Bank officials' union quizzes parties on their plans

The Irish Bank Officials’ Association has written to nine political parties and groupings in advance of the general election to test their views on

“critical issues of importance” to the financial sector.

The IBOA, which represents thousands of bank workers in Ireland, has asked the parties to detail their plans to create jobs in the sector.

It believes the State has a key role to play in financial services by virtue of its majority ownership of Allied Irish Banks and Permanent TSB, and its 14 per cent shareholding in Bank of Ireland.

According to the union, some 10,000 jobs have already been lost in the sector since the global financial crash in 2008.

The parties are also asked if the State should “intervene to prevent the closure of bank branches if the branch being closed is the last in the area”.

The letter was sent out last week by IBOA general secretary Larry Broderick to Fine Gael, Fianna Fáil, the Labour Party, Sinn Féin, Renua, the Social Democrats, the Independent Alliance, Independents4Change and the Anti Austerity Alliance-People Before Profit.

Lack of accountability

Mr Broderick tells the parties their responses will be published as soon as they are received. In the letter, Mr Broderick notes that a key factor in the banking crisis was a lack of accountability among the boards and senior managements of various institutions. “Do you favour the inclusion of employee representatives and public interest or community representatives on the boards of financial institutions in Ireland?” he asks.

The parties are also asked about their views on the Oireachtas banking inquiry, which published its report and recommendations in January having held public hearings across a 10-month period.

“Do you consider it has added significantly to our understanding of the factors behind the banking crisis?” the letter asks. “Are you satisfied with the scope of the recommendations made by the inquiry on the future of banking?”

Financial culture

The parties are asked if they favour a change in the culture of the financial services sector. “Do you think financial institutions should return to traditional values like prudence, integrity and stability? If yes, how would you effect such a change?”

The IBOA has also sought their views on the use of targets based on sales – rather than customer service – to measure performance within the financial sector.

In addition, the parties have been asked if they are concerned about the transfer of “key technology-based processes and functions” from the financial sector here to overseas locations. “What plans, if any, do you have to address them?”

The parties have also been asked for their views on how banks and other financial institutions could be made more responsive to the “needs of the local economy and community”.

The letter also seeks the views of the parties on a charter for fair conditions at work, which was formulated by the Irish Congress of Trade Unions. "Do you support the right of workers to be represented by a trade union?" it adds. "If yes, how do you propose to enable workers to exercise that right freely – without threat to their livelihoods?"