Union leaders have tonight urged Irish bank officials to reject the second phase of the national wage agreement, Sustaining Progress.
The executive committee of the Irish Bank Officials Association voted unanimously to recommend its members oppose the proposals contained in the deal.
The second phase of the scheme would give workers an increase of 5.5 per cent over the next 18 months, with an extra 0.5 per cent for low paid workers.
But IBOA general secretary Mr Larry Broderick said the union would be balloting its members on the deal immediately and would be recommending they reject it.
"Quite simply, our executive believes the proposals contained in the agreement fall far short of what our members expect, particularly in light of the record profitability of Irish banks," he said.
"The economy is buoyant again with productivity and tax revenue rising. IBOA believe employers, particularly profitable ones, should reward employees with adequate wage increases. Productivity in the private sector has substantially increased, yet staff are not getting the financial reward they deserve."
Mr Broderick said that at a time of increased profitability and productivity, it was nonsensical not to have a local bargaining clause in the new agreement.
"It is only just and fair that the same principle should apply to highly profitable employers," he said.
"Unions should be able to negotiate reasonable increases with employers who are making record profits.
"In our own sector, financial institutions report billion euro profits, yet the people, who generate the profits i.e. the staff, are prevented from benefiting through the absence of a local bargaining clause.
"We must be free to negotiate locally with highly profitable organisations, it just does not make economic sense and creates a lot of ill-feeling among our members that the only people who benefit in such organisations are highly paid senior executives.
"IBOA will immediately begin balloting our membership in the Republic of Ireland and we will announce the result prior to the ICTU special delegate conference," he added.
PA