11 Mar 2014

IBRC ballot may hurt liquidators’ sell-off plan

Filed under: Business News

STAFF at IBRC have begun balloting for possible industrial action that could hurt liquidators’ multi-billion euro sell-off of the bank’s property loans.

The strike comes after the breakdown of long-running efforts to resolve a dispute over redundancy terms for around 400 remaining staff at the bank, according to Irish Bank Officials Association (IBOA) boss Larry Broderick.

The IBOA is the main union at IBRC. It is holding a “consultative ballot” to determine the level of support for action. The result is expected by the end of the week.

There is no plan for an all-out strike at IBRC. Instead, the likely action would involve a withdrawal of co-operation with special liquidators Kieran Wallace and Eamonn Richardson of KPMG in their effort to sell off the remaining IBRC loans.

“Intensive efforts of the chief executive of the Labour Relations Commission, Kieran Mulvey, to broker a settlement in consultation with all of the parties involved – including the special liquidator, NAMA and the Department of Finance – have encountered a serious obstacle in the last couple of days, despite previous assurances that there was sufficient goodwill on all sides to suggest his mediation initiative could be successful,” Mr Broderick said.

The dispute centres on the impact of last year’s decision to liquidate IBRC which resulted in a previously agreed redundancy programme being automatically torn up.

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