Campaign to stop First Trust sale in North

POLITICAL LEADERS in the North have been urged to back a campaign to safeguard the future of 1,500 banking jobs which may be threatened by AIB’s decision to sell off First Trust.

The Irish Bank Officials Association (IBOA) said it intended to ask all of the North’s assembly members to support its campaign calling for the suspension of the sale of First Trust.

IBOA said it was concerned that AIB would engage in a fire sale of First Trust in a bid to raise capital quickly.

The union added that such a move could jeopardise both the future of the First Trust bank in the North and jobs. It said its members who were employed by First Trust were extremely worried about their immediate future.

The union continued that First Trust was an integral part of the North’s financial services sector and played an important role in the local economy, particularly in relation to providing credit.

The IBOA has requested a meeting with AIB’s chief executive, Nick Treble, and its group managing director, Colm Doherty, to discuss its proposed sale of First Trust and the impact it would have.

Larry Broderick, general secretary of the IBOA, said the union hoped to persuade AIB’s senior management to reconsider its proposals.

Mr Broderick said political representatives in Northern Ireland and the Republic should also use their influence to persuade AIB to rethink its sell-off strategy and “make job retention a key priority in the recovery of the banking system”.

First Trust, however, in common with other key high street banks such as Ulster and Northern, has been struggling in the North.

Last month it reported record losses of £86 million for 2009.

First Trust blamed the “sharp deterioration in the Northern Ireland economy particularly within the property sector” for the results.