The Bleak Midwinter
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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 bank title for Deutsche Bank • Former RBS directors chief • Barclays Ireland escape sanction • NEWSFOCUS CULTURESHIFT boss steps down • Central Bank 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 Belfast 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 pension Union secures full payment Bank of Ireland 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 Northern Ireland & Britain 26-27 28 29 30 31 WORKPLACE WORKPLACE LIFESTYLE FLICKPICK MUSIC NEWS NEWS The Gift of Life Angelina and Johnny in MAESTRO 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 IBOA - THE FINANCE UNION Spectrum is published by IBOA – The Finance Union, IBOA House, Stephen Street Upper, Dublin 8 and 29, Malone Road, Belfast. BT9 6RU. Telephone: 00353-1-4755908 and BOOKWORM SPORTSLIFE ULTRAVIOLET 0044-28-90200130 www.iboa.ie www.iboa.org.uk Too big too fail • Living IRFU’s wishful thinking Breaking banks • 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 short: cuts Oksana Denysenko London tribunal awards £1.5m to banker sacked on return from maternity leave A London-based investment banker who was made Art for art’s sake redundant shortly after return- ing to work from maternity leave was awarded £1.5 million At last Anglo-Irish shares are finally recently by an employment tribunal. worth something in artwork When Oksana Denysenko came back to work as a vice- Worthless Anglo Irish Bank shares, which once The limited edition of 35 prints were president with Credit Suisse after peaked at E17, appear to have recovered some originally sold by a Dublin gallery last August for the birth of her daughter, she of their value since they were incorporated in a €19.71. found that the colleague cover- work of art recently by Dublin-based artist, However, one print offered for auction ing her position was still there. Frank O'Dea. on eBay recently attracted a bid of €218 –a The two continued to work Anglo investors, who donated shares in staggering increase of 1,106%. together for seven months before response to the artist’s appeal earlier this year, "The people who gave me their shares Ms. Denysenko was told two each received a free print of the artwork, thought they were worthless,” commented people were no longer needed The Anglo Irish Bank Shareholder, showing a Frank O’Dea. in the role. distressed investor sitting at a bar with his “I’m delighted to have turned it into art Although Credit Suisse con- worthless share certificates beside him. which is continuing to rise in value,” he said. tested the case, an employment tribunal in East London ruled that Ms. Denysenko had suffered discrimination because she was chosen for redundancy as a direct result of her maternity The tribunal ruled that she be paid £656,104 in compensa- www.iboa.ie www.iboa.org.uk tion for loss of future earnings and injury to feelings – with a further £900,000 to cover lost bonuses, wages for one and a 10% discount on any mobile phone* quarter years and an enhanced or mobile accessory for IBOA members redundancy package. The total award equates to in the Republic of Ireland. more than 18 times her basic *except the Apple i-Phone salary. IBOA - THE FINANCE UNION 4 SPECTRUM december 2010 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 IBOA - THE FINANCE UNION 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.ie www.iboa.org.uk 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 Ulster Bank’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 short: cuts Fred ‘the Shred’ Goodwin Former RBS directors escape sanctions The UK’s Financial Services Authority (FSA) has closed its investigation into the near collapse of Royal Bank of Scot- land (RBS). Even though the The launch of National Australia Bank’s new logo has been overshadowed by the impact of Edinburgh-based bank needed the corrupt computer file. a £45bn rescue package from the British Exchequer, the FSA is to take no action against any of its former directors – includ- File corruption wreaks ing Sir Fred Goodwin, its Chief Executive at that time. The FSA appointed Price- waterhouseCoopers to analyse havoc at Australian bank the events that preceded the near collapse of RBS in October hile allegations of corruption in transfers to other accounts in NAB and even to 2008.