Compensation agreements have been reached for 10,000 workers in the financial services industry on handling euro conversion over the new year. Proposals for a further 7,000 Bank of Ireland employees are expected today.
Yesterday, unions representing 2,000 staff in Irish Permanent TSB and the Educational Building Society negotiated terms at the Labour Relations Commission similar to those already agreed at other major banks. They ballot over the next few days.
Staff at AIB and Ulster Bank voted by healthy majorities yesterday to accept terms, which provide at least £150 or a day's leave to all staff. Those directly involved in the changeover to the euro will receive an extra £600 plus a 30 per cent premium on existing overtime rates. Some staff could earn up to £2,000. The Bank of Ireland package is expected to be very similar.
National Irish Bank staff are voting on essentially the same terms. The result is due today.
Irish Bank Officials' Association general secretary Mr Larry Broderick said yesterday he was seeking urgent meetings with AIB and Ulster Bank "to discuss all operational aspects of the changeover, which will be immense".
After concluding negotiations with Irish Permanent TSB and the EBS yesterday, the MSF negotiator, Mr Jerry Shanahan, expects some members to earn up to £1,700 as a result of overtime requirements.
Irish Permanent TSB human resources director Mr Niall Saule described the package "as a good deal that makes sure money goes to the appropriate people".
EBS human resources manager Mr Dave Keenan said talks had been "very amicable".
Referring to the headline set by AIB he said: "We were always going to be price takers rather than price makers."
