Employees at ICC Bank want a share option scheme based on length of service when the bank is privatised.

The chairman of the MSF union at ICC, Mr Bernard Daly, also warned yesterday that the negotiation of an employee profit-sharing programme must be completed before the tender process for the sale of the bank can begin. Following consultations with bank staff Mr Daly contended that length of service is the only basis for the distribution of shares under an ESOP (Employee Share Option Programme) which would be acceptable to staff. "They feel that any other basis for the distribution of shares would be inequitable and regressive and we now have a clear mandate on this issue to take into our negotiations with the Government". Employees at ICC want an ESOP arrangement similar to that agreed for Telecom Eireann employees - a free 5 per cent stake with an additional 9.9 per cent available for purchase at the tender price, less 20 per cent.

Mr Daly said the Partnership Group will allow ICC staff to "have a direct say" in the sale.