising one of the private equity firms bidding for Bank of America’s credit card business, MBNA Europe – which employs over 700 staff in Ireland.
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New limits on US banks
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The key elements of the US Government’s latest attempt to curb excessive risk-taking on Wall Street were published recently. These include a ban on “proprietary trading” – trading in shares on the bank’s own account – as well as limits on the level of the banks’ investment in private equity companies and hedge funds.
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New proposals published by the EU Commission are seeking that in future one third of the directors on the boards of banks should be women. A draft directive from the Internal Markets Commissioner, Michel Barnier, wants this gender quota to be compulsory. He believes the change would help prevent the “group think” often identified as one of the major factors behind the crisis that has afflicted the global financial sector since 2008. If introduced, the Barnier proposals would force major changes to be made to the composition of the boards of most of the banks operating in Ireland and Britain. Only one of nine directors at Bank of Ireland is female – while just one woman sits on the board of among six men. Although Northern Bank’s ten-member board is all-male, its Danish parent, Danske, would almost meet the proposed quota with its current total of four women among its thirteen directors. All four female board members are employee representatives. Danske’s Board has five employee representatives in total. Ulster Bank’s parent, RBS, also falls short of the proposed standard – with four women among its fourteen directors.
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Ana Patricia Botin, CEO of Santander’s UK operation.
EU Internal Markets Commissioner, Michel Barnier.
Bank of Ireland board member, Rose Hynes
The gender quota is among a number of proposed governance reforms contained in the draft Capital Requirements Directive (known as CRD 4) – which is mainly focussed on the quality and quantity of capital to be held by banks in the EU – which may now be amended again in the wake of the recent summit. While the rules about capital ratios may be quite complex, the gender quota is expressed in very clear language: “representation of each gender shall not fall below one-third of membership of the management board.” Commissioner Barnier has said that greater diversity on the boards of banks and other financial institutions is essential – with more women needed in particular. “The issue is not just one of better gender equality,” he said, “but also one of better corporate governance. We need to break the group-think approach, which has been far too prevalent in the past with disastrous consequences.” In a Green Paper published in April the EU Commission said: “Gender diversity can contribute to tackling group-think. There is also evidence that women have different leadership styles, attend more board meetings and have a positive impact on the collective intelligence of a group.”
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Apart from improving governance in the financial services sector, the growth in the number of female directors might also help banks to address the perception that many institutions still hold deeply sexist attitudes to female customers. A recent study by British economist, Noreena Hertz, has highlighted a number of instances where high street banks appear to have taken a very dim view of mortgage applications involving women on maternity leave. Even though an expansion in family size might be one of the principal reasons for couples looking for a mortgage for a bigger property, it seems that some banks believe that women are rendered financially irresponsible by maternity.
Without even considering the possibility that the father could take on the key childrearing responsibilities after the birth, it appears that it is common practice to discount the mother’s earnings in calculating loans. As well as this rather stereotypical approach to pregnancy and maternity, Hertz has also identified a further example of sexism towards female entrepreneurs applying for business loans. Even though the British government’s own statistics record that 27% of small or medium-sized businesses in the UK are led by women; and despite the fact that a number of previous studies have reported that femaleowned enterprises tend to go bankrupt less frequently and generally have a better credit history, women tend to fare
less well in applying for startup loans from banks. The recent UK survey of SME Finances found that women were charged higher interest rates than men in firms of the same size and type – while a British Government survey in 2006 reported that more female heads of small firms said that gaining finance was a problem for them than men. In another study when MBA students were asked to rank a series of imaginary businesses in terms of their viability, they always ranked male-led ones higher – even when everything else was equal. Britain’s Deputy Prime Minister, Nick Clegg, has promised an investigation of the claims which, if proven, would be “not only unacceptable, but illegal.”
BoA announces major job cuts Bank of America (BoA) has confirmed that it will cut 30,000 jobs worldwide in the coming years in order to reduce annual costs by $5bn. BoA Chief Executive, Brian Moynihan, said the Bank would be focussing on cutting consumer banking costs. However, in an echo of recent developments in AIB Group, the absence of detail on the Bank’s plans has caused widespread concern.
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UK Deputy Premier vows to investigate startling claims by Cambridge economist
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UK banks accused of sexism towards customers
Until quite recently some international commentators developed the unfortunate habit of confusing Allied Irish Bank with Anglo Irish Bank. No doubt, the change of name at Anglo came as a great relief to many in AIB who believed its reputation was being tainted by the unfortunate association with Ireland’s most toxic bank. Unfortunately Anglo’s new branding as the Irish Bank Resolution Corporation (IBRC) – seems to have created a new blind spot in the minds of some foreign journalists – this time with IBOA The Finance Union! Strange but true. Within the space of one week journalists from New York and Kiev contacted IBOA House to find out (a) if we are going to challenge Seán Quinn’s petition for bankruptcy in Northern Ireland and (b) what measures we intend to take to recoup loans made to Quinn Holdings Sweden ABS to acquire assets in the Leonardo Business Centre and the Ukraina department store in Kiev. In both cases, the scribes thought they were contacting IBRC. But at least the confusion was relatively shortlived – and didn’t make it into print!
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The curse of Anglo
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ROUGH TRADE IBOA member, David Lemon, says it’s time to end the scourge of rogue traders and proposes “Six Points of Roguery” in a bid to solve the problem. See Page 16
Eric Daniels
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DANIELS MAY HAVE TO RETURN PART OF BONUS
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“Banking is the second oldest profession but more profitable than the oldest profession.” Flann O’Brien SPECTRUM
Lloyds Banking group in Britain is reported to be seeking to recover up to half of the £1.54 million bonus awarded to former Chief Executive, Eric Daniels, last year. Just after Daniel’s departure earlier this year, the bank was required to make a provision of £3.2 billion to compensate customers over the mis-selling of payment protection insurance. Some have argued that this huge loss should have been more properly charged to the bank’s balance sheet for 2010 rather than for 2011. If this had been the case, then the bank’s remuneration committee would have taken a different view of the level of bonuses to be awarded to its top executives. The Lloyd’s action may set a precedent for other banks guilty of mis-selling to follow.
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GENDER GE DER BIAS PERSISTS ERSI TS IN GLOBAL WORKPLACE I LOBAL WO KPL E Over half of the world’s working women – 600 million in total – are in vulnerable jobs, such as self-employment, domestic work or unpaid work for family businesses, which often lack the protection of labour laws, according to a comprehensive report by UN Women, the newly established United Nations organisation dedicated to gender equality and the empowerment of women. See Page 14
RBS DECIDES TO MAKE 400 MORE STAFF REDUNDANT HORTA-OSÓRIO ON SICK LEAVE Meanwhile Eric Daniel’s successor as Lloyd’s Chief Executive, António Horta-Osório (above) has taken temporary leave of absence as he is reportedly suffering from fatigue. The news prompted an immediate 4.5% drop in the bank’s share price.
Ulster Bank’s parent, Royal Bank of Scotland, is to make another 440 staff cuts from its customer support operations in Bristol in England. RBS – which is more than 80% owned by the British Exchequer – said that the new round of job cuts were part of the programme of 3,000 redundancies announced last year. The union, UNITE, has urged the bank to reconsider the closure decision.
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A better fairer way: pictured at the launch of ICTU pre-Budget submission were (from left) ICTU economist Paul Sweeney; President Eugene McGlone; Assistant General Secretary Sally-Anne Kinahan; and General Secretary; David Begg (Photo: Sam Boal/ Photocall-Ireland).
Growth is the Key – ICTU Stimulating economic growth is the only way out of the recession, according to the pre-Budget submission from the Irish Congress of Trade Unions.
Speaking at the launch of the Growth is the Key, Congress General Secretary, David Begg, said: “The most important deficit facing Ireland is the deficit in the demand for labour. “The most effective way to tackle our financial deficit is with policies that create jobs and develop innovative new products and services. Austerity is self-defeating and is suffocating the economy. Growth is the key to recovery.” Pointing to the example of Denmark whose new government has embarked on an ambitious programme of public investment to boost growth, Growth is the Key outlines a number of proposals to reverse the downward spiral of the Irish economy. Invest in jobs For every €1 million invested in infrastructure, up to 12 direct jobs are created. Congress has identified various sources of
funding for growth, including: • E2 billion from the National Pension Reserve Fund over the next three years invested in job creation. • Private pension funds should be encouraged to increase their investment in the Irish economy by 5%, raising an extra E4 billion a year. This could be achieved by making those pension funds – which increase investments in the domestic economy by 5% of asset value – exempt from the temporary pension levy imposed recently by the Government. These investments should be in approved activities that boost job creation. • Pension schemes should be encouraged to invest in Solidarity Bonds. • A new state pension scheme would give a substantial flow of funds to the Exchequer.
This could raise E1 billion over the next year. • Multinationals should be encouraged to defer repatriation of some of their profits and set up a commercial fund to invest here. Role of State companies Congress believes that State companies can spearhead a drive to create jobs, acting as engines of recovery. Creating an umbrella State Holding Company, bringing the major semi-States together under one governing structure, would make it possible for this entity to access private capital for expansion and re-investment. This method of raising funds would benefit citizens, says ICTU, and would offer a clear alternative to any privatisation of State assets that would only benefit private corporations.
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A State Holding Company could lead investment in infrastructure which would boost competitiveness and create jobs. Such investment would include: • A state-of-the-art water and waste network: which could create up to 12,000 permanent jobs. • Retro-fitting energy inefficient buildings: developing a new E8 billion industry to upgrade Ireland’s 700,000 energy inefficient homes. • Investment in public transport. • Investment in education. • Investment in health to ensure full use of all available beds. There should be a cost-benefit analysis of the continuing jobs moratorium. Reform of Tax System In a time of unprecedented crisis, Congress believes that all sectors of society must contribute to addressing the gap between tax revenue and expenditure. The Republic’s tax system contains a huge number of exemptions and incentives that narrow the tax base and limit tax take. They cost the taxpayer up to E11 billion a year.
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Above left: Congress General Secretary, David Begg, speaking at the launch (Photo: Sam Boal/ Photocall-Ireland). Top right: Flashback to May 2010: as Fine Gael leader, Enda Kenny (right) and then employment spokesman, Simon Coveney, announce policy to create 100,000 jobs (Photo: Leon Farrell/Photocall-Ireland). Lower right: Finance Minister, Michael Noonan, launches the Republic’s Medium Term Fiscal Statement in November (Photo: Sasko Lazarov/PhotocallIreland).
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Congress has, therefore, made a number of proposals for reform of the tax system. • Targeting tax evasion and pursuing uncollected taxes would produce additional revenue. • A funded social insurance scheme would allow people to pool savings to pay for healthcare, pensions and sick pay. This would also save money through reduced subsidies for private healthcare. • The Universal Social Charge should be progressively restructured to reduce the rate paid by low earners. • There should be a new levy on wealth above E2 million, with ‘wealth’ defined as current value of all assets, yielding up to E500m. • The minimum tax for high earners should be 35% – with the threshold cut to E100,000. • A temporary levy of 2.5% should be placed on corporate profits. • Citizenship is a two-way obligation: the 183-day tax
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residency requirement should be cut to at most 90 days – as in the UK – so that ‘tax fugitives’ should pay more to the Exchequer. • There should be a new 12.5% royalty tax on oil and gas production. • The rate of Capital Gains Tax should be raised from 25% to 30% and the Universal Social Charge should be applied to all capital gains. Social protection Congress also argues that there should be no further cuts to social welfare. Strategies are also needed to help the working poor and safeguard income supports for people with disabilities. Community projects that protect and boost employment should be safeguarded. Supports which help people take up work – such as affordable childcare – should be maintained. The full Growth is the Key pre-budget submission can be downloaded at www.ictu.ie. S
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Gender bias persists in global workplace
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Over half of world’s working women lack basic legal rights warns UN
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Over half of the world’s working women – 600 million in total – are in vulnerable jobs, such as selfemployment, domestic work or unpaid work for family businesses, which often lack the protection of labour laws, according to a comprehensive report by UN Women, the newly established United Nations organisation dedicated to gender equality and the empowerment of women. Progress on the World’s Women 2011-2012: In Pursuit of Justice offers a comprehensive global review of women’s rights around the world, on issues from gender-based violence to equal pay, from representation in government to post-conflict justice. The report confirms that women are still paid consider-
ably less than men in many “developed” countries as well as some of the world’s poorer nations. On average women in manufacturing in Japan earn 61% of their male counterparts’ earnings, while in Hong Kong the figure is 60%. For all the UK’s enlightened attitudes on gender issues, women in manufacturing still only earn an average of 82% of male earnings. Executive Director of UN Women, Michelle Bachelet – the former President of Chile – said that although the report records the remarkable advances in gender equality made in the last century, “it also underscores the fact that despite widespread guarantees of equality, the reality for many millions of women is that justice remains out of reach.
Michelle Bachelet: the former President of Chile is now Executive Director of UN Women
Did you get your IBOA diary? The 2012 IBOA Diary has been included with this issue of Spectrum for all full Union members. Pensioner members who wish to receive an IBOA Diary should e-mail: diary@iboa.ie with your name, address and IBOA membership number or phone Anna or Louise in IBOA House on 014755908 (from ROI) or 02890200130 (from NI or GB).
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Ban Ki-moon: the UN Secretary General says that women are no longer victims – but agents of change.
In many parts of the world, women are still denied control over their bodies, denied a voice in decision-making, and denied protection from violence. UN Secretary-General Ban Kimoon said the report “highlights how essential it is to see women as far more than victims, but as agents of change. The report’s comprehensive statistics, compelling stories and keen analysis combine to offer a sound basis for action.” In the past hundred years, the women of the world have achieved major progress in the political arena. For example, in 1911, they were only allowed to vote in two countries whereas today the right to vote is virtually universal. Furthermore, 28 countries have reached or exceeded the 30% mark for women’s representation in parliament, and 19 women are currently serving as elected Heads of State or Government, the report explains. But progress has also been made in terms of civil, economic, social, and cultural rights – with 125 countries outlawing domestic violence, 139 countries and territories guaranteeing gender equality in their Constitutions, 115 countries supporting equal property rights, and 186 countries ratifying the Convention on the Elimination of All Forms of Discrimination against Women (CEDAW). But in the debit column, the report finds that globally, 603 million women continue to live
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Maid in Dagenham: Sally Hawkins as Rita O’Grady – the central character in the 2010 film, “Made in Dagenham,” which charts the struggle of working women to achieve fair and equal pay – based on the true story of the 1968 strike of women working at the Ford plant in Dagenham, England.
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in countries where domestic violence is not considered to be a crime; and over 2.6 billion women live in countries where marital rape has not been explicitly criminalised. The report argues that wellfunctioning legal and justice systems are the backbone of society and good governance as they allow for accountability; the creation of laws and norms; and can fight the abuse of power. So well-functioning legal systems are also seen as a mechanism for women to claim their rights through strategic litigation. Unfortunately, in many States legal and justice systems are not yet “well-functioning” but are, instead, biased against women. Laws should be implemented to make a real difference for women, the report argues, and barriers in terms of social stigma and the costs and practical difficulties of seeking justice need to be addressed. S
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ROUGH TRADE! IBOA member, David Lemon, says it’s time to tackle the scourge of rogue traders! There was a depressing inevitability about recent news that another bank had been taken to the cleaners by a rogue trader. How many times does this need to happen before banks waken up to the risk? Why do they all seem to operate a business model that is somewhat akin to the village idiot sporting a ‘Kick Me’ sign on his back? This time the one getting the kicking was UBS, when one of their traders, Kweku Adoboli, the work hard, play hard party animal of the Delta
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One trading desk, managed to run up losses of E2.3bn. Ooh, it makes me so mad I feel like smacking the legs of the entire senior management team. How-many-times-have -I-told-you-to-watch-out-forrogue-traders? One smack for every syllable. Nick Leeson was one of the early trend-setters with a devastating £800m loss to wipe out Barings Bank in 1995 and then in 2010 Jerome Kerviel upped the ante with a mindboggling E4.9bn spree at Société Générale. One of the common themes in all of these scandals is that the management don’t
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seem to understand the risks associated with the complex deals their party animals get up to. Mr Adoboli was a director of the Global Synthetic Equities Trading operation within UBS – a division whose very name should be enough have risk managers reaching for the Valium. What in the name of ObiWan Kenobi are synthetic equities? I thought they were shares in companies involved in plastics and nylon, like ICI or Ann Summers, but apparently they are even more exotic. They are derivative instruments that take long positions on equities futures contracts to mimic conventional share ownership without having to buy shares. Simple, isn’t it? I can’t wait until they come up with synthetic jobs, where
you can have all the benefits of employment, like salaries and pensions without having to do any work. Maybe UBS had their priorities all wrong. Last year they introduced a 44-page booklet to staff on the company’s dress code which, among other things, suggested that women should wear flesh coloured knickers to avoid visible panty lines. Clearly they should have been more focused on another type of VPL – the Vanishing Profit Levels. Chief Executive, Oswald Grϋbel told the Swiss weekly, Der Sonntag, that the loss couldn’t have been prevented. “If someone acts with criminal energy then you can’t do anything,” he said, probably while wringing his hands and shrugging his shoulders.
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Six Points of Roguery Lemon’s Trades Description Tract
1 2 3 4 5 6
Pay the traders a bigger salary and smaller bonuses. If the bonus for successful trading was luncheon vouchers instead of 50-foot yachts, they’d be less inclined to dabble in fraudulent E2bn deals. Unless, of course, there is a really, really nice deli beside the office.
Check more transactions, especially those with more than 8 noughts in them. This should be done by big muscular guys, unafraid to ping the braces of the traders, while they are tied to a chair and doused in petrol. Stuck in the Middle with You by Stealers Wheel could be played in the background for added effect.
Don’t engage in trading activities that you don’t understand. If you don’t know your assets from your equities, then stick to the normal banking principle of fleecing customers to provide the profits!!
He also said that the positions taken by Kweku Adoboli were within the normal business flow but the true magnitude of risk exposure was concealed by fictitious trades. Imagine that! A fraudster creating fictitious entries! Whatever next! Luckily Mr Grϋbel is not considering a job with the police following his resignation in the wake of the scandal. Since banks engage traders
with salaries and bonuses in the Who Wants to be a Millionaire? league, it’s not surprising that occasionally their employees forget what game they are playing and play their own version of the Million Pound Drop instead. Banks tend to rely on computers to spot fraud and error but seem to forget that the people they employ are very smart and know how computers work. So is there really nothing
that banks can do to prevent such catastrophic losses? Should we all just sit back and wait until the next Master of the Universe decides to lay out a E2bn bet on the price of crude oil or pork bellies? Well, I’m not quite as defeatist as Mr. Grϋbel. So the six-point plan above is my proposal for eradicating this scourge of the financial system. Sorted! S
TAKE•A•BREAK
Special discounts are available for IBOA members on hotel breaks throughout Ireland. Check out one of the Union’s websites at either www.iboa.ie/members/otherservicesor www.iboa.org.uk/ members/otherservices for further information on the special offers currently available to IBOA members.
In the immediate aftermath of the UBS rogue trading scandal, Britain’s Business Secretary, Vince Cable, came out fighting at his party’s annual conference with very trenchant criticisms of the bank which he described as a “rogue institution.” Now back at the day job, the Minister is examining proposals for the privatisation of the Royal Mail, Britain’s postal service. And the main consultants advising the Minister on this project? Why, UBS, of course!
Apart from surfacing in the UK’s postal service, the ubiquitous UBS is also advising the Belgian Government on its financial services sector following the recent disaster with Dexia Bank. After all, when it comes to dealing with extensive losses, then who better to call for advice than a bank that has managed to lose E2bn (£1.5bn) to an alleged rogue trader?
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Screen all job applicants again. Massive losses can also arise from ‘fat finger’ syndrome, when the trader keys an order for 50 M&S shares as 500m on the day they issue a profit warning. Anyone with hands like two pounds of sausages should not be employed.
A rogue by any other name would smell as sweet…
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Screen all job applicants. This should include referring all applications to the crossword geek in HR. He would have been able to tell UBS that Kweku Adoboli is an anagram of A Bloodi Kwuke.
No time for rogues? – UK Business Secretary, Vince Cable.
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Rotate the job roles. One week it’ll be all SWAPS and derivatives at the Delta One desk and the next it’s the Tango One desk with sole responsibility for stocking the drinks coolers. Of course, sole responsibility does create the risk of the odd tin of Tango going amiss but it’s better to be Tango’d than Delta’d.
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SOFTENING THE BLOW
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New proposals for whistleblowing have been inc luded in the Central Bank (Supervision and Enforcement) Bill. See Page 20
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REFORMING BANKING CULTURE
IBOA General Secretary, Larry Broderick, led a Union delegation to meet the Joint Oireachtas Committee on Finance, Public Expenditure and Reform, last month. In the course of this engagement with the Joint Oireachtas Committee, Broderick made the case for the urgent reform of the culture – as well as the structure – of Irish banking in order to avoid a repeat of the recent collapse which has had such a devastating impact on the economy. See Page 22
STRESS NO.1 CAUSE OF WORKPLACE ABSENCE I have three Alevels: one in pure mathematics and one in applied mathematics.
Spike Milligan
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Work-related stress has been identified as the most common cause of long-term sickness absence for both manual and non-manual employees in the UK, according to an absence management survey, conducted by the Chartered Institute of Personnel and Development (CIPD) and Simplyhealth. See Page 26
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SAFETY REPS ARE COST-EFFECTIVE
IBOA HEALTH & SAFETY BODY
Safety reps deliver real benefits to the bottom line – as well as protecting the health of their work colleagues. See Page 27
IBOA’s Executive Sub-Committee on Health, Safety and Security continues to monitor developments across the sector. See Page 27
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THE ANGLO RESCUE
Tête-a-tête: US Treasury Secretary, Timothy Geithner (left) has a brief exchange with former French Finance Minister, Christine Lagarde – who now heads up the International Monetary Fund – at a recent EU Finance Ministers meeting (Photo: Claude Paris/AP).
Systemic: The late Brian Lenihan (Photo: Sasko Lazarov, Photocall-Ireland).
When former Finance Minister, Brian Lenihan, announced the Irish Government’s intention to take special measures to protect Anglo Irish Bank, many commentators wondered how a bank specialising in massive highly speculative loans to a relatively small group of property developers could be considered to be of core value to the economy in the same way as major retail banking operations like AIB and Bank of Ireland. Some of the more cynical explanations even presumed some kind of shady connection between Anglo bosses and members of the major governing party, Fianna Fáil. The answer became a little clearer recently with the revelation that the special treatment of Anglo was influenced in no small measure by the US Treasury Secretary, Timothy Geithner, who at an early stage was fearful that the sudden collapse of Anglo could trigger the same kind of turmoil in European banking as the demise of Lehmann Brothers
had done in the US – because so many European lenders were exposed to Anglo through loans and bonds. So this explains, in part at least, why the European Central Bank has steadfastly refused to allow Anglo’s senior bondholders to be “burned,” as so many, including members of the current Irish Government believe, they should have been. The ECB’s desire to protect the European banking system is understandable. What is less easily justified is its willingness to extend this protection to the many individuals and institutions who have acquired Anglo bonds at a discounted price since the onset of the crisis and who are now guaranteed the full value of the original bond. While many tax-payers are resigned to the need to save Europe’s banking system, they may be rightly alarmed at the use of public funds to underwrite the activities of speculators seeking to cash in on the distress of others.
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One of the great riddles of the Irish banking bail-out in the winter of 2008 was the decision by the Republic’s former Minister for Finance, Brian Lenihan, to designate Anglo Irish Bank as an institution of “systemic importance.”
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…BUT WITH A HEALTHY MARGIN FOR THE SPECULATORS
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SAVING EUROPE’S BACON
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Softening the blow
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Proposed law advances protection for ‘whistleblowers’ – but some important issues remain unresolved The Central Bank (Supervision and Enforcement) Bill, 2011 – which was introduced by the Republic’s Government during the summer – is currently making its way through the legislative process. If enacted the Bill will provide the Republic’s Central Bank with significantly enhanced powers to supervise regulated financial service providers and to enforce financial services legislation. Among these enhanced powers is a proposal to provide increased protection for financial sector employees who act as “whistleblowers” – which will protect them from civil liability and from being penalised by their employer and also give them the right to sue if they are victimised by their employer. In this article, we outline these key proposals to protect “whistleblowers.”
Protection from Civil Liability
Making progress on improving protection for whistleblowers in banking: Central Bank Governor, Patrick Honohan (below). (Photo: Mark Stedman/Photocall Ireland).
A central element in the Bill’s proposals on “whistleblowing” is the concept of protected disclosure.
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Protected disclosure is a disclosure made by a person in good faith to the Central Bank, a Central Bank employee or an authorised officer of the Central Bank where that person has reasonable grounds for believing that the disclosure will show: (i) that an offence was or is being committed under financial services law;
A person who makes a “protected disclosure” will not be liable for damages for making such a disclosure unless it is made in the knowledge that the information being disclosed is false or misleading. A disclosure made on an anonymous basis will not qualify as a protected disclosure under the Bill. But the identity of a person who makes a protected disclosure will not be divulged by the Central Bank without the individual’s consent. Protection from Penalisation Where an employer penalises or threatens to penalise an employee (or who incites or allows someone else to do so): (i) for making a protected disclosure; (ii) for giving evidence in any proceedings under financial services law; or (iii) because the employee has given notice of his/her intention to do either (ii) or (iii); then the employer may be guilty of an offence and may be liable, if found guilty, to a fine of up to e250,000 and/or a term of imprisonment term of up to two years.
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Protected Disclosure
(ii) that a prescribed contravention (as defined in the Bill) was or is being committed; (iii) that any provision of financial services law was or is being contravened; or (iv) that evidence of the above is being or is likely to be deliberately concealed or destroyed.
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Speaking out: Banking whistleblower and former internal auditor at AIB, Eugene McErlean, speaks to the media at a press conference organised by the Transparency Ireland to promote “An Alternative to Silence” in Buswell’s Hotel in Dublin last year. (Photo: James Horan/ Photocall Ireland.)
Right to Sue for Victimisation
IBOA Comment
Where an employee is victimised because s/he or any other person: (i) honestly made a protected disclosure; (ii) gave evidence in any proceedings under financial services law; or (iii) gave notice of their intention to do either (ii) or (iii), then s/he will have a right to sue the person who victimised them. Examples of victimisation given in the Bill include discrimination, harassment, intimidation, injury and the threat of reprisal.
The introduction of proposals to protect “whistleblowers” is a welcome step forward. IBOA has advocated the introduction of proper safeguards for “whistle-blowers” for a number of years – including it as a formal demand in the Union’s submission to the Oireachtas Committee on Finance as far back as 2004. However, certain aspects of the proposals require further clarification – especially the penalties for employers who seek to punish or victimise “whistleblowers.”
Big screen exposure: Rachel Weisz stars in The Whistleblower, based on a true story.
ARTS & LEISURE
In view of the recklessness evident in recent years, it is not impossible that the leaders of a financial institution might consider that a E250,000 fine is a risk worth taking in order to suppress information on a controversial practice or event. As for the alternative punishment of a term of imprisonment of up to two years, the Bill is unclear as to who would be required to serve the sentence – the Chief Executive, the Chairman of the Board or someone else? In the case of victimisation, the Bill provides that a “whistleblowing” employee would have the right to sue his/her employer– but additional guarantees would be needed for proper protection. Apart from copperfastening access to legal costs for the employee, more specific guarantees are required to ensure that any legal action brought by the employee is dealt with a timely fashion so that the employer cannot delay proceedings to the detriment of the employee. Furthermore, the options of reinstatement and re-employment should also be available to the employee so as to avoid a situation where an employee could win a case but in effect be forced to accept compensation from the institution with little prospect of finding further employment in the financial services sector. As well as addressing these issues in law, additional guidelines should also be introduced in each financial institution to embed “whistleblowing” as part of the culture of Irish banking.
Easier reporting for whistleblowers in UK In Britain whistleblowers or those aware of corruption and irregularities can now contact Britain’s Serious Fraud Office (SFO) on special phone and online links that will protect the caller’s identity. Under the new service, ‘SFO Confidential,’ a whistleblower''s identity will be securely protected, though contact can be made anonymously if preferred, the SFO announced recently. Anyone in an organisation or connected through business or providers of professional services, and with inside knowledge of suspect practices, can call a dedicated team of SFO operatives.
“I want people to come forward and tell us if they think there is fraud or corruption going on in their workplace,” said SFO Director, Richard Alderman, whose jurisdiction covers England, Wales and Northern Ireland. “Company executives, staff, professional advisors, business associates of various kinds or trade competitors can talk to us in confidence.” The reporting service is designed to cater specifically for people who, though not themselves the victim of fraud or directly disadvantaged by corruption, have knowledge through their professional activities of situations that appear to be suspicious.
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IBOA meets the politicians about…
Reforming Banking Culture Last month, a delegation from IBOA The Finance Union made a presentation to the Joint Oireachtas Committee on Finance, Public Expenditure and Reform. In this article, Union General Secretary, Larry Broderick, outlines the key issues put to the Committee. IBOA’s written submission is available on the Union websites or by post on request to IBOA House. SPECTRUM
The Joint Oireachtas Committee has met senior figures from AIB, Bank of Ireland and Anglo recently – but many of its questions were unanswered or, at least, inadequately answered. We sympathise with the Committee’s predicament. We experience this on a regular basis in our dealings with some banking leaders. While it is frustrating for us, as union representatives, it is much worse for our members – many of whom are being denied appropriate information to address serious concerns about their own future employment prospects.
Despite endless rounds of meetings, we still do not have transparency around the EU restructuring plans of most of these institutions or the possible implications of these plans for staff even though we are now three years into the banking crisis. IBOA recognises the need for change in Irish banking. Indeed we were advocates for change when we appeared before your predecessor committee in 2004. We believe our members have a vital role to play not only in delivering that change but also in contributing to the programme not just out of narrow self-
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…bank staff are being invited to make potentially life-changing decisions about their future with very little information to assess the merits of the options available to them. Indeed if a credit institution was to treat its customers this way, it would rightly be subject to public censure and, at the very least, an investigation by the regulatory authorities…
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Collateral Damage It seems that a view has been taken by the Department of Finance and by some industry leaders that banking employees are effectively collateral damage – and as such have no right to be treated with due respect; no role in shaping the future of the sector; and no right to be consulted even about their own personal futures – either in terms of possible redundancy or indeed the working arrangements to be applied following the restructure.
We need a discussion about the kind of banking sector we want and need into the future. So, in some institutions bank staff are being invited to make potentially lifechanging decisions about their future with very little information with which to assess the merits of the options available to them. Indeed if a credit institution was to treat its customers this way, it would rightly be subject to public censure and, at the very least an investigation by the regulatory authorities. But apparently it is acceptable to operate to a different lower standard with employees.
IBOA General Secretary, Larry Broderick
Major issues unresolved Three years into the crisis, a picture is finally beginning to emerge as to the shape of Irish banking in terms of corporate structures. But the bigger questions remain about how the banking sector can best serve economic and social development; or the implications of State ownership of five of the original six covered institutions for competition and diversity; or indeed the role of foreign-owned banks – which may themselves rely on significant levels of Exchequer support via their parent entities. We also need a discussion about the kind of banking sector we want and need into the future. Our fear is that, without an agreed public policy framework for the sector, what may finally emerge from the wreckage of Irish banking could be even worse from the point of view of the customer as well as for staff. All of the major retail banks have either already cut staff and some are committed to reduce employee numbers further into the future – at the same time the Joint Oireachtas Committee has been assured by their representatives recently that they do not intend to shrink their branch networks in terms of locations.
ARTS & LEISURE
We believe that preserving the branch networks will be vital to rebuilding trust between the customer and the institutions as will the role of local branch managers and staff in meeting customers’ needs while at the same time ensuring efficient delivery of service. The old relationships between Branch staff and their customers that once existed in Irish banking may not be restored in the same form in the new model of banking that is beginning to emerge in pilot projects at this time. These pilots may be the only solutions for retail banking – but there may also be other options. Customers in particular may have views about the quality of their current relationships with the banks and how they would like them to develop in the future. But so far no-one has consulted them. We believe there should at least be a conversation about these issues between all of the stakeholders in Irish banking – including the customers as well as the taxpayer, the State, the shareholders and the staff. In short, what we are seeking for our members’ benefit and for the benefit of the people of this country is a clear vision for the future of Irish banking.
If job losses on this scale were happening in a multinational company, we would have already seen a range of responses from Government. Litany of job losses Staff in particular need to know where they stand. Since the crisis began, we have already seen around 4,000 jobs go in the two pillar banks, mainly through natural wastage and non-replacement of retiring and resigning staff. Just under 1,000 staff have been made redundant in Ulster Bank and 750 more were let go when Halifax closed down. Further job losses have already occurred in National Irish Bank, Anglo and Permanent-TSB. That is a fairly grim backdrop as far as employment is concerned. But the outlook is no better. According to recent estimates up to 6,000 more may go in the course of the next eighteen months. These are estimates – but what my members need is clarity and some kind of action plan to look at employment options.
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interest but also with a wider concern for the needs of customers and taxpayers. Our members are anxious to find out about the future of Irish banking in general; the future of their own institution; and, of course, their own role in that future. Despite everything they have been through in the last three years – seeing the profession they took pride in reduced to pariah status – seeing the shares their employers encouraged them to buy rendered worthless by an act of colossal betrayal by those same employers – seeing the devastation wrought on the economy and the lives of so many people by the reckless behaviour of their bosses – despite all of this, bank officials still care passionately about the future of Irish banking and wish to contribute to its recovery. But in our experience, their commitment is rarely reciprocated by the senior executives in their own institutions – nor indeed, I have to say, by government.
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If job losses on this scale were happening in a multi-national company, we would probably have already seen the creation of an inter-agency task force. A Minister or junior Minister would probably have been dispatched to visit company headquarters in America to plead the case for these jobs – and some kind of retraining programme would be in preparation in case the closure could not be averted. No such engagement has taken place at a sectoral level in Irish banking – and this mirrors the difficulties around engagement in some major institutions.
Many deputies and senators have been rightly concerned about the plight of the staff in Aviva who have been put through the wringer in terms of the future of their employment during the last month. AIB staff understand what they are going through – because the prospect of mass redundancies has been hanging over the banking group for many months now.
Demoralising staff is short-sighted The systematic lowering of the morale of staff across the board is not in the medium or long term interests of AIB – nor indeed, I suggest, is it in the best interests of the taxpayers who are hoping for a prompt and substantial return on the unprecedented support that has been provided for Irish banking. A similar situation applies in Anglo where IBOA has recently begun to represent staff. Although Anglo is winding down, staff are entitled to have some sense of how that process will unfold and where they might fit into it. This is not simply a matter of showing consideration to employees, it is also good for the business and ultimately the shareholder in helping to ensure that the necessary talent is available to the institution to carry out its mandate effectively. But again, the attitude seems to be that the staff are collateral damage to be written off along with Anglo’s bad debts. Incidentally, it is probably no co-incidence that the two most toxic of the Irish banks – Anglo and Irish Nationwide – were also the two most staunchly anti-union. I am not saying that the presence of a trade union would automatically have mitigated their worst excesses – but I do believe that their anti-union mentality was a reflection of a wider culture which meant that reckless autocrats could prevail. In fairness to Bank of Ireland, I have to say that our relationship with them is different than our relationships with AIB and Anglo. Bank of Ireland has demonstrated a willingness to engage with us, to exchange information and to share their business plans to a much fuller extent than the other two institutions. We believe that other institutions could learn important lessons from Bank of Ireland’s greater willingness to engage with staff.
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AIB sets headlines without substance
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Even in AIB which announced over 2,000 job losses last April, we are no clearer six months later as to the number of jobs to go in particular areas or locations, the terms of any severance arrangements, and what the nature of the employment will be for those who remain. Indeed the Oireachtas Committee’s exchanges with the Executive Chairman of AIB in September showed a lack of clarity at the highest levels in the Bank. Deputy Pearse Doherty finally managed to extract an admission from Mr. Hodgkinson that, instead of carrying out a detailed rootand-branch analysis of the Bank’s operations in order to arrive at a cumulative figure for the number of staff required to conduct its business, AIB effectively reverse-engineered the process. They selected a figure for job losses (of at least 2,000) and are now belatedly trying to produce the analysis to justify it.
It is probably no coincidence that the two most toxic of the Irish banks were also the two most staunchly anti-union. Apart altogether from the serious concerns this raises about this approach to business, it is also an appalling way to treat staff. Employees in AIB have been told on a number of occasions over the last eighteen months that the Bank would be smaller in future. They understand the problem: they also recognise that even though they were not responsible for creating the problem, they may be required to make further sacrifices in order to achieve a resolution. What they want – and are entitled to – is real engagement which allows them to make an input into shaping the future of the Bank. This applies both to those staff who may opt to leave as well as those who may decide to stay. Indeed, those who stay will be vital to expediting the recovery of AIB – which in turn will be pivotal to rebuilding the Irish economy.
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Culture is the key
Banking bosses on their way into Leinster House: (top) Alan Dukes (IBRC), middle) Richie Boucher (Bank of Ireland) and David Hogkinson (AIB).
I was struck by the claims by both of the management teams from AIB and Bank of Ireland in their discussions with the Oireachtas Committee that they were intent on implementing a new culture in the sector. AIB spoke of the new values and behaviours being developed at the higher levels of that institution while Bank of Ireland’s
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management conceded that they were determined to learn from their past mistakes. Very laudable sentiments, indeed, but unfortunately they are not reflected on the ground within Irish banking. In most of its key characteristics, we believe the culture of Irish banking is unchanged. Indeed in a major survey undertaken for us recently, our members have told us that in its more striking manifestations – such as the pursuit of sales, the intensifying pressure on staff through performance targets, combined with reduced staffing levels, increased pressure for deposittaking without any real regard for the needs of customers or their impact on staff – the situation is actually getting worse. Our members find this working environment extremely challenging in terms of workloads and stress levels and they believe that it is ultimately not in the longer-term interests of either the customer or the institution, itself. Our concern is that the mentality behind many aspects of banking practice at the present time is one of short-termism which also underpinned the recklessness which led to the crash.
condone a complete absence of accountability at the top while holding those working at the counter accountable for every cent or penny they handle on a daily basis. While there has been some slight evidence of new thinking, the Committee’s recent exchanges with banking leaders show that many major issues remain unresolved.
Oireachtas Inquisitors: top) Alex White TD (Committee chair), Michael McGrath, TD and Pearse Doherty TD.
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We believe they will not be resolved if these institutions are left to their own devices. They need help to address these bigger issues – and given its pivotal role in Irish banking now, we believe that the State is in a position to advance significant changes in banking practice and promote a new vision for Irish banking. That is why IBOA was grateful to have the opportunity to engage with the Joint Oireachtas Committee recently. We hope it will be the first of many engagements so that, together, with the other stakeholders, we can ensure that we change Irish banking for the better as – rather than simply applying a sticking plaster solution which falls apart at the next sign of a crisis. IBOA has outlined some of the areas that need to be addressed in its written submission to the Committee which is available on the Union websites. We need a body to oversee the implementation of a range of complementary initiatives which will: • strengthen regulation, • raise customer confidence, • safeguard public investment, • improve the morale of bank staff, and • ensure that real lending is available to generate jobs; – all of which are essential to restore the credibility of Irish banking in light of the extensive reputational damage suffered in the last three years. We need greater diversity in the boardrooms of financial institutions as well as measures to enhance the fitness and probity of directors. We need legal protection for whistleblowers. We also need codes of employment practice to combat the climate of fear endemic in Irish banking. We need a major redesign of remuneration practices throughout the sector in order to incentivise positive behaviours which prioritise the long-term interests of the institution within the context of the broader economic and social needs of the State. We need the authorities – both public and institutional – to treat bank staff with respect by engaging fully with their representatives in a process of genuine consultation and negotiation – to manage the transformation of Irish banking in line with agreed principles. S
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State now occupies pivotal role
When ordinary bank officials look at Irish banking, they see a system which appears to condone a complete absence of accountability at the top while holding those working at the counter accountable for every cent or penny they handle on a daily basis. It is as if the mindset is so engrained in the higher echelons of Irish banking that they are unwilling or unable to move away from that basic philosophy. It has been very difficult to try to ensure that banking leaders face up to their responsibilities over the last three years. It is commonly accepted now that they have been in varying degrees of denial about the extent of the problem – and, therefore, unwilling or unable to consider alternative approaches to dealing with the problem. At the same time it has been galling for ordinary staff and customers to see banking bosses walk away with golden parachutes and apparently iron-clad contractual entitlements. Our members contrast this with the attempts made to undermine their own contractual rights in a number of areas. Instead of a gold-plated pension, many of the bank staff we represent are facing the ultimate threat of losing their jobs. When ordinary bank officials look at Irish banking, they see a system which appears to
ARTS & LEISURE
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SAFETY FOCUS
INSIDE
IT’S OFFICIAL:
Stress
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NOW NO. 1 CAUSE OF LONG-TERM ABSENCE
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Stress is now the top cause of long-term absence among non-manual staff, according to a major UK survey of absence management. Among manual workers, stress has overtaken musculoskeletal problems to draw level with acute medical conditions as the main reason for long-term absence. The survey notes a particular rise in stress-related absence among public sector organisations, with 50% of respondents reporting an increase. Respondents in the public sector point to the increased level of organisational change and restructuring as the number one cause of stress at work – highlighting the impact of public sector cuts to jobs, pension benefits and pay freezes. Job insecurity is also reported as a more common cause of work-related stress in the public sector this year (24%) compared with last year (10%) and is higher than in the private (14%) and non-profit sectors (14%). Unsurprisingly, given the significant budget cuts being made in the UK, more than two-
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Work-related stress has been identified as the most common cause of longterm sickness absence for both manual and non-manual employees in the UK, according to an absence management survey, conducted by the Chartered Institute of Personnel and Development (CIPD) and Simplyhealth.
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fifths (43%) of public sector organisations report they will be making redundancies over the next six months (compared with 17% in the private sector and 24% of non-profits). CIPD adviser, Dr Jill Miller, says: “The survey this year shows that stress is for the first time the number one cause of long-term sickness absence, highlighting the heightened pressure many people feel under in the workplace as a result of the prolonged economic downturn. “To a large degree, managing stress is about effective leadership and people management, particularly during periods of major change and uncertainty. “Line managers need to focus on regaining the trust of their employees and openly communicating throughout the change process to avoid unnecessary stress and potential absences. “They also need to be able to spot the early signs of people being under excessive pressure or having difficulty coping at work and to provide appropriate support.” A link between job security and mental health problems has
also been revealed in the survey. Employers planning to make redundancies in the next six months are significantly more likely to report an increase in mental health problems among their staff (51% compared with 32% who are not planning redundancies). Although overall absence levels reported in the survey show little change, the proportion of absence that is stress-related has increased. Nearly four in ten (39%) employers report an increase in stress-related absence, compared to just 12% reporting a decrease. Other findings include: • Over a quarter (28%) of employers report an increase in the number of people coming to work ill (‘presenteeism’) in the last 12 months • Organisations that have noted an increase in ‘presenteeism’ over the past year are more likely to report an increase in stress-related absence over the same period (49% compared to 33% of those who have not reported an increase in people coming to work ill).
IBOA
WORKPLACE
LIFESTYLE
ARTS & LEISURE
Safety reps deliver real benefits to the bottom line – as well as protecting the health of their work colleagues.
safety reps at between £136m and £371m (at 2004 prices) as a result of reducing working days lost – while a 2007 report estimated that overall safety reps save society between £181m and £578m each year (at 2004 prices) as a result of lost time reduction from occupational injuries and work-related illnesses of between 286,000 and 616,000 days.
Small Ads – Big Choice Holiday Apartments to Rent Adverts placed for IBOA members by IBOA members
Check out the IBOA websites: www.iboa.ie/services/smallads.html or www.iboa.org.uk/services/smallads.html
december 2011
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Union reps are not a business cost item, but an important resource for employers in both the public and private sector, according to a new paper from the British Trades Union Congress. And there’s no clearer indication of this effect than the lifesaving, money-saving role of union safety reps. The TUC document on the provision of facilities and facility time for union reps cites studies showing that around half of safety reps take no more than one hour a week to undertake their union role – with many spending their own time on safety rep work. Commenting on the positive role played by union reps, the report notes: “As well as making a significant contribution to increasing productivity they make workplaces safer, reduce the costs of recruitment and help business became more responsive to change by helping staff acquire new skills in addition to updating those they already have.” The TUC document points to UK Government figures, which put the benefits to society of
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Safety reps are cost effective
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: www.iboa.ie/knowyourrights/ yourrightsroi/healthsafety.html for the Republic of Ireland; and www.iboa.org.uk/knowyour rights/yourrightsni.html for Northern Ireland. If you have any questions or concerns about health, safety or security 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 National Committee below: Elaine Barker (BOI), Carmel Curran (FTB), Margaret Power (BOI-GB), Stephen Kennedy (BOI), Etain Ryan Lyons (AIB), Jaynette Stirling (Ulster NI), Robert Thompson (Northern/ Danske) and Kate Varley (AIB). 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.
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It’s your right to work in safety and security!
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N of exciting training and development opportunities for bearing in mind that in a changing workplace, members ls.
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KERRY TRIBUTE In a gentle way, you can shake the world.
Mohandas K. Gandhi
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In a fitting tribute to Kerry Christie, IBOA’s former Ulster Bank Officer who died after a heroic struggle with cancer recently – a special event in the Belfast Bankers’ Club raised £9,550 for Marie Curie Cancer Care – the charity selected by Kerry’s family. See Page 32
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STANDING UP FOR BETTER BANKING A wide range of issues of particular concern to young workers employed in the financial services sector were tabled for discussion by the IBOA Youth Committee recently. See Page 36
STEVE TAKES HIS LEAVE Senior Industrial Relations Officer, Steve Tweed, is to leave IBOA to take up the post of Director of Industrial Relations with the Irish Medical Organisation. See Page 37
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Handling Change History of IBOA to be published in New Year H
Mark Duncan was central in establishing the GAA Museum at Croke Park. He works on research projects in Ireland for public and corporate bodies. Both are co-authors of The GAA – A People’s History (2009) and The GAA – County by County (2011).
Special Offer for IBOA Members
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conservative industry to one so reckless as to bankrupt the Irish state. Dr. Paul Rouse, formerly of RTE television’s flagship current affairs programme Prime Time, now teaches Irish history at UCD. He has also written extensively on the history of the GAA.
The recommended retail price for Handling Change is E25 or £22.99. IBOA has a limited number of copies for sale to IBOA members at the special discount price of E10 or £8 (including postage and packing). Members who pre-order the book in advance of its publication date in March 2012 will receive copies specially signed by the authors, Paul Rouse and Mark Duncan, and by IBOA General Secretary, Larry Broderick. To pre-order up to two copies at the special discount price, please send your name, address, the number of copies required and your IBOA membership number to IBOA History Orders at IBOA House, Stephen Street Upper, Dublin 8 or e-mail history@iboa.ie. We will send you a special gift voucher which can be exchanged for the book (on payment of the special price) when it is published.
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The IBOA was founded in 1918 when 350 officials dared defy their banks’ directors. Soon it had a membership of more than 80% of all bank officials. Initially ignored, the IBOA threatened strike and the banks agreed to arbitration in March 1920. The arbitration report gives a remarkable insight into the expectations of what a bank official should be, who they should marry, where they should live, and much else. Most of all, it reveals a certain elitism among bank officials. The theme of strikes runs through the book. While the 1920s and 1930s were quiet, every decade after that saw industrial unrest and usually strike. Women came into banking during the Great War and the IBOA helped to advance their rights. They now make up three quarters of IBOA members. Work in a bank was tedious and led to a great focus on the social life of the Association. Broadcasters such as Terry Wogan and Bunny Carr began their working lives as bank officials, while Christy Moore Former bank official, took up singing during a Sir Terry Wogan bank strike. Generations of sportsmen and women worked in the banks including international rugby players, golfers and numerous GAA stars. From the unionism and elitism of its earlier years to the later militancy, the IBOA was unique in Irish life, remaining a 32-county organisation. The evolution of the IBOA offers a fascinating picture of Ireland – not least how bankFormer bank official, ing moved from a thoroughly Christy Moore
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andling Change, the history of IBOA, will be published in March by the Collins Press. Produced by Paul Rouse and Mark Duncan, the book was specially commissioned by the Union to mark the renaming of the Irish Bank Officials’ Association as IBOA The Finance Union.
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A matter of course IBOA aims to offer an expanded range of exciting training and development opportunities for members and representatives in 2012. The Union is conscious that in a changing workplace, members need opportunities to develop new skills. A comprehensive schedule of courses has been developed – please check the IBOA websites for the course information and if you are interested in signing up, please contact Louise O’Donnell by any of the methods below.
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Courses for Members
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Computer Training in NI The first IBOA trainees on the computer skills training courses currently being held in Northern Ireland are expected to gain their Level 2 City and Guilds certificate in ICT in the first quarter of 2012. We now have a top class computer training suite in the IBOA premises in Malone Road, Belfast. Through our participation in Union Learning in Northern Ireland, we also have access to a number of premises owned by the North West Regional College as well as a panel of ICT tutors. Another ICT course begins in January. Successful applicants who are on the waiting list will be contacted shortly. At least one more ICT training course will be arranged for the first quarter of 2012. So interested members are advised to sign up as soon as possible.
IBOA’s Senior Industrial Relations and Training Officer, Marian Geoghegan, leads a training session in IBOA House.
Interview Skills in NI Other free training courses for IBOA members are also being offered through the Union Learning Project – such as the
recent programme in interview skills and techniques for IBOA members in Northern Bank. Leadership Skills in NI We are also in discussion on the roll-out of a course in leadership skills – which will offer a recognised qualification and will also be undertaken with support from the Union Learning Fund in Northern Ireland. Although IBOA’s partnership with the Union Learning Fund is naturally confined to members in Northern Ireland, we are also actively pursuing ways to develop a union learning culture for our members in Great Britain. Some suggestions for courses for members based in GB have been made by the IBOA Youth Committee. Republic of Ireland: Skillnet and other training Over the past two years many IBOA members have acquired important skills in such diverse areas as communication, computer training, employment law,
leadership, conflict management, mediation, career planning, personal development, industrial relations, health and safety. Some of these courses were particularly invaluable for members whose job roles were changing or who were experiencing some uncertainty over job security. Much of this training was possible through IBOA’s involvement in the Women at Work Skillnet. The current round of funding from Skillnets – which is in turn financed by the State’s National Training Fund – is unfortunately coming to a close at the end of 2011, as public spending budgets come under increasing pressure. However, if IBOA is successful in a new application based upon a merger of two existing networks involving IBOA and six other trade union organisations, it will be possible to offer further training for our members in Republic of Ireland. Since upskilling is important for the job prospects of members in the immediate future – and ⁄
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Health and Safety Training IBOA now has a group of well-trained Health and Safety Representatives in most employments. As this is a critical step in ensuring a healthy and safe workplace for our members, the Union is working with employers to develop this further. IBOA is arranging more courses for Safety Representatives who will be notified of arrangements when finalised.
New Reps – 1 day One-day basic training courses for IBOA Representatives will be held on a regional basis throughout 2012. The course is suitable for anyone new to the role or who has not previously attended an IBOA training course. Participants will gain the basic knowledge needed to take on this crucial role – as well as sources of further information to enhance their capacity. IBOA Representative Skills – 3 days IBOA Representatives who have attended basic training or who have some experience and an interest in pursuing accredited training can avail of one of the Union’s 3-day training courses
Above: the Union’s new IT Training Suite at its Malone Road premises in Belfast.
Marian Geoghegan, IBOA’s Senior Industrial Relations and Training Officer.
Training Needs Analysis Finally, we are working with ICTU to develop a comprehensive analysis of the training needs of Union Representatives and officials at all levels. Members and representatives should avail of this opportunity to have their views taken into account in the planning of training provision for the next number of years.
at louise.odonnell@iboa.ie or phone 01-4755908 (from ROI) or 02890-200130 (from NI/GB). december 2011
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Courses for Activists
for IBOA Union Representatives in Republic of Ireland in the first half of 2012. As the first cohort of trainees on the FETAC-accredited (Level 5) pilot programme came through with flying colours, we are seeking applications from anyone who is interested in attending this course which will be provided initially in the regions where there is greatest demand. The three-day course will be held over a number of weeks – rather than as a single block. This will enable participants to follow-up in the workplace what they learn on the course. The three course modules cover the role of the IBOA Representative, Handling Members’ Issues and an Introduction to Industrial Relations. The Union is in discussions with ICTU Northern Ireland regarding a similar roll-out of accredited learning in Northern Ireland in the second half of 2012. A complete Training and Resources Manual for IBOA Representatives has been developed to support the training courses.
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with many employers cutting back on their training budgets, a new training network should not only attract support from union members but also secure co-operation from most of their employers.
On-Line Training The Union aims to pilot an on-line training course for IBOA Representatives in the first quarter of 2012. The course will include a number of short modules – which, together, should take a maximum of four hours to complete. The IBOA Youth Committee has volunteered to take part in the pilot and offer feedback so that the finished course will offer the best possible experience for our Representatives. Of course, this is not a substitute for face-to-face training: it is intended to complement other training options for IBOA Representatives who are keen to learn more.
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Equality Training A comprehensive equality course is also in development with an accompanying manual. This is aimed at the Union’s Equality Sub-committee and other IBOA activists interested in equality issues. A pilot course will run in the first quarter of 2012 – covering equality legislation, handling cases and complaints, and pursuing equality issues through collective bargaining.
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Union blasts new security threat to banks in Northern Ireland
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A threat by the Real IRA to attack branches of banks located in Northern Ireland has been condemned by IBOA General Secretary, Larry Broderick.
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The threat by the dissident Republican group was made in a statement given to The Guardian newspaper in Britain – in which the group also claimed responsibility for two recent bomb attacks on Northern branches of the Santander banking group. The Real IRA has claimed that the attacks are intended to be reprisals for the banks’ role in undermining the economy. “No matter how angry anyone feels at the betrayal by senior executives of Irish banking – and let’s face it bank officials are entitled to feel angrier than most,” said IBOA General Secretary, Larry Broderick, “threatening to launch attacks on bank branches is a totally disproportionate and completely misguided reaction. “The danger to ordinary bank staff and to customers is obvious. Not only are they innocent of any responsibility for the current situation – they are, in fact, victims of it. “Attacking bank branches makes as much sense as attacking hospitals in protest at the health cuts!,” declared the IBOA leader. The Union is to raise this new threat with the authorities on both sides of the border as part of its ongoing consultations with An Garda Síochána and the PSNI on the security of bank staff.
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Table quiz participants at the Kerry Christie Tribute night in the Belfast Bankers’ Club.
Presenting the cheque for £9,550 to Marie Curie Cancer were (from left) IBOA Ulster Bank Officer, John Burns; Lesley Wright (Marie Curie), Stephen Christie; IBOA Finance Officer, Sharon McAuley; and Jaynette Stirling (Ulster Bank Executive Committee member).
Presenting the cheque for E4,000 to the Irish Cancer Society were (from left) Kate Conroy (Irish Cancer Society), IBOA Finance Officer, Sharon McAuley; and IBOA Ulster Bank Officer, John Burns.
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over In a fitting tribute to Kerry Christie, IBOA’s former Ulster Bank Officer who died after a heroic struggle with cancer recently – a special event in the Belfast Bankers’ Club raised £9,550 for Marie Curie Cancer Care – the charity selected by Kerry’s family. Boosted by a donation of £4,000 from IBOA, the £9,550 total was the result of a major effort from a team of energetic volunteers, co-ordinated by the Union’s current Ulster Bank Officer, John Burns.
John Campbell, Honorary Secretary of the one of the raffle prizes – a set of boxing gloves, former IBF World flyweight champion.
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£9,500 for www boa org uk
the event featured a very enjoyable celebration – marked with sparkling wine and chocolates – and including a very entertaining table quiz which tested the wit as well as the wisdom of all of the participants. IBOA has also made a donation of ¤5,000 to the Irish Cancer Society.
IBOA Ulster Bank Officer, John Burns, with his Belfast Bankers’ Club presents wife, Lorraine (Left) and IBOA Adminstration signed by Dave Boy McAuley Manager, Jane Higgins, at the Kerry Christie Tribute night in the Belfast Bankers’ Club.
Pictured at the unveiling of the plaque for the Kerry Christie Room in the Belfast Bankers’ Club were (from left) John Burns, Jaynette Stirling, Larry Broderick, Stephen Christie, Amy Christie and Olivia Christie.
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Paying a warm tribute to Kerry, Union General Secretary, Larry Broderick, also presented her husband, Stephen, with a specially bound and printed hard copy of the virtual book of condolences which had been compiled by friends and colleagues in messages to the IBOA website. The event also included a moving video collage of images highlighting different aspects of Kerry’s life. Finally in keeping with Kerry’s own fun-loving spirit,
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IBOA President, Jessie Doherty, presents the ladies’ trophy to Pauline Needham – watched by Union General Secretary, Larry Broderick.
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IBOA Golfer of the Year The annual IBOA Golfer of the Year competition took place at the Glasson Golf and Country Club near Athlone during the summer. The event comprised two stableford competitions – one for men and the other for ladies – both of which were played on a very pleasant summer’s day. The competition has been plagued with some bad weather in recent years, so it was nice to be blessed with some good weather for a change. The men’s competition was won by Liam Ross with an IBOA President, Jessie Doherty, presents the men’s trophy to Liam Ross – excellent score of 42 stableford points closely followed home by watched by Union General Secretary, Larry Broderick. Eddie Rouillier in second place with Billy Moloney in third. The ladies’ competition was won by Pauline Needham with last year’s winner, IBOA President Jessie Doherty, in second place. The prize for nearest the pin was won for the third time by Keith Feehily – prompting the suggestion that he be subjected to a handicap for future competitions. A blindfold is one proposal being actively canvassed by some! IBOA General Secretary, Larry on travel packages to top soccer matches Broderick, and Senior Industrial Relations Officer, Gerry Hanna, in Britain, Scotland and Spain. played as guests on the day. With both producing golf of a mixed standard, it is safe to say For booking call 1850- 206080 from the Republic that the course record was never or 00-353-61-228022 from Northern Ireland. under threat. Larry eventually overcame Gerry but a rematch is www.mcinerneysports.com already planned.
McInerney Sports Travel Ltd.
10% discount for IBOA members
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SPORTS & SOCIAL
IBOA family day Belfast Banker’s Club at Belfast Zoo is favourite haunt at www boa org uk www boa e
Pictured above and below are some of the Halloween revellers who haunted the very successful Fancy Dress night at the Belfast Bankers’ Club recently (Photos Dominic Boyd).
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Halloween
The Annual IBOA Day at Belfast Zoo continues to be a very popular event with members and their families and friends. Just under 700 people availed of the opportunity to gain free entry to the sights and sounds of the animal kingdom – thanks to IBOA! All photos: Robert Thompson.
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YOUTH COMMITTEE
Standing up for better banking Low pay, unreasonable use of disciplinary procedures as well as the ongoing pressure to meet sales and other targets within an oppressive culture of micromanagement are combining to create excessive stress and a lowering of morale among staff. At the same time, younger staff face a future in which prospects for career advancement which are likely to be few and far between as Irish banking continues to contract. Despite this extremely difficult background, the Youth Committee remains upbeat and optimistic that by mobilising young members and building the Union’s strength throughout Irish banking, IBOA can make a real difference in tackling this challenging agenda.
Members of the Union’s Youth Committee with the President and General Secretary: (from left) front: Ciara Clarke, Zoe O’Neill, Rebecca Craughwell, Jessie Doherty, Larry Broderick; back: Alan Challis, Michael Keogh, Imelda Boyle, Derek McManus, Kieran McCann and Gareth Murphy (Secretary) (Photo: Tommy Clancy). The Youth Committee will meet again early in the New Year to develop a
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A wide range of issues of particular concern to young workers employed in the financial services sector were tabled for discussion by the IBOA Youth Committee recently.
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number of initiatives to support younger financial sector employees. The next
meeting will also elect a new Chairperson.
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Senior Industrial Relations Officer, Steve Tweed
Renee’s cup runneth over
10% off all products purchased in the Republic of Ireland or Northern Ireland on presentation of your IBOA membership card in store.
december 2011
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IBOA member, Renee Dolan, is the Union’s latest All-Ireland champion. She beat off stiff competition to win the PGA Tankard National Final at Druids Glen recently. Renee who plays golf at her local club in Carrick-on-Shannon is also a member of IBOA’s Ulster Bank Executive Committee. Some of the Union’s other sporting All-Ireland winners had a rather more disappointing end to their championship seasons. Brendan Cummins was in goal for Tipperary as they surrendered their senior hurling crown to Kilkenny – while Colin Cooper suffered a similar fate with Kerry in the football final against Dublin.
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The cup that cheers: Renee Dolan clutches the PGA Tankard after her victory in the national final in Druids Glen recently.
Senior Industrial Relations Officer, Steve Tweed, is to leave IBOA to take up the post of Director of Industrial Relations with the Irish Medical Organisation. Steve joined the staff of IBOA in 2008 – taking on particular responsibility for AIB Group and Ulster Bank – which have both faced substantial challenges during the period – with almost 1,000 redundancies already introduced in the latter and over 2,000 more jobs declared to be under threat in the former. Steve has also provided committed support to IBOA’s Executive Sub-committee on Safety, Health and Security. Paying tribute to Steve’s contribution to the work of the Union, IBOA General Secretary, Larry Broderick, said that IBOA’s loss would be IMO’s gain. “We are sorry to see him leave and wish him all the best in his new position.”
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Steve takes his leave
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INTENSE TALKS AT NORTHERN Talks between Northern Bank management and IBOA are continuing on the Bank’s Transformation Project. See Page 41
ELECTED!
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NEW RELATIONSHIP PACT AT NIB National Irish Bank and IBOA have now concluded a future relationship agreement, building on the need for ongoing discussions and use of third parties to resolve issues, in order to avoid a repeat of the previous experience of the pensions debacle. The agreement follows a high-level meeting between NIB Chief Executive, Andrew Healy (above) and IBOA General Secretary, Larry Broderick. See Page 40
IBOA candidates from Ulster Bank seek election to the European Employee Committee of RBS. See Page 42
“ It is essential that there should be organisation of labour. This is an era of organisation. Capital organises and therefore labour must organise.”
Theodore Roosevelt
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ULSTER JOB CUTS FEAR As we go to press, Ulster Bank management is under significant pressure from its parent company, RBS, to engage in a major restructuring programme – which could result in further job losses – on top of almost 1,000 redundancies in 2009. See Page 42
december 2011
BOI STALEMATE The Government and the Bank of Ireland should honour all agreements if they wish to secure implementation of the Viability Plan agreed with the EU Commission over a year ago, Union General Secretary, Larry Broderick, has warned See Page 43
TENSIONS RISE AT AIB Staff in AIB have serious concerns about the future direction of the institution on a number of levels, according to IBOA General Secretary, Larry Broderick, who has written to the Bank’s senior management. See Page 45
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Future still uncertain for Irish banking writes Larry Broderick, IBOA General Secretary need to treat staff in a fair and reasonable manner and not vilify them just because they are bank workers. It is a cause of particular concern to IBOA that many of the decisions taken on banking seem to be based on the lowest kind of political expediency rather than on sound banking sense. Those in authority need to recognise that bank staff are human beings with families, are part of the community and should not be pilloried just because they happen to work in this sector. Similarly, management in the two pillar banks also need to take stock. For them to succeed they need to respect the loyalty and commitment of staff – rather than undermining them at every turn. IBOA continues to make representations to Government, the Regulator, the EU and the Troika on the importance of a strong banking sector, committed bank officials and implementing change in a fair and reasonable fashion with staff interests given due regard as key stakeholders along with customers and tax payers. Let us not forget that bank officials are taxpayers too and, will be making enormous sacrifices for the future of the economy. It is hoped that with the emerging realities across Europe, those in influence in Irish banking will review their position to provide more protection for our members in the same way as they protect themselves.
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Indeed, the situation is as uncertain now as it was a number of months ago with new variables being introduced to the equation on a daily basis. However, for the vast majority of staff in Irish banking, the sector will be a lot smaller with thousands more jobs to go – on top of the jobs already lost since 2008 IBOA estimates that over the next eighteen months we could see up to 6,000 further job losses. What is damning is the lack of any focus or attention on these job losses. IBOA has continually called for a jobs initiative aimed at protecting jobs into the future. Of course, a jobs initiative can only be based on an underlying strategy. But it appears, at the moment, that there is no overall integrated strategy for Irish banking. Instead each bank does its own thing in terms of lending, customer support and, indeed, staff support. It is a tragedy that staff on the frontline, who are being required to manage customers through the most difficult period in our history, are faced with wide-ranging change while at the same time many of the culprits who created these problems have walked away on golden parachute pensions and extremely generous benefits. Even more galling is the inability of key decision-makers to understand the key role of bank officials in promoting economic recovery and to recognise the
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Irish banking is at a crossroads. Despite the Irish Government’s commitment to a two-pillar banking system a number of months ago, we are still unclear as to the future shape of the sector. Although offering some measure of comfort to staff in AIB and Bank of Ireland, the initial announcement generated much speculation and uncertainty about the future of the four other banks covered by the Government guarantee – as well as the role of foreign-owned banks in Ireland. IBOA has continually argued that, as part of any Government strategic review of the future of the Irish economy, an extensive review of Irish banking is also required. Over seven months after the Finance Minister’s announcement of the twopillar approach, we see Bank of Ireland established as an independent bank with 15% only State ownership. AIB is now over 99% state-owned – but paralysed, it would seem, in developing a plan for its future. EBS has been merged into AIB but with considerable lack of clarity as to how that merger will operate into the future. Anglo Irish Bank and Irish Nationwide have been merged into the IBRC which is to be wound down over twelve years. Irish Life & Permanent is to be broken up into a retail bank, with its life business sold off. However, that sale has recently come unstuck – so major doubts remain.
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The Republic’s Minister for Finance, Michael Noonan (Photo: Photocall-Ireland)
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NATIONAL IRISH BANK
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IBOA Danske Bank Group Officer, Robert Thompson (above) was one of IBOA’s representatives at the Danske Works Council meeting.
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Danske Group plans discussed by Works Council The Danske Bank Group European Works’ Council met in Copenhagen on 28 and 29 November. Extensive presentations were given to representatives across the Danske Bank Group by senior representatives in Danske Bank. In line with the Danske Union Group’s strategy, all unions represented in Danske Bank met in advance. Searching questions were asked of the senior management on their future plans. Undoubtedly, Danske Bank, like other banks, is faced with major challenges. IBOA has been extremely successful in securing arrangements for job security, as a priority, in both Northern Bank and National Irish Bank. Inevitably, the future of Danske Bank Group will challenge these commitments. In the wake of these presentations, IBOA General Secretary Larry Broderick, has written to both Andrew Healy, Chief Executive of National Irish Bank and Gerry Mallon, Chief Executive of Northern Bank, to seek an early meeting to discuss the implications of the Group’s plans for its staff and customers in Ireland.
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National Irish Bank Chief Executive, Andrew Healy. (Photo: Leon Farrell/Photocall Ireland)
New relationship pact at National Irish Bank Further talks due with management shortly on key issues Following the difficulties encountered over the Bank’s plans for the introduction of new pension arrangements, further discussions between the parties have now resolved outstanding issues following the recent Labour Court recommendation. After a high level meeting between NIB Chief Executive, Andrew Healy, and IBOA General Secretary, Larry Broderick, the Bank and IBOA have now concluded a future relationship agreement, building on the need for ongoing discussions and use of third parties to resolve issues, in order to avoid a repeat of the previous experience of the pensions debacle. Larry Broderick has welcomed this as a positive development in light of the various challenges facing National Irish Bank.
december 2011
In the course of these discussions, Danske Bank Group reaffirmed its commitment to remain in Ireland and to honour these agreements into the future. “On the thorny questions of pay, review of career progression and job evaluation of new roles, key meetings will take place in the coming weeks to try to progress these issues which have been outstanding for some considerable time,” said IBOA General Secretary, Larry Broderick. “Our members in National Irish Bank have endured significant change in recent years,” declared Broderick. “Their patience and loyalty should now be recognised as part of an overall solution, given Danske Bank’s commitment to National Irish Bank into the future,” added the IBOA leader.
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LIFE & STYLE
ARTS & LEISURE
NORTHERN BANK
In recent months, IBOA has been focussed on Northern Bank’s major restructuring programme, Northern Star. At an early stage, the Bank reaffirmed its commitment to honour the existing job security agreement, which gives a very clear
commitment that any redundancies in Northern Bank will be introduced on a voluntary basis, in line with agreed terms and with a particular focus on early retirement. In the high-level discussions to date a number of themes have begun to emerge which will affect staff in key areas.
10% discount for IBOA members on trips to major sporting events in Britain, Scotland and Spain – as well as other holiday attractions in Britain.
For more information phone 00-353-1-6292000 or 00-353-21-4377501, e-mail: info@celtichorizontours.com or visit our website at
www.celtichorizontours.com
Talks on PMP under way Management at Northern Bank is engaging with IBOA on the performance management process (PMP) which is due to will roll out in the New Year. The Union has taken part in lengthy discussions on the matter. Comprehensive briefings will issue in due course – which will also be posted on the Union websites. All members in Northern Bank should ensure that they have keep abreast of the IBOA guidelines on this issue.
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Northern Star transformation programme continues
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Intense talks at Northern
There have already been restructures in a number of area, such as. Development Ireland, staff on the resource register and a number of branch closures have taken place. In essence, the Bank has achieved its overall objectives, in line with the job security agreement, with most members in these particular areas opting for voluntary early retirement . IBOA’s Senior Industrial Relations Officer, Gerry Hanna along with the Union’s Northern Bank Executive Committee will meet the Bank for further talks and will be watching very closely what emerges from the overall plans of Danske Bank Group, and in particular its potential impact on Northern Bank.
www boa org uk
Talks: IBOA’s Senior Industrial Relations Officer, Gerry Hanna .
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ULSTER BANK
SPECIAL FOCUS
IBOA
Elected IBOA takes ROI seat on RBS employee council and seeks more for Northern Ireland
Tommy Kennedy
www boa org uk
Ulster Bank Head Office at George’s Quay, Dublin (Photo: Mark Stedman/Photocall-Ireland)
More job cuts feared at Ulster
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Jaynette Stirling
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As we go to press, there are strong indications that Ulster Bank management is under significant pressure from its parent company, RBS, to engage in another major restructuring programme – which could result in further job losses – in addition to almost 1,000 redundancies implemented in 2009. The Bank has already committed to engage with IBOA and has acknowledged the role of collective bargaining agreements in its future plans following the recent comprehensive recommendation by the independent mediator, Martin King. As rumours abound about the Bank’s restructuring plans, the Union has urged senior management to clarify the situation at the earliest opportunity.
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IBOA has already communicated the concerns of members in Ulster Bank to senior management – warning that the ongoing uncertainty is both unsettling and demotivating for staff. While the Bank has confirmed that it is engaged in a major evaluation of the Bank’s structures, it has yet to finalise its future plans in consultation with RBS. Nevertheless, the pre-Christmas period is likely to be one of great uncertainty for thousands of staff in Ulster Bank, who are surprised that RBS could force Ulster Bank to engage in further restructuring – while at the same time rewarding senior executives in the parent company with bonuses totalling millions of pounds. This double-think is quite breath-taking and will be raised by IBOA in its future engagement with the Bank.
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Joe Allsopp
IBOA nominee, Tommy Kennedy, has been elected unopposed to serve on the RBS European Employee Council (EEC) for the Republic of Ireland constituency. Two of Tommy’s Ulster Bank colleagues in Northern Ireland – Jaynette Stirling and Joe Allsopp are also seeking election to the RBS EEC – Jaynette in the UK Retail, Wealth and Ulster (RWU) constituency and Joe in the UK Business Services seat. As both constituencies that span both Northern Ireland and Great Britain, the two candidates are banking on strong support from colleagues in Northern Ireland to ensure that Ulster Bank staff in Northern Ireland achieve representation on the EEC. IBOA has played an active role in RBS European Council with the late Mary Sexton and the late Kerry Christie each serving as Joint Chairs of the Council. Indeed just three weeks before her death, Kerry signed off on an important new agreement with RBS. Tommy, Jaynette and Joe are determined to ensure that their legacy will be honoured with strong IBOA representation and active participation in the work of the Council in future. Members in Northern Ireland can cast their votes – no later than 5pm on Wednesday, December 14 – at the dedicated website: www.votebyinternet.com/ rbseec11/
Ulster Bank Northern Ireland
RBS European Employee Council Vote for JAYNETTE STIRLING UK Retail, Wealth and Ulster Constituency
Vote for JOE ALLSOPP
UK Business Services Constituency Vote on the dedicated website: www.votebyinternet.com/rbseec11/ by 5pm on Wednesday, December 14.
NEWS
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LIFE & STYLE
BANK OF IRELAND
ARTS & LEISURE
CUSTOMER SERVICES
BOI stalemate Department of Finance stalls after mediator’s recommendation agreed The Government and the Bank of Ireland should honour all agreements if they wish to secure implementation of the Viability Plan agreed with the EU Commission over a year ago, declared Union General Secretary, Larry Broderick. The IBOA leader was addressing a recent meeting of Union activists in Bank of Ireland, called to review recent developments including the revised recommendation by the independent mediator, Mark Connaughton SC – which constitutes a key element in the Bank’s EU Viability Plan. Mr. Broderick acknowledged the positive and constructive approach taken by the Bank’s senior management by engaging with the Union from the outset, by sharing all aspects of the plan with the Union, and by working to secure an overall agreement. However, he added, he was extremely disappointed that, even
though both the Bank and the Union had accepted the revised recommendation, there appears to be some reluctance on the part of the Department of Finance to allow the agreed recommendation to be implemented. In his address to the Union’s Bank Secretaries in Bank of Ireland, the General Secretary indicated that IBOA had no interest in engaging with any bank or department that could not honour existing agreements. “If this remains the position,” he declared, “IBOA will not co-operate with any form of restructuring in Bank of Ireland.” The two-day meeting was very constructive and beneficial. It provided a very informative insight for Bank Secretaries on the major challenges facing financial services staff not just in Bank of Ireland, but in the sector as a whole.
CHAPTERS
BOOKSTORE Parnell Street Dublin 1
10%
discount for IBOA members Show your IBOA membership card at the pay point
december 2011
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Bank of Ireland, Baggot Street, Dublin. (Photo: Sasko Lazarov/Photocall Ireland)
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Earlier this month, IBOA workplace representatives from AIB’s Direct Channels, Bank of Ireland’s Banking 365 and Ulster Bank’s Dublin Mortgage Centre held the first meeting and training day of the Union’s Customer Service Staff Network – as part of the Union’s Customer Service Initiative (CSi) campaign. At the meeting, the reps highlighted a number of issues common to staff in these working environments as well as identifying possible solutions to remedy the problems. A full report on the outcome of the meeting will be presented to the IBOA Executive Committee with a strong recommendation to extend the Union’s CSi campaign to focus on: • training and education; • raising member awareness and participation; • building IBOA’s membership in these areas; and • ensuring that the local issues facing these staff form part of the Union’s wider negotiating agenda with each employer.
www boa org uk
Staff in customer service centres get organised
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IBOA
Senior Industrial Relations Officer IBOA The Finance Union is the leading trade union representing staff in Ireland’s banking and finance sectors. IBOA now wishes to appoint a Senior Industrial Relations Officer. Reporting to the General Secretary and based in Dublin, the Senior Industrial Relations Officer will play a key role in servicing IBOA members in the Republic of Ireland, Northern Ireland and Great Britain. A good communicator with the ability to work effectively as part of a dynamic team of professionals, the successful candidate will have a proven track record in leading collective negotiations at company level and in representing staff in various industrial relations fora.
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A competitive remuneration package will be offered – commensurate with the responsibilities of the position and the experience of the successful candidate.
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Applicants should forward a detailed curriculum vitae and covering letter in confidence by post to Mr Larry Broderick, General Secretary, IBOA The Finance Union, IBOA House, Stephen Street Upper, Dublin 8 or by email to: appointments@iboa.ie to arrive no later than 5pm on Thursday, December 15, 2011. IBOA is an equal opportunities employer.
IBOA – The Finance Union SPECTRUM
december 2011
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AIB GROUP
AIBIM sold to South African investment company
the Bank appeared to be trying to walk away from its contractual obligations to the majority of staff. The Union intends to give the new management team with its new Chief Executive – an opportunity to return to the negotiating table to discuss, in an open and transparent fashion, the future direction of the Bank. Should AIB management decline to engage meaningfully with IBOA, the Union will be forced to consider alternative action to highlight staff frustrations and concerns. “I hope that the appointment of the new Chief Executive will provide a basis where real engagement can now start to take place between IBOA and AIB,” said Broderick, “in order to facilitate the finalising of an Independent Tribunal and to resolve the outstanding issues on the Bank’s restructuring plans.” In the meantime, IBOA has asked members to engage with each other at local level, – to highlight further any concerns and frustrations and to share them with IBOA Executive Committee members. This will feed into the Union’s overall campaign to ensure that a change agenda is implemented in AIB in a fair and reasonable fashion.
For the latest news on workplace developments, special member offers and discounts and sports and social events see www.iboa.ie or www.iboa.co.uk
december 2011
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Staff in AIB have serious concerns about the future direction of the institution on a number of levels, according to IBOA General Secretary, Larry Broderick, who has written to the Bank’s senior management in the wake of a recent meeting of the Union’s AIB Executive Committee, In a comprehensive letter to the Bank’s Head of Human Resources – copied to the new Chief Executive, David Duffy – the IBOA outlined the serious concerns of staff at the management ethos operating within AIB. In particular, he highlighted the inconsistency in the Bank’s position in attempting to change terms and conditions of employment for new staff, at a time when the Bank was contemplating over 2,000 redundancies among existing staff. He criticised the Bank’s failure to engage constructively with IBOA on the issues of redeployment, retraining secondment and, in particular, the Bank’s breaches on the agreed policy on promotions. On the issue of remuneration, the General Secretary highlighted the recent revelation that a small number of staff in the institution have been awarded special pay increases, at the same time as
Based in Dublin, AIB Investment Managers (AIBIM) employs over 100 staff and is reported to have had E8.4 billion in assets under management as of last month. IBOA will seek talks with Prescient management with a view to protecting the terms and conditions of employment for IBOA members in AIBIM. AIB was required to sell its asset management arm last year as part of the restructuring arrangements demanded by the European Commission in return for substantial public investment in the Bank. Irish Life Investment Managers (ILIM), had been originally been selected as the preferred bidder for AIBIM at a reported price of E20m-E25m. However, when the March round of stress revealed that its parent, Irish Life & Permanent, had to raise E4 billion in extra capital, ILIM withdrew from the process.
www boa e
Tensions continue to rise at AIB
AIB has agreed to sell its asset management division to South African investment management company, Prescient Holdings for an undisclosed sum. The sale is expected to be completed in the first quarter of 2012.
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Barry Flanagan’s Hare sculpture at AIB Bankcentre in Ballsbridge, Dublin.
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BRENDAN SEES STARS Decades of Stars is the latest labour of love from the pen of retired bank official and IBOA member, Brendan Fullam. It is a collection of articles on hurling heroes from every decade of the GAA’s existence. See Page 52
Toy-makers, Fisher Price, have launched a new toddler-proof case for the iPhone to enable babies to play games on the mobile device. What’s wrong with just giving them toys? See Page 48
Optical Express
GREAT SAVINGS
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FOR THE TOT WHO HAS EVERYTHING!
•
British jazz singer, George Melly, once asked Mick Jagger why his face was so wrinkled. “Laugh lines,” Jagger said, to which Melly replied: “Nothing’s that funny.” SPECTRUM
• • •
for IBOA members & their families
10% off glasses, contact lenses and designer sunglasses, plus FREE eye test FREE 2nd pair of glasses (including bifocal and varifocal lenses) 10% laser eye surgery, FREE consultation, plus 10 months interest free credit 10% cosmetic treatment, FREE consultation, plus 10 months interest free credit
LEARNING TO GET YOUR MESSAGE ACROSS For more information, check the IBOA websites: www.iboa.ie/members/otherservices/iboaplusdiscount.html or www.iboa.org.uk/members/otherservices/ iboaplusdiscount.html
december 2011
Former bank official and IBOA member, Sheila Hoctor, is the co-author of a new book called “Better Communications and how to achieve it” – which explores why we communicate and how we could do it better. See Page 53
NEWS
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LIFE & STYLE
ARTS & LEISURE
Performing with a flourish SELF HELP 1
Flourishing people are not just happier – they are more productive, more innovative and creative, have better judgement and make better decisions.
Her message is that we can do this and in this exciting and innovative book she shows us how. Gaffney not only draws on her lengthy experience of working with many diverse organisations and individuals – but also correlates a fascinating body of recent research into the characteristics of high performing teams and companies. One striking feature is the ratio of positive versus negative interactions. A typical person averages 2.5 positive interactions for every negative one.
Flourishing individuals who are successful and healthy average 4.3 to 1. But high performing teams and organisations show significantly more positive behaviour with 5.6 positive interactions for every 1 negative. They adjust their thinking and their behaviours to be significantly more positive than their baseline state. Learning to flourish and helping others to flourish, according to Gaffney, is the most powerful and worthwhile investment we can make in our own well-being and in our country's future.
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Maureen Gaffney addressing the Union’s Biennial Delegate Conference in 2009.
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At a time of deep crisis, the notion of flourishing seems unimaginable. However, psychologist, Maureen Gaffney, believes passionately that not only is it possible for us to flourish, but in an increasingly uncertain world, it is essential that we plan to do so. Flourishing is about achieving a deeper sense of well-being, meaning and purpose in spite of – and indeed very often because of – adversity. Indeed, Maureen Gaffney explains that adversity can be a positive turning point in our lives if we decide that our goal is not merely returning to the status quo, but having better lives.
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• They are more realistically optimistic. • They are more resilient in dealing with set-backs and frustrations. • They are more effective at setting and pursuing goals. • They are better at motivating and managing other people. • They are quicker to see and exploit new opportunities. • They achieve better balance in their lives.
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CONSUMING PASSIONS
Now for the tot who has everything When two iconic brands are combined, it can often produce something remarkable. Apple and Fisher-Price are world leaders in their field – but Fisher-Price’s new ‘Apptivity case’ for the iPhone seems to be based on a rather strange premise. The idea is that by enclosing an i-Phone in this colourful rubberised toddler-proof case – complete with chunky handles, rattles and rings – it will enable babies to get to grips with the device without damaging it. Fine – but why would you want to let the baby play with an iPhone in the first place? According to Deborah Weber of FIsher-Price, “babies love to copy mum and dad. It’s all part of learning about the world they live in. As technology becomes a bigger part of everyday life, it mskes sense that even the youngest members of the family are interested in taking part too.
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“The Apptivity case provides a safe way for babies to play and learn from baby-friendly apps without the worry of them breaking the phone.” Nice try, Deborah, but when you’re in a hole stop digging! The core of this new product is still a phone – and not just any phone but a real fully functional and quite pricey smartphone.
So why would you use a real phone as a toy for a baby who may not even be capable of talking – never mind actually making a call? The answer to the bind Fisher-Price has created for itself is in the word, “toy,” which the company is generally very good at – but which on this occasion it seems to have lost sight of – in a bid to chase the latest ‘cool’ trend.
Exclusive Discounts and Special Offers for IBOA members only!
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…including parents with more money than sense, perhaps!
For more information on the latest special offers for IBOA members, log on to: www.iboa.ie/members/otherservices.html or www.iboa.org.uk/members/otherservices.html SPECTRUM
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ARTS & LEISURE
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LIFE & STYLE
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WORK AGENDA
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NEWS
december 2011
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SPECIAL FOCUS
IBOA
SPORTS & SOCIAL
Special IBOA tickets – sold out! Grand Opera House, Belfast, Tuesday 27 December 2.30pm. Tickets: special IBOA price of £15 (up to 6 per person) (For more information, see bottom right)
www boa org uk
Special IBOA tickets – sold out! Gaiety Theatre, Dublin Tuesday 27 December Parterre: Normal Price E34 – IBOA Price E24 (For more information, see bottom right)
Your IBOA Subscriptions:
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Claiming A Refund
50
If there is a change in your employment circumstances – like moving onto part-time hours or changing to job-sharing, you may be entitled to avail of a lower subscription rate. The current membership categories and rates are published on the two IBOA websites at www.iboa.ie/join/subscriptions.html and www. iboa.org.uk/join/subscriptions.html. Please make sure you inform IBOA Head Office of any change as soon as possible so that your subscription rate can be adjusted – and you receive prompt refund of any overpayments. Please note that the rebate for any overpayments will be capped at the amount overpaid for the first 24 months after the change of status occurred. You can check your personal profile online in the Members Only Section of the Union website and make any necessary amendments there – or you can contact the Membership Department in Head Office at the address below. Membership Department • IBOA The Finance Union • IBOA House • Stephen Street Upper • Dublin 8 • Tel: 014755908 (from ROI) or 02890-200130 (from NI/GB) • E-mail: info@iboa.ie
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december 2011
Special IBOA tickets – sold out!
Special IBOA tickets – sold out! JEDWARD AND THE
BEANSTALK
Saturday 7 January 2012 2.30pm
Special IBOA tickets – sold out!
E5 Booking Fee. Special IBOA Price – E30.
See below for more info.
For more information on any of these events – including booking forms – please check the IBOA websites at www.iboa.ie or www.iboa.org.uk or contact Anna or Louise in the Sports & Social Department, at IBOA House, Stephen Street Upper, Dublin 8 or by phoning 01-4755908 (from ROI) or 02890-200130 (from NI/GB).
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THE IRISH BANKERS’ CLUB
CLUB OPENING HOURS: Tuesday-Saturday: 4.30pm IBOA HOUSE, STEPHEN STREET UPPER, DUBLIN 8 until late. Telephone: 01-4758970 10am-12noon or after 5pm (Tuesday-Saturday). Sunday-Monday: closed.
Still Selling:
THE 26th BANKERS’ CLUB DRAW Magnificent Holiday Destinations including China, West Coast USA, London Olympics, Seychelles and Dubai • Great Cash Prizes with 2 Grand Draw Months and Bumper Christmas Draw See Draw Application Forms included with this issue of Spectrum. CLUB MEMBERSHIP
UPCOMING CLUB DRAW NIGHTS
1st Prize – Two weeks’ holiday
Facilities include: • Special room hire rate of E100 • Bar and meeting room facilities. • Catering and DJ facilities available • Big screen for all sporting occasions • Full bar licence – extensions available
for two in Lanzarote
2nd Prize: E300, 3rd Prize: E250, 4th Prize: E200.
Friday February 24:
www boa org uk
New members welcome – Cost only ¤20 per annum!
Friday December 27:
for two in Gran Canaria
2nd Prize: E300, 3rd Prize: E250,
Results of recent Bankers’ Club draws are posted on the IBOA websites: www.iboa.ie/services/sports andsocial/bankersclub.html www.iboa.org.uk/services/ sportsandsocial/bankersclub.html
4th Prize: E200.
All Draws at 9pm. Bar Food Each Draw Night from 5pm-10pm plus Big Attendance Prizes
Club Bookings
SPECIAL OFFER FOR 2011 All IBOA members, Club members and their friends or family members can book the Irish Bankers Club for a party or special function for just ¤100 during January, February, March and April DON’T MISS OUT – BOOK TODAY december 2011
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1st Prize – Two weeks’ holiday
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For more information, please contact Michael Martin, Honorary Secretary, Irish Bankers’ Club at the address above.
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GAME TIME
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IBOA
Brendan still seeing stars New book examines the ordinary men behind the hurling legends
www boa org uk
Decades of Stars is the latest labour of love from the pen of retired bank official and IBOA member, Brendan Fullam. It is a collection of articles on hurling heroes from every decade of the GAA’s existence, from Seán Óg Hanly, who won his first and only All-Ireland medal with Limerick in 1897, to Henry Shefflin of Kilkenny, who won his eighth All-Ireland medal in 2011; from Kevin Armstrong of Antrim to Ken McGrath of Waterford, both of whom, like many others, never tasted All-Ireland success. “Brendan Fullam's books glow with affection and knowledge.” – Con Houlihan
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HICKEY’S PHARMACIES
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10% discount for IBOA members on all products
Packed with articles on 116 players from 15 counties – many based on interviews conducted with the players by Brendan – as well as photographs and autographs, Decades of Stars provides many unique insights on success and sportsmanship in the players’ own words.
(excluding medicines and prescriptions)
AT HICKEY’S PHARMACIES IN ARKLOW, CORK, DROGHEDA, DUBLIN,* DUNDALK, GOREY, MAYNOOTH, NAVAN AND NEWBRIDGE. * Coolock, Crumlin, Finglas, Grafton Street, Harold’s Cross, Henry Street, O’Connell Street, Ongar, Phibsboro, Santry, Tallaght, Terenure and Tyrrelstown. ‘King’ Henry Shefflin.
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Brendan Fullam “Fullam leads us into a world of nobility.” – Kevin Cashman The mighty names of early times and the stars of the past fifty years shine in this unique and poignant tribute to the players of the great game of hurling. Although a native of Ardagh, Co. Limerick, Brendan Fullam’s career in banking career took him to many parts of Ireland: Killorglin, Kilrush, Clifden, Ballyshannon and Wexford – where he hurled with the local team. His interest in Gaelic games – but especially hurling – began at an early age in his native parish. Yet, strangely enough, his earliest memory is of a football final – when Cork beat Cavan in 1945. Over the years he has written about almost 300 Gaelic players and has provided a valuable body of work to posterity. His previous books include Hurling Giants, Legends of the Ash, Giants of the Ash, Captains of the Ash and Lest We Forget.
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ARTS & LEISURE
SELF HELP 2
Learning to get your message across
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Great savings and offers for IBOA members in Great Britain and Northern Ireland from Thomas Cook – including a 6% discount on thousands of holidays. Check the Members Only Section of the IBOA websites for more information. december 2011
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It offers practical advice which may be useful to people on filling out questionnaires, speaking in public, taking part in meetings, interview skills, understanding IT, writing letters and business documents as well as many other useful insights. The book also has helpful tips on the small points that often trip us up – from basic spelling and grammar to the correct protocol to use online. It is also up to date with information on modern communication technology. Published by Kerry-based company, educate.ie, the book is available online or from most good bookshops for ¤12.00. After thirty years with Bank of Ireland, Sheila has become a business, interview and life coach, drawing on her experience in the business world to provide concrete and practical examples for the text. She has designed training programmes for many groups. Sheila also shares her insights into the very important skill of public speaking. Her co-author, Karina Lynn, specialises in the use of communications technology as well as in written communication.
www boa org uk
Former bank official and IBOA member, Sheila Hoctor, is the co-author of a new book called “Better Communications and how to achieve it” – which explores why we communicate and how we could do it better.
NEWS REVIEW
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IBOA
Close to the heart: Glenn’s labour of love
Who is this man about town? See Page 57.
SPORTS QUIZ Test your word power with our latest crossword and perhaps you could be in line for the E50 prize. See Page 58
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PRIZE CROSSWORD
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Test your word power with our latest crossword and perhaps you could be in line for the E50 prize. See Page 60
The British Board of Film Censors will not pass any seduction scene unless the seducer has one foot on the floor. Apparently sex in England is something like snooker.
Fred Allen
SPECTRUM
PICTURE BOARD & SUDOKU
GOOD WIN FOR NICKLAUS? Way off line and in the rough, Stephen Malone takes a heavy iron to some of the below-par events of recent weeks. See Page 62
december 2011
Prizes of E30 each are on offer for solving our picture quiz and the sudoku challenge. Why not give them a try? See Page 61
NEWS
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LIFE & STYLE
ARTS & LEISURE
VISUAL ARTS
Banking on art Frank’s Anglo-Irish ascendancy Artist, Frank O’Dea, with his painting,The Anglo Irish Bank Shareholder.
Also pictured are two of Frank’s more recent works, The Interval Act (left) and Anglo Irish Bank and the Black Hole (right).
Belfast Bankers’ Club
Isn’t it time you joined the club?
OPENING HOURS: The Club opens at 5:30pm from Monday-Friday.
31 Malone Road Belfast BT9 6RU
AVAILABLE FOR PARTIES: Available for parties on request (any day). There is no charge for parties and room booking. Please telephone 02890-382866 after 5.30pm or e-mail: bankers.club@ ntlbusiness.com
december 2011
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for E600 at the Balla Bán Art Gallery, in the Westbury Mall off Dublin’s Grafton Street. Working in oils from his studio in Clontarf, Frank has developed a unique style based on bright colours and simplicity. Among his regular themes are fashion models, lovers, cafe/bar scenes and musicians along with abstract works. As well as Ireland, Frank’s works are also found in both private and public collections in Japan, Switzerland, USA, Germany, Australia and the UK.
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Dublin artist, Frank O’Dea, generated a huge amount of interest last year with his mixed media work, The Anglo Irish Bank Shareholder, which incorporated real Anglo share certificates into the painting. Apart from turning worthless pieces of paper into art, Frank also produced a windfall for the Society of St Vincent de Paul which received all the proceeds from the sale of the work. Both the original painting has been sold – along with all 35 limited edition signed prints. Frank, who has a particular interest in banking, has produced another Anglo-themed painting – entitled Anglo Irish Bank and the Black Hole, which he describes as “Mixed Media (& Mixed Emotions)” which is currently on sale
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A Gentleman’s Gentleman: Glenn Close (right) plays the title role in Rodrigo García’s new film, Albert Nobbs – the story of a woman who works as a butler in late nineteenth century Dublin, disguised as a man.
Up close and personal
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Close-Up: Glenn Close speaking at the Toronto International Film Festival in September.
idiots if they think that person is a man. It can take away from the story because you have to suspend your disbelief to a huge degree.” Apart from shouldering the key performing role in Albert Nobbs, Close is also the film’s producer, major fundraiser and screenwriter (along with Irish novelist, John Banville). Close first got to grips with the character of Albert Nobbs thirty years ago in New York when she played him/ her in the play, The Singular Life, by Simone Benmussa, which was in turn based on a story by George Moore. In this film adaptation, she is joined by a largely Irish supporting cast which includes Jonathan Rhys Myers, Mia Wasikowska, Brendan Gleeson, Brenda Fricker, Janet McTeer, Maria Doyle Kennedy and Bronagh Gallagher.
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Albert Nobbs is a waiter and butler in an upmarket Dublin hotel in the late nineteenth century. With jobs so hard to come by at the time, he is determined to carry out all his duties meticulously to the point of obsession. His job is particularly important to him because he has a secret that neither the hotel’s guests or employees must ever guess. The grumpy little man is actually a grumpy little woman! In this remarkable new film by Rodrigo García, Glenn Close takes on arguably her biggest challenge in a varied film career – to achieve real credibility as a man. As Close herself has commented in a recent interview about the film, “we’ve all seen movies with women who are supposed to be men and you think that the people in the movie must be
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Best actor nomination could be on cards
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SPORTSQUIZ
A prize of E30 will be awarded to the sender of the first correct entry drawn from our post bag on January 13, 2012. All entries should be sent to Sports Quiz, Spectrum, IBOA –The Finance Union, IBOA House, Stephen Street Upper, Dublin 8. 1. In 1988 who became the first boxer to have won professional world championships in five different weight categories? 2. Which Irish golfer won the PGA championship and The Open in 2008? 3. Which piece of sporting equipment is 3 inches in diameter and weighs 6 ounces?
18. Belfast’s City airport is named after which Irish sports person? 11. Who or what is Arkle, from which the racehorse took its name?
4. In which city is the Maracana stadium?
13. Which Irish golfer won the US Open Golf championship in June 2010?
19. Which was the first Asian country to hold a F1 Grand Prix? 20. Who is the only man to captain England while playing Third Division football?
5. Who has played international football and cricket for Scotland?
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12. What sport would you be watching at Flinders Park?
6. What sport is played by the Minnesota Twins?
14. In 1981, Susan Brown was the first female competitor in which sporting event? 15. Which Irish jockey won the English Grand National at his fifteenth attempt? 16. How many consecutive shots does it take to score a 147 break in snooker?
10. Roddy Doyle’s The Van is set against the background of which sporting event?
17. Who is the only man to have played in an English F. A. Cup final in the 1970s, 1980s and 1990s?
George back soon Our regular sports columnist, George Hamilton, made the news himself recently when he suffered a major coronary event which has kept him out of action for a few months. However, we are pleased to report that George is now well on the mend and will be returning to duty with RTE and with Spectrum very soon.
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8. Niall Quinn is chairman of which English Premier League club?
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7. Which horse trained by John Oxx, won the 2009 Eclipse, the Epsom Derby, the 2,000 Guineas, the Irish Champion Stakes and the Prix de l’Arc de Triomphe?
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A prize of E50 will be awarded to the first entry drawn from our post bag after the closing date.
Across: 1. Divided city in Middle East (9) 6. Scripture sacred to Christians (5) 9. Belly-button (5) 10. Cycle track (9) 11. Unbearable sadness (10) 12. Setback (4) 14. Five-piece band (7) 15. Contempt (7) 17. Preoccupy (7) 19. Place of learning (7) 20. Bone in forearm (4) 22. Escapes (10) 25. Lost at sea? (9) 26. Asian country (5) 27. Icy rain (5) 28. Collection of animals (9)
Down: 1. Jinxed resident of whales? (5) 2. Uncovering (9) 3. Greeting (10) 4. Young hare (7) 5. Kind of duck (7) 6. Wait (4) 7. Former UK premier (5) 8. Unforeseen crisis (9) 13. Increasing in intensity (10) 14. Complaining constantly (9) 16. Great leader from Macedonia (9) 18. Scornful wit (7) 19. Leave behind (7) 21. Female relation (5) 23. Trap (5) 24. Assist (4) Union No ..............
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The winning entry for the prize crossword competition in the last issue was submitted by Karen Ash of Ightham, Kent.
A prize of E50 will be given to the sender of the first correct entry drawn from our post bag on January 13, 2012. 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.
Across: 1. Breakdown; 6. Truck; 9; 10. Symposium; 11. Rainforest; 12. Once; 14. Finesse; 15. Scandal; 17. Believe; 19. Anarchy; 20. Inch; 22. Sterilised; 25. Apertures; 26. No Use; 27. Eager; 28. Discarded. Down: 1. Blair; 2. Emotional; 3. Kingfisher; 4. Observe; 5. Nemesis; 6. Thor; 7. Union; 8. Kimberley; 13. Casablanca; 14. Fabricate; 16. Dachshund; 18. Entered; 19. Arrests; 21. Clegg; 23. Dread; 24. Star.
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10% discount on any mobile phone* or mobile accessory for IBOA members in the Republic of Ireland. *except the Apple i-Phone
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Use the first letter of the surnames of each of the celebrities pictured to spell out the surname of an Irish politician. Answers on a post card, please, with your name, address and e-mail address and IBOA membership number to Picture Board, Spectrum, IBOA House, Stephen Street Upper, Dublin 8. A prize of E30 will be awarded to the sender of the first correct entry drawn from our post bag on January 13, 2012. The winner of the last Picture Board quiz was John Hanratty of Dundalk, Co. Louth. The answer was McIlroy.
WIN E30
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SUDOKUCHALLENGE
awarded to the sender of the first correct entry drawn from our post bag on January 13, 2012. All entries should be sent to Sudoku, Spectrum, IBOA – The Finance Union, IBOA House, Stephen Street Upper, Dublin 8. You can submit your entry on a photo copy of the grid – if you would prefer not to cut up the magazine. The winning entry for the Sudoku Challenge in the last issue was submitted by Ria Mathews of College Green, Dublin. Name....................................................... Union No: ................................... Address ......................................................................................................... ...................................................................................................................... E-mail Address .............................................................................................. Employer.................................. Branch/Dept...............................................
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Bid to curry favour fails
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The early demise of former UK Conservative Minister, Edwina Currie, from this season’s Strictly Come Dancing on BBC 1, must have come as a shock to John Major’s one-time lover after her erstwhile colleague, Ann Widdicombe, enjoyed modest success in last year’s series, despite her obvious shortcomings as a dancer. Nevertheless, the sight of Edwina on our television screens brought to mind the astute observation by Mrs. Merton (aka Caroline Ahern, creator of The Royle Family) that Edwina Currie was a female version of Margaret Thatcher.
Edwina Currie: strictly no repeat of Widdicombe’s comedic value.
The Jack Nicklaus fiver: In hindsight probably one of Sir Fred Goodwin’s better ideas for RBS – especially compared to the bank-busting merger with ABN Amro.
Airbrushed from history: Fred’s foolish foibles! Good to see that Royal Bank of Scotland has been giving some attention to its history. The RBS website contains an interesting feature which tries to tell the bank’s story from its origins in the 17th century to the present day through 100 objects. Of course, projects like these are always full of difficult choices about what to put in and what to leave out. So although the historic offer document to buy NatWest in 1999 is included, markedly absent is the equally historic 2007 proposal document for the acquisition of ABN Amro – which made such a major contribution to the collapse of the bank.
Also missing is another example of the rather bizarre tenure of Sir Fred Goodwin as the bank’s CEO – the curious Jack Nicklaus fiver. While Fred “the Shred” had little compunction in making thousands of RBS staff redundant, he revealed his soft spot for golf by commissioning a special bank note in honour of the American golf legend. But perhaps the most glaring omission from their list of “Turning Points” is the virtual nationalisation of the bank in 2008 – not least because the history includes a section entitled “Surviving and Learning from Times of Turmoil.”
Not family silver!
Group of debt!
The Belarus Central Bank held a fire-sale of sorts to raise much needed funds – with a range of second-hand office equipment and furniture on offer. Around 500 lots – including ten safes, two suitcases, thirty paper bags(!), a sugar bowl and a previously used dictaphone – were put up for auction last month – in the hope of raising a sum equal to £10,000 or ¤11,500. Every little helps!
If only Michel Platini and the blazers in UEFA had a little more imagination, the draw for the Euro 2012 finals could have brought together the four ‘PIIG’ countries whose governments are currently engaging with the IMF/ECB/EU Troika – Portugal, Ireland, Italy and Greece. As luck would have it, all four have qualified for the European football’s showpiece tournament in Poland and the Ukraine. So we could have been in the group of debt!
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Almeria Golf Special Venue: El Toyo, Almeria, South-East Spain Hotel: Choose from the following 4-star hotels – all situated beside the beach and golf course – Hotel CaboGata Plaza Suites (www.suitesplaza.com), Hotel Garden Cabo de Gata (www.gardenhotels.com) or Hotel Barceló Cabo de Gata (www.barcelo.com) Golf Courses: Alborán (www.alborangolf.com) and La Envia (www.laenviagolf.com)
ded What’s inclu Option A: 4 nights and 3 rounds at Alborán
E185 pps!
Option B: 7 nights and 4 rounds at Alborán
E295 pps!
Option C: 7 nights and 3 rounds at Alborán + 2 rounds at La Envia
E320 pps!
(ask for transfer prices to La Envia)
Buffet breakfast daily and evening dinner included.
BOOK NOW! Offer valid until June 15, 2012 – Prices for summer 2012 on request E-mail any of the following to book the hotel and golf: Jose R. Espinosa – joseespinosa@alborangolf.com (Tel/Fax: 00-34-950208583 Pace Venegas – fvenegas@alborangolf.com Dermot Fagan – fagangolf@yahoon.com PLEASE QUOTE ALBORAN GOLF DEAL: As soon as we confirm your hotel and golf reservation you can book your flights: check Aer Lingus/Ryanair for regular flights to Murcia (2 hours from Alborán or to Malaga (3 hours from Alborán).