DECEMBER 2010 The bleak

midwinter

BUDGETS • BAIL-OUTS • BLIZZARDS

infra: red

SHORTCUTS SHORTCUTS Art for art’s sake • £1.5m File corruption wreaks award to banker • Euro havoc at Australian title for Deutsche Bank • Former RBS directors chief • escape sanction • NEWSFOCUS CULTURESHIFT boss steps down • to the world Financial aid package to From best case to basket case: How did it all go Facebook post leads to impose major cost on wrong? dismissal banking sector 4-5 6-7 8 9-12

CULTURE CULTURE SAFETY SHIFT SHIFT FEATURE MCR: Union seeks talks Excessive executive pay – Heartaches • Play safe! with Central Bank a concern to Central Bank Work safe! • Austerity will lead to more working IBOANEWS wounded • Lack of There is a better, fairer way! safety inspections 14 16 18-19 20

HOUSECALLS EUNION YOUTHNEWS Close encounters of IBOA-TV: a new departure educ8-instig8-activ8 the Santa kind • Area

www.iboa.ie www.iboa.org.uk • Keeping us informed meetings • Pensioners’ Committee Biennial SPORTSSOCIAL Meeting Bankers’ Club • Irish Bankers’ Club Draw 21 22 23 24 The QuarTerly Magazine froM iBoa – The finance union IBOA - THE FINANCE UNION 2 SPECTRUM december 2010

infra: red

SPORTSSOCIAL WORKPLACE WORKPLACE WORKPLACE WORKPLACE Happy famillies at Belfast NEWS NEWS NEWS NEWS Zoo • Pantomimes IBOA refers NIB Union secures full payment seeks to Mediated talks follow 24- changes to Labour Court of promotion increases • raise more capital • BOI hour strike at HP CDS MCR issue goes to Labour announces job cuts in Court • Health & safety & Britain 26-27 28 29 30 31

WORKPLACE WORKPLACE LIFESTYLE FLICKPICK MUSIC NEWS NEWS The Gift of Life Angelina and Johnny in IBOA seeks greater clarity Talks continue over The Tourist Cool as Fire! • Elvis about AIB’s future • Bonus transfer of BOI IT lives! row distresses AIB staff • contract to IBM • INBS Talks continue with AIB set to merge with Anglo? management

32-33 34-35 36-37 39 40 UNION FINANCE IBOA - THE

Spectrum is published by IBOA – The Finance Union, IBOA House, Stephen Street Upper, 8 and 29, Malone Road, Belfast. BT9 6RU. Telephone: 00353-1-4755908 and BOOKWORM SPORTSLIFE ULTRAVIOLET 0044-28-90200130 www.iboa.org.uk www.iboa.ie Too big too fail • Living IRFU’s wishful thinking Breaking • Botoxi- [email protected] www.iboa.ie www.iboa.org.uk Dolls: Free to choose fication • A chip off the General Secretary: Larry Broderick (from a limited menu) old block • New bank IBOAQUIZZES Honorary Secretary: Tommy Kennedy policies • Rising sum • Prize crossword•Picture Communications Manager: Séamas Sheils board • Sudoku challenge Bankrupt banker • And finally… Advertising enquiries to Anna O’Doherty or 41 42-45 46-47 Louise O’Donnell in IBOA House. Spectrum is printed on recycled paper and wrapped for posting in oxy-degradable poly - SeaSonS greetingS to all our readerS thene at W & G Baird, Antrim, Northern Ireland.

SPECTRUM 3 december 2010 4 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk

be paid £656,104 in compensa- salary. morethantimes18 herbasic tionfor loss of future earnings direct result of a her redundancy asmaternity for chosen discrimination becauseshe was that Ms. Denysenko tribunal Easthad ruled in suffered tested the case, an employment in the role. peoplewere no longer needed DenysenkoMs. two told was together for seven months beforeing her position was still there.found that the colleague thecover-birth herofdaughter, she president with Creditvice-acamework backasto Suisse after tribunal. employmentrecently an by leave was awardedworkfrommaternity to ing made £1.5 million was redundant who shortly bankerafter return- London-basedA investment maternity leave on return from banker sacked awards £1.5m to London tribunal short: further£900,000 tocover lost andinjury withtoa feelings – redundancy package. bonuses,wages for one and a quarter years and an enhanced Thetribunal ruled that she Although Credit Suisse con- The two continued to work Denysenko Oksana When Thetotal award equates to Oksana Denysenko december 2010 december SPECTRUM

cuts At last Anglo-Irish shares are finally Art for art’s sake worth something in artwork worthless share certificates his with bar distressed beside a investor sitting at him. TheAnglo artwork,Irish theBank Shareholder, of print free a received each responseto the artist’s appeal earlier this year, Frank O'Dea. Dublin-based recently by art artist, ofwork of their value since they werepeaked incorporated at E17, appear in a to Worthlesshave recovered Anglo Irishsome Bank shares, which once nl investors, Anglo donated shares who in

or accessorymobile for IBOA members 10% discount on any mobile phone* in the of Republic Ireland. *except the Apple i-Phone showinga oneBay recently attracted bida of which is continuing to rise in value,” he said. Frank O’Dea. worthless,” werethought commented they staggering increase of 1,106%. € originally sold by a Dublin gallery last August for oee, n pit fee fr auction for offered print However, one “I’mdelighted haveturnedtointoart it shares their me gave who people "The were prints 35 of edition limited The 19.71. € 218 –a

short: cuts

Barclays Facebook Ireland chief post leads steps down to dismissal The managing director of for RBS Barclays Bank Ireland plc, John O'Connor, has stepped down after two-and-a-half years in worker the position “to pursue other interests.” An employee of Royal Bank of Responding to the news, Scotland was sacked without a spokesman for the Bank said compensation recently after a that Barclays remains “com- co-worker told her boss about mitted” to its Irish operation – posts she had made on Face- which employs around 120 book. people, mainly in corporate When the Bank announced banking, wealth manage- in September that it was to cut ment and the group’s invest- 3,500 jobs, Kate Furlong sus- ment banking arm, Barclays pected she would be one of Capital. those to be laid off. John O’Connor, who also She outlined her suspicions worked for UBS, Fortis and rather exuberantly on Face- book, as follows: Bank of Ireland before joining “I speak for myself when I Barclays Ireland, called for a say ‘WoOOOOooooOooooHO return to the basics of banking oooOooOoo’ it was pretty damn last year. obvious something like this “Will we go back to boring European Banker of the Year 2010 is Deustche Bank Chief Executive, Josef Ackermann. was coming. I'm neither stupid banking? Well, what I ask is nor naive… and quite honestly boring banking? Is boring it is the best news ever as far banking doing what you should as I am concerned!” have been doing all along? Deutsche Bank boss “It was not unexpected. “Is that boring banking? I’ve just hung on by my finger- Maybe we should drop the tips to stick around long enough ‘boring’ and just call it bank- wins controversial for a nice pay-out when they ing,” declared O’Connor. could’ve had me out long ago without a penny! More fool UNION FINANCE IBOA - THE European title them! Haha! Xx.” After a work colleague TAKE A Deutsche Bank CEO, Josef Ackermann, has been named reported her, the Bank re- ‘European Banker of the Year’ by a panel of economic sponded by ordering her to BREAK journalists who praised his leadership of Deutsche Bank appear at a disciplinary hear- during troubled times. ing, where she was sacked Special discounts are avail- That view may not be pean Central Bank and Jean- without compensation. shared by the 20,000 staff cut Claude Juncker, Prime Minister She's now suing for unfair able for IBOA members on dismissal. hotel breaks throughout from Deustche Bank since of Luxembourg, along with Ireland. Ackermann became Deutsche Peter Wuffli of UBS who was www.iboa.org.uk www.iboa.ie Bank’s first non-German chief ousted as CEO for excessive executive officer in 2006. Indeed risk-taking just two years after Check out either of the IBOA the Swiss-born boss is regarded winning the award in 2005. websites on www.iboa.ie/ by many as a controversial The 2003 winner was members/otherservices or choice for a title with a track another CEO with an aggres- www.iboa.org.uk/members/ record for unusual selections. sive approach to cutting staff – otherservices for further First awarded in 1994, the Fred “the Shred” Goodwin of information on the special European Banker of the Year RBS – who subsequently brought offers currently available to roll of honour includes senior ’s parent company public policy-makers, such as to the brink of collapse in 2008 IBOA members. Jean-Claude Trichet of the Euro- and needing major State aid.

SPECTRUM 5 december 2010 6 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk

industry.” mentin the furtherany full-time employ- “undertake or firm City a at “significant influencewouldholdanynotthathe function” Cameron undertaking from againstreturninanhimfor notto take disciplinary action censure by the FSA. – has been subjected to headpublic of the investment division executive–Johnny Cameron, against the enforcementindividuals action take to involved. poor judgments, made theremanagement are no senior itsgrounds while thatcluded 2008.consultantsThecon- near collapse of RBSthe events inthat Octoberpreceded the waterhouseCoopers to analyse Executive at that time. ing Sir , itsof Chiefits former directorsis –to includ-take no actionthe against British Exchequer, any the FSAa £45bn rescue package from Edinburgh-based bankland (RBS).neededEven though the collapse of nearRoyal theBank investigation intoof Scot- Authority(FSA) has Servicesclosed Financialits UK’s The short: sanctions escape directors Former RBS In May the Authority agreed So far only one former RBS TheFSA appointed Price- Fred ‘the Shred’ Goodwin december 2010 december SPECTRUM

cuts other customer accounts and conducted money accounts through ATM machines. be readincorrectly,be addedfictitious debitsto business customers were unable to their rd meantgrade that – thousands of personal and optr–apparentlycomputercaused– by afailed up- of bogus transactions. cash recently but also generated a large number meantthat thousands of customers ran out of W havoc at Australian bank File corruption wreaks the corrupt computer file. The launch of National Australia Bank’s new logo has been overshadowed by the impact of National Australia Bank which(NAB) not – only recently. of Australia’s largest offinancial a different institutions kind wroughtinmany parts havocof the world, atcorruption one en eid rcn systems recent meltdown at a behind been Italso halted payments or caused them to ie orpin n h Bank’s mainframe corruption the File on Acorrupt electronic file is believed to have

banking have been commonplace ie allegationshile corruption of in current owner, ,the of sale Denmark of the two . institutions inIrish 2005 toBank their in 1988 before Bank’seventually Republiccompleting of IrelandNorthern operationBank in 1987 and asrenamed NationalNorthern banking scene for eighteen years. NAB acquired attempted re-launch of the brand.has severely deflated the momentum behind ‘National.’the ‘nab’andnewratherapopular thanname – involvingpaignthe – adoption ofa new logo recentlycompleted majorrebrandinga cam- and service centres and almost 3,000 ATMs has to resolve the issue. regret for what happened and itstisements commitmentin the Australian press to express its accounts in a number of other transfersbanks. to other accounts in NAB and even to National Australia Bank was active in the Irish The adverse publicity arising from this event NABwhich operates over1,700 branches The Bank was forced to run full-page adver-

short: cuts

A number of foreign banks also benefitted from the Fed's support – including AIB which received emergency loans totalling $27 bn. Barclays, Royal , Bank of Scotland (now part of Lloyds), Abbey Na- tional and HSBC also received billions in loans. The release of details of 21,000 transactions – against the Fed’s wishes – was secured by Senator for Vermont, Bernie Sanders, who said he found it “most surprising” that Ben Bernanke, Chairman of huge sums were used to the US Federal Reserve Board bail out foreign banks and corporations. “Has the Federal Reserve of the United States become the Central Bank to the World? central bank of the world?,” he said. “I intend to investigate The chaos at the height of the global financial crisis was far more extensive than whether these secret Fed loans, previously thought, according to previously classified documents released by the US in some cases turned out to Federal Reserve recently, which revealed that emergency funding was provided to be direct corporate welfare to billionaire investors and international corporations like Toyota and General Electric, big banks that used these as well banks. loans not to re- invest in the Among the many bene- lending reached $3,300bn at $2,000 bn to Morgan Stanley; economy but rather to lend ficiaries of Federal aid were its peak. $1,800 bn to Citigroup; nearly back to the federal government Harley-Davidson, Caterpillar, In addition the Fed provided $1,000 bn to Bear Stearns; at a higher rate of interest by Verizon and even computer short-term loans to Goldman and about $1,500 bn to Merrill purchasing treasury securities,” billionaire, Michael Dell. This Sachs of nearly $600bn; nearly Lynch. he said.

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SPECTRUM 7 december 2010 8 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk

beennothing toindicate how the other Irish Nationwide,Anglo amd there has proposal to be put the EU Commission by theGovernor ofthe Central Bank about financialinstitutions operating in Ireland inthe New Year and a joint restructuring the disappearance of the Anglo brand earlyHowever, apart from the commentsstructuring from of the bankingfurtherreferences weresector made tothe re- in Ireland.thesespecificwellasAs commitments, might be affected. • • • banking industry, includingwere made theabout following:the future of the Irish Bank a number– of specific EUcommitments Commission and the Europeanfrom theCentral Internationalsupport with packageaidIreland for– Monetary Fund, the As part of the recently agreed but what will be cost to banking Financialin Ireland? aid package demands high price in interest charges – headline: Sasko Lazarov/Photocall Ireland).theECB at the press conference to Ajaiannounce Choprathe fromfinancial the IMF,aid package Istvan Szekelyfor Ireland. from the(Photo: EU Commission and Klaus Masuch from loans from AIB and developmentBank andof take property Ireland.further to extended be to is NAMA and EBS to be finalised by AprilIreland, 2011.AIB, Irish Life and Permanent review assessmentwill beconducted liquidityatBank of prudential a May 2011 for Irish Life & Permanent.AIB, Bank of Ireland mustand be EBSmet byand 28 Februaryby 31 2011a new for core tier 1 capital ratio of 12% december 2010 december SPECTRUM

¤ 85 billion

news by the loss of experienceoflossa the skillatbyand approach are likely to be more than offset ing further staff cuts. temptation to reduce costswill beby urging implement- the authorities theto industryresist theat this time. In particular tectwe the maximum number of jobs within indeed for the sake ofbanking customers,” sector for the – sake he of staffsaid. andandnature of this reconfiguration of providedthe as soon as possible on the extent Broderick. saidthe Union’s General Secretary, Larry scale of this restructuringconcerned has intensified,” as speculationourmembers have become increasingly about theinevitablebe possiblewithin thebanking sector, recognised that some consolidation would banks. domestically-owned as wellforeign- as implications for the to clarification as forjobstheinindustry. IBOAseekingis futureofIrish banking andinparticular implications of theseCentral clarifytheordertodevelopmentsBankinthe for the Financial Regulation and the Governorwith the of Minister for Finance, the Head of “Anyshort-term gains from such an “A key concern for IBOA will be to pro- always have officials bank “While Accordingly IBOA is seeking a meeting “It is important, therefore, that clarity is General Secretary declared. tation,negotiation and agreement,” the engagement based on meaningfulrequired to deliver consul- it. This requirespossible proper buy-in from the staffeffective, who will itbe is genuinelyvital be to banking system isthethat it secures the fullest social development in the future.”required to support economicmine what kindgrowth of financial and frameworkthebanking is system as awhole to deter- toallow for a more considered review stabiliseof the funding IMF/EU/ECBpositionintervention shouldofleast at Irish banksterised policy in more recent months,to market the fluctuations which have charac- parachutes. enjoyed generally a soft have decisionslanding those courtesy made of golden whilethisthoseindustry whoactually – price for the widescaleofficials mismanagement are continuing of into the pay next a twelve significant months, ordinarywith many bank more already scheduledsector to gosince the crisis began in 2008 and consumer spending,” he pointedrevenue, out. increasedativeimpact on thewelfare economy of lost tax costscrucial andtime forreduced the sector and by the neg- “Furthermore,if this restructuring of “In contrast to the knee-jerk responses “Withover 6,000 jobs lost within the

news: analysis From best case to basket case

How did it all go wrong?

he intervention of the Inter- Black Track Record However, it would appear that the national Monetary Fund, the Even before the present crisis, the Irish creation of IFSRA was primarily intended T and the banking industry had become the focus as a public relations exercise rather than a EU Commission to provide Ireland of public concern and comment over the genuine attempt to improve regulation as and its banking system with an previous twenty-five years as a result of a subsequent events have confirmed. Historically Irish governments were unprecedented level of financial series of major financial scandals, including: • the collapse of the Insurance Corporation unwilling to confront financial institutions support. has been a source of of Ireland (AIB Group); even for the purpose of ensuring good further distress to the many thou- • the inquiry into the evasion of Deposit governance and appropriate standards. sands of bank employees who were Interest Relief Tax (DIRT); In such a lax regulatory environment, in no way responsible for the • the Faldor/AIB Investment Managers it is perhaps understandable – though appalling catastrophe which has scandal; not excusable – that the leaders of many UNION FINANCE IBOA - THE befallen the financial services sector • the Ansbacher affair; financial institutions developed a rather and the economy as a whole. • the All-First (Ruznak) affair; cavalier attitude to the conduct of their The reckless lending decisions • allegations of mis-selling at National affairs based on the assumption that if which have pushed Ireland to the Irish Bank; , they got into major difficulties, the State would step in to assist them. brink of economic collapse were • the loans to politicians scandal; and • numerous overcharging complaints. taken at the highest levels within Big Bonuses for Short-Term Profits these institutions on the basis of As each of these scandals was brought to Running parallel with this light touch policies pursued by senior manage- light, the reaction from the authorities was regulation has been the transformation of ment and endorsed by the banks’ little more than mild censure. In some the prevailing culture within banking from

Boards, regardless of any concerns cases, like the ICI scandal, public funding one focused on customer service to one www.iboa.org.uk www.iboa.ie on the part of their staff. was even used to meet the substantial dictated by targets driven by the demand Bank employees have never been deficits created by maladministration. at Board level for maximisation of share- encouraged to express their views within holder value through the ruthless and re- their institutions: to do so would generally Cosmetic Regulation lentless pursuit of short-term profit-taking be regarded as a form of insubordination The creation of the Irish Financial Services by senior executives who were rewarded and could even risk disciplinary censure. Regulatory Authority (IFSRA) in 2003 by astronomical remuneration packages – Within that general climate of fear within reflected increasing public disquiet over even by international standards. the workplace, IBOA the Finance Union the lack of accountability within the Irish This new era in banking which began has effectively become the only vehicle financial services sector under the previous at the start of this decade was reflected in through which staff concerns can be regulatory regime operated through the a rebalancing of remuneration at all levels expressed. Central Bank. ⁄

SPECTRUM 9 december 2010 10 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk

sector has become the selling of ‘products’ banking but who, instead, have experience customers. management financial the affairs of of prudent facilitating the than rather – Thenew objective in the financial services their lending or otherapplication business“ticked allthe boxes,” propositionthen to be as relevant. As long as awith customer’s customers was no longerapprove considered or disapprove stancescertainwhich might colourtransactions decisions to crucial. customerswas nolonger deemed tobe based on long-standing relationships with devalued effectively wasby – lendingthis toapproach new standardisedbeencentral to theapproach. traditional prudential judgment of branch “box-ticking”managers – mentality.whichwhich bankstaff–had haveidentified a Theas discretion and dardisationof many banking procedures targets was reflected inemphasis measureablethe on performanceexcessive stan- themajor financial institutions. The new lending policies and practicesThis adopted change by in approach also affected the long-term interests of tothe the interestsinstitution, of the itself. customerundemocratic – and andthe ultimately detrimental has re-inforced a impactcultureon the working environmentwhich butis styleunhealthy,which has not only had negativea be designed to encouragethe a Irishmanagement banking system as it – aboutappears the to manner of itsthe Union applicationhas expressed principle,major withinconcerns in performance-related pay senior executives. substantiallyless than those was onoffer lower-rankingto staff to payments sector – although clearlyapplied widely thethroughout been value has all itgrades of timethesewithin overgrades,the introduced managerialwas initially for Board. senior management and approvedcalculated byon the thebasis oftargets set by emphasisonperformance-related pay– increasing an industry with thewithin news: as managers in retail sales. theindustry with no previous trendtoappoint staffexperience tokey positions in in would be approved. Thishas also been reflected in a new Theimportance of ‘local knowledge’ oppose not does IBOA Although performance-related Although pay The significance of extenuating circum- From Banking to Retailing december 2010 december SPECTRUM Ticking the Boxes

analysis

quarter of its staff redundantitsBranchof network this andmakeover a year. Bank has been forced to closecreated almostsuch serious difficultieshalf that the which,following the property crash, has growingthelendingmanner bookain thenew management team focused on Danske’s acquisition ofoffer National100% mortgages –Irishwhile following Bank,the first institutions operating in Ireland to of personal banking. – two”especially, “big thebut not exclusively, from share marketin the area acquire to order in competitive rates nationalparents to try to offer extremely land)wereunderwritten theirbymulti- by Danske Bank) and (ownedHalifax (Bankby RBS), of Scot- UlsterBank/First National as ActiveIreland such Irish Bankof the (ownedforeign-owned banks operating shouldin also be acknowledged that some the game.” similarmethodology in order to “stay in like AIB and Bank of Irelandtraditionally into adopting more conservativein the commercial institutions banking areareckless) in forcing competitors like impactAngloaggressiveof hindsight(and, inIrish Bank Many commentators have referred to the Forexample, was one of Whileundoubtedlythiswas true,it (Photo: James Horan/Photocallincapable Ireland).ofdealing with thegrowing crisis inthefinancial services Patricksector Neary, the former Financial Regulator, whose light-touch regime was Reckless Competition institutions it was supposedto to establishregulate. a proper relationship with the the industry. of staff to provide effective regulationit had neither for the quantity nor the quality diligence. or appropriate without rigourapplied was which – approach touch” “light toryframework –based on the so-called existenceof an extremely limited regula- the happen by allowedculture to was T economy. whole and tragically now of the individualentire the institution, of health long-term the of aboutthe sector as a thatitoverrode major considerations tion on this island primary – even to thetheobjective extent becameacross virtually whichevery institu- value short-term maximisation of share-holder current collapse. significantbeena contributor theto of the banking sector. This dilution has

It also lacked the necessary leadership Inshort IFSRA was unfit for purpose: Thistransformation inthe operating But at the root is the pursuit of the thetraditional prudential values factorshas been the dilution of he combined effect of all of these ⁄

news: analysis

Fixing the Banking System The failure to recognise that some inter- vention was necessary has resulted in the current situation where the banking system is so badly broken that it needs a fix of the most substantial proportions in order to remedy it. This should not only seek to address the capital needs of these financial institutions: it should also consider policy and practice to ensure that the regulatory framework and the cultural environment within which these institutions operate, are reformed in order to eliminate as far as possible any recurrence of this catastrophe. In the early days of the unfolding crisis, there was much comment about the need to reassert traditional values, to re-establish the connection with customers – not least because in future Irish banks would again be heavily dependent on customers – rather than international markets – for rebuilding their deposit base. However, little if any of the change anticipated in these comments has taken place so far. As in so many other respects, the leadership of the financial services sector continues to be in denial – appear- Central Bank Governor, Patrick Honohan, who will have a critical role in the re- ing instead to believe that, after a period structuring of the Irish banking system (Photo: James Horan/Photocall Ireland). of discomfort and disturbance, they will event-ually be able to return to business as The View from Ground Level IBOA Concerns usual. Of course, although Irish banks were The Union also made a presentation on achieving unprecedented levels of profit recent developments in Irish banking to Changing the Culture is Key during the height of the boom, their the Joint Oireachtas Committee on Finance Certainly the general culture within bank- employees did not receive the exceptional and the Public Service in 2004 which high- ing is as oppressive as ever for staff: the and indeed obscenely generous reward lighted a range of concerns about: only difference is that, whereas before the packages on offer to senior management. • the new culture developing within the crash, staff were required to engage in Pay movement for the vast majority of sector characterised by short-termism high pressure campaigns to sell financial staff was in line with the norms laid down and falling standards; products, they are now required to engage in successive National Wage Agreements • the inadequacy of regulation; and in high pressure campaigns to acquire UNION FINANCE IBOA - THE negotiated under social partnership. • the absence of protection for staff who deposits as well as trying to achieve totally Indeed during this period, in the major question the prevailing orthodoxy. unrealistic sales figures. financial institutions staff were met with These concerns have been repeated since They remain under extreme pressure demands for major restructuring – involving then in public statements, confererence to meet targets – even though some man- significant levels of redundancies and out- speeches and representations to Govern- agements are reluctant to honour agreed sourcing – on the grounds that this would ment – including the Union’s demand for performance awards. At the same time, secure viability by improving competitive- the creation of a Forum on Banking which dissent is not tolerated. Staff are expected ness – when, of course, the underlying would bring all of the sector’s stake- to convey each new twist in the message to purpose of these measures was to max- holders together to develop a strategic customers without question – despite the imise profits in order to enhance share- vision for the future. fact that previous messages to customers holder value. While the Union’s voice was heard on about the soundness of the institution www.iboa.org.uk www.iboa.ie IBOA expressed concern at these these occasions, no-one in authority felt have proven to be patently untrue. developments in a variety of public fora as moved to action. At a time of unprecedented Staff who are brave enough to speak well as through statements at Conferences (but in hindsight illusory) profitability in the out – even in the most general terms about and in the media. economy as a whole – and especially in the the state of the industry – may find them- During this period, the Union made financial services sector – IBOA seemd to be selves subject to disciplinary action on the submissions to the Department of Finance regarded as a group of party-poopers. grounds that they are somehow breaching on a range of legislative proposals – includ- It appears that those who could have confidentiality. ing the Strategic Review on Banking in 2000, acted to address these concerns chose to Whistleblowers highlighting specific the Central Bank and Financial Services believe the prevailing hype that the boom irregularities have to be prepared to face Authority No. 2 Bill in 2002 and the Review would never end and accordingly con- disciplinary action and even dismissal if of Financial Services Legislation in 2004. cluded that “if it ain’t broke, why fix it?” ⁄

SPECTRUM 11 december 2010

news: analysis

they venture to highlight their concerns to robust regulatory authority in its efforts to More Diverse Bank Boards the authorities – not an attractive prospect ensure that promises by banking leaders The Boards of banks should be opened up at the best of times but certainly not at a are actually being implemented in practice to a much more diverse membership as a time of rising unemployment within the as well as on paper. further initiative to promote transparency economy and within the financial services A change in the sector’s prevailing and regulatory compliance. sector in this country, industrial relations environment could make The inclusion of employee representa- Change in culture is vital. This current a significant contribution to re-inforcing tives along with those of other stake-holders period where the State occupies a pivotal the new culture in banking. should be a priority to ensure that the Board position within the financial services sector Attempts by some employers within is made aware not only of the manner of offers a major opportunity to embed a the sector to dilute or remove previously implementation of the policies they adopt new culture – which should involve a re- agreed staff protections should be reversed – but also of their impact upon customers. turn to the traditional values of prudential as part of a new movement towards At the sectoral level, IBOA’s demand for lending and the restoration of customer openness and transparency. a Forum on Banking is an idea whose time service as the primary goal. This should be accompanied by a root- is now long overdue. This body should and-branch review of remuneration policies enable all of the stake-holders across the Protecting Whistleblowers within the banking industry from top to industry – including both domestic and A key symbol of this changing culture bottom which should include: foreign-owned institutions – to engage in should be strong legislative protection for • consideration of the various payments robust discussions on the strategic direction “whistleblowers.” made to Board members; and of the financial services sector to ensure that This should help to deter any repeat of • the role of performance-related pay it again becomes a loyal servant of economic the previous excesses of senior executives systems when an intensive target- and social development rather than its while at the same time assisting a more driven culture is no longer relevant. untrustworthy master. S

12 SPECTRUM december 2010 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk 13 december 2010 SPECTRUM SPECTRUM sales , Ireland’s leading home security home leading Ireland’s , Watch

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14 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk

sented and no case has been made leader. IBOA continued the issue,” this ofnatural justice should apply on and giving advice to consumers.tween individuals in distinctionterms drawn be- should be of selling requiredCPDstandards, thenno specifiedaccredited and meet the therefore fulfill the minimumthan acom- recognised qualificationequivalent – and experienceor extensive even their greaterof expertise serving employees have recognition long-– the thatbyfrom virtue subjecttofurther review. Itarose ceived as a temporary status to be fathered,” said Larry Broderick.uals who have already anybeen changegrand- in the status of individ- this kind. practice with consultationsBank website of as is usuallybepublished theon the Central thesubmissions have still the to financialservices in sector. Yet (MCR) quirement Competency Re- Minimum CentralBank’s review of the datefor submissions on the petency requirement. issue of was covered extensively in the lastwith grandfathering in some detail the Central Bank’s consultation.points in the Union’s discuss other individualssubmission to and to clarify the status of grandfatheredBanktoseek anearly meeting to Broderick, has written to the Central since the beginning of 2008. have acted as accreditedwho haveindividuals been grandfatheredanxiety staff older many among and for an end to ‘grandfathered’Bank’s consultation status paper proposals Central key thethe(CP45) in – continued uncertainty over one ofelsewhererecentinmonths, the CentralBankdoubthasno been T culture: a gvn ie o considerable to rise given has – N eiec hs en pre- been evidence has “No “We believe that the principles “Oncestaffareaccredited or “Grandfathering was not con- “Wearestrongly opposed to IBOA’s submission which dealt IBOAGeneral Secretary, Larry While the primary focus of the elapsedsince theclosing re ots ae now have months hree december 2010 december SPECTRUM Spectrum.

shift

Ireland!) (Photo: Photocall- frameworkMCR the to changes other as well as – continue will status fathered grand- the that Centralthe Bank reassurances from TheUnion wants grandfathering the of arrangements. availing individuals ing to document the criteriastitutions for which assess-are also required experience lies with individual’stheredthe the based on financial in- grandfa- shouldmining be who framework. permanenta feature oftheMCR In this sense, grandfatheringfications is or reachnot retirement age. will either voluntarily pursuefathered quali- and over time grand- these regulated are entities staff in minorityofaccredited individuals grandfatheredindividuals. Only a to justify a change in the status of Te responsibility “The deter- for with Central Bank talks Union seeksearly MCR: sector,” he added. timemajorof turmoil within the a employment at conditions of and terms their change icantly ployees out of institutionsgreenlight to manage or these signif-em- the remaining individuals willbelieves be a any change IBOAin rescinded statustheir and the status of ments. termsof grandfathering arrange- fulfilled their MCR have institutionsresponsibilities notsome may in the Central year’s Bank, last itthemed seems of inspections resultsclear thethat undertakenand by Sm epoes ae had employees have “Some IBOA’s “Based experience on

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SPECTRUM 15 december 2010 16 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk

banks. practices in a number of Irishreview retail of remuneration policies and • • include: risk management. inappropriate risk-taking inadequate or ended remuneration practices thewhich crisis. fosteredregulatorystandards andthelessons of executive positions, reflect to incoming senioremployees, particularly in those banks have changed howSeptember they remunerate and October assessed – whether E a concern to Central Bank Excessive executive pay – culture: societies fail to comply with higher standardsBank warns of sanctions if Irish banks and building • • h mi fnig fo te review findings the main from The In particular, it examined if banks have The review which – was conducted in transparent. There was little evidenceto determine remuneration are not bank’salignedwillingnessais to that senior executives’ments, and remunerationin particular make sure their scrutinyexecutive of directors remuneration need to remunerationstep-up arrange practices governanceThe oversight andis of - poor. Non- risk taking; to the consequencesbanksand, byof extension inappropriatethe State, incentive structures. exposes This between their risk self-consciouslyhaveappetite link a made and their Therelittleis evidence thatbanks are aligned with long tionsterm strategic to ensure rationremuneration with risk management policies func-of consideration of risk, or collabo- clear, well documented or internally In the majority of banks, proceduresand capacity to take risk; have given little or noThe consideration majority of banks were foundplans; to Bank published the findings of a arlier this month the Irish Central december 2010 december SPECTRUM

shift

simple as that.” its risks – it’s as it is not managing financial incentives, employing the right “If a bank is not • Financial Institutions Supervision praht pyn guaranteed paying to approach tightening their are banks Some with these important requirements;theirarrangements for compliance banks were thatmuch find expectedto Irelandmore of advanced in on 1 January 2011. Thewhich Central remuneration,will Bank on become guidance and effective in ofIreland impending Europeanto preparing requirements for the implementation Jonathan McMahon, Head of at the Central Bank again in 2011.” review theirwe remuneration practices banks to have dealt risksit’ssimplewithas–that. as expectWe these issues whenfinancial incentives, it is not managing its bank having taken an obviousfindings discouraging,lead. is one only with policies remunerationand practices, their reformthe balance to startedof our risk management in the 2000s.inappropriaterisk-taking and inadequate remuneration fostered practices which minewhether banks haveceased those Supervision at the Central BankMcMahon, said:Head of Financial Institutions comply. against institutions those to fail which taken be enforcement that can action and domestic regulations. assess compliance with athe follow-up new Europeanreview in this areawith in 2011 prudent to risk-taking and remunerationwill conduct have Irelandpolicies in operatingthat are banksconsistent that to achieve a robustThe framework Central Bank for hasensuring declared its intention • “Ifabank is not employing the right have banks majority of the “While “Weconducted this review to deter- Commenting on the review, Jonathan The new legal requirements will mean is, though, further to go; ditions on golden parachutes.some banks imposingThere stricterof con- tightening of severancebonuses. pay, Therewith is also some evidence tutions. followedup individually with insti- identifiedthereviewin are being andguidance fromthe EU.Issues required incoming by regulations banks moving to thenally, fullerbut there is littledisclosure evidence ofinformation on remunerationAllbanks reviewed exter-disclose certain

IBOA - THE FINANCE UNION FINANCE IBOA - THE w.bai www.iboa.org.uk www.iboa.ie

SPECTRUM 17 december 2010

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 Heartaches by following these links: ROI: www.iboa.ie/knowyour rights/yourrightsroi/healthsafety. html Job stress increases risk of NI: www.iboa.org.uk/knowyour rights/yourrightsni.html If you have any questions or cardiac disease for women concerns about health and safety in your workplace, please contact omen with high job stress have a high blood pressure and obesity –but not directly a member of your local health Wgreatly increased risk of cardiovascular with poor cardiovascular health. disease compared with those in less Lead researcher, Natalie Slopen, observed: and safety committee in the first demanding posts, a new study suggests. “Women in jobs characterised by high instance. They have an 88% higher risk of a heart demands and low control, as well as jobs with If there is no health and safety attack, and more chance of strokes and dam- high demands but a high sense of control are committee in your workplace, age requiring coronary artery bypass surgery, at higher risk for heart disease long term.” please contact a member of the according to researchers from Boston's Brigham Study co-author, Dr. Michelle Albert, said IBOA SHWS Committee below: and Women's Hospital in the US. the study suggested job stress had both a Elaine Barker (BOI), Carmel The study found that overall women who short- and long-term effect on cardiovascular report having high job stress have a 40% health. Curran (FTB), Margaret Power increased risk of cardiovascular disease, includ- “From a public health perspective, it's (BOI-GB), Etain Ryan-Lyons (AIB), ing heart attacks and the need for procedures crucial for employers, potential patients, as well Jaynette Stirling (Ulster NI), to open blocked arteries, compared to those as government and hospital entities to monitor www.iboa.ie www.iboa.org.uk Robert Thompson (NBL) and with low job stress. perceived employee job strain,” she said, “and Kate Varley (AIB) – together Job stress is defined as having a de- initiate programmes to alleviate job strain and with Senior Industrial Relations manding job that provides limited opport- perhaps positively impact prevention of heart Officer, Steve Tweed. unity for decision-making or to use creative disease.” or individual skills. The Boston project – which tracked 17,415 You can contact all of these by The study findings which were presented healthy women for over ten years – backs up e-mail at [email protected] or by to the American Heart Association recently, also the findings of a long-term study of 12,000 female phone at 00-353-(0)1-4755908 or revealed that job insecurity was associated with nurses in Denmark which were reported in the 00-44-(0)2890-200130. risk factors for cardiovascular disease, such as June/July 2010 issue of Spectrum. IBOA - THE FINANCE UNION 18 SPECTRUM december 2010

safety: feature

Almost half of UK workplaces have never had safety inspection Spending cuts will add to risks – TUC

New figures show that 49% of workplaces in the UK have never been visited by a health and safety inspector. Many fear that public spending cuts will make the situation worse – posing further threats to employee safety. The figures have come to light in the British TUC's biennial survey of safety reps which revealed that only 16% of smaller companies – employing less than 50 – have had an inspection in the last year, and only a third of large employers – with more than 1,000 staff – have had a safety inspection in the last twelve months. The TUC believes that health and Austerity will lead to safety checks encourage employers to bring in vital improvements, boosting the safety at work of staff. “more working wounded” “Knowing that an inspector is likely to visit is one of the key drivers to changing employers' behaviour and making the warns safety body workplace safer and healthier,” said TUC General Secretary Brendan Barber. “Deep cuts in spending will make it osses must beware of the signs IOSH’s head of research, Dr Luise easier for employers to avoid their obliga- Bof ‘presenteeism’ among workers Vassie, said: “Presenteeism can become tions under the law to protect their staff UNION FINANCE IBOA - THE as austerity measures begin to bite more common during times of economic at work. The Health and Safety Executive struggle and job cuts. At the moment we across the public and private sectors, has just seen its government funding cut are seeing a situation where some people by 35% and that – combined with a 28% according to a leading British-based who may be in fear of losing their jobs are cut in local government funding – will organisation for workplace safety taking on extra work – this could cause have a very damaging effect on safety in professionals. them to experience symptoms of stress UK workplaces,” he added. The Institution of Occupational Safety and when they get ill they feel as though and Health (IOSH) says cost-cutting they cannot take time off. across government departments, public “What we want to avoid,” she said, “is bodies and suppliers could lead to more this dangerous Catch 22 where a down- working wounded, who turn up for work ward spiral develops.” www.iboa.org.uk www.iboa.ie even though they are ill because they are Dr Vassie added that organisations that helped to tackle stress in the work- worried about the implications of taking place could reap benefits, including reduced time off sick. sickness absence costs. It points to a survey this year that The Health and Safety Executive’s latest found nine out of every 10 public sector statistics reveal that 435,000 people in the workers in Britain had been to work even UK reported suffering stress, anxiety and though they were too ill to go. depression attributed to work – while the One in three of those did so because British TUC’s latest biennial survey of safety they did not want to let people down or reps identifies stress as the number one give colleagues extra work. workplace health and safety concern. TUC General Secretary Brendan Barber

SPECTRUM 19 december 2010 20 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk

economy as a whole. wasdetermined to demonstrate by their illustrated in this issue of h financial thethe services in sector and notresponsible for the reckless decision- theUnioncontingent and47)– 12,46 wittyand attractive whichplacards are– making which fuelled the current crises in presence that ordinary bank officials were month as part of a Europe-wideCongress action. of Trade Unionsagainst austerity organised Irish theat by the end of last contribution to the distinctive welcome and arecent madeIBOA national protest THERE IS A BETTER, FAIRER WAY arig BA enns s el as well pennants Carryingas IBOA IBOA members in national protest against excessive austerity measures december 2010 december SPECTRUM Spectrum

on pages

crews who were covering the ciallyprotest. from some of onmanythe march foreignattracted attention television espe- – since been shown to be have which leaders bankinguntrue. by ments quoting state- Lying’‘Convention – of ordinarypersonal pension pot,theand Nationwide boss, Michael Fingleton’s Wanted:extra- For Impersonating Bankers.five failed bank leaders under the slogan: of commentfrom passers-by was aversion Thepresence ofan IBOA contingent Other placards highlighted former Irish h placard received The that most the The Usual Suspects film poster showing the Irish Government. than the policy choices beingfiscal exercised correction, by there is a better fairerbut way also of unacceptable unfairness.gramme not only ofevents which unprecedented – revealed a budgetary proseverityofIreland were- borne out by subsequentmeasures being proposed aboutfor the the Republic likely composition of theSpanish austerity television unit. otherIBOA members were featured by a wasinterviewed byaFrench crew while Notwithstanding the need for a major Thefearsmanyof theprotestorsof Union General Secretary, Larry Broderick,

house: calls

Area meetings discuss key issues

series of Area Meetings number of meetings as well as the A took place throughout need for much greater protection the month of November in for whistleblowers. preparaion for the Union’s Concerns about the unilateral Biennial Delegate Conference imposition of changes to pension arrangements was evident at in Dublin in April. some of the meetings. The meetings at venues in Other issues raised in the form Britain as well as Northern Ireland of motions from the meetings and the Republic debated a range include workplace health and Close encounters of propositions which will be put safety, bullying and harassment, to the Conference in the form of Minimum Competency Require- motions. ment, compliance with agreed of the Santa kind The breadth of the issues overtime arrangements, adequate covered in the motions reflects the time-off for Union representatives, One man in the red who is a most welcome visitor every- various facets of the current crisis and the right of manager mem- in the financial services sector – bers to IBOA representation. where is Santa Claus who called into IBOA House recently raising concerns about job security, The area meetings also pro- with gifts for lots of members’ children. Apart from meeting staffing levels, the reform of vided an important opportunity the man of the moment, the children were entertained by remuneration policies (including for members to be updated on face painters and a magician. the removal of performance- recent developments within the Meanwhile at the end of November, a number of related pay) and the need for financial services sector as a whole radical change to the excessive children of IBOA members in Northern Ireland spent a as well as within individual very exciting afternoon at Santa's Cottage in the Mourne sales culture prevalent in the employments. Mountains – where they, too, had a most enjoyable industry. The Union’s Biennial Delegate The issue of staff representa- Conference will be held at the encounter with Santa and his helpers. tion on the boards of financial Croke Park conference facility in Much credit is due to the IBOA members and staff who institutions was raised in a Dublin on April 15-16. organised these two special events. IBOA - THE FINANCE UNION FINANCE IBOA - THE Pensioners’ Members’ Diary Committee 2011 Biennial Meeting The IBOA Members Diary has been The IBOA Pensioners’ Biennial Meeting will take place on Weddesday April 6, 2011 at mailed to all current members with this 2.30pm in IBOA House, Stephen Street Upper, Dublin 8. All pensioner members www.iboa.org.uk www.iboa.ie issue of Spectrum. are most welcome to the meeting which Any pensioner members who would will be followed by a reception in the Irish Bankers’ Club. like to receive a diary should contact Nominations for the Pensioners’ Com- mittee, duly proposed and seconded by Jane Higgins at IBOA House, Stephen other IBOA pensioner members, should be Street Upper, Dublin 8. E-mail: info@ sent to Mr. Cecil Barron, IBOA Pensioners Committee, IBOA House, Stephen Street iboa.ie or telephone: 00-353-1-4755908. Upper, Dublin 8 to arrive no later than Friday, March 4, 2011.

SPECTRUM 21 december 2010 22 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk

–– – – Union’s Membership Department: make any changes online. www.iboa.org.uk/members/profile/ and www.iboa.ie/members/profile/either or OnlySection oftheUnion’s websites at Members the to logging ondetails by dated to cover a maximum canonlyback-be of two – arise suchinyears.cases paymentof subscriptions whichmight – could result in a reducedmoving subscription to part-time rate. hours, for examplechangeinemployment suchas – status – grade, etc. changesinaddress, employment status, personal and employment such data as – inform IBOA House of anyAll memberschanges should inmake theirsure that they e: Orif you prefer, you can contact the Youcan check your key membership over- any for refund a for Claims Thisparticularlyis important since a Virtually half-price tickets contact IBOA @ 02890-200130 you informed we can keep us informed, If you keep by telephoning 00-353-1-4755908 or Adult ticket: £3 by e-mail to [email protected]; Upper, Dublin 8; by letter to IBOA House, Stephen Street 00-44-2890-200130. To purchase your tickets december 2010 december SPECTRUM union BELFAST

of the major events involvingprovide the membersUnion. with aquick summary covering a number of stories. Thistations should will be a short news programme – online. decidedto provide regular now havenews updates experimental we offerings, topicsontheIBOA website. After variousthese on clips video one-off posted Sheils. IBOA’s Communications playManager,through your computer,” Séamasexplained internet services which familiarallowwith YouTube,video clipsVimeo and other to Union’s existing informationonline channels. video bulletins totion – andcomplement comment to members throughthe which will provide regular beendecidednews,developservice newto a informa- the Union’s internal strategic review, it has Year. service for IBOA members IBOAPlans which – TV – shouldare advancedappear in thefor Newthe launch of a web-based news and information “The basic style of these video presen- has Union year, the last the “Over membersour “Manyalreadyofare Followingdiscussions arisingofout Coming soon to a computer screen near you panying every issue of listedon the address is which cover sheet – accom- membership numberIBOA Onlysection of the sites is the individual depending on their content. Membersthesites,sectionOnlythe of within located be broadcasts maythe availableforeveryone view,to someof most of the news bulletins arewww.iboa.ie likely – websites to twobe and Union’s www.iboa.org.uk. the through While circulars and notices,” he added.our websites in the form writtenof pressitems releases,which are also available toacquire on further information from the topics. air extended interviews on moreof levels.complex From time to time we may also package should be infomativewith ads for Unionat services.a number So the whole h ky o cesn te Members accessing the to key The be will service new this to Access “And, of course, members will be able “Thenews items will be interspersed Spectrum. IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk 23 news december 2010 Planning for 2011 for Planning SPECTRUM SPECTRUM We have already began setting up a up setting began already have We courses Several have training been In 2010 we a produced magazine NIC-ICTU the on information more For sectors, the Youth Committee, in conjunction in Committee, Youth the sectors, to need and will Committee Youth own IBOA’s unions, with other in bodies similar in coming the up to challenge the step pro- are workers all that to ensure year possible. as far as tected closely very working be will we 2011 For with ICTU with to its campaign secure and with and deal conditions terms to protect jobs, way fairer better, a for lobby crisis. current the cam- the of awareness raise artists. to local event from music support great with paign discussions table” “round and organised organisations LGBT have been with scheduled community groups, church groups, to organisations youth other many and Ireland. Northern in develop people an all-inclusive campaign working to defend for concern of areas many explored which be we will 2011 In early people. young will which publication another creating for unions trade affiliated to all be sent distribution. its of some receive to or magazine, Committee the Youth including materials, on written on Fleck, McCann, Kieran Kerry Chairperson, contact Secretary, Committee, or Youth 0751-5417024 ICTU c/o 0787-2815968, 2FG. BT1 Belfast Street, Donegall 45/47 or visit [email protected] Email: ictuyouth follow or www.ictuyouth.com/ Facebook. on youth: Kieran McCann Kieran Defending Bank Officials Bank Defending Members of ICTU Youth take part in the recent Gay Pride march in Belfast. in march Pride Gay recent the in part take Youth ICTU of Members In support of IBOA members, campaign members, IBOA of support In Northern Ireland is still waiting for the for waiting still is Ireland Northern have on day to day services and to dispel to and services day to day on have alternative. no is there that myth the and distributed widely been has literature public in meetings of held created been to has that majority image combat the vast –negative the bankers of crisis. the media for the responsibility no bear whom and terms and conditions of finance workers finance that of stressed has literature This conditions and terms and are and under with attack widespread And in job the losses sector. increasing and redundancies been have there while there remain cuts bankers for ordinary top. the at salaries obscene the to out- announce Minister Finance will this As review. spending his of come private and have undoubtedly public serious implications the both in workers for

he Youth Committee of the Northern the of Committee Youth he Ireland Ireland Committee of the Irish The diversity of the group enables it to it enables group the of diversity The that research The conducted group assisting in useful proved also card The A key part of the Youth Committee’s Youth the of part key A In In co-operation with local Trades Congress of Trade Unions (NIC-ICTU) is (NIC-ICTU) Unions Trade of Congress public the both a from up made in of members young unions of range wide NIPSA, – sectors including private and PCS, FBU, UNISON, ATL, NUJ, UCATT, his in now CWU, UNITE is as well as McCann, IBOA whose Committee. Kieran the of nominee, Chair as term second people young impact that issues on focus address across all to areas of society in strategies Northern develop and Ireland issues. those workers, young many that showed migrant of clearly number significant a including of not were basic aware their workers, to response In was rights. Cards” employment legal Rights Workers’ “Young a this distributed. widely and produced non- in campaigns organising in unions used It being is now workplaces. union and Unit Workers Migrant ICTU’s the by T activ8 campaigns Youth ICTU in fronts many on Ireland Northern instig8 educ8 has been translated has into been a translated number of in- languages. support and with work try to is strategy dividual union campaigns. In the context the In campaigns. union dividual of the current crisis, NIC-ICTU Youth has Youth NIC-ICTU crisis, current the of campaign. Way” Fairer “Better gress been to the fore in supporting the Con- the supporting in fore the to been been have stands information Councils, held throughout Northern to highlight to highlight to Northern throughout held the wider public the impact that cuts will cuts that impact the public wider the

24 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk

Table Quiz in the BelfastBewitching: Bankers’ SinéadClub in and aid Dominic of the Boyd Marie (Bank ofCurie Ireland) Foundation. at the recent Halloween Fancy Dress sports: Club Bankers’ Belfast efs Bt96Ru Belfast 31 MaloneRoad december 2010 december SPECTRUM

social

5.30pm or e-mail: [email protected] is no charge for parties and room booking. Availablefor parties on request (any day). ThereAVAILABLe For pArTIeS: The Club opens at 5:30pm from Monday-Friday.openInG HoUrS: joined the club? Isn’t it time you Please phone 02890-382866 any time after02890-382866timephonePleaseany spectively. 25/01/11, 25/02//11 dated 25/03/11 and re- £6.00 ¤ cheques of preferred, by cheque singlethreebankordraft or, if a post- by immediatelydated reducedprice specially of the for months draw for the remaining nine of Spectrum.) areincluded with this issue £36.00. draw are still being taken. Dublin,entries for the new Bankers Club in Irish theIBOA in House,December 17, Friday on 2010 for draw Fresh from the final bumper DRAW CLUB BANKERS’ IRISH

Check IBOA websites for details.

Online DVD 15.00/£15.00and A special price of Members can pay in full ebr cn on the join canMembers No more contracts! more No (usual price No more late fees! more No all IBOA members. Rentals is available to (Applicationforms No catch!No ¤ 15.00/£15.00, ¤ 15.99) ¤ ¤ 40.00or 12.99 ¤ 10.00/ IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk 25 ...... december 2010 CLUB (delete where applicable) where (delete SPECTRUM SPECTRUM 20 per annum. per 20 MEMBERSHIP APPLICATION TO JOIN CLUB ¤ he Rules of the Club and accept the appropriate annual appropriate the accept and Club the of Rules he hereby authorise you to debit my account with the annual the with account my debit to you authorise hereby n writing if I wish to cancel this mandate. this cancel to wish I if writing n subscription for Club membership. I agree to be bound by bound be to agree I membership. Club for subscription forwarded be will Notification applicable. when adjustment Name:...... Male/Female Employment:...... Branch/Dept:...... Details Account Bank Branch:...... & Bank No...... NSC:...... A/c Secretary Honorary Signed:...... Date:...... Martin, Michael to return Please above. address the at Facilities include: include: Facilities rates hire room • Special facilities. room meeting • and Bar available facilities DJ and • Catering occasions sporting all for •screen Big below –today! form out Join miss Don’t application the complete and Copy Michael Secretary, Honorary to it return and above. address the at Martin New members welcome. Join now and enjoy now Join –cost welcome. September2011 members New until membership free only then Tuesday-Saturday – 4.30pm till late. till – 4.30pm Tuesday-Saturday – closed. Sunday-Monday Bar openInG HourS: openInG Bar 200, E 500, E to Florida to to Florida to Still Selling: 2nd Prize: Prize: 2nd 6th & 7th Prizes: 7th & 6th Friday January 28: January Friday 3rd, 4th & 5th Prizes: 5th & 4th 3rd, Friday February 25: February Friday plus Attendance Prizes Attendance plus Friday December 17: December Friday DRAW NIgHTS PARTY IN 2011 THE PLACE TO UPCOMINg CLUB for two in St. Anton, Austria Anton, St. in two for Christmas hampers worth worth hampers Christmas Draws at 9pm. Bar Food each night each Food Bar 9pm. at Draws Turkey, Ham, Bottle of Brandy or value or Brandy of Bottle Ham, Turkey, THE PERFECT PARTY VENUE PARTY PERFECT THE 1st Prize – One week’s skiing holiday – Prize skiing 1st week’s One 1st Prize – Two weeks holiday for two for – Prize holiday 1st weeks Two 1st Prize – Two weeks holiday for two for – Prize holiday 1st weeks Two 8th, 9th & 10th Prizes: Turkey, Ham or value or Ham Turkey, Prizes: 10th & 9th 8th, • Reduced Room Hire Rates Hire Room • Reduced Parties • Birthday Nights •Away Going Nights Race •Quizzes, Table Christenings and • Parties Available Facilities DJ and • Catering 120 to up numbers for •cater can We Available – Extension Licence •Bar Full around? look and in call or book • 5pm. not Why after or 10am-12noon 01-4758970 Call 45 Or £40 fOr tEN GrEAt DrAw NiGHtS! DrAw GrEAt tEN fOr £40 Or 45

E THE 25th BANKERS’ CLUB DRAW www.iboa.ie/services/sportsandsocial/bankersclub.html pecial Prizes for Members and Non-Dublin Entrants Non-Dublin and Members for Prizes pecial www.iboa.org.uk/services/sportsandsocial/bankersclub.html Attendance Prizes in Dublin and Belfast Each Month Each Belfast and Dublin in Prizes Attendance S

agni icent Holiday Destinations Destinations Holiday Cas agni icent umerous rizes Results of recent Bankers Club draws are posted on the IBOA websites: IBOA the on posted are draws Club Bankers recent of Results Still ONly ONly Still DON’T MISS OUT: MISS DON’T Return you entry today entry you Return of our fabulous Club draws Club fabulous our of Pay by three cheques dated: cheques three by Pay Entry forms with this magazine! this with forms Entry 25/01/11, 25/02/11 and 25/03/11 and 25/02/11 25/01/11, Join us and celebrate 25 great years great 25 celebrate and us Join THe IrISH BankerS’ CluB BankerS’ IrISH THe IBOA HOuse, stepHen street upper, DuBlIn 8

sports: social

Happy families at Belfast Zoo

IBOA’s annual family day at Belfast Zoo proved to be a big hit with members and their families. Apart from free admission for the day, the Union provided an assortment of refreshments which hit the spot for the young and the not-so-young (Photos: Robert Thompson). www.iboa.ie www.iboa.org.uk IBOA - THE FINANCE UNION 26 SPECTRUM december 2010

sports: social

Full houses for The Magic of Snow White in Belfast and Cork The specially priced tickets for IBOA members have all sold out for Snow White and the Seven Dwarfs at the Grand Opera House in Belfast in Decem- This year’sAladdin Gaiety pantomime is the story ber 27 at 2.30pm. of Aladdin which will be brought magically The show which features May to life in a spectacular production McFettridge and Lesley Joseph (below) starring Mikey Graham from Boyzone runs u M e rk where in the role of Abanazar and the voice of Snow W he Seven Louis Walsh as the Master of the World. Dwarfs featured Along with amazing visual effects, pantom ork Opera a genie with attitude, a magic flying House, ally priced carpet and a mesmerising cave of jewels, tickets mbers of IBOA – fer for the Aladdin will be an unmissable panto - perfor ce on mime experience. Janua 8 – have IBOA is offering tickets for two special performances of Aladdin at ¤10 below the also sol out. normal asking price on Monday December 27. The Union has a limited number of tickets for both the afternoon matinee and for the evening performance. • All tickets will be allocated on a first come first served basis – as processed by IBOA staff – to applicants quoting their IBOA membership number. • Only franked postal appplications will be accepted – which must be accompanied by a cheque or moeny order. • Ticket applications should cover your immediate family needs – up to a maximum of 10 tickets. • Dublin-based members are urged to opt for the evening performance in order to facilitate attendance by members form outside Dublin at the afternoon matinee. • Seats will be allocated proportionally to pensioner members. Remember no IBOA membershp number means no tickets.

Normal Price IBOA Price UNION FINANCE IBOA - THE Dress Circle & Boxes ¤34.00 ¤24.00 Parterre ¤33.00 ¤23.00

Special price available for IBOA All applications must be returned to: members for shows Sports & Social Dept on Monday, IBOA The Finance Union Special Offer for December 27 IBOA House at 2.30pm Stephen St Upper IBOA members www.iboa.org.uk www.iboa.ie & 7.30pm Dublin 8 For individuals: Save ¤3 off full admission price For families: Supersaver deal of ¤20 for family of 4 (normal price ¤35) Offers may not be used in conjunction For more information with any other offer or promotion. see the Union websites: National Sea Life Centre, Bray Seafront, Bray, www.iboa.ie or Co. Wicklow. Tel. 00-353-1-2866939 www.iboa.org.uk www.sealife.ie

SPECTRUM 27 december 2010 28 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk

both sides. argumentsfrom the pensions experts on hadtheheopportunity considerto the of the Labour Relationsprocess Commission under the auspices before of Kevindrew Foley from a previously agreed mediation agreement with the Union. schemewithout full consultation and hybridpension pension a scheme to ferringstaff from the Defined Benefit breachedagreed procedures in trans- T Court to Labour changes NIB pension IBOA refers The Bank’s senior management with- So good we celebrate it twice! li ta Ntoa Iih Bank Irish National that claim heLabour Court is to hear an IBOA december 2010 december SPECTRUM

early to recover for Christmas Day.celebration of Christmas then home December starts at 1.00pm for the 2) fun and more fun! starts at 7.00 pm. Come for the disco,1) Bankers’ Club at the Belfast Christmas Eve

'The Other Christmas Eve' on 24th Christmas Eve on 17th December thesenior management in NIB departed impose its own settlement. outcome to the issue, themous Bank in their decided preference to for aIBOA negotiated members in NIB were almost completely. downclose it though Evenunani- deficitin without the fund the– need to theDB scheme which could address the confident that changes could be made to h Uins eoitn ta was negotiating Union's team The IBOA is concerned that on this occasion workplace: IBOA representatives earliy Gerry meet Mallon,in agreed also to has 2011. Union and the Bank. ingtoreview relationships between the a request from Executive, IBOA for ChiefAndrew a high-level Healy, Bank hasmeet- Irish respondedNational positively to CEOs to meet IBOA in the Bank. thefuture conduct of industrial relations Denmarktosecure commitments about ingswith management in Irelandand in extensive an including restructuring – programme. Bank the in years to address a number utilised recent process beenthe has in of major issues bargaining with collectivethe practice ofUnion normal even the – though from National Irish Bank CEO, Andrew Healy i cutrat n oten Bank, Northern counterpart in His The Union has sought high-level meet- news

workplace: news Union secures full New health and safety payment of recent policy agreed promotion increases in Ulster Bank egotiations on a new health Nand safety policy have just fter repeated representations been completed in Ulster Bank. Aby IBOA, Ulster Bank has now IBOA Senior Industrial Relations Officer, recognised that since the start of Steve Tweed, who also happens to be 2009, at least, it has not applied the IBOA’s health and safety specialist, said correct salary level to a number of that the new policy was a welcome employees who were successful in advance. gaining promotion. “While there are aspects of the new The Bank is now reviewing all recent protocols between the Bank and IBOA promotions and will apply the correct level where further progress should be possible, of salary retrospectively. it would be churlish not to recognise that IBOA has asked any members who have the new agreement represents a positive still not received the payments due to step forward. them on promotion to contact the Union. “Our aim now is to secure the full All outstanding cases notified to the implementation of these new provisions Union will then be communicated directly while reserving the right to seek further to the Bank. improvements in the future.” “In particular, we are keen to ensure Good news that the broader culture operating within IBOA Ulster Bank Officer, John Burns “This is good news for all members the Bank is reviewed and reformed, where of staff who have suffered a shortfall in “It is the result of a consistent cam- necessary, to minimise any adverse health their promotional pay,” said IBOA’s Senior paign by IBOA to ensure the matter was issues arising from workplace stress,” Industrial Relations Officer,Steve Tweed. addressed in a proper manner by the Bank.” added Steve Tweed. Union refers MCR issue to SPECSAPPEAL UNION FINANCE IBOA - THE Labour Court FORIBOAMEMBERS IBOA has referred two MCR-related issues in Ulster Bank to the Labour Court in the Republic. The Union is contesting the inclusion of Team Leaders as being in-scope for MCR.

IBOA believes this role should be out of www.iboa.org.uk www.iboa.ie scope and that staff should be allowed to ¤30 off glasses from the ¤149 range or above voluntarily ‘opt-in’ to the process. The Union is also contesting the Bank’s in the Irish Republic view that in-scope members of staff who are not qualified can be moved to a lower £20 off glasses from the £99 range or above in graded role with a subsequent loss in Great Britain and Northern Ireland salary. IBOA believes members of staff who, To receive your SpecSavers discount voucher, for genuine reasons, cannot obtain the necessary qualification should not suffer call 0(0-353-)1-4755908 or 0(0-44-)2890-200130. any financial detriment.

SPECTRUM 29 december 2010 30 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk

from the Irish State. Bankhas already received the which funds public the for price the as July with the EU agreedCommission already Plan ing in renegotiate the Restructur- shouldbe no necessity to there then package, aid bankingsector under the the to offer onfunding outrecourse to the public this additional capitalthat ifwith- the Bank can secure and ECB. aspart of the financial aid package Tierfrom the 1 IMF, ratio beingEU demandedcapital now by independentlythe Central Bank inSenior ordermanagement to in Bankmeet of Ireland theaims tohigher raise 12% more capital seeks to raise Bank of Ireland Eamonn Farrell, Photocall BankIreland) of Ireland Chief Executive, Richie Boucher (Photo: workplace: IBOA has been advised december 2010 december SPECTRUM

he said. proceeding on that basis,” is Restructuring PlanEU the implementation of the ment in Bank of Ireland menton seniorwith manage- Gerry Hanna. Industrial Relations IBOA Officer,Senior saidplace,” remains in – Planturing containedintheRestruc- redundancies which – was originalprovision for 750 A ti pit the point, this “At “The Union’s engage-

news up to 240 jobs at this time."Ireland which can ill afford widertotheeconomyNorthern oflose by also but leave, to opt who families those staff members of dancies will be felt not only by the necessary. be should measures such that weare nevertheless disappointed Restructuring the Plan, ofation fully with IBOA on the implement-the Bank has committed to engage agreement with the EU. not unexpected in view“profoundly disappointing” of but the prior Broderick, described the job cuts as shed between Bristol and withLondon.around 30more jobs tobe to 240 are to take place in inallyBelfast, agreed as part of the plan, up Ireland. confirmed of been Bankhas by underRestructuringEUthe losses Plan job of tranche first The Ireland and Britain cuts in Northern BOI announces job

“Theimpacttheseofredun- gratified are “While we that IBOA GeneralSecretary, Larry Of the 750 redundancies orig-

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do not wish to leave. options are available for ensureBankstafftothethatrealistic who within opportunitiesployment rede-soughtlist hasofa Union Agreement. Connaughton the of termsthe ensure to that aims the IBOA Bank cuts, honours job the posed on the implementation of the pro- inclusive of statutory weeks’entitlements.6 payperyearserviceof years;and 2.5 in Great of Britain cap it a amounts to subject to service plus statutory videentitlements,for 6 weeks’ pay per year of the Bank. and Unionagreed between the and on severance terms previouslyBankpurelyona voluntary basis IBOAmembers willonly exit the will be implemented IBOAtoAgreement negotiated byensure that Connaughton the of termsthe

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workplace: news Mediated talks follow 24-hour strike at HP CDS

Following the first of two scheduled twenty-four hour work stoppages by IBOA members at HP Customer Delivery Services (CDS, an initiative by the Department of Enterprise, Trade and Innovation in the Republic resulted in the appoint- ment of an agreed mediator to try to resolve a number of issues in dispute. While the mediator is directly involved in the case of those members of the HP CDS staff already covered by a collective agreement by virtue of transferring from another employment (Red- stone), a parallel process has been established for other staff who are progressing their issues through a newly created internal procedure. If this internal procedure fails to bring about a satisfactory resolution for these staff, then the mediator On the picket “It is unfortuate that our mem- will be called into action in this line: IBOA bers were left with no other option case, too. members but industrial action in order to HICKEY’S As talks between the parties at HP CDS achieve meaningful dialogue with continue, Union organiser, Gareth demonstrate management. However, now that Murphy, reports steady progress on at the campus real engagement is under way, we Pharmacies a number of issues of concern to of parent are finally beginning to make pro- our members. company, HP. gress to our mutual benefit.” 10% discount for UNION FINANCE IBOA - THE IBOA members 10% off all products on all products purchased in the (excluding medicines Republic of and prescriptions) Ireland or from Hickey's Pharmacies Northern Ireland in Arklow, Cork, Drogheda, www.iboa.org.uk www.iboa.ie on presentation Dublin (O'Connell Street, Henry Sreet, Grafton Street, of your IBOA Harold's Cross, Crumlin, Terenure, Tallaght, Coolock, membership Phibsboro, Santry, Finglas, card in store. Ongar and Tyrrels town), Dundalk, Gorey, May nooth, Navan and Newbridge.

SPECTRUM 31 december 2010 32 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk

have on staff remains – unclear. takes and – particularly what impactthe Bank. it But will what form this downsizingcommentsby the previous leadership of operationinfuture isin line with earlier staff to the effect that AIB will be a smaller contemplated. the Bank than would otherwiseresult inhave a more been extensivealsolikelyto is restructuring nationalisation virtual– theAIBof inof result to likely is which guaranteed key the institutions from – higher Tier 1 capitalprice for ratiosState funding, now it Groupalready wasbeingcardsisthethe onas not clearsought if the of Finance. FinancialRegulation and the Department Governor of the Central the clarification sought from also Bank,has the Head of I AIB’s future inwake ofaiddeal IBOA seeks greater clarity over workplace: Bank and the EU Commission. Monetary Fund, Republicthe European provided Centralfinancialaidpackage byforthe Irish the Interofthe conditions attaching nationalto the to discuss the implicationsman for staff of AIB Group, David Hodgkinson, “Mr. Hodgkinson’s recent e-mail to AIB restructuring of some “While IBOA General Secretary, Larry Broderick, ing with the new Executive Chair- BOA has sought a high-level meet- For informationonthelatestoffersforIBOA members, log onto:www.iboa.ie/members/otherservices.html december 2010 december SPECTRUM or www.iboa.org.uk/members/otherservices.html special offers EXCLUSIVE for IBOA members only! Discounts

withdrawn from sale inChairman the absencesaid that of theany Division“At the Bank’s was recentbeing EGM, the Executivethefuture of AIB UK,”said Mr. Broderick. “Inparticular, weneed clarity about AIB Executive Chair, David Hodgkinson (Photo: Sasko Lazarov Photocall-Ireland) news spects for the Bank and for about opportunitytheirthe long-term jobs.”– pro - in AIB are entitled to saidclarity the at General– the earliestSecretary, “our members the Government is openshareholder to offers infor virtuallythem.about to becomeevery is State Irisheitherdomestic the Central as that, Bankthe bank,sole or majoritydeclarationthe Governorthetheby of future ownership of AIBcerned Group about following media– speculation over the long-term future. Bank’s medium- the to takento be to and allow for a more hastyconsidereddecisions rapidonasset disposals approach shouldease the pressure onAIB totake package financial aid the of wakethe arguedthat the new certainty arising in backon while the agenda others – have intervention,the sell-off suggestedof AIB UKis now that, following the IMF/ EU/ECB follow. ofall of the options for its future would meaningful bids and – that further analysis “Althoughthe situation is still fluid,” “At the same time, staff are also con- “However,some commentators have

workplace: news Bonus row causes Talks continue with AIB distress for AIB staff Although the future ownership status of AIB Group – or elements of it – may be in doubt following recent developments, BOA members in AIB have been given rise to a pay structure which has IBOA has continued to negotiate with the extremely disappointed at the inaccu- placed increasing emphasis on perform- I Bank’s senior management teams in the rate media coverage and commentary ance-related pay compared to basic pay. Republic and the UK on a wide range of on the decision of AIB Group to pay “These policies were introduced by the issues including job security, pension, pay, bonuses earned in 2008 to senior execu- Bank's senior management – against the managers' recognition, repatriation rights tives and certain specialist staff in its wishes of IBOA – on the basis of encour- and culture. Capital Markets Division following a aging staff to meet short-term targets In the , discussions legal action by a number of these staff “The excessive pursuit of narrowly to enforce the terms of their contracts. focused targets by AIB and other institu- have commenced on these issues under “An impression was created in the tions in order to maximise share-holder the chairmanship of independent mediator, minds of many members of the general value in the short-term – while inevitably Liam Deane – while in the Republic of public that ordinary bank officials in AIB undermining the long-term stability of the Ireland, Senior Counsel Mark Connaughton were sharing in a massive bonus bonanza bank – lies at the heart of the current has been agreed as an independent - and once again Branch staff throughout financial crisis which has done so much mediator to assist both sides in putting Ireland are bearing the brunt of further un- damage to the Irish economy. in place an Enabling Agreement to deal justified abuse and demeaning comments "For our part, IBOA is keen – not only with these issues. from various quarters.” said IBOA General to ensure the protection of as many jobs IBOA’s AIB Group Officer, Claire Walsh, Secretary, Larry Broderick. as possible within AIB and the industry told Spectrum that an agreement was “The vast majority of staff in AIB have generally – but also to encourage a new essential to provide a structured frame- not benefitted from any such payments. approach to remuneration throughout the work to enable the challenges facing staff Indeed, our members in AIB are now sector – which would eliminate the bonus to be addressed effectively. suffering the consequences of the dis- culture by providing a reasonable level of “In an extremely uncertain environ- torted remuneration policies introduced in basic pay for our members,” the IBOA ment, our members in AIB deserve as much AIB over the last decade or so – which have leader declared. re-assurance as possible about the future,” she said. “An Enabling Agreement of the kind The Figures Some of the Press Misinterpreted sought by IBOA will provide us with some comfort in these very difficult times.” Extract from the Minister for Finance’s Statement to the Dáil on December 1 Bonuses (Booked in the Financial Accounts) 2009 Total 2010 Total Small Ads Grade No. of Staff ¤m No. of Staff ¤m UNION FINANCE IBOA - THE Executives 62 11.11 2 0.71 Managers 674 30.06 41 3.06 Big Choice Junior Management 700 9.20 Other Staff 1,389 4.49 1 0.02 Total 2,825 54.86 44 3.79 Holiday ¤56.3m of the total bonuses of ¤58.7m paid in 2009 and 2010 related to performance- Apartments related bonuses to staff in AIB Capital Markets. These bonuses were awarded for individual and business performance in prior years but deferred and paid in the 2009 to Rent and 2010.

The awards made in 2009 to staff in AIB Capital Markets in respect of 2008 were Adverts placed for www.iboa.org.uk www.iboa.ie deferred and subsequently paid following threatened or initiated legal action: IBOA members by ¤17.1m was paid in 2009 to overseas staff on foot of legal action; ¤35.5m was paid in 2010 following legal action and a High Court judgement IBOA members against the Bank. A further ¤3.7m was paid to staff in AIB Capital Markets in 2010 in respect of Check out the IBOA websites: deferred bonuses relating to 2006 and 2007 and were in accordance with the www.iboa.ie/services/ individuals’ contractual terms. The balance of ¤2.4m was paid to junior management and clerical staff in AIB’s smallads.html or customer contact centres in Ireland, to staff in AIB’s offices in Jersey and the Isle of Man www.iboa.org.uk/services/ and also included payments in respect of a small number of pre-existing contractual smallads.html bonuses.

SPECTRUM 33 december 2010

workplace: news Talks continue over transfer of BOI IT contract to IBM

Multi-lateral talks are continuing between IBOA and a number of employers in the wake of the Bank of Ireland’s decision to award its major IT contract to IBM. A number of staff in various companies currently work on the contract – primarily HP where approximately 200 staff are involved – but also some staff in HP’s subsidiary, HP CDS, along with IT staff in Bank of Ireland Asset Management, Bank of Ireland Global Markets and Bank of Ireland Securities Services. Staff in the three Bank of Ireland subsidiaries have balloted to accept the outcome of the transfer negotiations between IBOA, IBM The IBM Campus and Bank of Ireland – which were at Damastown, Similar negotiations in HP CDS working conditions and other facilitated by independent mediator, Co. Dublin. (Photo: have been complicated by the pro- contractual entitlements. Mark Connaughton, SC. Gareth Chaney/ posal to transfer some of the staff In the meantime, members in However, negotiations over the Photocall Ireland!) working on the Bank of Ireland HP and HP CDS have been advised terms of transfer for staff in HP contract to another company, by the Union to withhold co- have yet to conclude. The parties Manpower – rather than to IBM operation from any arrangements have now decided to refer all out- directly. relating to the transfer of work standing issues for independent Members are rightfully con- until such time as all issues have mediation in an effort to achieve a cerned about the implication of been satisfactorily addressed in resolution. such an arrangement for their each case.

Hyho Travel provides a Travel will donate between range of special deals for 10% and 20% of its agency IBOA members. commission to a charity, Check the IBOA web- school, club or community site for details of the latests organisation of your choice offers on holidays for desti- at no extra cost. nations worldwide, as well Check the latest offers www.iboa.ie www.iboa.org.uk as specialised golf trips and through www. iboa.ie/s/7 or sports packages. www.iboa.org.uk/s/7/. For every booking made You’ll need your IBOA on the Hyho site or via our membership number to dedicated call centre, Hyho log on! IBOA - THE FINANCE UNION 34 SPECTRUM december 2010

workplace: news INBS set to merge with Anglo and wind down?

In a move that appears to mark the start of It appears that Irish Nationwide’s E4bn IBOA members reject management the wind-down of both Irish Nationwide in deposits are to be transferred to other proposal to address pay Buidling Society and Anglo-Irish Bank, the institutions – possibly AIB and Bank of Meanwhile a proposal by Irish Nationwide Governor of the Republic’s Central Bank, Ireland – along with Anglo’s deposits to address a claim by staff for the payment Patrick Honohan, confirmed recently that totalling between E12bn and E15bn. of awards due in December 2009 and Irish Nationwide and have The financial press has also suggested December 2010 as well as pay for 2010 been asked to submit a revised restructur- that two companies may be interested in has been overwhelmingly rejected in a ing plan to the EU Commission – but this acquiring Irish Nationwide’s savings arm. ballot of the Union’s members. time on a joint basis. However, the implications of all of “The proposal – which offered extra At the same time Dr. Honohan also these possible developments for IBOA’s annual leave days rather than additional announced that the Anglo-Irish brand members in INBS, as well as for Anglo’s remuneration – was unsatisfactory,” said would cease to be used early in the New employees, have yet to be clarified. General Secretary, Larry Broderick. “Given Year – and that the heavily indebted bank The Union has sought an urgent the growing uncertainty around Irish Nation - would then be wound down as quickly as meeting with Irish Nationwide’s senior wide’s future, it is understandable that our possible. However, he conceded that this management to discuss the emerging members would find additional leave days would happen over “a multi-year” period. situation. rather less attractive than hard cash.” IBOA - THE FINANCE UNION FINANCE IBOA - THE w.bai www.iboa.org.uk www.iboa.ie

SPECTRUM 35 december 2010 36 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk

optl o ae nta tss to tests initial have toHospital sisterstwo attended Belfast City would be a member of ideally my transplant, whichfamily. donor stage was the possibility of a living within 18 to 24 months. probably fail would kidneys my plant for suitable patients. regulardialysis orkidneya trans- starttofail, the only treatment is thecondition. Whenthekidneys kidney thecan eventually no longer that function. so kidneys their 40s or 50s. normally failure when kidney chronicthe person to reachesleads father. Polycystic Disease Kidney inherited my condition froman PolycysticKidney Disease which medicalis condition a had calledI Martina’s story Adviser for 17 years. Branch as a Customer Lurgan Northern Bank’s Servicein Imelda Loughran, has Belfast.South in sister, Her worked Square Donegall in based Group Change Management agerfor the last six years in shehas been a Project Man- 17years in Branch Banking, years 23 in for Irelandtotal. of After Bank spendingin MartinaNugent has worked Spectrum bank officials tell – and Imelda both – as sisters, Martina ofLifeThe Gift ismoreNo gift precious than life: InApril 2008 my brother and Oneoption mentioned at this In January 2008 I was told that Currentlytherecure noisfor the in grow cysts time Over december 2010 december SPECTRUM style

bond. very special sisters with a and Imelda – Martina (right) list for my operation. The aim myisdonor, to Iwas put on awaiting Imeldawasgiventheall-clear as good health to be a donor. in person be donating to needs the go-ahead to be my donor.sister Thebefore shewould given be my for began checks and tests lings were not. perfectmatch. My other two sib- donate a kidney to me. establish if any of my siblings could Inthe summer of2009, once Imelda,my eldest sister, was a An extensive process of medical … months before requiring dialysis.havethetransplant numbera of been a better match. abledonor. In fact I couldn’t have disappointment I was theprocess only ofsuit- donation. the began Much I andsister,to brother their rapidly, rather fail my tobegan function kidney her When life. Dad'sdisease marred our which inherited sameMartina had the Itwas quite ashock to learn that Imelda’s story

life: style

However, I had to undergo up a kidney but she was very deter- further tests before I got the go- mined and had such a positive outlook. ahead to be a donor – without any We were admitted to Belfast City The doctor’s story risk to myself and my health. Hospital on Sunday 25 July for our So began the process of frequent operation the next day. Imelda was examinations at the Belfast City taken to theatre at 8.30am. At Hospital. 11.30am the surgeon re-assured us In fact two years later and having that all was well and I was taken to had a full ‘MOT,’ we were ready to theatre around noon. avail of the first opportunity for the When I came round in the transplant operation to take place. recovery room I was reassured that My only dread during this time all was well and that the kidney had was the fact that I could fall ill and started to work straight away. This is the transplant wouldn’t go ahead! not always the case: it can often take That would have been devastating several weeks before the kidney because as soon as I had the go- begins to function. ahead I just wanted to get on with it. Imelda was able to be wheeled in Never at any time did I doubt what I to see me the next day. I was so was doing. I just wanted to help my relieved to see her looking so well. sister have the gift of life without She left hospital two days later. I re- Kidney failure can dialysis – after witnessing at first mained for a further ten days. occur for many reasons, hand what Dad had to cope with. I will have to take drugs for the and affects people of rest of my life to stop my new all ages – from babies kidney being rejected. But this is a to octogenarians! Martina’s story reminder each day of the very special From 2008 to June 2010, I regularly When the kidneys gift that I have been given. Several attended Belfast City Hospital where stop working com- months on, we are both doing well my condition was closely monitored. pletely, regular dialysis and already I feel so much better. My kidney function steadily declined treatment (carried out over this period which left me feeling at home by the patient lethargic and tired. Imelda’s story and their family, or I had the utmost care and attention I was working full time through- by attending hospital from Pauline Haslett, living donor out this period and looking after my three times a week) transplant co-ordinator, she is family–my husband, Patrick, and two can keep people alive. invaluable. Dr. Aisling Courtney was teenage children, Cillian and Hannah. Dialysis, however, so supportive through every stage of cannot provide the Dr Aisling Courtney the process and even now they are quality or quantity of Imelda’s story only a phone call away. life that a new kidney can. Kidney transplantation I was going from being well to the is the best treatment for many people with kidney position of having to recover from failure. Ideally everyone who is suitable for a trans- surgery. But Martina was going from Martina’s story plant should get one before they even need to start I cannot speak highly enough of the UNION FINANCE IBOA - THE struggling to keep going daily to nursing and medical staff of the dialysis! having a new life – and my recovery Renal Unit and the Transplant Kidneys can be donated from someone who would be complete given time. Ward in Belfast City Hospital for the has died in hospital of an unrelated cause, or from I had the full support of my treatment I have had in the last a relative or friend who is alive and in good health. husband, Edward, and my three The kidneys given by people who are alive usually fifteen years but in particular in the daughters, Leesa, Gail and Lynn. They work better and for longer than those from de- last year during my transplant. never at any time questioned or ceased donors. Special thanks to my consultant asked why – their attitude was the Unfortunately there are a lot more people wait- throughout these years Dr. Doherty same as my own. I had something ing for a transplant than there are kidneys available, who recently retired, Dr. Courtney my sister needed. but I would encourage everyone to consider being who has been such a support Friends and colleagues were so an organ donor, either by considering giving a throughout the transplant process, www.iboa.org.uk www.iboa.ie supportive and commented on my kidney if you have a relative or friend with kidney Pauline Haslett the Transplant Co- bravery – but I never at any stage felt failure, or by registering on the NHS Organ Donor ordinator and Mr. Connolly, the sur- this way, I was so delighted to be in Register (www.organdonation.nhs.uk). It is a life- geon who performed my transplant. a position to help Martina. transforming and life-prolonging gift! Dr. Aisling Courtney Imelda’s story Clinical Lead for Transplantation As Martina and I are both Bank Martina’s story Belfast City Hospital In June 2010 we were given the date employees – working for different for the operation – 26 July – it was an Banks – we can assure all concerned In the Irish Republic, would-be organ donors exciting yet nerve-wracking time. I even though we share a vital organ - should contact the National Organ Procurement worried for Imelda she was under- there will definitely be no 'conflict of Service at Beaumont Hospital in Dublin. taking fairly major surgery and giving interest'!

SPECTRUM 37 december 2010 38 IBOA - THE FINANCE UNION www.iboa.ie www.iboa.org.uk

december 2010 december SPECTRUM CINEMAS IN IRELAND Cork (Ballincollig):• The Reel Cookstown:• The Ritz Coleraine:• Movie House Castlebar:• Mayo Movie Carrick-on-Shannon:• Carrick Belfast: • Movie House Banbridge:• Iveagh Movie Arklow: GCG• Cinema require to IBOA Cinema Offer, IBOA House,To avail Stephen of these Street tickets, Upper, please Dublin send a8. cheque made payable to the IBOA for the value of the number of tickets you Note: IBOA accepts no responsibility for lost or stolen tickets, or for tickets which have passed their expiry date. Picture Show World, Moneen Cineplex Studio

Dublin (Stillorgan):• Ormonde Dublin (Dundrum):• Cork (North• Gate Bridge): Cork (Midleton):• Gate Cinema Cork (Mallow):• Gate Cinema Cork (Douglas):• Cinema Cork (Blackpool):• The Reel Cinema Movies@Dundrum Gate Multiplex World Picture Show NI & GB (exc. London): Adult £4.60 Child £3.65 Valid at 26 cinemas around Ireland and over 180 more For full list of participating cinemas, see www.independentcinematicket.co.uk/ in Britain to see any film at any time on any day. Wexford: • SGC Enniscorthy Waterford:• SGC Dungarvan Sligo: GCG• Cinema Newtownards:• Movieland Maghera: • Movie House Listowel:• Classic Cinema Lifford: • Eclipse Cinemas Letterkenny:• Classic Cinema Glengormley:• Movie House Dungannon:• Global Cinema Dublin (Swords):• Movies@Swords ROI: Adult London: Adult £7.00 ¤ 6.80 Child Child £4.50 ¤ 4.60

flick: pick

Johnny Depp, Angelina Jolie and Venice in The Tourist. More chemistry in the periodic table!

The Tourist is less than the sum of its parts UNION FINANCE IBOA - THE

wo Hollywood A-listers – Johnny hoping she will lead them to her lover, a While Venice provides a spectacular TDepp and Angelina Jolie – an thief who has stolen millions from a rather backdrop to the action, the core of the acclaimed director, Florian The Lives less than wholesome Russian. film – the relationship between Depp and of Others von Donnersmark; and a In order to throw the sleuths off the Jolie – never really ignites. scent, Elise forms an attachment to a So we are left with a meringue of a talented supporting cast featuring tourist, Frank, a hapless American maths film – promising much on the outside but Paul Bettany, Timothy Dalton, teacher (Depp) traveling around Europe, ultimately empty inside – rather like, Sex Stephen Berkoff and Venice. because he roughly fits the description of and The City, it is pleasing to the eye but

Yet somehow The Tourist manages to her beau. with no real substance behind the froth. www.iboa.org.uk www.iboa.ie be less than the sum of its parts! Frank is completely taken in by Elise’s Occasionally even relatively mediocre And all those media stories about flirting. And why not – when she appears films can be lifted by the performance of Depp’s real-life partner, Vanessa Paradis, to be acting as a fashion model? one or two stars. But unfortunately in this being afraid that he might find it difficult With elements of a spy thriller, a case the weight of expectation seems to to resist the charms of Jolie on the set, romantic comedy and a travelogue, some have been too much. appear to be little more than a rather des- reviewers have been drawn comparisons Although Depp and Jolie are currently perate attempt by the film’s publicity de- with the Alfred Hitchcock classic, North by two of Hollywood’s biggest box office partment to convince us that what we are NorthWest. draws and both award-winning actors about to see is real sexual tension. But unfortunately The Tourist lacks the (Jolie has an Oscar and Depp should have The Tourist sees Jolie as Elise, a femme wit and the suspenseful engagement of its had one), The Tourist is unlikely to feature fatale being tailed by detectives who are illustrious predecessor. in either’s “best of” retrospectives.

SPECTRUM 39 december 2010

music: maestro

Arcade Fire Cool as fire!

Elvis Costello Though none of the band’s current not a band that’s out to party until we eight-member line-up are likely to be die every night. We did a lot of shows mobbed in the streets, Arcade Fire have with a lot of bands that were living that beem acclaimed as the world’s finest dream, but it’s a dream I never bought indie rock band. into. It never seemed that fun. In fact, it Elvis lives! Currently on a pre-Christmas tour of was always kind of embarrassing to me. Britain and Ireland, the Montreal based That isn’t what I think is cool about rock.” ew artists could get away with making band bring a refreshing humility to a The sense that it is the music – rather Fan that runs the gamut from music industry where hype is usually king. than the image – that matters most is jazz to vaudeville from bluegrass to “The clichéed rock life never seemed reflected in the stage presentation on this country but Declan MacManus can and that cool to me," said the Fire’s frontman, tour. There are no special effects, apart does in his latest album, National Ransom, Win Butler, in a recent interview. “We’re from a small video screen. The band which marks his second collaboration with needs no artificial aids: the music is T-Bone Burnett within the last two years. allowed to speak for itself. While has moved be- "Even when we started out playing tween a number of different genres during little art galleries in Montreal, we’d pick up his long career, his latest release packs Special Offer for on a certain level of cool stand-offishness them into a single album. Each song is in the crowd and just try and break through linked to a specific time and place – rang- IBOA Members it,” Butler explained. “We wanted to con- ing from “A Drawing Room in Pimlico, nect with the audience in a way that London, 1919” or “Somewhere in South other groups we played with didn’t seem America, 1951” to “On a Narrow Bed, to really care about. I guess, in one way, Some Other Time.” every band ends up doing what they feel National Ransom bears further testi- other bands should do for them as fans.” mony to Costello’s enduring talent as a www.iboa.ie www.iboa.org.uk Despite graduating from small intimate superb song-writer. Long renowned for his venues to festivals and arenas, the band clever wordplay, Elvis also offers wonder- is clear about its priorities: fully rich character portraits as well as a ¤1 off every CD you “If it stops feeling organic,” says Butler’s fine line in heartbreak. wife, co-writer and band member, Régine Although some, who prefer their buy when you visit Chassagne, “we’ll stop doing it. I have no music in neat genre-defined boxes, may ambition to be the biggest or the best- find the electicism of the album slightly www.cdwow.ie/iboa selling. That kind of thing is not why I, or troubling, National Ransom offers a diverse any of us, play music.” but compelling collection of songs. IBOA - THE FINANCE UNION 40 SPECTRUM december 2010

book: worm Too Big to Fail

Too Big to Fail: The Inside While this approach Story of How Wall Street results in a very readable and Washington Fought to and engaging writing style, Save the Financial System – it also denies us any over- and Themselves is the 800- arching conclusions or even page tome by Andrew Ross a sense of who were the Sorkin, of the New York real villains of the piece. Times, examining the fall- Almost all of the main out from the failure of characters are presented Lehman Brothers Bank. as striving to do their best Having reputedly spent for the highest of motives, , g over 300 hours interview- whether to safeguard the to Fail is essential reading ing the main protagonists, interests of shareholders or for anyone who wants a it is hardly surprising that of taxpayers. clear sense of the individual Sorkin is pre-occupied with But there is little explo- steps that resulted not only the human failings of these ration of the system fail- in Lehman’s collapse but characters and the human ures that contributed to also in chaos both on Wall cost of the collapse. the crisis. Street and Washington. Free to choose – but from a very limited menu Andrew Ross Sorkin Ten years ago in The New Feminism, Natasha Walter declared that feminism should no longer concern itself with women’s personal lives: feminism had triumphed and we were well on our way to complete equality, she thought. In Living Dolls, she outlines why she now thinks she was wrong. She explains why CHAPTERS what we trumpet as an expansion of ‘choice’ for women is actually the op- BOOKSTORE posite – and talks to many young women who feel as constricted by the

Parnell Street Dublin 1 prevailing “raunch culture” as previous UNION FINANCE IBOA - THE generations of women were by the earlier emphasis on modesty and virginity. While the opportunities available to women may have expanded, the 10% ambitions of many young girls are in reality limited by a highly sexualised culture that asks them to see con- discount sumerism and self-decoration as their only proper occupations, and their for IBOA bodies as their only passport to www.iboa.org.uk www.iboa.ie success. At the same time we are asked to members believe that the inequality we observe all around us is born of innate bio- logical differences rather than social factors. Drawing on a wealth of re- Show your IBOA search and personal interviews,Living membership card Dolls is a straight-talking, passionate and important book that makes us at the pay point look afresh at women and girls, at sex- ism and femininity today.

SPECTRUM 41 december 2010

sports: life

Over a century ago, before Ire- land’s Rugby team had ever locked horns with the All Blacks IRFU’s wishful thinking or the Springboks, an English writer by the name of William Wymark Jacobs published a horror story, The Monkey’s Paw. This yarn introduced what has become popular street wisdom: be careful what you wish for. I wonder did that thought cross the mind of anyone in Lansdowne Road as November gave way to December. It seemed they had it all. Four Tests on consecutive weekends. The champions of the world as guests for the first inter- national Rugby match in the new surrounds of the game’s oldest venue, and another headline act in the All Blacks. There were Samoa and Argentina too, to offer another kind of yardstick. What they got was a sharp blast of the chill of reality, and not just in the sporting sense. Flanker Stephen ease. Ireland’s doughty late come- What followed was supercharged, An ill-conceived ticket plan that Ferris touches back that brought them to within all right, and might even have ended demanded top dollar led to red down for Ireland two points at the final whistle was Ireland’s run of defeats had the out faces and empty green seats. It against like the redeeming hit of the perfect half crowned his cameo with a must have been a source of Argentina. espresso after a forgettable dinner. second conversion, but they remained, huge embarrassment that the (Photo: INPHO/ Invigorating as it was, the tang of tantalisingly, two points short. FAI Cup Final which slotted in James Crombie). its aftertaste could not obliterate the Given that South Africa had mid-month attracted more memory of what had gone before. been beaten on their last three through the gate than had Too many unforced errors, too visits to Dublin – most recently just come to see Ireland beat Samoa little imagination. They were 23-9 a year ago – this was a huge dis- the day before. The stadium down with just a quarter of an hour appointment. was 30% below capacity when remaining when the half backs Declan Kidney’s assessment was South Africa played. Even the All were changed. O’Gara came on for as honest as it was brutal. “We gave Blacks failed to fill the Aviva. his 100th appearance, with Stringer ourselves too much of a hill to And then there was the alongside him. climb,” he said. Rugby. Two wins and two de- feats from the Guinness Series might have been the safe bet before a ball was kicked. Two 10% discount for IBOA members wins and two defeats from what actually transpired left as many questions as answers. The World Cup may be ten on trips to major sporting events months away, but the shape of a side that might do damage in Britain, Scotland and Spain – there is still hard to discern. Notes on the last Six Nations as well as other holiday attractions in Britain. in this space concluded with a

www.iboa.ie www.iboa.org.ukJ39 question: had the 2009 Grand Slam been the summit, had this For more information phone 00-353-1-6292000 or 00-353-21-4377501, Ireland team’s time been and gone. The first seventy minutes e-mail: [email protected] or against South Africa lent that thesis some validity. visit our website at This was an end-of-season understrength Springbok XV, www.celtichorizontours.com and still they cantered clear with IBOA - THE FINANCE UNION 42 SPECTRUM december 2010

sports: life

There were superb individual performances all over the pitch – by George Hamilton Tommy Bowe and Stephen Ferris spring to mind – and of course Brian O’Driscoll was a towering presence. Ireland even led, for five glorious minutes just after the half hour, after Ferris smashed his way over the line. But sustained excellence was the preserve of the opposition, and 13-9 had become 13-19 by half time, and 13-33 within ten minutes of the restart. This class of opposition does seem to spur something in the Irish, even if the cause is lost, and two tries –O’Driscoll got the other –under- scored the captain’s comment that “we did play some great stuff.” But not enough. The three tries New Zealand scored either side of half time illustrated the gulf there is between playing some great stuff and playing it when you have to. And with Dan Carter keeping The best never slip far from the scores, but missed it, and in the Ireland’s Jamie the scoreboard clicking on, the out- summit. curious way of these things, it was Heaslip contests come was never in any real doubt. At least against Samoa there Ireland who next put points on the a line-out with 18-38 was an improvement on was improvement to report. Well, board, O’Gara getting what turned Juan Fernandez their most recent outings against of a sort. The introduction of the out to be the crucial touchdown. Lobbe in the the All Blacks and it did represent two-metre-plus Devon Toner (6’11” The best that could be said was recent rugby the high point of the autumn series. in old money) meant the line-out that the losing streak – four Tests international After it, the Argentina game was was no longer a cause for concern. plus two losses in Ireland XV against sure to be an anti-climax. But now the scrum was misfiring. games – was at an end. Argentina. And so it turned out. But And Samoa were refusing to play Ireland have never beaten New (Photo: INPHO/ against rugged opponents, Ireland the part of perfect guests. Zealand, and there was nothing in James Crombie) were solid, and there’s no doubt At 13-7, Ireland were by no the two previous Tests to suggest that, in the problem areas, especially means comfortable. It became 13- that history would be made in the scrum, the graph, over the four 10, the game was swinging Samoa’s November. And yet, this turned out weekends, had traced a trajectory way. They had a chance to level the to be the best Irish show of the four. of some slight improvement. UNION FINANCE IBOA - THE Yet the worry would be that, notwithstanding the raised game against New Zealand, Ireland seem unable to build the kind of platform McInerney Sports that they used as the foundation of their assault on the Grand Slam Travel Ltd. two seasons ago. They couldn’t always manage it when they came up short last term. That graph, taking in the bigger picture, is

heading gently south. www.iboa.org.uk www.iboa.ie 10% discount for IBOA members With a Six Nations that begins away to Italy, and France and on travel packages to top soccer matches at home, maybe the fix- tures have fallen the way Ireland in Britain, Scotland and Spain. would wish. But perhaps that should be the limit of what they wish for. For booking call 1850- 206080 from the Republic A steady improvement will have to be worked at if next or 00-353-61-228022 from Northern Ireland. autumn’s World Cup isn’t to www.mcinerneysports.com become rugby’s equivalent of the monkey’s paw.

SPECTRUM 43 december 2010

super: quiz

A prize of ¤50 will be awarded to the first entry prize: crossword drawn from our post bag after the closing date.

Across: Down: 1. Collapse (9) 1. Former British premier (5) 6. Lorry (5) 2. Passionate (9) 9. Oak fruit (5) 3. River bird (10) 10. Learned discussion (9) 4. Notice (7) 11. Tropical area said to be 5. Vengeful rival (7) the lungs of the Earth (10) 6. Norse god of thunder (4) 12. For one time (4) 7. IBOA for example (5) 14. Graceful artistry (7) 8. South African mining 15. Shameful controversy (7) city (9) 17. Credit (7) 13. Film starring Bogart and 19. Absence of order (7) Bergman (10) 20. Small measure (4) 14. Manufacture (9) 22. Decontaminated or 16. German breed of dog (9) rendered infertile (10) 18. Went in (7) 25. Openings (9) 19. Takes into custody (7) 26. Worthless (2,3) 21. UK’s deputy premier (5) 27. Keen (5) 23. Fear (5) 28. Thrown away (9) 24. Featured performer (4)

Name...... Union No......

Address ......

Previous solution ...... Across: 1. Cartridge; 6. Paper; 9. Badge; 10. Ballerina; 11. Locomotive; 12. Stag; 14. Painted; 15. Nicosia; 17. Tunisia; 19. Evinced; 20. Inch; 22. Blistering; 25. Employer...... Branch/Dept...... Tolerance; 26. Tripe; 27. Crony; 28. Annulment. A prize of ¤50 will be given to the sender of the first correct Down: 1. Cabal; 2. Reduction; 3. Rheumatism; 4. Debated; 5. Enliven; 6. Peer; 7. entry drawn from our post bag on January 31, 2011. Entries Point; 8. Rearguard; 13. Accidental; 14. Patriotic; 16. Sacrifice; 18. Atlanta; 19. should be sent to Crossword, Spectrum, IBOA – The Finance Epstein; 21. Cello; 23. Great; 24. Prey. 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 Jim Tallon of Ballygawley, Co. Tyrone. the magazine.

Sheilas Flowers is a leading online florist and flower shop. We can offer same day flower delivery personally throughout Dublin, Bray and North Wicklow. Also as founding members of Interflora, flowers and gifts can be delivered to practically anywhere in Ireland, the United Kingdom, and worldwide. From fresh flowers and plants to our extensive selection of chocolates, wines, soft toys and balloons, we have a stunning

www.iboa.ie www.iboa.org.uk selection of gifts to choose from. For more information on how to obtain your special 10% discount in Ireland and the UK, check the IBOA websites: www.iboa.ie/members/otherservices.html or www.iboa.org.uk/members/otherservices.html IBOA - THE FINANCE UNION 44 SPECTRUM december 2010

super: quiz

A prize of ¤30 will be awarded to the first entry drawn picture: board from our post bag after the closing date.

2 3 4

1 5 6 7 Use the first letter of the surnames of each of the people pictured to spell out the surname of a sporting personality. A prize of ¤30 will be awarded to the sender of the first correct entry drawn from our post bag on January 31, 2011. The winner of the last Picture Board quiz was Susan Crosbie of Foulksmills, Co. Wexford. The answer was Stallone.

A prize of ¤30 will be awarded to the first entry sudoku: challenge drawn from our post bag after the closing date. UNION FINANCE IBOA - THE A prize of ¤30 will be awarded to the sender of the first correct entry 749 5 drawn from our post bag on January 31, 2011. All entries should be sent to Sudoku, Spectrum, IBOA – The 6 7 Finance Union, IBOA House, Stephen Street Upper, Dublin 8. A photo copy of the grid will be acceptable – if you would prefer 19 5 6 not to cut up the magazine. 76 3 5 The winning entry for the Sudoku Challenge in the last issue was submitted by Catherine Jinks of Craigavon, Co. Armagh. www.iboa.org.uk www.iboa.ie 2573 5247Name...... Union No: ...... 73 52 Address ......

37 ......

2691 Employer...... Branch/Dept......

SPECTRUM 45 december 2010

ultra: violet with STEPHEN MALONE

Although some of the corporate suits Breaking Banks may be uneasy at the possible negative A Chip off In line with the cinematic theme of some consequences of being publicly associated of the graphics in this issue, Ultra: Violet with such a controversial political figure, the Old Block can confirm there is absolutely no truth in far more alarming for a product with a OR DOG BITES MAN the rumour that a major Hollywood pro- reputation for banishing wrinkles and Another WikiLeaks revelation that appears ducer is considering making a film inspired restoring lost youth would be the Libyan to have caused some consternation in by the Anglo Irish Bank collapse under the leader’s lined and leathery complexion. working title, BrokeBank Mountain. However, the Ultra: Violet column is parts of the British media is the claim that The claim that this film would tell nothing if not resourceful and we offer the Duke of York – Britain’s trade envoy to the story of two cowboys who got to the this PR strategy to Allergan entirely free of the Middle East – may have been rather top and screwed an entire country is also charge: just launch a viral campaign on all indiscreet in comments he made recently entirely without foundation. the appropriate social networking sites to a business audience in Saudi Arabia The claim is clearly untrue – because if based on the following question: “Who about bribery investigations under way such a film project was genuinely inspired says he injects it into his face?” back in the UK. by the Anglo debacle, we would obviously Apart from criticising the activities of be talking about a continent and an inter- the Serious Fraud Office in Britain as well national currency rather than just a country! as investigative journalists for trying to expose bribery, Prince Andrew is also alleged to have made gratuitously dis- paraging remarks about “the French.” Botox-ification So a prince has problems with the Among the more bizarre claims to emerge principle of democratic accountability.

www.iboa.ie www.iboa.org.ukJ39 from the revelation of confidential diplo- Dah! Isn’t that to be expected when your matic communications by the whistle- family business is monarchy? blowing website, WikiLeaks, recently is And this particular prince is inclined to the proposition that the Libyan Head of be rather xenophobic. Remind me again State, Muammar Gaddafi, may use botox who his father is. for cosmetic purposes. Surely the real shock would have been This claim must surely cause great if he had adopted an approach based on concern to Allergan, the US-based multi- ethical integrity and inclusiveness. Other- national company behind Botox. Muammar Gaddafi wise, it’s just a case of “dog bites man.” IBOA - THE FINANCE UNION 46 SPECTRUM december 2010

Personal Days: New Bank Policies Each employee will receive 104 personal Rising Sum In this age of austerity, the Acme Bank is days a year. They are called Saturdays and In recent times there has been much talk introducing new policies. Sundays. about Japan’s “lost decade” when after a major financial collapse, the country was Dress Code: Bereavement Leave: left with a number of zombie banks. In future you should dress for work Bereavement is no excuse for missing On further investigation, we found according to your salary: work. There is nothing you can do for dead that Origami Bank folded, Sumo Bank • If you wear Prada, Versace or Gucci, friends, relatives or co-workers. Every effort went belly up and Bonsai Bank cut many should be made to have non-employees branches. Karaoke Bank went for a song you are clearly already overpaid and there- UNION FINANCE IBOA - THE fore do not need a pay rise. attend the funeral in your place. In rare cases as shares in Kamikaze Bank nose-dived. • If you dress poorly, you obviously need where employee involvement is necessary, While Samurai Bank tried to soldier to manage your money better and there- the funeral should be scheduled in the late on, the Ninja Bank took quite a hit but fore a pay rise would be wasted on you. afternoon. We will be glad to allow you to remained in the black. Almost a quarter of • If you dress appropriately, you are work through your lunch hour and leave Karate Bank staff were given the chop obviously financially comfortable and one hour early. while their colleagues at the Sushi Bank therefore do not need a pay rise. also got a raw deal. Think Positive: Thank you for your loyalty to the Bank. We Bathroom Breaks: are here to provide a positive employment In view of the excessive time being spent Bankrupt Banker experience. So all questions, comments, in the toilet, a strict three-minute time limit So former Anglo boss, Séanie FitzPatrick www.iboa.org.uk www.iboa.ie concerns, complaints, frustrations, irritations, will be enforced in the cubicles. At the end has been declared bankrupt at his own insinuations, allegations, accusations and of three minutes, an alarm will sound, the request. Morally as well as financially? other input should be directed elsewhere. toilet paper roll will retract, the door will open, and a photo will be taken. After your “I used to think that if there was second offence, your picture will be posted And Finally… on the staff notice board. reincarnation, I wanted to come back There is no truth in the rumour that when as the President or the Pope or as a Goldman Sachs CEO, Lloyd Blankfein, Sick Days: .400 baseball hitter. But now I’d like emptied his pockets at the security check A doctor’s certificate is no longer accept- to come back as the bond market. before the recent US Congressional hear- able as proof of sickness. If you can go to You can intimidate everybody.” ings on the banking crisis, a number of the doctor, you can come to work. – James Carville Republican senators fell out.

SPECTRUM 47 december 2010 Spectrum December 2010 ast Spectrum 13/12/2010 13:46 Page 48