Ulster Bank workers vote to accept terms of transfer to PTSB

Deal negotiated by the Financial Services Union protects terms and conditions for members

Members of the Financial Services Union (FSU) in Ulster Bank have voted to accept the terms of their proposed transfer to Permanent TSB and Pepper Finance as the NatWest-owned lender heads for the exit door.

As part of its withdrawal from the Irish market, Ulster Bank sold €7.6 billion of loan assets, including mortgages, to Permanent TSB, which will also take over 25 Ulster Bank branches. Headquartered in Australia and owned by KKR, Pepper Finance will support the servicing of the loan book, it was announced earlier this year,

Last month, the union reached an agreement with the bank on the transfer of between 400 and 450 workers who will begin moving jobs later this year, the FSU said in a statement.

Among other things, it is understood that under the terms of the agreement, Ulster Bank staff will either maintain their current 35-hour working week arrangement or move to Permanent TSB’s 36-hour week but receive a pay increase commensurate with the increase in working hours.

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Head of industrial relations and campaigns at the FSU Gareth Murphy said the FSU had “worked hard to protect existing terms and conditions of Ulster Bank union members” who are due to switch jobs.

“In a very high turnout, union members have voted to accept the deal negotiated between the FSU and PTSB,” Mr Murphy said. “Members terms and conditions are protected and, in some cases, enhanced ... this demonstrates the importance of being unionised in the modern economy where change is constant.”

Ian Curran

Ian Curran is a Business reporter with The Irish Times