MAY 2011
Preparing for the Challenge
CONFERENCE DEVELOPS CHANGE AGENDA Spectrum May 2011 Spectrum 16/05/2011 12:26 Page 2
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SHORTCUTS SHORTCUTS Seán Óg free at last • RBS faces EU inquiry • Complaints against banks Bank directors sought • • Bank deposits fall by Ex-President of failed US E16.7 billion in March • bank jailed • Union NEWSANALYSIS NEWSANALYSIS End of an error 1 • End rights theme for Luther An Agenda for A Change ‘Debt depression’ • US of an error 2 • Regling • King memorial events in banks to face law suits? Mixed blessings US • UK banks ringfenced? 4-6 7-9 10-13 14-15
NEWSANALYSIS IBOANEWS E:UNION After Nyberg, IBOA urges Different class: Union IBOA TV News goes Dáil inquiry • Anglo launches new training online investigation nears end? initiative • IBOA’s Equalisers PENSIONSNEWS Protecting your future income
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SAFETYFEATURE SPORTSSOCIAL New health and safety IBOA Family Zoo Days • structure in Ulster Bank IBOA Golfer of the Year • Play safe – work safe 2011 • Brodie’s law in CONFERENCECALL CULTURESURVEY Australia A Vision for A Change • Union in High Level Talks • Survey of Workplace IBOA’s New President • New Executive Committee Culture – Special 24-25 26-33 34-35 Pull-Out
The Magazine FOR MeMBeRS OF iBOa – The Finance UniOn
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WORKPLACE WORKPLACE LIFESTYLE NEWS NEWS Eat chocolate and live an Breakthrough in Ulster? • Union secures benefits for extra year! WORKPLACE NEWS Northern Bank pay deal • Irish Nationwidemembers AIB proposes massive job cuts • Bank staff shocked by Talks proceed at National • Agreement on BOI IT E3m pay-off to former AIB chief • Bonus of contention Irish contract transfer rocks BOI 36-38 39-41 42-43 44-45
STAGERIGHT MUSIC IDEALOG BOOKWORM FLICKPICK Shaw fire hit for Abbey ETUC economist outlines Lip-synching capitalism: Thor: A Norse of a MAESTRO Theatre and Charlie Paul Simon: So Beautiful race to bottom on pay Goldman Sachs – no different colour Murphy or So What? and conditions across longer loved but still EU • Brendan Fullam’s propsering! Reflections
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Spectrum is published by IBOA – The Finance Union, IBOA House, Stephen Street Upper, Dublin 8 and 29, Malone Road, Belfast. BT9 6RU. Telephone: 00353-1-4755908 and 0044-28-90200130 SUPERQUIZZES [email protected] www.iboa.ie www.iboa.org.uk General Secretary: Larry Broderick Picture Board • Prize Honorary Secretary: Tommy Kennedy Crossword • Sudoku Communications Manager: Séamas Sheils Challenge ULTRAVIOLET Advertising enquiries to Anna O’Doherty or Crash machines • Living on the hedge • A loan at last Louise O’Donnell in IBOA House. • Potted history • And finally… Spectrum is printed on recycled paper and wrapped for posting in oxy-degradable poly - 54-57 58-59 thene at W & G Baird, Antrim, Northern Ireland.
3 may 2011 Spectrum May 2011 Spectrum 16/05/2011 12:26 Page 4
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Seán Óg Ó hAilpín Seán Óg is free at last! Former All-Ireland-winning sen- ior hurling captain, Seán Óg Ó hAilpín, is to be honoured as a Freeman of the City of the Cork. Employed as a Manager in Ulster Bank’s Douglas Branch, Seán has been an IBOA member Anglo Irish Bank Chief Executive, Mike Aynsley, collects a souvenir as the signage is since 2007. removed from the Bank’s Head Office in St. Stephen’s Green, Dublin. (Photo: Eamonn Farrell/Photocall-Ireland). Complaints against Bank deposits fall by banks at €16.7 billion in March record level Deposits held by banks in Ireland continued In March the pattern changed – with Irish to fall in March while lending also declined, residents accounting for almost ¤9 billion of Complaints against banks have according to figures released by the Central the ¤16.7 billion fall in deposits for the month. now reached record levels Bank recently. Overall bank lending also continued to according to Bill Prasifka, the Money on deposit fell by ¤16.7 billion in fall in March – with both businesses and Financial Services Ombudsman March compared to February – leaving a households paying down bank debt. in the Republic. total deposit base of ¤630.7 billion. Total bank lending to companies fell The Ombudsman’s office received This latest fall means that in the seven by more than ¤1 billion between February 7,230 formal complaints in 2010 months between September and March and March. Companies now owe banks just about heavy handed tactics by banks close to 30% of Irish bank deposits have under ¤90 billion in total. and other institutions. The office also been withdrawn – reflecting a significant loss Total bank lending to households fell by www.iboa.ie www.iboa.org.uk handled 15,000 phone queries – with of faith in Ireland by international investors. close to half a billion euro in March to stand a further 37,500 hits on the website. The Central Bank categorises the data by the at ¤130 billion. Households have paid back The Ombudsman’s office also place of residence of the depositors – Ireland, a net ¤27 billion in bank debt since 2008. secured settlements worth a total of the Eurozone and the rest of the world. IBOA has expressed major comcerns ¤2.6m for complainants. Of the ¤1.3m Up to March, depositors from the rest of about these developments to the appropriate worth of settlements made between the world had withdrawn money from Irish authorities in the Republic and is developing June and December – a total of banks faster than the others, while Irish specific proposals to address the issue as part ¤806,262 was paid out for invest- residents had made the least withdrawals of its strategic response to the unfolding ment-related complaints. on average. crisis. IBOA - THE FINANCE UNION 4 SPECTRUM may 2011 Spectrum May 2011 Spectrum 16/05/2011 12:27 Page 5
short: cuts End of an error 2 British banks abandon legal challenge to compensation for customers for mis-selling of insurance
The British Bankers’ Association (BBA) has Lloyds-HBOS, HSBC and RBS – making this decided to abandon a legal challenge to new one of the biggest mis-selling scandals in rules which have been introduced by Britain’s British financial history. Financial Services Authority (FSA) for dealing The BBA had been challenging the FSA's with customer complaints about payment decision to apply new complaints handling protection insurance. rules to old PPI cases on the grounds that this Payment protection insurance (PPI) is amounted to retrospective regulation. supposed to cover borrowers for mortgage, However, once the biggest PPI provider, loan and credit card payments if they become Lloyds-HBOS, had announced it was with- unemployed or ill. However, many policies, drawing from the case and putting aside which have been sold by British financial £3.2 billion for compensation, it was only a institutions at a cost of up to £5,000 each, matter of time before Barclays also signalled have been found to contain so many loop- its intention to withdraw while RBS quickly Klaus Regling, Head of the Euro- holes that many policy-holders can never claim. followed suit – with both institutions indicat- pean Financial Stability Fund. In addition, it has been claimed that ing that they each would set aside £1 billion (Photo: Eleanor Keegan/Photocall- high-pressure tactics were used to sell the to cover claims. Although HSBC stopped sell- Ireland). policies – with customers frequently unaware ing PPI in 2007, it is believed to have set aside that a PPI charge had been added to the cost £270m for compensation. of their loan. Lloyds is said to be hiring hundreds of With an estimated 1.5 million customers additional staff to process all of the claims Regling: already lodging complaints about PPI and already lodged or expected in the future. thousands more claims put on hold during The PPI scandal takes its place in the the BBA’s legal challenge, analysts believe that annals of the British financial sector – along nobody a total of around three million claimants are with the pension mis-selling scandal which likely to seek compensation of up to £9 billion prompted compensation of around £13 billion from credit card and loan providers together as well as the endowment scandal which shouted stop with the four main retail banks – Barclays, cost the sector just under £3 billion. The co-author of one of the major reports into the Irish banking collapse said recently that nobody in Ireland or in Europe shouted “stop.”
Klaus Regling, who with Max UNION FINANCE IBOA - THE Watson conducted one of the three investigations undertaken so far, said recently that Ireland had all of the tools necessary to stop the property bubble developing during the boom years, but had failed to use them. Klaus Regling now heads the European Financial Stability Facility (EFSF), the European Union’s bailout fund. He said that the creation of new
European bank regulation agencies – www.iboa.org.uk www.iboa.ie including a new European Systemic Risk Board – should help to avoid a recurrence of similar problems in the future. He pointed out that, if these bodies had been in place earlier, they could have told the Irish authorities that there was a problem with the housing market, and the Irish author- Barclay’s Chief Executive, Bob Diamond, has apologised to the Bank’s customers over ities could have used their existing the mis-selling of payment protection insurance. (Photo: Daniel Lewis). powers to address it.
SPECTRUM 5 may 2011 pcrmMy21 Spectrum16/05/201112:27Page6 Spectrum May2011 6 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk mobile phone about security. customers some for phones. convenience offered bywelltheobviousas mobilepersonal of low-cost user-friendlytechnology and appsthe availability asimprovementsin smartphone by mobile phone are ongoing continuing growth in bankingidentifiedbyanalysts for this 2010. with their experience this yearphones for banking are happyfour users who use theirSolutions, aboutsmart- three out of ducted by FIS Mobile Financial berry in the US. Android Black- RIM and the Apple iPhone, all Googleapplications of 37% up purchasedmakes for now softwareBanking in USA smartphone in banking by Further growth short: n nrae f 6 from increase 16% an of – However, concerns remain Amongthe main reasons According to a study con- may 2011 may SPECTRUM cuts expected AIB’s – are worse BOI’s results are better than net lossesnetdown to results for 2010 were betterIreland’sBankof recently than announced annualexpected with Mixed blessings and Anglo with including AIBwith reported byother Irish banks – 2010 losses for alreadymajor E Bank’sthepreviousof ofloss least double those forecastlosses at had analysts who in view transfers to NAMA. E afterlossesof mentAgency– tothe National Asset Manage- property-based loans and lossesassets in 2010 on the transferas Bank of of Ireland recorded nearly holders. achievein debt-restructuring deals resultwith bond- of the significant discounts it managed to Theresults surprised many The final outcome was even more unexpected 1.76 billion in 2009 and thebillion1.76and2009in 1.9billion in2009 onsimilar www.iboa.org.uk/members/otherservices.html www.iboa.ie/members/otherservices.html or discount in Ireland and the UK, check the IBOA websites: For more information on how to obtain your special 10% selection of gifts to choose from. chocolates, wines, soft toys and balloons, we have a stunning From fresh flowers and plants to our extensive selection of Kingdom, and worldwide. be delivered to practically anywhere in Ireland, the United Also as founding members of Interflora, flowers and gifts can Dublin, Bray and North Wicklow. We can offer same-day flower delivery personally throughout Sheilas Flowers is a leading online florist and flower shop. E 17.7 billion. E 10.4billion E 609 million609 largelya as E Boucher, seeks Executive, ChiefnewBOI Richie investors. 2.5 billion of biggestshareholder with a 36% stake. Finance Republic’sregulatory the authorities. by out carriedassessments months following the furtherarecent capital and liquiditymajority State-ownership since it must now raise TheIrish State isalready the Bank’s single Bank of Ireland still faces a challenge to avoid E 4.2billion incapital inthe coming billion for recapitalisation.record losses and in needisnow 93% State-owned of with ing crisis. AIB, on fittestthe other survivor hand, of the Irishof Irelandbank- should emerge as the largest banks as resultsthetoIreland’sfurther of two signs that through its own efforts. to secure the necessary fundingup the difference ifpromised the Bank failsthat theMinister, StateMichael Noonan, willhas make Northern Bank Bank aside– – Commentators have pointed E 13 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk 7 15.99) ¤ cuts 12.99. (see Page 11). Page (see ¤ may 2011 No catch! No Rentals price of of price IBOA the Check avail of a special a of avail No more late fees! late more No No more contracts! more No websites for details. for websites IBOA members can members IBOA Online DVD (Usual price price (Usual In In order to qualify for Any person expressing greater much favours IBOA Department Finance of for advertises directors bank Department for The Republic’s advertised has Finance in of interested are who people being or appointed nomi- has of the to boards the nated initiative new This banks. process been taken in an to effort appointment the make transparent. and open more “must person a appointment, with not interfere to have any likely conflicts of interest to a play ability full his/her accord- board,” the on part advertisement. the to ing must an also have interest in expertise” “considerable experi- and services financial one in level senior a at ence areas. listed ten of more or on diversity the boards of employee –banks including representatives short: SPECTRUM –including the establihsment of a central counter- central a of establihsment the –including “Recent developments have shown that the that shown have developments “Recent the position, their abusing of guilty found If have Parliament European the of Members The sixteen banks under investigation are: investigation under banks sixteen The trading of this asset class suffers a number of in- of number a suffers class asset this of reg- through trading solved be cannot that two efficiencies opening therefore, and are, We alone. transparency ulation market improve to cases new in rules behav- the fairness CDS ... market Lack of trans- abusive to lead competition can of markets in parency violations facilitate and accordingly.” iour react should Commission the and Bank Royal Barclays, HSBC, Sachs, Goldman JP Bank of of Morgan, Scotland, America Bank, UBS, Citigroup, Deutsche Paribas, BNP Lynch, Merrill Suisse, Credit Bank/Wachovia, Fargo Commerzbank, Wells Stanley, Générale. Morgan Société and Agricole Credit by revenues of 10% to up fined be could banks Commission. EU the market CDS the of regulation proper for lobbied part (CCP) or clearing house, supervised by the by – supervised house, instruments clearing or these (CCP) from part risks the system. reduce to financial EU, the of areas other as well as
The inquiry will focus on credit default swaps default credit on focus will inquiry The investors for insurance of form a as well As these that – banks suggested It been has As the £360 trillion CDS market is largely market CDS trillion As £360 the Joaquín Almunia, the Commissioner EU Some have likened the position of a CDS position the likened have Some
with 15 other banks other international 15 sixteen of one that is the with to suspicions company, over parent contributed Bank’s Commission have EU Ulster the which by Scotland, of derivatives investigation Bank Royal under financial institutions dubious financial providing in colluded eurozone. they the in crisis debt sovereign RBS faces EU inquiry EU faces RBS (CDS) – the highly controversial financial con- financial – controversial (CDS) highly the default. debt tracts which have against been insure designed to to allow investors heavily are swaps default credit debt, or providing companies on bet who speculators by debts. used their on defaulting taxpayer by countries collapse from rescued some including the up driven therefore, and, – – deliberately have may funding debts national insuring of cost deals euro raised has many multimillion of transparency record of only the lack This fax. a be may fire. the set even or down, burn house the debt itself. debt the trading, of records central no – with unregulated commentators. many for concerns major your let to him incentivise could it since illegal said: policy, competition for responsibility with speculator to who of that buys a speculator neighbour is which practice a – house your on insurance Spectrum May 2011 May Spectrum 7 Page 12:27 16/05/2011 Spectrum Spectrum May 2011 Spectrum 16/05/2011 12:27 Page 8
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Ex-President of failed US bank jailed The former head of the only Texas bank to fail last year has been sentenced to prison for falsifying the books. A federal judge in San Antonio on Thursday sentenced former La Coste National Bank president Jodi Union rights theme for P. Gwyn to five years in prison. Gwyn was also ordered to make $8.3 million in restitution. Martin Luther King Gwyn pleaded guilty to making false entries in bank documents in 2008 in order to deceive examiners about bad loans. Federal regulators memorial events in US closed the bank in February 2010. Meanwhile in Ireland… Hundreds of thousands of people – proclaiming the slogan. “We Are One” – took part in more than a thousand events across the US last month to mark the forty-third anniversary of the assassination of Martin Luther King. TAKE A The key themes of this year’s The nationwide protests came commemorations were the pro- against the backdrop of a major tection of collective bargaining assault on basic union rights at BREAK rights, the right to a voice in the state level in many parts of the political process as well as respect United States. Special discounts are avail- Richard Trumka, for work and working America. Richard Trumka, President of These events included: able for IBOA members President of the the AFL-CIO trade union federation, AFL-CIO trade • mass demonstrations in down - said: “What started in Wisconsin on hotel breaks throughout union federation town Chicago and New York’s has spread to every state across the Ireland. in the US. Time Square; country as working people stand • university students and pro- together to say enough. fessors hosted more than 175 Check out either of the IBOA “The immense activity… is a teach-ins across the country; www.iboa.ie www.iboa.org.uk websites on www.iboa.ie/ • local congregations in Maine, direct result of the backlash pro- members/otherservices or Michigan and Colorado took voked by over-reaching governors and state legislatures,” he said. www.iboa.org.uk/members/ part in inter-faith services, candle- lit vigils and rallies; and “Working people’s energy and otherservices for further • members of the International commitment to coming together information on the special Longshore and Warehouse Union will continue until the priorities offers currently available to in many US ports displayed of many of our politicians are re- Wisconsin flags to support that aligned to create jobs rather than IBOA members. state’s public sector workers. undermine the middle class.” IBOA - THE FINANCE UNION 8 SPECTRUM may 2011 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk 9 may 2011 “TheBarbeque Guide tells “When it is slow in bank branches,workers are told to go onto thestreet and try to get customers.” Australia: workers how to sell bank products on their own time at social events.” Kenya: SPECTRUM Demand employers stop sales pressure! sales stop employers Demand targets. sales instead excessive work End employees’ for appreciation More supervision. advice. constant of better mean staff more and time More so courses should and Better training bank regular advice. which qualified – provide salary can employees monthly fixed reasonable products. A individual of sale the on depend not Join us and fight back: back: fight and us Join • • • • • • Unions have joined the UNI Finance global campaign to campaign global Finance UNI the joined everywhere. have Unions customers and workers for Rights on Bank www.uniglobalunion.org see infromation more For “Because of high individual describethese as the new norm and a chief source of earnings.” Brazil: salestargets many bank workers end up conditioning the offer of bank serviceswith buying other products.” “Our boss tells us: ‘You “Banks rely on dodgy practices the global financial crisis. Despite that, banking bosses banking that, Despite crisis. financial global the game. the of rules the change to want We enough. toincrease overdraft fees, late credit cardpayments or interest rates. They Germany: Are you under pressure to push to pressure under you Are bosses? banking by products are not advisors, but sellers. Advising is doneis by consumer advice centres.’” You are not alone. Many bank workers around the around workers bank Many alone. not are You financial sell and quotas meet to forced are need. world or want don’t customers that products workers bank and advice good deserve Customers advice. good give to right the deserve is Union on Global UNI customers. banking Finance rights: for rights and workers for Rights to contributor major a was model target sales The had We’ve usual. as business for push to continue US: Spectrum May 2011 May Spectrum 9 Page 12:27 16/05/2011 Spectrum pcrmMy21 Spectrum16/05/201112:27Page10 Spectrum May2011 10 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk Lloyds/HBOS is also in the process of wind- with the loss of 150 jobs in 2010. n dw is Irish businesses: its downing main- its closedaround half of its Branch network IrelandbusinessNational – IrishBank– jobsin2009. Danske Bank’s Republic of Ulster Bank banner with the loss of 1,000 major Irish subsidiariesowned of banksRBS – operatingUlster Bank in Ireland. The two and First Active – were merged under the structuring foreign- activity the among now getting under way. Irishthefinancial services sectoronlyis intothe crisis, the major restructuring of remains the case that Nationaltwo-and-a-half Management Asset Agency, it years thathavenotbeentransferred intothe theimpaired loans of the two businesses a single asset recovery tooperation merge elements to handle of Anglo and INBS into consortium or Irish Life Management Cardinal Assetand theeither Permanent. a“bad bank”, the possible sale of EBS todivision of Anglo into a “good betweenbank”up INBSandEBS, the possibleand third force theme such numberasattemptedof thevariations theonpossible link- Michael Noonan Bank – of Irelandbuiltaround “twopillars,” andaccording toAIB. themore future – of Irish banking is to be stress tests on four of theApril domestic Fools’ banks.Day after – the outcomedramatic of announcement eve the onof the but brief his everything changed with world had been hard to newdiscern. brave progress towards thatTSB, IrishNationwidePermanentandAIB to transfersof the loan books of Anglo and sensus view – although barringconfiguration the recent still appeared to be the con- I The Changing Landscape elements of the rest. viable the combination ofsome “thirdforce” being created out of tobe core with the likelihood of a Bankof Ireland –were considered unsustainable. Twothatsixdomestic institutions of wasthese –There wascommonAIBa recognition and banking sector mightspeculation began beabout howrationalised. the institutions in September thesixleading2008, domestic financialthe Halifax-Bank of Scotland now – part of Therehas been agreat deal more re- While moves are now also under way In the intervening period, there were a Theconcept thethirdofforce nois However, the new Minister for Finance Two-and-a-halfyears later, that basic news: duction of the State guarantee for mmediatelyfollowing theintro- may 2011 may SPECTRUM analysis A ChangeA An Agenda for venture with An joint Postbank, Post. a in stake 50% a held onset of the crisis was BNP-Paribasinterests which to exit the Irish market since the of employees. may also over time affectengagedphased ina a withdrawal is Ireland, similar Scotlandwhich of Banknumber arm, ing around 750 staff, of loss while the with entirely its downclosed business bank- stream retail banking Halifax, arm, has mn te te ntbe foreign notable other the Among of thenews analysis piece in the last issue Thisarticle intendedis complementto basket case: How did it all go wrong? Photocall-Ireland). The Republic’s new Minister for Finance, Michael Noonan (Photo: Leon Farrell/ Spectrum entitled Frombestcase to ing retail bank in Northern NorthernIreland. Bank, currentlyBank’sparent, Danske Bank,the alsoowns best perform-toamajor British network. National Irish also being linked, through theitsRepublic parent,and Northern RBS,Ireland while jurisdictions. Ulster Bank operatesGroup have in bothextensive interests in the two Great Britain. to its counterparts in clearNorthernthat the sector Irelandis inextricably and linked parameters of the Republic theof Ireland,Irish financialit is servicesAlthough sector somewithin commentatorstheGreat Britain tend to view Northern Ireland and BothAIB Group and Bank ofIreland Spectrum May 2011 Spectrum 16/05/2011 12:27 Page 11
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Regulation, Compliance AIB Bankcentre (Photo: Eamonn Farrell/ Photocall-Ireland). and Culture Aside from the headline issues of ensuring adequacy of capital and liquidity and of reshaping the banking landscape, a root- and-branch review of policy and practice in the financial services sector is also imperative to ensure that the regulatory framework and the cultural environment are reformed in order to eliminate as far as possible any possibility of a recurrence of the recent catastrophic collapse. Some of the measures already taken or proposed by the Governor of the Central Bank and his Head of Financial Regulation represent a welcome advance in this regard. Proposals to introduce criteria for the fitness and probity of candidates for appointment as Board members or as senior executives are welcome. However, in order to ensure that, once appointed, these leaders do not engage in reckless behavior with impunity, legislative change is required to empower share- holders to take legal action against a truant Board or senior management. The composition of Boards should also be required to become much more diverse in order to promote transparency and regulatory compliance. Among the major criticisms of the behaviour of Boards in the period leading up to the current crisis was the charge that their memberships tended to reflect a “golden circle” of narrow busi- ness interests. The cross-jurisdictional dimension of sideration of Northern Ireland should be Apart from broadening the gover- their operations is important to these an integral part of any conversation on the nance base to reflect the wider institutions in terms of having a more future of Irish banking – rather than simply economic and social impact of the diverse business model and further oppor- an afterthought. financial sector’s activities, the inclusion tunities to enhance their profitability For our part, having recently secured of employee representatives along with
through economies of scale and other syn- an agreement with Bank of Ireland through those of other stake-holders should UNION FINANCE IBOA - THE ergies. It also improves the image of the which its operations in Northern Ireland be a priority to ensure that the Board institutions as potential targets for inter- and Great Britain are not only retained is made aware not only of the manner national investments. but further integrated within the Bank’s of implementation of the policies they For Northern Ireland, in particular, structures, we strongly favour the develop- adopt – but also of their direct impact the presence of a number of financial ment of the strongest possible cross- upon customers. institutions with a strong vested interest in jurisdictional relationships. As the current crisis has unfolded, the success of the local economy is also The pursuit of this principle was also various commentators have lamented the important. A strong Northern economy evident recently in IBOA’s campaign to abandonment of traditional banking values can create important opportunities for persuade AIB Group to reverse its decision based on prudence, integrity and honesty businesses in the Republic and vice versa – to dispose of its UK Division. While one of as the boom gathered momentum.
a situation which would confer obvious the first public announcements by the As banking leaders have made the www.iboa.org.uk www.iboa.ie benefits on those credit institutions which Bank’s new Executive Chairman last most contrite pleas for forgiveness and un- are strongly represented in both juris- November was the withdrawal of the UK derstanding, they have promised that the dictions. Division from sale ostensibly because there culture would change. This mutual economic advantage is was insufficient interest in the market at But so far these promises, like many also one of the key reasons why any anything approaching a realistic price, it is before them, have been empty – a further government in the Republic of Ireland con- also true that IBOA succeeded in securing example of those at the top saying what templating the future of the Irish banking the engagement of key political figures in they think the public wants to hear – even system should pay particular attention to Northern Ireland on a cross-party basis in though the reality is quite different. Any the Northern Ireland dimension. Beyond making representations to both the Board change in culture is virtually undetectable. any political sentiment, there are very of AIB and the Irish Government. This tangible and practical reasons why con - engagement is ongoing. ⁄
SPECTRUM 11 may 2011 pcrmMy21 Spectrum16/05/201112:27Page12 Spectrum May2011 12 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk often turn out to be exaggerated or illusory. interms ofthe broader need tochange ratherthan short-term gains – which thelong-termcan viability theofinstitution abilityof performance awards –but also incentivising by activities sector the throughoutwhich behaviours contribute to been reduced as a result of the non-avail- ak mlye woe anns have earnings employees whosebank Onthis latter point, IBOA believes that a • • • bottom. This should include:servicessector is also vital from nerationtop policiesto financial within the to account in deed as well asities in word. in their efforts alsoto holdto supplementbanking bosses the regulatorytothe reckless behaviour author- of the past but “whistleblowers” not – only as ductiona deterrent of proper legislative protection for as the primary goal. ing and the restorationto theof customertraditional service valuesbanking offor prudential the better lend-– powerfulbased on positiona return to change the culture of concerns to the authorities. action or even dismissal, themselvesif they bring for their the possibilitywould-be whistleblowers steel to have of disciplinary is itself a breach of confidentiality.grounds that the very disciplinary thesubjected to on action act of uttering themselves find may wordsbroadest – terms sure to meet targets. services sector remain formanceunderrewards, staffthefinancialinextreme pres- generally reluctant to honour agreed per- customers have no additionaldesire services ofto availand rangeproducts of –even a them. though themthe offering checklistquestionsof withcustomers – ciplinary action – torequired run through – under a lengthythe threatsome institutionsof possible perverse behaviours quite indis-where of aware employees are still news: not only from the perspective of ordinary rebalancing of remuneration is required – A comprehensive A review ofremu- Astarting point should be the intro- TheState hasnever beenmoreain Withoutproper legal protection, any the in even – out speak who Staff managements though even are So made been has Union the Indeed relevant. target-driven longer culture no is systems at a time whenthe anrole intensive of performance-relatedand pay reward packagesconsideration for aspects all ofsenior the of madeexecutives; to Board members; consideration of the various payments may 2011 may SPECTRUM analysis toset the competency requirement for thata some managementssector,IBOA has also mightexpressed concern be tempted another institution. counterparts their comparedfied to in more qualified – perhaps considerably institution be oneeven may in over-quali- where staff employed situationresultedinhasThisfit.asaw in a particular grade each institution to interprettheFinancial theRegulator policydecided asto allow it approach throughout the sector in 2007, manner in which expressedit the concerns have about tohas been implemented.initiative, the Union is hasendorsedone theof principles IBOAmany bodies While underpinning Regulator. Financial this Republic’s the by 2007 in (MCR) ment Minimum Competency the Require- of one of the main aims of the introductionin the financial servicesDeveloping sector positive has also behavioursbeenRequirement among(MCR) staff Minimum Competency banking for the of better. culture change the to morepowerfula position The State has never been in Likewise, at a time of crisis within the common Rather insist a than upon The Central Bank of Ireland (Photo: Sasko Lazarov/Photocall Ireland). agreed to be ‘grandfathered.’which some staff membershavenot even werestuck tothe terms originallyunder factory. Indeed, in somebetween institutions unsatis beencases, has institutions- to be of equivalent value tothe certification. financial servicesexperience sector enjoyedwas considered by long-servingtheprocess through which staffthe extensive in MCRpolicy known as ‘grandfathering’ – tutions also applies to another facet of the acceptable level of competency.sufficient use of thesedemonstrate skills that to to ablethey maintain be have required to indeedemployees are any made Inorder to be considered fit to practice, Development. ProfessionalContinuing of formacquired the competencies in the involving practiceprocess of the – appropriate qualification; involving acquisitionit the –event an is of an ongoing almost every eventuality. their staff should bebasedpresumptionthe –on equipped thatofall to deal withstandards as a step towards multi-tasking this higher standard. theemployment of staff unable to meet orderto create apretext for terminating particularrolehigherthannecessary in The differing approaches to this issue The lack of consistency between insti- However,theMCRonce-offnotis a Some institutions have sought higher Spectrum May 2011 Spectrum 16/05/2011 12:27 Page 13
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have often directed their anger at the reck- less behaviour of senior management towards those staff with the misfortune to be working on the frontline. This confusion around the implemen- tation of MCR is all the more unfortunate since one of its key objectives is to enhance the trust and confidence of customers in the staff working in the financial services sector. This is another area which could make a significant impact on the culture within the financial services sector provided it was applied with proper sensitivity to ensure that staff could embrace any changes in the working environment positively – especially since ultimately they will be key to its delivery at the interface with the customers.
Forum on the Future Taking all these issues into consideration, IBOA’s demand for a Forum on the Future of Financial Services is an idea whose time Dr. Patrick Honohan, Governor of the Central Bank, and Matthew Elderfield, has come. Indeed it is now long overdue. Head of Financial Regulation (Photo: Sasko Lazarov/Photocall Ireland). This body should enable all of the stake- holders in this sector – including both The Union has encountered a number The confusion surrounding the imple- domestic and foreign-owned institutions of cases where staff who were previously mentation of MCR has created consider- – to engage in robust discussions on the deemed to be exempt from the need to able concern and stress among staff at a strategic direction of the financial services attend courses and pass examinations, time of exceptional pressure resulting from sector – recognising that, together, we have suddenly discovered that they must the generally chaotic state of the financial share a mutual interest in ensuring that now participate in this activity within a services sector. This has also been reflected the sector becomes a loyal servant of much reduced time period for completion at times in extremely hostile reactions from economic and social development rather of the programme. customers and the general public who than its untrustworthy master. S
Great savings and offers for IBOA
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SPECTRUM 13 may 2011 Spectrum May 2011 Spectrum 16/05/2011 12:27 Page 14
news: analysis Bank workers need training to handle customers with ‘debt depression’
As depression caused by financial debts is a growing concern, a lead- ing anti-suicide campaigner has proposed that banking and debt collection staff should receive mental health awareness training. President of the Irish Association of Suicidology, Dan Neville – who is also a Fine Gael TD – believes that creditors have a duty to help –rather than hound – their customers, especially if they are known to be Dan Neville, suffering from serious health issues. President of the “Changes in practices – such Irish Association as waiving fees when a customer of Suicidology Apart from providing aware- has been unwell and introducing and Fine Gael TD DEBT AND DEPRESSION ness training for staff, Neville mental health awareness training (Photo: Photocall- believes that banks should make – A VICIOUS CIRCLE for bank staff – will make all the Ireland) arrangements for customers to opt difference,” according to Neville. British mental health charity, “The Government must give to have their accounts monitored SANE, has reported more people leadership and ensure that there for erratic spending in order to contacting its help-lines over are resources available to the better protect their finances. debt worries. psychiatric services to deal with this People with bipolar disorder, fall-out from the present economic at risk of spending extravagantly “We are certainly hearing crisis,” he said. during a manic phase or schizo- more from people who are “Irish personal debt stands at phrenia, were four times more worried where the next meal is a staggering ¤172bn and is a likely to be in debt than the rest of coming from,” says SANE’s Chief significant cost on our mental society, Neville warned. Executive, Marjorie Wallace. “It health,” he added. “Money worries He added that researchers in is a toxic combination, especially aren’t just keeping people awake Britain found that fewer than one for those who already have darker at night, they are causing a high in three people in serious debt thoughts and other problems.” www.iboa.ie www.iboa.org.uk level of stress, depression and, in inform the lending institution of Kathryn Hill, from the Mental some cases, self-harm and suicide.” their mental health problems. Health Foundation said “We know Research in Britain found that This is probably because most that work and money issues are people with mental health prob- Irish personal people with mental health prob- major sources of stress.” lems were three times more likely debt stands at lems do not think they will be Britain’s National Health to be in debt as a result of living on understood or believed – while Service is preparing for a rise in low incomes and being unable to a staggering eight out of ten people who did tell mental health problems – get a job, according to the Fine ¤172bn their creditors, continued to be having increased funding for Gael TD. harassed about debt payments, talking therapies by £400m. IBOA - THE FINANCE UNION 14 SPECTRUM may 2011 Spectrum May 2011 Spectrum 16/05/2011 12:27 Page 15
news: international
Former bank chief faces extradiction An international arrest warrant has benefit of Yelena Baturina, the wealthy wife been sought for the former president of the then mayor of Moscow. of the Bank of Moscow who has been While Mr. Borodin strongly denies any wrongdoing, he left Russia at the end of living in London since March. March as a formal investigation into the loan Andrei Borodin (right) is wanted by the began to gather pace. He subsequently sold Russian authorities for approving an allegedly a joint stake in the Bank of Moscow for an fraudulent loan of £280m in 2009 for the estimated £625m. Retail banks in UK should be ring-fenced, says Independent Commission The retail operations of banks operating in the UK should be “ring-fenced” from their investment banking arms, according to interim findings of the Independent Com- mission on Banking, headed by Sir John Vickers. The report said that, in the build-up to the crisis, lenders and borrowers took on “excessive and ill-understood risks” – based on the assumption that the taxpayer Deutsche Bank could be first of many banks to face legal action by the US would ultimately underwrite any losses be- Government. cause of the need to protect retail banking. However rather than separate retail and investment banking, the Commission Banks in US to face is looking at forms of "retail ring-fencing", under which retail banking would be
carried out by a separate subsidiary within UNION FINANCE IBOA - THE a wider banking group. federal law suits? The Commission has also said that banks need to hold more cash in reserve Many American-based banks must now make their mortgage deals look much to protect against future crises, and that be wondering if they may soon be in the safer than they were. creditors – rather than taxpayers – should firing line after the US Department of The False Claims Act, which was set up be liable for any losses. Justice initiated legal proceedings under to penalise companies that lie to the Govern- The report recommended that banks the False Claims Act against Deutsche Bank ment in order to secure public funds, provides should have 10% of their capital set aside for allegedly tricking a government for damages of up to three times the original to cover potential losses, higher than the insurance programme run by the Federal sum acquired under false pretences. 7% set out in new European regulations.
Housing Administration (FHA) into backing So if Deutsche Bank is found guilty in However, the Commission said it was not www.iboa.org.uk www.iboa.ie mortgage loans that were much riskier this case, it could be liable for damages of proposing that UK investment banks than they were portrayed. Many of those nearly $1.2 billion – or more if the losses should hold higher capital ratios than their loans have defaulted causing nearly $400 at the FHA continue to grow. international rivals. million in losses already – with possibly With other banks also coming under The Commission was set up by the more to follow. suspicion of passing bad or unverified UK’s Coalition Government last June to Of course, it is widely known that loans to the FHA, US District Attorney, review the structure of banking in the many financial institutions had passed off Preet Bharara, said recently that it wasn’t wake of the financial crisis. bad loans as good during the sub-prime a big leap to expect the Government to go Its final report is due to be published mortgage crisis. Even if they were not after other lenders to recover tax-payers’ in September. But the British Government guilty of direct fraud, many investment money. is not obliged to act on any of the Com- banks were using complex derivatives to Meanwhile, back in Ireland… mission’s recommendations.
SPECTRUM 15 may 2011 Spectrum May 2011 Spectrum 16/05/2011 12:27 Page 16
news: analysis
Finnish expert Peter Nyberg at the press conference in the Department of Finance to launch his 156-page report of his study into the banking crisis. (Photograph: Sasko Lazarov/Photocall Ireland). As Nyberg indicts banking sector… IBOA urges Dáil inquiry
“The Nyberg Report on Meanwhile, the Republic’s seem to know how banks are The regulatory authorities the Republic's banking Minister for Finance, Michael run at grassroots level. He had not engaged in any con- crisis represents a further Noonan, told the Dáil that the said they did not seem to under - tingency planning. indictment of the funda- Nyberg Report into the bank- stand the risks of funding Brian Lenihan claimed that mental failings in the bank- ing system dealt with bankers development projects. the report did not find any who forgot what lending was The report found that the failure on the part of the pre- ing sector in recent years,” about, boards who did not authorities did not recognise vious Government to provide declared IBOA General understand their responsibilities the early warning signs. The the necessary resources and Secretary, Larry Broderick. and national authorities who banks’ auditors had a narrow powers to those authorities. “While Peter Nyberg does underestimated the extent of function that did not include IBOA General Secretary, not identify specific individuals the risks being taken. initiating challenging dialogue. Larry Broderick, said that the either for their failure to meet Michael Noonan said the Former Finance Minister, Union's own vision for change – www.iboa.ie www.iboa.org.uk their obligations to carry out report was also the story of Brian Lenihan, said that the which was adopted at IBOA’s effective oversight or for an inept government who report was damning about the recent Biennial Delegate Con - their willingness to engage in fuelled the trends instead of regulatory authorities. He said ference –takes on even greater imprudent practices, it is clear restraining them and that the the then Financial Regulator urgency in the light of the from his analysis that we were unhindered growth of the never made any preliminary Nyberg Report,” he said. witnessing a systemic break- bubble was not recognised and assessments of the situation – The Union aims to engage down in Irish banking which acted upon at a national level. but seemed to rely on the with Government on a number now requires fundamental The Finance Minister said banks themselves to make key of initiatives for reform, includ- reform,” said the IBOA leader. that the banks' boards did not decisions. ing the following: IBOA - THE FINANCE UNION 16 SPECTRUM may 2011 Spectrum May 2011 Spectrum 16/05/2011 12:28 Page 17
news: analysis
• The culture of banking should be radically changed Investigation to restore the fundamen- tal values of prudence, in- into Anglo tegrity and stability, so that service to customers be- comes the key priority nears end? rather than the pursuit of excessive profits; Although the criminal investi- • The governance of banking gation into Anglo Irish Bank is 90% complete, according to should be reformed by Garda Commissioner, Martin ensuring greater diversity Callinan – with two large files on boards – including having been sent to the Director employee representatives; of Public Prosecutions – the and by installing a charter parallel investigation by the for whistle-blowers with Finance Minister, Michael Noonan, pictured with the Nyberg Office of the Director of appropriate legal protec- Report. (Photo: Sasko Lazarov, Photocall-Ireland). Corporate Enforcement still tions; on integrity and prudence. regulatory authorities and has some way to go. • Those who brought finan- • The regulatory and com- individual financial institutions Describing the progress of cial institutions to the pliance environment should The IBOA leader has also the ODCE investigation as “not brink of collapse should be also be strengthened. backed the call for the estab- at all satisfactory” – High Court held accountable for their lishment of a Special Dáil Judge, Mr. Justice Peter Kelly, actions; “Staff should not be scape- Committee of Inquiry into the refused an application from the • Remuneration practices goated for the mismanage- banking crisis. ODCE last week for a six-month within banking should be ment of the industry: if any “This special committee extension of the Anglo investi- transformed by replacing job reductions are necessary, should be empowered to call gation. Instead he agreed only sales-driven bonuses and they should be implemented all of the key participants in the to extend it until the end of awards based on target- on a voluntary basis, with banking sector to appear July when he expected “much driven performance criteria, terms in line with recent under oath to clarify their progress” to have been made. with a new salary structure industry norms,” declared Larry precise role in the crisis so that The judge said the failure that prioritises skills, pro- Broderick. lessons may be learnt to to prosecute possible criminal fessional development, IBOA will continue to ensure that we never have to wrongdoing was doing nothing customer service, experi- make representations on these experience such a catastrophe to instill confidence in the ence and judgment based issues to Government, the again,” he said. criminal justice system. Welcome to CareerMatters.ie
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SPECTRUM 17 may 2011 Spectrum May 2011 Spectrum 16/05/2011 12:28 Page 18
The Women at Work Skillnet was short- listed for the 2011 Star Awards as part of the Aontas Adult Learners’ Festival in the ‘Learning for Work’ category. IBOA was one of the founding partners of the Women at Work Skillnet which has continued to provide training for many IBOA members. Pictured with Michael D. Higgins and Noreen Fitzpatrick, Programme Support Manager, Skillnets, are (from left) Aileen Morrissey (MANDATE), Marian Geoghegan (IBOA), Alacoque McMenamin, Women at Work Skillnet Project Manager, and Frank Different Class Vaughan (ICTU).
IBOA is developing a number of training Skills for Union Representatives Representatives, Bank District Secretaries initiatives to be rolled out in 2011 and A three-day training programme is being and Executive and Youth Committees. 2012. These initiatives will bring a new developed to cover important skills rele- level of professionalism to IBOA’s suite of vant for Union Representatives. The course New IBOA Accredited Training Centre training options and will be offered to will be accredited – so successful partici- IBOA is deveoping new training procedures, IBOA Representatives at all levels. pants will receive a recognised certificate. assessment methods, quality assurance IBOA Representatives will have new There are three modules in the programme: processes in order to meet the requirements opportunities to undertake training courses laid down by national awarding bodies. which will be recognised and certified Module 1: The Role of the IBOA IBOA will then apply to become a fully by an appropriate educational awards Representative accredited training centre in its own right. body. This module covers aspects of the role This will enable the Union to develop and There are a number of advantages to including communicating with members, validate training programmes which meet this new approach. The value of the train- organising in the workplace, one-to-one the standards and also fit in with IBOA’s ing for the individual will be enhanced. recruitment as well as the accreditation objectives and strategy in training and The hard work that the participants put process and completing a learning record. development. into the training course will be independ- Module 2: Handling Members’ Issues ently recognised in the form of credits or This module covers handling meetings, On-Line Training certification. handling members’ problems, understand- As part of these new training initiatives, The new training plans will also help ing disciplinary and grievance procedures. IBOA is developing an online distance learn- to deliver IBOA’s organisational objective ing module to provide basic information of building strong workplace organisation. Module 3: Industrial Relations for IBOA Representatives. The internet will www.iboa.ie www.iboa.org.uk The Union’s Executive Committee is The third module gives participants a brief enable course participants to take part at fully behind the move towards a new level overview of employment law and an under- their own convenience. of professionalism in IBOA’s training and standing of employment and industrial has committed appropriate resources to relations including workplace negotiations. Education and Training for Members its achievement. As well as providing training for Union Delegates at the Union’s recent Biennial This programme will be piloted in Republic activists, IBOA also offers a range of per- Conference in Croke Park, Dublin, have of Ireland in June. Participants in the pilot sonal development courses for members endorsed the new training plans for 2011 will be drawn from the various levels of as one of the partner organisations in the and 2012. the Union’s structure – including IBOA Women at Work Skillnet. IBOA - THE FINANCE UNION 18 SPECTRUM may 2011 Spectrum May 2011 Spectrum 16/05/2011 12:28 Page 19
union:union: news IBOA’s Equalisers
Some of the IBOA delegates to the recent ICTU Women’s Conference (from left): Marian Geoghegan, Mairead Kelleher, Ursula Tighe, Irene Breen, Margaret Browne and John O’Gorman (Photo: Paula Geraghty).
THE POWER OF UNION FINANCE IBOA - THE At this crucial period in the history of Irish banking, it is vital that the independent voice of employees is as strong as possible. In order to improve our bargaining power in the vital negotiations – with employers government and regulatory authorities – it is essential that members continue to build IBOA e Finance Union by encouraging their colleagues to join. Many members are already making the effort. w.bai www.iboa.org.uk www.iboa.ie As a token of our appreciation for these efforts, the Union is offering a shopping voucher worth €50 (or £35) to any member who recruits three new members. It’s a win-win for you: a nice reward and a stronger IBOA! For more details, contact Gareth Murphy at IBOA House by phone at 01-4755908 (from Republic of Ireland) or 02890-200130 (from Britain or Northern Ireland) or e-mail: [email protected]
SPECTRUM 19 may 2011 pcrmMy21 Spectrum16/05/201112:28Page20 Spectrum May2011 20 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk – – – MembershipDepartment: Union’s the tact changes online. members/profile/ any make and members/profile/ www.iboa.ie/ either at websites or www.iboa.org.uk/Members Only Sectionshipdetails bylogging ontothe of the Union’s maximum of two years. canonly be backdated to cover a whichmight arise in such – cases over-payment subscriptions of – sult in a reduced subscriptiontime rate. hours, for example suchmovingaspart- to could status– – re- employment in change a since grade, etc. status, employment address,in employment and personal theirdata such in – changes as changes any of House IBOA informthey All members should make sure that informed you better we can keep up-to-date, If you keep us e: Orif you prefer, you can con- any for refund a for Claims particularly is This important e: You can check your key member- or 00-44-2890-200130. by phone to 00-353-1-4755908by e-mail to [email protected]; or Street Upper, Dublin 8; by letter to IBOA House, Stephen may 2011 may SPECTRUM
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SPECTRUM 21 may 2011 Spectrum May 2011 Spectrum 16/05/2011 12:28 Page 22
pensions:pensions: news
Protecting your future income Pensions are the second most important benefit of employment, after salary, and IBOA, along with our Trustees, continues to work to ensure fair outcomes for our members. The pension schemes that will provide retirement income for thousands of our members and their families have been under unprecedented pressure in recent years. Even before the recent financial crisis played havoc with the value of pension schemes worldwide, the general trend towards increasing life expectancy was already leading to demands for reviews to ensure that the schemes had sufficient funds to provide for the extended years enjoyed by pensioners. The crisis has added a new urgency to these reviews –which have already revealed substantial funding deficits which have generally been addressed by one or more of the following: • increasing contributions from the DO NOT employer; • increasing contributions from the employee; • reducing the scheme's liabilities by restructuring the benefits available for future and/or existing pensioners.
With many Defined Benefit pension schemes READ THIS! in both the Republic of Ireland and the UK experiencing significant difficulties in recent years, Trustees have a very challeng- ing task to address these problems while at the same time protecting the members' NO-ONE IS EVER INTERESTED interests. In Defined Contribution schemes the challenges are very different as the scheme members bear all the risk that their IN PENSIONS, RIGHT? WELL, pensions contributions may not provide an adequate retirement income. As the recognised trade union in the financial services sector, IBOA takes a very NOT UNTIL IT’S TOO LATE. responsible approach to the challenges faced by the pension schemes and, through the member nominated trustees (MNTs), plays a significant part in address- ing the problems. The complexity and governance asso- SO WHY SHOULD YOU ciated with the running of an occupational pension scheme has continued to increase and MNTs find themselves under increas- ing pressure in terms of both time and knowledge. BE ANY DIFFERENT?
22 SPECTRUM may 2011 Spectrum May 2011 Spectrum 16/05/2011 12:28 Page 23
pensions:pensions: news
Why are there employer- build on the employer/employee level of contributions. nominated and member- The real world challenges for MNTs in nominated Trustees? DC schemes are that often the member/ While all trustees have a legal duty to fulfil employer does not contribute sufficiently, and to ensure that schemes are run in the annuity rates are expensive and/or the accordance with the scheme rules, MNTs investment returns are disappointing. can offer a different perspective and Any combination of these factors can point of view as well as greater freedom have a devastating impact on the member’s to challenge the employer. pension. MNTs are a valuable conduit for mem- bers to raise concerns and questions with Defined Benefit Schemes those responsible for running their pension Defined Benefit (DB) Trustees have the scheme. MNTs are often seen as a more responsibility of delivering the pensions approachable and readily accessible source promise to retiring DB members and of information and advice. accordingly their focus is often on funding/ In the current climate of uncertainty recovery plans. and of benefit changes, it is vital that scheme The scheme and the Trustees must also members get an understanding of future be concerned with longevity risk, interest implications. and inflation risks alongside investment returns. Defined Contribution With DB schemes the Trustees have to be concerned about the continued Your Trustees Schemes support of the sponsoring employer and Pension schemes established under trust In the expanding world of Defined Con- the corrective levels of contribution. are legally required to provide for at least tribution (DC) schemes, the ultimate goal It can be challenging to balance the one-third of Trustees to be member- is that each member's investment account contributions into the scheme with the nominated. While the process is different is sufficient to purchase an annuity that pro- employers capability and willingness to between the two jurisdictions and among vides a reasonable level of pension income contribute. different banks, the requirement is absolute. during retirement. Accordingly, members can take com- In DC terms this means that the invest- For more information, see www.iboa.ie/ fort that in all Defined Benefit schemes ment performance has delivered the growth services/pensions.html or www.iboa.org.uk/ there are fellow IBOA members working required over the investment period to services/pensions.html in your interests as a scheme member. Member-nominated Trustees often provide a more trusted channel of com- munications for members and are more in tune with the mood of the scheme Small Ads Big Choice membership. What does a Trustee do?
Clearly a Trustee must have an interest in Holiday Apartments UNION FINANCE IBOA - THE the running of the employer’s scheme and a desire to serve the interests of fellow members. The issues facing schemes in the financial sector include funding, gover- to Rent nance and operational challenges in the current regulatory climate. As these are significant issues to address, Trustees need to have: Adverts placed for – an ability to challenge advice from pro- fessional advisors; IBOA members by – integrity and a capability to use judge- www.iboa.org.uk www.iboa.ie ment and discretion based on common sense and experience; IBOA members – an appreciation of the strategic issues; – attention to detail; and – an ability to interact at all levels. Ideally a reasonable level of knowledge Check out the IBOA websites: and understanding should be evident and a clear commitment to enhance those www.iboa.ie/services/smallads.html or levels over time. It is only through ongoing training that Trustees can develop the key www.iboa.org.uk/services/smallads.html competencies of the role.
SPECTRUM 23 may 2011 Spectrum May 2011 Spectrum 16/05/2011 12:28 Page 24
safety:safety: feature
Play safe - work safe
The IBOA Safety, Health, Welfare and Security (SHWS) Committee aims to work with members and employers to create healthier, safer working environments for everyone. IBOA has produced guidelines on your rights under health and safety legislation in the Republic and Northern Ireland These can be accessed on the IBOA websites Members of the Union’s new safety committee in Ulster Bank (from left: Sinead Murphy, by following these links: Tommy Kennedy, Suzanne Savage, Chris Linton and Jaynette Stirling). Bank District Secretary, ROI: www.iboa.ie/knowyour Vinnie Gallagher completes the line-up. rights/yourrightsroi/healthsafety. html NI: www.iboa.org.uk/knowyourNew health and safety rights/yourrightsni.html If you have any questions or concerns about health and safety in your workplace, please contact structure at Ulster Bank a member of your local health new health and safety representative To enable the Reps to carry out their functions and safety committee in the first Astructure has been agreed between effectively, the Bank has agreed to provide instance. IBOA and the management of Ulster Bank. various facilities including access to relevant Under the agreement, the Union’s Bank health and safety documentation, and appro- If there is no health and safety District Secretaries in Ulster Bank will also serve priate administrative support such as phone, committee in your workplace, as Health and Safety Representatives for the e-mail, photocopying and secure filing, as well please contact a member of the members in their constituencies. as paid time off and travel expenses to enable IBOA SHWS Committee below: As Health and Safety Representatives, they them to conduct inspections or attend meetings. Elaine Barker (BOI), Carmel will not only assist in framing The Bank has also agreed Curran (FTB), Margaret Power health and safety policy and to facilitate the Reps’ attendance practice within Ulster Bank – at approved training courses – (BOI-GB), Etain Ryan Lyons (AIB), but also investigate hazards both in their overall role as well Jaynette Stirling (Ulster NI), and make representations to as in specific safety concerns www.iboa.ie www.iboa.org.uk Robert Thompson (NBL) and management on matters such as hazards associated Kate Varley (AIB) – together affecting the health, safety with display screen equipment with Senior Industrial Relations and welfare of employees in and stress management. Officer, Steve Tweed. the workplace. Senior Industrial Relations These duties will involve Officer, Steve Tweed – who You can contact all of these by these representatives in a pro- also acts as IBOA’s Health and e-mail at [email protected] or by gramme of regular inspections Safety Co-ordinator, described phone at 00-353-(0)1-4755908 or– with follow-up reports to the IBOA’s Health and Safety Co- the new agreement as “a major 00-44-(0)2890-200130. Union and management. ordinator,Steve Tweed. advance.” IBOA - THE FINANCE UNION 24 SPECTRUM may 2011 Spectrum May 2011 Spectrum 16/05/2011 12:28 Page 25
safety:safety: feature
ew penalties for work- place bullying to be intro- duced by an Australian Nstate government have been welcomed by unions. But they are warning that employers must be accountable for providing safe workplaces in which bullying does not occur in the first place. Employers, governments and workers have a shared responsibility to make work- places safe, secure and free of harassment, said Ms. Ged Kearney, President of the Australian Council of Trade Unions. She added that the new Crimes Amend- ment (Bullying) Act, being introduced in the state of Victoria, was an important signal and would mean bullies could face up to 10 years' jail. “These laws will hopefully help deter people from undesired behaviour but it shouldn’t suggest to employers that it’s no longer their job to provide a safe work- place for all employees,” Ms Kearney said. “Every workplace should have policies and procedures to deal with bullying and harassment, as it’s essential for employers to provide a safe and harassment-free environment for all their workers.” Brodie’s Tragedy IBOA - THE FINANCE UNION FINANCE IBOA - THE The law, which only applies in the state of Victoria, was introduced after the suicide of 19-year-old Brodie Panlock, a Brodie’s Law waitress who jumped to her death in September 2006 after humiliating and relentless bullying by her co-workers at Cafe Vamp in Melbourne. Workplace bullies could face She was spat on, called fat and ugly and, on one occasion, had fish oil poured all over her hair and clothes. One of the
ten years in jail in Australia bullies even told her to take rat poison. www.iboa.org.uk www.iboa.ie Former Vamp employees, Nicholas Ms Kearney said she hoped the increased “We must all work together to stop it Smallwood, Rhys MacAlpine and Gabriel penalties would deter people from bully- occurring, but employers cannot shirk their Toomey all pleaded guilty in Melbourne ing, but she wanted the government to responsibility and turn a blind eye.” Magistrates' Court to failing to take rea- also send a strong message to employers The union leader concluded: “Ultimate sonable care for the health and safety of that holding individual bullies to account responsibility for providing a safe work- persons. would not absolve workplaces of their place is with the employer and in no way The cafe's owner, Marc Luis Da Cruz, obligations. should new laws absolve them of that and his company MAP Foundation also “Bullying is a scourge in the workplace responsibility, or of their liability. Criminal pleaded guilty to two charges, including which unions are determined to wipe sanctions alone will not necessarily change failing to provide and maintain a safe out,” she said. a poisonous workplace culture.” working environment.
SPECTRUM 25 may 2011 pcrmMy21 Spectrum16/05/201112:28Page26 Spectrum May2011 26 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk (Photo: Leon Farrell, Photocall-Ireland).IBOAGeneral Secretary,Larry Broderick, articulates the Union’s vision for fundamental reform of the financial services sector future of financial sector demands say for staff in Biennial Delegate Conference A Change A Vision for conference: may 2011 may SPECTRUM call job losses in AIB Group.proposals for over 2,000for Finance as well approachas the of the Ministerdiscuss the recent outlineregulatory authoritieswith to Government and high-level engagementBiennial Delegate soughtdelegates to the Union’sservices sector after – figures in the financial intense talks with key has begun a round of IBOA The Finance Union Spectrum May 2011 Spectrum 16/05/2011 12:28 Page 27
conference: call
quick
The crisis in the banking system in Ireland and Britain is the most serious challenge ever encountered by IBOA or the financial services sector. In these circumstances there is a real danger that finance staff will be seen, at best, as collateral damage or, at worst, as part of the problem. The challenge to IBOA is to change that perception in order to protect the maximum number of jobs in the financial sector. John Burns, Ulster Bank, Outside Belfast
A section of the attendance at the Biennial Delegate Conference in Croke Park, Dublin. The rank-and-file staff in AIB did not create the problems facing AIB. That was the achievement of our so-called leaders – who Union in high-level talks through a combination of arrogance, self-denial and Restructuring must include fundamental reforms self-delusion mismanaged the institution to the point of bankruptcy under the Following the call by the “In any other circumstance,” and a major change in the never-watchful eye of an Union’s Biennial Delegate said the IBOA leader, “the re- operating culture towards impaired regulatory system Conference for high-level sponse to such a catastrophe service-driven goals rather than and following a lamentable engagement with key figures would be an employment task the narrow pursuit of profit failure of Government in the sector, the Union has force to explore alternative em- maximisation. oversight that has not only already met the Republic’s ployment opportunities, train- “Perhaps if these elements betrayed the staff and the Tánaiste and Labour Party Leader, ing initiatives, counselling and had been in place years ago – customers of AIB – but the
Eamon Gilmore; the Head of other services. But a more as IBOA demanded at the country as a whole. UNION FINANCE IBOA - THE Financial Regulation, Matthew wide-ranging engagement with time – then many of the prob- Jessie Doherty, Elderfield; and John Corrigan, Government is also necessary lems now confronting this in- AIB West Chief Executive of the National to reflect upon the profound dustry and this country would Treasury Management Agency. implications of what lies ahead have been avoided,” he said. Target-setting is now a In addition a Union delegation for our members –especially since Other elements of the vision policy based on 'no carrot also met the Leader of Fianna it comes on top of over 7,000 outlined by Mr. Broderick include and all stick.' As well as being Fáil, Mícheál Martin, recently. job losses in the financial services a stronger emphasis on regu- bullied in this way, bank The Republic’s Finance, Minister, sector in the last two years. lation and the clarification of staff are still expected to Michael Noonan, has also Outlining A Vision for A the role of foreign-owned banks convey each new twist in agreed to meet the Union shortly. Change in the financial services – especially since the number the institution's message to IBOA General Secretary sector, Mr. Broderick called for of domestic institutions is to be customers without ques- www.iboa.org.uk www.iboa.ie Larry Broderick told over 150 a tripartite agreement between reduced to two. tion –even though previous delegates to the Union's Bien- Government, employers and The Union is also seeking messages to customers nial Delegate Conference in staff to underpin the change the amendment of the emer- about the financial health Croke Park last month that the agenda. He also called for new gency banking legislation, in- of the institution have proven job losses proposed for AIB corporate governance structures troduced in the Republic just to be patently untrue. alone would be the equivalent to improve diversity of repre- before Christmas. IBOA wants Sharon McAuley of a major multi-national com- sentation on the boards of major to change this law to ensure that First Trust Bank, Belfast pany pulling out of Ireland: financial institutions – as well the employment protection with further redundancies likely as higher standards of probity. afforded to workers in other in other institutions in the com- “We also need strong legal sectors is restored to workers ing months. protection for whistleblowers – in the financial services sector. quotes
SPECTRUM 27 may 2011 pcrmMy21 Spectrum16/05/201112:28Page28 Spectrum May2011 28 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk added. seems,it youifarewell connected,” he slowly in this part of the world – especially,on this State. that has imposed an unacceptable burden those responsible for a far greater scandal o ay hre t b brought against be charges to any for years since the starthalfmere afteraandtwo a of thedays– yet banking crisis – 1990s.It has only thirteentaken years to slowly indeed! justice grind Wheels of conference: disqualify him!” chargingand tax evasion scandals of the‘gross negligence’ in relation to future,”the over- hesaid, “following findinga of to practice in a financial institution intoThompson, the at the Conference.theUnion’s Danske Officer,Group Robertin the 1990s drew a Bank,strong Mr. comment Jim Lacey, from overthe various former scandals Chief ExecutiveTheprotracted of legal Nationalproceedings Irishagainst “The wheels of justice turn exceedingly “Soby those standards, it is still early “Mr. Lacey has just been declared unfit Jim Lacey, former Chief Executive may 2011 may SPECTRUM of National Irish Bank call our industry – right up to thisthink’ whichday. has been sowidespread in been encouraged to challengenor the our‘group members, as employees,before the havecollapse, ever neitherconcernedtheemergingat trends we,long as a union, above all, don’t and, questions complain,” ask don’t told, you’reshe said. me of a very poorly run army – just“The do as prevailing culture of banking reminds pariah status sector’s at finance saddened President Outgoing fabric of these islands. damage to the economicsector and social which has wroughttransformation so much Conference, in the “I Margaret amfinancial Browne,saddened toldthe dent, by the services years’ service,”“As outgoingabank official with over Unionforty Presi- Ee tog IO ws seriously was IBOA though “Even Banking is like a “poorly run army” For informationonthelatestoffersforIBOA members, log onto:www.iboa.ie/members/otherservices.html or www.iboa.org.uk/members/otherservices.html special offers special Discounts EXCLUSIVE for your eyes only! have been avoided,” she added.destructionofthebanking sector could contributeddecisions the have that to outrageous present, thebeen of many the recklessness at the top. for the whistle-blowers reasonwho mightwhy thereexpose is noin theeffective financial protection service sector:ofdiversity it inisthe governance also thestructures “That mentality is responsible for the lack “Maybe if these missing elements had Outgoing Union President Margaret Browne. Spectrum May 2011 Spectrum 16/05/2011 12:28 Page 29
conference: call
Jessie is new President quick
“Through all the gloom and the dark- These Titans of Irish bank- ness of the last few years,” declared the ing became the Titanics of Union’s new President, Jessie Doherty, Irish banking, or perhaps “the one bright light has been IBOA – more accurately the icebergs! a David among the Goliaths but still They have brought the more than able to hold our own. And financial services sector – what Goliaths! Big chiefs with big egos and the country – to the and feet of clay! point of total collapse. “One lesson I hope our members Ciara Clarke, AIB Dublin will learn from the last few years is that in this industry above all, no-one – and The damage inflicted on certainly not senior management – has our economy, on our society all the answers. If it seems wrong, and on our collective psyche challenge it. Don’t allow yourselves to has been profound. The scars browbeaten. Indeed if your supervisors will take a long time to heal. have to resort to bullying, then it almost We need redress – be- certainly is wrong,” she said. cause… as long as the “We are looking for a new ethos, a public are left with the im- new culture and a vision for a change!” pression that the people IBOA’s new President is a Senior Bank who wrecked the economy Official based in AIB Bank, Carrick-on- may actually get away Shannon, Co Leitrim. She joined IBOA relatively unscathed, then in 1978 and has been a member of the we will all be viewed as Executive Committee since April 1999. guilty by association. And The Union's AIB Group Officer from the unjustified abuse and 2001 to 2007. Jessie was elected as mistreatment of bank Honorary Finance Officer in April 2007 officials will continue. before being installed as President at Siobhan MacDermott, the Biennial Delegate Conference. Bank of Ireland Dublin Apart from IBOA and her husband, Kevin, Jessie’s other great passion is The (creation of the) Forum golf. Her sporting successes include (on Banking) was desirable winning the ladies’ competition last back in 2004 when IBOA year in the IBOA Golfer of the Year first proposed it: it is tournament at Glasson near Athlone. IBOA’s new President, Jessie Doherty absolutely essential now – to chart the recovery of
Irish banking and restore UNION FINANCE IBOA - THE credibility in our institutions Sharon is new Finance Officer both nationally and inter - nationally. Sharon has over 25 years’ as the Special Women’s Rep- Nora-Ann O’Callaghan, banking experience includ- resentative for AIB UK, Sharon Bank of Ireland Tralee ing twelve years working in was subsequently elected as various Branches. one of two Executive members While the Minister's plan More recently, she has for FTB’s Belfast and District may look neat and tidy on worked in FTB’s marketing constituency. paper, our members can- not live on paper…Most of department with responsibility As such she has been us are lifers – or would like www.iboa.org.uk www.iboa.ie for PR and sponsorships involved in the evolution of Sharon worked on the to be! We are not here- the Partnership Principles customer communications today-gone-tomorrow ex- within AIB Group. element of the ‘Chip and ecutives who are looking PIN’ project in 2003. She has A Trustee of the AIB UK for the next big career also worked for five years in Defined Benefit pension move. Card services marketing with scheme since 2008, Sharon Liam Ross, Bank of Ire- responsibility for key market- was elected Honorary Finance land, Outside Belfast The Union’s new Honorary ing and compliance messages Officer last month in succes- Finance Officer is Sharon to the customer. sion to Jessie Doherty. McAuley (above) who is First elected to IBOA’s Sharon’s daughter, Claire, employed by First Trust Bank. Executive Committee in 1995 is studying to be a teacher. quotes
SPECTRUM 29 may 2011 Spectrum May 2011 Spectrum 16/05/2011 12:29 Page 30
conference: call
Robin Bell Carmel Curran Aisling Reilly FTB Belfast FTB Outside Belfast Allied Irish Bank (GB)
The Union’s recently elected Executive Committee – which will hold office until 2013 – was ratified by last month’s Biennial Delegate Conference at the Croke Park Conference Centre in Dublin. The new Committee consists of fourteen members from AIB Group, twelve from Bank of Ireland Group and six each from the Danske and Neasa Cody Mick Durand Roger James Ulster Bank Groups. AIB South East AIB North-West AIB Dublin
AIB Group
John O’Gorman Séamus O’Keeffe Claire Walsh Sharon McAuley AIB Dublin AIB South West AIB Group Officer Honorary Finance Officer
Etain Ryan Lyons Ursula Tighe Kate Varley John Burns Tommy Kennedy AIB Dublin AIB South AIB Dublin Ulster Bank Group Officer Honorary Secretary
www.iboa.ie www.iboa.org.uk Ulster Bank Group Kerry Christie Renee Dolan Ian Perth Jaynette Stirling Ulster Bank Belfast Ulster Bank Outside Dublin Ulster Bank, Greater Dublin Ulster Bank Belfast IBOA - THE FINANCE UNION 30 SPECTRUM may 2011 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk 31 call BoI Cork BoI may 2011 Irene Breen Irene BoI Great Britain Great BoI BoI Dublin Retail Dublin BoI Tom Ruttledge Tom Margaret Power Margaret Stephen Kennedy Stephen Fionnuala Duignan Fionnuala National Irish Bank (Outside Dublin) (Outside Bank Irish National BoI Mullingar/Portlaoise/Dundalk BoI SPECTRUM SPECTRUM BoI Belfast BoI Ger Rowan Ger BoI Dublin Retail Dublin BoI BoI Limerick/Tralee BoI Dominic Boyd Dominic conference: Chris Cavanagh Chris Mairead Kelleher Mairead National Irish Bank (Dublin) Bank Irish National Bank of Bank Ireland Group NI Outside Belfast Outside NI Liam Ross Liam Elaine Barker Elaine Ciaran Mahon Ciaran BoI Brendan Hannon Brendan BoI Dublin Departments Dublin BoI BoI Dublin Departments Dublin BoI BoI Galway/Sligo/Donegal BoI Danske Bank Group Pat Carson Pat Dave Keane Dave Eileen Gorman Eileen Northern Bank (Belfast) Bank Northern Northern Bank (Belfast) Bank Northern Bank of Ireland Group Officer Group Ireland of Bank (whose members are included in included are members (whose President Moya Cotton Moya Jessie Doherty Jessie A majority A of majority the members of the will new Committee the to addition further One Danske Group Officer Group Danske Robert Thompson Robert Northern Bank (Outside Belfast) (Outside Bank Northern IBOA General Secretary, Larry Broderick, also Broderick, Larry Secretary, General IBOA
Executive Committee are women. are Committee Executive Youth elected recently the of Chairperson the be to that soon fill meet will which Committee, vacancy. particular the and Committee Executive the both on sits Board Officer below). area dotted the Spectrum May 2011 May Spectrum 35 Page 12:29 16/05/2011 Spectrum Spectrum May 2011 Spectrum 16/05/2011 12:29 Page 36
conference: call New Executive Committee Get up Members Stand up Neasa Cody AIB South East An AIB employee and IBOA New IBOA Youth member since 1973, Neasa Cody has been worked in Tipperary Town and Nenagh Committee elected before taking on her current role as Relief Staff. Young workers face particular This new committee will Within IBOA, Neasa has challenges in this crisis and prioritise a number of areas of served as an IBOA Represen- IBOA’s new Youth Committee work including encouraging tative, as a Bank District is prepared to raise these issues colleagues to join IBOA, en- Secretary and as an Executive and represent young members’ couraging young members to Committee member in the concerns. participate in the Union and past. She has also been on The new IBOA Youth Com- become IBOA Representatives Neasa Cody the Union’s National Sports mittee was ratified at the and ensuring that young and Social Committee. recent Biennial Delegate Con- workers stand up for them- ference and will meet early in selves and with the support of June to continue the work of IBOA do not accept or tolerate Mick Durand previous committees. any form of bullying or AIB North-West This new committee takes inappropriate pressure. up office in the midst of the IBOA General Secretary, Mick Durand also took up greatest crisis in banking IBOA Larry Broderick, is keen to employment with AIB in members have ever faced. begin working with these young 1973 – joining IBOA in the Young workers are con- activists to encourage even same year. fronting an increasingly greater youth participation in Mick’s career in AIB has uncertain future with serious the Union’s structures. been based in the Galway concerns for their job security, area – serving in Tuam and pay and pension provision. The new Youth Committee Eyre Square. Members also face an consists of: As a Union activist, Mick increasingly stressful work has been an IBOA Represen- environment with an aggres- tative and a Bank District sive sales culture that has not AIB Group Secretary. He has also served gone away. Rather than learn- Ciara Clarke Mick Durand previously on the Union’s ing from the past, senior man- Derek MacManus Executive Committee. agements – with the apparent Rebecca Craughwell acquiescence of Government Alan Challis – seem to be prepared to push Séamus O’Keeffe staff even further down the Bank of Ireland Group sales route. Imelda Boyle AIB South West IBOA Youth aims to high- Zoe O’Neill An AIB employee and IBOA light these issues to the (plus two more vacancies member since 1974, Séamus Union’s Executive Committee to be filled shortly) O’Keeffe has worked in the along with the demand for www.iboa.ie www.iboa.org.uk Mid-West in Shannon and reasonable and fair working Ulster Bank Group Limerick City. conditions and respect for all Kieran McCann Within IBOA, Séamus staff and will put in place Suzanne Savage has previously served as a local actions to meet the needs of IBOA Representative and as a young members. Danske Bank Group Bank District Secretary. Out of this committee Michelle Gibson He is now embarking on IBOA Youth will elect a Chair- (plus one more vacancy his first term as an Executive person to take a seat on the to be filled shortly) Séamus O’Keeffe Committee member. Executive of the Union. IBOA - THE FINANCE UNION 32 SPECTRUM may 2011 Spectrum May 2011 Spectrum 16/05/2011 12:29 Page 37
conference: call
Top left: Outgoing Top right: Sharon President, Margaret McAuley addresses Browne, presents CONFERENCE IN PICTURES the delegates. the chain of office to her successor, Bottom right: Elaine Jessie Doherty. McRoberts and Centre (right): Union Eileen Gorman (both General Secretary, from Northern Bank) Larry Broderick, is pay close attention interviewed for RTE to the proceedings. Television News. All photos: Tommy Bottom left: IBOA’s Clancy. outgoing President, Margaret Browne, applauds one of the contributions from the floor.
All photos: Tommy UNION FINANCE IBOA - THE Clancy. w.bai www.iboa.org.uk www.iboa.ie
SPECTRUM 33 may 2011 Spectrum May 2011 Spectrum 16/05/2011 12:29 Page 38
sports: social IBOA GOLFER of THE YEAR 2011
Good day, Irene Men’s and Ladies’ Irene Breen (above) has been elected as the Union’s new co-ordinator for sports Stableford Competition and social events. Members can contact Irene, c/o IBOA House, Stephen Street Upper, Dublin 8.
Make a date… Glasson, Athlone, Co. Westmeath Friday 19/Saturday 20 August 2011 Entry Fee: €160* *includes two nights’ bed & breakfast and dinner and presentation of excellent prizes on Saturday night
IBOA Golfer of the Year 2011 Name...... IBOA Membership No./Staff No.:...... Employer: ...... Go Ape at Branch/Department:...... Address for Correspondence:...... the Zoo ...... with IBOA ...... On production of your IBOA member- ...... ship card, you will be entitled to free www.iboa.ie www.iboa.org.uk Men’s/Ladies’ Competition (delete as applicable) admission at the main gate for two adults and four children (or one adult Handicap:...... (Maximum for men: 20; for ladies: 36) and five children) on the three IBOA family days at the following zoos: Cheque enclosed: €...... Dublin Zoo: Saturday, September 3 Please return to Anna or Louise, Sports and Social Department, IBOA The Finance Fota Park, Cork: Saturday, September 3 Union, IBOA House, Stephen Street Upper, Dublin 8. Closing Date for Receipt of Belfast Zoo: Saturday, October 1 Entries:Friday 12 August 2011. IBOA - THE FINANCE UNION 34 SPECTRUM may 2011 Spectrum May 2011 Spectrum 16/05/2011 12:29 Page 39
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THE PLACE TO Name:...... PARTY IN 2011 Male/Female (delete where applicable) UNION FINANCE IBOA - THE Employment:...... • Reduced Room Hire Rates Branch/Dept:...... • Birthday Parties Bank Account Details • Going Away Nights Bank & Branch:...... • Table Quizzes, Race Nights • Parties and Christenings NSC:...... A/c No...... • Catering and DJ Facilities Available hereby authorise you to debit my account with the annual • We can cater for numbers up to 120 subscription for Club membership. I agree to be bound by
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Results of recent Bankers Club draws are posted on the IBOA websites: www.iboa.ie/services/sportsandsocial/bankersclub.html www.iboa.org.uk/services/sportsandsocial/bankersclub.html
SPECTRUM 35 may 2011 pcrmMy21 Spectrum16/05/201112:29Page40 Spectrum May2011 36 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk epnil fr h Bn’ disastrous Bank’s the forresponsible retirement,” comfortably into themsaid seeMr. toBroderick. shakes extremely hand-with generous golden whomhave long since leftof manythe institution bosseselitegroup– ofan by the reckless mismanagement of the Bank theyare being made to pay the price for staff and customers. preciseintentions in the interests of both parency and clarification about the Bank's their future. addto staff’s sense of uncertainty about engagement with IBOA subsequent has the announcement inonly and served to of IBOA The Finance Union. to Larry Broderick,stunned General has manySecretary – AIB byemployees, shed beenalready according a similar number of jobs that havejobs by the end of 2012 on least 2,000 more at axe top plans to– of The announcement that AIB Group … as AIB proposes massive job cuts workplace: “The ordinary staff in AIB are in no way “Ourmembers inAIB areangry that BA a akd o getr trans- greater for asked has IBOA However, the lack of detail in the initial Staff left inthedark… Staff left AIB Group Executive Chairman, David Hodgkinson, announces proposals to make over 2,000 more staff redundant may 2011 may SPECTRUM news oeig I K hv ec otie a outlined covering each AIB have UK, the Republic of Ireland, and Mr.Union. Liam Deane, interim issuedreports both haveto the AIB Bank ofmanagement ing and the subsequent agreement on the outline restructur-frameworkof anprinciples to underpin on negotiationsany facilitate to Bank the and Union the agreed by two the development,independent related mediators a who wereIn jointly maximum number of jobs the protect toin order AIB. inservices sector financial the figureslobbying key in of added. financial service the re-employment withinsector for in unitiesthis country,” he bleak future with few immediatewomen opport with - families damage:who are they facingare hard workinga very men and attempt to resolve it. sacrificedcrudebeanowwillthem in predicament. But it appears that many of Mr.Mark Connaughton, SC,covering of round a begun has Union The “Thesestaff are more than collateral Independent Mediators’ Reports (Photo: Photocall-Ireland). be initiated within three months.similarissues affecting call centre staff to about the Bank’s plans. three months, unless mediatorsthere review within recommend a is greater claritymade on the issue of contractual pay, the place on the issue of culture.mendedthat immediate discussions take within current industry norms.jobreductions on terms to be negotiated asopposed to compulsory approachto– IBOAand AIB. They advocate ship Principlesa voluntary – previously agreedissuesshould betweenbe in line with the Partner- mended that further discussions on these severance terms reason have in to staff numbers isplace.in able best way to achieve a voluntaryterms, reductionthetwomediators notethat the reductions severance job andissues of approachesofthe parties tothe related progress of future discussions.numberof core principles to govern the They also urge further negotiations on Notingthatlittle progress beenhas recom- also have mediators The While they acknowledge the differing Thetwo mediators havealso recom- Spectrum May 2011 Spectrum 16/05/2011 12:29 Page 41
workplace: news
Staff in AIB and other domestic banks remain shocked and angry at the recent revelation that AIB Group’s former Managing Director received Bank staff total payments of over ¤3 million last year on his premature departure from the Bank. shocked “The excessive rewards which continue to be paid to those at the top of the bank- ing sector for leading these institutions to by €3m the verge of bankruptcy beggars belief,” said IBOA General Secretary, Larry Broderick. “The justification for these payments is that they are contractual entitlements pay-off which must be honoured. Thousands of our members also have contractual entitlements to pay awards which are far more modest in nature. But the Bank to former has steadfastly refused to honour these contractual awards. “In AIB's Call Centres in Swords, Naas AIB chief and Belfast, staff were deprived of their con- tractual entitlements just before Christmas. These staff who are on low pay rates are extremely angry at this revelation. “The injustice in this situation is com- pounded by the fact that this revelation comes just one week after Mr. O’Doherty's successor announced his intention to make over 2,000 staff redundant,” Mr. AIB’s former Managing Director, Colm Doherty (Photo: Eleanor Keegan/Photocall-Ireland). Broderick continued. “Restructuring is not only about the number of staff leaving the bank; it is we will be pointing out that it is not “In the meantime, frontline staff will also about ensuring that the morale of the enough to restructure the financial sector once again have to bear the brunt of the staff who will remain is maintained so that at the institutional level, we also need a general public’s anger – even though they can give of their best to promote the radical transformation of the culture of they are in no way responsible for the recovery of the business. banking so that in future awards are given former Chief Executive’s remuneration just “Every revelation of this culture of for behaviour which underpins prudential as they are in no way responsible for excess at the top is a hammer blow to values and customer service rather than the reckless decision-making that caused
ordinary banking staff. That is why when the current situation where recklessness is the current catastrophe,” concluded Mr. UNION FINANCE IBOA - THE we meet the Minister for Finance shortly, incentivised and failure rewarded. Broderick.
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SPECTRUM 37 may 2011 pcrmMy21 Spectrum16/05/201112:30Page42 Spectrum May2011 38 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk as possible. and returns to a profitableIrelandremains independent positionandviable as soon expressing concern attheBank’sto Governor,the revelationsMr. PatMolloy, in the Staff angry at extraordinary payments to eliteBonus of contention rocks BOI Financial Officer, John BankO'Donovanof Ireland Governor,(left), andPat ChiefMolloy (right) Executive,addresses Richiethe Bank’s Boucherrecent Extraordinary (centre) (Photo:General Meeeting Saskowith Lazarov/PhotocallGroup Chief Ireland). executives Bank’s senior thein ofrecent years. groupelite E revealed thatbonuses worth over Departmentof Finance which has ofthe recent investigation bythe anddisappointed atthe outcome Staff in Bank of Ireland were shocked workplace: I believe it is vitally important that Bank of Ireland. bonuses to an elite group within of paymentannouncement Bank the about of anger and frustration following the recent Dear Mr Molloy following terms: Over 1,500 Bank of Ireland staff wrote s lyl ad working loyal hard employee, a As register my to you writing to am I 6mlinhave66beenmillion paidanto may 2011 may SPECTRUM news share the burden. Thesebusiness arearethe only onesthe that have to same staff staffwho are vital tothe success ofthe to share the burden at this forcrucial everyone time. employed by Executive,Bank of Ireland Mr Boucher, that it paymentwas important of performance apayrelated freeze and more bonuses.importantly non- our pension arrangements, included Thesechanges to us. to costacceptance of made a number of sacrifices at significant We now discover that the majority of acceptedChief Weourview ofthe To this end, my colleagues and I have being used to pay executive bonuses.since the savings accruing toalso refusingthe Bankto work unpaidare overtime – executive elite have whilethose theforbeen paid.Bank– theheldby ing performance targets have beenhave with- been paid to ordinarythe staffgrounds forthat themeet- awards that should operation from performance thereviewsBank’s on behaviour – by withholding co- takenfurtheractions protestin against of all staff. is in a position to honourelite the entitlements group untilthat such no furthertime paymentsas Bank capacityare madeof asIrelandto Chairmanthis of thehave beenCourt paid. to Iinsist would urge you in your confidence in our business. working extremely hard towho build face customer the public on a daily basis and are ManyIBOA members in the Bank are ManyBank of Ireland staff have also outrageousis It thatthesebonuses Spectrum May 2011 Spectrum 16/05/2011 12:30 Page 43
workplace: news Breakthrough in Ulster? Ulster Bank members ballot on mediator’s recommendation on wide range of issues
BOA members in Ulster Bank are Icurrently ballloting on a wide- ranging recommendation from independent mediator, Mr. Martin King – covering a range of matters including pay for 2011, as well as a number of issues arising from the contentious 2009 contract offer. This is a significant development for all Ulster Bank staff represented by IBOA for collective bargaining.
The recommendation deals with: – Pay 2011; – Matters relating to contracts issued in 2009, subsequently, and those to be issued in the future; – Collective bargaining and legal cases; – Working hours and overtime payments; IBOA Ulster Bank Executive Committee – Pensions; `– A basis for resolving outstanding legal employed on new and old contracts being – Dublin allowance; cases. treated differently. – Holidays. Accordingly Mr. King suggested that The recommendation is intended to apply both sides should explore the potential to In summary Mr King recommends: in both Northern Ireland and the Republic resolve the totality of matters of difference – Revised 2011 contracts to be offered of Ireland. between them in a positive and constructive to staff who did not accept the 2009 The mediator’s report is a lengthy way – without prejudice to the legal cases
contracts to include: document and is available for members to pending between them. UNION FINANCE IBOA - THE – Payment for past and future PEF and download from the Union websites – While the two sides initially approached benefit funding; www.iboa.ie and www.iboa.org.uk. this suggestion with mixed views, positive – Pensionable pay limit to be applied The Union’s negotiating team in Ulster engagement took place under the mediator’s with effect from 1 January 2010 and Bank considers that Mr. King’s recommen- auspices – leading eventually to compro- in lieu of the accrual rate reduction dation marks a significant breakthrough in mises by both parties. (1/60ths to 1/80ths) applied in 2010; dealing with many of the issues arising Following a period of intense discussions – Changes to clauses in 2009 contracts from the 2009 contracts. IBOA’s Ulster Bank between the parties under Mr. King's and in subsequent contracts issued Executive Committee has put Mr. King’s guidance, the mediator indicated that and future contracts; report to a ballot of all members in Ulster sufficient progress had been made to en- – Pay 2011 payment based on a revised Bank with a positive recommendation. able him to issue a recommendation.
pay matrix; www.iboa.org.uk www.iboa.ie – Clarity around working hours for pres- Background Mediator's Recommendation ent and future employees; IBOA and Ulster Bank have been engaged Although Mr. King’s proposals are not – Clarity in respect of Dublin Allowance in negotiations about pay for 2011 since ideal for either the Union or the Bank, they entitlements; early this year. As part of the agreed process, represent significant progress – since they – Determination of overtime and holiday Martin King was engaged as an independent deal with the fundamental issue of the entitlements; mediator to help the parties to try to reach 2009 contract and the resulting difficulties. – Proposal for a collective settlement agreement. In the course of his work, Mr. In making his proposal, Mr King had agreement; King expressed serious concern that the access to the respective legal teams deal- – Re-enforcement of the procedural issue of the 2009 contracts was causing a ing with the various cases in both Northern agreement and recognition between difficulty for both sides, which went be- Ireland and the Republic which are being IBOA and Ulster Bank; and yond the matter of pay 2011 – with staff supported by the Union.
SPECTRUM 39 may 2011 pcrmMy21 Spectrum16/05/201112:30Page44 Spectrum May2011 40 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk workplace: below. eleven Partner Hotels listed the eleven Maldron Hotels orthe to availability). ratesFinance Union special The to offer membersofIBOA – Maldron Hotels isdelighted Restaurants andCafé Bars. access cuisineinStir andmodern meeting rooms, free internet clubs, spaciousguestrooms, hotels include ClubVitae warm hospitality. Hotels offering great value and complemented by eleven Partner an eleventh inCardiff, Wales. with Portlaoise and ick, Wexford – Galway,one eachinCork, Limer- five and inDublin nationwide – hospitality,Irish withten hotels Maldron Hotels isamajorforce in Special ratesSpecial for IBOA members This offer isavailable inany of The facilitiesat many ofour The Maldron Group isnow at 22 Maldron Hotels and Partner Hotels may 2011 may SPECTRUM leisure (subject news Maldron Hotel Portlaoise • Maldron Hotel Galway • Maldron Hotel Tallaght,• Maldron Dublin Hotel 24 Citywest,• Dublin 22 Maldron Hotel Cardiff Lane, • Maldron Hotel Smithfield, • Dublin 2(4*) Dublin 7 Dublin 1 Dublin arnellSquare, Maldron Hotel www.iboa.org.uk theIBOA websites at www.iboa.ie or The full list of rates can be accessed andSpaResort, HeritageGolf on • White’s of Wexford (4*) • Portlaoise HeritageHotel (4*) • Coast Diamond Hotel, • Killenard, Co.Laois (5*) Enniscrone, Sligo (4*) (4*) Leisure Resort andGolf Hotel,Citywest Conference, Clayton Hotel, Galway (4*) Castlebar Breaffy HouseResort, Clare Hotel Inn andSuites Shannon Oaks Hotel, Portumna Hotel Finnstown House Country Square, 1 Dublin Belvedere Hotel Parnell Maldron Hotel Cork Maldron Hotel Wexford Maldron Hotel Limerick Spectrum May 2011 Spectrum 16/05/2011 12:30 Page 45
workplace: news
The increase consists of two elements – a non-consolidated part which takes the form of a once-off cash payment; and a consolidated part which is pensionable and is either equal to or greater than the pay increase achieved in Northern Bank last year. IBOA Senior Industrial Relations Officer, Gerry Hanna, said that although these salary negotiations took place in an extremely difficult environment for the financial services sector, the Union had developed a very clear objective before entering talks with the Bank’s senior man- agement. “Our aim,” he said, “is to secure jobs within the banking industry National Irish Bank CEO, and to seek to improve the terms Andrew Healy and conditions of our members.” “With the strategic relationship agreement between IBOA and Talks proceed Northern Bank already under- pinning a significant commitment at National Irish to job security for our members,” Gerry Hanna explained, “the Union The Union is engaged in continuing sought to improve on the terms of talks with the senior management last year’s pay agreement which at National Irish Bank on rebuilding was overwhelmingly accepted by relationships after difficulties that our members.” arose last year over the Bank’s Northern Bank “The new pay offer – which the unilateral changes to the staff’s Union secured in talks with the pension arrangements. Bank’s senior management – met Following a recent meeting that objective,” said IBOA’s Danske between IBOA General Secretary, members back Group Officer, Robert Thompson. Larry Broderick, and NIB Chief “The Union’s Northern Bank Executive, Andrew Healy, the two Executive Committee, therefore, sides have engaged in wide-rang- 2011 pay deal recommended the terms for ing talks on a number of matters – acceptance in the ballot of our including the recent Labour Court Northern Bank members. UNION FINANCE IBOA - THE IBOA members in Northern Bank have voted by recommendation on the pensions “The scale of the response from issue as well as the Bank’s proposals a substantial margin to accept a pay offer – our members has been quite for changes in its policy on MCR secured by the Union’s Northern Bank negotiat- emphatic,” he added, “providing and a new procedural agreement ing team – which provides an overall increase of another decisive endorsement of the between IBOA and the Bank. between 3.25% and 5.5% for eligible staff. Union’s efforts.”
openInG HoUrS: The Club opens at 5:30pm from Isn’t it Monday-Friday. Belfast www.iboa.org.uk www.iboa.ie AVAILABLe For pArTIeS: Bankers’ time you Available for parties on request (any day). There is no charge for parties and room booking. Club joined Please phone 02890-382866 any time after 5.30pm (Monday-Friday) or 31 Malone Road e-mail: bankers.club@ntlbusiness the club? .com Belfast Bt9 6Ru
SPECTRUM 41 may 2011 pcrmMy21 Spectrum16/05/201112:30Page46 Spectrum May2011 42 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk to IBM contract of BOI IT transfer reached on Agreement workplace: are honoured in full. terms of the transferdetermined toagreement ensure that remains Uniontransfer, the the problems have arisen since the contract in Ireland HP. of Bank the on ing a ballot of the memberstransfer work- were then endorsed in naughton, SC. pendent mediator, Mark inde- auspicesCon- theunder of were involved were – finalised where around 200 employees transferring – HP stafffrom behalf of the largest group of by the Union, negotiationsthe on transfer terms negotiated Serviceshad voted toaccept and Bank of Ireland Securities Bank of Ireland Global Management, AssetIreland Markets subsidiary, of Bank HP CDS, contract to IBM. decisiontoaward amajor IT following the Bank of onIreland’s the transfer of staff toIBOA IBM and a protractednumber between talksin of employersAgreement was finally reached hl sm teething some While the for terms final The While a number staff in HP members/otherservices Check out either of the IBOA websites on hotel breaks throughout Ireland. Special discounts are available for IBOA members on TAKE A BREAK offers currently available to IBOAotherservices members. may 2011 may SPECTRUM forfurther information onthespecial or www.iboa.org.uk/members/ books across to Permanent deposit transfer INBS theto TSB on behalf of the State,ment Agency decided(NTMA), acting the National Treasury tiationManage- were abandoned whentimely consultation and nego- Building Nationwide Society. Irish in staff were Ireland of Republic viousadministration inthe thefinal weeks ofthepre- in introduced legislation fall victim to the emergency financialsector workers to groupsfirstof the of One Irish Nationwide members IBOA secures benefits for Theestablished norms of news www.iboa.ie/ last-minute bargaining some with following – thought treated as weremore than staff transferring an after-the to ensure that the interests of transferred across to AIB. and accompanying staffthe Anglo were – Irish deposit book – the other. assetsfrom one institution to throughthe rapid transfer of relations machinery in circuitedpushing the normal effectivelyindustrial short- NTMA the Institutions(Stabilisation) Act, powers contained in the Credit in servicing them. hadpreviously been engaged andwith them, the staff who However,IBOAmanaged A similar situation arose as Relying on the emergency annual salary. theequivalent of2.75 years’ at capped is payment sum entitlements).The total lump of service (inclusive7.25 of weeks’ statutory pay for each year of sum lump provides a for redundancy voluntary a programme to access have which structure of the Bank. impending re- the of terms PermanentTSBcolleagues in parityof treatment with their IrishNationwide have secured theseobjectives. Members in nel into the organisation. thetransfer of byAnglo Irish affected person- adversely tions of AIB staff woulding thatnot thebe terms and condi- whileat the same time insist- trans-ferring to Permanentloss ofTSB rights or entitlementsINBS staff in would notlarly suffer concerned any to ensure that LarryBroderick, wasparticu- the relevant institutions. managements senior in the Thetransferring staff also General Union Secretary, The Union achieved both of Spectrum May 2011 Spectrum 16/05/2011 12:30 Page 47 IBOA - THE FINANCE UNION FINANCE IBOA - THE w.bai www.iboa.org.uk www.iboa.ie
SPECTRUM 43 may 2011 Spectrum May 2011 Spectrum 16/05/2011 12:30 Page 48
life: style The news we’ve all been waiting for: Eat chocolate and live an extra year!
id you know that a couple of squares of Dgood-quality dark chocolate contain nearly four times the antioxidants of a plum or a handful of Brussels sprouts? writes Anthea Gerrie. Here is the latest research on the health benefits of chocolates with 70% cocoa solids or higher.
For your heart… Forget love… Research undertaken at the Univer- I'd rather fall sity of Aberdeen shows that fla- in chocolate! vanols, a form of antioxidant present in chocolate with a high of chocolate could have as power- ingredient – procyanidins – was cocoa mass, help prevent the acti- ful an anti-clotting effect on the credited with the same effect in vation of platelets in the blood, blood as taking aspirin. animal studies. which contribute to heart disease. Another study conducted in For your brain… For stress control… Dusseldorf and at the University of Chocolate is one of the richest Eating 40 grams of dark chocolate California at Davis suggests con- sources of magnesium – a mineral every day for two weeks reduces sumption of flavanols can reverse essential for brain health, according stress hormones in those with some of the artery damage caused to the Journal of Medicinal Food. moderate to high anxiety, accord- by smoking. Research at Cornell University ing to a study published in the And last year Professor Carl in New York also found it contains American Chemical Society’s Keen of the University of California an antioxidant called epicatechin that Journal of Proteome Research. reported that eating small amounts may protect against the amyloid plaques which cause Alzheimer’s And for longevity… and other brain diseases. A study of nearly 8,000 Harvard Research at the Wheeling graduates conducted over 18 years Jesuit University in West Virginia revealed that those who ate suggests chocolate can also boost chocolate lived almost a year memory, attention span, reaction longer than those who did not. time and problem-solving skills by The bad news is they were all increasing blood flow to the brain. men – certain benefits of chocolate are believed to be more effective www.iboa.ie www.iboa.org.uk For your immune system… on males than females, for reasons A Japanese study published in the no scientist has yet figured out. British Journal of Cancer last year A summary of the health states phenolics – naturally occur- benefits of good chocolate and a ring antioxidants found in choco- list of published scientific studies late – boost the immune system. can be found in The Chocolate Another 2009 report by the Therapist by Julie Pech. Cancer Research Society of Hawaii notes that a further distinctive Anthea Gerrie/The Interview People IBOA - THE FINANCE UNION 44 SPECTRUM may 2011 Spectrum May 2011 Spectrum 16/05/2011 12:30 Page 49
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flick: pick A Norse of a different colour
“Whatever it is, I’m against it!,” sang Quincy Adams Wagstaff (aka Groucho Marx) in the comedy, Horse Feathers. But for some people, it is the mantra they live by – like the members of the so-called Council of Conservative Citizens, based in Minnesota, who have urged a boycott of Kenneth Branagh’s new movie, Thor, because one of the mythological Norse gods is played by British actor, Idris Elba, who is black. The film is based on the Marvel comic series – which is in turn inspired by Norse mythology. The key words in that sentence are “comic” and “mythology.” The three missing words are “factual,” “historical” and “documentary.” Nonetheless, the Council of Conservative Citizens has taken exception to the casting of Idris Chris Hemsworth Elba – one of the stars of the US as Thor. hit television series, The Wire, as Heimdall – the Marvel Comics character based loosely on the
Norse god, Heimdallr. Idris Elba as Heimdall in Thor. UNION FINANCE IBOA - THE Of course, Marvel Comics had already taken many liberties with Norse mythology in developing the Thor series – which is principally set in modern America as Thor must live among mortals to regain favour with his father, Odin the ruler of Asgard, the home of the gods. Natalie Portman in Branagh’s film adaptation takes Thor. a few more liberties by abandoning
Thor’s secret identity which was an www.iboa.org.uk www.iboa.ie integral part of the storyline in the comic series. By dispensing with BELFAST the secret identity, Branagh can exploit the comedic potential of a divine “fish out of water.” Virtually half-price tickets Despite his classical Shake- spearean pedigree, Branagh gets Adult ticket: £3 into the comic-book spirit of tongue -in-cheek escapism to produce a To purchase your tickets Anthony Hopkins jolly romp, unless of course you are Kenneth Branagh, contact IBOA @ 02890-200130 in Thor. a pedant, a racist or both! director of Thor.
SPECTRUM 47 may 2011 Spectrum May 2011 Spectrum 16/05/2011 12:30 Page 52
stage: right Shaw fire hit for Abbey
It is almost inconceivable that in the xxxx years since George Bernard Shaw wrote Pygmalion, it has never been performed at Dublin’s Abbey Theatre. But it has been well worth the wait – because Annabelle Comyn’s production of the classic is quite stunning in many respects – not least, the all-round performance of Charlie Murphy in the central role of Eliza Doolittle. Charlie Murphy as Eliza Doolittle in George Bernard Shaw’s ‘Pygmalion’ at Dublin’s The storyline is familiar to most people Abbey Theatre. - having popularised through the musical, My Fair Lady, and especially its film version class, gender and the obsession with assumptions that underpin and sustain with Audrey Hepburn and Rex Harrison. appearances – in which a stuffy and them – with the victims often complicit in It may also be cited as the inspiration pedantic phoneticist, Henry Higgins their own exploitation by accepting the behind another morality tale which turns (Risteárd Cooper) bets his colleague, very narrow constraints within which they on a wager – Trading Places with Eddie Colonel Pickering (Nick Dunning) that he are expected to exist. Murphy and Dan Aykroyd. can transform a lowly Covent Garden The play’s core message about the But with another alleged rags-to-riches flower girl into a duchess. deceptiveness of appearances is also very – or rather commoner-to-royal – romance The experiment not only reveals a relevant in the wake of our illusory boom – capturing the imagination of the world’s callous disregard by the two “scientists” in which many of the so-called great and media – if not all of the world’s citizens – for its emotional and psychological impact good in our society who have been celebrated the Abbey seems to have chosen to tap on his ‘guinea pig,’ it also provides many in an increasingly vacuous media – have into the public mood to mount its first opportunities for Shaw to explore various turned out to be far less deserving of respect production of the classic Shaw satire on social stereotypes and the quite ludicrous and praise.
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music: maestro
Paul Simon’s best work in decades? So Beautiful or So What
aul Simon’s new album, Veteran virtuoso – PSo Beautiful or So What, Paul Simon: still is his best work in decades, amazing after all or so he believes himself. these years! With a lengthy back catalogue of staggering quality, which has included two Grammys for “Record of the Year” and three for “Album of the Year,” that is quite a claim. In fact, the 69-year-old New Yorker who tours these islands in June may now only be reaching his prime. Catch him in Co-produced with Phil Ramone, Dublin (June 20), So Beautiful or So What is his first Cork (June 21), album of original material for five Nottingham (June years. The opening track is Getting 23), Glasgow (June Ready For Christmas Day, a stomp- 24), Bournemouth ing folk-rock piece with a clattering (June 27), London movement in the US and desperate joke, Simon imagines God behind melody and lyrics which include Hammersmith setback of Martin Luther King’s the wheel of a brand new, pre- lines from a Christmas sermon by (June 28), Birming- assassination: owned '96 Ford and frustrated at the Reverend J. M. Gates. ham (June 20) and Dr. King has just been shot/ the absence of good pop music In the title track he recalls the Manchester (July And the sirens’ long melody/Singing stations on the radio any more. tortured struggle of the civil rights 3). ‘Savior Pass Me Not In Questions For The Angels Ain’t it strange the way we’re Simon wonders If every human on ignorant/How we seek out bad the planet and all the buildings on advice/How we jigger it and figure it/Should disappear/Would a zebra
it/Mistaking value for the price grazing in the African Savannah/Care UNION FINANCE IBOA - THE Special Offer for In The Afterlife,Simon heads off enough to shed one zebra tear? In to meet his maker but encounters a his reflections on how humanity bureaucratic kind of paradise, while has lost its way emerges the image Dazzling Blue is a thoughtful love of a homeless “pilgrim” in Brooklyn IBOA Members song about a mature relationship. passing a billboard that catches his Another song of relationships, eye: It's Jay-Z/He's got a kid on each Love and Hard Times opens with knee/He's wearing clothes that he an unlikely prelude as God and his one wants us to try. son paid a courtesy call on earth, The centerpiece of the album is as Simon describes God and Jesus the title track, a country-tinged song
on a father-and-son excursion in which reflects on America’s recent www.iboa.org.uk www.iboa.ie which the restless older deity hurries history recalling the assasination of the younger along because there Martin Luther King and then read- are galaxies yet to be born, before ing bedtime stories to his children: ¤ dismissing the human race as slobs. “Will it have a happy ending? Maybe 1 off every CD you On the blues Love Is Eternal yeah, maybe not/I tell them life is Sacred Light, Simon again reflects what you make it.” buy when you visit on the divine being – this time as This is a beautifully arranged all-knowing but with a rather mis- album – though the pace may be understood sense of humour. more measured with age, Simon’s www.cdwow.ie/iboa Besides suggesting that the “big instinctive musicality and wordplay bang” was part of an elaborate is undminished.
SPECTRUM 49 may 2011 pcrmMy21 Spectrum16/05/201112:30Page54 Spectrum May2011 50 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk idea: era of traditional banking.dardsthat applied during the day-to-daypractices and stan- the backdrop ofagainst the statetheofbanking industry Fullam, considers current the Retiredbank official, Brendan opinion.html html or www.iboa.org.uk/media/atwww.iboa.ie/media/opinion. on Ireland
CHAPTERS
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discount on the IBOA websites log Reflections Paula Geraghty). IBOA in House lecture (Photo:time recentthelunch- LarryBroderick at General IBOA Secretary, and tion, UnionConfedera- Trade European economist Janssen, withRonald the with (left),Begg David Secretary, Congress General incomepolicies that support maximum and minimum income Onethresholds’.of these was to‘Achieve This second greaterevent will income equality ducingand reduce incomepoverty through inequality.wage, tax and Claiming At ourour Futurefirst eventis organising in the itsRDS secondlast nationalOctober discussionwe identified for peopleeight topolicy share priorities.their ideas on re- debate how we could make progress on this policy goal. Our second national discussion aims to: • • • The event will involve discussion on the principles that could guide our approach to income equality, on the income tax and welfare policies that could be implemented to reduce income inequality and on the local action that could be taken to make progress on this issue. Share information, knowledge and perspectives on income inequality and strategies to address this issue. Stimulate and support ongoing work and campaigns across the country to debate this issue and to build support for policies to reduce income inequality. Identify a small number of demands that could be made to lever some political engagement with the challenge of income inequality. ‘Reducing Income Inequality’ Bailey Allen Hall, N.U.I. Galway Saturday 28th May 2011. 11.00am to 17.30pm Registration from 10.00 am. CLAIMING OUR FUTURE IDEAS For more information log on to www.claimingourfuture.ie/ negative consequences for further jobs.demandwith major even Ultimately collectively. it bargain will to depressworkers domestic reduceinequality or of theaccount right of inflation, of of the need to federation (ETUC). of the European Trade Unionwages, accordingCon- to drive toRonaldcuts down private Janssen sector onlyandusing public sector pay pay rises conditionaltralising negotiations, on productivitybymaking suppress and control wage to increases Europe across by decen- A co-ordinated move is under way Race to bottom across EU hs eeomn tks no development takes This House recently. an ICTU lunchtime lecture in IBOA social inequality. inclusion of mechanisms thebottomto prioritiseandto reducethe Europeagainst anysuchrace to wagesand working conditions in anumber of clauses to safeguard pay cut each year in real terms.theyhavebeen forced taketoa failedto keep pace with inflation, AsGerman workers’ wages have the last decade totoexport theGermany’s rest pay ofpolicy Europe.for The ETUC is seeking to include This approach is in effect trying The ETUC economist was giving IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk 51 may 2011 SPECTRUM & their families for IBOA for members
For more information, check the IBOA websites: IBOA the check information, more For
your IBOA membership number to access the website. the access to number membership IBOA your These offers are exclusive to IBOA members – so you’ll need – you’ll so members IBOA to exclusive are offers These www.iboa.ie/members/otherservices/iboaplusdiscount.html or www.iboa.ie/members/otherservices/iboaplusdiscount.html www.iboa.org.uk/members/otherservices/iboaplusdiscount.html Great savinGs Great 10% off glasses, contact lenses and designer sunglasses, plus FREE eye test eye FREE plus sunglasses, designer and lenses contact lenses) glasses, off varifocal 10% and bifocal credit (including glasses interest-free of months pair credit 10 2nd plus FREE interest-free consultation, FREE months 10 surgery, plus eye laser off 10% consultation, FREE treatment, cosmetic off 10% • • • • • Spectrum May 2011 May Spectrum 55 Page 12:30 16/05/2011 Spectrum Spectrum May 2011 Spectrum 16/05/2011 12:31 Page 56 www.iboa.ie www.iboa.org.ukJ39 IBOA - THE FINANCE UNION 52 Spectrum May 2011 Spectrum 16/05/2011 12:31 Page 57
book: worm
or all its unparalleled difficulties in the housing market Fsuccess in the financial that led to the global meltdown. services sector worldwide, “They didn’t create the bubble Goldman Sachs is probably but they made things a whole lot now one of the most reviled worse,” says Cohan. banks in America – which is So all the while the bank con- tinued to sell mortgage-backed unusual in a country which securities to investors, Goldman generally lauds and applauds traders were receiving commissions success. from other clients to bet against Despite coming out of the the housing market. current financial crisis with the This double-dealing not only healthiest financial returns, Goldman soured relations with its clients is labouring under an extremely but also led to calls for the bank tarnished public image. to be investigated by the Justice This contradiction is explored in Department for selling financial a new book by William Cohan, called products that its own bankers de- Money and Power: How Goldman scribed as “shitty.” The fact that Sachs came to rule the world. Goldman was richly rewarded in Once a model of ruthless billions for betting that the efficiency, Goldman Sachs had a American property market would matchless reputation as the world’s collapse – while some of its premier investment bank – whose biggest clients, like Bear Stearns, executives were not only sought Lehman Brothers and AIG crashed out to advise the rich and famous – has only served to inflame the on five continents – but also filled sense of public outrage. very senior roles in the US Treasury Goldman’s Chief Executive, Department on a continuous basis. Lloyd Blankfein, appears to find Goldman was the marquee the uproar difficult to understand – brand –and everyone, it seems, had adopting what Cohan describes to share in the hype. However, according to Cohan, as a “disingenuous” position. Goldman has no secret formula – “The political environment means even though the Sumitomo Bank that they would rather appear to of Japan offered $500m in 1987 be dumb and stupid than to be just to be a “sleeping partner, with have been smarter than everyone no votes and just to learn.” else,” says Cohan. The vicious power struggles So even though Blankfein has and operational gaffes he describes become a pantomime villain for are not so far removed from the the American public and Gold- narratives in his earlier books on man’s reputation is severely dam-
Bear Stearns and Lazard. But the aged, Cohan believes that the UNION FINANCE IBOA - THE Goldman mystique enabled the bank will continue to prosper – Bank to cherry-pick talented staff not least because many of its and reward them accordingy. “No rivals have been so hamstrung or wonder they believe their own bull- even destroyed completely as a Lip-synching result of the financial crisis – shit,” Cohan observes dryly. Until the most recent financial which Goldman, itself, helped to crisis, that belief was shared by fuel and from which it, too, had many others. However, the sub- capitalism to be rescued in 2008 – partly by prime mortgage crisis marked a the plutocrat, Warren Buffet, and crucial turning point. Almost at a partly by the US Treasury. stroke Goldman Sachs was trans- Goldman Sachs – no longer During a row over the excess- www.iboa.org.uk www.iboa.ie formed into the poster boys for the ively lucrative rewards being paid deceitful double-dealing that to senior figures in some of the placed the pursuit of short-term loved but still prospering! US banks which had received gain before ethics and integrity. taxpayer support, Lloyd Blankfein Throughout its 150-year history Goldman Sachs This approach ran into major denied that Goldman had ever Goldmans has always tried to be Chief Executive, difficulties when Goldman tried to needed State aid. on both sides of a deal – by, for Lloyd Blankfein market assets – backed by “toxic” In an angry retort, President example, advising a company on a (above) and the sub-prime mortgages – to its clients Obama is reputed to have snapped: share or bond issue while at the Goldman Tower while at the same time effectively “these guys want to be paid like same time advising pension funds in New York. betting that these assets would go rock stars when all they’re doing on buying the same shares or bonds. bad – thereby exacerbating the is lip-synching capitalism.”
SPECTRUM 53 may 2011 Spectrum May 2011 Spectrum 16/05/2011 12:31 Page 58 www.iboa.ie www.iboa.org.ukJ39 IBOA - THE FINANCE UNION 54 SPECTRUM may 2011 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk 55 quiz may 2011 7 4 super: SPECTRUM on all products all on 6 3 PHARMACIES IBOA members IBOA 30 will be awarded to the sender of the first correct entry drawn from our post our from drawn entry correct first the of sender the to awarded be will 30 ¤ 5 2 HICKEY’S HICKEY’S (excluding medicines and prescriptions) and medicines (excluding 30 will be awarded to the first entry drawn from our post bag after the closing date. closing the after bag post our from drawn entry first the to awarded be will 30
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A prize of of prize A PictureBoard Use the first letter of the surnames of each of the people pictured to spell out the surname of a Canadian film director and director film Canadian a of surname the out spell to pictured people the of each of surnames the of letter of first prize the A Use politician. British prominent bag on June 30, 2011. The winner of the last Picture Board quiz was Catherine Doherty of Dundalk, Co. Louth. The Louth. Co. Dundalk, of Doherty Catherine was quiz Board Picture last the of winner The 2011. 30, June on bag Beckham. was answer Spectrum May 2011 May Spectrum 59 Page 12:31 16/05/2011 Spectrum Spectrum May 2011 Spectrum 16/05/2011 12:31 Page 60
super: quiz PRIZE CROSSWORD
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Name...... Union No......
Address ......
Previous solution ...... Across: 1.Breakdown; 6. Truck; 9. Acorn; 10. Symposium; 11. Rain Forest; 12. Once; 14. Finesse; 15. Scandal; 17. Believe; 19. Anarchy; 20. Inch; 22. Sterilised; Employer...... Branch/Dept...... 25. Apertures; 26. No Use; 27. Eager; 28. Discarded. A prize of ¤50 will be given to the sender of the first correct Down: 1. Blair; 2. Emotional; 3. Kingfisher; 4. Observe; 5. Nemesis; 6. Thor; 7. entry drawn from our post bag on June 30, 2011. Entries Union; 8. Kimberley; 13. Casablanca; 14. Fabricate; 16. Dachshund; 18. Entered; should be sent to Crossword, Spectrum, IBOA – The Finance 19. Arrests; 21. Clegg; 23. Dread; 24. Star. Union, IBOA House, Stephen Street Upper, Dublin 8. A The winning entry for the prize crossword competition in the last issue was photocopy of the grid is acceptable if you prefer not to cut up submitted by Maria Murray of Ballycullen Road, Dublin 24. the magazine. www.iboa.ie www.iboa.org.uk
10% discount on any mobile phone* or mobile accessory for IBOA members in the Republic of Ireland. *except the Apple i-Phone IBOA - THE FINANCE UNION 56 SPECTRUM may 2011 Spectrum May 2011 Spectrum 16/05/2011 12:31 Page 61
super: quiz
3482 SUDOKU 76 85 Challenge 7 1 13872
A prize of ¤30 will be awarded to the sender of the first correct 64 entry drawn from our post bag on June 30, 2011. In order to complete the puzzle, insert the figures 1 to 9 in 56 389 the grid. No number may appear twice in any row or column of the same 9x9 grid or in any of the 3x3 subsections within 87 the grid. 8 All entries should be sent to Sudoku, Spectrum, IBOA – 25 1 The Finance Union, IBOA House, Stephen Street Upper, 8357 Dublin 8. You can submit your entry on a photo copy of the grid will be acceptable – if you would prefer not to cut up the Name...... Union No: ...... magazine. The winning entry for the Sudoku Challenge in the last Address ...... issue was submitted by David Wilson of Belfast...... A prize of ¤30 will be awarded to the first entry drawn from our post bag after the closing date. Employer...... Branch/Dept......
You don’t UNION FINANCE IBOA - THE Inspired physicist and inspiring teacher, have to be Albert Einstein was also a trade unionist. a genius He was a founder member of Local w.bai www.iboa.org.uk www.iboa.ie (Branch) 552 of the to work American Federation of Teachers at Princeton University. it out! I’M BETTER OFF ALTOGETHER! IBOA – the Finance Union
SPECTRUM 57 may 2011 Spectrum May 2011 Spectrum 16/05/2011 12:31 Page 62
ultra: violet with STEPHEN MALONE
Crash machines The devastation wrought on the Bank of Ireland Branch in Tinahely, Co. Wicklow, after a bungled attempt to extract the con- tents of its ATM is further evidence of the fact that even supposedly foolproof plans can go spectacularly wrong. Since their introduction, ATMs seem to have been particularly attractive for would- be thieves – maybe because they think that taking on inanimate objects is easier than confronting real human beings in order to get their hands on the cash. But, of course, the human element remains – in the shape of the thieves, themselves, who are often well able to frustrate their own best laid plans. Like the robbers in Sydney, Australia, Now that really is a hole in the wall!: The aftermath of an attempted robbery of an who attached the chains of their tow truck ATM machine from the Bank of Ireland Branch in Tinahely, Co. Wicklow (Photo: to an ATM machine at a service station to Michael Kelly). drag it out of its wall mounting. They con- tinued to drag the ATM behind the truck forgotten his ATM card and doesn’t have as they made their getaway – until the Living on the hedge any cash. resulting friction caused the ATM to burst What do you say to a hedge fund manager Approving the loan, the bank manager into flames. The ATM was abandoned – who can’t short-sell anything? adds: “You’ll have to leave your Porsche with the cash still inside. Quarter pounder with fries please. here with us as collateral.” The man agrees. Meanwhile thieves in East Kilbride in At the end of the week, he returns Scotland managed to avoid the flames the ¤1,000 loan along with an interest when they used a tow truck to wrench an payment of ¤4 for a short-term loan plus ATM from a bank. They actually managed A loan at last processing. to get the machine onto the flat bed of the A man drives into town in an expensive Curious, the banker asks why he didn't vehicle. But as the driver hit the accelerator car and goes to a bank to request a loan just get a wire transfer. The man replies: to make a quick getaway, the ATM fell off of ¤1000, He needs the money, he says, “Where else could I park my car for a week the back of the truck into the road. because he is in town for a week, has for ¤4?” SPECSAPPEAL FORIBOAMEMBERS
¤30 off glasses from the ¤149 range or above
www.iboa.ie www.iboa.org.ukJ39 in the Irish Republic
£20 off glasses from the £99 range or above in Great Britain and Northern Ireland
To receive your SpecSavers discount voucher, call 0(0-353-)1-4755908 or 0(0-44-)2890-200130. IBOA - THE FINANCE UNION 58 SPECTRUM may 2011 Spectrum May 2011 Spectrum 16/05/2011 12:31 Page 63
with STEPHEN MALONE ultra: violet
Potted history The story of the Irish banking crisis in WANTED: four and a half minutes – that's the aim of a new video available on YouTube inspired by the IBOA poster of the Usual FOR IMPERSONATING BANKERS Suspects – which featured in the last issue of Spectrum and was also prominent on the Irish Congress of Trade Unions march in Dublin last November. Based mainly on RTE news footage from the last couple of years, The Usual Suspects is set to Coldplay’s Viva La Vida with its recurring refrain: “Never an honest word – but that was when I ruled the world” – an appropriate summary of the actions of many of the players in the crisis which included regulators and politicians as well as banking chiefs. Among the highlights of this montage is footage of Seán Fitzpatrick bristling with arrogance and blissfully unware of his impending comeuppance. Patrick Neary's boastful – and quite deliberately misleading – confirmation of the good health of the Irish banking system shortly after the State guarantee and shortly before the nationalisation of Anglo is another moment of supreme irony. The film’s epilogue – recalling an IMF peacefully grazing flock and calmly report on the Irish financial sector in 2006 And finally… answered: “Sure.” – demonstrates that even the Chopra-led A shepherd was herding his flock in a The yuppie parked his car, whipped fire brigade, which was called in to deal remote pasture when suddenly a brand- out his ThinkPad and connected it to a cell with the consequences of Ireland’s over- new BMW advanced out of the dust cloud phone, then he surfed to a NASA page on heated economy, had previously provided towards him. The driver, a young man in the internet where he called up a GPS their own fuel for the flames by endorsing an Armani suit, Gucci shoes, RayBan satellite navigation system, scanned the the consensus which had promoted the shades and a YSL tie, leaned out the area, and then opened up a database and boom. window and asked the shepherd: “If I tell a spreadsheet with complex formulas. The clip can be viewed at http://www. you exactly how many sheep you have in He sent an email on his Blackberry and,
youtube.com/watch?v=aQERp0UoGaM your flock, will you give me one?” after a few minutes, received a response. UNION FINANCE IBOA - THE or alternatively you can log on to YouTube The shepherd looked at the man, Finally, he printed out a 130-page and search for suspectflix. obviously a yuppie, then looked at his report on his miniaturized printer then turned to the shepherd and said: “You have exactly 1586 sheep.” “That is correct. Take one of the sheep.” 10% off all products said the shepherd. He watched as the young man selected one of the animals purchased in the and bundled it into his car. Republic of Then the shepherd said: “If I can tell you exactly what your business is, will you Ireland or give me back my animal?” “OK, why not.” www.iboa.org.uk www.iboa.ie the young man replied. “Clearly,” said the Northern Ireland shepherd, “you are a business consultant.” “That’s correct.” replied the yuppie, “but on presentation how did you guess that?” “Well,” said the shepherd. “You turned of your IBOA up here although nobody called you. You membership demanded payment for telling me something I already knew, in answer to a card in store. question I never asked, and you know crap about my business…... Now give me back my dog!”
SPECTRUM 59 may 2011 Spectrum May 2011 Spectrum 16/05/2011 12:31 Page 64
NOW more than ever it’s time to STEP up!
During this crucial time for the future of the financial services sector, it is essential that staff are well represented locally as well as nationally.
Elections for District Secretaries and workplace representatives are due to take place next month.
Nominations close at 5pm on Tuesday, June 7.
For more information, check out the Union websites: www.iboa.ie or www.iboa.org.uk YOU are the Union!