Bank workers have overwhelmingly voted against the proposed partnership agreement 'Towards 2016', it was revealed today.
In a nationwide ballot 95 per cent of members rejected the deal and they will now press ICTU for a review of the National Wage Agreement.
The agreement provides for salary increases of 10 per cent over 27 months. Larry Broderick, IBOA general secretary, said ordinary bank staff were not given reward for the huge profits of the banks.
"In voting to reject the proposed deal, IBOA members were mindful of the record profits made by the banks and exorbitant salaries of senior management while staff incomes are barely keeping pace with inflation," he said.
"This is particularly so in light of high inflation and rising house prices and mortgage rates."
Allied Irish Bank and Bank of Ireland posted profits of €779 million and €550 million respectively in 2004.
Mr Broderick said the overwhelming vote demonstrated the extent of anger felt by the IBOA over the absence of a local bargaining clause and the weak provisions on pension protection.
"It doesn't make any sense to have an 'inability to pay clause' for unprofitable employers yet employees working in highly profitable organisations are prevented from sharing in those profits," he said.
"As a Trade Union we should be free to negotiate locally with highly profitable organisations. National agreements that prevent us from doing so just do not make any economic sense and create a lot of ill-feeling among staff."