SEPTEMBER 2013 SPECTRUM september 2013 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk www.iboa.ie www.iboa.org.uk IBOA THE FINANCE UNION september 2013 SPECTRUM In this issue… Loose change 5-11 • Giving capitalism a bad name – Inside Irish Nationwide • Pillar talk – Worst may be over for BoI AIB cutting losses as well as staff and branches • Post chatter – Recent developments in Ulster, RBS and Danske Bank • Lifetrials of the Slick and Shameless – The men and women who end up quids in, no matter what! • Because they’re worth it! – Poachers turn gamekeepers The Archbishop of Centerburyt see pages 13-14)

• Sir Henry banks on integrity Current Accounts 12-17 A short story by IBOA member, David Lemon • Banking Crisis Inquiry • The 2013 Lockout Why it must not be led by the Oireachtas Bank branches close across the European Union • Household debt falls • Church Militant • Roux is new Regulator Archbishop takes on pay-day lenders • Banks line up to sell other banks

Discount Window 18-19

Spectrum is published by IBOA – The Finance Union, • New Group Scheme for IBOA members offers massive savings IBOA House, Stephen Street Upper, Dublin 8 on branded products and services and 29, Malone Road, Belfast. BT9 6RU. Telephone: 00353-1-4755908 and 0044-28-90200130 [email protected] www.iboa.ie www.iboa.org.uk Going Concerns: Inside IBOA 20-23 General Secretary: Larry Broderick • Getting the most from your IBOA Honorary Secretary: Tommy Kennedy • Pensioner members angry at broken Communications Manager: Séamas Sheils promises Advertising enquiries to Anna O’Doherty • Connect Up with IBOA - Summer Draw or Louise O’Donnell in IBOA House. • The Fees Freeze Spectrum is printed on recycled paper • Summer Fun with IBOA and wrapped for posting in Pictures from Fota and Tayto Park oxy-degradable poly­thene at W. & G. Baird, Antrim, Northern Ireland. 2 3 LOOSE CHANGE Bank Notes SPECTRUM24-29 september 2013 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk www.iboa.ie www.iboa.org.uk IBOA THE FINANCE UNION september 2013 SPECTRUM Recent Developments in Major Employments finding facts • AIB workers vote on Bank’s future • AIB plans to advance restructure of retail network • The recommendations from the Labour Court and the Interest Only 30-33 independent mediator - in summary • The Story of the Dublin Lock-out of 1913-1914 Alarming rise in • FBCs shocked at Bank’s proposal to remove cars • Inspired by the Lockout: Art and Literature bank complaints • Bank of Ireland stalemate on pensions • A Stictch in Time: the 1913 Lockout Tapestry project • Lock-out Exhibtion rish banks’ responses to • BOI mortgage advice service complaints from customers • Graphic novel about 1913 Lockout I • Use of public image limited has shown no improvement • Unfinished business: in services for the first half • Danske Bank: review of head office operations of 2013, according to the where is the right to union representation in the Republic? Republic’s Financial Services • Dansle Works Council meets Ombudsman, despite an • Ulster Bank: a glitch in time! increase in the number of ‘Breeding complaints to almost 4,700 • Ulster Bank branch network under review between January and June this year – a rise of 27% on the • IBOA challenges ‘normalisation’ in Ulster Bank ground same period in 2012. Ombudsman, Bill Prasifka • Claim for pay rise in Ulster Bank (above), said that a large number • IBRC: Wallace in Blunderland of institutions treat his office as for abuse’ just another complaints department. • IBRC: Cheque it out - liquidator foul up Adding that the same types of complaints are recurring each • Pay rise likely in HP Former Irish Nationwide Chief Executive, Michael Fingleton (Photo: Photocall-Ireland). year, he said this reflects badly on the industry at a time when it needs to work with its customers. Investigation highlights major flaws at Irish Nationwide Recent legislative changes mean that the Ombudsman will be he corporate structure at Irish allowed to “participate personally in His report has also highlighted able to publish complaint records TNationwide was “hideously commercial transactions to a degree the ineffectual role of the Irish State of individual financial institutions flawed” and created a “breeding which was at best commercially which allowed Mr Fingleton to in future reviews. ground for an abuse of power improper, and at worst illegal.” engage in reckless behaviour with which occurred”, according to a Dobbie added that the society’s impunity for many years. special investigation which was flawed corporate structure con- “The Financial Regulator, from highlighted in a recent edition of centrated too much power in the the documentation I have seen, Foreign Exchange 34-35 Fixed Interest 38-46 the Sunday Independent news- hands of one individual, Michael appears to have understood and • All-women bank for India paper. Fingleton – the Chief Executive. delineated the critical INBS issues • The Doll’s House: New thriller from Louise Phillips Last year’s investigation by “The concentration and abuse well before they caused trouble, but • End no women boards – EU Scott Dobbie, a former director of power must have been obvious equally failed fully to use its powers • Sisters sublime: Webbs wonderful of the UK Securities and Futures to the board — or if not it is a sign under the (Building Societies) Act by • Bridge the Gap Authority and a senior adviser to of greater incompetence — and one pursuing these issues, being appar- Racing movie with real drama Deustche Bank, concluded that is frankly surprised that anyone Global campaign on safety • Howard’s Way: ently mollified by bland assurances • About Time Gleeson gets starring role there was a “strong indication” that mindful of personal reputation did from the INBS Chairman and CEO.” • New regime to operate LIBOR Irish Nationwide’s officers were not seek either profound change or Mr Dobbie believed that the • Prize Crossword, resignation,” said Dobbie. Financial Regulator, even by the • UK banks cut jobs worldwide The investigation also found standards of the early 2000s “did Post mortem into that the society’s approach to lending Picture Board & Sudoku not meet standards which might be to politicians was “seriously flawed.” reasonably expected.” Co-op deficit Irish Nationwide lent to “politically • George Hamilton “The activities of the CEO and exposed persons” (politicians and some of his close colleagues exhibit he Co-operative Group in • Stephen Malone their relatives) without applying the UK is to conduct a “rules or good practice in handling to my mind malfeasance and a T general abuse of trust,” he declared. major inquiry into how its personal and business conflicts,” he banking arm ended up with Life Cover 36-37 said. The behaviour of Mr Fingleton, he said, was “much worse” than any- a £1.5bn hole in its balance • Skin and groans thing he had witnessed in ten years sheet. • Worked to death The behaviour of as a member of the Enforcement This follows its disastrous take- Michael Fingleton Committee of the Securities and over of the Britannia Building Investment bank intern dies in London Futures Authority, of the Regulatory Society and its failed attempt to was “much worse” Decisions Committee of the Financial acquire over 600 branches from • Workplace stress is bad for your physical health Former INBS Chairman, Michael than anything he Services Authority and of the Jersey Lloyds Banking Group. Walsh (Photo: Photocall-Ireland). Financial Services Commmission. Meanwhile the Co-op plans to had ever witnessed plug the hole by forcing bond in ten years in investors to take a hit on their 4 investment. regulatory roles. 5 LOOSE CHANGE SPECTRUM september 2013 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk www.iboa.ie www.iboa.org.uk IBOA THE FINANCE UNION september 2013 SPECTRUM Switch on in September pillar talk A new system designed to make it easier and quicker for bank customers in the UK to switch their current account New Ireland from one bank to another is Worst is over, says BoI is a keeper due to launch in September. ank of Ireland has said the 33 banks and building Bworst is now behind it and ank of Ireland has secured societies – accounting for it is close to profitability. BEU approval to retain its New virtually 100% of the current Reporting total losses before Ireland Assurance subsidiary. But account marketplace – have tax of €504m for the first six months under a new restructuring plan signed up to the Current of 2013 – compared to losses of agreed with the European Com- Account Switch Guarantee. €1.26bn for the same period last mission, other units will have to be The free service will year – the Bank said that impair- sold instead. ensure that switches will be ment charges on loans to customers As a result, the Bank plans to completed in seven working fell by 17% from €941m in June exit its UK corporate and business days – rather than the current 2012 to €780m at the end of June banking operations which, it has this year – while its total income in described as mainly “niche” activities. norm of between 18 and 30 the first half of 2013 rose by 36% to The move does not affect the days. €1.188bn. Bank of Ireland’s consumer banking Customers will be able to With provisions for impaired businesses in the UK (including its choose the exact date of the loans falling, growth in mortgage partnership with the Post Office), or move when all outgoing and arrears slowing and its deposit its businesses in Northern Ireland. incoming payments – such base stable, Chief Executive, Richie as direct debits and salaries – Boucher, said the Bank was on the will be redirected to the new mend. bank account. “It’s been a hard four years,” he said. “But we now have a nor- Disposals AIB continues to cut losses malised bank which has strong The European Commission had momentum towards profitability. originally ordered the Bank to sell We are in the more pleasant place New Ireland two years ago as one of (along with jobs and branches) of having the challenges of ordinary a number of operational changes – businessmen and women.” including job reductions and other IB made a loss of €758m AIB’s loan-to-deposit ratio employees left the State-owned Underlying operating profits business disposals – which were to Afor the first half of 2013, is now 106%, which is down Bank – with the result that staff – before impairment provisions be implemented in return for re- after provisions for impaired from 115% at the end of 2012. costs fell by 16% on the year. – rose to €380m in the first six ceiving State aid. loans – compared with €1,054m This is a marked improve- Meanwhile overall operating months of the year, up €343m on “In the light of various changes for the same period in 2012. ment on the unsustainable expenses – including exceptional the same time last year. in the market circumstances Operating profits before loan-to-deposit ratio of just items – were down by 14% “Our expectation continues Bank of Ireland Chief Executive Richie Boucher since the 2011 decision,” said the provisions for bad loans came to under 180% at the start of the over the same twelve-month to be that impairment charges will Commission, “Bank of Ireland is €162m for the first six months crisis in 2008. period. reduce from the current elevated Staff costs fell by €37m to €351m. Underlying profit for the Retail no longer required to divest New level, trending over time to a more Bank of Ireland reported an UK division in the first half of 2013 of 2013 – compared to a €110m Aside from cutting costs Ireland Assurance Company. Reduced staffing levels normalised impairment charge, as underlying operating profit – before jumped to €77m compared with loss for the same period in 2012. by reducing staff numbers and “Such a divestment would Lord Mervyn King the Irish economy recovers,” said impairment charges – for the first six €2m for the same period in 2012, negatively affect Bank of Ireland’s Customer deposits rose Over the twelve months to closing branches, AIB has also Boucher. months of the year of €159m for its while profits at the Corporate and capital and capacity to return by €1.2bn in the first half of the end of June, around 2,300 sought to drive revenues by re- Average staff numbers at the Retail Ireland division, while oper- Treasury division rose to €305m for to profitability and would slow 2013 while funding from the pricing many existing financial bank fell to 11,998 at the end of ating profits for Bank of Ireland Life the first half of 2013 compared with down progress towards long-term European Central Bank and the For workplace news about products to customers as well as Bank honours its June from 13,429 in June 2012. reached €40m in the same period. €243m in the same period in 2012. viability.” Irish Central Bank fell by 20% to AIB Group, see page XX. introducing additional charges €18bn over the same period. for other services. ex-Governor King Bank of Ireland had a con- The Bank of England spent over sumer satisfaction rating of just Duffy’s defaulter After Duffy’s speculation that £26,000 on presents and going Big boost to Unsatisfactory 41% – compared to an average one in five mortgage defaulters away parties for its recently rating of 62% for all 21 banks. in Ireland were simply refusing retired Governor, Mervyn King. speculation stirs Lord King received a £10,000 SME lending Unpopular in the UK after to pay – as opposed to being BoI and Ulster fall well short among recent increases in its tracker unable to pay – the usually cau- copy of a specially commis- interest rates, Bank of Ireland up media circus tious SIPTU President went over sioned portrait of himself, along ank of Ireland has reported with a £2,500 bust of the German an 18% rise in loan approvals UK banks in customer survey also scored badly on customer the top by comparing the AIB B he graphic language used writer, Goethe, and a £600 silver for small and medium-sized service, clarity of statements, fre- chief with Nazi propagandists. quency of communications and by SIPTU President, Jack The media in turn castigated napkin ring. enterprises (SMEs) for the first T The Bank also spent over ank of Ireland and Ulster Bank of Ireland came last branch availability. O’Connor – in response to com- O’Connor on his language. half of 2013 – compared to the £13,000 on retirement parties, BBank were rated worst of in the poll with Ulster Bank Ulster Bank scored a rating ments by AIB Group Chief This was an unfortunate same period in 2012. 21 retail banks operating in second last. Executive, David Duffy, on the including £1,500 on flowers and of 45% – suffering a backlash for distraction from the substan- invitations. Loans worth €1.9bn were the UK in a recent customer the computer breakdowns last motives of mortgage defaulters – tive point that David Duffy’s approved during the first half of For workplace news about The cost of the Bank’s tribute satisfaction survey, conducted summer and this March. Ulster’s quite predictably generated a great remarks are, as yet, without to its former Governor came to the year. by the consumer magazine, Bank of Ireland, see page 26. parent, RBS, also fared badly, deal of media heat but sadly very foundation – since there is no Director of Business Banking, light after a freedom of informa- Which? coming fifth last. David Duffy: speculation little light. objective data to support them. tion request from the MSN UK Mark Cunningham, said the bank news organisation. is providing almost 50% of all non-property6 lending to SMEs 7 in Ireland. LOOSE CHANGE SPECTRUM september 2013 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk www.iboa.ie www.iboa.org.uk IBOA THE FINANCE UNION september 2013 SPECTRUM post chatter Ross is new boss at RBS

lster Bank parent, RBS, Uhas confirmed that New Zealander, Ross McEwan, Danske Chief Executive is to succeed current Chief Eivind Kolding, Executive, Stephen Hester, in October. McEwan’s elevation to the top post in RBS comes less than a year Profits rise after his appointment as Head of New RBS Chief Executive, UK Retail in RBS. He joined RBS Ross McEwan in 2012 from Commonwealth Bank He had been widely tipped for of Australia where he was Group at Danske the impending vacancy at the top Executive for Retail Banking for five of the 81% State-owned banking years. Before that, he was Executive group after his predecessor Stephen General Manager in charge of its Hester was effectively ousted by the parent branch network, contact centres British Government in June. and third party mortgage brokers. McEwan’s main task will be to McEwan had worked in the complete the restructuring of RBS Danske about to return to Denmark’s biggest bank, insurance and investment sectors with a view to facilitating its return in both Australia and New Zealand to the private sector. Danske Bank – which has Ulster Bank Chief Executive Jim Brown for over 25 years. A Bachelor of two banking operations in Business Studies, McEwan enjoys profit in Northern Ireland Ireland, north and south – has (Photo Mark Stedman/Photocall Ireland) For workplace news about water skiing, cycling, reading and reported a 46% increase in spending time with his family. He is Ulster Bank, see page 28 anske Bank in Northern a pre-tax profit of £27m was reduced Financial performance profits in the second quarter married with two children. Outlook on impaired DIreland appears to be on the to the £1m loss by impairment significantly improved of 2013 – its highest in five verge of returning to profit this charges totalling £28m. “Year on year, it’s down by 70%. So years – after loan losses fell year with its recent loss of £1m for “The amount of impairment things are trending very strongly in on improving economic con- loans improves at Good news – bad news for the first half of 2013. charges – which is bad debt provision the right direction.” ditions in its main markets. This figure compares well with – has actually decreased massively,” “Whilst remaining cautious the £25m loss reported for the first said the Chief Executive Officer, on the outlook for 2013, the bank The bank said net income Ulster Bank customers half of 2012. Gerry Mallon. is happy to report a significantly rose to 2.18bn kroner (€292m) Ulster Bank beating expectations, after loan here were mixed blessings for Ulster Bank customers recently. While the bank’s main business improved financial performance for osses at Ulster Bank fell in the first half of 2013 while operating profits is operating in profit, it still had to the year to date including a pre-tax losses fell 45% to 924m kroner Soon after becoming the first major Irish bank to offer foreign before impairments increased. Impairments fell to £503m (€591m) in T write off a significant amount of bad For workplace news about profit in the second quarter to the (€124m). L exchange services to all of its customers free of transaction charges, the first six months of this year, down from £717m in the same period in debt – arising mainly from impaired Danske Bank, see page 27. end of June,” said the Bank’s com- Danske said that quarterly Ulster Bank announced that it intends to introduce fees on some 2012. property loans – with the result that mentary on its results. loan losses had now declined Operating losses eased to £329m in the first half of 2013 from £555m in personal current accounts with overdraft facilities. 2012. When impairments are subtracted, Ulster Bank recorded an operating Transaction charge-free foreign exchange services are available through to their lowest level since the profit of £174m. all electronic channels – including branches with electronic payment facilities second quarter of 2008. The bank also noted that the as well as the Bank’s Anytime and Danica Pension, Danske’s number of customers in mortgage Bankline services. Bigger quarterly losses pension and life insurance unit, arrears for 90 days or over fell in The removal of forex charges reported a loss of 346m kroner the second quarter compared to the has been welcomed by customers. (€46m) – its first since the third first three months of the year – the Ulster’s farewell to Sam? The bank had previously charged at Danske Ireland quarter of 2011. first quarter-on-quarter fall since personal customers between €12.70 Ulster Bank’s six-year sponsorship of the GAA’s All-Ireland Gaelic anske Bank’s Republic of Total income for the three Speaking to reporters after June 2008. to €44.44, depending on the amount “We continue to see large Football championships is expected to conclude at the end of this Ireland operation reported month period came to €15.7m, up presenting the bank’s earn- – while business customers paid D numbers of customers who are not year. bigger quarterly losses before from €14.6m in the previous three ings, Danske Chief Executive, from €9.52 to €33.33 for the service. engaging with us,” said Ulster Bank The Bank has been one of three co- tax recently as a result of higher month period. Eivind Kolding, ruled out talk Chief Executive, Jim Brown. sponsors of the football championships Meanwhile new fees for some impairment charges. Head of Danske Bank Ireland, of a sale of Danica. personal current accounts with “Our core objective remains to since 2008 originally with Vodafone Losses before tax rose to Terry Browne, noted that mortgage Danske has not paid a keep as many co-operating customers and Toyota and more recently with overdraft facilities will apply from €17.4m for the second quarter of arrears at the bank have remained dividend to its shareholders 16 September – with customers in their homes as possible and we SuperValu and Eircom. 2013 compared with €8.8m in the comparatively low at 4.25% – as since 2007 – a trend the bank If Ulster Bank departs, it will mean incurring a €25 overdraft set-up fee encourage customers in financial first quarter. against an average for the sector of says it will reverse once reserves difficulty to engage with us to find that, for the first time in 20 years, no bank and a €25 annual overdraft fee. The 12.3%. The bank also reported in- are big enough. the right solution,” he added. will be involved in sponsoring the senior fees will apply to newly arranged creased impairment charges of Customer deposits rose by 8% “We expect to see an increase county championship. Before Ulster Bank’s overdrafts, increases in overdraft €15.4m for the second quarter of in the second quarter to €3.4bn, Its Chief Financial Officer, in legal activity where the customer tenure, Bank of Ireland was the major limits and accounts that already Head of Danske Bank Ireland, the year compared with €5.5m in while costs were down by 1% com- Henrik Ramlau-Hansen, has still does not engage,” he warned. sponsor of the All-Ireland series. have overdraft facilities. Terry Browne the first quarter. pared to the first quarter. said that the bank plans to pay Meanwhile AIB looks set to more years – while long-time a dividend for 2013 if it meets continue its 22-year-long relation- National League sponsor, Allianz, its targeted results. 8 ship with the All-Ireland Club will continue until 2015 at 9 Championship for at least four least. LOOSE LOOSE CHANGE CHANGE SPECTRUM september 2013 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk www.iboa.ie www.iboa.org.uk IBOA THE FINANCE UNION september 2013 SPECTRUM lifetrials of the slick & shameless because they’re worth it! Gamekeepers European Union turned and Norway 3 poachers? 1.1 KEY hree prominent regulators 19 Total number of Thave recently declared 1.1 15 NA bankers earning their intentions to “go over 1.5 NA €1m and over to the dark side” by accepting NA in 2011 senior positions in two of the Sir Hector Sants Catherine Brown NA UK’s major banks. 33 Average total an interest in Ireland through Bank the Bank of England to become 1.5 NA remuneration The Deputy Governor of NA of Scotland Ireland whose loan Lloyds’ Group Strategy Director. Lloyd Blankfein, Chief Executive of Goldman Sachs for “millionaire the Irish Central Bank, Matthew 21 bankers” in 2011 book is being worked out through Meanwhile Sir Hector Sants, 1.4 Elderfield, whose principal area of in millions of euro responsibility has been financial by Certus. the former Chief Executive of the 4 2436 36 regulation, is leaving Dublin in While there has been no con- UK’s recently disbanded banking 1.5 1.5 Lloyd’s blank fine 1.4 October after three years to return firmation of Elderfield’s reward in regulator – the Financial Services 8 170 to London as the new Director of his new role, he achieved the dis- Authority – joined Barclays Bank oldman Sachs chief, Lloyd Bloomberg Markets magazine 1.4 1.8 Conduct and Compliance at Lloyds tinction of being the highest paid earlier this year as its new Head of NA employee in the Irish Central Bank Compliance and Government and Blankfein is the best-paid which analysed rewards in the NA Banking Group. G 2 Though Halifax’s ill-fated Irish on the princely sum of €340,000 Regulatory Relations. bank CEO in North America, twenty biggest North American 1.8 a year – earning €127,000 more As if to confirm his complete 10 venture was laid to rest as HBOS according to a recent issue of banks. 10 162 8 than his boss – the Governor, assimiliation to the ranks of the Blankfein made $26m last 1.7 1.6 1.8 was being rescued by Lloyds on 1.5 NA the orders of the previous British Patrick Honohan – who has taken a “poachers,” Sants was recently year – a 73% increase on the NA NA Government, Lloyds has retained voluntary pay cut of €63,324. appointed as one of Barclays’ previous year. However, he is NA Elderfield will be joined at representatives on the board of not the “most overpaid” CEO, Lloyds by Catherine Brown, who British banking’s main sectoral according to Bloomberg Markets. 96 NA recently resigned as Executive lobbying group – the British Bankers’ He was edged out of the top spot 1.6 NA Director for Human Resources at Association. by Richard Fairbank of Capital 125 One Financial, who was paid 11 2.4 1.6 $17.5m last year as head of a 2 Average pay bank with a considerably poorer 2.0 performance. $117,000 for Bloomberg Markets judges 4 how over- or under-paid bank 1.6 three months chiefs are by comparing their NA position on the pay list to NA their ranking in returns and at Goldman If the cap fits… profitability. Matthew Elderfield Goldman CEO, Lloyd Blankfein ay at global bank, Goldman As well as a fixed annual salary of PSachs, rose by 27% for the £800,000, Barclays’ new finance second quarter of this year – director, Tushar Morzaria (above), which means that each of the Euro-million(aire)s company’s 31,700 employees is also eligible for a bonus of 250% New ‘cheap’ of salary – £2m – as well as annual earned an average of $117,000 360 in other business areas, said the euro earning bankers, while Poland share awards worth up to 400% of ore bankers in Britain (£77,200) in the three-month EBA report. had only four. salary – £3.2m – under a long-term Mearned annual basic pay of executive period. incentive plan. €1m or over in 2011 than in the Ireland had 21 in total – 14 of The highest paid senior bankers The increase followed a dou- Barclays has also said it will rest of the European Union com- whom were working in investment in the EU in 2011 were found in Spain bling of the bank’s second quarter banking with 3 in asset management where fixed pay averaged €2.44m. provide a further share package to bined, according to recent figures officer for RBS profits compared with the same and none in retail banking. The EBA has made proposals for period last year – with net income match any deferred or long-term from the European Banking awards he may have lost by leaving Only 170 bankers based in an annual cap on fixed pay of €500,000 New RBS Chief Executive, rising to $1.93bn (£1.28bn) for the his former employer, J. P. Morgan. Authority (EBA). Germany hit the €1m mark in 2011 and for annual bonuses to be generally Ross McEwan, will be paid second quarter of 2013 compared How all this will square with A total of 2,436 UK-based bankers compared to 162 in France, 125 in capped at an amount equal to annual a salary of £1m a year – a to $962m a year earlier. the new EU cap on banker bonuses exceeded the €1m mark for annual Spain, 96 in Italy, 36 in the Netherlands fixed pay – or, if shareholders approve, 16.7% cut from the £1.2m With its share price up nearly or for 2014 from the mainly 30% since the start of 2013, the remains to be seen. The EU has fixed pay. Of these, 1,809 were working and only 14 in Sweden. up to twice the amount of fixed pay. paid to his predecessor, in investment banking, 85 in retail Some countries, such as the Czech The cap will apply to awards for per- State-owned lender. Bank allocated $3.7bn in the second agreed to limit fixed pay for high Stephen Hester. earning bankers to €500,000 with Richard Fairbank of Capital banking, 182 in asset management and Republic and Estonia, had no million formance in 2014 and onwards. As one of McEwan’s key tasks quarter for pay – an increase of 27% their bonuses to be set at 100% One Financial At the press conference to will be to prepare the bank for a over the same period in 2012. of annual fixed pay unless share- announce his appointment, return to the private sector, his holders10 specifically approve a higher McEwan said he did not want self-sacrifice in the short term limit of 200%. to be considered for an annual may be calculated to achieve a 11 bonus for the remainder of 2013 bigger reward in the long term. CURRENT CURRENT ACCOUNTS ACCOUNTS SPECTRUM september 2013 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk www.iboa.ie www.iboa.org.uk IBOA THE FINANCE UNION september 2013 SPECTRUM Banking crisis inquiry Too important to be political football

he recent revelations that the Republic’s junior Above: Despite a personal gain, however modest, would be irresistible. Perry TMinister for Small Business, John Perry, had not temporarycessation aside, the recent history of relations between politicians and only got into financial difficulty but had “dropped the of hostilities during financial institutions has been fraught with difficulty. names” of Bank of Ireland CEO, Richie Boucher, and the Christmas period, The political history of the Republic is littered with AIB CEO, David Duffy, into discussions with Danske the political parties examples of State-owned enterprises being exploited for party in Dáil Éireann are political gain. Not only was it tolerated: it was expected by the Church Militant Bank about his own personal finances raise a number likely to treat an supporters of any party exercising power at local, regional or of issues beyond the obvious concern over the pro- Oireachtas-led national level. priety of a Minister making use of contacts made in the banking inquiry as And of course financial institutions have also engaged course of his public duties in an apparent bid to further another chance to directly and personally with politicians in an unseemly fashion Archbishop takes on pay-day lenders his own personal interests. try to score points – not just “maverick” chief executives like Michael Fingleton Firstly it provides a further argument for the need for against their rivals. (see page 5) – but also pillars of the financial establishment who an independent – as opposed to a Parliamentary – inquiry (Photo: Mark Sted- have been prepared to write off debts owed by politicians – on ritain’s Archbishop of Canterbury, Justin Welby, Above: Archbishop The Archbishop added: “We’ve got to have credit unions into the banking crisis. So many politicians come with some man/Photocall the basis, no doubt, of some sound commercial reasons but Bhas vowed to put payday lenders out of business by of Canterbury, that are both engaged in their communities and much more pre-existing baggage based on their personal histories with Ireland). leaving the whiff of suspicion, nevertheless. using the Church of England to support the country’s Justin Welby professional, and the third thing is people have got to know (Image: London these institutions as to raise questions about their impartiality. Perhaps, Irish society is just too closed to establish the network of credit unions. about them. It’s a decade-long process.” When you factor in the general lack of supervision by the necessary arm’s length relationship between individual rep- Evening Standard) However, one of the first steps to be taken by the In a recent face-to-face meeting with Errol Damelin, the political establishment – who were not only responsible for resentatives of the State (like Government Ministers) and the Archbishop, who is a former oil industry executive and a founder and chief executive of Wonga, the Archbishop outlined creating a deficient regulatory structure but whose policies financial institutions they are required to regulate. member of the Parliamentary Commission on Banking his ambition to make the controversial lenders redundant – by also fuelled the property bubble – then an open and thorough Another aspect of the recent revelations relates to the issue Standards, was to respond to the subsequent revelation that supporting the UK’s extensive network of around 500 credit investigation becomes even less likely. of fitness and probity. Of course, it is not our place to pre-judge the Church of England was indirectly investing pension funds It is also inconceivable in the present climate of political the Minister’s conduct of his financial affairs. unions to play an enhanced role in assisting people experi- in Wonga through its holdings in Accel Partners, a US venture discourse in the Republic that the players in the Dáil could Certainly he is not alone in accumulating substantial debts encing financial difficulties. capital firm which fundraised for Wonga in 2009. resist the opportunity to score party political points over their in recent times – and many of his colleagues in Government The Church of England – which already operates a credit Since the advent of austerity, payday lenders have come opponents in an Oireachtas-led inquiry. Indeed even before have rallied to his defence arguing that his actions should not union for its own staff – aims to provide advice to other credit under intense scrutiny because of their perceived role in the terms of reference for the inquiry have been finalised, the cost him his job either as a Deputy or a Minister. unions on extending their presence in local communities. With exploiting the serious debt problems being experiencing by sparring has begun – because of course, these terms will largely However, it is worth remembering that, as our members 16,000 ‘sites’ in 9,000 communities, the Church of England’s so many people. Their massive interest rates, excessivecharges, determine the scope and nature of the inquiry, itself. Above: Lord Justice know only too well, if a bank worker was in similar financial own network is larger than that of the main retail banks. So the irresponsible lending and misleading advertising have An Oireachtas-led inquiry will undoubtedly generate Brian Leveson. IBOA circumstances to the Minister, she or he would probably be Archbishop plans to allow credit unions to use Church prem- encouraged many of those who can least afford it to become much heat and some degree of amusement (if you happen favours a Leveson- facing an investigation by the employer under Fitness and ises (including its schools) and to encourage members of the even more mired in spiralling debt. to like pantomimes). But, precious little light may be shone style inquiry into Probity regulations with the real prospect of losing his/her job. Church with the appropriate skills to partcipate in credit unions A recent survey by the UK consumer organisation, Which?, on the factors that combined to create the crisis and, more the Irish banking That is not to say that the Minister should automatically as volunteers. found that 4% of people – equivalent to one million households importantly, the lessons to be learnt to prevent a repetition in crisis (Photo: PA). lose his job – but rather that more sympathetic consideration In a recent interview with Total Politics magazine, the – in the UK are forced to avail of payday loans every month in the future. should be given to the plight of bank workers – many of whom Archbishop said: “I’ve met the head of Wonga and we had a The suggestion order to meet the rising cost of living. Perry’s perilous position also underlines why in Ireland the were actively encouraged by their employer to increase their very good conversation and I said to him quite bluntly ‘we’re that further Some 38% of those who take out payday loans – equi- nationalisation of the banking sector – other than as an emer- borrowings during the boom and who now, like the Minister, not in the business of trying to legislate you out of existence, cuts are valent to 400,000 households – use the loans to pay for essentials gency measure – is likely to be fraught with difficulty because are facing difficult financial circumstances which certainly we’re trying to compete you out of existence.’ He’s a busi- required in like food and fuel, while 24% (or 240,000 households) need for many politicians the temptation to use the relationship for would not be resolved if they were to lose their jobs. nessman, he took that well.” bank workers’ Ú pay is 12 outrageous. Larry Broderick 13 CURRENT CURRENT ACCOUNTS ACCOUNTS SPECTRUM september 2013 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk www.iboa.ie www.iboa.org.uk IBOA THE FINANCE UNION september 2013 SPECTRUM

Wonga Chief Executive, Errol Damelin (left) and Dr. Justin Welby, Archbishop of Canter- bury (right).

Below: a spoof advertisement Sentamu for wonga.com

the money to pay off other borrow- Seven in ten of payday loan users the regulator must back this up by to head ings. 49% of the people who take out regret taking out credit in the past, enforcing proper affordability checks payday loans (equivalent to just under while 28% said that, while they don’t and punishing lenders who flout the low pay half a million households) report that like being in debt, they saw it as a nec- rules. We also want more action from they can’t cover the cost of repayments essary part of their life. the Government to tackle this toxic – which in some cases attract interest Richard Lloyd of Which?, said: market.” body rates of over 5,000% – which results in “Payday lending is dogged by poor Another UK consumer rights an ever-spiraling debt problem. practice yet people are increasingly body, Citizens Advice, found that hile the Archbishop The survey also found that 38.5 turning to this very high cost credit in 76% of cases it examined, bor- Wof Canterbury takes million adults in Britain, use some to cover essentials or pay off existing rowers were found to have grounds on the payday lenders, form of credit, while 44% of the debts. to take a complaint to the Financial his clerical colleague, the population are worried about their “A clear message has been sent Ombudsman Service – while one in Anglican Archbishop of household level of debt. to lenders to clean up their act, but five of these cases possibly involved fraud, with people being chased York, John Sentamu, is to for loans they never took out. chair a year-long inquiry Over a third of the cases into low pay in the UK. saw lenders using a continuous In an outspoken article in payment authority – a recurring a recent issue of the Observer payment mechanism which Sir Henry banks on integrity newspaper, the Archbishop enables the loan company to described the prevalence drain customers’ bank accounts. of low pay as a “national Growing concerns about Stephen Gibson was the Head of Sales at Financial going to be able to buy it if sales are only up scandal” – warning that busi- payday lenders targeting vulner- Integrity Bank (FIB), having been headhunted A short story by IBOA by 45%. Should such an unwelcome outcome nesses have a moral duty to able people forced Britain’s Office from the Big Crumbly Biscuit Company, since member, David Lemon eventuate, Lady Platinum would make my life ensure that all employees of Fair Trading to refer the sector none of FIB’s 10,000 employees were deemed up hell. You can see my predicament?” receive a living wage. to the Competition Commission to the job. “But you asked to see me, sir,” stammered “I can indeed, sir,” responded Gibson, who “Women, as the majority earlier this year. He had transferred across a year earlier and to give him his due, could also see that in such of low-paid workers in this Since the Competition Com- Stephen. in the intervening period learned everything “Of course, but I’m not talking to you,” circumstances the hellish life would be recipro- country, are hit particularly mission’s investigation into the there was to know about banking. Now he had cated in his direction. And he was keenly aware hard,” he wrote. “Low pay biggest fifty payday lenders explained Sir Henry. been summoned to a meeting with the bank’s “I don’t understand sir.” of the dangers of being on the wrong side of a threatens the great strides began, nineteen have closed down. autocratic Chief Executive, Sir Henry Platinum. vengeful megalomaniac with a penchant for that have been made in While this may sound “I’m talking to you – but I’m not talking to He walked briskly along the corridor towards you,” elaborated Sir Henry. restructuring the business. gender equality in recent like an impressive hit rate, the Sir Henry’s office, the spring in his step aided by “And your plan for addressing this problem decades, because it under- Commission concedes that just “Oh, I see sir. You mean that the meeting the luxurious deep pile carpet and the knowledge that we are about to have never took place,” said would be what exactly?,” quizzed Sir Henry, mines women’s economic three companies – Wonga, Cash that sales were up 45% on the previous year. in keeping with his policy of ensuring that his independence. This is a huge America (owner of Pounds to Stephen with a proud smile, as the penny finally On reaching the hallowed chamber he dropped. senior managers had to think on their feet while loss for them and for society Pocket and QuickQuid), and paused briefly to take a deep breath before “Top of the class, Gibson. Now, down to the monkey was being placed on their back. as a whole.” Dollar Financial Corp (owner giving the door his customary three knocks. All business. I’m very worried about your perfor- “I’ll crack the whip, sir. Get the folks in the Sentamu also condemns of The Money Shop and Pay- members of the senior management team were mance, Gibson. Sales are only up 45% on last year Branch network to go the extra mile,” replied successive UK governments dayUK) – account for about allocated a knocking pattern, commensurate and your performance affects my bonus. You do Stephen, failing miserably to shift the monkey. for standing by as company 70% of the market by turnover with their standing, and also to ensure that Sir know that Lady Platinum has her heart set on “Branch network? Do we still have one of bosses have taken huge – turnover which has undergone Henry Platinum always knew who was calling. Lady Ghislaine?” those, Gibson?” profits and pay awards for a fourfold rise between 2009-10 Stephen considered himself lucky – the Head of “Well it’s probably more of a twig network and 2011-12. “I’m sorry to hear that sir. I didn’t know she themselves while refusing Risk had to knock to the tune of Two Little Boys. was that way inclined.” now sir,” he joked weakly, “but the staff do work to reward their employees From April next year the very hard.” Financial Conduct Authority – “You are a complete oaf, Gibson. Lady fairly – arguing that both in “You asked to see me sir.” Unlike some other Ghislaine is a yacht in Monaco. And I’m hardly Sir Henry, who rarely laughed at someone terms of both morality and the new regulator which recently financial institutions Sir Henry had no time for else’s jokes, rested his elbows on his kidney economics it is wrong for replaced the UK’s Financial pally first names and besides he liked to be re- shaped walnut desk and peered over his platinum government to give tacit Services Authority – will be minded often of his stature as a Knight of the Any resemblance to any rimmed spectacles. approval to an approach empowered to impose fines on Realm. “Really?” he enquired, before adding, “I’m firms and order compensation to persons – living or dead – that lands the State with a “I’m not talking to you, Gibson,” came the is entirely deliberate! sure they all work their socks off. But that’s not huge outlay to top up the be paid to customers. gruff reply. Ú incomes of low earners. “Why don’t those who profit14 from these workers pay up?” he asked. 15 CURRENT CURRENT ACCOUNTS ACCOUNTS SPECTRUM september 2013 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk www.iboa.ie www.iboa.org.uk IBOA THE FINANCE UNION september 2013 SPECTRUM Household debt falls key trends rish households are continuing to Iget out of debt, according to recent figures from Ireland’s Central Bank. Total household debt now stands at €172.3bn (or an average of €37,500 per person) – the lowest level since the end of 2006. The figure reflects a fall of €1.6bn (or 1%) during the first quarter of 2013. The drop is largely attributable to a fall in new loans to householders, while at the same time older loans are gradually being paid off.

enough. However, luckily for you I have the indeed learned everything about banking during “It’s the sort of thing parents might get their solution.” his short tenure. kids for Christmas or birthdays, you know. So Stephen looked intrigued as Sir Henry went “That’s horsemeat, Gibson. I sometimes just to be clear, what is it you are going to do?” on to explain his idea for a new product for the wonder why I put you in charge of Customer asked Sir Henry, while surreptitiously pressing youth market, the Teenage Funeral Plan. Fleecing Operations. What would the Food the record button on his secret tape machine. “Basically it’s an insurance policy that pro- Standards Agency want with us, anyway?” “Sir, I’m going to develop a funeral plan, vides teenagers with the peace of mind from replied Sir Henry with some exasperation. aimed at the youth market. It’ll be pretty expen- knowing that the cost of their funerals is covered. “Not that FSA sir. The other FSA – the sive for customers and the terms and conditions “Of course, we’d need to put a caveat on it as Financial Services Authority,” explained Gibson. will be such that it is unlikely that we’ll ever have Cyril Roux they are all going to die sometime and we don’t “Are they not wound up, Gibson?” to pay out on a claim,” said Stephen meekly. want to be left with an horrendous bill. “Well they’re always wound up about stuff Sir Henry pressed the stop button on the “So I was thinking about a forty-year term, like this, sir.” recorder and said: “Excellent, Gibson. Come Roux is new regulator that’s pretty generous Gibson, isn’t it?” outlined “Not that wound up, Gibson. The other back and see me in a week with the full product he Central Bank in the Republic Sir Henry. wound up, as in liquidated.” material, launch plans and suchlike.” 2013 Lockout has appointed Cyril Roux, as the “Oh, I see sir. Yes, of course, you are right T country’s new financial regulator “But sir, based on the average life span that would but they’re being replaced by the Prudential After Stephen had left, Sir Henry picked up the from October 1 when Matthew mean that the policies would expire well ahead of Regulation Authority, the PRA.” phone to call Lady Platinum to tell her of the Elderfield takes up a new role for the time that most claims would be expected to “Next you’ll be telling me we’re going to get developments. Bank branches continue to close in EU Lloyds Banking Group in London. arise?” queried Stephen. the Continuity Regulation Authority or the Real “Hello darling, great news, I can put the Roux has been the first Deputy “I know, Brilliant, isn’t it?” said Sir Henry Regulation Authority. Don’t worry about these deposit on that little lady in Monaco.” Secretary General of the French with a beaming smile. splinter groups. Just get on with it. Talk to the Just then he heard a knock at his door, his bout 5,500 bank branches virtually unchanged at 11,870, The blight on the streetscapes prudential supervisory authority for “But sir after the mis-selling of endowment boys in marketing and get them to develop some ears quickly picking up on the jaunty rhythm of (or 2.5% of the total) according to the ECB – while of towns and cities in Northern A banks and insurance companies (ACPR) mortgages, and PPI, interest rate hedging products fancy wording and then get the legal team to Joe Dolce’s Shaddap You Face. closed across the European branch numbers increased in Ireland – caused by the growing since it was created in March 2010. and the like, the FSA would be all over us,” draft the usual get-out clauses in the small print. “Afraid I’ve got to go darling. I’ve got the Union last year, according to some Eastern European countries number of empty or derelict bank IBOA General Secretary, Larry countered Stephen, illustrating that he had And make sure you charge plenty for it. Head of Compliance waiting to see me.” the European Central Bank – including Poland (up 4%), the premises – has also exercised the Czech Republic (up 2.3%) and minds of local politicians like Broderick, said the Union would compared with 7,200 branch Lithuania (up 1.8%). Lord Mayor of Belfast, Niall Ó “look to meet Mr. Roux at the earliest closures in 2011. Altogether Muilleoir, who has challenged opportunity.” the European Union had Northern Ireland banks around Northern Ireland 20,000 (or 8%) fewer outlets The impact of branch closures in to come up with radical solutions at the end of 2012 than it Northern Ireland – both in terms to deal with empty branches. Handling Change had when the financial crisis of the reduction in facilities for With many empty bank Banks to sell banks began in 2008. customers and consequent issues premises occupying prominent The severest cuts last year about access to financial services positions in urban centres, the ore than 30 leading banks were mainily focused in those has commanded the attention of Lord Mayor has called on their Mhave been put on standby to A history of IBOA member States experiencing the local politicians as the Assembly’s owners to come up with some advise the UK Government on the greatest financial difficulties. Greece Finance Committee and Industry innovative approaches to revive return of Lloyds Banking group and Published by the Collins Press and written by Paul Rouse and Mark Duncan, saw one of the biggest drops in Committee recently held the first town centres in meetings with Royal Bank of Scotland (RBS) to the Ulster Bank, Danske Bank and private sector. Handling Change was specially commissioned by the Union. 2012, axing 5.7% of its outlets, of a series of joint meetings with as bank mergers resulted in 219 local banking executives. First Trust Bank. JP Morgan Cazenove has been The evolution of the IBOA offers a fascinating picture of Ireland – not least of branch closures – a trend that is Particulr concerns were raised He has also urged the banks appointed as lead adviser by UK how banking moved from a thoroughly conservative industry to one so reckless expected to continue into 2013. by MLAs at the plight of social to do more to minimise the Financial Investments (UKFI), which as to bankrupt the Irish State. Spain cut 1,963 (4.9%) of its welfare recipients who had been impact of any further closures on looks after the State’s 39% stake in IBOA has a limited number of copies of the book for sale to members at the branches in 2012 while Ireland’s required to open bank accounts local shopping hubs. Lloyds and its 81% stake in RBS. special discount price of E10 or £8 (including postage and packing). branch network contracted by when local welfare offices closed. “Banks should take steps to UKFI has selected 11 banks as To order up to two copies at the special discount price, please send your 3.3% in 2012 compared to 3.1% in In circumstances where a town ensure that vacated properties do possible “bookrunners” (not book- was now bereft of any banking not lie empty for months or years,” makers, ed) – who may co-ordinatie name, address, the number of copies required and your IBOA membership Italy. Contraction was not the order facilities, the cost of transport to he said, “setting back efforts by aspects of the sale. The 11 are Bank number – together with a cheque or postal order for the appropriate amount to of the day in every European access alternatives facilities could Belfast City Council and the new of America Merrill Lynch, Barclays, IBOA History Orders at IBOA House, Stephen Street Upper, Dublin 8 or e-mail Union State, however. In Britain, have a particularly severe impact traders’ organisations to revive Citi, Credit Suisse, Deutsche Bank, [email protected]. the number of branches remained on people on low incomes. local retail clusters.” Goldman Sachs, HSBC, JP Morgan, Morgan Stanley, Nomura and UBS, the Swiss bank which already acts as 16 broker to both RBS and Lloyds. 17 DISCOUNT DISCOUNT WINDOW WINDOW SPECTRUM september 2013 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk www.iboa.ie www.iboa.org.uk IBOA THE FINANCE UNION september 2013 SPECTRUM making your cash go further Your IBOA subscription is worth a great deal more

Taking it to a new level Discounts and savings are always welcome – but most especially in times when money is particularly tight. That’s why IBOA has been exploring ways and means to ensure that your take-home pay can go further by achieving better value.

Our IBOAPlus scheme has been a modest attempt in this direction and has produced many worthwhile savings for members. But this month, we are launching a new scheme for members which takes our efforts to a whole new level – both in terms of the savings to be made and the range of products and services available.

The IBOA Group Scheme The IBOA Group Scheme provides special member discounts through an easy-to-use online directory covering hundreds of offers from leading brands and service providers – which you can access from a variety of devices such as desktops, laptops, smartphones and tablets.

The range and value of these discounts is so great that you could more than cover the cost of your IBOA membership subscription by the savings you can make!

The IBOA Group Scheme is free to IBOA members (including Pensioner Members and Associate Members). So even if your are leaving your employment, it will be worth keeping up your link with the Union – for this benefit alone.

Accessing the IBOA Group Scheme Access to the IBOA Group Scheme is through the My IBOA area of the Union websites – www.iboa.ie and www.iboa.org.uk – to ensure that the benefits are available to members only. But don’t worry registering in the My IBOA area couldn’t be easier. You can now use either your IBOA membership number or your employee (bank/work) number to verify your identity. Then set yourself a password and get ready to make great savings!

While you are in the My IBOA area, you can also update your personal details – if you have a change of address or other contact information. You can also set your communication preferences to tell us how you wish to receive news and information from IBOA and to indicate any areas of special interest. 18 19 GOING GOING CONCERNS CONCERNS SPECTRUM september 2013 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk www.iboa.ie www.iboa.org.uk IBOA THE FINANCE UNION september 2013 SPECTRUM inside iboa Getting the most from your IBOA

Three of the many participants in the Biennial Meeting of the Union’s Pensioners Committee (Photo: Tommy Clancy) IBOA’s new monthy By logging onto the Pensioner members (Photo: Tommy Clancy) e-mail bulletin My IBOA area of the for members will Union’s websites – provide updates www.iboa.ie and Pensioner members angry Monthly email bulletin www.iboa.org.uk – on recent develop- Regular website updates ments in their own Spectrum magazine members will also be at banks’ broken promises employments as (by post or online) able to indicate well as news about how they want he recent IBOA Pensioner as well as lobbying of political exclusive special messages or alerts TMembers’ Biennial Meeting representatives. offers on products, from IBOA to be was attended by over 80 Following his address, the services and events. delivered to them pensioner members. meeting considered a wide range Special offers for – for example, by The principal item on the of issues – including the threat to members on goods and the pension schemes. agenda was the wide-ranging Detailed circulars services (see pages e-mail, SMS text Speakers were angry that address by IBOA General Secretary, will normally be 18 and 19 for more) message or fax. some banks had reneged on Larry Broderick, which focussed reserved for IBOA earlier promises to increase pen- on the challenges being faced by Reps, Bank District Members can also sions and had also withdrawn a Secretaries and indicate how they workers in the financial services number of the benefits which had sector. Executive Committee Online information on a wish to read Spectrum been promised to retirees. members. range of IBOA services – either online He not only outlined the The following members were specific difficulties facing the staff including education or in print. elected to the Committee for the in each bank – but also high- But any members and training next two years: Ken Doyle (Chair); lighted the threats to the pension Margaret Browne (Honorary who specifically IBOA members can schemes in each bank, especially want to , can opt to now use the Union Secretary); Hilary Acheson; Cecil Defined Benefit pension schemes. Barron; Frank Cannon; Dermot websites to book be notified of the Book online for selected The General Secretary also Cassidy; Leonard Coote; Gerry circulars as they are events with special any make electronic thanked pensioner members for Duignan; Maeve Gannon; Bríd issued. prices for IBOA payments for tickets their support for the various cam- Keelty; Agatha Langan; Máire members for any of the events paigns organised by IBOA and by Lohan; Tom Lydon; John McKenna; Members can also be where IBOA offers the Irish Congress of Trade Unions Brendan O’Donohue; Ted O’Leary; notified of any Union special discounts – – which included participation Fergus Reynolds; Harold Strong activities that are of such as concerts, in marches and demonstrations and Ursula Tighe. particiular Keep your own contact pantomimes and interest to them information up-to-date other theatrical – like equality, via the website so you performances. organising, never miss out on news pensions, health and safety or training opportunities. STAY CONNECTED WITH IBOA

The news you can use – just as you choose Outgoing Pensioners’ Committee Secretary, Ken Doyle (left), and Chair Brendan O’Donohue, with Union General Secretary, Larry Broderick, (right) at the Biennial Meeting (Photo: Tommy Clancy).

20 21 GOING GOING CONCERNS CONCERNS SPECTRUM september 2013 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk www.iboa.ie www.iboa.org.uk IBOA THE FINANCE UNION september 2013 SPECTRUM inside iboa

Hundreds of IBOA The Fees Freeze members and their families Executive continues to hold Union availed of the subscriptions at 2008 levels Union’s free Family Zoo he Union Executive Committee has again decided to Day at Fota waive the annual increase in subscription rates Wildlife Park Tprovided for in the Union Constitution. near Cobh in July – while “The Union Constitution empowers the Executive Committee others took to seek subscription rate rises in line with the increase in the advantage Consumer Price Index,” Honorary Finance Officer, Sharon McAuley of the special told Spectrum. discount rate IBOA summer “However, since the onset of the banking crisis and the virtual for members freeze on members’ incomes over the last five years, successive to spend a day prize draw Executive Committees have decided to exercise their discretion to with Mr. Tayto make no changes to the schedule of rates (see below) – which has IBOA Honorary Finance Officer, The winners of the recent Connect up now been unaltered since April 2008,” she said Sharon McAuley with IBOA recruitment prize draw were: • Sonia Guiney (Voucher for Marco Pierre White’s worth €150); SCHEDULE OF UNION SUBSCRIPTIONS Summer FUn with IBOA • Brian Ward (Family weekend stay in at Tayto Park Fota Island Hotel); Monthly Rates near Ashbourne • Heather McKittrick (Voucher for in Co. Meath. Marco Pierre White’s worth €150); € £ More IBOA • Linda Southern (Voucher for Captain Standard Rate for All Members in Full-Time Employment with more than 25.16 18.45 Family Zoo America's worth €100); Days have • Maeve McManus (2 Tickets for 10 Years’ Membership and for All CBO/SBO/Officer/Assistant Manager/ been set for Jimmy Carr comedy night in Dublin); Manager Grades (Regardless of Length of Membership) Dublin Zoo on and September 7 • Eamonn Vize (2 Tickets for Electric Special Discount Rate for All JBO /BAG Customer Service Full Time and Belfast Picnic music festival in Stradbally, Grades with less than 10 Years’ Membership 19.68 14.43 Zoo on Co. Laois). October 5. Special Discount Rate for All Permanent Part-Time /Job Sharing Choices/ See the ads in Congratulations to the prize winners Customer Services Part-Time Grades working 25 hours or less per week 13.11 9.62 this issue of and thanks to everyone who made the Spectrum for effort to encourage colleagues to make Special Discount Rate for Temporary/2 Year Contract Grades with details about the connection with IBOA. less than 10 Years’ Membership 9.84 7.22 free entry. Keep checking the Union websites for news about another prize draw before Special Discount Rate for Associate and Pensioner Members Yearly : 44.73 32.80 the end of 2013! Half-Yearly: 22.36 16.40

DUBLIN ZOO IBOA Phoenix Park Dublin FAMILY Saturday September 7 Lockout FREE ADMISSION ZOO for two adults and four children or one adult and five children, on production of your IBOA DAY membership card

22 23

BANK NOTES SPECTRUM september 2013 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk www.iboa.ie www.iboa.org.uk IBOA THE FINANCE UNION september 2013 SPECTRUM AIB plans to advance aib group restructure of retail The AIB recommendations network – in summary he two sets of recommendations hours – in two one-hour increments – Tfrom the Labour Court and the in- increasing to 36 hours from October and IB has announced that dependent mediator, Kevin Foley, had to 37 hours from April 2014. Ait intends to restructure marked the final stage in protracted On pay, Duffy proposed that AIB the Retail Branch Network by negotiations between AIB and IBOA should honour the findings of the legal integrating some work currently which had continued for almost twelve authorities in Northern Ireland and months on a range of measures relating Great Britain on the contractual pay carried out in branches within to the restructuring of the bank. cases sponsored by IBOA. Duffy also Direct Channels. If the recommendations had been recommended that all IBOA members This programme has been piloted rejected by either senior management below manager grade in the Republic in the Bank’s Dublin North and West or the Union’s members in AIB, then of Ireland should receive a once-off area while work on re-aligning roles some form of industrial action would lump sum payment worth 4% of current is currently under way in other areas almost certainly have been on the table. salary in recognition of the overall pro- in preparation for the full roll-out visions of the recommendation. if the pilot proves successful. As no Labour Court proposals Future pay will be reviewed annually Above: IBOA’s major drawbacks have been evident In his recommendation, Labour Court from January 2014, with negotiations Senior Industrial FPCs shocked at Chairman, Kevin Duffy, acknowledged betwen the bank and IBOA set to take so far, it appears likely that the Bank Relations Officer, that many of the proposals would have a account of factors such as the cost of will eventually roll it out to all areas. AIB Group Head Billy Barrett. negative impact on established and long- living, the bank’s financial performance Bank’s proposal IBOA is in on-going discussions Office (Photo: with the Bank about the potential AIB workers vote standing conditions of employment for and performance management. Photocall Ireland) impact of this development on the staff. to remove cars Mediator’s proposals terms and conditions of staff working However, he said the Court was in both the Retail Network and in fully satisfied that the changes being pro- In his complementary recommendation, inancial Planning Consultants on Bank’s future independent mediator, Kevin Foley, Direct Channels. posed were crucial to ensure the viability (FPCs) in AIB are shocked and of the bank and to protect employment has proposed that the voluntary job F In the course of these discussions, dismayed at the Bank’s proposals to into the future. reduction scheme – which has been in the Union wants a commitment from A key proposal from the Court was operation for over a year – should be remove their “functional” cars with the Bank to: Proposals from Labour Court and mediator that AIB should close its Defined Benefit extended by a further twelve months effect from mid-December. • protect the terms and conditions pension scheme to future accruals by until February 2015 on the same terms At a meeting last month, attended of employees in Branch Banking; receive majority support in ballot the end of 2013, and replace it with a as agreed in 2012. by almost all of the Union’s FPC • protect all rankings within the Defined Contribution scheme, designed Foley has also proposed procedures members from around the country, Branch network; BOA members in AIB Group have balloted in favour of key recommen- jointly by the two teams of pensions to cover staff transfers as well as the IBOA representatives received a clear • negotiate a comprehensive dations from the Labour Court and independent mediator, Kevin Foley, experts – advising the Bank and IBOA. redeployment of staff to alternative roles. mandate to reject the Bank’s proposals ranking and staffing agreement Icovering a range of key issues including pensions, pay, working hours, In future AIB should contribute The mediator added that any out- and to conduct an indicative ballot to es- to cover the three new proposed transfers, redeployment, outsourcing and future engagement. between 10% and 18% of salary to sourcing proposals should be discussed tablish whether affected members would be prepared to take industrial action Branch models; A decisive majority of IBOA members employed in each of AIB’s three jurisdic- Defined Contribution schemes for with IBOA and affected staff, in line with • negotiate a comprehensive tions voted to accept the proposals in a ballot which took place over three weeks employees, depending on their age and existing collective agreements. if the Bank attempts to implement the agreement on the contractual during July and August. contribution levels. Foley also recommended that IBOA proposal unilaterally without full con- should continue to be recognised as the sultation with IBOA. entitlements of members who “Our members in AIB have accepted representatives and AIB management. The Labour Court has also rec- sole negotiating body for clerical and The Bank’s review of the allo- transfer into Direct Channels; and these recommendations on the basis “In light of the recent comments ommended that the standard working management staff in AIB. cation of cars to Financial Planning • negotiate a comprehensive agree- that the commitments contained in the by AIB Chief Executive, David Duffy, week in AIB should be extended by two Consultants was part of the larger review ment covering the transfer of proposals are honoured by both AIB that the total package of measures pro- Kevin Duffy, Chair of pay and benefits review announced by Direct Channels staff to the retail management and the Government,” said vided for in these recommendations will of the Republic’s Chief Executive, David Duffy, in 2012. network. the Union’s General Secretary, Larry satisfy the requirements of the Minister Labour Court (far The Bank does not intend to com- Broderick. for Finance for overall payroll reductions IBOA Senior Industrial Relations left) and mediator, pensate the FPCs for the loss of this “Even though our members in following the Mercer Report, I trust now contractual entitlement. Officer, Billy Barrett, anticipates that Kevin Foley (left). AIB have already made considerable that the Government will desist from any IBOA has sought immediate talks the negotiations between IBOA and sacrifices in recent years, the recommen- further opportunistic attacks on bank with the Bank in line with the principles the Bank’s senior management will dations from the Labour Court and the workers,” he said. of engagement principles set out in the be protracted in view of the complex independent mediator make even more “I also hope that the continuing recent recommendation from the inde- nature of the Bank’s proposals and significant demands on our members. sacrifices being made by ordinary bank pendent mediator – which has just been the need to find an acceptable “However, their recommendations workers in order to address the con- accepted by the Union’s members and by accommodation which takes account also recognise the contribution of these sequences of the reckless behaviour of AIB management. of the differences in the terms and workers and confirm that they deserve those senior executives who precipitated The Union is also referring the matter conditions of employment between to be consulted on future developments the crisis in Irish banking will be re- to the Rights Commissioner service under staff working in the retail network within AIB in the form of a structured flected in their treatment by the general the Payment of Wages Act – since the and in Direct Channels. engagement between their trade union public and by the media,” he added. provision of the car is a contractual issue. 24 25 BANK BANK NOTES NOTES SPECTRUM september 2013 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk www.iboa.ie www.iboa.org.uk IBOA THE FINANCE UNION september 2013 SPECTRUM bank of ireland group danske bank group Danske Works Council Stalemate on meets in Copenhagen pensions referred anske Bank’s European Works Council met in Copenhagen Dlast month to consider a number to conciliation Review of of ongoing developments in- cluding the roll-out of the Bank’s fter extensive negotiations Labour ‘New Standards’ operating model. head office This model involves much between IBOA and senior Relations IBOA’s Danske Amanagement on the review of Bank Officer, greater use of technology in main- operations Eileen Gorman pensions in Bank of Ireland, a Commission taining relationships with customers mutually acceptable solution has faces difficult continues and includes Danske’s ‘Think Simple’ eluded the negotiating teams – even and ‘Project Lean’ initiatives. task to find The Works Council – which with the best efforts of independent common includes 23 employee representatives mediator, Martin King. positive and constructive meeting took place recently between senior from twelve countries – also con- Following the stalemate, both sides ground. Amanagement in Danske Bank and IBOA as part of the on-going reviewed their positions and then agreed review of Head Office operations. sidered the Bank’s forthcoming to refer the issue to the Labour Relations Following presentations by the Relations Officer, Gerry Hanna, said Employee Opinion Survey. Commission for conciliation. heads of business in each of the that the restructuring of Head Office Danske’s Irish employees were At an initial hearing at the Com- Head Office areas, the Bank execu- operations would have significant represented at the meeting by IBOA Executive Committee members, Eileen mission last month, each side outlined tives re-affirmed their commitment implications for staff. its respective position before the hearing Gorman, Moya Cotton and Chris to honour all existing agreements “As well as providing appropriate Cavanagh. was adjourned – with September 5 set Mortgage advice service with IBOA which provides that terms for any staff who opt to depart, as the date to resume efforts to reach a IBOA’s Danske Bank Group Officer, resolution of the matter. BOA has raised concerns with Bank of Ireland management about a recent ad- any job reductions arising from the the Bank also needs to ensure that the Eileen Gorman, said: “IBOA values the Senior Industrial Relations Officer, Ivertising campaign in some regional newspapers about the bank’s Mortgage restructuring of the business will staff who remain receive all the opportunity presented by European Gerry Hanna, told Spectrum that, after Advice Anytime Anywhere service. be completed on a voluntary basis support necessary to affect the Works Council meetings to engage the protracted talks that had already taken In discussions with the Union, be handled centrally. The service is to be following engagement with IBOA. change,” he said. with senior management within the place, it would not be easy for the Labour management confirmed that all ap- managed through Direct Sales mobile While welcoming the Bank’s IBOA will continue to engage Group and to share information with Relations Commission to find common pointments for roles in this service mortgage managers as applies in the ex- ongoing commitment to honour the with management in this review on other staff representatives and learn ground. would be on a voluntary basis and would isting branch network. agreement, IBOA Senior Industrial this basis, he added. from each other’s experiences.” IBOA was surprised that prior dis- cussions did not take place with the Union about these appointments – especially in view of the EU Com- Be a Member Organiser for IBOA! SPECSAPPEAL mission’s recent decision that Bank of Ireland is to withdraw from the interme- FORIBOAMEMBERS diary market. Building the Union by improving participation and recruiting more members is vital to The Bank has now agreed to enter increase IBOA’s bargaining power with individual employers and with governments and into detailed discussions with IBOA on regulators. the proposed role. As part of our new organising strategy IBOA is seeking members who are committed to this approach to volunteer to become Member Organisers in their area. €30 off glasses from the €149 range or above in the Irish Republic Our volunteer Member Organisers will receive training and support from the Union’s new Use of public Organising Unit to enable them to: £20 off glasses from the £99 range • profile their workplace; or above in Great Britain and • engage with members and non-members; and Northern Ireland image limited • ultimately build the Union’s strength in their area. They will also be able to participate in the Member Organisers’ incentive scheme – which will Following representations from IBOA recognise their efforts in tangible ways. To receive your SpecSavers discount over staff concerns about the use of in- voucher, call 0(0-353-)1-4755908 dividual photographs in promotional Not only is this a great development opportunity for individual members who wish to become or 0(0-44-)2890-200130 material, Bank of Ireland management more involved in the Union – but it will also assist the Union to meet the many challenges has confirmed that, if staff members are facing members in general. uncomfortable with their images ap- pearing in advertising campaigns for the bank, they should notify local manage- If you want to know more, please contact our Lead Organiser, Gareth Murphy in IBOA House or by e-mailing ment or their Regional Office so that the [email protected] photographs can be withdrawn. 26 27 BANK NOTES SPECTRUM september 2013 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk www.iboa.ie www.iboa.org.uk IBOA THE FINANCE UNION september 2013 SPECTRUM ulster bank group ibrc A glitch in time IBOA challenges Cheque it out – he curse of the technological ‘normalisation’ liquidator foul-up Tglitch struck Ulster Bank this summer – and again apparently at in Ulster Bank the hands of its RBS parent. To err is human – but to make a Last summer the meltdown of the IBOA has challenged Ulster Bank’s total mess requires technology Bank’s IT system caused great distress attempt to ‘normalise’ some elements of to customers and staff. This summer, an remuneration into basic pay when staff Above: The statue he Data Protection Commissioner ‘eager beaver’ in RBS managed to post a are promoted – thus reducing the benefit of Queen Maeve Thas been asked by IBOA to inves- slide presentation by Ulster Bank Chief, of the promotional increase. outside the IBRC tigate a serious error by the Special Jim Brown, on the internet a couple of This issue has arisen in the context Wallace in Blunderland head office at Liquidator handling the accelerated hours before it was actually delivered to of the bank’s restructuring programme Connaught House wind-down of IBRC after staff due to an RBS investors briefing in London. which has resulted in a number of Dublin (Photo: receive minimum notice cheques were The publication of the bullet points members being promoted. IBRC liquidation becomes ever more surreal Photocall Ireland). issued with cheques intended for their without Brown’s spoken commentary The bank has decided that some of colleagues along with documents out- resulted in a major media storm as the the benefits already enjoyed by these as company re-hires former staff lining their colleagues’ personal data. international financial press reported It seems that in sorting the employee IBOA’s Ulster Bank Executive Committee with General Secretary, staff before their promotion – such as BRC workers – some of whom face compulsory severance later this month with news of further massive job cuts and Dublin Allowance and Car Allowance – database, the Special Liquidator’s office Larry Broderick at the Bank’s George’s Quay headquarters. only statutory redundancy entitlements available to them after the company managed to mix up names, addresses more branch closures for Ulster Bank. should be offset against the pay rise due Iwas legislated into “special liquidation” by the Oireachtas – have been shocked to In fact, Brown’s bullet point figures for taking on additional responsibilities. and other details so that the cheques and discover that the Special Liquidator, Kieran Wallace of KPMG, is re-hiring some the accompanying payment details were had been inflated by the inclusion of job So the value of the promotion increase of their former colleagues who left IBRC before it was liquidated. reductions which had already been has been reduced for a number of staff. distributed incorrectly. The returning staff – who had re- way in which this liquidation process is Branch network under review As local discussions between the IBOA Lead Organiser, Gareth announced and largely implemented as ceived the previously agreed voluntary being conducted. And while we know parties could not resolve the matter, it has Murphy, said that: “IBRC staff have gone well as branch closures already completed. redundancy terms – will now be working that the Special Liquidator, Kieran A review of Ulster Bank’s retail networks in Northern Ireland been referred to an independent mediator, through a lot in recent months. Their So although the presentation was alongside current staff whose ongoing Wallace, has been handed a poisoned and the Republic of Ireland which is currently under way – is Liam Doherty, for his consideration. concerns were clearly an afterthought as much about the recent past as it was loyalty to IBRC is to be rewarded by chalice to some degree by an Oireachtas expected to conclude by the end of November. “Given the significant differences when the Oireachtas decided to liquidate about the immediate future, it took over statutory entitlements only. decision that owes more to political ex- Chief Executive, Jim Brown, has confirmed it will engage between the parties on this matter, Mr. the company. And even though many six hours before an explanation was “If you had wanted to taunt the pediency than either commercial or legal with IBOA on the outcome review and, if further branch clo- Doherty will have a difficult task,” said politicians have since expressed regret forthcoming from the bank. remaining staff with the injustice of their considerations, nevertheless he must sures are proposed for 2014, then the Union will be consulted Senior Industrial Relations Officer, at the way the staff have been treated, we Meanwhile Ulster Bank customers current situation, you could hardly have surely have anticipated how staff would in line with existing agreements. Mr Brown also advised that Billy Barrett. “The Union’s Ulster Bank are still awaiting a practical remedy. and staff had suffered more anxiety about come up with a better way,” said IBOA feel as long as the issue of redundancy the Bank is looking at alternative channels such as kiosks, Executive Committee will await the “But this latest episode highlights a the future – with further damage to the Lead Organiser, Gareth Murphy. compensation remains unresolved.” ATMs and other units – all of which will be discussed with outcome of the mediator’s efforts before further appalling lack of consideration bank’s reputation prompting an apology “We hold no grudges against those Following this latest revelation, from Chief Executive, Jim Brown. IBOA before any change is implemented. deciding on the next steps to be taken.” towards these workers – who have been staff who left IBRC on the previously IBOA members in IBRC are renewing put through further distress by having agreed terms which had been approved their efforts to lobby politicians from their cheques and other personal data by the Department of Finance. The all parties in the Oireachtas to press for transmitted in such a careless fashion. Property Review remaining workers simply want to be the appointment of an independent “These workers are entitled to be IBOA FAMILY ZOO DAY treated in the same way. mediator in a bid to achieve an accept- Ulster Bank Chief Executive, Jim Brown, has advised IBOA that treated with respect,” he said. “Our members in IBRC are even able resolution of the issue of severance IBOA Lead Organiser, the bank is conducting a further review of its property portfolio. more angry and disillusioned about the compensation. Gareth Murphy Plans are being developed to relocate staff in GRG from George’s Quay, Dublin to College Green and Blackrock; while taff working BELFAST ZOO in Mortgage Operations in Sandyford are to transfer to George’s Pay rise likely in HP Quay, Dublin. Saturday The bank will engage fully with IBOA on these proposed s we go to print, pay discussions moves in line with the Relationship principles between the parties. October 5 have begun between IBOA and HP Amanagement for the current year. It is expected that a proposal for a pay increase will emerge from these talks Claim for pay rise – which will then be put to the Union’s Screenclick is Ireland’s leading online DVD and Blu-ray rental members in HP for decision by ballot. service. A number of outstanding issues lodged in Ulster Bank relating to overtime and annual leave You simply sign up and select the movies you want to see and we post them to your have also been resolved following con- BOA has lodged a comprehensive claim for a pay increase home. As soon as you are finished you return in the FREEPOST envelope provided and structive engagement between IBOA’s Ifor its members in Ulster Bank for 2012/13 – based on cost we send the next title from your list. It is far cheaper than renting from the high street with workplace committee and HP manage- savings arising from the Bank’s restructuring programme all the latest new releases. ment in recent months. as well as market movements and increases in the Consumer IBOA represent HP employees Price Index. There are no late fees and over 15,000 titles to choose from. working on contracts involving data pro- Management has rejected any increase on the grounds Free admission for two adults and four children or one adult cessing for major financial institutions of the bank’s current financial position – adding that pay in – as well as technical staff providing a Ulster Bank is in line with current market levels. A special 10% discount is available for IBOA members – and five children, on production of IBOA membership card for more information check out the My IBOA area of the Union websites variety of technological supports for The issue has now been referred an independent medi- businesses in the financial sector. ator for consideration in line with the Relationship Agreement between IBOA and the bank. The Union will ballot its members in Ulster28 Bank on the outcome of the process. 29 INTEREST INTEREST ONLY ONLY SPECTRUM september 2013 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk www.iboa.ie www.iboa.org.uk IBOA THE FINANCE UNION september 2013 SPECTRUM dublin lock-out 1913-14 In Dublin City in 1913 Some stuck it out until May, but in The boss was rich and the end the employers could claim a kind of victory as resistance collapsed the poor were slaves, and other workers signed the docu- The women working and ment in order to feed their families. Nevertheless the employers lacked the the children hungry, strength to enforce their victory, and the Then on came Larkin ITGWU survived. In defeat, the ITGWU had gained like a mighty wave. many adherents and, more signifi- cantly, had laid the foundations that led Connolly to conclude: Dublin 1913 From the effects of this drawn battle In 1913 Dublin lacked a real industrial both sides are still bearing heavy scars. base and work was generally of a casual How deep those scars are, none will ever nature with poor union organisation reveal. But the working class has lost none and slave wages. A third of the city’s of its aggressiveness, none of its confidence, teeming population inhabited the centre none of the hope in the ultimate triumph. city tenement slums. No traitor amongst the ranks of that class The overcrowding, squalor and has permanently gained, even materially, inadequate sanitation, combined with by his or her treachery. poor diet, gave Dublin one of the highest The flag of the Irish Transport and infant death rates in Europe. General Workers’ Union still flies proudly High levels of violence and pro- in the van of the Irish working class, and stitution offered further evidence of that working class still marches proudly the demoralised state of many of and defiantly at the head of the gathering the population. It was in many ways an hosts who stand for a regenerated nation, unlikely seed-bed for trade unionism. Above: Big Jim Above: William resting upon a people industrially free. The social system was typified by in- Larkin, founder Martin Murphy, security of employment, personal daily and leader of the leader of the The Legacy of 1913 Irish Transport and Dublin Employers’ struggles for survival and the frequent 1913 was, in fact, a victory drawn from General Workers’ Federation. indifference of the longer established – the jaws of defeat. The trade union and but conservative – craft trade unions. Union in 1913. labour movement was soon to become The New Unionism – marked by Left: James an essential and important part of the its organisation of the unskilled and Right: A sketch Connolly, Organiser new southern Irish State. But the battle socialist zeal – had briefly flourished by artist, William of the Irish Transport was not won in 1913, and progress since in Dublin in the 1890s. But the odds Orpen, of the soup and General has been uneven. were heavily stacked against permanent kitchen which Workers’ Union success: many union organisations had operated in Liberty during the Lockout In terms of a social audit of Ireland become moribund. Hall during the and subsequently today as compared to 1913 can we really Lock-out. its Acting General claim to be in credit? Certainly extreme Big Jim Secretary. poverty has gone but things are relative to the times. We still have acute housing With James Larkin’s arrival in Ireland Top centre: Bloody problems, attacks on hard-won health, as Organiser for the Liverpool-based Sunday, August Bottom centre: education and social services and new National Union of Dock Labourers 31, 1913: members employers organised themsleves in the Bloody Sunday where he preached the ‘Divine Mission The workers also began to defend The crowd at Dublin problems of urban decay, drug abuse, (NUDL), the waterfront workers rose of the Dublin Dublin Employers’ Federation to deny On Sunday, 31 August, the police at- of Discontent’ in order to highlight themselves through the formation of the docks awaiting the vandalism and crime in the alienation of again, firstly in Belfast in 1907 and sub- Metropolitan Police the equivalent right to organise to the tacked a crowd gathered to hear Larkin the plight of the workers of Dublin – Irish Citizen Army. arrival of the S.S. our youth. sequently in other Irish ports. baton charge Dublin’s underprivileged workers. address them in O’Connell Street. The generated rank-and-file, rather than Many leading intellectuals and Hare – laden with Disagreement with the NUDL’s workers who had The employers’ aim was to remove meeting had been banned by the author- official, reaction. Assistance was limited middle-class sympathisers rallied to the food for the locked Regrettably there is now a gathering Executive Committee led to Larkin’s gathered in Sackville the threat of the ITGWU and its message ities. When scores of people – including to food and material support rather than workers’ side – shocked at the awful out workers sent by attack on trade unionism and the essen- suspension and the launch in 1909 of (now O’Connell) of discontent so marvelously articulated many passers-by – were injured in the sympathetic industrial action. conditions and horrified at the pig-head- the British Trades tial collective value that it represents and a Dublin-based union for unskilled Street in the hope by Larkin’s street oratory. baton charge, British public opinion was With James Connolly co-ordinating edness of the employers. Union Congress. to which the whole of Irish society owes workers – the Irish Transport and of hearing Larkin The crunch came on August 15, 1913 shocked at the scenes. industrial matters at home, the port of The Catholic Church was less many of its freedoms. General Workers’ Union. speak. when Murphy offered the workers in the As a result of injuries received in Dublin was shut as ‘tight as a drum.’ Both sympathetic. Its hostile recation to the The new’ documents’ are the beliefs From the beginning the new union Independent’s dispatch department the the baton charge as well as subsequent sides settled for a long attritional war suggestion that some of Dublin’s starving in austerity, privatisation, deregulation, enunciated in its rule book a wide pro- stark choice of Union or job. violence against union supporters, three through the winter with the bosses relying youngsters should go to the ‘godless’ public spending cuts and increasing gramme of industrial and political When their loyalty to the Union workers – James Nolan, James Byrne on starvation and the workers on the simple homes of English sympathisers for the appeals to individualism. Trade union agitation to change society in the inter- resulted in dismissal, prompt solidarity and Alice Brady – made the ultimate message of ‘each for all and all for each.’ duration of the dispute led Connolly values are being dismissed as ‘old-fash- ests of the Irish working class. But the action saw the dispute escalate with sacrifice with their lives and became to wonder why souls were of greater ioned’ or ‘belonging to the nineteenth employers would not be silent observers. further dismissals in Eason’s and on the known as the ‘Lockout Martyrs.’ To the Bitter End concern than bellies. century’ but in fact they were never more trams. As the situation in Dublin deterio- The British TUC’s Dublin Food Fund In the face of uneven odds the necessary if we are to win control of our The Bosses Organise The now confident employers issued rated, questions were raised in the House and other support marshalled by the Lock-Out began to crumble in January destinies and management of our own Under the calculating leadership of the infamous ‘document’, locking out of Commons and the issue was debated Dublin Trades Council sustained the 1914 as members of the Building economic, social and political affairs. William Martin Murphy, owner of the any worker that refused to sign a pledge at the British Trades Union Congress. workers and there can have been few oc- Labourers’ Union returned to work – Irish Independent and controller of the to disown the ITGWU. By the end of Support was soon forthoming. But casions as emotive as the landing of the as many others were to do – without Dublin Tramways Company, over 400 September over 20,000 were locked out. Larkin’s ‘Fiery Cross’ crusade in Britain – food ships’ precious cargo on the quays. signing the offending document. by Francis Devine 30 31 INTEREST INTEREST ONLY ONLY SPECTRUM september 2013 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk www.iboa.ie www.iboa.org.uk IBOA THE FINANCE UNION september 2013 SPECTRUM dublin lock-out 1913-1914 Inspired by the Lockout dramatic event like the 1913 ALockout has inspired creative artists in many artforms. A number of theatrical productions Larkin (in disguise) is arrested by the Dublin Metropolitan have emerged over the years in which Police after addressing Union supporters from the balcony of the events of the Lockout are central. the Imperial Hotel (now Clery’s in O’Connell Street). Seán O’Casey was a member of both the Irish Transport and General Workers Union and the Irish Citizen Army – the Lockout exhibition militia set up during the Lock-out to A special Dublin Lockout Exhibition – which is running at the protect the locked out workers. National Library in Dublin until March – features images, films Other contemporary artists like and memorabilia as well as an interactive touchscreen display. writer George Russell (AE) and painter, Among the items on display in the exhibition are Big Jim William Orpen, produced work based Larkin’s note to his ITGWU colleagues written – shortly before on the Lockout. his anticipated arrest by the Dublin Metropolitan Police – Following in the wake of his play, The urging that “all must work together.” Risen People, James Plunkett’s epic novel, Strumpet City, became a very successful television mini-series with Peter O’Toole as Big Jim Larkin – which Photo: Leon Farrell/Photocall Ireland. RTE is seeking permission to broadcast again before the end of the year. More recently, the Lockout Tapestry project has engaged many men, women Unfinished business and young people in a unique collabo- ration to produce a substantial piece of art – which, it is hoped, will not only Still no legal right to union representation commemorate the Lock-out but also raise questions about the Lock-out’s s we approach the centenary of resonance for today (see A Stitch in Time). Athe Dublin Lockout – arguably by Larry Broderick, Another current work that has the the single most important event events of 1913 as its backdrop is After Graphic treatment in Irish trade union history – it is General Secretary the Lockout, a novel by Armagh-born appropriate that we should reflect Darran McCann. The story follows A stitch in time The Irish Constitution treats a trade on the, as yet, unfinished business a Lockout veteran who is released of 1913 Lockout of that titanic struggle which shook union as if it was a passive structure from internment in Wales in 1917 and devoid of any specific purpose – when, The 1913 Lockout Tapestry project One of the more unusual publications – inspired by the 1913 the city of Dublin from August 26, returns home to Co Armagh. in fact, the raison d’être for any trade Lockout – is a graphic novel (comic for adults) entitled 1913 1913 until January 18, 1914 and has Larkin’s Labour War, written and drawn by Gerry Hunt and continued to reverberate down the union is to represent the interests of its Pictured above is he 1913 Lockout Tapestry is an ambitious collaborative visual arts members in dealing with employers and the design for the published by the O’Brien Press in Dublin. decades. project – on a large scale – to commemorate the 1913 Lock-out. While Hunt’s narrative includes the key historical figures And, of course, in the spirit of any other relevant agencies. Lockout Tapestry’s T Effectively Irish law pays lip service central panel which The Tapestry consists of 32 embroi- Work began on the tapestry last year of the period, it also tries to convey how these major events self-respect and activism sparked by this dered cloth panels laid out in a ‘comic – with Tara House in Dublin’s Tara Street affected ordinary people at the time. age of possibilities, bank officials also to the concept of trade union recogni- was designed by tion and workers’ rights. leading Irish artist, book’ style – each measuring 60cm x 76 one of the main production centres for began to organise in 1917 – leading to The centenary of the Lockout is Robert Ballagh. cm (2ft x 2ft 6”). the 100 or more volunteers who have the creation of IBOA in March 1918. The work on each panel has been contributed to the project. While we can admire the tremen- being celebrated with much pageantry undertaken by a diverse range of socie- The landlord of the Tara Street dous energy and determination – not – and the story of the heroism of the ties, groups and individuals – including premises is the State transport company, just of the union leaders but also of the men and women of 1913 is a story worth the Finglas Arts Squad, St. Louis CIE, which, of course, is the modern many hundreds of thousands of ordinary telling. But the centenary should be more High School Rathmines, Limerick day descendant of the Dublin United workers who asserted the demand for than a historical curiosity or entertain- and Mountjoy Prison Groups, Abbey Tramway Company – where the attempt justice and respect during that period, ment – no matter how well presented. A useful source of Theatre Group, the Irish Patchwork to break the Irish Transport and General it is disappointing that a hundred years It should inspire our movement – information on Society. the Central Remedial Clinic and Workers’ Union began. later the right of workers to be organised and especially those in the legislature upcoming events the Irish Guild of Embroiderers. The tapestrty is close to completion and represented by a trade union has yet who claim to share our values – to secure to commemorate The design of the tapestry is the as we go to press. When it is completed it to be established unequivocally. the passage of legislation to complete the 1913 Lockout, work of painters, Cathy Henderson will be unveiled by President of Ireland, Even though the Irish Constitution this most glaring piece of unfinished is the website, and Robert Ballagh - who were com- Michael D. Higgins, at Liberty Hall – the guarantees a worker’s right to be a business from 1913 by giving real effect www.1913lockout. missioned by SIPTU and the National headquarters of SIPTU. It will then be member of a union, it does not include to the right of workers not only to join ie College of Art and Design in Dublin to available to go on tour with a view to the accompanying right to be repre- a trade union but also to be represented provide the artistic inspiration. having it on display as much as possible. sented by it. by it. 32 33 FOREIGN FOREIGN EXCHANGE EXCHANGE SPECTRUM september 2013 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk www.iboa.ie www.iboa.org.uk IBOA THE FINANCE UNION september 2013 SPECTRUM

worldview New regime to operate LIBOR ollowing recent global scandals over Fthe manipulation of the London Inter- Bank Offered Rate (LIBOR), NYSE Euronext will take over the operation of the rate in early 2014 from the British Bankers’ Association which has administered LIBOR since the 1980s. LIBOR is used to benchmark around $500 trillion worldwide in contracts ranging from complex derivatives to credit card bills. Because the rate has traditionally been calculated on the basis of voluntary reporting by banks, it can be manipulated without great difficulty. Three international banking groups – UBS, Barclays and Royal Bank of Scotland – have so far been fined a total of $2.6bn by regulators in the US and Britain for manipulating the rate while several other institutions and individuals are under investigation. While NYSE Euronext is likely to continue to calculate LIBOR in the traditional way ini- tially, it is expected to develop new methodology more closely based on real transactions – rather All-women bank for India Bridge the Gap than on “best estimates.” New institution set to open by year’s end Campaign urges clothes firm to sign safety accord

ore than a million people have commitment from the brands to stay in The pledge to create the new bank At the opening of its first all-women he Indian Government has already signed an online petition Bangladesh, nor is there full transparency. approved a proposal to set up a was made by India’s Finance Minister in branch, the Bank’s Chairperson and M IndustriALL Global Union, General UK banks cut T his Budget speech this February. Managing Director, Vijayalakshmi Iyer, calling on Gap to stop stonewalling and State-owned women’s bank with an Secretary, Jyrki Raina said, “The Accord on In March, he established a com- said that the idea behind these branches join a number of other major global Fire and Building Safety signed between global initial complement of 125 mainly mittee of banking experts to draw up a “is to put women at ease and encourage retailers in backing the Accord on Fire jobs worldwide unions, more than 80 global fashion brands, female bank officials. blueprint for the bank – which reported them to transact with the bank.” and Safety in Bangladesh – which was and NGOs provides assurance through a legally One of the key objectives of the new back last month. “These branches will function like all agreed following the horrendous Rana y the end of 2013, the UK’s four Bank is to focus on the banking needs In response to the Government’s other branches, but with more emphasis binding process that the commitments to largest banks will have axed 24% of women and to promote economic Plaza factory collapse in Dhaka which inspect and improve garment factories will be B initiative, the Bank of India last month on financing schemes beneficial to women claimed at least 1,100 lives. of their combined global workforce in empowerment. announced plans to open a total of 50 and encouraging entrepreneurship among carried out. the five years since the financial crisis Instead of signing up to the accord, Gap “This is the highest possible standard and The initial funding of 10bn rupees Vijayalakshmi Iyer, all-women branches. them,” she added. broke, according to figures compiled by has joined with Walmart – whose British inter- one the Walmart/Gap initiative should be (€121m) has been allocated to the the Bank of India’s Bloomberg. ests include the Asda super- market chain – in seeking to replicate. Instead what it provides is Bharatiya Mahila Bank to provide Chairperson and Royal Bank of Scotland, Lloyds Banking financial support for women in general; backing another toothless corporate auditing a pale imitation in terms of commitment and Managing Director programme for Bangladesh factory safety. Group, Barclays and HSBC are on course to businesses run by women; and for End no-women boards – EU transparency. The workers’ and their unions’ bring their aggregate headcount to a nine-year UNI and industriALL – the two global union women’s self-help groups in particular. voices will be heard loud and clear in the Accord low of 606,000, compared with their pre-crisis federations that have led the campaign to The bank will be headquartered in ritish banks will be legally obliged to introduce quotas setting out the but it will be muted in the plan presented by peak of 795,000 in 2008. improve safety in Bangladesh before and after New Delhi and should begin operations Bnumber of women they will have on their boards from next year, under new Walmart and Gap today.” Since its £45bn bailout by the British by November with 6 branches, one each rules planned by the European Union. the Rana Plaza tragedy – have warned that the UNI Deputy General Secretary, Christy Exchequer in 2008, RBS has axed 78,000 jobs in North, South, East, West, Central and The regulations will require major financial institutions to establish figures two companies are only repeating the mistakes Hoffman said: “Walmart are bringing their dis- – including 4,000 roles in its UK high-street North East parts of India. It aims to open for females in senior leadership roles, as part of a wider package of proposals of the past. count practices to factory safety. This is not a banking business. 25 branches by the end of March, 2014. designed to prevent banks failing. The Walmart/Gap initiative falls consider- price war; this is about people’s lives. Walmart Lloyds, which received a £20.5bn bailout in It is expected to become profitable The provisions will not set the level of the targets. But institutions will be ably short of the standards set by the binding has dragged Gap and a number of other brands 2008, will have cut 31,000 jobs by the end of this by 2019 – at which point it should have a obliged to publish a policy relating to how the targets they set themselves for Accord. The Accord is an enforceable building down the wrong track,” she declared. year – including 2,340 in 2013 – while Barclays network of 100 branches. women in senior roles will be achieved and potentially report on progress. safety programme backed by more than seventy “We urge the Walmart/Gap initiative to will have cut 20,800 jobs by the end of this year The initial complement of about 125 The gender targets will only apply to larger institutions. But all financial global brands from 15 countries. think again and raise its standard to those of the since the start of the crisis. This includes about officials will be drawn from other public firms regulated by the British authorities will be required to publish a policy In contrast, the Walmart/Gap initiative Accord out of respect for Bangladesh and the 5,500 jobs lost in the UK between 2008 and setting out how they propose to promote diversity in the boardroom. sector banks in India. is unclear on enforceability and there is no Bangladeshi garment workers,” said Hoffman. 2012. Europe’s largest bank, HSBC, now employs 254,000 staff, compared with 313,000 in 2008. 34 35 LIFE LIFE COVER COVER SPECTRUM september 2013 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk www.iboa.ie www.iboa.org.uk IBOA THE FINANCE UNION september 2013 SPECTRUM biosphere

I B O A

Moritz Erhardt, the young banking intern who is believed to have died from overwork. Skin and groans Worked to death Taking it to heart Cosmetic preservative linked to eczema epidemic Investment bank intern dies in London Job insecurity can seriously damage your health

octors are calling for an MI as a threat, prompting an allergic he death of a young Bank of America “For reasons related to an individual’s ob insecurity has been linked “These changes have modified patterns Skincare Work becomes immediate ban on a chemical reaction. Merrill Lynch employee in London ambition or the current employment market, to an increased risk of coronary of employment such that jobs are becom- D products T J less secure in UK preservative – used in a range of MI is now second only to nickel in last month has raised serious concerns people are pretty desperate to get jobs,” Chris heart disease in a major research ing increasingly unstable and insecure. containing Roebuck, a British economist who has held top cosmetic products including make- causing contact dermatitis, according to about the excessive hours being demanded study. Recent global financial crises have resulted MI include: skin experts. One in twelve adults and posts at several international banks, told The Recent analysis by up, sun cream and shampoo – of interns working in investment banks. After a comprehensive analysis of in job insecurity becoming commonplace one in five children in the UK now have Financial Times. the British Trades and for many, a chronic stressor.” German intern, Moritz Erhardt, aged 21, the results from a number of earlier which is believed to have triggered • Nivea Daily eczema, of which contact dermatitis is “Some employers are exploiting that fact, Union Congress of Responding to the study, Paul was coming to the end of a seven-week place- studies – both published and unpublished an “epidemic” of eczema and related Essentials face one of the most common types. pushing people past the point where it makes sense figures from the Nicholson, chair of the British Medical ment in Bank of America’s Merrill Lynch – a team of international researchers, allergies. wipes, The first cases of MI allergy – which for their health or from a business perspective.” latest labour force Association’s Occupational Medicine investment division in London when he col- According to dermatologists the • Piz Buin was identified using skin patch testing Meanwhile, The Independent newspaper found this link was partly attributable survey noted that Committee, noted that job insecurity lapsed and died in the shower at his flat after chemical preservative – called methyl- One-Day Long – began to appear in 2010. But this year in London has dubbed the banking internship to the poorer socio-economic circum- the UK’s temporary is also linked to increased sickness isothiazolinone (MI) – is responsible for Lotion, 10% of patients with certain skin con- working through until 6am for three days in a culture “Slavery in the City,” quoting a doctor stances and less favourable profile of risk workforce has in- and raised cholesterol levels and blood one in ten cases of severe skin allergies • Clarins Extra- ditions are testing positive. row. who has often treated bankers as saying they factors among people experiencing job creased by 230,000 pressure, adding the new study was im- presenting in their clinics. Firming Day Doctors say that in the past few A banking intern living in the same received “inhumane treatment” at the hands of insecurity. since 2005 while portant “because we are living in ‘VUCA’ Manufacturers started to use MI Cream, years they have seen a major surge in apartment block is reported to have said: “He their employers. Writing in the British Medical Journal, the number of per- times, that is to say the world is: Volatile, in a singificant way about five years ago • L’Oreal patients suffering severe allergic reactions apparently pulled eight all-nighters in two In sectors other than finance, the culture they say that “to our knowledge, with manent of jobs has Uncertain, Complex and Ambiguous. after it was approved by the EU Com- RevitaLift Laser to products containing MI – in the form weeks. They get you working crazy hours and of internships has been subject to increasing more than 170,000 participants and fallen by 8,000 over “While the acronym, VUCA, was mission as a preservative for products Renew, of rashes, scaling skin, swelling and maybe it was just too much for him in the scrutiny in recent years as internships have 1,800 incident cases of coronary heart the same period. first used by the US military after 9/11, left on the skin in 2005. At the time, the • Head and eczema. e n d .” become a potential gateway to employment disease (CHD), this is the largest study it is now used commonly in the busi- available data suggested it was safe. Shoulders hair The true scale of the problem has Fellow interns and industry experts say that for young workers. In many parts of Western of job insecurity and incident CHD and ness world. Job insecurity is likely to be MI extends the shelf life of a wide shampoo, only come to light as a result of MI being 15-hour days are understood to be expected of Europe, high youth unemployment has brought provides the most comprehensive syn- around for many years to come associated range of personal care products – like • Molton Brown used by millions of people, according to interns if they hope to have a chance of securing an upturn in the number of educated young thesis of evidence on this issue so far.” with a slow and uneven recovery from moisturisers, sun creams, shampoos, Paradisiac Pink experts. a full-time job later – with all-nighters not an people working as interns or on short-term The research team has also noted recession; and thereafter will happen at shaving creams and wet wipes. It is also Pepperpod While it is possible to avoid MI uncommon occurrence. contracts, rather than in full-time salaried posts. that: “Intensified global economic com- least cyclically as it has for many decades..” found in paint. Body Lotion products, Dr. David Orton, President Concerned commentators point out that Meanwhile, in the US a wave of legal actions petition is characterised by labour market “Health professionals and govern- It stops products going mouldy by and of the British Society for Cutaneous many interns, who are young, ambitious, and have challenged the widespread practice of unpaid deregulation, workplace downsizing, re- ments need to be aware of the health preventing unwanted growth of bacteria • Wet Ones hand Allergy said: “The problem… is that it’s often unfamiliar with their rights and respons- internships, arguing that young people are often structuring of companies in all sectors, consequences of job uncertainty in order and yeasts. But in some people, their wipes. so ubiquitous that it’s very hard to find a ibilities as workers, are easy targets for exploita- forced to do work with no educational value for and increased use of flexible forms of to take effective steps to mitigate the immune systems mistakenly identify shampoo or shower gel without it.” tion by unscrupulous employers. no pay. employment. risks and provide adequate resources.” 36 37 FIXED INTEREST SPECTRUM september 2013 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk www.iboa.ie www.iboa.org.uk IBOA THE FINANCE UNION september 2013 SPECTRUM words & music The Doll’s House New thriller from Louise Phillips

ouise Phillips’ first psycholog- Lical thriller, Red Ribbons, was published last year and achieved a phenomenal debut. It was an instant bestseller and subsequently shortlisted for the Best Irish Crime Novel of 2012. Her second novel, The Doll’s House, has just been released and promises to be yet another addictive, clever and well-researched read. “An overheard conversation about hypnosis was the initial hook in creating this story,” says Louise, “which is based Hattie and Charley Webb on the practice of mental regression and the dangerous possibilities it opens up.” “What I loved about the story that developed for The Doll’s House,” she says, “was the idea that through hypnosis you Sisters sublime had the ability to return to your past, where a pure memory exists.” “It’s not necessary to have read Red Louise Phillips… It is certainly a thriller that will keep As the novel unfolds secrets are Ribbons to enjoy The Doll’s House,” says her new thriller , you on the edge of your seat and so far revealed, layer by layer, through a series Louise. They are completely separate Webbs wonderful The Doll’s House, it has received nothing but rave reviews of fascinating and riveting hypnotic stories, although those familiar with is every bit as from the critics. episodes in which the main protagonist, Red Ribbons will be glad to see criminal The Webbs have remained an integral part of gripping as her According to Myles McWeeney of the he sublime Webb Sisters are making a trium- Clodagh Hamilton, is led back step by psychologist, Dr, Kate Pearson, and acclaimed debut Irish Independent, “the past and present phant return to Europe in the company of Catch the Webb Cohen’s entourage on the 2008-2009 tour, the 2010-11 step to a dark and dangerous past, while Detective Inspector O’Connor return, T novel, Red Ribbons collide with deadly effect in The Doll’s a veteran Canadian poet – who, having fallen ‘World’ tour (which also took in Australia and New living in an equally dangerous present with a sub-plot of their evolving relation- House. Phillips has delivered a sequel on hard times after some rather than ill-judged Sisters on Tour Zealand) and the current ‘Old Ideas’ tour which began with the killer having her firmly in his ship which is handled skilfully as the book that betters her debut – a gripping, in 2012 with a number of dates in Europe where it has sights. builds towards its breathless climax. financial investments – has since been the main with Leonard Cohen suspenseful story peopled with well- beneficiary of a series of benefit concerts run in now returned after the North American leg. drawn characters.” North America and Europe since 2008. September 3: Motorpoint Arena, The reborn Leonard Cohen – he’ll be a sprightly Employed in Bank of Ireland in 79 later in September – has emerged as a remarkable Originally from Kent by way of Nashville and Los Cardiff Dublin from her early twenties until performer with a self-deprecating humour which belies Angeles, Charley and Hattie Webb are singer-song- CHAPTERS BOOKSTORE returning to her passion of writing seven September 7: First Direct Arena, Leeds the remarkable lyricism of his songs (or perhaps, more years ago, Louise has won a number of writers and multi-instrumentalists. Their rich and plaintive vocal harmonies have accurately poems set to music). And the recent con- literary awards – including the Jonathan September 8: LG Arena, Birmingham certs by such a consummate craftsman have been filled Parnell Street Dublin 1 Swift Award and the Irish Writers’ drawn comparison with a sisterly duo from an earlier generation in Canada – the McGarrigles, Anna and the September 11-12: The O2, Dublin with many amazing highlights. Centre Lonely Voice Platform as well as But paramount among these is his composition, If being shortlisted for many more – before recently deceased Kate – mother of Rufus Wainwright September 15: The O2, London – with whom the Webbs have also recorded. It Be Your Will, written in response to the changed life publishing her first full-length thriller, circumstances that prompted him to resume touring Red Ribbons. Despite their relatively short career, the Webb five years ago. She has been described as a chilling Sisters have also collaborated with many other re- In recent performances, Cohen has spoken the new voice in psychological crime. With nowned artists including Sting, The Verve’s Simon 10% her second novel, she has cemented her Tong and Simon Jones, Jeff Trott, Mike Elizondo, Steve opening lines before entrusting the song, like a child, position as a significant player within Booker, Angelo Petraglia, Steve Wiseman and Natalie to the tender care of the Webb Sisters to cherish with discount for IBOA members this genre. Maines, along with Emmy award-winning producers, their delicate harmonies into a fully formed rendition Copies of both The Doll’s House and Rick Rubin and Peter Asher. – combining intense emotion with a sense of calm the smaller paperback edition of Red After an earlier songwriting collaboration with acceptance. Ribbons are available nationwide or can Sharon Robinson, the Webb Sisters renewed their Many audience members have likened the moment Show your IBOA membership be ordered via www.amazon.com or acquaintance with her in what has become an enduring evoked by the song to a spiritual experience – while www.amazon.co.uk. partnership with the aforementioned Canadian poet – music critics around the globe have tried in vain to find card at the pay point For further information on Louise Leonard Cohen (right) – who in 2008 decided to go the words to describe their remarkable talent: but the Phillips and The Doll’s House visit her back on the road in a major “world” tour after a break voices of angels line sounds rather trite now. Cohen, website www.louise-phillips.com of fifteen years. himself, describes them simply as “sublime.” 38 39 FIXED INTEREST SPECTRUM september 2013 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk www.iboa.ie www.iboa.org.uk IBOA THE FINANCE UNION september 2013 SPECTRUM cinematique TAKE Valid at over 200 cinemas 2 in the UK and Ireland

SPECIAL OFFER FOR IBOA MEMBERS IC Cinema Tickets Republic of Ireland: Adult €6.80 Child €4.60 Northern Ireland and Great Britain (excluding London): Adult £4.60 Child £3.65 London: Adult £7.00 Child £4.50 About Time Gleeson Above: Chris Hems- Valid at 26 cinemas around Ireland and over180 more worth (right) and gets starring role Daniel Bruhl in Ron in Britain to see any film at any time on any day. Howard’s new film, Domhnall Gleeson (yes, son of one Howard’s way Rush. and brother of another) takes the The majority of people living in the UK and Ireland are no more than 20 minutes away lead in Richard Curtis’s latest (and Racing movie with real drama Below: James Hunt perhaps last) film, About Time. from one of the participating cinemas. For the full list, see www.iccinema.co.uk/ (top) and Niki Curtis, the creator of Love Lauda (bottom). Actually, Four Weddings and a oaring into a cinema near you Hunt embodied the classic stereo- Funeral, Notting Hill and Blackadder To avail of these tickets, please send a cheque made payable for the number of tickets Rsoon is Ron Howard’s new type of the F1 racing driver – with a (not to mention co-founder of movie, Rush, which is being hailed playboy lifestyle of champagne parties Comic Relief) has declared that he you require to IBOA Cinema Offer, IBOA House, Stephen Street Upper, Dublin 8. as the best motor racing film ever and glamorous women – while Lauda is hanging up his clapper-board made – with the possible exception was so single-minded in his pursuit of glory that, despite a major crash which because of the intolerable stresses of the award-winning documentary, associated with directing a film. Note: IBOA accepts no responsibliity for lost or stolen tickets or for tickets which have passed their expiry date. should have ended his season, he fought Senna. on to the bitter end - battered and scarred Writing is much less pressured by Of course, such an accolade may but unbowed. comparison. not be that prestigious considering the Ron Howard is a master storyteller His final offering as a director general dearth of motor racing films – who has come a long way from his role sees Gleeson as a time-traveller and the comparatively few stand-out as Richie Cunningham in Happy Days. attempting by a process of trial movies among them. His diverse back catalogue as a director and error to win the favours of It seems that we can either have includes A Beautiful Mind, Frost/Nixon, exhilarating race footage or a decent sto- Apollo 13, Cocoon, Backdraft, Splash and Rachel McAdams. ryline with well drawn characters – but Willow. For Rush, he is re-united with his It has a bit of a Groundhog Day rarely a film that combines both.Grand Frost/Nixon screenwriter, Peter Morgan. vibe – except, of course, that Bill Prix has plenty of the former but little of The cast includes Australian Chris Murray is fated to relive the same the latter – while Le Man has the über- Hemsworth as James Hunt. Hemsworth day until he completes his mission cool presence of Steve McQueen but, had to lose over two stones from his of self-improvement – whereas lamentably, a contrived storyline of no recent fighting weight in Thor so as to fit Gleeson’s character travels through consequence. inside the streamlined shell of a vintage time to revisit critical moments But Rush goes back to reality by Grand Prix racing car. Daniel Brühl in pursuit of his relationship with taking as its inspiration the actual (Inglourious Basterds) is Niki Lauda, drama of the 1976 Formula 1 World while Olivia Wilde (House), Alexandra McAdams. Championship – which was marked Maria Lara (The Reader) and Natalie A rom-com with a twist, About by the intense rivalry between Britain’s Dormer (The Tudors and The Game of Time is a fitting swansong for this James Hunt and Austria’s Niki Lauda. Thrones)provide strong support. phase of Curtis’s career 40 41 FIXED FIXED INTEREST INTEREST SPECTRUM september 2013 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk www.iboa.ie www.iboa.org.uk IBOA THE FINANCE UNION september 2013 SPECTRUM prize crossword picture board

A prize of €50 will be awarded to the first entry drawn ACROSS DOWN from our post bag after the closing date. 1. Large bird (7) 2. King reputedly wise (7) 5. Kind of duster (7) 3. Regal (5) 10. Strip the hide off (4) 4. Country in Central Europe 1 2 3 4 5 6 7 8 11. In a dutiful fashion (10) (7) 9 12. Charm (6) 6. Fit to eat (6)

10 11 13. Dark coloured fruit (8) 7. Kind of orange (9) 14. Became more plentiful (9) 8. Make bigger (7) 16. Vital organ (5) 9. Frail (6) 12 13 17. Trap (5) 15. Type of thoroughbred 2 3 4 20. Test (9) animal (9) 24. Single educated man? (8) 18. Greed (7) 14 15 16 25. Labelling (6) 20. Terror (6) 27. Amplification device (10) 21. Light usually outdoors (7) 28. Area of land (4) 22. Senior military officer (7) 17 18 19 20 21 22 29. Independent judge (7) 23. Pass by (6) 23 30. Confer right (7) 26. City in Florida (5)

24 25 26

Name……………………………………………………………… 1 5 6 7 27 28 Union No………………………………………………………… Use the first letter of the surnames of each of the seven celebrities pictured to spell out the surname of a leading singer. Answers Address…………………………………………………………… on a post card, please, with your name, postal address, e-mail address and IBOA membership number to Picture Board, Spectrum, E 29 30 …………………………………………………………………… 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 October 1, 2013. The winner of the last Picture Board quiz was Sarah McCrory of Newtownards, Co. Down. The answers …………………………………………………………………… to the seven clues were Bullock, Izzard, Gandhi, Electra, Lopez, Ora, Winfrey - giving the surname, Bigelow (Oscar-winning director, Kathryn). PREVIOUS SOLUTION E-mail Address…………………………………………………… Across: 1. Crocodile; 6. Tears; 9. Infer; 10. Pneumonia; 11. Fantasists; Employer…………………………………………………………… 12. Clap; 14. Cliched; 15. Regular; 17. Prepare; 19. Pyramid; 20. Road; 22. Fantasised; 25. Gelignite; 26. Image; 27. Taste 28. Endangers. Branch/Dept……………………………………………………… sudoku Down: 1. Chief; 2. Offensive; 3. Oireachtas; 4. Implied; 5. Elector; 6. Tome; A prize of €50 will be given to the sender of the first correct entry 7. Annal; 8. Scampered; 13. Aggression; 14. Copyright; 16. Lampshade; drawn from our post bag on October 1, 2013. Entries should be sent 18. Examine; 19. Pithead. 21. Atlas; 23. Dress; 24. Ogle. to Crossword, Spectrum, IBOA – The Finance Union, IBOA House, A prize of €30 will be awarded to the sender of the first correct Stephen Street Upper, Dublin 8. entry drawn from our post bag on October 1, 2013. All entries 6 2 8 1 3 The winning entry for the prize crossword competition in the last issue was A photocopy of the grid is acceptable if you prefer not to cut up should be sent to Sudoku, Spectrum, IBOA – The Finance Union, submitted by Tina Molloy-Johnston of Letterkenny, Co. Donegal. the magazine. IBOA House, Stephen Street Upper, Dublin 8. You can submit your entry on a photo­­copy of the grid – if 2 8 4 you prefer not to cut up the magazine. The winning entry for the Sudoku Challenge in the last issue was submitted by Catherine 4 7 10% of all products and Barry of Skibbereen Co. Cork. services for IBOA members 6 7 3 1 and their families. Name…………………………………………………………… 3 9 Union No……………………………………………………… For more information, Address………………………………………………………… 4 5 8 2 check out the IBOA ………………………………………………………………… 3 7 Group Scheme in ………………………………………………………………… the My IBOA section E-mail Address………………………………………………… 8 7 5 of the IBOA websites. Employer………………………………………………………… 4 9 8 6 1 Branch/Dept…………………………………………………… 42 43 FIXED FIXED INTEREST INTEREST SPECTRUM september 2013 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk www.iboa.ie www.iboa.org.uk IBOA THE FINANCE UNION september 2013 SPECTRUM game time with george hamilton

n the subject of faith restored, Just like the snatching of Willian Oit was a sheer delight to be in from under their noses by the late bid Brazil for the first time to witness from Chelsea. the renaissance of that nation’s It’s unlikely to be as plain a sail for Manchester United as it was last season. Lightning flash football team whose joyous pursuit The mettle of David Moyes will be tested of the Confederations Cup back as never before, while the stars on the in June was another highlight of a other side of town seem much more Bolt strikes blow for redemption of Track and Field summer of some excellence. content now that they no longer run the If ever you needed a reminder of risk of being cast as pantomime villains. how trifling a matter sport really is, The Mourinho factor is sure to At the time, that made him the f ever a picture told a story, it though, it was there in Brazil too. galvanise Chelsea, and he certainly has youngest male athlete to have won a Iwas the one that captured the All is not well in that country, and the resources to play the expansive foot- moment when Usain Bolt was world junior championship at any event. the excessive expenditure required for the ball the owner craves. But there’s the rub, crowned fastest man in the world. The next year, he broke the world installation of the infrastructure for the for Mourinho’s considerable success has On that wet night in Moscow junior record for 200 metres, and at world’s biggest party was enough to bring been built on foundations driven deep a few short weeks ago, the snapper 17 he became the first junior athlete to huge crowds on to the streets to protest. with pragmatism. run the event in under 20 seconds. That from AFP was stationed in the The football team did its bit to draw If the excitement should fail to be record, by the way, still stands. the sting out of a situation that had matched with an excess of points, will he pit beside the track. His image All of which is to say that the arrival framed the 6’5” champion against serious potential to become really ugly. be able to resist reverting to type? of Usain Bolt, as the sprinter of the age, But now that the dress rehearsal is the towering backdrop of the followed a trajectory that suggested an Gunners short of fire power over, and there’s a southern spring and Wenger hasn’t survived so long without Luzhniki Stadium. absolute absence of anything other than summer to be spent only too aware of Above, in that instant, the heavy knowing how to cut it. Despite the a phenomenal running talent. the inadequacies that persist in the social heavens were lit up by a jagged flash Casinoball dreadful defeat to Aston Villa on the He ended Moscow as the most fabric of what is a huge country, there of lightning. Like the man on the track opening day of the Premier League, he decorated athlete in the 30-year history can be no guarantee that the World Cup down below, a force of nature. pointed out with justification that his of the sport’s World Championships. won’t be played out against a backdrop of Premier League Not even the worst the weather team had lost only that one since the He now has eight gold and two silver agitation. could throw at him could prevent Bolt’s beginning March – a stat scoffed at by medals. Last year, he took his total of Before we get there – and the way successful bid for a fourth individual the begrudgers on Twitter who pointed Olympic medals to six – all of them things have worked in the World Cup returns in England World Championships gold medal. And to the fact that that included a period gold. over the years, with South Africa being this in a summer when it seemed the sky of almost three months when there had In the great wide world of sport, the only distant destination in the last And yet so much remains the same: Above: the new was falling in on Track and Field. been no football for the clubs to play. Track and Field offers competition of the two decades that didn’t play host to the two from Manchester, two from London (and old) Chelsea On the very eve of the Moscow Arsenal were in need of a run at the purest sort – athletes each competing team in green, there’s surely a better than doing battle for the major prize in manager, Jose event, the bronze medallist from the end of last season to secure a place in the directly against the opposition. even chance that the Republic of Ireland England’s Premier League. Mourinho (Photo: women’s 100 metres in the previous Champions League play-off, and they In that competition, surely the race will make it – there’s a northern winter For all their huff and puff, it re- Inpho/Denis Worlds – Kelly-Ann Baptiste from duly delivered. The others in the top four to become the fastest is the blue riband of agony and ecstasy, not to mention a quires a fair stretch of the imagination Doyle/ Getty Trinidad and Tobago – failed a drugs all lost four times over the same period. to beat them all. Usain Bolt has done just modicum of discontent, to be enjoyed. to see Liverpool back in the Champions Images). test and was banned, joining the 2013 Tottenham, by the way, only lost three. that. Again and again. For 2013-2014, so much has League places by the end of May. roll of shame that also included a former At Arsenal, the trophies may have When he does what he does, some changed. Alex has gone. José is back. The But what about Tottenham, putting world champion in Tyson Gay and a been conspicuous by their absence – it’ll faith is restored. And for that, the owners at the Etihad have a calm hand themselves in hock for the cash that former world record holder in Asafa be ten years next May since they last won colossus from the Caribbean deserves on the tiller. And Arsène is, well, being would come when they finally sold their Powell –two of the four fastest men ever the Premier League, nine years since our most grateful thanks. Arsène. prize asset? It’s all business, isn’t it? over 100 metres. they won the FA Cup, and since 2005 there has been nothing – but Wenger has Stan (ozolol)’s the man managed to keep them on an even keel. Their squad is short, though, and It’s nothing new, of course. I well Bank of Ireland to even with substantial investment before remember that Tuesday morning in His career was over, his name and his the transfer window closes, you wonder Seoul 25 years ago when we were woken Mr. Track and Field, achievements removed from Track and back Munster for if it can all come good in the space of just to be told that what we’d thought had Field’s roll of honour. Usain Bolt (Photo: Inpho/Photosport one season. It’s as intriguing as it’s been been the greatest race of all time, three Montgomery’s then girlfriend, Marion for a long time. days before, had, in fact, been a sham. Jones – the first woman to win five /Anthony Au-Yeug) another 5 years The Olympic sprint champion, Ben medals at a single Olympics at Sydney Usual suspects Johnson – whose thrilling dash beyond in 2000 – suffered similar ignominy, Bank of Ireland has agreed to continue And just as one swallow doesn’t make Carl Lewis had smashed the world and ended up in prison (as indeed did as main sponsor of Munster Rugby for a summer, so results in August don’t record – was a cheat, testing positive for he, on another count). Now, Gay and another five seasons – continuing a decide a championship. It’ll be the usual the anabolic steroid, stanozolol. Powell have tested positive for banned relationship dating back fifteen years to suspects, all right. I can’t see Liverpool joining in, and Unfortunately the shock has no substances. And that’s only one event. 1998, firstly as main sponsor and more worn off as others were found out down There would be a strong temptation it will be even more difficult for Arsène’s recently as official banking partner. the years since. Linford Christie was banned to throw your hat at it – to say the sport Arsenal to make it into the top four with two years after he won the 100 metres is so riven with cheating that it is beyond Pictured at the announcement were Tottenham’s additional firepower. gold at the Atlanta Olympics in 1996. redemption. (back from left) John Keegan, Director of I’d even consider a modest punt on Tim Montgomery who set a world But then along comes Usain Bolt Distribution Channels Bank of Ireland; Spurs at the 25/1 each way, that’s on offer record of 9.78 seconds in the event in who’s been breaking records since he Garrett Fitzgerald, CEO, Munster Rugby; as I write. For even though it may be the usual suspects, some are looking slightly 2002, admitted steroid use at a sub- was a kid. In 2002, when he was just 15, David Merriman, Regional Manager sequent grand jury hearing in the US. he won the World Junior 200 metres title. more suspect than others! Bank of Ireland South West; Munster head coach, Rob Penney; with (front from 44 left) players, Andrew Conway and Paul 45 O’Connell (Photo: INPHO/Billy Stickland). MARGIN MARGIN CALL CALL SPECTRUM september 2013 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk www.iboa.ie www.iboa.org.uk IBOA THE FINANCE UNION september 2013 SPECTRUM stephen malone THE IRISH BANKERS’ CLUB CLUB OPENING HOURS: Tuesday-Saturday: 4.30pm until late. AIB awash with cash! IBOA HOUSE, STEPHEN STREET UPPER, DUBLIN 8

ince the advent of the banking crisis, AIB has frequently been confused Telephone: 01-4758970 10am-12noon or after 5pm (Tuesday-Saturday). Sunday-Monday: closed. Swith Anglo Irish Bank in the foreign media – requiring the Bank’s public relations department to issue clarifications on more than one NOW SELLING occasion during the past five years in order to dissociate the State-owned bank from its more reputationally challenged former rival. THE 28TH BANKERS’ CLUB DRAW However the latest ‘AIB’ to appear in the global financial press is the rather more exotic Awash Magnificent Holidays and Magnificent Cash Prizes International Bank of Ethiopia – whose current fortunes stand in Early Entry Prizes and Monthly Attendance Prizes sharp contrast to its namesake in Open to All IBOA Members and Partners Ireland. The Draw Application Form is included with this issue of Spectrum The most profitable of Ethiopia’s private banks, Awash reported an unaudited gross profit of 639m Mis-selling of PPI hits Ethiopian birr (€25.4m) in the 2012- UPCOMING CLUB CLUB MEMBERSHIP 2013 fiscal year – up 18% on the DRAW NIGHTS Olympian proportions previous fiscal year. Its total revenue in 2012/13 Feeling the pressure: Oleg Tinkov of Tinkoff Credit Systems (Reuters) Friday, September 27: New members welcome he cost of compensating bank fiscal year reached 1.4bn birr, 1st Prize: Two weeks for 2 in customers who were mis-sold (€55.6m) showing a growth of Join now for free membership until September T 309m birr (€12.3m) or 28% com- The Amalfi Coast payment protection insurance (PPI) 2014 – and cost then only €20 a year! pared to the previous year. 2nd Prize: €300 3rd Prize: €250 in the UK has now exceeded Always read the small print! The oldest and largest private Features include: £18.4bn – or double the amount 4th Prize: €200 bank in Ethiopia, Awash has opened • Reduced room hire rates spent on last year’s Olympic Games 29 new branches in the past fiscal Man sues over credit card contract in London – according to British • Bar & meeting room facilities year bringing its total number of Friday, October 25: • Catering & DJ facilities consumer rights magazine, Which? A man who altered the terms of his own credit card contract to branches to 115. 27th Grand Draw Night • Big screen for all sporting occasions Lenders such as banks and give himself unlimited credit is suing his bank after it shut down • Full bar licence – extensions available building societies typically offer PPI his card. 1st Prize: Two weeks for 2 in to customers with loans and credit Dmitry Argarkov from Voronezh have to pay him 3m roubles (£60,000/ Thailand or Australia or For more information, please contact cards to cover repayments in the in Russia, responded to an unsolic- €68,500) for any change it made in Tanzania (including Zanzibar) Michael Martin, Honorary Secretary, Irish event of borrowers suffering loss of the contract with a 6m rouble penalty earnings through sickness, accident ited proposal for a credit card from 2nd Prize: €1,000 3rd Prize: €500 Bankers’ Club, at the address above. Tinkoff Credit Systems by setting if it tried to scrap the contract. 4th Prize: €300 5th Prize: €200 or unemployment. Argarkov sent his “counter- But, in many thousands of cases out his own terms and conditions. Unhappy with the advertised proposal” to the company – and, borrowers were either not told that to his surprise, received a credit card Friday, December 20: DRAW RESULTS PPI was optional or later found that interest rate, he changed it to 0% with no fees payable and no credit together with a copy of his The 28th Annual Christmas exclusions in the policies made application form which had been limit. He also amended the terms Draw Night them ineligible for compensation approved by the company. Results of recent Bankers’ Club so that the finance company would (See 28th Draw Application Form enclosed) when they went to make a claim. After two years of active use, draws are posted on the IBOA the company decided to close the websites at: account because Argarkov had All draws at 9pm sharp. Bar food served 5pm-10pm. www.iboa.ie/services/sportsand fallen behind with the repayments. social/bankersclub.html The dark Mournes sweep down to Santa It also sued him for 45,000 roubles Usual spot prizes for in fees and charges which, of course, or www.iboa.org.uk/services/sports had not been included in Argarkov’s those attending draw andsocial/bankersclub.html It’s hard to believe that the Santa version of the contract. season is almost upon us once But a judge has now ruled in again. Argakov’s favour, saying the amended But here’s a brief reminder Club Bookings contract was valid and that Tinkoff that the Union’s Sports and was legally bound to honour it. SPECIAL OFFERS FOR 2013 Social elves will again be organ- So Argakov only has to pay ising a trip to Santa’s Cottage in the outstanding balance of 19,000 the Mourne Mountains later in roubles. He is now counter-suing All IBOA members, Club members and their friends or family members can book the the year. Tinkoff for 24m roubles on the Bankers’ Club for a party or special function for just €100 from August to December 2013: So keep an eye on the Events grounds that the company had section of the Union websites for breached the contract by termi- Phone Alan at 01-4758970 details of the arrangements. nating it without paying him the Book your Christmas Party at the Bankers’ Club and enjoy free room hire during December 2013. Places are likely to be limited. cancellation fee. So, as always, participation will be on the basis of ‘first come first 46 served.’ 47