Shock at changed times for bank staff

AIB ANNUAL RESULTS:One long retired banker cannot believe the scale of damage inflicted on so many by so few

WHEN RETIRED banker Brendan Fulham got a job with the National Bank in July 1952, it was a secure job for life in an economy where jobs were all too scarce.

A native of west Limerick, his first posting was to Dún Laoghaire where his digs cost £3 a week. “If I went to the pictures once a week and bought a quarter pound of sweets, I was broke. But I had a job and I knew that was a privilege.”

At the time the only jobs were in teaching, CIÉ, the Garda, nursing (for women), the civil service and the banks, he said.

Within six months he was moved to Killorglin, Co Kerry, then later to Kilrush, Co Clare, followed by Clifden, Co Galway, and so on. In time, he rose up the ranks, and was manager of the Bank of Ireland in New Ross when he retired in 1993.

During his early years the normal branch had five staff, going from the manager down to the junior, with the accountant, the teller and the ledger hand in between. Most staff expected to move up the ranks as their career progressed, and to retire at 65 with a non-contributory salary-linked pension. “In 1952, there were nine banks and each of them was considered a rock-solid outfit. Safe places for deposits and safe for shareholders.”

There was a message in the window of every branch of the National Bank, advising the public that it had capital of £7.5 million, a “mind-boggling” amount of money at the time.

Right up to when he retired, he said, the bank was still very traditional in terms of lending. “I can’t believe what has happened. That damage on such a massive scale could be inflicted on so many by so few.”

He was particularly struck by the decision during the “so-called boom” to introduce targets for lending.

“The sluice gates of credit were opened.”

He described as “rubbish” yesterday’s announcement that Allied Irish Bank lost €10.4 billion in 2010. The bank made a modest profit last year, he said, but had not properly provided for its bad and doubtful debts over the past decade.

Referring to Robert Emmet’s declaration that his epitaph should not be written until Ireland was free, Mr Fulham said it would “never be written now”.

Ken Doyle, who retired from AIB in 2008, joined Munster and Leinster Bank in March 1964. A graduate of Belvedere College in Dublin, he had to do a commercial course and learn how to type before he got the job.

“The civil service was for people from the country. If you didn’t go to university, you could only get a job in the banks, insurance, the Army or the church. You joined in the expectation that you would work for 45 years or up until you were 65. You were promoted not just on merit but also on seniority. I remember being told: ‘You will never lose you job unless you put your hand in the till’.”

The starting pay, £400 a year, was extremely bad but as you rose through the ranks it improved. “I knew my job was totally secure.” For most of his career the emphasis was on service but later it changed to promoting sales. Then the boom came and lending became too focused on property, in all its shapes.

A former president of the Irish Bank Officials Association, Mr Doyle said that the “job for life” nature of Irish banking is now gone. He is still in contact with a large number of banking staff and believes there is likely to be a strong uptake of a generous package.

“The feeling I get is that the staff are so pressurised, a lot of them will take up the scheme.”

“Trying to get people to repay their debts can be hard work, and many are saying that if they can get a decent package, they will go join their friends in Australia.”