AUGUST 2011
TIME FOR A CULTURE SHIFT SHORT CUTS NEWS REVIEW SPECIAL FOCUS IBOA N
TAX THE RICH RING-FENCING NEWS REVIEW • Toxic media hysteria Billionaire financier, Warren UK banks are anxiously awaiting • Ratings agencies under fire Buffett, has urged the US the publication of the final • Call centre operations in administration to stop molly- report of the Government- India to be reviewed direct coddling the mega-rich with appointed Independent Banking • Business customers’ bank- over-generous tax breaks while Commission headed by Sir John ing wish list squeezing the less well-off. Vickers. • Controversy over salary cap See Page 4 See Page 7 See Pages 10-17
HIGH STAKES BANK CHIEFS SPECIAL FOCUS • From counter to culture While former HBOS Chief Exec- IN DENIAL • Changing your career www boa org uk shorts utive, Andy Hornby, has just been • Survey: culture of banking appointed to head the Coral’s British banking leaders remain must change gaming chain, the Former Ulster desperately slow to understand • Safety focus: stress Bank chief, Cormac McCarthy has the need for a major change in • Safety focus: burn-out joined the Paddy Power board. the culture of their industry. from boredom See Page 6 See Page 8 See Pages 18-27 www boa e
Spectrum is published by IBOA – The Finance Union, IBOA House, Stephen Street Upper, Dublin 8 and 29, Malone Road, Belfast. BT9 6RU. Telephone: 00353-1-4755908 and 0044-28-90200130 [email protected] www.iboa.ie www.iboa.org.uk General Secretary: Larry Broderick HAND OF GOD IBOA NEWS Honorary Secretary: Tommy Kennedy • IBOA leaner but keener Communications Manager: Séamas Sheils Keeping his head while all about • Training for a change him lose theirs, Bank of England • Union mourns death of Advertising enquiries to Anna O’Doherty boss, Mervyn King, draws on heroic activist or Louise O’Donnell in IBOA House. soccer analogies to explain the • Sports & social: upcoming Spectrum is printed on recycled paper and wrapped bank’s approach to interest rate • Meeting Mr. Tayto! for posting in oxy-degradable poly thene at W & G Baird, policies. • Building the Union
BOA THE F THE UN NANCE BOA ON Antrim, Northern Ireland. See Page 9 See Pages 28-37
2 SPECTRUM august/september 2011 NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE
WORK AGENDA • Anglo restructuring • NIB job security pledge • Talks under way at Northern Bank • Major review at Ulster Bank • BOI wins bew investment • AIB staff still waiting See Pages 38-45
British banking group, Lloyds, has recently announced a further 15,000 more redundancies. Job cuts – order of day LIFE & STYLE • Swipe for cash • Fashion victims across banking sector • Exercise for kids www boa org uk • Menus to count calories? The retrenchment of Irish banking is begin- installed Chief Executive is currently finalising • Fitter or fatter: energy ning to gather pace. The catalogue of failure a further operational review. drinks in the dock already includes almost 1,000 job losses in Meanwhile, of course, IBOA members in • Nike: just pay it! Ulster Bank, 750 redundancies generated by AIB Group still anxiously await details of the See Pages 46-53 the closure of Halifax (and a similar number restructuring plan which is intended to seek to be lost when Bank of Scotland Ireland around 2,000 job cuts. eventually winds down), 150 redundancies in Developments in Ireland reflect significant National Irish Bank and a restructuring agree- job cuts on the international stage. HSBC has ment to cut 750 jobs across the Bank of Ire- just announced a plan to cut 30,000 jobs by
land Group. 2015 – while Lloyds Banking Group is seeking www boa e Staff in the recently merged Anglo Irish 15,000 more redundancies – bringing its jobs Bank-INBS institution are now digesting the toll to over 40,000 since the crisis began. implications of their management’s proposals UBS wants 5,000 job losses from their to reduce employment by a further 350 as the global operations while Credit Suisse has also wind-down process continues. announced 2,000 cuts. Bank of America is In addition to these job cuts, up to 4,000 now seeking 5,000 job losses world-wide. posts that have been extinguished in Irish Reported cuts of 200 posts at RBS seem quite banking as a result of non-replacement of modest in comparison. ARTS & LEISURE staff on retirement or resignation and the Meanwhile, Goldman Sachs is reported to • Film: Monkey see, monkey non-renewal of contracts for temporary staff. be seeking a further 1,000 redundancies after do! At the same time, Northern Bank has the purging of 5% of its traders in March, • Will Adele get the Elbow? opened talks with IBOA on a Transformation while Morgan Stanley is also expected to • Sport: All Black to the Future Programme while Ulster Bank’s recently announce job reductions shortly. • Crossword, Sudoku, Picture Board Cover Picture: Crann an Oir - The Tree of Gold at the Central Bank in Dublin. The sculptor, Eamon O’Doherty, who • UltraViolet was also responsible for the Anna Livia Fountain and the statue of James Connolly at Beresford Place in Dublin,
See Pages 54-63 died in August. F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 3 HR USNW EIWSEILFCSIBOA SPECIAL FOCUS NEWS REVIEW SHORT CUTS 4 BOA THE F NANCE UN ON www boa e www boa org uk house Buffett – has called on “particularly when so many of for many of his employees at effectivetax rate at 17.4% – suffering.” the US political establishment 41% to 33% compared to od o a mr i taxes in more pay to told Berkshire Hathaway finance SPECTRUM fair taxation. “megarich” like himself and to introduce mollycoddling the stop Government to individual in richestthe third the acclaimedworld, as been has has called on the BillionaireUS financier, Warren Buffett, who wealth taxes wants more financier Billionaire theirfellow citizens are truly ih ol nt id being mind would notrich to“get serious about shared sacrifice.” Calculating personal his e ad ht h mega the that said He
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10% august/september 2011 august/september eovd te Republican the resolved, that if European style rates of debt issue which – resulted in tionfollows the recent bitter rbe cud e quickly be could problem the downgrading of the US’s personal taxation were intro- out pointed have Europe politicalwrangling in the US AAArating by Standard and the tackling overCongress ue i te S te debt the US, the induced Poors. Buffett’s latest interven- hl commentators While in thefinancial hardships facing expenditurepeople and patterns ofincome, in assesslevels ofdisposable What's Left? tracker index secondofdisposable League’s2011,income the entitled for ducted a surveya undertaken bythe Irish one bill every month, Republicaccordingarelate paying leastat to Nearlyhalf ofpeople inthe Irish month in Republic survey – Half pay bills late every et fe esnil il ae ad a paid,staggering are 45% billssaid essential they afterno longer leftsee whohave less than 5% of their income Ireland. League of Credit Unions. h sre ws con- was survey The codn t te uvy o those survey, the of According to , which aims to in State expenditure on health tointroduce substantial cuts Representatives fired up – by aain–preferringtaxation– instead the ideological dogmatism of “scot free.” and education. theTea arePartyresolutely – majorityinthe USHouse of opposedtoany increases in be hl te ih e off get rich the while able including Buffett believe – it is unfair to foist America’s debt burdentheonmost vulner- Criticsof this approach – Warren Buffett
essential bills unable to pay 210,000 people
further rate rise. mortgageand utility bills if there was a meet bills. havea serious impact on their ability affectto them with 21%– saying it wouldfurtherahow interest raterisewould any further changes nottothink socialthey will be able welfareto cope with rates in Ireland. afuture for themselves or their families % ad hy ol nt a their pay not could they said 6% 82%of the same group say they do before the rate rise in July.interestrate rise in April but theEuropean Central Bank’s or income tax. in Kansas. Central Corporate Creditover losses Union incurred by themonthagainstearlier aRBSUS incomes, debt and equity. sentationsaboutborrowers’ featured “systemic” misrepre-Union alleges – that the loans gage bonds to Westcorptrationover Creditthe mort-sale of National Credit UnionAngeles Adminis- court last month by thebonds backed over unionsby credit“liar’s leading loans.” allegedly billion for mis-$1 USseeking damages ofover RBSfaces two lawsuits in the law-suits in US facestwoRBS size in other countries. than any institutions ofachieved similar wider profit margins Settlements. InternationalBanktheofof accordingto the annual mostprofitable report the in the ofworld, some as rated now are Australia’s banks larger Wizards of Oz? smlr ut a filed was suit similar A have banks Australian The latest suit filed – in a Los Those surveyed were asked The survey took place after N NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE
RBS Americas Headquarters in Stamford, Connecticut.
MBNA disposal puts 5,000 jobs at risk
Up to 1,000 jobs are at risk in Ireland with another 4,000 in Britain following the recent decision by Bank of America to dispose of its MBNA credit card business based in Carrick-on-Shannon and Chester. As MBNA is reputedly the biggest credit card operator in Europe – with £11.6bn in loans through its own card as well numerous affinity cards supplied to charities, sports clubs and other bodies – it is expected that Bank of America will have no difficulty in finding a buyer. However, if the disposal results in a merger with an existing credit card business, www boa org uk significant job losses may RBS warned over money ensue. JP Morgan pays laundering risks in US $153m. over
toxic mortgages www boa e The US Federal Reserve has ordered “RBS is well advanced in addressing the Ulster Bank’s parent company, Royal deficiencies noted by the US banking authorities JP Morgan Securities is to Bank of Scotland, to improve oversight and in continuing to upgrade our governance pay $153.6 million to settle of its US operations – including controls and compliance systems throughout the group,” claims that it had tricked to prevent illegal money laundering. said its Chief Executive, Stephen Hester. investors into buying toxic RBS has 60 days to submit a written plan mortgages before the pro- of how it will tighten up risk management to perty market crashed. comply with requirements set by the Treasury More Dirty Linen The American Securities Department’s Office of Foreign Assets Control, and Exchange Commission which monitors potential money laundering Britain’s banking regulator, the Financial Services said that JP Morgan created activities. Authority (FSA), is considering penalising two and sold a “synthetic collat- The move by the Federal Reserve comes a UK banks after it found major lapses in their eralised debt obligation” year after the British banking regulator, the procedures to combat illegal money laundering. without informing investors Financial Services Authority (FSA), fined RBS The FSA said that some institutions were that a hedge fund, which £5.6m for failing to operate adequate customer prepared to risk handling the proceeds of crime helped to select the assets, screening to prevent its banks being used for rather than turn down business from high-risk was set to benefit if the as- sets defaulted. money laundering or financing terrorist activities. wealthy clients. F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 5 HR USNW EIWSEILFCSIBOA SPECIAL FOCUS NEWS REVIEW SHORT CUTS 6 BOA THE F NANCE UN ON www boa e www boa org uk first six months of 2010. JP Morgan was the biggest earner with representinga48.9% increase on the Morgan Stanley was the fastest grow- according to a recent study n wt is oa o $.b fe – fees $2.7bn of total its with ing of fee income was the best the first six months of 2011, havealready achieved a total of earningbanks were American. While $48.9bn (£30.5bn)in fees in by Thomson Reuters. 34n o nal 7 o te total, the of 7% nearly or$3.4bn, periodlast year, this level Reuters,sixtheoftoptenfee- first half-year since 2007. overtheir charges, investment banks bonuses to staff after securing major increases in fee income. rprn t poie substantial provide to preparing ae i te iy f odn are London of City the in based nentoa ivsmn banks investment International Up23% on the same codn t Thomson to According ept wdsra discontent widespread Despite SPECTRUM from risingfee income anticipate bonusboom Investment bankers Banking toBanking gambling Andy Hornby august/september 2011 august/september and bonus pool,” said Barber. leader. andgrowth, justnotprofitsitsown thebanks tolend,” added the union be encouragingbe business investment for a mortgage,fora whocan’t persuade require that some of the bonus should be deferred and paid in shares. payouts again even – though new rules akr ae iey o expect massive likelybankers to are “Ahealthy banking sector should It has also raised again the contro- Analysts have suggested that senior versial issue of the bonus culture with – just joined the board of book- CormacMcCarthy, whohas makers, Paddy Power. like former Ulster Bank chief, business of gambling rather – comefull backcircle in the – h Crl aig hi – chain gaming Coral the and bookmaking businesses. which includes casinos, bingo h drugs industry headthe to tenure in Halifax-Bank of Scot- retailer, Alliance Boots. BritishGovernment Hornby– land which– was acquired by moved to the pharmaceutical o onys he has wheel Hornby’s So lysa h eeto the of Lloydsbehest theat Former HBOS Chief Executive, his true calling at last. Andy Hornby, may have found Buthe has now forsaken Afterthehissadendto businesses and people struggling British Trades Congress Union ilos f credit-starved of millions GeneralSecretary, Brendan Barber Barber are rolling in the City again. that: show that the good times fees collected by UK banks “Thiswillastonish the “Thelargeincrease in (left), observing the behest of the EU Commission.beingsold off by Lloyds Banking Group at groupwhich is bidding for tobepart the ofthe 632 Sun Capitalbranches private equity Expressfast food chain in the UK HughOsmond,Pizzaisthe offounderthe believed After ‘a pizza’ the action billion from the British taxpayer.where it needed support to theworld’s tune largest of £45banks collapsed to the itspoint determination to uncoverthetake-over how onewith RBS investorsof thehighlights One, in 2004. versialtake-over bank,UStheCharterof land(RBS) to include a review of its thecontro- reversal of fortune broadenedof Royal theBank scopeof Scot- Financialof Services UK's Authority hasThe its investigation into RBS probe widens The British regulator’s decision to discuss National Sea Life Centre, Bray Seafront, Bray, Offers may not be used in conjunction Co. Wicklow. Tel. 00-353-1-2866939 For families: Special Offer for for family of 4 (normal price with any other offer or promotion. Save IBOA members ¤ 3 off full admission price www.sealife.ie For individuals: Supersaver deal of
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Breaking up is hard to do … but UK banks may be divided soon to ensure they are not “too big to fail” The UK’s Independent Commission on The tougher line will undoubtedly Banking (ICB) is now likely to defy the big find favour with the UK’s Business banks by proposing more thorough “ring Secretary, Vince Cable, who has been a fencing” of their retail and investment long-standing advocate of a complete banking activities than was previously legal separation of the functions of the expected. banks. If the Commission’s final report on 12 Cable, who was himself a member of September produces even more stringent an earlier independent commission, be- guidelines than were signalled in its lieves this is the most effective way to re- interim report earlier this year – it is likely move the notion that any institution is to generate increased hostility from the “too-big-to-fail” and, therefore, entitled major banks, with renewed threats of to taxpayer support whenever they run Sir John Vickers: chairman of the UK’s transferring their head offices out of the into difficulties. The Governor of the Bank Independent Banking Commission UK. of England, Sir Mervyn King, is also could drive up the cost of borrowing and The Commission, which is chaired known to be highly sceptical about the reduce the UK's competitive advantage by Sir John Vickers, was established by benefits claimed for “universal” banking. over other financial sectors abroad – with the British Government to review the However, the final decision on the the wider public interest to ensure that operations of the banking sector in the Commission’s proposals will be taken by taxpayers are not in effect being required light of the recent crisis and make recom- the UK Government, which will have to to underwrite any future reckless acts on mendations for the future. balance the banks’ claim that ring-fencing the part of senior executives. www boa org uk www boa e BOA THE F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 7 HR USNW EIWSEILFCSIBOA SPECIAL FOCUS NEWS REVIEW SHORT CUTS 8 BOA THE F NANCE UN ON www boa e www boa org uk SPECTRUM regulator– don’t get it execs still Banking said recently that Britishthe (BBA) Association Bankers’industry the from officials “somewhat alarming” that just as high if not higher.”of financial services shouldquality be of service to customers business?,” she asked. in stay it would long how rotten food to its customers, other businesses. sector tolerated in be not would services financial the of standards the that said Cole, Margaret (FSA), Financial Services Authority the Financial at Crime and consumers. to restore its reputationchange with in the sector’s culturerecognise the needexecutives for banking a seniorwhomajor have offailed critical to financial regulators highly is Oneof the UK’s most senior oe de ta i was it that added Cole “Expectations around the supermarket sold a “If DirectorofEnforcement august/september 2011 august/september –Cole noted the absence of products to protectyear withconsumers new powers to bespunban out of the FSA next ConductAuthority Financial (FCA) – which the is to of out of up to £9 billion. retailbanks and finala pay- being lodged with the major millioncompensation three toclaims lead to expected is which mis-selling ofthe mentprotection insurance pay- over– made been had wasnot sure what mistakes paig t h launch the Speaking at www.iboa.org.uk/members/otherservices.html www.iboa.ie/members/otherservices.html or discount in Ireland and the UK, check the IBOA websites: For more information on how to obtain your special 10% selection of gifts to choose from. chocolates, wines, soft toys and balloons, we have a stunning From fresh flowers and plants to our extensive selection of Kingdom, and worldwide. be delivered to practically anywhere in Ireland, the United Also as founding members of Interflora, flowers and gifts can Dublin, Bray and North Wicklow. We can offer same-day flower delivery personally throughout Sheilas Flowers is a leading online florist and flower shop. Margaret Cole, Director of Enforcement and Financial Crime at the UK’s Financial Services Authority. theother – body being spun couldnot protect customers that regulatory changesout of thealone regulator added – Prudential RegulatoryHector Sants,Authority who is to run the top. firms”has to come from the responsibility“culture of in a promoting for impetus thesector, she said, that the dropped” with key figures, in event. seniorindustry figures at the S Cif Executive, Chief FSA hasn’t “penny The
employees or shareholders.” forthe short-term benefit of of society as a whole andrun not their firms for the benefit service,” said Sants. consumersgivebetterto a make real their commitment must They firms.financial of management senior by also regulators but by just not attitude in change a not fully understood that.” are concerned that they changed.have firms “Weunless “Radical change requires Te ms cmi to commit must “They N NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE
Citigroup executive on fraud charge in New York
Former Citigroup Vice Presi- dent, Gary Foster, has been charged in New York with embezzling over $19m from his employer. Foster is accused of having abused his position in the bank’s internal treasury finance department to channel funds from a number of Citigroup accounts into his own per- Argentinian soccer star, sonal account. Diego Maradona (left) If convicted, Foster could and Mervyn King, Governor face jail time of up to 30 years. of the Bank of England (above). HSBC pays out $62.5m. to Dribble it like Diego!
scam victims Governor of the Bank of King’s point is that, while be more accurate to compare England. Mervyn King, used Maradona’s run is often seen the Bank’s approach to Diego HSBC has agreed to pay $62.5m to compare the Bank to as a mazy dribble, he basically Maradona’s more notorious to settle a legal action in New Argentinian football legend, ran in a straight line – but beat (in England, at least) “hand of York brought by some of the Diego Maradona’s second his opponents because they God” goal in the same match. victims of Bernie Madoff’s spectacular goal against were expecting him to swerve. With its subtle alterations fraudulent Ponzi scheme. England in the 1986 World The Bank can do the same to its inflation forecasts, the www boa org uk The settlement covering Cup, when he picked up the thing, according to King, by Bank may not be quite so investors in the Dublin-based ball on the halfway line, remaining constant when the blatant, according to Barr, Thema fund should not be beat a succession of English markets expect it to change “but it is certainly lingering in construed as an admission of defenders before scoring course. But Michael Barr of an offside position hoping liability, according to HSBC. past Peter Shilton. JP Morgan believes it would not to be flagged.” www boa e
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 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! BOA THE F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 9 SHORT CUTS NEWS REVIEW SPECIAL FOCUS IBOA N
OVERRATED?
David Lemon casts a wary eye over the ratings agencies and
direct their notorious reputation for insisting they are right even when they are wrong. See Page 12
SANTANDER UK TO RELOCATESA ANDER UK TO ELOCATE INDIAN CALL CENTRES TO BRITAIN INDIAN LL ENTRES B ITAIN
news Santander UK has decided to relocate its call centre operations from BUSY BODIES India to Britain – eight years after the company’s predecessor, Abbey, exported the business to the subcontinent. While the decision by An informal survey of business
www boa org uk Chief Executive, Ana Botin (above) is understood to be motivated opinion by the Department of primarily by the desire to improve service to customers, it also Finance has revealed a lengthy happens to coincide with renewed fears about the security of wish list including longer bank account data for the customers of a number of British banks with opening hours. call centres in India. See Page 16 See Page 14
PwC FACING RBS RESTRICTS FINE FOR $23bn ATM USAGE www boa e BANK ERROR Up to 8,000 RBS customers in the UK have been barred from PricewaterhouseCoopers is now using cash machines operated facing the largest fine ever by rival financial institutions. imposed on an accountancy Recent policy changes intro- firm in the UK after admitting duced by the banking group that it failed to notify the mean that holders of its “basic” Some cause Financial Services Authority that account will only be able to happiness the US bank had not properly CAP STILL FITS withdraw money from ATMs ring-fenced up to $23 billion in operated by RBS – which include wherever they client funds over a seven year IBOA General Secretary, Larry NatWest and Tesco installations. go: others, period. Broderick, says that Matthew Basic customers will also be While a disciplinary board Elderfield’s call for an easing of able to make withdrawals from whenever they is still to decide the penalty to the E500,000 salary caps for the Post Office. go. be imposed on PwC, analysts banking executives “beggars Not quite the “helpful bank- believe that it could run to tens belief.” ing” promoted in the recent of millions of pounds. BOA THE F THE UN NANCE BOA ON Oscar Wilde See Page 17 NatWest advertsing campaign!
10 SPECTRUM august/september 2011 NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE
MATTER OF OPINION
Media hysteria is toxic!
The last thing you need in a clearly wrong. However, since Even though many of those clearly told that the Union www boa org uk highly volatile situation is to these leaders have been largely who propagate this image of would have to consult fully throw more fuel on the fire – inaccessible, some members finance staff are themselves with its members to deter- but in some sections of the of the public have regarded earning far more than the mine their response to the media, the need to “sex up” bank officials as the most con- average bank official, it is Court decision. relatively innocuous develop- venient punch-bags available. remarkable how many of Another round of “banker ments is threatening to create It is curious that, although their readers are prepared to bashing” was triggered by a a popular culture which leads nurses are very rarely con - accept all the hype – just story that some bank staff people to take offence at sidered by the general public a couple of years after many may be about to receive the merest slight – real or to be responsible for the critical of these commentators were uniforms. An employee re-
imagined! This is not the situation in the health service, effectively cheerleaders for ceiving work clothes would www boa e most conducive environment the public are not willing to the now discredited banking not normally rate as “news” – for working through a crisis. draw a similar distinction when bosses. but if the worker is a bank Staff in the financial services it comes to finance staff. Many people seem to be official in a now State-owned sector have been on the Maybe it is because these willing to believe anything bank, then suddenly it be- receiving end of public anger employees are required to they read in the newspaper – comes an issue of vital public which should have been stick to the official line from no matter how improbable – importance. directed at banking leaders Head Office at all times – but as long as it fits their own Just because an item may for their reckless mismanage- it may also be explained by prejudices about an issue. be of passing interest to ment of their businesses the perverted news values The recent coverage of the public, it does not mean which has had such a trau- operating in some sections of the outcome of a Labour that it is in the public interest. matic effect on the economy. the media which try to present Court Recommendation on An unrelenting diet of While the level of anger is bank staff as privileged and a claim by former Irish hype and hysteria is unlikely entirely understandable – pampered employees enjoy- Nationwide staff is a case in to stimulate the broad com- indeed bank officials, them- ing the same kind of high life point. According to one daily munity spirit which is vital selves, feel equally betrayed as their bosses while the rest newspaper, IBOA members to meet the challenge of the by the actions of their one- of the country struggles in were threatening to strike – current economic and social
time bosses – the target is penury. even though the paper was crisis. F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 11 HR USNW EIWSEILFCSIBOA SPECIAL FOCUS NEWS REVIEW SHORT CUTS 12 BOA THE F NANCE UN ON www boa e www boa org uk SPECTRUM cies said any more.toanything the ratings agen-body paid a blind bitsurprise of noticefor me was that haveany-been surprised the big pool! rating was a sailor frompoint Liver-Ihad thought an AAA eted AAA rating. Up untilcountrycov-woulditslose that the that likelihood strong a of warned andnegative lookonUS national debt to ratings agencies the ofdowngraded one itswhen out- the financial markets great surpriseThere was inrecently record of the ratings agencies. casts a wary eye over the recent IBOA member, hl te markets may the While David Lemon august/september 2011 august/september mere three months beforefrominsurance the giant, AIG, a coveted AAA rating to bonds more manageable. been have least at would ago,whenthe sums owing years ten ratingsprecious slashingheartache their by this allsovereign from debt neither. me No, 2000s? and1990s ingallthe way through the triesincreased their borrow- fromrooftopsthe coun-as theyshouted direwarnings Theycould have saved us hy ee tl givinga still were They remember you how Do , next week.” down dying and rain it’s is forecast like looks for wind second floor windows? theflames are licking out of bly burn itself out.” spread to the curtains? thewaste paper basket has firebrigade when the fire in ings. Ireland or Greece were build-mentthat the economies of despite known problems. daysbefore it went belly up, ‘investment grade’ rating four rating ensued. severe downgradea theon company went bust. Naturally Nt o at rd the Fred, fast so “Not Do they phone them when “Hold on Fred, it’ll proba- Dotheagencies call the assigned an was Enron Justimagine for one mo-
I know. AAB-, BBB+, B, A- and, forout all opaque ratings like AAA, puterprogramme and spew plug a few figures into a com- bears in woodland too. track the defecation habitscomputer of programmes that a smouldering wreck. his wife already know troublethat whenit’s the world and country,orcompany,a isin worldthata the tonounce wreck. to deal with the smouldering calls in the emergencytion services to those same windsfinally anddecides to throw cau- have been badly burned,sufficient Fred numbers of people
ht hs ges o is these What geeks do got probably They’ve The following week, when The agencies grandly an- N NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE
Another option would be to have ratings expressed as book- makers’ odds so that the average punter could easily determine if he or she was betting on Kauto Star (Germany) or Delaney’s Donkey (Zimbabwe). Alternatively why not intro- duce a greater aura of mystique, smoke and mirrors and instead of just using the plus and minus symbols throw in the divide and multiply symbols as well? In this case Ireland’s rating would be (A-C-) +BB x (BBa ÷ CCa3). Of course the answer would still be ‘stony broke’ but just think of the opportunity for manipulating the stock market while the traders interpreted it.
What’s in a name? The names of the agencies are also interesting. Standard and Poor should perhaps be a de- scription of the entire industry, while a Moody rating suggests that it has been determined in a fit of pique. “Hey Fred, those tacos were awful last night so Mexico is going down to Caa. Or is that up Fred?” Fitch sounds like something that would irritate the life out of you – spot on. Fitch even has an associate company called Duff
and Phelps. I can only assume www boa org uk Mr. Phelps replaced Mr. Pointless Some agencies have ratings to mitigate the risk of the com- like Baa, Caa and then compli- ‘Rate the Raters’ pany becoming a self-fulfilling cate these by appending a 1, 2 prophecy. And then we have A or 3 to indicate the relative posi- M Best – not to be confused with tion within a particular rating. The Lemon Index I Am Best, of course. Baa3 is apparently better than AAA moderately incompetent By now I am quite sure that Ba2 but whether it’s better than the scientific rigour applied to B1 I have no idea. AA demonstrates outstanding ability to state this article will have convinced Use of lower case and upper you that the ratings agencies are the obvious www boa e case seems to be important to A computer literate and solid reputation for useless, pointless and irritating some of them but they all seem and that their credibility is matched to use nutcase. corporate entertaining only by that of tabloid journalists, You really would have to BBB recognised industry leader at producing senior bankers and politicians. wonder why, if they are so smart, incoherent tosh So, what are we to do about they couldn’t have devised a simple them? I think they need to be scale, say from 1 to 100 and for BB fully incompetent, and inaccurate to boot, brought down a peg or two, all agencies to use the same scale. but well presented perhaps to CCC, and that this And if a country is at No.1 then B displays world class standards of ineptitude could best be achieved by the lend them all the zillions you introduction of a Rate the Raters have made from betting on the CCC bungling and impenetrable but quite funny website where the general public, stock market fluctuations, caused CC needs locking up along with journalists, senior by agency ratings announcements. C mad, bad and dangerous bankers and politicians could Money from America, er, on deliver their verdict. I would offer the pig’s back, eh Fred? But if the ratings in the table to the they’re at No.96 then insist on Funnily enough, similar ratings could be applied equally well left as my contribution to the to tabloid journalists, senior bankers and politicians! hostages. debate. F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 13 SHORT CUTS NEWS REVIEW SPECIAL FOCUS IBOA N
Santander to close call centre
One of the early trendsetters in this mi- gration of customer contact operations was Abbey National which “exported” its call centre operation to India in 2003. However, following Abbey’s acquisition by the Spanish- About ten years ago, out-sourcing based Santander Group, the new chief executive, Ana Botín of call centre operations to India (left), has undertaken a review and other “off-shore” locations was of the call centre operation all the rage in financial services and after Santander UK topped the other key sectors of the economy – tables for customer complaints at major cost to the many staff who collated by the UK’s financial lost their jobs as a result. regulator, the Financial Services While many questioned the Authority. Even before The Sun exposé wisdom of this trend, the lure of (see opposite) Botín had decided cheap labour overcame any con- to return Santander’s call centre cerns about the difficulties for operations to Britain in a major customers of trying to deal with effort to rebuild customer loyalty staff operating in another country by enhancing levels of satisfaction and another culture – whose with their personal interactions with understanding of local dialects the Bank. and knowledge of colloquial Eng- Santander’s decision appears to signal a reversal of the previous “off- lish might be limited. www boa org uk shoring” trend among financial However, a more serious charge institutions since it follows an earlier of widescale security breaches – move by Lloyds to transfer its Indian which have been highlighted by call centre operations back to The Sun newspaper in Britain may Britain. add to the growing unease about Other institutions may now the wisdom of transferring a key follow suit if the revelations of The Sun investigation are shown element in the relationship between to be well founded. a financial institution and its clients to an offshore location. www boa e TAKE•A•BREAK Special discounts are available for IBOA members on hotel breaks throughout Ireland. Check out either of the IBOA websites on www.iboa.ie/ members/otherservices or www.iboa.org.uk/members/otherservices for further information on the special offers currently available to IBOA members. BOA THE F THE UN NANCE BOA ON
14 SPECTRUM august/september 2011 NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE
BPO is the operator of one of the call centres implicated in the security breach.
Thousands of customers’ bank and credit card details held by call centres in India are allegedly being sold for pennies, putting individuals’ confidential account
details at a risk of being cleared www boa org uk out by rogues. In a major exposé, The Sun newspaper has revealed how dealers are offering to sell con- fidential data which they claim to have acquired from BPO call centre staff. In one instance, a dealer told Back to the Future: A an undercover reporter that he The dealer was located via a 25 pence for each bank customer. number of British and Irish could sell the details of 80,000 website where sellers with access “It’s easy,” he told the
businesses have relocated www boa e customers every week and to call centre data, seek black reporters. “It’s big business.” their customer service boasted that he already had market buyers. Richard Hurley of the British operations to India over British clients – including one One seller who had pre- anti-fraud organisation, CIFAS, the last decade – to avail who buys data on 1,000,000 viously worked in a call centre in said: “I am astounded. The infor- of its cheap labour costs. bank customers every week. Gurgaon, provided a “sample” mation being traded is every- However, with grow- The newspaper’s undercover of his merchandise by e-mail –a thing a criminal needs to clear ing customer dissatisfaction team bought key financial data spreadsheet containing details out an account or steal an iden- over the quality of the service for 1,000 British customers from of 21 customers from Barclays tity. That this is happening on an and new concerns over the one dealer for £250. and Lloyds Banks. industrial scale is enough to security of sensitive data, The Sun claims its team was At a subsequent meeting make anyone shudder. This is a some of these businesses given bank account details, with the undercover reporters, wake-up call. Security processes have begun to return these personal data and credit card he explained that the data is and staff vetting need to be re- operations to domestic numbers with the three-digit ‘accessed’ from broadband viewed,” he said. locations. CVV security code, needed for when customers do a direct Britain’s Serious Organised use on the phone or web. debit. Crime Agency (SOCA) has now They were even given online And the price? For the name, launched an investigation of the account passwords for some number, address, bank name, evidence provided by the news-
customers. sort code, account number – it is paper. F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 15 HR USNW EIWSEILFCSIBOA SPECIAL FOCUS NEWS REVIEW SHORT CUTS 16 BOA THE F NANCE UN ON www boa e www boa org uk with less longer – more for even fewer staff in the future! withextended hours opening facilitate to expected be can already overstretched bank staff remainsto be seen exactly although ithow implementation and development – to view a with Finance of Department forfurther investigation bythe suggestionshave been selected closed. whentheir own businesses are meetingstransactions hold or allow make to to customersbusiness weekends the at SPECTRUM initiative said banks should open lenders for credit. approach businessesviable to mentof Finance on how to get ideas were sent in to tionstheInitiative, Depart-morethan100 hours. oneidea being longer banking Finance, Minister with forthe for credit has been published applying SMEs numberthe of by Irishpublic on how to improve Finance. Republic’s Department of the initiativerecent conducted by privatelenders, according a to for opportunitiesinvestment offering website a and loan phone app about applying forlonger a banking hours, amobile businessIrish customers want Business customers draw up Give us wish list for Irish banking A limited Anumberthese of hs tkn pr i the in part taking Those As part of the Credit Sugges- A list of suggestions from the august/september 2011 august/september future! staff in the with even fewer opening hours extended to facilitate be expected bank staff can overstretched how already be seen exactly It remains to the other suggestions: • approachabilityof lenders, ease • • credit. andconsistency of applications andthe cost and conditions of consumereducation, trust and owr wr i te ra of areas the in wereforward Here’sasample of some of ot f h proposals the of Most put confidentiality and second a videadvice on the prepara- number of experienced com- cial Credit Intermediary which website which would pro- mercial bankers from all the Provideassurances of client banks to it. tion of cash flow projections. to apply and risk a refusal of a implement and Design Most companies are reluctant Market its role as a Commer- Set up another office similar credit on their records – this uies re f charge. of free business wouldput together a credit tothe Credit Review Office. plcto o bhl o a application behalf of on
MichaelNoonan, following the for credit,” said Finance Minister, with to encourage SMEs to apply • “MyDepartment now has alist publication of the report. of suggestions that we can work • • montoall banks in order to loanapplication form com- reduce accountancy costs. streamline process the and Thereshould beonesingle on applying for credit. business owners and farmers andmarts, providing advice in the larger branches. There if they had a clearer idea on in a relaxedina atmosphere to tativesshoppingat centres accounts held in each branch between business and bank. eligibility and availability. dealingwith their accounts pone t te SME the to appointed needsto be dedicated staff Banks should have represen- n re t bid trust build to order in knownotSMEsiswhodo reluctance might be overcome N NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE
IBOA General Secretary, Larry Broderick, strongly rejected the suggestion from the Deputy Governor of the Central Bank, No passing the cap Matthew Elderfield, that the ¤500,000 a year salary cap on banking bosses’ pay should be Idea of pay rise for CEOs “beggars belief” – Broderick lifted in order to attract new blood into Irish banking. “The suggestion that the salary cap should now go after just a couple of years simply beggars belief. “At a time when the banking industry is still contracting and with the likelihood that a further 6,000 bank staff could lose their jobs in addition to thousands already lost since 2008 and when workers throughout the Irish economy are being asked to make major sacrifices in terms of jobs and living standards, it is simply untenable that Irish bank- ing cannot recover unless its leaders are allowed to earn in excess of ¤500,000. “The vacancy for a new Chief Executive in AIB appears to be attracting significant interest. despite the cap. So it is simply not true that we need to offer extravagant remuneration to attract good executives. “After all, it is worth remem- bering that those who presided Matthew Elderfield, times the average annual salary rather than the pursuit of artifi- over the reckless lending policies Deputy Governor of for a frontline bank official. cially engineered super-profits.” the Republic’s Central
which have virtually bankrupted “A real solution can only www boa org uk the sector and the economy Bank:His suggestion that come through meaningful Holding reckless to account were all extremely well re- it was now time to review engagement with employees Responding to Mr. Elderfield's warded. So high pay rates do the salary cap for the CEOs and their representatives in order comments on the likely difficulty not always guarantee high qual- of those banks covered by to facilitate a restructured bank- of pursuing those who were re- ity performance.” the State guarantee elicited ing system which protects the sponsible for the collapse of Irish “Furthermore,” he said, “we a robust response from IBOA maximum number of jobs and banking, Mr. Broderick said that have already had five different General Secretary, Larry preserves staff terms and con - the fact that this may be difficult sets of consultants investigating Broderick (Photo: James ditions of employment in order should not be used as an excuse each bank's finances. A range of Horan/Photocall Ireland). to ensure that service to customers for not proceeding. consultants, including PWC and rather than the pursuit of sales “In a country as notoriously McKinsey, have also been engaged targets is the key priority. litigious as the USA, the legal www boa e to work on the restructuring of “There is a case to be made system has managed to bring the banking sector. for reviewing executive remuner- Bernie Madoff to justice in a “The succession of highly ation at this time. But rather than relatively prompt fashion with- paid consultants being employed Current look to remove upper limits, it out violating any of Mr. Madoff’s in Irish banking is giving rise to a should focus on the overall value rights to due process, whereas in growing perception that no ex- guidelines of the executive's contribution to Ireland there is a growing fear that pense is spared at the top of the already allow the long-term success of the no-one will ever be held respon- industry while those at the lower business rather than reward sible for the catastrophe which end of these institutions – who banking CEOs short-term gain at the expense has not only devastated Irish are likely to have to bear the to earn over of staff and customers. banking but has also seriously brunt of any restructuring of the 14 times the “Incentivising short-termism damaged the Irish economy." sector – are effectively ignored. was at the root of the crisis in “Bank employees have more “The solution to the present average annual banking. What we need are pay than a passing interest in seeing challenges facing banking will salary for mechanisms that reward consis- those who have brought their not be found in breaching a tent performance over a number pro fession into such disrepute guideline which already enables frontline of years – based on the principles held to account for their reckless
a Chief Executive to earn over 14 bank officials of sound prudential banking – behaviour,” he concluded. F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 17 HR USNW EIWSEILFCSIBOA SPECIAL FOCUS NEWS REVIEW SHORT CUTS 18 BOA THE F NANCE UN ON www boa e www boa org uk SPECTRUM permission. without your feel inferior make you Nobody can Eleanor Roosevelt focusdirect re-organising it? withde-stressing work first by butwhat’s cranberrywrong – ments across the sector. continuesto monitor develop- onHealth, Safety and Security IBOA’s Executive Sub-Committee SAFETY BODY IBOA HEALTH & on a forced or voluntary basis.plating a career eitherchange – helpful tips for anyone eight offers Murphycontem- Eleanor GUIDANCE CAREER The latest stress-busting food is STRESS CURE CRANBERRY august/september 2011 august/september See Page 26 See Page 26 See Page 21 jobs can get to you, too! roles prone to burn out. Boring notonly are staff that in high-stress shows research Recent BOREDOM BURNT OUT BY staff. focusedmaximisingon expense profitthecustomersatof and IR Researchsurvey believe that inrecent years theirrecent employer past.has A massive 84% of thosefocused whoon sales respondedrather than to despite servicethe recentall– Thetheprevailing events cultureof the ofthe Irish financial service sector isfirmly BANKING CULTURE MUST CHANGE See Page 27
Union Congress. reportfromBritishthe Trades safetyrep, according to anew placeshad aUnion health and slashed'at astroke' if all work- be wouldWorkplace injuries SAFER IN UNION
See Page 22 See Page 27 N NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE
From Counter To
Culture www boa org uk
After twelve years working in Bank of Ireland, Karen Hendy, gave it up for the chance to pursue her first passion – art (Photo: Dylan Vaughan). hen Karen Hendy decided to Her first posting was as a temp in vided an essential service,” she said. “But Wgive up a steady, pension- Bank of Ireland’s Credit Department in as the years went on, I realised I was just able banking job in 2008 as the Dublin providing administrative support waiting for the day to fly by so that I could economy was about to go into to the Loan Approval Committee. get home to paint.” Her continuing passion for art led her recession, her colleagues thought “The atmosphere was great in the
credit department,” she recalled in a to apply for an evening certificate course www boa e she was mad. But the chance to recent profile in The Irish Times. “The skills in drawing and visual investigation at pursue her passion as a painter I had acquired during my print course the National College of Art and Design was one she could not miss. translated well into becoming a typist. (NCAD) in Dublin. Karen had first considered art as a Because there were no laptops back “Travelling to Dublin three evenings possible career at secondary school in then, every loan approval manager was a week to be in NCAD for 6.30pm was Kenmare and Athy. And though her assigned a typist.” gruelling. I could have spent the day inclination was to pursue a fine arts When a further temporary post be- wrestling with large financial transactions degree, her family circumstances meant came available in 1994 a little closer to or sorting out a customer’s current that third-level studies were not really an home Co. Kildare, Karen transferred to account,” she says. “Next thing I would option at that time. the Bank’s Newbridge branch where she be dashing out the door and belting up Her artistic leanings led her onto a was offered a per manent position shortly the motorway to make it on time for class. FÁS-funded diploma course in printing afterwards – working on accounts, pro- My colleagues were great and they sup- and for a short while she went into a cessing transactions, handling telephone ported me in getting the work finished family-run business. However, a chance queries, and working on the customer on time.” meeting with some young women who service desk. As the NCAD course drew to a close were bank officials prompted her to “It was great to be in the thick of in 2006, Karen decided to take a career
apply for a job. things and to be part of a team that pro- break to become a full-time artist. F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 19 HR USNW EIWSEILFCSIBOA SPECIAL FOCUS NEWS REVIEW SHORT CUTS 20 BOA THE F NANCE UN ON www boa e www boa org uk sionable job with a recessionsteady,timegiveatoup pen- just resignation. her in hand decidedKaren to course, influenced my decision.”waswhatdoingI and that, of continue to enabling me was tion is my motivation. ated enough to be paidwonderful for what feeling to be appreci- work is out there giving inspira-you do, for me knowing that my someofmy work. While itis a she said. banking or be a full-timelooming artist?”– go back to my job in to an end and decision time was to take the leap? more real but could– she afford careerfull-timeaas artist ever makeingtotheprospect a of the Carlow at arts and festival, Belfast inÉigse. (RUA) Dublin, the in Royal (RHA) AcademyUlsterHibernian Academy chosen for showings in the Royal for any artist,” she declared.to help you work is a great boost her artistic merit. in terms of wider recognition ofbut also an important milestoneofeconomic benefit to Karen – 2008. The funding was not onlyin a bursary that continued tountil Laois County Council resulted very productive.” the precious time I neededfantastic,” to be she said. “It gave me SPECTRUM So after much soul-searching “It wasn’t “Itexactly ideal the “Thesuccess Iwas enjoying Oe te er I a sold had years I “Over the Thesesuccesses were start- Someof her work was also funding awarded “Being “Having the full day was just A portfolio of work submitted “My career break was coming august/september 2011 august/september View Illusionaryby Karen Hendy.Below: Hendy. in the Dark by Karen Above: Light Shineth starting,” she recalled. “My bank colleagues were asking me was I flow to wherever they take me.” launch of her career change was mad.” my art. I would like to feel I am not that helped. And, like every bank a drain on her savings. purposes letting but ideas the artist,” she said. painting solely commercial for an as philosophy my sealed employee, I had bank shares and, hell to see my nest egg gone as about money and I thinkthataboutImoney and a result of mismanagement and likeeveryoneas else,madI’m fulfilmentIgain from my work risk-taking. loe m t wtes panic witness to meallowed week.My 12 years as abanker 0 or a a, ee dy a days day, seven a hours 10 a livingalike everyone else.The yearsin banking. But Igot here toconsume. The bursary fund- Europe. hoursofbanking, this career is Along the way, I spentway,twelveAlongtheI career change. “I am doing now means I am not driven by a need in the end.” ing. So far, I haven’t been affected ht awy wne t do. to wanted always I what rud rln a wl a in as well as Irelandaround ing helps as well. canafford to buy apiece of art they like are still buying.” the past few years and is still sell- etrd n several exhibitionsfeatured in downturn.theby Peoplewho Asshe had anticipated, the “Iammaking livinga from “I hadSSIA “Ianaccount, so “Asan artist I have to make Karen is very happy with her Cmae t te regular the “Compared to “My work has sold well over e wr hs o been now has work Her
impossible. futureemployment isvirtually anddepression, contemplating anger, even perhaps embarrassment – and fear.able nessandgrief areunderstand- isloss devastating. – even the prospect of possible job in the process. perhapsenjoygreater security and to – avenues other time explore appropriate an be or others who feel – that redundant this might made been bank officials who have already I writes Eleanor Murphy. uncertainty doubt, and of one secure to life’ for ‘job a being from changed has banking Andin this spiral of anxiety Feelings of despair, helpless- The trauma of losing a job or meet I more, and More direction career new to a steps simple Eight f ie a aer in career a time, of a ey hr space short very a n N NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE
1) Harness positivity and Do you need computer increase your productivity. skills? Manage your job loss in The questions are quite a systematic way. numerous – but must be It will increase your addressed. chances of embarking on a successful career change. 6) Get informed. Change always seems scarier 2) Get rid of any negative when you have either thoughts that will drag inadequate – or worse – you down. inaccurate information. They will only become Research the internet, embedded in your sub- go to the local library, join conscious and undermine relevant bodies –especially your confidence. the ones that engage your Instead, adopt a good, interests. positive mental attitude Talk to people who which is the key to future have started similar jobs or career success. businesses, trained on 3) Know yourself. similar courses, etc. Know your core strengths, Read relevant articles, your abilities, your skills, your publications, etc. The more values, your interests, etc. informed you are, the more By looking at your solid your bridge. strengths, your values and your past successes, you 7) Take advantage of all will begin to feel more training and educational positive. opportunities. 4) Have a vision. Consider online courses. Dream your ideal job. What Maybe a degree was always would you really love to on your radar but you never do? had the chance to consider n Be as imaginative as it further. you want, but keep your Ensure that the courses strengths, your values, your are right for you, at the interests and your skills in right level, and form part
focus. of your building blocks to www boa org uk If you find yourself in this Here are eight simple steps Maybe you have hidden your future career success. position, you have two choices. that you can take to help you talents. What kind of work Also, consider informal You can sit back, do nothing and write the next exciting chapter in environment suits you – ways of educating yourself remain negative. Or sit up, be your career story. working outdoors, working by, for example, joining pro- proactive and fight back. If you feel overwhelmed by on your own, meeting new fessional bodies, attending It’s your call. Your future all this, but still have the fire in people? workshops and keeping up starts here – today. It’s time to your heart, then seek pro fessional with trade publications in change your thinking. Here’s a assistance. 5) Devise an action plan. your field. challenging thought for you. Maybe some guidance or a See where it is that you sense of direction is all you need? would love to be in one, 8) Update your CV, polish www boa e Opportunity for reflection Or perhaps you may need more two or five years’ time – your interviewing skills and ensure you network. Could you regard redundancy as in-depth analysis of your core even right up to retire- Networking is a great way a potential gift rather than as a skills and abilities. ment. of finding out what jobs heartbreak? A final thought is that you Build a bridge between are out there that may Could this be the chance to contact a coach or mentor to where you are now and not necessarily be publicly take a good hard look at yourself advise you on how best to where you want to be. advertised, and you’ll need and ask if you’ve truly been work- nurture your career quest. Have you the necessary to have your CV and inter- ing in a job that has best suited But whatever course of skills, the competencies, view skills up to scratch if you, or that has used your action you plan to take, make the right attitude? talents and skills to the best it sooner rather than later. Better Do you need to get the chance arises. effect? still, make it today! your CV in order? You also may need to Most of us can get so focused Who will give you that consider taking an interim on the day-to-day routine of Eleanor Murphy is a leading information? job, like temporary work or doing our job to the best of our career develop ment specialist. Could you do voluntary consulting, or just a simple ability that we fail to take the She can be contacted on 01- work in a similar environ- job to pay the bills while time to ask ourselves these big, 2887312/2880800 or by e-mail ment? Could you work you are developing your from home? new career path. important questions. to: [email protected] F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 21 ESBIF ESAAYI PCA OU INSIDE SPECIAL FOCUS NEWS ANALYSIS NEWS BRIEFS 22 BOA THE F NANCE UN ON www boa e www boa org uk SPECTRUM Barbara Kelly of IR Research culture. aspects of workplace focussing on various service sector workers a survey of financial IR Research, to conduct independent consultancy,agreed to facilitate an For this reason, IBOA are continuing. that these practices concern is growing this recognition, Nevertheless, despite Ireland and the UK. of the world including banking in many parts factors to the crisis in one of the contributory has been identified as financial services sector Workplace culture in the morale across financial services sector Survey reveals mistrust and low change culture must Banking
august/september 2011 august/september 26% of respondents indicatedBy Lengththey ofwere Service employed in Current in Grade years; 18% between 1 and between5 years10 and 20 years;and 13%18% between indicated20 and 30 by many employers in response to the current crisis. years. their present grade for between 5 and 10 years; 25% tracts reflecting – the policy of non-renewaltherespondents wereadoptedworking temporaryon con- the were employed at their current grade for over 30 n whileing – 6% were working atypicalengaged hours.in permanent Nonepart-time of work or job shar- 69% were permanent full timeBy Workingemployees; Arrangements 24% were 17% in Northern Ireland and 5%79% from Greatof Britain.respondentsBy Location: were based in the Irish Republic74% withof respondentsBy Gender:were female while 26% were male. years. 25 reflecting the slow-down in recruitment19% between in recent55–64. Only 2%33% were of respondents under the were age aged of between23%were aged 45-54;25–34; 23% andwere between 35–44; By Age: “Others.” managerial described grades. themselves 11% as wereManagers and 1% were in technical or higher atOfficer grade; 11% were Assistant Managers; 57% of8% the respondents wereBy Grade:clerical staff; 12% were Who responded?
SPECIAL FOCUS they say? And what did T agementdo not care any more so long “Stress levels are at an all time high. Man-covered at themonitored interview to ensure with thatsales-focused theeveryandstaffareindividually productcustomer.” is programme introduced recentlyby management. is totally The newleast sales one)capability is frownedfailure to sellupon the customer and questionedaproduct branch for(at a ‘financial needsCustomers review’ are being but – asked nowtoworse gothan toever. theirOnly sales count. “The pressure on staff to sell products is substantial number of respondents.portedin the comments offered by a quantitativedata is also broadly sup- being of its employees. theiremployer aboutwell-the cares while a mere 12% agreeproviding in any excellent waybank that or companyservice has staff. agreeonlyto38% focusedButbeen thattheir customers on – profit at the expenseemployerhas focused of customerson maximising andstatementrecentthatinyearstheir either agree or stronglyresponded agreetotheIR Research withsurvey the despite all the eventsfocussed ofon salesthe recentrather than past. service – h ipeso cetd n the in created impression The msie 4 o toe who those of 84% massive A iaca srie sco i firmlyfinancial services is sector e prevailing Irish thehe culture of I E IBOA WORKPLACE LIFESTYLE ARTS & LEISURE
as a sale is achieved. Manage- debt. They fail to acknowledge ment bullying and threats are that a lot of people are in the fi- out of control. Can't say a word nancial position they are in, or we will lose our jobs, etc. purely because of the reckless Worst job ever. So unhappy!” and cavalier actions of the bank- ing sector. The practice of forcing “The bank has not learned from people onto high interest loans to its mistakes in the past. There is clear their debts is, in my opinion, now more pressure than ever to extortion.” deliver sales and meet unrealistic targets. I feel this will lead to mis- “It’s very unfair that the staff on selling. the frontline (who are on the For example, if a customer lowest pay) have to bear the comes in to apply for a loan, the brunt of the very irate customers customer has an hour set aside on a day in day out basis while for an appointment. The advisor the highly paid managers hide must go through every single in their oversized offices and sales opportunity and the very enjoy their big salaries. We last thing the customer is offered have no choice because there is the loan that they actually want! are no other jobs available out Totally unethical! there.” It baffles me that the Financial Regulator is still allow- “Management in branches are ing the banks to cold call pushing their staff very strongly customers for sales opport- for sales of various products unities – again a practice that will since the beginning of 2011, yet lead to misselling.” were nowhere to be seen when those same staff were being The survey responses convey a abused by customers last year.” clear picture of pressure inten- sifying on ordinary staff. 73% “In the branch network, staff of respondents feel pressure to have little or no support to deal meet performance targets has with difficult customers and their grown since the downturn in financial problems. One needs to be the sector, while 39% of all re- a psychologist now, not a banker, spondents believe that failure to handle them and to deal with to meet performance targets the bank's hierarchy who just
is likely to result in disciplinary don't see the real life picture of www boa org uk action. helplessness that's out there.” environment where management “The work culture of target-based put pressure on young staff to “There is a huge disconnect selling continues, with much stress 792 sell, sell, sell to people who are between senior management and placed on the branches to perform finding it hard just to pay their staff at branch level. There is little over and above targets set. This members took mortgages.” confidence in senior manage- is despite reduced staff levels.” part in the survey ment. No heads rolled because The unrealistic pressure to of the current crisis. There is a “Sales targets are unachievable. achieve sales from customers feeling that senior management Customer service going out the who are clearly unwilling or are keeping their heads down window. Sell product whether unable to buy is resulting in and that they are probably being www boa e customer needs it or not. Bully increasing abuse of staff by rewarded financially in ways we culture in management. Perform customers and clients. at ground level are not aware or else!” 90% of respondents in of, while we are being forced customer-facing roles have to take the pain. But there is no “The pressure on staff for sales on 263 experienced some form of reciprocation at senior level.” a daily basis is unbearable. Sales verbal abuse from customers is the only focus at work, not (or 33% of the or clients in the previous The “disconnect” noted by this customer care or com pliance.How- respondents) also twelve months – with 40% respondent is also reflected in ever, should a staff member make indicating that this is a regular a clear breakdown of trust and a mistake due to various pressures, opted to add event. And of those who have respect for those leading the this can lead to a disciplinary comments as well suffered verbal abuse, 72% say business. meeting. Pressure is too much on that they are not satisfied with A shocking 80% declare a daily basis for staff to cope with. as answering their employer’s response on that they have no confidence Something needs to change here!” questions the issue. in their employer to make the right calls for their business – “Bank at the moment has an “The bank has an appalling while 77% believe that senior
awful attitude. It’s a total sales attitude towards customers in management’s behaviour does F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 23 ESBIF ESAAYI PCA OU INSIDE SPECIAL FOCUS NEWS ANALYSIS NEWS BRIEFS 24 BOA THE F NANCE UN ON www boa e www boa org uk thesequestions, it is perhaps Consideringthe responses to all cuts.” beenmade to feel the brunt of surprising that and we, the frontline staff, have respondents said that they do ment has been held accountable so ashamed of my employer,nowto working for andthem. Iam SPECTRUM the fact that no senior manage- years I wouldn’t– admit inbank almostpublic – 30 of those proud“After32 years working for the conversations.” awkward and confrontation to leads – bank the forwork people in social settings“Itnotisrecommended thattellto you fact that I am“I noemployed longer openly byadvertise a bank.”the current employer. people that they other tellwork proudto arethey for their employer. employment with theirrecommend currentthat others seek customers and only 9% wouldfriendsand family to become 27% said they wouldworktosell atallcosts, only encourage putunder intense pressure at being thoughEven are they level of alienation Theamong survey staff. revealed a profound disciplinary action.” intooblivion seem to be above thosewho almost ran the bank for human room error no at retail be level to while appears ourheads like hatchet.a There disciplinary over held action is “Thethreat of the possibility of Trust is completely eroded. compliance that. this,pliance pressure across the board.appalling, Com- resulting massive in ment prevails. Staffing levelsentitlement are bysenior manage- of sense arrogancesame and “Nothing has really changed. The senior managements. their actions of the by way motivatedinspiredor anyin thatonly 4%admit tobeing standards. notmeetthehighest ethical os sil ol 7 said Worse 7% still, only Itis hardly surprising then
only 6 of 56% august/september 2011 august/september We regularly work accountable… has been held management no senior and the fact that of my employer, I am so ashamed overtime and lunch-breaks for free. Not allowed to claim overtime … to keep up but necessary– with workload.
process.” lifesavingsour(shares) the in ourlivelihoods endangeringand wiping out – lemmingslike but instead followed Anglo,were etc., being paidourbosses, whom towe thought lead prudentlyWe have – been badly usuallet downabout theby currentment situation. when clearlyexpounded byseniorthere manage- is nothing“Business as usual is the mantra employer in two years’ time.to be working for their56%say thatcurrent they would like in spite of the aretreatedcurrent with respect and, crisis,that only they do sincenotsay63% atmosphere feel– employees working positive a develop to employer their by effort of these staff rather personal – thanintegrity theany and professionalism about more However, probably says this work. motivated feel atnot
SPECIAL FOCUS
not acknow ledged.” given.Effort and time put inis is given and no time off inwith lieu job is demands. No overtime extrahours weeka tokeep up other staff members do five-ten instances and general in I but “Overtime is sanctioned in certain keep it.” havetojob!a Work harder to beingtold"you're lucky jobs– And then the threat people. 3/4 mannedbeingof by losing our with workload. 6 posts up keepregularly to itnecessary do to allowed to claim overtime but – andlunch-breaks forfree. Not overtime work regularly “We it is not. their employer, while offered by is 80% it workers saysay only11% of regular overtime time option of time-off in lieu, problem. say that securing paymenttime. is a 88% of the non-claimers over- for payment securing theyhavedifficultyanyif in asked respondents to indicate survey also imposed, theor to claim overtime is voluntary they do not. with81%saying employer– overtime payments from theirdaily, only 14% say they claimwork overtime frequently or asked to do so occasion whileally.the balance of 41% are requiredto work overtime – time on a daily basis. theyare asked to work over- hours’’ contractual while their a further“beyond 14% say that they are required to work hours free of charge. are effectively donating those a furthersacrifice as seenby staff who be can working achieve payment for toovertime failure crisis, current the in basic pay since the onsethave of not received an increase sector financial servicesthe tention for staff. con- particular of bone a is Payment for working overtimeOvertime
As the majority of staff in n h alternative over- the On To test whether the refusal f h respondents the who Of 7 sy hy r never are they say 17% 31% of those surveyed say I E IBOA WORKPLACE LIFESTYLE ARTS & LEISURE
“The bank has no tolerance in ambitions – since 80% of re- paying overtime. It is no longer spondents consider that there about customer needs, it’s about are no opport unities for career the banks’ profits and the weekly advancement in their own sales target meeting will prove employment. this. It’s a numbers game! Customer service is not really Future Uncertain a priority anymore and is not A similar number – 79% – are recognised. You’re only as good concerned that they may have as your last sale. Hopefully com- to leave their job before they pleting this survey will make want to – because of the crisis. some sort of impact. The pressure After the traumatic events is unbearable and it is distressing of the last three years, it is not to see grown men being reduced surprising that the profound to tears in a workplace.” lack of con fidence in the future of the financial services sector Concerns about the systematic is also reflected in the respon- use (or abuse) of overtime are dents’ view of the other key reflected in the survey finding players charged with oversee- that only 28% of respondents ing its operation. believe that the current staffing Only 25% have any degree levels in their work area are of confidence in the regulatory sufficient to handle the work- authorities now in place to load. police the financial services At the same time 70% are sector satisfactorily in future. dissatisfied with the distribution Even fewer –11% –believe that of the work –while 61% believe politicians have the capacity to that they do not have sufficient address the sector’s problems say in setting work objectives. satisfactorily in the future.
Appraisals “We don’t know where we stand– One of the most unambiguous whether our jobs are secure or responses to any of the issues not and living on seriously reduced in the survey came on per- salaries while exorbitant bonuses formance appraisals. continue to be paid out to those In response to the state- who haven’t earned them. It ment that “the appraisal process enrages me!” contributes significantly to my www boa org uk professional development,” “When I first came into banking less than 1% strongly agree and objectives are still set. Staff many years ago, the culture was and only 9.5% agree. Just over Staff are expected are expected to take part in all about providing a service (al- 10% have no opinion (perhaps to take part in incentives for sales and the beit revenue and costs obviously because they do not take part prizes are a bar of chocolate! It played a part). In the early 90s, in appraisals) while almost incentives for is demeaning to staff.” the culture changed and it was 39.5% disagree and a further sales and the all about achieving sales, and de- 40% strongly disagree. Professional Development veloped over the years into one Responses from staff in prizes are a bar Although 66% of respondents of maximising our loan book managerial grades were re- say they felt sufficiently well and profits.”
of chocolate! www boa e markably similar – just under trained to deal effectively with 11% agree or strongly agree customers, 56% feel they are “The only incentive to work for while just under 78% said they sufficiently trained for all of the bank at the moment is fear: disagree or strongly disagree. the requirements of their job. fear of losing our jobs, of not As for achieving further being able to meet mortgage re- “One's best is no longer good qualifications, only 37% said payments etc. I am ashamed to enough and the performance In the early 90s that their employer provides let anyone know where I work. review process serves no valuable the culture adequate time off for study “I feel so betrayed and let purpose except for it being a stick and exams; while 48% are down and barely keeping my to beat employees with. It is not changed and it satisfied with their employer’s head above water financially, as motivational either.” approach to the payment of my shares were my savings and was all about course or exam fees. my emergency fund. “Staff work late nights and achieving sales Aside from complying with “It makes me so angry that Saturdays and are set perform- new standards imposed by the senior executives could just walk ance-related objectives in order and… maximis- regulatory authorities, the away with big pay-offs and their to receive a bonus. This has not ing our loan book acquisition of further qualifica- pensions intact, while the rest of been paid in two years and the tions does not appear to be us are screwed! Someone should
contract has never been changed and profits. motivated by particular career be in jail.” F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 25 ESBIF ESAAYI SAFETY FOCUS NEWS ANALYSIS NEWS BRIEFS 26 BOA THE F NANCE UN ON www boa e www boa org uk SPECTRUM or 00-44-(0)2890-200130. phoneat 00-353-(0)1-4755908 by e-mail at [email protected] or by Senior Industrial withalong Danske) and Kate Varley (AIB) – Kennedy Stephen(BOI-GB), security! safety and to work in It’s your right Relations Officer, Steve Tweed. RobertThompson (Northern/ NI), (Ulster StirlingJaynette Ryan(BOI), Lyons (AIB), Etain (FTB),Curran Margaret Power below: National Committee IBOAthe of member a contactplease workplace, yourcommittee in in the first instance. local health and safetyplease committeecontact a member workplace, your security in or of your safety health,concerns about for Northern Ireland. rights/yourrightsni.html for the Republic of Ireland; andyourrightsroi/healthsafety.html these links: theIBOA websites byfollowing Republic the and Northern in legislation Ireland safety and lineson your rights under health everyone. safer working environments healthier, create foremployers to aims to work with membersand and Security (SHWS) Committee The IBOA Safety, Health, Welfare www.iboa.org.uk/knowyour Youcan contact all of these If you have any questions or www.iboa.ie/knowyourrights/ accessed on be can These produced has IBOA guide-
If there is no health and safety ElaineBarker (BOI), Carmel
august/september 2011 august/september Wisconsin. in one state – crop is produced USthe cranberry more than half of some distance, production by leader cranberry in is US the world health benefits. wide-ranging claims about its subject of many has been the Cranberry juice
Although the
other soft fruit is a moothealthyless point.ormoreanythan a key part of a balanced diet.nised that fruit should feature as benefits had been found! theembarrassment health if no thelocaleconomy. imagineSo anditsproduction iscrucial to officially Wisconsin’s state fruit – enter the walls of likelyless makingarteries.toit (LDL)– the oxidation of ‘bad’ cholesterol(HDL)thebloodin and reduce thelevels of‘good’ cholesterol fresh cranberry juice can increase risk of heart disease. plasma and, thereby, reduceantioxidantthe the levelsbloodin improve circulation and increasethe juice of fresh cranberriesWisconsin-La canCrosse theinUS, and University Laval the of at one of the most pervasivethe cranberry ailments is nowof being modern lauded life as stress! a potential– cure for humble cranberry. potentially miraculous health-giving the properties is “super-food” branded a latest beThe as fruit to with But whether cranberry is any Ofcourse, it is widey recog- Incidentally,the cranberry is that discovered also They researchers to According Until recently just arelish to accompany roast turkey,
culture would in workplace But changes stress-buster? the new Cranberry –
be better! INSIDE company of a turkey! time that cranberry is thenseen inChristmas the won’tbasic beduty theof care onlytowards you, his/her escape employer your business will thebenefit, ultimately highlights, too! 27 the stress. As the article onat least Page minimise thecause – of your workflow to eliminate or – environment working oryour re-organisingto bytake action don’t forget to yourask means employerif you think it helps. But not address the cause. workplacestress, theybutwill helptreattothe symptoms of deal with the underlying to rather than cause.health issues – address to way the asdrugs, some even “super-foods” or taking of thetendency see to the cranberry, itself, but with the f o ae rprd o let prepared to are you If all Take cranberry by juice medicationdietor So may problemthe But isn’t with I IBOA WORKPLACE LIFESTYLE ARTS & LEISURE
Report backs ‘strong’ union safety effect Workplace injuries would be slashed 'at a stroke' if all workplaces had a union health and safety rep, a new report from the British Trades Union Congress (TUC) has concluded. According to the TUC’s Head of Safety, Hugh Robert- son, author the 2011 edition of TUC’s The Union Effect report, “the new evidence shows that the union effect is just as strong as ever.” He points to government figures showing “British industry saved between £181m and £578m each year as a result of lost time reduction from occu- ‘Monotonous and pational injuries and work-re- unstimulating’ lated illnesses of between Boring jobs can work can be just 286,000 and 616,000 days as a result of trade union represen- as stressful as tatives.” ‘pressured and However, he warns that too cause burnout frenetic’ tasks. many employers are denying union safety reps the time off they need, and only just over a Boring ‘under-challenging’ Longer-serving employees quarter consult automatically administrative and service were more likely to be “worn- with safety reps on a regular basis. www boa org uk jobs can lead to exhaustion out,” with those clocking-up The worst problem, how- and burn-out, according to more than 16 years’ service most ever, is in those workplaces new research. at risk. that are not unionised, said “The longer the service – the Researchers at the University Robertson. greater the likelihood of having of Zaragoza in Spain have “The facts outlined in this this burn-out,” the study found. identified a specific category of report are indisputable. Trade ‘underchallenged’ employees who union health and safety repre- end up finding they can take sentatives prevent hundreds of no more of the ‘monotonous Small Ads – Big Choice thousands of injuries and ill- and unstimulating’ tasks they are nesses every year and, at the www boa e expected to perform. same time save employers mil- They ‘have to cope with the Holiday Apartments lions of pounds. disenchantment caused by feel- Yet the positive effect this ing trapped in an occupational to Rent band of volunteers has goes activity to which they are indif- almost totally unrecognised by ferent, which bores them and Adverts placed for employers and the government. produces no gratification,’ con- The new briefing “shows cluded the study’s lead author, IBOA members by that the most effective thing Jesús Montero-Marín. IBOA members that the government could do The research team identified to protect workers would be to two other types of burn-out: enforce and strengthen the ‘frenetic,’ in which the employee current consultation regulations,” works ‘increasingly harder to Check out the IBOA websites: according to Robertson. the point of exhaustion;’ and “If every workplace had a ‘worn-out,’ where workers ‘give www.iboa.ie/services/smallads.html or union safety representative we up when faced with stress or www.iboa.org.uk/services/smallads.html could cut the number of fatal- ities and injuries at a stroke.”
lack of gratification.’ F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 27 HR USNW EIWSEILFCSIBOA SPECIAL FOCUS NEWS REVIEW SHORT CUTS 28 BOA THE F NANCE UN ON www boa e www boa org uk SPECTRUM ever existed. organisation that any other humanity than done more for unions have faults, trade With all their Clarence Dar
row iboadirect long as they claim in goodtheirUnion so subscriptions time. – maybe entitled to a refund on Members working atypical hours UNION SUBS REFUNDS ON Irish Congress of Trade Unions.sector has been endorsed financial the for servicesplan by the IBOA’sdemand for strategica STRATEGIC PLAN UNION URGES in career-enhancing including skills. courses members – its opportunitieslearning for of range wide a offersIBOA CURVE LEARNING Book early for pantos! SportsSocialandCommittee. events organised by the Union’sListingsfor the many upcoming NEXT SOCIAL – SPORTS & august/september 2011 august/september See Page 33 See Page 33 See Page 31 See Page 34 many IBOA families. beahighly enjoyable event for bournein Co. Meath proved to Thevisit to Tayto Park near Ash- TAYTO PARK FAMILY FUN IN determination remains truly inspirational. cancer to which – she finally succumbedmembers inin Ulster June.Bank, led her to engage inKerry aheroic battleChristie with (above), whoseIBOA selfless The FInancededication Union to the said cause farewell of her to one of its UNION MOURNS HEROIC ACTIVISTleading activists – An extremely popular figure among her work colleagues, Kerry’s See Page 35
to maximise our influence.vitalto build the Union in order manyfinancial institutions, in uncertaintyit growingis With ESSENTIAL BUILDING IBOA
See Page 32 See Page 37 N NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE
Time for real engagement ICTU backs IBOA’s call for major strategic plan for banking sector
The Irish Congress of Trade Unions has backed a proposal from IBOA to seek to conclude a framework agreement with all of the key players in the financial services sector. This overarching agreement should aim to secure the greatest number of jobs: to protect the terms and conditions of employment of staff re- IBOA President, Jessie Doherty maining in the industry; and to ensure that the con- tribution of staff to the resolution of the banking IBOA ‘leaner but crisis is recognised appro- IBOA General Secretary, www boa org uk priately so that they are Larry Broderick not scapegoated in pursuit of a simplistic cost-cutting the traditional values of keener’ – Doherty agenda. prudence, integrity and As well as endorsing stability which prioritise “It is no consolation to the thousands of financial services the principle of voluntarism service to customers. workers who either have or are about to lose their jobs to in the case of any redun- The ICTU Biennial Dele- know that seven years ago, long before the crash, IBOA was dancies in the sector, the gate Conference also voted calling on Government to engage with all of the stakeholders IBOA proposal also de- to re-elect IBOA General to address the culture of banking,” Union President, Jessie mands that the culture of Secretary, Larry Broderick, www boa e Doherty, told IBOA’s Executive Committee recently. banking is subject to radical to its Executive Council for “When our members told us “Because of our track change in order to restore a further two-year term. that they had serious concerns record of making the right calls about the frenzied sales-obsessed – not just for our members but target-driven culture which was for the sector as a whole emerging in the boom years, including the customers, I we warned the Government remain – strangely perhaps – Getting sociable many times, and long before confident about our future,” the David McWilliams of this according to Doherty. world were crying halt and “If we are to believe the by the Lee long before the crisis hit the saying that what doesn’t kill banks and the economy. But you makes you stronger, then IBOA members in Cork aim to form a local Sports and Social nobody listened – they were we are now being tempered Committee to organise more opportunities for members to too busy enjoying the party. in the flame. We may be a lit- socialise together. “But somehow, I don’t tle leaner in the future – but Anyone interested in getting involved in this “fun-raising” think we’ll ever be regarded as by God we will be keener activity can contact Stephen Kennedy (Bank of Ireland) on party-poopers again,” she said. too,” she said. 021-4255006 or [email protected], or Orla Dineen
(Ulster Bank) on 021-4943766. F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 29 HR USNW EIWSEILFCSIBOA SPECIAL FOCUS NEWS REVIEW SHORT CUTS 30 BOA THE F NANCE UN ON www boa e www boa org uk SPECTRUM IBOA HOuse, stepHen street upper, DuBlIn 8 THE IRISH BANKERS’ CLUB s rz Two weeks1st holidayPrize – for two Telephone: 01-4758970 10am-12noon or after 5pm (Tuesday-Saturday). Friday October 28: Grand Draw Night All Draws at 9pm. Bar Food Each Draw Night from 5pm-10pm plus Big Attendance Prizes s rz Two weeks1st holidayPrize – s rz Choice 1stof HolidaysPrize – 2nd Prize: to Kenya, Australia or Cuba 4th Prize: UPCOMINg CLUB on a Caribbean Cruise Friday September 30: Great Cash Prizes Friday December 16: DRAW NIgHTS See Draw Application Forms included with this issue of Spectrum. for two to Madeira can book the Irish Bankers Club for a party or special function for just Magnificent Holiday Destinations 6th Prize: All IBOA members, Club members and their friends or family members E E 400, 5th Prize: 600, 3rd Prize: E 200. august/september 2011 august/september during August, September, October and November. E
E H 6hBANKERS’DRAW CLUB 26th THE 300, 500,
London Olympics, Seychelles and Dubai • SPECIAL OFFER FOR 2011 FOR OFFER SPECIAL with 2 Grand Draw Months and Bumper Christmas Draw
DON’T MISS BOOK OUT TODAY–
Club Bookings Launching: including China, West Coast USA, Sunday-Monday: closed. until late. Tuesday-Saturday: 4.30pm CLUB OPENING HOURS: Bankers’ Club at the address contactabove.MichaelMartin, please Honorary information, Secretary, moreIrish For Full bar• licence extensions – available Big screen• for all sporting occasions Catering• and DJ facilities available Bar and • meeting room facilities. Special • room hire rates Facilities include: Results of recent Bankers’ Club draws sportsandsocial/bankersclub.html
are posted on the IBOA websites: www.iboa.ie/services/sports andsocial/bankersclub.html Cost only New members welcome – www.iboa.org.uk/services/ MEMBERSHIP
CLUB ¤ 20 per annum! ¤ 100 N NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE
SKILLS TRAINING IMPROVEIMPROVE Learn to change YOURYOUR n today‘s uncertain world, Iit is increasingly important for employees to develop l EARNINGEARNING new skills which are appro- priate to changing job roles. POWERPOWER IBOA has developed a range of training and learning opportunities to enable members to enhance their skills. These training initiatives are varied and generally free of charge to IBOA members, and indeed in some cases may also be open to members’ families to participate, particularly where those relatives are unemployed.
Skillnets IBOA is a participating member of two skills training networks or Skillnets – The Women at Work Union Representatives’ Skills available to a broader audience Skillnet and the Positive2Work IBOA has A three-day Union Reps Skills including members in Northern Skillnet – which both offer a increased its course is being developed by Ireland and Britain. In addition, number of training courses to IBOA. This will be the first IBOA the Union is applying to become targeted groups. commitment to provide a course to be accredited by the a registered FETAC training centre. For example, the Women at Further Education and Training Work Skillnet – which is funded broad range of Awards Council (FETAC) and was If you are interested in finding by member companies and the learning run on a pilot basis in June. out more about training oppor- National Training Fund – offers opportunities The participants included a tunities please contact Marian IT courses, career development, number of Executive Committee Geoghegan or Louise O’Donnell www boa org uk presentation skills, negotiation for members. members, Bank Secretaries and in IBOA House, Stephen St Upper, skills, employment law, commu- Youth Committee members. The Dublin 8. Telephone: 00-353- nication skills. review and assessment process is 1-4755908 or e-mail: louise. These courses vary from one- currently taking place with a [email protected] or marian. day courses to 10 or 12 evenings view to making this training [email protected] over a number of weeks.
Northern Ireland Union Learning Fund IBOA has secured funding for the 10% off all products
development of a Union Learn- www boa e ing project in Northern Ireland. purchased in the This is a two-year project and will begin to be rolled out in the Republic of coming months. This project will provide training in essential ICT Ireland or skills in the short-term and train- Northern Ireland ing in other practical skills in the longer term. on presentation Job Seekers of your IBOA Members or associate members of IBOA who are unemployed membership (or who have family members who are unemployed) may be card in store. able to avail of training to enhance skill levels and improve
their chances of getting a job. F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 31 SHORT CUTS NEWS REVIEW SPECIAL FOCUS IBOA N
Memories KERRy chRISTIE 1961-2011 of Kerry Below are a selection of com- ments from the online “book of condolence” on the IBOA website. More tributes can be Bank workers accessed at www.iboa. org.uk/kerry or www.iboa.ie/ kerry. Kerry loved helping people and enjoyed lose inspiring life so much. She was an inspiration to us all and battled bravely through her illness, never feeling sorry for herself and very rarely complaining. She could always make you laugh. You always knew when Kerry had entered the advocate room – Lorna Abbott, Ulster Bank, Danesfort, Belfast. It is with profound sadness When Kerry was told last felt condolences to Kerry's Here at UNI… we are grateful for her that we record the death of year that her cancer had re- family and friends, to her wider strong commitment to the Irish and our colleague, Kerry Christie, turned, she was determined family in Ulster Bank, and European trade union movement. She who had been battling cancer that she would not become a especially to her colleagues will be sorely missed – Philip Jennings, with remarkable courage over prisoner to her condition. She from the Ulster Bank Executive General Secretary,UNI Global Union the last year. Her brave fight continued to play a full and Committee, on their tragic loss. finally came to an end in late active part in the Union. This was IBOA’s Ulster Bank Officer, June. exemplified by the fact that John Burns, said it was heart- Kerry was one of the most generous, Kerry started work in Ulster she not only attended the June breaking to lose such a dear kind, caring, committed and dedicated Bank thirty years ago and joined meeting of the IBOA Executive friend and colleague. people I have ever had the pleasure IBOA at the same time. She Committee – but she also con- “Kerry was one in a million,” to meet. Kerry's focus was always on became a committed activist – tinued to show such boundless he said, “someone who gave people and making sure that the right first elected to the IBOA’s dedication to her members that so freely of her time, expertise things were being done to protect peo- Executive Committee in 1990. many were unaware she was ill. and enthusiasm to help ple's rights – Joe Allsop, Ulster Bank, Kerry was seconded from Kerry embraced life com- so many people, www boa org uk Danesfort, Belfast. the Bank to serve as the Union’s pletely. She was courageous without ever Ulster Bank Officer for a period. and determined in everything thinking of Kerry had more of an impact in my life She also served on the she did – and with a wicked the cost to than probably anyone else I know. She former NatWest European sense of humour. She has been herself.” inspired me, and made me a better Staff Council and was at the an inspiration to everyone who person. Kerry was my teacher… Kerry time of her death Joint Chair was privileged to know her. encouraged me to become active in of the RBS European Works Union General Secretary, IBOA…I’ve seen the difference Kerry Council. Larry Broderick, offered heart- has made in people’s lives and it has been huge. – Patrick McCann, Ulster
www boa e Bank, Belfast.
A true people’s person and the bravest lady most of us will ever meet – Veronica McQuillan, Ulster Bank, Danesfort, Belfast.
I worked closely with Kerry on the RBS European Works Council. I will remem- ber her as a committed trade unionist but above all as a lovely, lovely person. She was the voice of reason but also the person who got everyone else laugh- ing. She was a very brave woman and I will miss her terribly. Sleep well lovely As Joint Chair of the RBS European Works Council, Kerry (front left) played lady – Paul Wilkinson. Former Chair, a pivotal role in the negotiation of a new procedural agreement – which RBS European Works Council & Unite was signed in London in early June –less than three weeks before her death.
BOA THE F THE UN NANCE BOA ON RBS National Company Committee.
32 SPECTRUM august/september 2011 NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE
Brendan O’Donohoe Ken Doyle News from the Union Pensioners’ Committee ry's IBOA’s pensioner members The Committee can also der can avail of all of the services propose resolutions to the BDC nd and special events arranged which is the Union’s principal ues for all IBOA members. decision-making forum. ive Their interests are re- The Union’s Pensioners' oss. presented by the IBOA Pen- Committee works through the cer, sioners’ Committee – which ICTU Retired Workers' Com- art- aims to campaign on issues of mittee and the Senior Citizens’ ear particular concern to retired Parliament. IBOA members. The Committee also en- n,” As well as bringing these gages in direct lobbying of the ave matters to the attention of the relevant authorities and from se Union’s Executive Committee, time to time organises social it also nominatestwo delegates meetings for pensioners and to the Union’s Biennial Delegate talks on matters of interest to
Conference (BDC). members. www boa org uk
Your IBOA Subscriptions: Claiming A Refund If there is a change in your employment circumstances – like moving onto part-time hours or changing to job-sharing arrangements, you may be entitled to avail of a lower sub- scription rate. The current membership categories and rates www boa e are published on www.iboa.ie/join/subscriptions.html and www. iboa.org.uk/join/subscriptions.html. Please make sure you inform IBOA Head Office of any change as soon as possible so that your subscription rate can be adjusted – and you receive prompt refund of any overpayments. Please note that the rebate for any overpayments will be capped at the amount overpaid for the first 24 months after the change of status occurred. You can check your personal profile online in the Members Only Section of the Union website and make any necessary amend- ments there - or you can contact the Membership Department in Head Office at the address below. Membership Department • IBOA The Finance Union • IBOA House • Stephen Street Upper • Dublin 8 • Tel: (00353)-1- 4791033 or (0044)-2890-200130 • E-mail: [email protected] BOA THE F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 33 HR USNW EIWSEILFCSIBOA SPECIAL FOCUS NEWS REVIEW SHORT CUTS 34 BOA THE F NANCE UN ON www boa e www boa org uk SPECTRUM AND Price – Special IBOA E Tickets: Usual Price 2.30pm January 2012 Saturday 7 THE JEDWARD Face Painting&ManyMore Surprises Santa Gifts, Balloon Making, Puppet Show, TICKETS: ¤ Bankers’ Club,IBOAHouse,Dublin. Sunday, 4December2011 Annual Children’sParty NumBERsLimitED BOOk NOW– – 5 Booking Fee. (For more information, see bottom right) E SPORTS Parterre: Normal Price 35 plus Gaiety Theatre, Dublin Tuesday 27 December BEANSTALK Tickets available at (For more information, see bottom right) Sea Front, Bundoran, Co. Donegal. E 30. Sunday 25 September, 2011 Gifts will only be provided for children up to 9 years old. 8 per child & See below right for more info. SOcIAL august/september 2011 august/september E 4 IBOA34 Price – E 8.50 each until E 24 Christmas Wine & Champagne Tasting Grand Opera House, Belfast, Tuesday 27 December 2.30pm. Tickets: special IBOA price of £15 (up to 6 per person) Bankers’ Club, IBOA House, Dublin Tickets: For more information on any of these at IBOA House, Stephen Street Upper, vns–includingevents – booking forms – in the Sports & Social Department, please check the IBOA websites at www.iboa.ie or www.iboa.org.uk (For more information, see bottom right)
or contact Anna or Louise 01-4755908 (from ROI) or 02890-200130 (from UK). Dublin 8 or by phoning E 10 November 30. (see below for more info)
Dublin Abbotstown, Centre, National Aquatic see below. For more info, ¤ members: for IBOA Special price 8.00 per ticket N NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE
IIBBOOAA AT
The visit to Tayto Park near Ashbourne in Co. Meath – organised by the Union’s Sports & Social Committee – proved to be such a popular attraction that the Committee is exploring the possiblity of making it an annual event on the Union’s social calendar. Pictured are above (main) Monica O’Sullivan from Callan with Kim, Meg and
Sally Ryan and Emma Feeney; top right: Breda Finn from www boa org uk Trim, with husband, Rowan, and children, Emma and Alicia; middle right: Carl Kane and Laya; and below: Rob IBOA’s Annual Family McAuley with Gabby and children, Ciaran and Chloe Don’t forget… Zoo Days are coming (Photos: Irene Breen). up soon.
Dublin Zoo on Saturday, September 3.
Fota Wild Life Park,
near Cork, on Saturday, www boa e September 3.
Belfast Zoo on Satur- day, October 1.
On production of your IBOA membership card, you will be entitled to free admission at the main gate for two adults and four children or one IBOA FAMILY adult and five children. ZOO DAYS BOA THE F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 35
HR USNW EIWSEILFCSIBOA SPECIAL FOCUS NEWS REVIEW SHORT CUTS 36 BOA THE F NANCE UN ON www boa e www boa org uk
SPECTRUM • • • • • • discount is valid in any of the six hotels below.IBOA 10% discount off published rates (subjectthe membersofofferdelighted HotelstoMcEniffaretoBrian The availability). This value for money. may choose. Brian McEniff Hotels offer comfort with deliciousandDublin, foodyou and are sure to find excellent service, whichever hotel you you'regoing. Withlocations inBundoran, Sligo, Rosses Point, WestportThe Brian McEniff group of hotels promises comfort and style wherever The Best Western Dublin Skylon Hotel,Co Drumcondra,Mayo. Dublin 9. Leisure Centre,Westport &The SpaWestport, Woods Hotel & Co. Sligo. The Yeats Country Hotel & Eros SpaThe & Leisure Best Western Centre, Sligo Rosses Southern Point, HotelThe & LeisureGreat NorthernCentre, HotelSligo. & LeisureBundoran, Centre, Co Bundoran, Donegal Co. DonegalTheHolyrood BlueHotelRiver&Leisure CentreEscape Spa,& HOTELS BRIAN McENIFF Bundoran-Sligo-Rosses Point-Westport-Dublin august/september 2011 august/september Central Reservations office: be made through the Brian McEniff To avail of this discount, bookings must Phone 1890 203 203 from the Republic or 0800 039 0035 from NI/UK. The special IBOA discount offer is valid until 31st December 2011. Discounts on bookings are subject to availability and excludes all Bank Holiday Weekends. Terms and Conditions apply. N NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE
our members’ interests are protected as effectively as possible. Equally vital is an informed and active IBOA presence in the workplace to ensure that the employer does not take the Union and its members for granted. One of the activities for members to engage in is to encourage non-members STRONGER TOGETHER to join and get involved so that, together, they have a better chance of influencing In these uncertain times the future of their employment. building the Union is So how do you persuade your best protection a non-member to join? • Identify any non-members in your area. • Talk to your IBOA Reps or Executive Committee member for the latest As a democratic trade union, IBOA sponsible for the crisis, they are being news on key issues. represents your interests and concerns asked to bear the lion’s share of the bur- • Find out which issues are of most directly with your employer but also with den. concern to the non-members in your other key players in the sector including Both IBOA’s elected representatives area. Government, the regulatory authorities and professional support staff will make • Ask them to join so as to strengthen and the EU. forceful arguments to protect members – IBOA’s efforts to resolve these issues. IBOA has been built by successive using industrial relations machinery and, generations of financial services staff who where appropriate, the courts to deliver So, if a colleague is worried about threats have fought for the right to professional the best possible outcomes. to her or his job or possible pay cuts, then representation for over 90 years. But if industrial relations was purely you should urge her or him to make IBOA Today we are facing one of the most a matter of logic, then the financial services stronger as it fights to secure jobs and difficult periods in our history. Right sector wouldn’t be in this mess in the first protect pay. across the board our members are facing place. Only by building their strength on a either the prospect – or the consequences Sometimes it takes more than a well collective basis can staff ensure that their – of restructuring programmes – along argued case to convince an employer or concerns are addressed. Only IBOA can with continuing challenges on pay and even a Minister. Frequently numerical act as a truly independent advocate for pensions. strength can have an important – even the interests of staff. Many more issues require prompt decisive – bearing on the situation. And remember IBOA offers discounts attention including staffing, unfair disci- The simple truth is that the more on a wide range of goods and services plinary action, bullying and excessive members we have in an employment, to ensure that your Union subscription www boa org uk pressure to sell to increasingly hostile then the greater will be our bargaining offers real value for money. customers. Although staff are not re- power with an employer to ensure that www boa e BOA THE F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 37 HR USNW EIWSEILFCSIBOA SPECIAL FOCUS NEWS REVIEW SHORT CUTS 38 BOA THE F NANCE UN ON www boa e www boa org uk taketh away. small print giveth but – the The large print SPECTRUM
tom Waits workdirect turned the corner at Ireland last? of Bank secured, has and with new capital investment ranging operational (above)review. Brown Jim Executive, Chief Ulster Bank’s recently appointed AT ULSTER BANK MAJOR REVIEW planned Transformation negotiationsProject.withitsIBOAon currently detailed engaged in NorthernBank management is NORTHERN BANK TALKS OPEN AT As underlying losses are halved AT BOI? GREEN SHOOTS august/september 2011 august/september is engagedis wide-ain See Page 43 See Page 42 See Page 41 tial stake in Bank of Ireland. investorsare taking asubstan- the news that a group IBOAofhas cautiously private welcomed INVESTMENT BOI WINS NEW its operations in the Republicredundancies of Ireland.are envisaged following– last year’s BankChiefExecutive, restructuring AndrewHealy of Bank Group of its commitment toIBOA remain has inwelcomed Ireland. the recent unequivocal statement fromNIB IN JOB SECURITY PLEDGE Danske The Union has also welcomed the statement from National Irish See Page 44 to engage in real talksboss, on Davidfuture. Hodgkinson Broderick, challenged has AIB General Secretary,IBOA Larry TALKS AT AIB WE NEED REAL (above),
that no additionalthatno See Page 45 See Page 40 (above) N NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE
IBOA in talks on Anglo Irish restructuring
Anglo Irish Bank Chairman, Alan Dukes, and Chief Executive Officer, Mike Aynsley.
(Photo: Mark Stedman/Photocall-Ireland) www boa org uk
Senior management at Anglo Irish Bank The Union is also keen to ensure that as to avoid making any staff redundant has announced that the Board of the Bank the first tranche of redundancies at the on a compulsory basis given the current has endorsed a major restructuring plan Bank will be implemented on a voluntary employment situation in the financial which includes provision for 130 redun- basis – even though eventually all staff in services sector. dancies in the Republic and a total of 350 Anglo will be made redundant when the “Negotiations on other issues such as across the business globally over the next institution is finally wound up by 2020. the level of the severance terms and the twelve months. "While we acknowledge that the criteria for selection will proceed over the Negotiations began recently between Bank has indicated its preference that re- coming weeks,” said Mr. Broderick. the management of the wholly State- dundancies should be implemented on a “As part of the restructuring agenda,” owned institution and IBOA which not voluntary basis, IBOA will urge manage- he said, “we also intend to raise the many www boa e only represents the majority of staff who ment to strengthen that commitment so concerns of the staff who will remain with transferred to Anglo recently from the the Bank on various issues such as redeploy- now defunct Irish Nationwide Building On Fingleton’s watch ment, retraining and remuneration. Society – but also a growing number of “Our aim is to achieve a fair and staff within Anglo, itself. In addition to a ¤1 million bonus, former balanced approach to the restructuring The Union’s General Secretary, Larry Irish Nationwide (INBS) Chief Executive, of the business both for those staff who Broderick, said the Union was dis- Michael Fingleton, also received a part- opt to leave the Bank at this time and for appointed, though not surprised, at the ing gift of a watch costing ¤11,500 in cash. those who decide to remain with the announcement since management’s While INBS withheld ¤400,000 of Bank," said the IBOA leader. previous indication that work on the the bonus in tax, ¤9,650 was paid to the Following the opening engagement restructuring plan was advancing had taxman so that the former boss would with management on the restructuring plan, caused considerable anxiety among staff not be liable for ‘benefit-in-kind’ taxes. the Union has also sought a meeting in the Bank. Following INBS’s merger with Anglo with the Republic’s Minister for Finance. At the opening of negotiations, the Irish Bank, Anglo CEO, Mike Aynsley, wrote Michael Noonan, for clarification of the IBOA team sought clarification of both again to Mr. Fingleton to demand the Anglo restructuring plans within the con- the scope and rationale for the restruc- return of the watch or its cash equivalent text of the Government’s overall banking
turing proposals. as well as the balance of the bonus. strategy. F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 39 HR USNW EIWSEILFCSIBOA SPECIAL FOCUS NEWS REVIEW SHORT CUTS 40 BOA THE F NANCE UN ON www boa e www boa org uk commits to no further Restructuringredundancies. recent Programme and the contributionstaff have made to the Bank in through National Irish Bank. Secretary, Larry Broderick. Bank, of the Group’s commitment Executive the Board, DanskeChairman of to Ireland the recent reaffirmation by Mr. Peter Straarup, benefits to the institution.” said IBOA General in National Irish Bank, is gramme,delivering which significant brought Strategic the thatIBOAabout Restructuring Pro-major change Healy, recent meetings confirmed with at SPECTRUM of its operations in the Republicenvisaged of following Ireland.– last year'sstatement restructuringthat no further National Bank’s welcomedredundancies Irish also are has commitment to remain in Ireland.statementfromDanske itsBankGroupThe of Union IBOAhas welcomed the recent unequivocal committed to remain in Irish market NIB and Danske Bank Group are at National Irish Bank Job security pledge Mr. Straarup also acknowledges the major “Inaddition, IBOA very much welcomes “The Bank’s Chief Executive, Mr. Andrew NATIONAL IRISh BANK National Irish Bank Chief Executive Officer, Andrew Healy. (Photo: Leon Farrell/Photocall Ireland) august/september 2011 august/september NEWS REVIEW operating profit ofwas terms performancepositive. Bank’s in the that loanson the balance sheet, it is noteworthy provisionforsignificanta level ofimpaired resultsindicate continuinga need tomake the staff remaining in the Bank.theywere nevertheless very challenging for a voluntary basis in line with industry norms, by over 150. networkand the reduction of its workforce closurethealmostinbranchitsof halfof restructuringprogramme in 2010, resulting gramme over the last restructuring major pro- two a throughyears. been ance to staff in National Irishsaid Mr. BankBroderick, who have "and offer some reassur- nationally, these are financialwelcome services globally sector both and developments," Although Bank’s recent half-yearly the Whilethese redundancies took place on NationalIrish Bank engaged inmajora uncertainty huge the of time in a “At
General Secretary,of its Larryremaining Broderick.staff,” successsaid IBOA will dependmanagements onrecognise the thatits supportboth its nationalin and a challenginginter national financial position, reaching an agreement. assist inagreed party thirdto an referred to beparties may dispute betweenissues the in proceduresin place so that any changing banking environment.andthe employees inarapidly interest of between theemployer mutuality the recognises morestructureda inandway industrialconduct of relations establishesa framework for the RelationshipAgreement which haverecently concluded anew IBOA and BankNational Irish with NIB agreement off on new Union signs Defined Benefit pensionbenefits scheme. accrued of allmenthonourto the preserved staff in the particular, commit- Bank's the back of this commitmentthe on so do tofreenow are and, in increasedpayto contributions not sign the authorisation forms higher employee contributions.Hybrid Plan in recognitionJanuary of the to full membershipmade to staff of whothe transferredmembership. in This payment was staffwho transfer to full Hybrid paythe 5% lump sum to those can now avail of that option.membershipof the Hybrid Plan earlier chose who not staff to move that to IBOA fulladvised has Bank review,pension the Courtrecommendation onthe In the wake of the recent Labour remains open plan Pension h areet lo puts also agreement The Allremaining staff who did The Bank has also agreed to “Althoughthe remainsbank N NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE
NORThERN BANK
IBOA Danske Bank Group Offi- cer, Robert Thompson (above) has welcomed the recently concluded Relationship Agree- ment with National Irish Bank.
Isn’t it time you joined
the club? www boa org uk openInG HoUrS: Northern composure The Club opens at 5:30pm from Monday-Friday. Talks continue on Northern Bank’s AVAILABLe For pArTIeS: Available for parties on requesttransformation project (any day). There is no charge Senior management in Northern Bank is mitted to honour existing agreements and
for parties and room booking. www boa e Please phone 02890- currently engaged in detailed negotiations to have full consultation with IBOA before with IBOA on its proposed Transformation implementation. 382866 any time after 5.30pmProject which provides for major changes IBOA Senior Industrial Relations Officer, or e-mail: bankers.club@ntl in the operation and structure of Gerry Hanna (left), explained that business.com Northern Ireland’s most successful in the meetings with the Bank so bank. far, IBOA has sought clarification Among the key elements of on a number of key issues, Belfast the project are the re-organisa- including: tion of the institution into two • the rationale for the pro- divisions: one focussed on posed changes; Bankers’ personal banking and the other • the likely impact on business on business banking. The areas, jobs and terms and Club project also aims to streamline conditions of employment; many aspects of the organisation. • the likely impact on staff career While IBOA has a number of con- progression; 31 Malone Road cerns about this announcement which has • redeployment of staff; and Belfast BT9 6RU created some uncertainty for staff, it has • the likely impact of the proposals on the
welcomed the fact that the Bank is com- Performance Management system. F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 41 HR USNW EIWSEILFCSIBOA SPECIAL FOCUS NEWS REVIEW SHORT CUTS 42 BOA THE F NANCE UN ON www boa e www boa org uk SPECTRUM mediator, Martin King. agreement recently – endorsedIBOA in line withby the relationship itsmembers; affect may and which toments consult fully briefingwith detailed to aIBOA provide on to anymitted develop- in September. seniormanagement team early Bank’s the delivered to be to report on the review is expected same period the within compared2010. 2011 of operating in increase losses an for reported the firsthas half placeattimea when the Bank completion. The review is takingBrown, is believed to be closeappointed toChiefExecutive, Jim Bank’s operations by Athewide-ranging recentlyreview of Ulster Ulster Bank review at Operational The Chief Executive has com- comprehensive progress A for IBOA members only! For information on the latest offers Special Offers EXCLUSIVE members/otherservices.html or Discounts www.iboa.org.uk/members/ log on to: www.iboa.ie/ for IBOA members, otherservices.html august/september 2011 august/september Jim Brown. Chief Executive, recently appointed Ulster Bank’s ULSTER BANK covers a number of issues arising mediator, which Martin King– from the contentious 2009 con- tract offer, as well as pay for 2011. independent frommendation for new contract not accept the 2009 contracts – wide-rangingaccept a recom- isto be offered to staff who did mendation, a new 2011 contract which will include the following: havevotedoverwhelmingly to – applied with effect from January PEF and benefit funding; Bank UlsterIBOA inmembers Ulster staff vote rate reduction (1/60ths to 1/80ths) – 1, 2010 and in lieu of the accrual applied in 2010; – contracts and in subsequent con - tracts issued and future contracts; – a revised pay matrix; – and holiday entitlements; for present and future employees; Allowance entitlements; – – In line with the King recom- Payment for past and future Pensionablepay limit tobe Changesto clauses in 2009 Pay 2011 payment based on Clarity around working hours Determination overtime of ClarityrespectinDublin of
standing legal cases. – the Bank and IBOA; and mentand recognition between – tlement agreement; – medium-term outlook.” trends suggest a more remainedpositive risks thehigh notedbut that RBS, pany,“recent sults, Ulster Bank’s parent com- reached £252m. 2010, which of first halfthe doublethelevel recorded for to take its toll in Ireland. of the property crash ofcontinues the year as the repercussionslossof £566m in the first half Ulster Bank made an operating Ulster Bank losses rise at Operating omnig n h re- the on Commenting losses Themorearethan bss o resolving out- for basis A Re-enforced procedural agree Proposal- for a collective set- N NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE
BANK OF IRELAND
Bank of Ireland Chief Executive Officer, Richie Boucher. (Photo: Sasko Lazarov/Photocall Ireland) www boa org uk Green shoots at Bank of Ireland? Encouraging signs as underlying losses are halved
Bank of Ireland recently reported a months, IBOA believes that it is now (including the new pilot operation in
significant reduction in underlying losses timely for the Bank’s senior management Belfast); www boa e before tax of ¤723 million compared to to engage with the Union on the staff • a review of the regionalisation of ¤1.320 million in the first six months of agenda. back office activities; the year 2010. The main items to be negotiated • in-depth consideration of the issue of Similarly, costs are down 8% on the between the Bank and IBOA are as workplace culture – which remains first half of 2010. follows: excessively focussed on sales and The Bank has secured enough capital • a review of pay for 2011 as provided objective-setting rather than real to enable it to remain as an independent for under the Connaughton Agree- customer service; entity with a very strong investment ment which was ratified by the Bank • a comprehensive agreement on group behind it. and IBOA in July 2010 as part of the transferability – which, while recog- Initial indications are that this new EU Restructuring Plan; nising the Bank’s need to redeploy group intend to take a long-term view of • the implementation of the other staff from time to time, also ensures its investment in the Bank – which is a elements of the EU Restructuring that staff needs are addressed with welcome change from the short-termism Plan – including those relating to job due sensitivity; and that has blighted Irish banking in recent reduction; • further consideration of a number of years. • a comprehensive review of the new matters which have been outstand- In light of the significant progress Branch Banking concept, on comple- ing between IBOA and the Bank for
that has been made in the last twelve tion of the various pilot scheme some considerable time. F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 43 HR USNW EIWSEILFCSIBOA SPECIAL FOCUS NEWS REVIEW SHORT CUTS 44 BOA THE F NANCE UN ON www boa e www boa org uk Bank last year,” said the Broderick. and between IBOAtiated restructuringwhich were nego- andfor the key agreements on the terms and conditions of staff tionsof this capital injection for possibleanymenton implica- from the Bank’s senior manage- majority State control. either fully nationalised operatingor Ireland in would be under l o te ao rti banks retail major the of all Broderick, said that it was vital to SPECTRUM avoid a situation where virtually buycommitted to Capital Research. The group hasKennedy Wilson and Fidelitytwo California-basedand companies,basedW. RossL.and Co., and is believed to include New York-FinancialHoldings of Canada holder. Bank of Ireland’s majorityneed share-for the Irish thusinthe avoidingBank State – the to become substantial stake a taking are that a group of private announcement recentinvestorsment’s cautious a IrishGovern-welcome the to given has IBOA investment BOI private welcome for Cautious equity will remainthatat least in68% of privatethe bank’s whichworthhands.means of – shares “We are seeking clarification IBOA General Secretary, Larry Fairfaxby led group– The Fairfax CEO, Prem Watsa
¤ . billion1.1 august/september 2011 august/september –
Stockbrokers and as a Permanenthad also Secretary been served in the asNorthern a senior Ireland executive Civil at Service. Bank of CorporationIreland which in Northern – is expected Ireland, to businessbe at woundmergednow beistoGoodbody withAnglo down Irish Bankformto theIrish by Banking 2020. Resolution AIB's Northern Ireland subsidiary,Irish Nationwide’s First Trust chief executive, Bank. Gerry McGinn, is to become the new managing director of New chief for FTB Followingthe transfer ofits loan book toPermanent TSB, Irish Nationwide’s remaining BeforeCarrickfergus native, Gerry McGinn, took over at the nationalised INBS in 2009, he FIRST TRUST BANK 10% laser eye surgery,• FREE consultation, FREE 2ndplus pair 10 monthsof glasses• (including bifocal and varifocal lenses) 10% off glasses, contact• lenses and designer sunglasses, plus 10% cosmetic treatment,• FREE consultation, plus 10 months GREAT SAVINGS FREE eye test interest-free credit interest-free credit www.iboa.org.uk/members/otherservices/iboaplusdiscount.html www.iboa.ie/members/otherservices/iboaplusdiscount.html or These offers are exclusive to IBOA members so you’ll – need your IBOA membership number to access the website. For more information, check the IBoA websites: for IBoA members optical express & their families N NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE
AIB GROUP
AIB Group Executive Chairman, David Hodgkinson. (Photo: Sasko Lazarov/Photocall Ireland) AIB staff still wait for details of major restructuring plan
The Board and senior management of mendations from the independent “So even though many of those who www boa org uk AIB Group have been challenged by mediators, Mark Connaughton, SC, and were responsible for the reckless lending IBOA General Secretary, Larry Broderick, Liam Deane, even though AIB manage- at the root of the current crisis have been to engage fully in real dialogue with the ment claimed to have accepted them.” well rewarded; and even though those Union on the recovery of the Bank “IBOA has sought a reasonable hired to rectify the matter are also being including the restructuring programme.. undertaking from the Bank that the well rewarded,” he said, “the ordinary In a letter sent to the Group’s shedding of 2000 jobs – announced by staff in AIB who are being lined up to Executive Chairman, David Hodgkinson, AIB's Executive Chairman earlier this sacrifice their livelihoods, have so far not before the recent AGM, the finance year – would be implemented on a even received the courtesy of an offer union leader accused the Bank of failing voluntary basis in line with what has of compensation despite the fact they
to treat its employees with decency and taken place elsewhere in the financial were not responsible for the Bank's www boa e respect by refusing to provide details of services sector,” said the Union leader. collapse. the 2,000 job cuts which were originally “It is unacceptable that AIB staff “IBOA has told the Bank that our announced in April – and which may be should suffer disproportionately com- members will not co-operate with any implemented in October according to a pared to the vast majority of other staff restructuring proposals until we have further announcement by the Bank in the industry where redundancies have reached a satisfactory resolution on a recently. taken place in the last few years. number of key issues which are now Talks at the Labour Relations Com- “Separately the IBOA has argued likely to be referred to an independent mission (LRC) broke down in July that the severance terms to be offered in tribunal for consideration." because the LRC could find no basis for AIB should also conform to established The IBOA leader has also warned AIB conciliation. sectoral norms especially since many management that the Bank's elusive Commenting on the LRC decision, senior executives leaving the Bank have approach to restructuring is demoralis- Larry Broderick said he was dis- received extremely lucrative golden ing staff throughout AIB – which could appointed – though not surprised – handshakes.” he added. have major consequences for the Bank that the LRC could not see any scope for “Our members are also aware that and its stake-holders because these staff conciliation at this time – especially substantial sums have been paid to con- will play a crucial role if the Bank is to be “since the Bank's approach at the sultants for the provision of advice on returned to sound financial health in the LRC failed to take on board the recom- the restructuring of the Bank. future. BOA THE F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 45 SHORT CUTS NEWS REVIEW SPECIAL FOCUS IBOA N
ENERGY DRINKS NOT SO HEALTHY FOR KIDS
direct Italian fashion house, Versace, has become the latest of the leading labels to back the inter- national campaign for a ban on sandblasting of denim to create an instantly aged look – because the process is known to cause the potentially fatal lung disease, silicosis, among workers engaged A new report from the American Academy of Paediatrics casts serious in the industry. doubts on health benefits of sports and energy drinks for children The company’s decision and adolescents. The report claims that regular consumption of some follows intensive lobbying by of these beverages will make the average child fat, possibly damage campaigners demanding fair his or her teeth and may deliver potentially toxic doses of caffeine – treatment of workers in the at levels more commonly associated with a range of serious health clothing sector. conditions. See Page 48 See Page 50 style
CAFFEINE IN EXERCISE IS MAKING
SUNSCREEN TO KID’S STUFF! MENUS COUNT www boa org uk CURE CANCER? Children under five should get One of the latest innovations at least three hours of exercise in the restaurant business is the Scientists at the Department of a day, according to new UK inclusion on menus of the Clinical Biology in Rutgers Uni- Government guidelines. calorific values of each dish. versity, New Jersey, have worked See Page 50 See Page 50 out how caffeine used as a sunscreen may protect against certain types of skin cancer. The research on mice sug-
gests the “possibility that caf- www boa e feine, possibly (applied to the skin) would have an inhibitory effect on sunlight-induced skin cancer,” said lead researcher, Allan Conney. I’m not offended However, the US results do not necessarily mean that drink- by all the dumb ing coffee would have the same blonde jokes effect. Although these effects because I know were not examined in this re- I’m not dumb… search project, previous studies investigating the possible impact and I’m also not of coffee consumption on blonde. cancer – positive or negative – Global sports gear manufacturer, Nike refuses to include a living wage have so far failed to produce standard in the code of conduct for its suppliers. Dolly Parton
BOA THE F THE UN NANCE BOA ON conclusive results. See Page 52
46 SPECTRUM august/september 2011 NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE
cONSUMER AFFAIRS Swipe for cash Bank of Ireland to launch “contactless” Visa debit card
Bank of Ireland has launched a new Apart from enhacing convenience for customers by speeding up simple trans- “contactless” Visa debit card – allow- Jersey Shore’s Mike Sorrentino ing consumers to pay for purchases actions, the introduction of the new debit of ¤15 and under “in less than a sec- cards also aims to reduce the amount of ond” simply by holding the card over cash payments made in Ireland. According to a recent National Irish Bank A&F offer to a scanner. survey, 70% of all transactions in Ireland are The card is subject to the same level of still made using cash. The country is also one consumer protection as all Visa cards. Once of the highest users of cheques. pay star not the card is used a certain number of times “From the end of this year, counting or above a certain value, consumers will be coins to pay for items such as fast food, to wear label prompted to input a PIN to complete their newspapers or coffee will be history for Bank purchase. of Ireland’s customers who choose to em- While most retailers would prob- Bank of Ireland says the card is suitable brace this new technology,” said Quentin ably fall over themselves to secure for retailers, buses, trains, parking and vend- Teggin, head of consumer segments at Bank unpaid celebrity endorsements for ing machines. of Ireland. their products, the US fashion According to Visa Europe, the number of label, Abercrombie and Fitch, has its contactless cards in use in the UK should offered a “substantial” payment rise from 13 million to 20 million by the end to one reality TV star if he refrains of this year. from wearing their clothing on
television. www boa org uk A&F made this unprecedented proposal to Mike “The Situation” Sorrentino – who is one of the stars of the MTV reality show, Jersey Shore – because “Mr. Sorrentino’s association with our brand could cause significant damage to our image.” Although the show has a US audience of over 8 million, the link to Sorrentino “is contrary to the www boa e aspirational nature of our brand and may be distressing to many of our fans,” according to the US fashion house. ‘Crackberries’ and Me-phones: Smartphones are addictive More than a third of adults standard mobile phones to Over a quarter of adults and about 60% of teenagers never switch them off, and and nearly half of all teen- who own smartphones in are more inclined to con- agers in Britain now own a the UK say they are highly tinue sending email or text smartphone. They reported addicted to their devices, messages even when at the that they had cut back on according to the British tele- cinema or the theatre. activities such as reading coms regulator, Ofcom. They are also more likely books and newspapers and Smartphone users are to use their phones during watching TV – since buying
more likely than owners of social occasions. the device. F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 47 SHORT CUTS SPECIAL FOCUS IBOA N
FAShION STATEMENT High class couture Versace signs up for ban on sand-blasted denim The Italian fashion giant, a cyber attack on the fashion Versace, has become the latest house’s Facebook site – the brand to back a drive to end Italian megabrand announced the practice of sandblasting that it was backing the demand denim which is intended to for an end to sandblasting. provide a weathered look on Versace has now joined jeans and jackets. other major brands like Levi The contrast between the Strauss, H&M and Karen glitzy image of one of the Millen in pledging to stop sell- world’s best known fashion ing sandblasted products. houses and the dismal and The technique was first dangerous sweatshops of the banned by European authorities Third World could hardly be in 1966 while Britain outlawed greater – but the demand for the practice in 1950. But the denim to be instantly aged ITGLWF claims that the practice has been taking a heavy toll on has killed dozens of workers in some of the world’s poorest garment-producing countries On Trend: Donatella Versace joins campaign against sand-blasted denim. textile workers who have been like Turkey and Bangladesh, workers were diagnosed with The complex nature of engaged in sandblasting the where it has been blamed for silicosis in the country in the supply chains, and the lack of
www boa org uk material. causing the irreversible lung past decade and the total workers’ rights in poorer Weathered denim may be disease, silicosis. could rise to 5,000 in the next countries where production the look for the fashionistas of The ITGLWF claims that by five years. usually occurs, makes it very the West – but it comes at a July 2010, 46 Turkish workers Dominique Muller, of the difficult to ensure that even price for the health of many had died from silicosis caused Clean Clothes Campaign, has minimum safety standards low-paid workers whose lungs by sandblasting, which be- welcomed Versace’s new are respected. have been destroyed by silicosis came widespread in the past position as “very good news” Experts have also noted caused by the highly dangerous decade as demand for worn but has also urged companies that the practice tends to industrial process. denim soared. Although to be transparent about their emerge wherever there is Following an intense cam- Turkey banned manual sand- supply chains and to explain cheap labour and a lack of paign calling for a boycott of blasting in March 2009, it has how they intend to enforce properly enforced legislation www boa e Versace jeans – which included been claimed that about 600 the ban. to protect workers. BOA THE F THE UN NANCE BOA ON
48 SPECTRUM august/september 2011 NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE www boa org uk www boa e BOA THE F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 49 HR USNW EIWSEILFCSIBOA SPECIAL FOCUS NEWS REVIEW SHORT CUTS 50 BOA THE F NANCE UN ON www boa e www boa org uk consider this figure could riseof Britishto over 60%children by 2050. aged four and five are overweightas running, or obese. skipping Experts and climbing.minute walk as well as engaging in three hours of “active play”encouraged such to use ‘baby gym’Wales matsNorthernand Ireland, until theybabies canshould swimming walk.beortaken SPECTRUM calorie counts soon? New menus to include lines. exerciseaday, according to new UK Government least threeChildren hours of at should under five get guide- Exercise is kid’s stuff! According to new National Health Service statistics, about a quarter Oncethey are walking, toddlers should be taken on abrisk 15- AccordingtheChieftoMedical Officers England,of Scotland, hEALTh MATTERS august/september 2011 august/september may become a necessity later. get in early to make a virtue out of what of the pond as restaurant– chains try to the calorie values for every item on sale. chain with 20 or more outlets to display hsya areexpected thisyear – to require any Drug Adminstration likely – by the end of duce the calorie count of their dishes. rushingtoredesign their menus tore- Majorrestaurant chainsaretheUS in e rls rm h U Food and US the from rules New Expect something similar on this side the risk of weight problemsdrinks can as substantially so increase likely to benefitregularactivity abasis, onarefrom physicalsports vigorous and drinks.sports pate in enduranceadolescent or high-intensityathletes, who partici- through exercise sweating. physical during lost to replace water and flavouring,electrolytessports drinks and are mainlyelectrolytes intended carbohydrates (sugars), minerals, serious of health variety conditions. a levels withassociated at – caffeine of doses and may deliver potentiallypossibly fat, damage his/hertoxic teeth child average the make ofsome of these beverages will soft drinks, regular consumptionsomeway healthier than other in are products thesebelieve their sports or energy drinks may and adolescents drinks for children sports and energy health benefits of serious doubts on New report casts Fitteror of Paediatrics (AAP). from the Americanaccording Academy to a recentsports drinksreport occasionally, drinksat all and only need Kids shouldn’t have energy Based on a recipe comprising Foraverage children, sports serious most the Only Althoughparents whobuy
solution for children engaging in routine to children. never be given drinks should while energy athletes – adolescent serious beneficial for are only Sports drinks and most effective clear: plain water physical activity. is the healthiest The message is N NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE
be a factor in heart problems, The report was also critical of diabetes, seizures and behavioural advertising campaigns for these disorders. drinks targetted at children as Caffeine and other stimulants well as those which suggest contained in energy drinks “have that consumers can reach peaks no place in the diet of children of athletic performance by drink- r fatter? and adolescents,” declared Dr. ing them in large quantities. Marcie Beth Schneider, the report’s “Sports and energy drinks co-author and a member of the are being marketed to children AAP’s Committee on Nutrition. and adolescents for a wide According to her colleague, variety of inappropriate uses,” Dr. Holly Benjamin,“for most according to the report which children engaging in routine was published in the journal, physical activity, plain water is Pediatrics. best.” “In general, there is little Dr. Schneider noted that need for carbohydrate-contain- there was widespread confusion ing beverages other than the among consumers as to the recommended daily intake of differences between sports and fruit juice and low-fat milk,” energy drinks. She urged man- ufacturers to do more to make they continued. the differences clear. The researchers were also “Some kids are drinking concerned at the impact that energy drinks – containing large sports and energy drinks have amounts of caffeine – when on teeth. their goal is simply to rehydrate Many of them are high in after exercise,” she said. acidity which is closely associ- “In many cases, it can be ated with tooth decay. hard to tell how much caffeine Among the energy brands is in a product by looking at the reviewed in the report were label. Some cans or bottles of Red Bull, Monster and Rock- energy drinks can have more star – while the sports drinks than 500mg of caffeine, which tested by the team included is the equivalent of 14 cans of Powerade, Gatorade and All soda.” Sport.
HICKEY’S PHarmaCIES www boa org uk
10% discount for IBOA members on all products www boa e
few of them do en the research to burn off up to (excluding medicines and prescriptions) per serving cont rt from a higher these drinks. e count (of up Because energy 70 calories per contain stimulants ng), some energy from Hickey’s Pharmacies in Arklow, Cork, as caffeine – as w s were found to Drogheda, Dublin (Coolock, Crumlin, Finglas, the sugars, mineral caffeine levels up electrolytes found imes higher than Grafton Street, Harold’s Cross, Henry Street, sports drinks – t her soft drinks, are considered to ng to the study O’Connell Street, Ongar, Phibsboro, Santry, even more dangero ing them tech- Tallaght, Terenure and Tyrrels town), Dundalk, and “should nev oxic. be given to child consumption of Gorey, May nooth, Navan and Newbridge.
according to the d widely held to F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 51 HR USNW EIWSEILFCSIBOA SPECIAL FOCUS NEWS REVIEW SHORT CUTS 52 BOA THE F NANCE UN ON www boa e www boa org uk SPECTRUM Chosen It’ campaign entitled – Nike’s new global ‘Just Do just do it! Nike can’t prs o h grassroots the tosports psig f h torch to“passing the of andthat it represents the the next generation.” ol lk t se some- see to likewould grassroots generation who a torcha being passed are thingmore tangible than thousandsofworkers in arebeingpaid less-than- the Nike supply chain who subsistence wages.
STyLE IcONS u mmes f a of members But says it– will bring The august/september 2011 august/september n £. blin n profits billion for £5.4 ining wages,Nike netted astagger- E or (£25 4500 Rs alone costs Accommodation, childcare and bills,excluding total. in Iwork about 60 hours aweek on his basic salary. needsandthose ofhis family basic his meet to ablebeing hereplied, when asked about of Rs11,000 (£64 or earningamonthly basic wage for a Nike supplier in Sri Lanka,dispatchaworks asoperator In contrast to these poverty “Ihave to work overtime – Sheran(not his real name) “I definitely couldn’t survive,” 28.50) a month.” E 73). in Sri Lanka. chain employees for Nike supply monthly basic pay four times the orpair more – than £280 or which retail for Super-fly boots – Mercurial Vapor modelling Nike’s Cristiano Ronaldo E 320 a and not in Sinhala,” said“The Sheran. code is displayed in informEnglish workers aboutduct, their and thisrights. code alsowithbrand’sthecon- codeofserves to leave,” Sheran said. wholeayear, paidbutnosick training on health and safety.andhis employer has provided workers in the contract, unusualsportswear for which is industry, or pay out huge sponsorshipbe the funds to run fees. Nikeing products, thereWithout wouldn’t workers likeand costing Sheran £280 ormak- Cristianowornbyas Ronaldo, Mercurial Vapor Superflyless IIIthan boot, the cost of a single Nike (£131 or has been estimated at Rs23,500 for suppliers. standard itscode of conduct in refusestoinclude still companya living the wage but 2010, suppliers for its of conduct in the code standard wage a living to include refuses Nike Nike suppliers should comply “Iget 14 days’ paid leave in permanent a on Sheran is In Sri Lanka, the living wage
E 150) per month, that’s
The Chosen E 320 a pair. N NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE
Sri Lankan garment workers demonstrate for better pay and conditions.
It would take the average sportswear worker in Sri Lanka 14,000 years to earn the equivalent of the Nike Chief Executive’s 2010 pay pot.
“I can read some English – but I can’t understand everything in the code.” This means that Sheran may not know if some of his working rights are being violated. And if his or others’ rights are violated, there is no trade union in the factory to represent the workers. Nike’s code states that the contractor should respect the right of employees to freedom of association, including the right to form and join a trade union. The Chosen,according to Nike, is a new voice for ‘Just Do it.’ And ‘Nike Responsibility’ states: www boa org uk “Our greatest responsibility as a global company is to play a role in bringing about positive systemic change for workers within our own supply chain, and in the industry.” Achieving positive systemic change means listening to the voices of workers and taking a positive approach to the human
right to join or form a trade union. www boa e “I’d like an increase in my basic pay, paid sick leave, and better paid holiday provisions,” Sheran said.“The best way to achieve these changes is through collective bargaining.” You can support the struggles of workers like Sheran for Decent Work by getting involved in Great savings and offers for IBOA members in Great Britain the Playfair 2012 campaign at www.playfair2012.org/ where and Northern Ireland from Thomas Cook – you can take action to call on Nike, Adidas and Pentland (makers of including a 6% discount on thousands of holidays. Speedo) to pay a living wage; Check the Members Only Section of respect the right to form/join a union; make overtime work volun- the IBOA websites for more information.
tary, and provide job security. F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 53 HR USNW EIWSEILFCSIBOA SPECIAL FOCUS NEWS REVIEW SHORT CUTS 54 BOA THE F NANCE UN ON www boa e www boa org uk SPECTRUM sources. to hide your knowing how creativity is The secret of
Albert Einstein leisuredirect hosts are favourites the where to Zealand – triumph. New in forthcomingRugby World Cup GeorgeHamilton previews the THE FUTURE ALL BLACK TO Prize for the Album of the contentionYear for theElbow, Mercury are once againMusic inFestival, strong Manchester-basedstarsof this year’s Gastonbury band, Widely acclaimed as one of the £500,000 gig for DeutschecludingJanet Jackson’sBank recent wayslook atrecent events in- StephenMalone takesside-a MALFUNCTION? BOARDROOM with – august/september 2011 august/september ELBOW BIDFORMERCURYDOUBLE ul a okt Boys!, Rocket a Build See Page 58 See Page 62 impressive sales figures on both whose Adele – from comeseems to competition main their field, strong shortlist. featuringon this year’s twelve- prize. you could be in line for the latest crossword perhaps and Test your word power with our CROSSWORD PRIZE In a very high quality eclectic 21 a ahee very achievedhas Elbow See Page 60 E 50
announced on September 6. critics. winningtheplaudits ofmusic sidesof the Atlantic as well as Prizesof AND SUDOKU PICTURE BOARD give them a try? the sudoku challenge. Why not for solving our picture quiz and Thewinning album will be
E 30each are on offer See Page 57 See Page 61 N NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE
CINEMATIX Monkey See Monkey Do! True story of chimp project contrasts with latest hi-tech instalment of Apes saga
Andy Serkis as Caesar in the Rise of Two complementary films about relation- the Planet of the Apes ships between humans and our nearest relatives in the animal kingdom are on The introduction of this new visual release at the moment – one entirely effects technology to the Apes saga marks fictional and the other based on the true a substantial step forward from actors www boa org story of a scientific experiment in the early wearing rubber masks or latex prosthetics 1970s in which a young chimp, Nim, was in the earlier films. taught sign language. The new primates are remarkably But first, the Rise of the Planet of the realistic – Caesar, in particular, displays a Apes is presented as a prequel to the orig- range of emotions with sensitivity and inal 1968 starring Charlton Heston, and subtlety. Indeed, in many respects the seeks to explain how apes came to rule performances of the ape actors are more over mankind. Of course, fans of the five- convincing than those of their human film franchise will know that this has al- counterparts, who include Frida (Slumdog ready been done in the Conquest of the Millionaire) Pinto and Tom (Harry Potter) Online DVD
Planet of the Apes. Felton. www boa e Nevertheless, the new version taps Using a variety of archive material as Rentals into current concerns about genetic engi- well as contemporary interviews in Project neering and the unregulated influence of Nim, James Marsh examines a major No more late fees! big business. James Franco is a scientist animal behaviour experiment conducted testing a possible cure for Alzheimer’s over thirty years ago – designed to test No more contracts! disease on apes. As the main test subject, whether a chimpanzee could learn to com- Caesar, begins to develop heightened municate using language, if it was raised No catch! intelligence, he becomes increasingly like a human child. A special price of ¤12.99 resentful of his captivity. The chimp, Nim (left), was taken ¤ Caesar is played by the from his mother to live with (usual price 15.99) master of performance a human family in New is available to capture, Andy Serkis, who York. As an infant, the chimp inhabited the characters was curious and attractive. But all iBOA members. of Gollum in The Lord Of as he matured, he became Check iBOA website The Rings trilogy and King Kong increasingly aggressive. Project in the Peter Jackson film of the Nim is a fascinating counterpoint for details. same name. to the high-tech sci-fi blockbuster. BOA THE F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 55
HR USNW EIWSEILFCSIBOA SPECIAL FOCUS NEWS REVIEW SHORT CUTS 56 BOA THE F NANCE UN ON www boa e www boa org uk SPECTRUM august/september 2011 august/september N NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE
MUSIc MAchINE Will Adele get Elbowed again? Pop diva is this year’s favourite for Mercury Prize
The nominees for this year’s Mercury Prize for the 2011 Album of the Year THE 12 NOMINATED ALBUMS represents a triumph of real diversity – • Adele - 21 with performers of urban hip-hop, retro- • Anna Calvi - Anna Calvi country, power ballads, melodic rock • Elbow - Build A Rocket Boys! and guitar anthems all present on the • Everything Everything - Man Alive twelve albums shortlisted for the prize • Ghostpoet - Peanut Butter Blues and others willingly acknowledging that and Melancholy Jam Adele their music represents a cross-fertilisa- • Gwilym Simcock - Good Days At tion of two or more of these genres. Schloss Elmau As rock historian and Mercury judge, • James Blake - James Blake Simon Frith, noted recently: “For some • Katy B - On A Mission of these artists it is quite difficult to pin- • King Creosote & Jon Hopkins - point what genre they represent…artists Diamond Mine are not constrained by marketing labels • Metronomy - The English Riviera any more.” • P. J. Harvey - Let England Shake This mix of influences is exemplified • Tinie Tempah - Disc-Overy in the early favourite for the prize, 21 by
Adele – which blends folk and country In 2008, Adele was also tipped to win www boa org uk with elements of blues and Motown. with her debut album, 19,but was pipped Adele’s second studio album, 21 has at the post by Elbow’s The Seldom Seen already sold over 3 million copies in Kid which included the anthemic One Britain and a similar number in the US. Day Like This. Elbow are in the field again Produced principally by Grammy- this year with Build A Rocket Boys! But winner, Rick Rubin, 21 has garnered surely lightning won’t strike twice. The critical as well as popular acclaim. results are announced on September 6. Tinie Tempah
Auspicious debut from SOnance HOtel www boa e Don’t Look Behind You by SOnance HOtel is the brainchild of Brian Gallagher, the Dublin musician and songwriter who made his reputation as the drummer with Humanzi and The Mighty Stef. The title prefigures a change of musical direction as well as lifestyle brought about by the birth of his first child. Though originally a home recording project, the finished album contains a beautiful blend of electronic music production, simple songwriting and intelligent musicianship which is in essence the work of one person as all the material was composed, arranged, performed and produced by Gallagher. P. J. Harvey BOA THE F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 57 HR USNW EIWSEILFCSIBOA SPECIAL FOCUS NEWS REVIEW SHORT CUTS 58 BOA THE F NANCE UN ON www boa e www boa org uk the– members of the International in the semi-final. France met the Australia, who, in turn, went out were beaten in the last eight by final spots, along with Fiji. Ireland SPECTRUM ofthe IRB claiming the quarter- professionalism of marchby onwardagainst the Rugby League. were fighting a rearguardAnd action Australia apartheid.and New over Zealand boycott uing athome because of the contin- loop. South Africa Francecould was only out of playthis particular best of the southernevery hemisphere.three years theto engage off go thisof – amateur game the theLionsfinest – exponents Nations doing Five just the competition. Wasn’t fine, and didn’tand Irish Rugbyno Unionsgreat desire for amonga the globalBritish sporting event on the planet? third-biggest the now is what onthe first small steps towards of a century cast a nostalgicperspective of almost lightaquarter the wonder. Does I view. the distancelends enchantment to It was Mark Twain who said that Future to the Black All with the seven member nations would be filled by invitation. was jointly hosted by New Zealand while the remaining nine places and Australia. The senior nations Africa would – take part by right excluding Board SouthRugby It went very much as expected, Three problems here, though. Back in the 1980s there was The first tournament in 1987 RUGBy WORLD cUP GAME TIME august/september 2011 august/september Photosport.co.nz) Andrew Cornaga/ Auckland. (Photo: Cup Match in the recent Bledisloe against Australia in Read, in action All Black star, Kieran www.celtichorizontours.com visit our website at e-mail: [email protected] or For more information phone 00-353-1-6292000 or 00-353-21-4377501, 10% discount for IBOA members as well as other holiday attractions in Britain. on trips to major sporting events in Britain, Scotland and Spain – fr Scotland(for against Romania fansforhererangefrom2am operative word, withdaysforbeing the days44kick-off– times a veritable feast 48 matches – in September 9, it’ll be the startTonga of kick it off and Zealandin Auckland New when on And years.25itsinto lotpacked a have won it twice. South Africa (in 1995 and 2007)Australia (in 1991 whileand inwinners2003both 1999)– – and Black ever to do so.onlyAll- the WebbEllis– Cup Zealand’s David Kirk hoisted theotherco-hosts in the final. New h Rgy ol Cp has Rugby World Cup The one-time also England are
the recent friendly at Murrayfield, alongside the Wallabies. Kidney’sXVshouldn’t progress therereasonnois why Declan of the tournament groupfavourites, Pool – isC – Australia, but one finals.The top team in Ireland’s each will advance to theing quarter-five teams, and the top two in 2008 which – is clearly more fair.the time of the ratherdraw, on the inWorld December Rankingsperformance at event,theatbut though not as previously on past and final. on Day Two) to 9am for the semis Untiltheir narrow defeat in tournament The seeded,is There are four pools compris- N
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with GEORGE HAMILTON
But how right, how good, and how far? Well, the last eight for sure. The quarter-final opponents for Ireland will be the top two from the pool of Fiji, Namibia, Samoa, South Africa, and Wales, with South Africa and Wales my favourites to finish one and two. If Australia beat Ireland, who then finish second, we will almost certainly meet South Africa. If that happens, it is unlikely that Ireland’s greatest World Cup achievement – four quarter-finals out of the six tournaments – will be surpassed. New Zealand, perennial top dogs away from this stage, have just that inaugural victory in 1987, and have only once been in David Marty of Ireland were sitting at four in the Back in March, Ireland had the World Cup Final since, back France tests the World Rankings, the top northern regressed in terms of 6 Nations in 1995. It’s almost unbelievable. quality of Rob hemisphere side. Ireland will ambition, with the title beyond But they are the hosts for the first Kearney’s shirt in already have played the USA when them by then, but there was that time since the beginning, and the recent warm-up they meet Australia on Saturday rousing end-of-term 24-8 victory that must surely be a factor. match in Bordeaux September 17, and they’ll follow that ensured that England, though Their pool also involves France, (Photo: INPHO/Billy that with fixtures against Russia champions, ended their first visit Canada, Japan, and Tonga. No Stickland). and Italy. to the Aviva Stadium suitably doubt the latter pair will thrill The RBS 6 Nations perform- chastened. with their varying degrees of ances since the last World Cup Declan Kidney never made unorthodoxy, but it’s made for suggest a team holding on to its any bones about the fact that his the hosts and the French to status. The Grand Slam of 2009 team was a work in progress emerge, to meet the best of Eng-
should have been followed by with New Zealand always on the land’s group, that also features www boa org uk another title. Had they not fallen horizon. Argentina, Georgia, Romania, to a late penalty against Scotland, On balance, notwithstand- and Scotland. and had England been able to ing some apparent uncertainties England’s current form sug- summon up the blood and deny in performance as the main gests a place in the last eight, France a Grand Slam, Ireland event has approached, you have alongside Argentina, who, let it would have been champions. to feel he’s got it right. not be forgotten, finished third last time out. At this point, rational analysis gives way to speculation – founded on little more than
McInerney Sports guesswork. But these would www boa e be my quarter-final pairings: Travel Ltd. Australia v Wales, Argentina v France, South Africa v Ireland, and New Zealand v England. From there, the semi-finalists would be Australia v France, and 10% discount for IBOA members South Africa v New Zealand. And having managed to avoid on travel packages to top soccer matches the other heavyweights of the southern hemisphere, Australia in Britain, Scotland and Spain. should make the final against New Zealand who should win it. For booking call 1850- 206080 from the Republic 24 years. A long, long time to spend underachieving. But or 00-353-61-228022 from Northern Ireland. back on their own sod, it’s as www.mcinerneysports.com good a time as any for the All Blacks to shine again. BOA THE F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 59 HR USNW EIWSEILFCSIBOA SPECIAL FOCUS NEWS REVIEW SHORT CUTS 60 BOA THE F NANCE UN ON www boa e www boa org uk SPECTRUM Across: PREvIOUS SOLUTION submitted by Declan FogartyThewinning of entry Tullamore,for the prize Co.crossword Offaly.competition Epstein;in 21.the last Cello;issue 23. was Great; Point;24. Prey.8. Rearguard; 13. Accidental; Down: 14. Patriotic; 16. Sacrifice;Tolerance; 18.26. Atlanta; Tripe; 27.19. Crony;14. 28. Painted; Annulment. 15. Nicosia; 17. Tunisia; 19. Evinced; 20. Inch; 22. Blistering; 25. drawn from our post bag after the closing date. A prize of WIN ¤ 1. Cabal; 2. Reduction; 3. Rheumatism; 4. Debated; 5. Enliven; 6. Peer; 7. 1. Cartridge; 6. Paper; 9. Badge; 10. Ballerina; 11. Locomotive; 12. Stag; 50 10% discount on any mobile phone* or accessorymobile ¤ 50 will be awarded to the first entry for IBOA members in the of Republic Ireland. august/september 2011 august/september *except the Apple i-Phone PRIZECROSSWORD 28. Thrown away (9) 27. Keen (5) 26. Worthless (2,3) 25. Openings (9) 22. Decontaminated or 20. Small measure (4) 19. Absence of (7)order 17. Credit (7) 15. Shameful controversy 14. Graceful artistry (7) 12. For one time (4) 11. Tropical area said to be 10. Learned discussion (9) 9. 6. Address Name you prefer not to cut up the Upper,magazine. Dublin 8. A photocopyIBOA Theof the– Finance grid Union,is acceptable IBOA House, if2011.Entries Stephenshould besent toStreetCrossword, 1. Across: rectentry drawn from postbagour on A prize of Employer E-mail Address rendered infertile (10) ......
Oak fruit (5) (7) (10) the lungs of the Earth Lorry (5) Collapse (9) ...... ¤ 50 will be given to the sender of the first cor- ...... 24. Featured performer (4) 23. Fear (5) 21. UK’s deputy premier19. (5) Takes into custody (7) 18. Went in (7) 16. German dog breed (9) 14. Manufacture (9) 13. Film starring Bogart 8. 7. 6. 5. 4. 3. 2. 1. Down: Branch/Dept
Norse god of thunder Former British premier and Bergman (10) city (9) South African mining IBOA for example (5) (4) Vengeful rival (7) Notice (7) River bird (10) Passionate (9) (5)
September30 Union No ......
Spectrum, ...... , N NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE
WIN PICTUREBOARD ¤30
2 3 4
1 5 6 7 Use the first letter of the surnames of each of the musicians pictured to spell out the surname of a sporting personality. Answers on a post card, please, with your name, address and e-mail address and IBOA membership number to Picture Board, Spectrum, IBOA House, Stephen Street Upper, Dublin 8. A prize of ¤30 will be awarded to the sender of the first correct entry drawn from our post bag on September 30, 2011. The winner of the last Picture Board quiz was Mary O’Donnell of Killybegs, Co. Donegal. The answer was Cameron. www boa org uk WIN SUDOKUCHALLENGE ¤30 awarded to the sender of the first 7 4 9 5 correct entry drawn from our post bag on September 30, 2011. All entries should be sent to Sudoku,Spectrum, 6 IBOA – The Finance Union, IBOA House, Stephen Street 7 Upper, Dublin 8. www boa e You can submit your entry on a photo copy of the grid 1 9 5 6 – if you would prefer not to cut up the magazine. The winning entry for the Sudoku Challenge in the last issue 7 6 3 5 was submitted by Olive Hill of Ballymena, Co. Antrim. 2 5 7 3 Name...... Union No: ...... 5 2 4 7 Address ...... 7 3 5 2 ...... 3 7 E-mail Address ...... 2 6 9 1
Employer...... Branch/Dept...... F THE UN NANCE BOA ON
august/september 2011 SPECTRUM 61 HR USNW EIWSEILFCSIBOA SPECIAL FOCUS NEWS REVIEW SHORT CUTS 62 BOA THE F NANCE UN ON www boa e www boa org uk all the way to the bank! while bosses. prudentapproach taken bytheir erst- SPECTRUM certain parts of the British minutesmedia. at a party for its UKThe customers decision bylast Deutsche month provoked Bank a good to dealpay ofJanet controversy Jackson in Boardroom£500,000 malfunction at Deutsche Bank? for a performance lasting 45 £11k a minute for Janet orc willalso appreciate correctthenew – Stonesarereputed tohave been paid budgets entertainment of limitless its boom-time near heyday! the to realeffort to show restraint compared totallyunjustified since ithadmade a felt these attacks on its profligacy were on stage. under £200 for every second she was – earned over £11,000 a minute or just – current media speculation proves to be performance command Deutsche awhile for £3m overin 2004 Kylie Minogue who may soon be made redundant if – eliminate wasteful expenditure! strenuousitseffortsin leafto new a is believed to have earned £2m. Meanwhile, Ms. Jackson is laughing In 2007, for example, the Rollingexample,thefor2007, In However, the German-owned bank have to reported is Jackson Ms. No doubt the large numbers of staff So Deutsche really has turned over ULTRA VIOLET august/september 2011 august/september Janet Jackson i lts suggestions latest his thinking”bluesky with “Tory- in mother-lode the hit really have to “David Cameron’s brain,” as seems described whohas previously been strategist, Hilton, Steve plans to “fix” Britain. of kinds all forseason land, it has become Eng- across looting open of Corp, followed by a weekRupert Murdoch’s for News- fortune of reversal unprecedentedwiththe inga surreal turn recently With events in Britain tak- Mr. Blue-Sky UK Government policy goes wrong!) anything if come-back absolutely havewill no the knowledge that they buyproducts more than encourage consumers to clearlynothing that will retail sales (becausemonthsto help kickstart there’s nine suspended for be thatall consumer rights apparently!). encourage employers (to to hireleave women, by withdrawing maternityEU labour regulations ment should ignore Govern- the that e lo advocates also He
fabulously wealthy. andthe assetslifestyles of the the preserving the more vulnerableremove protectionwhile from like another proposal to rageous seem reasonablesomething slightly– acted less upon, be neverout- maythey notions can make Though Hilton’s nutty Rupert Murdoch N
NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE
with STEPHEN MALONE Evil empire begins to crumble
Call it synchronicity, call it coincidence, call it seren- dipity. But did you notice that the turning point in the News of the World/News International phone- hacking story came in the same week as the world premiere of the final film in the Harry Potter saga? Suddenly it all becomes So are we really witness- crystal clear as News Inter- ing the beginning of the end national’s death eaters, led of the Dark Lord’s tyranny? by Rupert Voldemort and Could Voldemort’s over- Bellatrix Brooks with Draco weaning arrogance finally be Cameron in tow, line up his undoing? against the scarred boy Or will he find a way to wizard, Harry Miliband. re-enslave or destroy those Even Harry’s mentor, who are now struggling Gordon Dumbledore, tried to shake off his tyrannical to add to Voldemort’s agony yoke? with one last strike from And will Murdoch’s Fox beyond the grave. News Channel in the US Like a twenty-first century finally start to carry reports Nostradamus – except one on foxes? with a talent for prophecy, obviously – J. K. Rowling (That’s enough epic hyper- seems to have foretold it bole until we know who’s all with an uncanny sense of going to come out on top – h accuracy. Ed). Voldemort www boa org uk Summary justice (or justice for some!) www boa e The sheeer speed and alacrity with which So in some parts of England, courts the British judicial system kicked in to were sitting right through the night in hang, draw and quarter (metaphorically order to process the ne’er-do-wells as speaking) those involved in the pre- rapidly as possible. season rioting was quite breathtaking. The general media outcry for rough The wheels of justice can often turn justice was to be expected –especially from exceedingly slowly – especially if the case the News International titles desperate to involves some white-collar miscreant shift the focus away from the phone like a dodgy banking boss who has hacking scandal. But some supposedly For anyone who ever wondered why done billions’ worth of damage to the respected opinion formers also got carried journalists are frequently referred economy. away with the demand to evict families to as “hacks,” the recent revelations Of course, that hardly counts as a from local authority housing if one of the about the activities of various crime because the ordinary tax-payer will household was arrested (not even con- employees of the News of the obligingly pick up the tab. victed, mind) for involvement in the riots. World should have been quite But looting shops and criminal damage And that makes sense because if the could cost insurance companies a small family is homeless, they’ll obviously be far enlightening!
fortune – and that’s just intolerable! less linclined to steal things in future! F THE UN NANCE BOA ON
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