IBOA seeks meeting with Government

Finance union officials are seeking a meeting with the Government over plans to restructure the country's banks.

The Irish Bank Officials Association said it also wanted to meet with representatives of the International Monetary Fun and European Union team that is currently working out terms of the multibillion-euro rescue package for the country.

"While bank officials have always recognised that some consolidation was inevitable within the banking sector, our members have become increasingly alarmed in recent days as speculation about the possible scale of this restructuring has intensified," said IBOA general secretary Larry Broderick.

The union said it would seek to protect as many jobs as possible and warned that any short-term gains from cutting staff numbers would likely be offset by the loss of experience and skill, and lost tax revenue, increased welfare costs and reduced consumer spending.

"With over 6,000 jobs lost within the sector since the crisis began in 2008 and with many more already scheduled to go in the next 12 months, ordinary bank officials are continuing to pay a significant price for the widescale mismanagement of this industry ­ while those who actually made those decisions have generally enjoyed a soft landing courtesy of golden parachutes," he said.

"In contrast to the knee-jerk responses to market fluctuations which have characterised policy in more recent months, the IMF/EU intervention should now stabilise the funding position of Irish banks to allow for a more considered review of the banking system as a whole to determine what kind of framework the country needs to support economic growth and social development in the future."

Mr Broderick said the support of staff was vital to the success of any restructuring of the banking system.

"This requires proper engagement based on meaningful consultation, negotiation and agreement," he said.