MARCH 2010
PROTECTING THE WHISTLE BLOWER
Key to changing culture
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SHORTCUTS
Banking Made Simple? • Odd One Out • Pension Trustee Training Online • Call for Ban on Voodoo Finance • The Secret of Lehman’s Excess
NEWSFOCUS
Ref Justice: The Republic’s new financial regulator wants tougher scrutiny of financial institutions
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SAFESECURE
Think Before You Cllck: It doesn’t pay to get too friendly on social networking sites
NEWSFOCUS
Blowing the Whistle: Protection for Whistle Blowers Essential to Change the Culture of Banking
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NEWSFOCUS
A Busted Flush?: Credit Ratings Agencies
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GLOBALNEWS
Low Standards in High Places: UNI leader warns Davos elite
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IBOANEWS
Union seeks jobs summit • Let’s make history • Cash with Dash • Cheerio Seán-Ó
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SAFESECURE
Remember the Dead But Fight Like Hell for the Living • Minding your safety, health, welfare and security at work • Security advice for members in Belfast • Think security
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SPECTRUMEXTRA
Getting Away From It All: Special Discounts on Hotel Breaks and Holidays for IBOA Members
Centre-Fold
The QuarTerly Magazine froM iBoa – The finance union
SPECTRUM march 2010
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WORKPLACE NEWS
Northern Bank staff win pay increases •NIB staff accept restructuring deal • AIB members agree to changes to preserve pension scheme
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WORKPLACE NEWS
Stand-off at Ulster Bank • INBS recognises IBOA • Pensions talks continue at Bank of Ireland • Members win recognition at NIIB Finance
COURSEWORK EQUALITY
Building Equality into Recovery: The ICTU Women’s Conference
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READINGS SPORTSLIFE
George Hamilton reflects on the Triple Crown that got away!
Meryl plays Inez• Bullock shines in Hollywood adaptation of real-life story
Prize crossword• Sudoku challenge
ULTRAVIOLET
Beware of the diabolical anabolics! • Lights, Cameron, Action!
Separation anxiety: Will the recession kill workplace partnerships?
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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.
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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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IBOAQUIZZES
READINGS
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SIGHTINGS
Too big to fail or too big too manage? The inside story of the collapse of Lehman Brothers
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COURSEWORK
A Touch of Class: Siobhan McDermott has rediscovered the learning bug thanks to the Women at Work Skillnet
Changing Attitudes – Changing Cultures: Safety Conference in Northern Ireland • Women at Work Skillnet
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short: cuts Banking made simple?
ODD ONE OUT!
New website aims to explain banking to new bank directors
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The US Federal Reserve has announced a new training initiative – a website to explain banking to new bank directors (www.bankdirectorsdesktop. org). “Many people who are asked to serve on bank boards have little training or experience to prepare them for their new roles,” said Patrick M. Parkinson, director of the Fed’s Division of Banking Supervision and Regulation. “This website has been developed with new directors in mind. But there is plenty of useful information for those who have already spent time on bank boards.”
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Pension trustee training online The Republic’s Pensions Board has launched an e-learning system for pension scheme trustees. Since February 1, 2010, all pension scheme trustees must undertake training at least every two years. The new interactive elearning system aims to provide this training free of charge and in nine easy-to-use selfpaced lessons. It can be accessed from the Pensions Board’s website on www.pensionsboard.ie
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Andy Hornby
Alastair Darling
Look at the names below and pick the odd one out: • Lord Stevenson: former Chair, HBOS • Alastair Darling: Chancellor of the Exchequer in Britain • Sir Fred Goodwin: former Chief Executive, RBS • Sir Terry Wogan: broadcaster • Andy Hornby: former Chief Executive, HBOS • Gordon Brown: British Prime Minister and former Chancellor • Sir Tom McKillop: former Chair, RBS • John McFall MP: Chair of the Treasury Select Committee of the British House of Commons You're probably thinking Terry Wogan. You're right, of course. But the reason may surprise you: Terry Wogan is the only one out of this group who actually holds any formal banking qualification.
Fred Goodwin
Terry Wogan
Worrying, isn’t it?
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short: cuts Call for ban on ‘Voodoo Finance’ T
he French and German Governments have written to EU Commission President José Manuel Barroso to demand an immediate investigation into the role and effect of speculative trading in credit default swaps on countries’ bonds. They have also urged the EU to consider banning the speculative trade and setting up a compulsory register of derivatives trading. Credit default swaps are a form of insurance against a country defaulting on its bonds. But some consider it to be more akin to insurance taken out on someone else’s assets. The French and Germans are concerned that much of the trading in CDSs is now tantamount to betting at the expense of others. But this speculation is not an academic activity: it can have a direct impact on the interest rates offered to the countries targetted by the speculators. In the current crisis in Greece, there has been growing concern that much of the international trades in insurance in Greek bonds was a form of ‘voodoo finance’ – aimed at speculation rather than investment.
The former Lehman’s HQ in Times Square, New York.
Revealed: the secret of Lehman’s excess
march 2010
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“Oh, I dabbled in hedge funds, sub-prime mortgages, derivatives and credit default swaps but it was all just TOO WEIRD!”
he principals in Anglo-Irish Bank were not alone in seeking to massage the balance sheet by temporarily transferring liabilities elsewhere before the end of each accounting year. A recent 2,200 page legal report into the collapse of Lehman Brothers has shed light on how a leading US financial institution managed to continue reporting substantial profits right up to the point of its collapse. Financial transactions known as Repo105 and Repo 108 were used to remove billions of dollars of debt from the bank’s balance sheet on a temporary basis. The legal report found that senior executives were so dependent on this accounting sleight-of-hand that they referred to Repo 105 in e-mails as “another drug we’re on.” It is hardly surprisinghat these “special purpose” entities were revealed to be at the heart of Lehman’s highly dubious accounting procedures. After all, the use of similar devices led to the undoing of Enron (see page 7). More surprising, perhaps, is that, in the wake of the Enron scandal, the regulatory bodies in the US were clearly so lax in their monitoring of Lehman’s equally underhand activities.
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atthew Elderfield, the new Head of Financial Regulation in the Republic, has given a broad outline of his plans for much tougher supervision of the financial services sector at a recent meeting with IBOA and in a subsequent public statement.
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While acknowledging that weaknesses in regulation contributed to the financial crisis in Ireland, Elderfield said he aimed to take a balanced and measured approach. The Financial Regulator has also done a good job in many areas, he said, and has many dedicated and hard-working professionals working in the front line of the crisis to strengthen the financial system and protect Irish consumers. However, he said, there have been “fundamental failings in corporate governance,” and proposals would be introduced for more stringent fitness and probity requirements, and guidelines on pay and risktaking. “It is already clear to me,” he said, “that we need to undertake a fundamental overhaul of the regulatory model for financial services. “We need to address the obvious weaknesses that have caused problems here and also keep pace with best practice internationally, as regulators around the world are reassessing their approach." He said he intended to implement a framework of assertive risk-based regulation underpinned by the credible threat of enforcement. “We need to be balanced and proportionate depending on the risk of the sector or firm in question.” “We need to insist that the biggest and riskiest firms manage themselves better and that firms and their management are held more accountable for their actions.”
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Ref justice Regulator wants tougher scrutiny
Ireland’s new Head of Financial Regulation, Matthew Elderfield
“Ireland is competing as a premier financial services centre. But you can’t referee a Premier League match with one linesman and no red card in your pocket.”
"A risk-based model means that we will not have a one size fits all approach,” he said, adding that “a systemically important bank” should expect “a much more intrusive approach” than companies with a lower-risk profile. “High-impact firms and those with a poor track record should not expect to receive the benefit of the doubt from me or my staff when the best approach to addressing a risk is a point of contention between us,” he said. The regulator will maintain open dialogue with a firm’s senior management, but if it is unconvinced by their plans, “we will be prepared to substitute our prudential judgment for their commercial one and say: Just do it.” Mr. Elderfield plans to set up a division dedicated to enforcement with new special investigative units. However, his immediate priority is the recapitalisation of the banking sector, he said. “A robust recapitalisation exercise will ensure that Ireland’s banks start this process in a stronger position and with a better funding outlook.” The recapitalisation exercise would “draw a line under the banking crisis,” he added. The regulator aims to stress-test the loans to be left behind at the banks following the transfer of ¤77 billion worth of impaired loans over to the National Asset Management Agency (NAMA). Mr Elderfield said banks would also be reviewed to ensure compliance with the 12-month moratorium on legal actions against home owners in mortgage arrears. He is also keen to see firms “move more quickly to clear backlogs in handling overcharging cases,” warning that they would face enforcement action if timelines were not met. “I would encourage firms to act now to accelerate their work before we get in contact,” he added.
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Blowing the Whistle
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Altogether sixteen executives pleaded guilty for crimes committed at Enron, while a further five were found guilty at trial. The guilty included founder and chairman, Kenneth Lay; former CEO, Jeffrey Skilling; and former Chief Financial Officer, Andrew Faslow. Another casualty of the scandal was accountancy firm, Arthur Andersen – at that time one of the world’s largest – which was dissolved after suffering huge reputational damage from its association with Enron. Continued on Page 8
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In 2001 Enron’s Vice President of Corporate Development, Sherron Watkins, uncovered a number of irregular accounting practices designed to cover up a massive hole in the energy company’s accounts. By using dubious off-the-books partnerships, Enron managed to hide hundreds of millions of dollars in losses while at the same time overstating its annual profits. Once the scandal was exposed, Enron filed for bankruptcy with its shareholders estimated to have lost $74 billion in the four-year period preceding the bankruptcy (with an estimated $40 million to $45 million due to fraud).
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Sherron Watkins, former Vice President of Corporate Development at Enron.
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news: focus WHISTLEBLOWING: the disclosure of information about a perceived wrongdoing in an organisation – or the risk thereof – to individuals or entities believed to be able to take action to end it.
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ndividuals who discover corruption, fraud or mismanagement in organisations have a difficult choice to make. By reporting experiences or suspicions of wrongdoing, they may expose themselves to high personal risk. Rather than being heard and praised for their courage, they may be ostracised by former friends and colleagues. They may face workplace reprisal or dismissal, their employer may sue (or threaten to sue) them for breach of confidentiality or libel, and they may be subject to criminal sanctions. They may even be subject to threats or physical harm. In many instances, despite their best efforts, they face indifference or mistrust, and their reports are not properly investigated. Nevertheless, in recent years the importance and value of whistleblowing in the fight against corruption has been increasingly recognised. Early disclosure of wrongdoing – or of the risk of wrongdoing – can help to protect the rights of employees, customers and shareholders. It may save livelihoods – or even lives – in certain circumstances.
It may prevent reputational damage to institutions which could affect entire financial systems with serious consequences for entire economies. Whistleblowers play a vital role in exposing corruption, fraud, and mismanagement, and in preventing disasters that arise from negligence or wrongdoing. Those within public institutions and the private sector who speak out about wrongdoing potentially save lives and resources, as was the case when a doctor disclosed the cover-up of the SARS outbreak in China. On the other hand, poor or no follow-up of initial reports – as in the scandal over Bernie Madoff’s Ponzischeme – can cost investors millions.
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ecent international conventions like the UN Convention Against Corruption, the Council of Europe Civil Law Convention on Corruption, the Inter-American Convention Against Corruption, and others, commit the signatory countries to implementing appropriate legislation. An increasing number of governments are considering legislation. Yet so far there is no coherent European framework with the result that national legislation on whistleblower protection varies considerably in terms of its effectiveness. In most known cases, whistleblowers expose themselves to high personal risks in order to protect the public.
“Proper protection for employees who blow the whistle on corruption, criminality and malpractice is vital to the process of changing the culture of banking both in Ireland and in the rest of the world.” Larry Broderick, General Secretary, IBOA The Finance Union
Cynthia’s Story Cynthia Cooper was Vice President of the Internal Audit Department at the US telecom company, WorldCom. In March 2002, she learned that the Corporate Accounting Department had taken $400 million from the Wireless Division reserves in order to boost WorldCom’s income. When Cooper raised concerns with WorldCom’s accountants, Andersen, she was told it was not her problem. When she continued to raise concerns, WorldCom’s Chief Financial Officer, Scott Sullivan, told her to back off. Having seen Andersen’s role in the Enron debacle, Cooper was worried that WorldCom could not necessarily rely on their audits. Cooper and her team decided to check the work done by Andersen. In late May 2002, they discovered that WorldCom had falsely categorised billions of dollars as capital expenditure in 2001 with the result that it was able to present a $662 million loss as a $2.4 billion profit. With Sullivan indicted on charges of securities fraud in August 2002, WorldCom filed for bankruptcy. Its shareholders are thought to have lost around $3 billion.
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news: focus Legal and organisational frameworks as well as broad cultural contexts often discourage employees from disclosing what they know about wrongdoing. Whistleblowers may face severe repercussions for their actions, including workplace retaliation or dismissal, psychological damage, threats and physical harm. It is essential, therefore, that they are properly protected when they speak out. At the same time prompt and efficient follow-up mechanisms should be available to ensure that all disclosures are subjected to thorough investigations at the earliest opportunity.
“The need for an overarching whistleblower law is staring the Government in the face…but it remains actively opposed.”
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Paul Appleby
Whistleblowers must be protected by law The Governor of the Republic’s Central Bank, Patrick Honohan, recently told the Dáil Committee on Economic Regulatory Affairs that a statutory regime to encourage whistleblowers and to provide a specific process for them should be one of the measures taken to address the failure of Ireland’s financial regulatory system to police banks’ lending practices adequately. “Thousands of financial firms in Ireland are regulated entities,” he said. ”Experience worldwide shows how hard it is for regulators to detect all fraudulent behaviour on the part of financial firm management. Very often important breakthroughs are made thanks to the revelations of whistleblowers,” he said. Backing for new legislation to protect whistleblowers was also expressed recently by Paul Appleby, Director of the Office of Corporate Enforcement in the Republic – which is one of the State agencies currently investigating the circumstances leading to the near collapse of Anglo Irish Bank. IBOA - THE FINANCE UNION
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n Ireland, a comprehensive framework of legal protection should be in place for anyone who reports evidence or a genuine suspicion of wrongdoing. Although the Government has introduced some safeguards for whistleblowing employees in the wake of a number of scandals in the public and private sector, the approach so far has been piecemeal and ineffective. A recent study by the anti-corruption campaign group, Transparency International (TI), has identified serious gaps in the legal framework for whistleblowers. Not all employees in either the public or private sector are protected from retaliation if they report wrongdoing. The TI study highlights the fact that there is little, if any, protection for whistleblowers in the financial services and business sector. “The need for an overarching whistleblower law is staring the Government in the face,” says John Devitt of TI’s Irish chapter, “but it remains actively opposed. Its response is all the more shocking after what has been exposed in our banking sector,” he said. The campaign group has also called on Ireland to ratify the UN Convention against Corruption. The Irish government is now one of the few signatories to the Convention not to have gone on to ratify and implement the treaty. Even though Ireland signalled its intention to ratify it as far back as 2003, it has yet to do so.
Patrick Honohan
card in store.
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Credit rating agencies
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Rating agencies are private bodies which “rate” the credit worthiness of corporate or State borrowers. So major financial institutions – which are in the business of borrowing as well as lending money – are all “rated” by these private agencies – as are States borrowing money to fund public expenditure. Ratings agencies may also evaluate specific products offered by financial institutions. However, these ratings are not simply confidential assessments by private bodies. They have public consequences since they will largely determine the interest rate payable by the borrower. So if a company, bank or country is marked down by a rating agency, the cost of their borrowings will go up. If companies or financial institutions have to pay more for their borrowings, it will affect their overall profitability. In the case of a country, the impact will be even more profound – with a likelihood of higher taxes or public expenditure cuts or both – which in turn can have a major effect on the delivery of public services to citizens as well as on employment levels throughout the economy. Given the serious consequences of their activities, the ratings agencies should be beyond reproach. But because they are private bodies, ratings agencies have not been immune from allegations of conflict of interest. Since ratings agencies are paid by the companies they rate, they have often been accused of offering far too optimistic assessments with the result that both lenders and shareholders of these companies may be misled. Apart from the issue of potential conflicts of interest, the basic competence of ratings agencies has also been challenged. Yet although some of their assessments have been shown to be unsound, they still occupy a preeminent position in global finance.
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A Busted Flush? but they keep upping the ante!
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fter the sub-prime crisis in America – which had such a catastrophic impact on the global economy, international ratings agencies – like Standard & Poor’s Moody's and Fitch – came under fire for fuelling the financial crisis by giving high ratings to toxic mortgage-backed securities that later defaulted. For her book, It Takes a Pillage: Behind the Bailouts, Bonuses, and Backroom Deals from Washington to Wall Street, former managing director at Goldman Sachs, Nomi Prins, tried to find out how much the ratings agencies are typically paid by investment banks for rating their financial products. The agencies gave AAA ratings to many of the subprime-based products in exchange
for fees from the institutions issuing those products. Not surprisingly perhaps, they refused to divulge the scale of the fees to Prins. But while long established titans of Wall Street – like Lehmann Brothers – crumbled and others struggled to survive through hastily arranged shot-gun marriages, the ratings agencies, which had effectively staked everyone else’s reputations on these toxic products, appear to have come through the financial crisis largely unscathed. Financial commentators still quote the latest pronouncements from Moody’s and S&P as if they are still venerable oracles whose credibility remains untarnished by past mistakes. Although there was an initial clamour for greater regulation of the agencies – which are, after all, private companies –
news: focus the international community has yet to impose any significant constraints on their operations. In fact with the increasing volatility on global markets, such is the demand for guidance – from any quarter, no matter how dubious – business has probably never been better for the ratings agencies. So ironically even though they have been charged with fuelling the crisis and their assessments may need to be taken with a very large pinch of salt, the absence of a more credible alternative means that these agencies appear to be benefitting – rather than suffering – in the developing crisis.
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part from issues about conflict of interest and competence, ratings agencies also have a case to answer when it comes to the broad context within which they make their crucial determinations.
“Let’s hope we are all wealthy and retired by the time this house of cards falters…”
Glennon’s Car & Home InsuranCe
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The presumption behind their activity is that there is some objective standard against which products, companies and States can be measured. But in fact these agencies have often been shown to be operating on a very subjective basis – applying criteria too loosely in some cases, too rigidly in others as if they are trying to provide justifications for a pre-determined judgement. In a document presented by the US House Oversight Committee in October,
2008 in the early months of the global crisis, an employee in Standard and Poor’s structured finance division wrote: “It could be structured by cows and we would rate it.” In another, an employee asserts: “Ratings agencies continue to create [an] even bigger monster — the CDO market. Let’s hope we are all wealthy and retired by the time this house of cards falters.” If these exercises were simply academic arguments conducted within a university lecture hall or debating chamber, there would be no harm done. But such is the overbearing influence of these agencies that their simplistic conclusions about the credit status of countries, for example, can effectively undermine or even subvert the democratically determined economic policies of a State – with major consequences for interest rates, public spending choices and employment. It is unacceptable that such global influence is wielded by a handful of private companies which are accountable to noone but their own shareholders. Stricter regulation of these bodies is the minimum required under the circumstances. Former Goldman Sachs chief, Nomi Prins, believes they should be nationalised. But better still would be the creation of an impartial and fully accountable global body which could carry out these functions on a not-for-profit basis and within a framework of internationally recognised and agreed criteria.
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safe: secure members and pets – which often serve as secret passwords for user accounts on other websites – may be freely published in personal profiles on social networking sites. The same profiles may also contain work-related information, which in the case of bank officials for example, may enable them to be identified as potential targets for kidnapping if they happen to reveal too much about their roles, work locations and so on.
Think before you click It doesn’t pay to get too friendly on social networking websites! M
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aybe it’s hypnosis: maybe it’s a bizarre microwave effect or perhaps some other kind of ultra-violet radiation numbing the brains of otherwise sensible individuals. But for some people a session in front of a computer screen in the privacy of their own homes seems to over-ride their usual security consciousness and render them enthusiastically willing to reveal all kinds of personal information online with barely a second thought. For example, an intern at Anglo Irish Bank got into trouble with his employer, according to a recent press report, when his Facebook page revealed he had been enjoying himself at a Hallowe'en party, after he had told his employer he had a family emergency.
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“THE FIREWALLS HAVE EARS” Careless bloggers and tweeters can also make work-related comments about themselves, other staff or even customers – which, though relatively harmless in themselves, could add up to a significant security risk – when taken all together. However, before fear and hysteria reach fever pitch, this is not an argument to avoid social networking sites completely. Many of these sites fulfill positive and valuable roles in facilitating communication and interaction between individuals.
Even people who observe the warnings about the need to protect financial data – such as bank account details and credit card numbers – often let their guard down when it comes to social networking sites like Facebook, MySpace, Bebo and LinkedIn. Perhaps because these sites are usually regarded as just a bit of light-hearted fun, people may relax to the point where they unwittingly divulge all kinds of clues about their identity, occupation and workplace – which, when put together by a scammer or other criminal, could leave them vulnerable to identity theft, fraud or even worse.
EYES WIDE OPEN But like many modern technologies, it can be used negatively as well as positively. So the key point here is to be fully aware of the possible drawbacks and to take steps to avoid them. So, for example, you can still access IBOA’s Facebook page (although the Union websites* are generally far more detailed and informative) – but perhaps it would be better not to sign up as a “friend.” Otherwise someone might manage to cross-reference the list of IBOA “friends” with information gleaned from other areas of the internet in order to deduce your identity, occupation and work location.
PET NAMES AND PASSWORDS For example, maiden names along with the names of family
*The Union websites can be found at www.iboa.ie and www.iboa.org.uk
Philip Jennings, General Secretary of the UNI Global Union at the World Economic Forum in Davos, Switzerland. IBOA is affiliated to UNI’s Finance Division.
Low standards in high places Your pay is unethical, UNI tells Davos CEOs
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money lobbying US lawmakers were the ones that got the biggest bailouts and had the riskiest business practices. A report from the Institute for Policy Studies (IPS) found that: “from 2006 through 2008, the top five executives at the 20 banks that have accepted the most federal bail-out dollars since the meltdown averaged $32 million each in personal compensation.” According to the IPS, CEOs usually took home about 30 or 40 times that of a worker a few decades ago. But in 2008 top executives on average scooped up a whopping 319 times the pay level of the average US worker. Jennings was in Davos as a member of a delegation from the Global Union Federations and the International Trade Union Confederation (ITUC). Urging major change in the global financial model, the union delegates argued strongly for a globally co-ordinated regulatory framework.
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responsibility on everything ranging from business values to CEO pay.” Jennings says that CEO pay should not exceed 20 times the lowest-paid worker’s income at a company. The US banking industry is a prime example of bloated pay packages that have enriched executives while working people have suffered, said the UNI leader. These excessive rewards have perverted behaviour and encouraged a sense of entitlement to take hold. Another major risk is the money the banking industry is pumping into lobbying to prevent any kind of meaningful regulation. “Banks are short of funds for lending but they have fistfuls of dollars to fight reform,” Jennings said. “These bankers are going around Davos claiming regulation will be the source of the next crisis. This is an equation of the absurd.” He pointed to a recent study by the International Monetary Fund that showed that the US banks that spent the most
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Corporate chief executives at the annual World Economic Forum in Davos, Switzerland, recently – heard some inconvenient truths from the UNI Global Union. UNI General Secretary Philip Jennings told the assembled CEOs that the global recession is not an excuse to take more money out of workers’ pockets; that their giant pay packets are unethical and unsustainable; and that the fixing of CEO pay is a “racket.” Speaking at the Forum session on CEO pay, entitled “Rethinking Compensation Models,” Jennings urged decision-makers to put the economy on a sustainable footing as the recovery begins to gather momentum. “The important lesson to be learned is that working people bailed out the financial system and that has enabled the recovery to take place,” he said. “Now we expect a shift from market fundamentalism to a new era of social
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IBOA General Secretary, Larry Broderick (Photo: Photocall-Ireland)
As redundancy toll mounts in financial services…
Union seeks jobs summit
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BOA The Finance Union has urged the Republic’s Minister for Enterprise, Trade and Employment, Mary Coughlan, to hold an emergency summit meeting to address the emerging jobs crisis in the financial services sector. IBOA General Secretary, Larry Broderick has proposed that the Minister convene a round-table meeting of the major stakeholders in the financial sector – with representatives of management and unions in key domestic and foreign-owned institutions operating in Ireland. “Simply as a result of non-replacement of staff and the non-renewal of temporary contracts over the last sixteen months in the major retail banks including AIB and Bank of Ireland, we estimate that at least 4,000 jobs have been lost in the financial services sector in Ireland,” said the IBOA General Secretary. “Add to that the 1,000 redundancies announced in Ulster Bank last year, 250 job losses in Anglo Irish Bank, the 150 redundancies announced in National Irish Bank
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just before Christmas and the further 750 job cuts now being sought by Halifax, we are looking at over 6,000 jobs already lost or being earmarked for redundancy. “Of course, all that's before the restructuring and consolidation of the Irish institutions which is expected to take place over the coming months in tandem with the transfer of toxic assets to NAMA and the application of the viability plans agreed by individual institutions with the EU as the price for State support.” he observed. “Last year, I warned that up to 10,000 jobs could be at risk in the Irish financial services sector as a result of the current crisis. Unfortunately I have seen no real evidence in the meantime to suggest that this estimate is unrealistic. “And of course the ultimate tragedy of this situation is that almost all of those who have lost their jobs so far were in no way responsible for the crisis. “The industry leaders who presided over the collapse have largely escaped unscathed – while the few senior executives who have moved on have been generously rewarded for their troubles!
“While the blatant injustice of this situation clearly and justifiably rankles with staff who have lost their jobs, the pressing concern for those who are currently in employment is to ensure that they remain so into the future,” he declared. “In particular our members are concerned that ad-hoc short-term decisions may be taken on the basis of expediency – without regard for the broader context – with the result that long-term damage would be inflicted on the financial services sector,” said Mr. Broderick. “We need to be reassured that any further reconfiguration of the financial services sector is properly co-ordinated with broad agreement in advance on the final shape of the industry – rather than arriving at unintended outcomes which not only have negative consequences for the institutions, themselves, but also for the economy as a whole. “The public interest demands that government should engage on this issue not only to safeguard the economy – but also to minimise the social impact of such a serious haemorrhage of jobs," he added.
retro: spectrum
Let’s make history A
special project is being launched to encourage both current and retired members to identify memorabilia, artefacts and documents in their possession relating to the history of the IBOA. All material indentified to the project will be returned after being photographed or photocopied for the IBOA archive. At the same time, we are also looking for volunteers to participate in creating an audio historical archive. Members with particular reminiscences of the Union – in any of its aspects such as industrial relations issues,
sports and social events or “celebrity” members, for example – will be asked to share their memories either in writing or by recording them on video or tape. It is hoped that the results of this project may form part of a written history of the Union for publication to a wider audience in book form and on the internet. If you are interested in taking part in this unique project, please contact the History Team at IBOA The Finance Union, IBOA House, Stephen Street Upper, Dublin 8, by phone at 01-4755908 or e-mail history@iboa.ie
Cash with dash The charity fashion show – organised by an IBOA team led by President Margaret Browne – raised a total of E7,500 for two Dublin health projects at St. Joseph’s Hospice and St. Luke’s Hospital. Compered by RTE broadcaster, Miriam O’Callaghan, the show featured models from the Compton agency. The event took place in IBOA House before Christmas and was not only supported by a capacity audience but also by a number of businesses which donated cash and spot prizes.
march 2010
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SPECTRUM
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Seán O’Shea with colleagues Jane Higgins, Office Manager (left) and Joan McSwiney, Personal Assistant to the General Secretary.
Long-serving staff member, Seán O’Shea, took his leave of IBOA recently when he retired on his sixty-fifth birthday. From Kerry via Galway, Seán took up employment as a porter with the Union in 1983 when the organisation was based in Stephen’s Green, Dublin. Very popular with his work colleagues, Seán also endeared himself to the many Union activists and members who have visited Head Office in recent years. Union President, Margaret Browne, paid tribute to Seán’s loyalty to the IBOA and its members. “Seán has been a fixture in Head Office for so long that he has become a good friend to so many of us.” General Secretary, Larry Broderick, added his best wishes to Seán saying that he had served the Union well. “Seán has earned a long and happy retirement,” he said. “We will all miss him.”
IBOA - THE FINANCE UNION
Cheerio, Seán-O
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safe: secure Union Safety Reps Minding your The law requires employers to with employees on issues safety, health, consult affecting their health and safety. Employers must reach agreewelfare and ment with a recognised trade on how this consultation security at work union should be conducted.
IBOA - THE FINANCE UNION
www.iboa.ie
www.iboa.org.uk
All members should have a healthy, safe and secure working environment. IBOA offers information, advice and training to members and representatives to ensure that employers follow established best practice. 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 the links below: ROI: http://www.iboa.ie/ knowyourrights/yourrightsroi/ healthsafety.html NI: http://www.iboa.ie/ knowyourrights/yourrightsni. html or http://www.iboa.org. uk/knowyourrights/yourrights ni.html
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Health and Safety Committees
IBOA has contacted all employers to request that Health and Safety Committees be established. At this time Northern Bank, Ulster Bank and AIB have responded positively and meetings have begun – or are scheduled – to take place. If members have any questions or concerns regarding health and safety in their workplace please contact a member of your Health and Safety Committee. If your employer doesn’t have one, please contact a member of the IBOA SHWS Committee listed above right.
SPECTRUM march 2010
IBOA is entitled to nominate workplace health and safety reps. Union Safety Reps (USRs)
have the right to investigate accidents or hazards in the workplace, to attend meetings on workplace safety and to receive appropriate training. USRs should normally have worked for an employer for at least two years. If you want to find out more about the role of a USR, please contact a member of the IBOA SHWS Committee.
The IBOA SHWS Committee is: Elaine Barker, Carmel Curran, Catherine Maher, Margaret Power, Etain RyanLyons, Jaynette Stirling, Robert Thompson and Kate Varley, together with Senior Industrial Relations Officer, Steve Tweed. All can be contacted on 00-353-(0)1-4755908 or 0044-(0)2890-200130.
Remember the dead, but fight like hell for the living Honouring Workers’ Memorial Day April 28 Every year more people are killed at work than in wars. Most don’t die of mystery ailments, or in tragic “accidents.” They die because an employer decides their safety just isn't a priority. Workers’ Memorial Day commemorates these workers. Worker’s Memorial Day is held on 28 April every year. All over the world workers and their representatives host
events, vigils and many other activities to mark the day. This year, the British Trades Union Congress (TUC) is calling for a minute's silence at noon on Wednesday 28 April in workplaces throughout Britain. Workers' Memorial Day will also be officially recognised by the British Government this year, according to Work and Pensions Minister,
Yvette Cooper. The Government is to back the holding of commemorative events throughout the UK. Welcoming the Government’s decision, TUC General Secretary, Brendan Barber, said: “Workers' Memorial Day has been an important date in the trade union calendar for many years. We look forward to working with Ministers to increase its profile.”
safe: secure
Security advice for members in Belfast
SPECTRUM
march 2010
www.iboa.org.uk
Travelling • Be alert, especially when leaving or entering your home or workplace. • Where at all possible, vary your routes and the times of your journeys. • Travel with company where possible. • Report any suspicious vehicles or people. • If you think you are being followed, contact police immediately and try to avoid becoming isolated • Be suspicious of anyone trying to get you to stop or to leave your vehicle. • If possible, keep windows closed and doors locked • When stopping, do not allow yourself to be “boxed in” – leave enough room to manoeuvre • When parking, do not leave anything in your vehicle that may identify your occupation or business. • Try to avoid parking anywhere that may become dark or isolated before your return.
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hood of becoming a target for crime and emphasised how being alert to potential threats is vital to reduce the risk of becoming a victim. The Belfast meeting was organised as part of the ongoing engagement between the PSNI and IBOA. Following the success of this briefing session, further meetings are to be arranged for members in other areas. Through similar relationships with An Garda Siochána in the Republic of Ireland, IBOA is working to make important information and advice available to members of the Union. If you would be interested in attending one of these briefings in your area in the future, please notify the Union by emailing info@iboa.ie with your name, address and employment location and including “Security Awareness” in the subject line.
At Home • Identify callers before opening the door. If in doubt, don’t open the door. • Use solid doors and good deadlocks. • Keep windows locked. • At night, close curtains before turning on lights. • Keep front boundary hedges and fences low to maximise your view. • Keep rear boundaries high to maximise your security and privacy. • Keep young children in sight or, if leaving them with someone else, ensure that the minder is aware of the risk of kidnapping
IBOA - THE FINANCE UNION
IBOA members from the main retail banks in Belfast attended an IBOA security awareness briefing recently organised in conjunction with the Police Service of Northern Ireland. The meeting was addressed by senior PSNI officers – each with specific knowledge and experience in crime prevention and investigation of bank robbery/kidnappings. Members heard practical advice on risk management/reduction and personal security as well as information on simple measures to be taken in and around the home and when travelling. The officers also gave practical examples of how to deal with kidnappings and encouraged their audience to share this advice with colleagues at work. Detective Superintendent Peter Farrar outlined the importance of measures which can be taken by all bank staff to reduce the likeli-
THINK SECURITY!
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THe IrISH BankerS’ CluB IBOA HOuse, stepHen street upper, DuBlIn 8
Bar openInG HourS: Tuesday-Saturday – 4.30pm till late. Sunday-Monday – closed.
MARCH GRAND DRAW NIGHT Friday, March 26, 2010
g Buenos Aires, Rio & Iguaza Falls OR South Africa FIFA World Cup OR Kuala Lumpur, Borneo & Hong Kong 2nd: E600 3rd: E500 4th: E400 5th: E300 6th: E200 Big attendance prizes Dublin and Belfast COMING UP IN JUNE The 2010 FIFA World Cup from South Africa All games live on our big screen From June 12 to July 12. Bar food, Club bar prices and great atmosphere. All welcome (including guests).
UPCOMING CLUB DRAW NIGHTS 1st Prize – Two-week holiday for two to Cyprus Friday May 28: 1st Prize – Two-week holiday for two to Tuscany Friday June 25: 1st Prize – Two-week holiday for two to Malta Each month: 2nd Prize: E300, 3rd Prize: E250, 4th Prize: E200, Draw 9pm. Bar Food: 5pm-10pm Attendance Prizes
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CLUB MEMBERSHIP
www.iboa.ie
New members welcome. Join now and enjoy free membership until September 2010 – cost then only ¤20 per annum. Facilities include: • Special room hire rates • Bar and meeting room facilities. • Catering and DJ facilities available • Big screen for all sporting occasions
IBOA - THE FINANCE UNION
Don’t miss out – Join today! Copy, complete and return the application form to Honorary Secretary, Michael Martin at the address above.
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THE PLACE TO PARTY IN 2010 • Reduced room hire rates • 21st, 30th, 40th, etc parties. • Going away nights • Table Quiz Nights, Race Nights • Parties and Christenings • Catering and DJ facilities available • We can cater for numbers up to 120 • Full bar licence – extension available • Why not book or call in and look around? Call 01-4758970 10am-12noon or after 5pm.
THE PERFECT PARTY VENUE APPLICATION FORM Name:................................................................ Male/Female (delete where applicable) Employment:..................................................... Branch/Dept:....................................................... Bank Account Details Bank & Branch:................................................. NSC:....................A/c No................................. I hereby authorise you to debit my account with the annual subscription for Club membership. I agree to be bound by the Rules of the Club and accept the appropriate annual adjustment when applicable. Notification will be forwarded in writing if I wish to cancel this mandate.
Signed:.................................Date:............................. Please return to Michael Martin, Honorary Secretary at the address above.
Results of recent Bankers’ Club draws are posted on the IBOA websites: www.iboa.ie/services/sportsandsocial/bankersclub.html www.iboa.org.uk/services/sportsandsocial/bankersclub.html
SPECTRUM march 2010
workplace: news
Northern Bank staff win pay increases IBOA members in Northern Bank have secured annual pay increases of between 1% and 3.5% – with approx 70% of staff receiving an increase of 2.0% or above. The increase is based on a range movement of 1% and a pay pot of 2.00%. The pay terms were accepted in a ballot of IBOA members after a difficult round of negotiations which took place against the backdrop of the current crisis in the banking industry and the pay freezes and even salary cuts, implemented by other employers in the financial services sector. “IBOA's objective has always been to secure jobs within the banking industry and to continue to improve the terms and conditions of our members,” said Senior Industrial Relations Official, Gerry Hanna.
“We have achieved a number of successes in recent times which go some way to securing those objectives – including role and grade reviews which delivered enhancements to our members' salaries, new salary ranges for Branch Managers introduced in 2009 and a multi-skilling programme which has provided increased salary and automatic promotion to G3. “But our most significant achievement has been the Strategic Agreement which was completed at the end of 2008 and incorporates a major commitment on job security until at least June 2012 and agreed principles for managing future change.” “Other issues raised with senior management in the recent pay talks have included suspension of bonus arrange-
NIB staff accept restructuring deal
SPECTRUM
march 2010
www.iboa.org.uk
the teeth of a major recession,” said IBOA General Secretary, Larry Broderick, “our members in National Irish Bank have recognised that the Bank’s current business model is unsustainable in the present climate. “In negotiating the changes necessary to meet this challenge, IBOA set a number of objectives as to the voluntary nature of the job cuts, the level of compensation payable to those who will leave the Bank and the necessary protections for the staff who will remain. “The mediator’s final recommendation has addressed those key issues to the satisfaction of our members. “The terms of the recommendation have been underpinned by commitments from NIB’s Irish management to honour their implementation and by further commitments from NIB’s Danish parent, Danske, on its continuing presence in Ireland,” said the IBOA leader. “At a time when other foreign-owned financial institutions are considering retrenching or even withdrawing from the Irish market, it is good news for Irish consumers – as well as for bank staff – that, although NIB is being forced to consolidate in the short term, a major player like Danske remains committed to Ireland in the long term.”
www.iboa.ie
IBOA members in National Irish Bank have accepted a recommendation from independent mediator, Kevin Foley, on the Bank’s restructuring plans.
ments; and increased pension contributions,” said Gerry Hanna. “Senior management has also agreed to engage with IBOA on arrangements which may incentivise increased productivity during 2010,” he added.
IBOA - THE FINANCE UNION
IBOA General Secretary, Larry Broderick
NIB intends to close 25 Branches and make 150 staff redundant by spring of 2011. Following intensive talks between the Union and the Bank’s senior management, a number of issues were referred to Mr. Foley for mediation. Apart from recommending improved severance terms of 7.25 weeks’ pay per year of actual service (inclusive of statutory entitlements and capped at the equivalent of 2.5 years’ salary) and improved terms for early retirement, the mediator confirmed that all redundancies would be implemented on a voluntary basis. NIB also gave a commitment to an agreed assessment process to deal with the possible re-assignment of remaining staff within the reduced network as well as providing a guarantee of job security for all remaining staff up to December 31, 2012. “While any decision on job reductions is always challenging and even more so in
IBOA Senior Industrial Relations Officer, Gerry Hanna
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workplace: news
AIB members agree to changes in order to preserve pension schemes
IBOA - THE FINANCE UNION
www.iboa.ie
www.iboa.org.uk
IBOA members in AIB Group have balloted to accept changes to their pension schemes, proposed by independent mediator, Kevin Foley, last December.
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Members of the Defined Benefit and Hybrid pension schemes in the Republic of Ireland and of the Defined Benefit Pension Scheme in the UK have agreed to a change in how their pension will be calculated. Members of the Defined Benefit Pension Schemes in the Republic and the UK have also accepted a proposal under which they must choose either to make contributions to the scheme worth 4% of their annual salary from 1 April 2010 – rising to 5% from 1 April 2011 or to a change in their pension accrual rate from 1/60th to 1/75th from 1 April 2010. Past service will still be calculated at the 1/60th rate up to 31 March 2010. Commenting on the outcome of the ballot, Union General Secretary, Larry Broderick, said: “our members in AIB have recognised the serious difficulties facing the AIB pension scheme at this time and have risen to the challenge by accepting a reduction in benefits together with, in some cases, an increase in contributions. “This has been a very tough call in the present economic circumstances. But our members have bitten the bullet. It is now up to the Bank to reciprocate,” he said.
ON TIME ON LINE… For the latest news on the key developments in your employment, log on to www.iboa.ie or www.iboa.org.uk
SPECTRUM march 2010
Independent mediator, Kevin Foley
IBOA poised for major talks on AIB’s future Representatives of IBOA’s AIB Executive Committee met AIB Group Managing Director, Colm Doherty, recently for a frank exchange of views on the future development of the Bank. Although there were significant differences between the two sides, Mr. Doherty undertook to: • engage with IBOA on change; • consult and negotiate with IBOA in line with the Partnership Principles; and • progress IBOA’s request for negotiations on pay and job security. Amid mounting speculation that, with the transfer of its impaired loans to NAMA and further capitalisation by the Irish Government, AIB Group would engage in a major restructure following consultation with the EU Commission, Mr. Doherty said recently that “all options ranging from early retirement to redundancies will have to be considered.” While acknowledging the gravity of the current situation, IBOA General Secretary, Larry Broderick, said the Union’s aim in the forthcoming negotiations with AIB would be to keep any possible job losses in the Group to an absolute minimum.
DRIVING LESSONS Special rates for IBOA members Pinnacle Driving School is a national driving school with instructors in Dublin, Cork, Galway, Belfast, Limerick and Bray. All instructors are ADI qualified and our pass rates are at least 15% above the average in all test centres. IBOA members can avail of the special offer price of only ¤30 per lesson – rather than the normal price of ¤35). To book a lesson, please call 01-455 9231 or visit www.drivinglessonsdublin.ie and quote IBOA offer.
This offer is also extended to IBOA members buying Gift Vouchers for a third party. Unlike other vouchers, Pinnacle’s do not have an expiry date. So they can be redeemed at any time in the future.
workplace: news
BelFaST BankerS’ CluB
Stand-off at Ulster Bank Management set to spend UK tax-payers’ money to fight staff’s legal action on contract rights
U
Peformance-related payments The Bank is also continuing to refuse to make any payments due under the Performance Evaluation Framework (PEF) agreement for performance in 2008. Management has also signalled that it does not intend to make any payments to staff in April for performance in 2009. IBOA is monitoring this situation and will, if necessary, invoke further legal action against Ulster Bank.
AVAILABLe For pArTIeS:
Available for parties on request (any day). There is no charge for parties and room booking. Please call 02890-382866 after 5.30pm or e-mail bankers. club@ntlbusiness.com
JoIn THe CLUB:
SPECTRUM
march 2010
www.iboa.org.uk
To join the Belfast Bankers’ Club, download the application form from one of IBOA’s two websites – www.iboa.ie/services/ sportsandsocial/bbc.html or www.iboa.org.uk/services/ sportsandsocial/bbc.html – complete the form and return it to the club at the address above. With a half-yearly membership fee of £12.50, the Belfast Bankers’ Club offers excellent value for money.
www.iboa.ie
Further cost reductions at Ulster Bank? According to recent reports, Ulster Bank is to seek further cost reductions at the behest of its parent, RBS. In response, IBOA Senior Industrial Relations Officer, Steve Tweed, said that the Bank had not raised this issue in any form with the Union. “We note the comments from Ulster Bank Chief Executive, Cormac McCarthy, to the effect that further job losses are not being contemplated at this time. However, we are also mindful that he said something similar after the Bank’s original announcement of 750 job losses in January 2009 – only to announce 250 more redundancies in August.”
openInG HoUrS:
The Club opens at 5:30pm from Monday-Friday.
IBOA - THE FINANCE UNION
lster Bank is not prepared to meet its contractual obligations to make payments due to staff who opted to retain their old contracts in the Bank’s recent contract offer. It is also clear, given the Bank’s recent announcement of further benefit funding to staff in the manager category, that the Bank is able to make the payments but appears instead to be withholding this money in an attempt to penalise staff who reject the new inferior contract. “It is totally unacceptable,” said IBOA’s Senior Industrial Relations Officer, Steve Tweed, “that a Bank, supported by the UK Government guarantee, should use this backing to fund the defence of legal cases – one in the Republic and two separate legal actions in Northern Ireland – rather than paying money due to staff who have earned it.” The Bank’s position looks increasingly untenable in light of the decision by its parent company, RBS, to make an out-ofcourt settlement on a similar claim for the withholding of contractual payments – brought by Unite the Union on behalf of its members in Britain.
31 MAlone roAd, belfAst bt9 6ru
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workplace: news
IBOA - THE FINANCE UNION
www.iboa.ie
www.iboa.org.uk
Union rejects HP’s plans to export IT jobs I
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BOA has asked the Republic’s Minister for Enterprise, Trade and Employment, Mary Coughlan, to intervene in its row with HP over the technology services company’s plans to transfer work which is currently performed in Ireland to subcontractors in India. HP Ireland has provided IT services for the Bank of Ireland for a number of years. Many of the staff working on the Bank of Ireland account in HP were originally employed directly by the Bank – and followed the work to HP. IBOA has become aware that HP is now planning to outsource much of the work on the Bank of Ireland account to India – if it succeeds in securing the renewal of the tender. Expressing concern that highly skilled IT jobs would be effectively exported out of Ireland, IBOA General Secretary, Larry Broderick, has written to the Minister for Enterprise, Trade and Employment, urging her to intervene. “The State is already a major stakeholder in Bank of Ireland and it is widely expected that the State will be an even bigger stake-holder in the Bank in the coming months. Our question is simple: is it right that the tax-payers’ considerable support for the Bank should be repaid by allowing jobs to be exported in this way?” “The Government has spoken at great length about the role of the “smart economy” in securing future employment in this country. Jobs in the IT sector should be at the heart of the ‘smart economy.’ “The Government should be using its growing influence in the financial service sector to ensure that as many of these jobs as possible are retained in Ireland – especially in the light of the recent decision by RBS to cut technology jobs in Dublin and Belfast,” said the IBOA leader.
ON TIME ON LINE…
For the latest news on the key developments in your employment, log on to www.iboa.ie or www.iboa.org.uk
SPECTRUM march 2010
INBS recognises IBOA IBOA has concluded a recognition agreement with Irish Nationwide Building Society which provides the Union with full collective bargaining rights for close to 300 members employed by the Society. The agreement – which was ratified by the Board of the Society earlier this month – marks the culmination of negotiations between the Union and Irish Nationwide’s senior management which have been continuing since last November. A major issue of concern to staff in Irish Nationwide is the proposed merger between the Society and EBS. IBOA has highlighted the need for a job security agreement which recognises that any future change should be dealt with through consultation and agreement and that any reduction in staff numbers would be implemented on a voluntary basis and on terms to be negotiated and agreed with IBOA. Staff are particularly concerned that EBS seems to be forcing the pace on the merger talks with possible adverse consequences for staff in Head Office and Branches. IBOA has sought detailed information about the Society’s strategy as well as emphasising the need to prioritise jobs and to protect the status of Irish Nationwide during the discussions.
EBS IBOA has also written to EBS Chief Executive, Fergus Murphy, to insist that the principle of “parity of esteem” is established between EBS, Irish Nationwide and any other organisations which may be party to the merger. The Union has also urged Mr. Murphy to consider that the board of the merged entity would not only include representatives of the boards of each society but also representatives of the staff in both organisations as a further step to address the cultural difficulties which have created so many problems in the financial services sector. CLAIM FOR CONTRACTUAL PAY AWARD IBOA has lodged a claim on behalf of its members in Irish Nationwide who did not receive a traditional payment of an extra two weeks’ pay in December 2009. The Union considers the award to be contractual since not only has it been paid annually for over thirty years but it has also been paid regardless of the performance of the Society in a particular year. With Irish Nationwide senior management arguing that the December payment is discretionary, it seems likely that the issue will be referred to the Labour Relations Commission for mediation.
workplace: news Members win recognition at NIIB Finance
Recognition at NIIB Finance: IBOA President, Margaret Browne, and Organiser, Gareth Murphy, watch as IBOA Bank of Ireland Group Officer, Dave Keane, signs the recognition agreement on behalf of members in NIIB Finance in Northern Ireland.
Pensions talks continue at Bank of Ireland N
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Special Offer for IBOA members
National Sea Life Centre, Bray Seafront, Bray, Co. Wicklow. Tel. 00-353-1-2866939 www sealife.ie
SPECTRUM
march 2010
www.iboa.org.uk
For individuals: Save ¤3 off full admission price For families: Supersaver deal of ¤20 for family of 4 (normal price ¤35) Offers may not be used in conjunction with any other offer or promotion.
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to apply a fair, equitable and consistent solution across all stakeholders. After close consideration of these options, IBOA has rejected the Bank’s approach and developed its own proposals in conjunction with an independent actuary which would reduce the deficit by around ¤700 million. Among the money-saving measures proposed by the Union is a cap on pensionable pay for staff earning over ¤85,000 a year. Under this arrangement, the Bank would not make pension contributions on behalf of high-earning staff above the equivalent of ¤85,000 a year. In their examination of the Trust Deed and Rules governing the BSPF, the IBOA’s advisers also found an important safeguard for members – namely, that, other than in certain exceptional circumstances, the scheme cannot be discontinued, without the consent of at least 75% of the membership – a feature that is almost unique in Irish pension schemes. General meetings have been held in recent weeks in the three jurisdictions to keep Bank of Ireland members abreast of developments.
IBOA - THE FINANCE UNION
egotiations are continuing between Bank of Ireland’s senior management and representatives of IBOA’s Bank of Ireland Executive Committee following the Bank’s request for a joint review of the Bank’s pension schemes, including the Bank Staff Pension Fund (BSPF) – the Defined Benefit pension scheme which covers the vast majority of staff who took up employment with Bank of Ireland before 2007. Senior management outlined the current deficits within the various pension schemes – the largest of which is ¤1.25 billion in the BPSF which has current liabilities of almost ¤4.5 billion. The Bank has advised IBOA that it will take responsibility for around 50% of the current deficit (approximately ¤600 million) within the BSPF scheme. It has also outlined a number of options to address the remainder of the deficit. IBOA considered the Bank’s options against the Bank’s own stated objectives at the outset of these discussions, namely: – to reduce the schemes’ current deficits; – to address the current balance sheet liability created by the pension scheme deficits; and
IBOA and Bank of Ireland Group have signed off on a recognition agreement covering the Union’s members in NIIB Finance. This agreement is the culmination of a sustained campaign of collective determination by IBOA members to secure full bargaining rights at this Northern Ireland subsidiary of Bank of Ireland. The new agreement allows individual and collective issues to be processed through a recognised procedure and enables members to avail of IBOA representation in addressing their concerns to NIIB management. Among the more immediate concerns are members’ pension entitlements. This issue is being dealt with by IBOA representatives in the Group-level talks with Bank of Ireland (see main article on this page).
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e: quality
Irene Breen
Mental health key
IBOA - THE FINANCE UNION
www.iboa.ie
www.iboa.org.uk
Trade unions can play a key role in developing policy on mental health awareness in the workplace with practical guidelines for representatives and members, according to Irene Breen of IBOA’s Executive Committee. Supporting a CWU motion on mental health issues, she told delegates to the ICTU Women’s Conference that “there is a good likelihood that either we, ourselves, or a close family member or friend will suffer from a mental health issue at some time in our working life – and possibly as a result of workplace stress. “We need proper supports,” she said “to allow people firstly to retain their jobs and secondly to achieve their full potential.”
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O
ver 200 delegates attended the ICTU Women’s Conference in Belfast this month. A motion proposed by IBOA President, Margaret Browne, on the reform of banking culture was backed unanimously by the Conference. Delegates also engaged in lively debates on a wide variety of topics, including: • Pensions • Bullying, stress and third-party violence at work • Mental health • Flexible working • The quality of public health services • The under-representation of women at senior levels in trade unions • Fundamental human rights • Sex Trafficking Monica O’Connor’s presentation on the findings of her research report, Trafficking for Sexual Exploitation, proved disturbing for many delegates as she outlined the
SPECTRUM march 2010
IBOA delegates at the ICTU Women’s Conference (from left): Marian Geoghegan, Kerry Christie, Ursula Tighe, Ger Rowan, Irene Breen, Margaret Browne and Mairead Kelleher.
Building equality into recovery scale of the problem, the poverty and living conditions of the women involved, the tactics of the pimps and traffickers and the health consequences of unprotected sex. The research revealed that at least 800 women in Ireland are available for sex online – with detailed lists of the sexual acts which can be bought along with sexually explicit pictures of the women. The women advertised in this way are drawn from 51 different nationalities – the overwhelming majority are migrants.
One of the main recommendations in the report is to criminalise the buying of sex and decriminalisie the selling of sex – with proper enforcement as well as measures to combat trafficking in the countries of origin. Congress Assistant General Secretary, Sally Anne Kinahan, also gave a presentation to the conference on measures to increase women’s participation in the labour market. She also commended the Women at Work Skillnet as a successful union initiative to upskill working women.
e: quality Some senior bankers still in fantasy land… while many staff face grim reality of job cuts and pay freezes One of the most profound lessons of the current global financial crisis is how little the great and the good actually know about the business,” said IBOA President, Margaret Browne. “The conventional wisdom expounded by so-called industry leaders has in a great many cases been exposed as a sham – and with shambolic consequences,” she told the recent ICTU Women’s Conference. “They have embraced short-termism – short-term solutions for short-term advantage in order to generate short-term profits in return for generous bonuses. “Who cares about the long-term implications that might accrue in five or ten years’ time? So long as they get the mega
bonus this year, they don’t give a damn about the future. In fact, they’ll have probably moved on to some other company before the chickens finally come home to roost. Reward without responsibility, why should they care? “But the customers care because they will end up paying for this folly. The public cares – because, as we have seen here and elsewhere, when senior management make an almighty mess of unprecedented proportions, then the taxpayer has to pony up the funds to keep these institutions afloat. “And the ordinary employees care – because we really are in it for the long haul and have the long-term interests of the business at heart,” she said.
Kerry Christie
Catch 22 on abuse
B
ank staff – mainly women – are often subjected to bullying by customers, IBOA Executive Committee member, Kerry Christie, told the recent ICTU Women’s Conference. “As we know, no one likes bankers at the moment. But our employers refuse to even publish the notices that say that bullying or abuse from customers will not be tolerated. “Or if management agrees that the notices may be displayed, they want them put behind the counter where only the staff can see them!”
HICKEY’S 10% discount for IBOA members on all products
SPECTRUM
march 2010
www.iboa.org.uk
from Hickey's Pharmacies in Arklow, Cork, Drogheda, Dublin (O'Connell St., Henry St., Grafton St., Harold's Cross, Crumlin, Terenure, Tallaght, Coolock, Phibsboro, Santry, Finglas, Ongar and Tyrrelstown), Dundalk, Gorey, Maynooth, Navan and Newbridge.
www.iboa.ie
(excluding medicines and prescriptions)
IBOA - THE FINANCE UNION
Pharmacies
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course: work Changing Attitudes – Changing Cultures
Robert Thompson of IBOA, Chair of Conference Organising Committee
IBOA - THE FINANCE UNION
www.iboa.ie
www.iboa.org.uk
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major conference on workplace health and safety on the theme of Changing Attitudes – Changing Cultures is set for Wednesday April 21 at the Ramada Hotel in Shaw’s Bridge Belfast. According to the chairman of the conference organising committee, Robert Thompson – who is also IBOA’s Danske Group Officer – the conference will consider measures to help change attitudes to health and safety at work, as well as behavioural safety and health and wellbeing in the workplace. The conference is the product of a unique partnership between the Health and Safety Executive for Northern Ireland (HSENI); the Northern Ireland Safety Group (NISG); the Institution of Occupational Safety and Health (IOSH); the Northern Ireland Committee of the Irish Congress of Trade Unions (NIC-ICTU) and Castlereagh Borough Council representing the District Councils of Northern Ireland. “Achieving excellence in workplace health and safety is something that we all should aspire to,” Robert Thompson explained, “both from a moral and economic perspective, but turning the theory into practice is not always easy. “The conference aims to do that by bringing together an eminent panel of speakers who will demonstrate how to
SPECTRUM march 2010
Key conference on health and safety at work in Northern Ireland deal successfully with a number of key issues. “We hope that conference participants can then consider how they might apply the right risk management techniques to their own working environment,” said Mr. Thompson. The conference will be opened by HSENI Chairman, Professor Peter McKie CBE while clinical psychologist, Dr Michael C. Paterson, OBE will give the keynote address. Speakers at the parallel interactive sessions will include Nancy Henry, Inspector in the HSENI’s Major Investigation Team; Aisling Knipe, Human Resources Manager at Armagh City and District Council; Ray Rafferty Joint Chair of the Royal Trust Health and Safety Committee; and Alan McKee, Construction Director at McLaughlin and Harvey Ltd. Janet Coleman, Health Promotion Consultant at the NICS Sports Association will speak on Embracing Lifestyle Changes. Dr. Luise Vassie, Head of Research and Technical Services at IOSH, will consider practical solutions to promote safe behaviours; while Peter Bunting of ICTU will offer a union perspective on making workplaces safer. For more information contact Martina Kennedy, HSENI, 83 Ladas Drive, Belfast BT6 9FR. Tel: (028) 9054 7075.
THE Women at Work Skillnet The basic aim of the Women at Work Skillnet is to up-skill women to enable them to optimise their full potential in their working lives by giving them an opportunity for skills development through professional training. Although women constitute the majority of those who take part in this training, the courses are not exclusive to women. A number of men have also availed of the chance to learn new skills or enhance existing ones. Since training began in July 2008 the Women at Work Skillnet has completed approximately 1,400 training day on a range of courses, including: • Basic and Advanced Computers, • Personal Development (Assertiveness, Communications, Negotiations and Conflict Management), • English Language, • Team Building, • Training the Trainer, • Women in Trade Unions, • Personal Presentation, • Women in Leadership, • Medical English. The Skillnet is led by five trade unions – IBOA The Finance Union, CWU, INMO, IMPACT and Mandate – and supported by a cross section of employers. The strength of the Women at Work Skillnet is its ability to reach and encourage working women from diverse backgrounds to undertake training which meets a range of development needs and which would otherwise not be available. For further information, please contact Marian Geoghegan at IBOA House, Stephen St Upper, Dublin 8 or check www.womenatworkskillnets.ie
course: work
Siobhan McDermott eager to learn through the Women at Work Skillnet
A touch of class mouth from colleagues who had attended courses soon generated plenty of interest. “Initially there was not a lot of interest in the training,” says Siobhan. “At first people were thinking: ‘oh do I have the time to give up.’ But once I had finished the course and signed up for a second one, a couple of colleagues decided to come with me. “Now there are a couple of courses that people are very interested in doing. So I think the word is out.” She now hopes to continually upgrade her skills. “The goal is simple,” she says. “It is to keep learning and to keep the brain busy. I think continuous learning has to be the key thing for anyone in the workforce today where everything is subject to change. Technology is constantly advancing.” “My attitude when anyone asks me about the training is ‘if it’s relevant to you and your job, then go. You will always get something worthwhile out of it.”
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“So I thought I might enhance the knowledge I had already gained from my diploma. I was also eager to see if there was anything else I could learn.” Siobhan discovered a relaxed learning environment at the course – one evening a week for four weeks. “It was a very casual format,” she says. “There were about 10 to 15 people. We sat in a circle.” The course dealt with communication, assertiveness and conflict resolution at work. It was such a rewarding experience that Siobhan quickly signed up for more training on developing a more positive attitude in the workplace. “The people who delivered the courses were experts in their field and gave really great insights,” she says. Although Siobhan saw the potential benefits of the courses immediately, the reaction among her workmates was a little more muted initially. However, word-of-
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he Women at Work Skillnet has re-ignited Siobhan McDermott’s passion for learning. She is now keen to avail of the courses offered by IBOA in association with Skillnets to boost her career by maintaining her focus on continuous learning in the workplace. Siobhan has worked in many areas of banking during her career with Bank of Ireland. From customer service to cash desk to foreign exchange, she has acquired a wide experience in retail banking. Now that she has taken up a more behind-the-scenes role, she is hoping the Women at Work Skillnet can help her career to flourish. “I heard about the training in an email from IBOA. It was for a course on personal development and communications skills. In the Higher Diploma in Human Resources I took at university there was a lot of emphasis on communication skills.
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sports: life
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an Robertson is a very distinguished figure in the world of rugby. A Scottish international stand-off in the glory days of the amateur game, his career was curtailed by injury, but he found another outlet in broadcasting, and, almost forty years on, he’s still the BBC’s rugby correspondent. His CV includes another item of interest. When he was winning his caps, he was an English master in Fettes College – a boarding school in Edinburgh. Among his pupils was one Anthony Charles Lynton Blair, who was to become better known as Tony, the man who you might remember as the Prime Minister of Queen Elizabeth’s kingdom. I was in the company of Ian Robertson the day I did my very first commentary, more years ago than either he or myself would care to remember. I was also in the company of Ian Robertson last Saturday night, as Ireland’s Triple Crown dream unravelled. We were side by side in the clustered throng around the TV screens in the press room in the Stade de France. Our assignment was France against England, but like everyone else in that crowded space, Ireland against Scotland held us in thrall. As so often this season, Ireland provoked both pleasure and pain. A ruthless demolition of Italy began the quest for a second successive Grand Slam. None of the six Slams that preceded Ireland’s last spring had been repeated the following season, yet there was nothing at Croke Park that first Saturday in February to suggest that Declan Kidney’s team couldn’t stand recent history on its head. Italy, mean and physical, can prove tricky opponents, but they’ve never managed to beat Ireland in the championship, and they never came close this time. Seven points was as near as they got, and that margin was sustained for less than two first half minutes.
SPECTRUM march 2010
Ireland expects! It’s a measure of how far we have come that finishing second is now seen as such a disappointment
by George Hamilton, The Voice of Irish Sport
The trip to Paris the following Saturday was always going to be key. Ireland’s aspirations would hinge on the result they achieved in a city that has yielded little over the years. Three wins in thirty-one visits since the Grand Slam spring of 1948 – and none in five since the last victory in 2000 – tell a sorry story. The coach’s confidence in his team was evident in his selection. Stephen Ferris, who’d missed the Italy game through injury, was a welcome inclusion in the back row. Earls for Trimble was the only change that would have been the subject of much consideration. Things didn’t begin at all badly. They saw out the first quarter hour without conceding while providing flashes that suggested the traffic would not be all one way. But then, the rashness of inexperience proved
the disruptive influence that would send France on their way. Cian Healy, in just his fourth Test, and his first away from Croke Park, was early with his challenge on Parra the French scrum half and was sent to the sin bin. That gave France their first three points, and by the time Healy was back in the front row, they were 10-nil in front. By half-time it was 17-3, and Ireland never got closer after that. The front five was overpowered, and in their destruction the dream was shattered. 33-10 confirmed the worst fears. There would be no repeat of the Grand Slam. It is to the enormous credit of Kidney and his team that they could exorcise the traumatic memories of that evening in Paris and regroup over the following fortnight for the tricky visit to Twickenham.
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
sports: life
Just when England seemed to be heading for a victory they didn’t really deserve when Wilkinson dropped a goal with ten minutes to go, Tommy Bowe picked the perfect route to the try line to set up a 20-16 victory. Wales at Croke Park was pretty much the Keith Earls show. Two of Ireland’s three tries were his. Wales couldn’t reply in kind, and 27-12 at the finish kept alive hopes of at least a Triple Crown. But as if to prove what goes around comes around, there was
Human pyramids: Ireland’s Paul O'Connell rises into the sky at Croke Park with Jim Hamilton of Scotland (Photo: INPHO/ Dan Sheridan).
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on travel packages to top soccer matches in Britain, Scotland and Spain.
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For booking call 1850- 206080 from the Republic or 00-353-61-228022 from Northern Ireland. www.mcinerneysports.com
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The scrum, with John Hayes propping for the 100th time – the first Irish player to reach the mark – was much more solid, and out of that grew a performance that would not have been out of place last year. There was the sensational early try from Tommy Bowe that settled the nerves, and Ireland maintained their advantage to half time. The lead was stretched by a try from Keith Earls. Thereafter, England had twice as much possession, but Ireland’s defensive alignments were, deadly efficient.
to be disappointment as deep as the elation had soared. It was delivered by Scotland, who hadn’t won in Dublin since 1998. Their path through the Six Nations had been pockmarked by setbacks. There were the serious injuries suffered by Chris Paterson and Thom Evans on a helter-skelter afternoon in Cardiff, when they’d led 21-9, only to lose their discipline and with it the match. There was the ignominy of another defeat by Italy in Rome. And there was the sheer bad luck that deprived them of victory over England when not one but two of Dan Parks’s penalty attempts came back off a Murrayfield upright. Scotland were due a slice of good fortune. Back in the press room in Paris, there were a few knowing nods when O’Gara did what he’s done so often, and looked like he’d closed out the match with a late penalty that tied the scores. Another draw for Scotland it seemed. But for just the once this season, they got what they deserved. A penalty from far out by Parks. Ireland had one last chance but lost possession. You had to feel they deserved at least this, and I said as much to my Scottish colleague. And, in the midst of his delight, Ian Robertson said he knew how we must be feeling, as the Triple Crown followed the Grand Slam into thin air. A campaign that promised so much has ended in frustration. Ireland are no better than the best of the rest. The backs are as good as any in the championship, the back row as competitive, but the Paris experience showed that without a more powerful front five, the consistency required to reach the heights of another Grand Slam just won’t be there. France have reset the benchmark. Faced with France’s brutal proficiency, we were left to ponder: this Ireland, who were the best just a year ago – their time had come – but this Ireland now – has their time been and gone?
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former vice president of the collapsed US financial services house, Lehman Brothers, has provided an insider’s view of the events leading up to its downfall. A Colossal Failure of Common Sense by Lawrence McDonald is an account of the greed and misjudgment of decisionmakers and how individuals clutched at straws in an attempt to save the company right up to the point of bankruptcy. “I really wrote the book for one reason, to expose the few that hurt so many,” McDonald explained. “Lehman Brothers’ bankruptcy is ten times the size of Enron, it’s bigger than all the bankruptcies in 2009 combined. So it’s bigger than GM and Chrysler combined.”
CHAPTERS
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SPECTRUM march 2010
read: ings
He said that the story of Lehman Brothers came down to one sentence: 24,992 people making money and eight people responsible for losing it. “Lehman Brothers was never, never rotten at the core, that's where all the beauty was. It was rotten at the head,” he declared. He said it is important to draw lessons from the failure of Lehman’s not just to prevent such disasters happening in the future – but also to provide a beacon for the industry. “Banks are not too big to fail,” he added. “They are too big to succeed and too big to be managed.”
Will the recession kill workplace partnerships? Social partnership between employers, unions and Government is in major difficulty at national level in the Republic. But what is the future for enterpriselevel partnership? In his new book, Organisational Change through Partnership, industrial relations consultant, John O’Dowd, tries to address that question while also offering the most comprehensive account to date of partnership at enterprise level in Ireland.
SPECTRUM
march 2010
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*except the Apple i-Phone
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10% discount on any mobile phone* or mobile accessory for IBOA members in the Republic of Ireland.
Based on a survey of all known cases of workplace partnership in the unionised sector, this study examines the reasons behind decisions to adopt partnership, the structures and agendas developed by employers and trade unions and the outcomes that ensued from partnership. Based on these findings, O’Dowd argues that a partnership approach to organisational change has positive outcomes for employers, employees and trade unions including better business performance, increased productivity, fewer disputes, improved communications and better relationships overall. Described as “a must-read” for human resources and industrial relations practitioners and policy-makers by Kieran Mulvey of the Labour Relations Commission, the book concludes with a discussion of the strategic choices open to employers and trade unions in confronting the many difficult challenges of the current economic recession. Published by the Liffey Press and priced at ¤19.95, the book is available from all good bookshops.
IBOA - THE FINANCE UNION
“…24,992 people making money and eight people responsible for losing it…”
Separation Anxiety
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sight: ings Bullock Hollywood of real-life Sandra wins Oscar
Meryl Streep
Inez McCormack
Meryl takes on Inez
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Acccolade for Irish trade union leader
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Screen actor, Meryl Streep, took on the role of Irish trade unionist and human rights activist, Inez McCormack, in a special performance at a major international conference in New York earlier this month. Streep told the Derry woman’s story in Seven, a docu-drama about the lives of campaigning women from Russia, Pakistan, Nigeria, Afghanistan, Guatemala, Cambodia and, of course, Northern Ireland. The performance was introduced by US Secretary of State Hillary Clinton on the opening night of a three-day conference on “Women in the World – the brainchild of former Vanity Fair editor, Tina Brown. Over 1,000 women from the worlds of politics, media, social activism, business and the arts attended the event. Ms McCormack began her trade union career in the late 1960s before rising to become the first woman President of the Irish Congress of Trade Unions. She campaigned to organise and revalue the work and contribution of the “forgotten” workers, most of whom were women. She was named the Northern Ireland Woman of the Year in 2008 for her services to women, human rights and communities. “It is very humbling,” she said, “to have your life story represented in this
SPECTRUM march 2010
way and a privilege to have an Oscarwinning actress and strong female character like Meryl Streep involved in the dramatisation. “I have had the privilege of spending a lifetime at the service of warm strong women, who challenged injustice not just for themselves but for the people and communities they cared for and whose only affirmation has been that of their own conscience.” See a video clip of Inez being interviewed on her reaction to the performance by Meryl Streep by logging on to http:// www.youtube.com/watch?v=KimRavq5jj4
Although The Blind Side is based on the real-life story of an American Football player (Michael Oher of the Baltimore Ravens), its central core is a classic tale of triumphing over adversity against all the odds. Described by some critics as a sugarcoated version of Precious, The Blind Side tells how Michael Oher (played by Quinton Aaron) – a veteran of foster care with many different families – strikes up an unlikely friendship with young S. J. Tuohy (Jae Head) whose family, led by mother Leigh Anne (Sandra Bullock) take him to their hearts. Although Michael suffers from learning difficulties, he begins to make progress with the support of Leigh Anne Tuohy and her family. With his large frame and considerable strength, Michael starts to play for his high school football team encouraged by the feisty and confident Leigh Anne. Some have complained that the notion of a middle-class white family “adopting” a poor but talented black teenager is somewhat patronising. Presumably the film-maker’s defence is that, no matter how incovenient it may be for some, this is what actually happened.
Special offer for iBoa MeMBerS in UK See the IBOA website (Member Services Discount Offers) for details.
sight: ings shines in adaptation story for The Blind Side
Child E4.60
SPECTRUM
march 2010
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To avail of these tickets please send a cheque made payable to the IBOA for the value of the amount of tickets you require to IBOA Cinema Offer, IBOA House, Stephen Street Upper, Dublin 8. Note: IBOA accepts no responsibility for lost or stolen tickets, or for tickets which have passed their expiry date.
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Price: Adult E6.80
Arklow: GCG Cinema Carrick-on-Shannon: Carrick Cineplex Castlebar: Mayo Movie World Cork (Ballincollig): The Reel Picture Show Cork (Blackpool): The Reel Picture Show Cork (Douglas): Cinema World Cork (Mallow): Gate Cinema Cork (Midleton): Gate Cinema Cork (North Gate Bridge): Gate Multiplex Dublin (Dundrum): Movies@Dundrum Dublin (Stillorgan): Ormonde Cinema Dublin (Swords): Movies@Swords Letterkenny: Century Cinemas Lifford: Eclipse Cinemas Listowel: Classic Cinema Sligo: GCG Cinema Waterford: SGC Dungarvan Wexford: SGC Enniscorthy
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Valid at 18 cinemas in the Republic of Ireland including six cinemas in Cork and three cinemas in Dublin, to see any film, at any time, on any day.
PARTICIPATING CINEMAS
However, rather like Clint Eastwood’s film of the real-life story of South Africa’s Rugby World Cup win, Invictus, real-life figures tend to become almost saintly and a little too perfect to be totally credible. Such was Eastwood’s apparent awe for his subjects that he struggled to make Morgan Freeman’s Mandela and Matt Damon’s Pienaar appear really human. Although some of the plot developments in The Blind Side seem rather contrived, Bullock imbues Leigh Anne with sufficient depth to overcome many of these shortcomings. The film ends with the 2009 NFL Draft, showing the real-life Michael Oher being drafted by the Baltimore Ravens.
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prize: crossword
A prize of ¤50 will be awarded to the first entry drawn from our post bag after the closing date.
Across: 1. Native of Australian state (9) 6. Demon (5) 9. Planet (5) 10. Important (9) 11. Business (10) 12. Endure (4) 14. Accomplish (7) 15. Muslim warrior (7) 17. Venezuelan capital (7) 19. Boom (7) 20. Orient (4) 22. Alluring (10) 25. Establish (10) 26. Picture (5) 27. Dickens’ Oliver (5) 28. Change (9)
Down: 1. Subject (5) 2. Transport for patients (9) 3. Loathing (10) 4. Soak (7) 5. Avenger (7) 6. Native of Denmark (4) 7. Stringed instrument (5) 8. Sunken liner (9) 13. Descendant (10) 14. Pseudo-scientist from the Middle Ages (9) 16. Political hopeful (9) 18. Type of orange (7) 19. Siamese (7) 21. Japanese cuisine (5) 23. Expel (5) 24. Fine spray (4)
Name ............................................................
Union No .....................
Address .................................................................................................. Previous solution
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Across: 1. Partition; 6. Walls; 9. Night; 10. Vexatious; 11. Alteration; 12. Isle; 14. Arouses; 15. Spurred; 17. Obscene; 19. Stabbed; 20. Numb; 22. Distribute; 25. Essential; 26. Indus; 27. Throw; 28. Martyrdom. Down: 1. Panda; 2. Righteous; 3. Interested; 4. Invites; 5. Noxious; 6. Watt; 7. Lions; 8. Suspends; 13. Durability; 14. Adornment; 16. Rebounded; 18. Elitism. 19. Settler; 21. Miser; 23. Epsom; 24. Know.
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The winning entry was submitted by Kevin Quilligan of Mallow, Co. Cork.
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sudoku: challenge 6 8
5
8
2
3
4
2
5
7
3
Branch/Dept....................................
A prize of ¤30 will be awarded to the first entry drawn from our post bag after the closing date.
A prize of ¤30 will be awarded to the sender of the first correct entry drawn from our post bag on May 4, 2010. All entries should be sent to Sudoku, Spectrum, IBOA – The Finance Union, IBOA House, Stephen Street Upper, Dublin 8. A photocopy of the grid will be acceptable – if you would prefer not to cut up the magazine. The winning entry for the Sudoku Challenge in the last issue was submitted by Anne Moore of Athy, Co. Kildare.
9
7 1
9 8
1 2
4
Employer...................................
A prize of ¤50 will be given to the sender of the first correct entry drawn from our post bag on May 4, 2010. Entries should be sent to Crossword, Spectrum, IBOA – The Finance Union, IBOA House, Stephen Street Upper, Dublin 8. Photocopies of the grid are acceptable if you prefer not to cut up the magazine.
4
1
3
1 4
9
8
5
5
Name ............................................................
6
Address ..............................................................................................................................
7
........................................................................................................................................... Employer.......................................................
SPECTRUM march 2010
Union No: ............................................
Branch/Dept.........................................
with stepHen MAlOne
ultra: violet
Beware of the diabolical anabolics! A
MISTER theof UNIVERSE
Lights, cameron, Special Offer for action… IBOA Members
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march 2010
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¤1 off every CD you buy when you visit www.cdwow.ie/iboa
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James Cameron
Following the remarkable success of Avatar, film-maker, James Cameron, was much in demand at the recent World Economic Forum in Davos. “I always used to turn down invitations to Davos, since I know plenty about making movies, but nothing about economics,” he told his audience from the world’s business elite. “This year I changed my mind. After all we've seen from the last year, it turns out no one here knew anything about economics either."
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“The whole country was on steroids. The competition in banking was intense” – Eugene Sheehy, former AIB Group CEO.
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