AIB Withdraws

APRIL 2012

Alegría Win two tickets to see Cirque du Soleil at

Dublin’s O 2 See Pages 56-57

O2 WHAT A CIRCUS! S 2 H IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk O R S P T E S C

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d 1 2 3 e i g O n i a s n S t 7 7 7 l A NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE

No more WORK AGENDA • No agreement on change at Bank of Ireland • Pay deal for majority in mister Northern Bank • Ulster Bank demands 950 more job cuts • AIB restructuring plan See Pages 38-45 knight guy

Just plain Mister: Fred Goodwin. k u . g r o .

Fred the Shred loses knighthood – a o b

LIFE & STYLE i .

• Consumption of fast food w

linked to depression but holds onto generous pension! w w • Positive steps to reduce cancer risk The former Chief Executive less job-cutting programme Goodwin as the scapegoat • Two books examine various of Ulster Bank’s parent com - which earned him the nick - for the reckless behaviour of aspects of the banking crisis pany, the Royal Bank of name of “Fred the Shred.” other senior executives facili - See Pages 46-53 Scotland, Fred Goodwin, And of course, since the tated by lax regulation. was stripped of his knight - banking group was brought Among the other key e i .

hood recently by the British to the point of collapse as a players in the British banking a o

Govern ment as a public result of Goodwin’s blind crisis under the spotlight are b i .

rebuke for his role in causing pursuit of the disastrous take - Sir Victor Blank, who was in w

Britain's financial crisis. over with ABN Amro, many charge at Lloyds TSB when it w Goodwin was forced to thousands more redundancies was also rescued by the w step down as chief executive are being implemented across British State, and Sir Callum In October 2008 and take the RBS group as the new McCarthy, chairman of the early retirement after the management team attempts UK’s regulatory body, the bank was bailed out by the to repair the group’s balance Financial Services Authority British State – which now sheet as quickly as possible. from 2003 to 2008, who has

owns 82% of RBS. The poster boy for the been criticised for failing to N O

For many RBS staff – and boom has now become the take action to avert the crisis. I

especially former staff – the poster boy for the bust – even While losing his knight - N U

ARTS & LEISURE public humiliation of the ex- though, of course, he was hood has probably come as E

• The Hunger Games CEO offers little comfort. not solely responsible for the a blow to Goodwin’s pride, C • Cirque du Soleil’s Alegría Goodwin was originally crash. Indeed, some com - it will no doubt be offset by N • The Little Big Club A N

honoured with a knighthood mentators have come close the fact that his very lucrative I

• From Jack to Trap F after implementing a ruth - to expressing sympathy for pension remains intact. • Prize Crossword, Picture E H T

Board and Sudoku

• UltraViolet Cover Picture: One of the performers in Cirque du Soleil’s Alegría – which will play at Dublin’s O2 arena later A O

See Pages 54-63 this month (See pages 56-57 for more details). B I

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Lloyds aims AIB withdraws ‘free to cut 1,600 more jobs banking’ for many Lloyds Banking Group has announced 1,600 more job AIB is tightening its “free cuts across a number of banking” facility for personal divisions as part of its plan to current account customers in remove 15,000 staff from the order to save costs – including the “significant” cost of provid - payroll over three years. ing money transmission services. Condemning the proposed Currently, to qualify for cuts, unions have accused the free banking, customers with bank of ”making employees current accounts must com - pay for the fault of others.” plete at least one transaction each quarter using an AIB debit card and at least one payment using phone or internet banking. But from May 28 customers Lloyds hits must keep their credit balance above E2,500 for a full quarter ex-chiefs’ to avoid maintenance and trans - action fees. Photo: Gareth Chaney/Photocall Ireland bonuses AIB says that 40% of its Bonus payments worth £2.2m personal current account holders have been clawed back from will still qualify after the change – including holders of student RBS and Goodwin sued the former Chief Executive of Lloyds Banking Group, accounts, graduate accounts k u Eric Daniels, and three of his . and over 60s’ accounts. by angry investors g former colleagues as a result r o

Describing the decision as Ulster Bank’s parent, RBS The RBOS Shareholders . of the losses arising from the a an ‘insult,’ Ann Fitzgerald, the and a number of former Action Group claim that o b i Chief Executive of the National directors –including ex-CEO the Bank misled investors mis-selling of payment pro- . Consumer Agency, said she is tection insurance. w

Fred Goodwin and ex-Chair, in the prospectus for its w

asking the Financial Regulator Sir Tom McKillop, have been £12 billion rights issue to The former senior executives w to rule if AIB has breached its served with a £2.4 billion finance the take-over of the were due to receive the bonus consumer protection code. damages claim by angry Dutch Bank, ABN Amro, just awards for their roles in the Meanwhile AIB staff must investors in the Bank, which five months before it was integration of HBOS into Lloyds which involved cutting 28,000 once again bear the brunt of is now 82% State-owned. bailed out by the State. customer anger. jobs. e i . a o b i . w w w

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april 2012 SPECTRUM 5 S 6 H IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk O R B b a £ t n l t i b i i w ‘ R S S r A U i

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Jersey sore and may be getting sorer: The Goldman Sachs Tower Doubly sorry: Barclays CEO, Bob Diamond may have to apologise in Jersey City, New Jersey to customers once again (Photo: Daniel Lewis) Dutch pension fund UK banks face new k u sues Goldman Sachs mis-selling scandal . g r

ome of the UK's leading banks are facing allegations o . a

Sof mis-selling complex financial products to many o b i over mis-selling small businesses without providing them with sufficient . he Dutch civil service pension scheme, ABP, has w

information on what they were being sold. w

Tlaunched a law suit against Goldman Sachs Group Barclays, HSBC, Lloyds and RBS are facing legal w over the sale of mortgage-backed securities. action which may ultimately cost billions in damages. One of the largest pension A large number of small schemes in the world with and medium-sized enterprises assets of E246bn, ABP claims claim that they were forced that Goldman Sachs sold it FSA boss to quit soon to take out highly complex e

collateralised debt obligations derivatives as a form of insur - i he Chief Executive of Britain’s Financial Services . a

(CDOs) which were far riskier Authority, Hector Sants, is to leave the regulatory ance against interest rate rises. o b

T i than the investment bank had These instruments – which .

body in June. w suggested. were highly profitable for the His imminent departure head up a new banking su - w

Indeed in the formal com - lenders –resulted in substantial w plaint against Goldman, ABP has come as a major surprise pervisory body as part of a losses for the borrowers when since Sants was expected to claims that the investment major shake-up of the regu - interest rates fell. bank knew that the loans lation of British banking due According to the Sunday in early 2013. were destined to fail. Telegraph, Michael Dempster, The FSA is due to divide A spokesman for ABP said: Professor Emeritus at Cambridge into two – the Prudential “Goldman Sachs knew the University’s Centre for Financial

Regulatory Authority (PRA) N quality of the underlying Research believes the claims O which is to be part of the I mortgages from the start to faced by banks could run to Bank of England (with Sants N U

the end and must have been billions of pounds.

originally designated as the E aware they did not deserve a This latest incident follows PRA’s head), and the Financial C

AAA rating.” a major scandal over Payment N

Conduct Authority, a separate A The pension scheme has Protection Insurance (PPI) – in N

consumer watchdog. I

initiated similar suits against which UK banks and insurance F The resignation of the J P Morgan, Credit Suisse, brokers could face bills of up to E former Credit Suisse banker is H T

Deutsche Bank and GMAC, the £3 billion after mis-selling PPI to the latest in a series of depar - financial branch of General as many as 12 million customers A

Hector Sants tures by senior FSA staff. O

(see Spectrum May 2011). B Motors. I

april 2012 SPECTRUM 7 S 8 H IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk O R e c c s d d s a f a n w t i t e t h t t A a R t v r b c s u e S a i T d T E S t b e o

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London-based Swiss and British rogue banker regulators launch pleads guilty in probe into UBS New York court trading losses he global nature of international finance was he UK's Financial Services Authority (FSA) and the Tcaptured in a recent court case in which a London- TSwiss Financial Market Supervisory Authority (FINMA) based banking executive employed by a Swiss bank have both launched enforcement inves tigations into faced trial in New York. the £1.5 billion losses at UBS – which are alleged to David Higgs, a managing As a result of the over - have been caused by unauthorised deals con ducted by director at Credit Suisse in statement of the value of the London-based trader, Kweku Adoboli. London in 2007 and 2008, mortgage securities, Credit pleaded guilty to criminal Suisse had to announce a The British-educated son He has been accused of two charges that he and some £1.8bn write-down in March of a retired United Nations counts of fraud and two of colleagues inflated the value 2008, a month after finding official from Ghana, Adoboli false accounting. of mortgage securities in the “mismarkings” by the group was arrested after the losses After entering a plea of not bank’s portfolio in order to of employees. were revealed last September. guilty, Adoboli was refused boost their bonuses. bail by a London court recently The fraud was perpetrated and will remain in custody in by Higgs, Head of Hedge Wandsworth Prison until his Trading, and his boss, Kareem trial in September. Serageldin, Head of Structured The trading losses have already forced UBS into major

Credit Trading, along with two k u

changes in management – .

New York-based Credit Suisse g

including the departure of r

employees, Faisal Siddiqui and o .

its chief executive, Oswald a

Salmaan Siddiqui (no relation). o

Gruebel, and the bank's chief b i .

risk officer. w

The regulatory investiga - w tions by FSA and FINMA will w State-owned assess the effectiveness of the controls in place at UBS to RBS spent $4m prevent unauthorised trading. David Higgs Kweku Adoboli UBS said it would co-operate on lobbying fully with its regulators. e i

Meanwhile, UBS is con - .

US lawmakers a

ducting its own investigation o b i Ulster Bank parent company, into the losses arising from what . RBS, spent $4.13m on in-house AIB set to return to it describes as “an unauthorised w w

and commercial lobbyists to trading incident.” w influence US federal legislators profit “in two years” between October 2008 and he almost entirely State-owned AIB Group is on December 2011, according to Ttrack to return to sustainable profitability by documents released by the US 2014, according to its Chief Executive Officer, David US bank buys Government recently. The bank lobbied US Con - Duffy. stockbroking

The AIB chief was commenting on the Bank’s latest N gress representatives on con - O annual results which revealed a loss after tax of E2.3 I sumer protection laws – like arm from RBS billion for 2011 – down from the record loss of E10.2 N U the Consumer Overdraft Pro - Ulster Bank parent company,

billion in 2010. E tection Fair Practices Act and Operating profit, before provisions, totalled E68 RBS, has agreed to sell its C the US Credit Card Act – as E historic British stockbroking N

million in 2011, compared to 658 million a year earlier. A well as on the Dodds-Frank arm, Hoare Govett, to the US N

The Bank attributed the reduction in operating profit I

Wall Street Act – intended to F to lower levels of income, down by E519 million or 22%, investment bank Jefferies. reform the US banking system. The sale seems to be part E and a rise in costs of E71 million. H T This activity has raised AIB said it had set aside E7.9 billion for loan losses, of the Bank’s plan for a radical major concerns in Britain since E reduction in its investment A compared with 6.02 billion last year. O B

RBS is 82% owned by the State. banking operations. I

april 2012 SPECTRUM 9 S 1 H 0 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk O R t a b t S b O h h P T b e e u E a e c g o C r M

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Financial Services Ombudsman, William Prasifka Justice Alan Mahon (Photo: Sasko Lazarov/Photocall Ireland) (Photo: Sasko Lazarov/Photocall Ireland) k u AIB implicated . g Errant banks r o . a o b i in planning . w

to be ‘named w scandal w and shamed’ Mahon Report highlights AIB’s New law to allow Ombudsman to role in payments to politicians e i publicise rogue finance companies .

As well as highlighting the abuse of political power and the a o

corruption of the planning process, the recently published b i he names of financial institutions in the Republic that are .

report of the Tribunal of Inquiry into Certain Planning Matters w found to mistreat customers will be publicised in future T and Payments in the Republic, chaired by Justice Alan Mahon, w following a change in the law which will allow the Financial also highlighted major concerns about the role of AIB – w Services Ombudsman to ‘name and shame’ those companies which was centrally involved in the Quarryvale development which have consistently breached consumer rights. – one of the central issues investigated by the Tribunal. A similar power – which is insurance companies and brokers Fearing heavy losses on the project in 1991, AIB pressed already available to the UK (including health insurance), the original developer, Tom Gilmartin, to hand over control authorities – was used to high - stockbrokers and hire purchase of the project to Owen O’Callaghan – with the Bank taking light the recent scandal over providers. a 20% stake in the company behind the development – N

the mis-selling of payment pro- The former ombudsman, Joe which engaged Frank Dunlop to pursue the issue of plan - O I

tection insurance. Meade, wrote to the Depart - ning permission with the appropriate authorities. N U The Republic’s Minister for ment of Finance about changing The success of the project not only required the “acqui - E

Finance, Michael Noonan said the law in 2009. His successor , sition” (literally!) of support from local councillors: it also C

recently that the Government Bill Prasifka, has also lobbied needed a favourable tax status designation from the then N will accept a Bill proposed by consistently for the power to Minister for the Environment, Padraig Flynn. A N I F

Fianna Fáil to allow a record of publish a list of the worst- The process was facilitated by AIB in a variety of ways complaints against financial offending companies. His office including the cashing of fictitious cheques to pay off local E H T companies to be made public. already produces its own internal councillors as well as allowing loans to be used for purposes

The new provision is expected ‘league table’ – but this has other than that for which approval was originally granted – A O

never been published. a lax attitude which was also evident in the recent crisis. B to cover banks, mortgage brokers, I

april 2012 SPECTRUM 11 S 1 H 2 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk O R b S b A M b o b m s a h a A

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e i O n v o o l a r e n n i i i r l ) l ’ d d n h n n e e e e y y s . . - - r r f f . , A NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE k u . g r o . a o b i . w w w e i . a o b i . w w w N O I N U

E C N A N I F

E H T

A O B I

april 2012 SPECTRUM 13 S 1 H 4 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk O R S P T E C

T C R U U M T S a p r i N l

2 0 E 1 2 W S

R E V I E W S P E C I A a A g e A x u n L I q t t a T f W t f b t m m p

r o o h h h h r u y i u h t e r e e e r a s

e e b i

g n s a n N

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e C n d

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e o e e l e o l

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k s u t l i b t a

g u f w i b

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e k d a a a ’ B a

s g t e e c a A c . a v o a p e h t

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r r

r o c

t a e d l n t t o o u e e e o o e p d h o s - - - t t f f . NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE

In the exhibition entitled ‘Romantic Ireland,’ the artists each take a line from the W. B. Yeats poem, September 2013, which is well known for its refrain: “Romantic Ireland’s dead and gone – It’s with O’Leary in the grave.” A total of twenty-six quite provoca - tive images are on display at the site – braving the elements, the graffiti taggers and the authorities. Among the more striking are the assembly of politicians and disgraced banking bosses – including Bertie Ahern and Michael Fingleton – to illustrate the line: “Yet they were of a different kind.” Former Health Minister, Mary Harney, is also pilloried for her attempts to trans - fer more of Irish health service into the hands of private operators – to realise the line: “You have dried the marrow from the bone.” In terms of the bailout by the Troika, which is the theme of the image to illustrate the line: “But fumble in the greasy till,” Enda Kenny might feel hard done by personally – as the decision was taken by his predecessors .

But if the Taoiseach is seen as the k u . embodiment of the entire political class g r o who must also take their share of respon - . a o

sibility for the current situation, some b i .

artistic licence is permissible. w The parallels between Yeats’ evocation w w of the flight of the wild geese and the return of emigration driven by rising unemployment are also highlighted on the wall. e i . a o b i . w w w N O I N U

E C N A N I F

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april 2012 SPECTRUM 15 SHORT CUTS NEWS REVIEW SPECIAL FOCUS IBOA

IBOA member, David Lemon , looks back on an era when time and motion studies were all the rage in the Irish financial sector S, QUE HE & C ES NG SPI RI ASU

k E u .

g M r o .

a E

o P b i . A w T w w There was a story Usually I got to time bank officials a time and motion perspective, this is in the press a ‘amount encoding’ cheques or sorting insufficient detail. couple of months items into alphabetica l order for sub- Had I come back to the office with ago about Graham sequent manual ledger posting. only two categories of work activity for Gibbons from South Wales, who Sometimes those being timed tried ‘amount encoding,’ my manager would to pull the wool over my eyes by working have pointed out the error of my ways,

e was charged with voyeurism after i . at a slower rate than normal, envisaging in rather colourful language, and told a using his camera phone to film o that they were creating a bit of siesta me not to even think about claiming b i . sex with his girlfriend without her time for themselves whenever our team expenses for the exercise. w knowledge. The UK’s Sexual Offences w worked out the time allowance for the I would have had to split the task

w Act criminalises those who watch, tasks. down into its component parts, e.g., for gratification purposes, people Naturally I did not make them privy walk to supervisor’s desk to collect bundle engaged in a private act without to the information that any timings that of cheques, check encoding machine for their consent. were not accompanied by the sweat supplies and confirm its operational status, However, Mr Gibbons, who is a time lashing off the participant were declared sit down, lift cheque, read amount, key and motion expert, claimed that “making null and void. amount (average 8 key strokes), drop the half hour sex tape was an academic The apparent rationale for Mr Gibbons’ cheque into transport channel, etc. N

O research project in which he applied his conduct was to prove his suspicions that Readers will be relieved to know that I

N professional expertise to his private life.” he was making more effort than his lover I do not intend to speculate on what the U Why are they still called sex tapes, by during sex. As a result of his analysis of the component parts of Mr Gibbons’ activities E

C the way? Was he using the latest reel-to- recording he was able to demonstrate might have been.

N reel iPhone? that he “gave her 20 minutes of satisfaction, From a banking perspective when - A Back in the 1970s and 1980s I worked followed by 5 minutes of intercourse ever we eventually arrived at a standard N I

F time for the task, we then added on a in Northern Bank’s Organisation & Methods before a further 9 minutes of satisfaction.” E Department, which encompassed time Using my own professional expertise 12.5% rest and relaxation allowance. H T and motion study. But I was never given I quickly noted that this adds up to Explanation of this fact to Branch staff

A such an exotic assignment as the research 34 minutes, which is not half an hour. But was generally met with ironic laughter or O

B undertaken by Mr Gibbons. setting aside this sloppy mistake, from I ⁄

16 SPECTRUM april 2012 NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE

indeed an observation that we were well I certainly enjoyed spending all those Whenever the inevitable claims of treating them to similar activity to that evening meal and mileage allowances! understaffing, or earache to give it its undertaken by Mr Gibbons. The world of computerised banking technical name, became too persistent, As there was no mention in the was arriving and statistics could be and was accompanied by appropriate Gibbons case of a traditional post-coital extracted automatically without the levels of anguished wailing and sweat cigarette, I assume his lover was denied need for someone to drive all the way to lashing off brows, the Regional Manager her rest and relaxation allowance. Omagh, stay there for three days and would arrange for someone from the We used to have timings for hundreds get blathered every night at the bank’s ever diminishing central team to visit to of Branch activities to enable us to calcu - expense. carry out a review. And guess what? It late how many staff each Branch required. would turn out that we should have been We supplemented this by visiting Out of time and going there the previous week. each Branch to collect a truckload of through the motions! Nowadays the need for a system to statistics, to gain an ‘on the ground’ Soon, however, it became too costly to determine how many staff are needed in appreciation of local conditions and to maintain a central team to interpret all a particular Branch is declining. By the witness first hand the reported heaving those automatically generated statistics time an understaffing problem is reported, throngs of customers clamouring for and software was written to calculate ignored, stalled, prioritised, deferred, service. the required staffing levels in each Branch. accepted in principle and finally investi - Invariably when we visited and noted With a much reduced central team avail - gated, someone else has decided to close the relative tranquillity evident in the able the standard times underpinning the Branch. It’s much simpler than all that banking hall, we were always told: “you the activities soon became obsolete and time and motion stuff. should have been here last week, we new activities weren’t being picked up at And go on, admit it, you’re dying to were queued out to the door.” all. know what happened to Mr Gibbons. He Of course, the good old days of Nevertheless if the computer printout was acquitted after the Recorder at the scientifically obtained standard times and said you needed 10.4 staff, then that is Cardiff court told the jury: “he is charged Branch visits to assess required staffing what you got and we were smart enough with voyeurism, not with being an odd - levels soon ended when somebody worked to make sure it was up to the Regional ball,” Ten minutes later, they returned out how many people we had on our Manager to defend the credibility of their ‘not guilty’ verdict. Afterwards Mr team and the size of our expenses bill. But the system. Ah, the benefits of the line Gibbons said, “I was only doing my job.” it was money well spent, in my view – management philosophy! The last of a dying breed, eh! k u . g r o . a o b i . w w w e i . a o b i . w w w N O I N U

E C N A N I F

E H T

A O B I

april 2012 SPECTRUM 17 S 1 H 8 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk O R t t f S h m t “ T o w r t e h h h h e P h T b a T h n e e e r a a E h e s v e o C n c m t d e e

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i d r r e r 2 2 2 n i n r e e e O d o t f e k k r l d d d d 3 5 6 g i o y s ------A NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE k u . g r o . a o b i .

Squaring the Vicious Circle w Many financial In the dim and distant past of “If you’re not in, you can’t The State-supported banks w institutions – the boom times – boom, of win” became the unofficial in particular, face many difficult w course, being the sound of a slogan of the banking sector – decisions. After all, previous which are them - loud explosion following a as finance houses competed reckless lending is the reason selves in very period of severe over-inflation with each other to lend, lend, for their current predicament. dire straits – are or over- heating of a fragile lend! So any further recklessness is facing demands structure! – life was so simple But that was another time surely unacceptable. e i

when it was all built on sand. – but unfortunately not another These institutions are also . to extend loan a When a business got into place. under intense pressure to show o b i and other credit difficulty, the owner or chief Now that banks are focussed a healthier balance sheet – in . executive would call into the on rebuilding their balance the wake of the substantial level w facilities to ailing w

bank to arrange more credit. sheets, every penny and every of investment by the State. w businesses. If his business happened to be cent counts – how else are the On the other hand, if a in property, this turned into a senior executives to get their bank’s new caution on credit Should they risk formality as the banks were bonuses? – and credit is tight. turns an ailing business into a throw ing “good literally throwing money at Borrowers are subjected to failing business – with signifi - money after bad” these patriotic entrepreneurs! much greater scrutiny as many cant job losses as a result – the And the more ambitious the financial institutions move from bank is likely to be condemned

to keep a failing N project the more the institutions being heavily risk- addicted to as callous and ungrateful. O enterprise liked it – because higher risks being just as equally risk-averse. While some politicians try I N U afloat – along mean higher profits, right?! Not only have many highly to make a career of being all E

with the jobs of And if our man didn’t like speculative ventures lost their things to all men, banks should C

the terms on offer from his former allure – but even some not be expected to meet com - N its employees? bank, he could just cross the marquee names in the retail peting aspirations equally. Each A N I

road to another institution sector now meet much stiffer has consequences and some are F

Or should they be and virtually write his own! resistance even to requests for mutually exclusive. We need E H T

“cruel to be kind” No place for prudence or temporary measures to enable much greater honesty all round. and pull the plug? caution in this never-ending them to weather the squalls If only our society was mature A O

and flurries of the recession. enough to embrace it! B

cycle of boom and boomer! I

april 2012 SPECTRUM 19 S 2 H 0 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk O R d h f i p e a c h s w S T r r t f o w r w a o T c t d

c n i u o o e e e e r r a n f i b n a o h a P a h n u T h

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• lack of the necessary clout to example, the banks regulated The solution, according to be taken seriously in both the by the (US) Fed have a strong the three, is the creation of a financial and political arenas. voice in choosing the executives new body which they call the All of these factors have been running the 12 regional Federal Sentinel with the appropriate clearly visible in the emergence Reserve banks.” knowledge and competence to of the banking crisis in Ireland. This unhealthy closeness scrutinise the activities of the In a very telling example, the between the regulators and the regulators by providing “expert, authors demonstrate how far the regulated is also reflected in the independent assessments of Federal Reserve Bank has gone in “revolving door” through which financial regulation.” the past to obstruct public access personnel move quickly between According to the authors, this to information on its activities: key regulatory bodies and major body should be empowered to “In May 2008, Bloomberg financial institutions. access any information necessary News filed a Freedom of Infor - To illustrate the point, the trio to assess the quality and effec - mation Act request for Fed doc - highlight the members of the US tiveness of financial regulation, uments on its lending to banks. Treasury team which supervised and should then be required The Fed said it would respond in the US Government’s key banking to report each year to Govern - June, but did not. Bloomberg bail-out initiative – the Troubled The Republic’s former ment on the soundness of banks, News sued, and in August 2009, Asset Relief Program (TARP) –after Financial Regulator, Patrick insurance companies, securities a federal court ruled that the Fed the collapse of Lehmann Brothers. Neary, in happier times – firms and ratings agencies. must release the documents. The “Treasury’s former chief of less than six months The senior staff of this super Fed appealed, and in March 2010, staff, deputy assistant for finan - before the Irish Govern - agency should, say the trio, an appellate panel unanimously cial institution policy, associate ment introduced the include economists and forensic sided with the lower court. secretary for financial institution bank guarantee for the accountants –who would be well “At that point, the Senate policy, undersecretary of domestic six domestic institutions paid and, more significantly, con- called on the Federal Reserve to finance, adviser to the secretary (Photo: Eamonn Farrell/ tractually prevented from tak ing identify the banks and other on the financial crisis, assistant Photocall-Ireland). up employment in the financial financial institutions that received secretary for international affairs, services sector for at least five loans. The Supreme Court even - undersecretary for international years after leaving these jobs. tually ordered the Fed to comply. affairs and associate secretary for The authors suggest that, The Fed then released the thou - legislative affairs have all moved while the mere existence of this sands of documents in a non - to the financial institutions over oversight body should encourage which they had just been shap -

searchable PDF form, making it regulators to perform at a higher k u difficult for the public or the ing national policies.” . level, the Sentinel would also have g r

press to examine them.” a major impact by high lighting o asting doubt on the capacity . The close relationship between a Cof recent legislative measures emerging problems: o b i regulators and those they regu - in the US to prevent a recurrence “What would have happened . late has been well highlighted in of the current crisis, the authors had a Sentinel highlighted the w w

many parts of the world – lead - note that none of the current FBI’s 2004 fraud report in mort - w ing to a situation where the institutions have the necessary gage finance, and the lack of financial sector effectively deter - independence, effective powers response from the Fed?… mines the degree of regulation it or appropriate mandate to ensure “What would have happened is prepared to accept. proper regulation. if an Irish Sentinel had highlighted The authors add that: “regu - Noting the general tendency the dangers to the national bank - lators are very aware that they of most regulatory regimes to try Deputy Governor of the ing system in giving out mortgages e i Republic’s Central Bank, . can raise their salaries by a factor to cover up past mistakes, the with virtually no down payments a

and Head of Financial o

of ten by moving to private authors complain that regulators – mortgages that sometimes b i Regulation, Matthew .

firms. But the industry’s role is have consistently “created and exceeded borrowers’ incomes w

even more direct, influencing maintained policies that increased Elderfield (Photo: James tenfold?” w Horan/Photocall-Ireland). w regulators by selecting them. For the fragility of the financial system.” S N O I N U

E C N A N I F

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E r U E IBOA WORKPLACE LIFESTYLE ARTS & LEISURE

G-old boys

Otmar Issing: From GS to Bundes - bank board & ECB chief economist ‘Vampire squid’ goes global Extending its tentacles far and wide

Although Greg Smith’s letter has caused some Even Goldman’s previous track record in reputational damage to Goldman Sachs, it Greece did not hinder the career prospects remains to be seen how permanent it will be. of its old boys. The head of Greece’s debt Despite being accused of playing a management agency, Petros Christodoulou, major role in creating the eurozone crisis by worked for Goldman in the UK and Canada k u helping Greece disguise major problems in from 1987 – while Lucas Papademos, the .

William C. Dudley: From GS chief g public finances so that it could join the former head of the Central Bank who worked r

economist to NY Federal Reserve boss o .

euro in the first place, Goldman Sachs has closely with Goldman to mask Greece’s real a o b

made the most of the crisis in Europe – with deficit in order to join the euro, is now the i .

many Governments, including Ireland, “technocrat” Premier – installed to replace w engaging the investment bank to provide a democractically elected leader. w advice on how to deal with the fall-out Goldman Sachs has also cultivated a slew w from the economic meltdown since 2008. of retired EU Commissioners including former Not only has Goldman Sachs become Commission President, Romano Prodi, as well the “go-to” consultancy for many European as Peter Sutherland and Karel van Miert. governments, but many “Goldmanites” now In America, of course, the “vampire occupy key positions in Europe. squid” has been accused of operating a e i

The new head of the European Central virtual “revolving door” into influential . a

Bank, Mario Draghi, is a former Goldman positions in successive US administrations – o b i senior executive – while the newly installed both Republican and Democrat – as well as . Prime Minister of Italy, the “technocrat” Mario key regulatory bodies and even some of w w

Monti, was a senior adviser with Goldman. Goldman’s rivals. Mario Monti: from EU Commission w to GS adviser and Italy’s Premier N O I N U

E C N A N I F

E H T John Thain: From GS President to Romano Prodi: From EU Olusegun Ananga: From GS to David Went: Ex-CEO of Ulster NYSE, Merrill-Lynch and CIT Group Commission to GS adviser Nigeria’s Finance and Trade Min istries Bank and IL&P to GS board A O B I

april 2012 SPECTRUM 23 S 2 H 4 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk O R u b t m c w e l w l T b T t w a s t m b O d t i S W t T O a O i u t b m l o p m d a C m l s i

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. s i v r t i o s a a r a r ⁄ s a r f r ’ i i d d g n n n n h i e e e - s s s s t t t t t r f , l I D E IBOA WORKPLACE LIFESTYLE ARTS & LEISURE

Faceless, maybe – but intimid- ated they were not. And despite all O’Leary’s rhetoric, the Euro - crats did not bat an eyelid! Another element of the myth of O’Leary is that he was the genius who created the low fares model in aviation – and that his resistance to trade unions was essential to keep fares low. While there are many who agree that he developed a low pay model, the low fare concept was pioneered by South West Airlines in the US – which has managed to combine low fares for passengers with decent pay and conditions for a largely unionised workforce. Low fares based on low pay Almeria Golf Special O’Leary’s “genius” was to adapt the South West approach by reducing the level of benefits Venue: El Toyo , Almeria, South-East Spain to employees so as to increase Hotel: Choose from the following 4-star hotels – all situated beside the the dividend for his shareholders beach and golf course – –prominent among whom is Ryan- air Chairman, David Bonderman – • Hotel CaboGata Plaza Suites (www.suitesplaza.com), a founding partner of TPG (Texas • Hotel Garden Cabo de Gata (www.gardenhotels.com) or Pacific Group) Capital with an • Hotel Barceló Cabo de Gata (www.barcelo.com) estimated personal net worth of about $2 billion, according to last Golf Courses: Alborán (www.alborangolf.com) and La Envia (www.laenviagolf.com)

year’s Forbes 400 list. k u .

Of course, now that Ryanair g r o has become one of the dominant ded . at’s inclu a players in European aviation, it Wh o b i can no longer present itself E . Option A: 4 nights and 3 rounds at Alborán 185 pps! w as the plucky “little guy” taking w

on the big battalions: it is now w one of the pillars of the aviation Option B: 7 nights and 4 rounds at Alborán E establishment and set to be 295 pps! challenged by the new kids on the block. Option C: 7 nights and 3 rounds at Alborán E320 pps! If it could pick up Aer Lingus at a knockdown price from an Irish and 2 rounds at La Envia e i (ask for transfer prices to La Envia) . Government now so strapped for a o

cash that it might sell its golden b i Buffet breakfast daily and evening dinner included. . share in the national carrier, w

Ryanair’s position would be greatly w strengthened. Otherwise it may w need a lot of good will as well as BOOK NOW! a slice of good fortune to get through this latest challenge. Offer valid until June 15, 2012 – Prices for summer 2012 on request Burning bridges E-mail any of the following to book the hotel and golf: It remains to be seen whether Jose R. Espinosa – [email protected] O’Leary’s style – hard-ball at best, N O bullying at worst – has burnt too (Tel/Fax: 00-34-950208583) I N

many bridges to secure the good Pace Venegas – [email protected] U

will Ryanair may now need if it is E to continues to prosper. Dermot Fagan – [email protected] C N

In such an eventuality, the A

As soon as we confirm N master of Gigginstown House PLEASE QUOTE ALBORAN GOLF DEAL: I F

may have some free time on his your hotel and golf reservation you can book your flights: check E

hands. But as for Taoiseach? That H T Aer Lingus/Ryanair for regular flights to Murcia (2 hours from

would be a burnt bridge too far! A

Alborán or to Malaga (3 hours from Alborán). O B S I

april 2012 SPECTRUM 25 S S 2 H H 6 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk O O R R i n e r e “ f a a p 9 w b r s c o W c p f w S E T s o

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h e r r e n n a a ’ r i i d s K n I s r - e e f y , s s s s t r l ' D E IBOA WORKPLACE LIFESTYLE ARTS & LEISURE

Re-stress-ion takes

toll in N. Ireland It’s your right Rise in stress-related illness caused by to work in recession – study safety and he recession is adding significantly Tto the incidence of work-related security! stress in Northern Ireland – leading to more employees taking time off, ac - The IBOA Safety, Health, Welfare cording to new research. and Security (SHWS) Committee aims to work with members and A study involving tens of thousands of employers to create healthier, civil servants in Northern Ireland found safer working environments for that one in four workers experienced work-related stress during an economic everyone. downturn. IBOA has produced guide - The study by researchers at the Univer - lines on your rights under health sity of Ulster and the University of Notting - and safety legislation in the ham – which was published in the scientific Republic and Northern Ireland journal, Occupational Medicine, recently Lead researcher, Jonathan Houd mont,

These can be accessed on k u found that work-related stress increased observed that national economic crises can .

the IBOA websites by following g by 40% in times of recession. have substantial implications for workers’ r o these links: . It also found that the number of health and organisational performance. a • www.iboa.ie/ knowyour rights/ o b

employees taking time off due to job stress “The findings suggest that those busi - i .

rose by 25% and total time off due to nesses which seek to reduce work- related yourrightsroi/healthsafety.html w these types of psychological problems stress during austere economic times are for the Republic of Ireland; and w increased by more than one third during likely to experience lower staff absence • www.iboa. org.uk/knowyour w the downturn. and greater productivity,” he said. rights/yourrightsni.html for Northern Ireland. If you have any questions or concerns about health, safety

or security in your workplace, e i . please contact a member of your a o b i local health and safety committee . w

in the first instance. w

If there is no health and safety w committee in your workplace, please contact a member of the IBOA National Committee below: Elaine Barker (BOI), Carmel Curran (FTB), Margaret Power N O (BOI-GB), Stephen Kennedy I N U (BOI), Etain Ryan Lyons (AIB), E

The Physio Company is a growing chartered physiotherapy company with Jaynette Stirling (Ulster NI), C 21 clinics already in operation across Cork, Waterford, Galway & Dublin. Robert Thompson (Northern/ N A N On production of their Union card, IBOA members are entitled to: Danske) and Kate Varley (AIB) . I F E You can contact all of these • 10 discount on treatment charges E by e-mail at [email protected] or by H T • Preferred Appointment Times

phone at 00-353-(0)1-4755908 A

• Free 15 minute Assessment or 00-44-(0)2890-200130. O B I

april 2012 SPECTRUM 27 S 2 H 8 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk O R t i w c S N a t m s h h a P M

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o i t O v D c n n e e i l y 5 6 2 n n e e - - r r . . A NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE

ACTIVISTS IN ACTION k u . g r o Crunch conference . BOA District Secretaries The Union’s Bank “Our task will be to try to “This is an extremely demand- a o

influence these developments ing situation,” added the Union’s b

from the Republic of District Secretaries’ i I .

Ireland, Northern Ireland and Conference takes in whatever way we can to pro - President, Jessie Doherty, “that w place in the Clayton tect jobs, working conditions requires a firm but flexible re - w

Britain will meet in Galway in w May to consider the Union’s Hotel in Galway on and living standards which are sponse from the Union at all May 17 and 18. experiencing unprecedented levels and in every work place to strategic response to the ensure that our collective strength latest developments in the pressure right across the financial services sector,” said the General is deployed to the best possible financial services sector. effect in the interests of all our Secretary. While a primary concern for members throughout the finan -

delegates will be the impact of e

cial services sector.” i . the continuing loss of jobs within “We have to strike a balance a o b

Irish banking in response to i between protecting our mem - .

the financial crisis, this will be bers terms and conditions of w compounded by further con - w

employment during a period of w cerns about new operational major contraction in the sector. It practices and structures that are is situation none of us wish to be likely to be pushed by manage - in – but we have to find a way ment on the back of this major through,” she added. reconfiguration of the Irish bank - SSwweeeett ddeeaallss The Conference will include ing landscape. presentations on new develop -

“Our members are facing the ments already under way within N O most unprecedented challenges ffrroomm IIBBOOAA IBOA in the areas of training and I in the history of the Irish financial communications. N U

services sector,” said Union Gen - For the latest news on special offers Delegates will also have an E eral Secretary, Larry Broderick. opportunity to learn from the C and discounts for IBOA members, N “While the Union has been experiences of guest speakers, A N

adept in minimising and delay - including Alan Tate, from the UNI I

check out the Union websites: F ing the impact of the financial Global Union Federation, who E

crisis so far, we are now entering www.iboa.ie/my/services or will offer practical insights into H T a critical period which could re - how to maintain and even A

sult in a major transformation of www.iboa.co.uk/my/services enhance union strength in times O B banking as we have known it. of adversity. I

april 2012 SPECTRUM 29 SHORT CUTS NEWS REVIEW SPECIAL FOCUS IBOA

Thank you for Kerry It’s a bit rich! The members of the family of the Bonuses for RBS execs – redundancies for Ulster staff late Kerry Christie, who passed away last June while serving on the Union’s Executive Committee, The recent announcement have sent the follow ing message that senior executives in RBS to Spectrum so that we can are to receive substantial convey their thanks for the bonus payments is adding support they have received from insult to injury as far as staff IBOA members and Ulster Bank in its Irish subsidiary, Ulster staff: Bank, is concerned. “These announcements are Olivia, Amy and I would like to more than a little rich,” said thank the IBOA members and IBOA General Secretary, Larry the Ulster Bank staff for their Broderick, “when you consider kind thoughts and support that Ulster Bank announced its through this difficult time. intention in January to reduce its Your generosity has been staffing levels by a further 950 overwhelming and it is lovely to on top of the 1,000 jobs lost in know that all the money raised 2009.” will go to help so many people. Even though RBS is 82% In addition to this, we are owned by the British State, the honoured to have had a meeting rewards for its senior executives room in the Bankers’ Club in are incredibly generous,” said Belfast named after Kerry. It only the IBOA leader. emphasises how well thought of k

u she was by the IBOA and its . Even though the public out - g r cry forced the RBS Chief Execu - members. o .

a tive, Stephen Hester, to forego

o Kind regards, b

i one of his performance-related . Stephen Christie

w payments for 2012, he and his w executive colleagues have still w In response to this touching secured substantial bonus awards IBOA General “In RBS’s key performance expression of the Christie family’s from the RBS board. Secretary, Larry indicators, they have ‘fallen gratitude, the Union and its “If the senior executives’ Broderick (above) short.’ The RBS share price has members are honoured to have performances were assessed been more than halved in the counted Kerry among our most according to the kind of criteria and RBS Group Chief Executive last year – while the Bank has committed activists – an ardent applied to our members in Ulster also failed to meet the targets for defender of her fellow workers e Officer, Stephen i . Bank, there is no way they would a Hester (below). lending to small firms set by the in Ulster Bank and the RBS Group. o have been given these awards,”

b British Government. We thank you, Stephen, Olivia and i . said Mr. Broderick.

w "These lavish rewards for the Amy for sharing such a remark -

w senior executives in RBS – are in able person with us. w sharp contrast to the Bank's treatment of its Ulster Bank employees – who have been told that the Bank does not intend to match the terms of its 2009 redundancy deal in the new restructuring programme it is N Senior

O now seeking to introduce in Ire - I executives N land. U “Mr. Hester's ultimate boss -

E in RBS have

C the British Prime Minister, David

N fallen short Cameron – is very fond of re - A minding the citizens of the N and do not I F

United Kingdom that ‘they are all E merit lavish in it together.’ It is clear that, to H T bonus paraphrase George Orwell, some A are more in it than others," O The late Kerry Christie B payments. added the IBOA leader. I

30 SPECTRUM april 2012 NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE

CLUB OPENING HOURS: THE IRISH BANKERS’ CLUB Tuesday-Saturday: 4.30pm IBOA HOUSE, STEPHEN STREET UPPER, DUBLIN 8 until late. Telephone: 01-4758970 10am-12noon or after 5pm (Tuesday-Saturday). Sunday-Monday: closed.

Launching: THE 26t h BANKERS’ CLUB DRAW

Magnificent Holiday Destinations including China, West Coast USA, London Olympics, Seychelles and Dubai • Great Cash Prizes with 2 Grand Draw Months and Bumper Christmas Draw See Draw Application Forms included with this issue of Spectrum.

UPCOMING CLUB CLUB DRAW NIGHTS MEMBERSHIP

Friday April 27: New members welcome – 1st Prize – Two weeks holiday Cost only E20 per annum! for two to Costa Dorada k

Facilities include: u . g

• Special room hire rates r

Friday May 24: Two weeks holiday o .

• Bar and meeting room facilities. a for two to Lake Garda o b i

• Catering and DJ facilities available . • Big screen for all sporting occasions w Friday June 29: w • Full bar licence – extensions available w 1st Prize – Two weeks holiday for two to Zakynthos EURO 2012 FOOTBALL For more information, please contact CHAMPIONSHIPS Michael Martin, Honorary Secretary, Irish Friday July 27: Bankers’ Club at the address above. 1st Prize – Two weeks holiday All Games Live on the Big Screen e i .

for two to Portugal including a

Results of recent Bankers’ Club draws o b i

June 10: Ireland v. Croatia (19.45) . Each monthly draw also offers are posted on the IBOA websites: E E w

June 14: Ireland v. Spain ( 19 .45) w 2nd Prize: 300, 3rd Prize: 250, www.iboa.ie/services/sports 2 June 18: Ireland v. Italy ( 19 .45) w 4th Prize: 400 . andsocial/bankersclub.html

All Draws at 9pm. Bar Food Each Draw Night Bar food will be served www.iboa.org.uk/services/ from 5pm-10pm plus Big Attendance Prizes sportsandsocial/bankersclub.html N O

Club Bookings I N U SPECIAL OFFER FOR 2011 E C N All IBOA members, Club members and their friends or family members A N I

E F can book the Irish Bankers Club for a party or special function for just 100 E H

during April, May, June, July and August T

DON’T MISS OUT – BOOK TODAY O B I

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. NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE

Handling Change History of IBOA published andling Change, the history of IBOA, has just Hbeen published by the Collins Press. Produced by Paul Rouse and Mark Duncan, the book was specially commissioned by the Union to mark the renaming of the Irish Bank Officials’ Association as IBOA The Finance Union. The evolution of the IBOA offers a fascinating picture of Ireland – not least of how banking moved from a thoroughly conservative industry to one so reckless as to bankrupt the Irish state. Dr. Paul Rouse, formerly of RTE television’s flagship

current affairs programme Prime Time, now teaches Irish k u .

history at UCD. Mark Duncan works on research projects in g r o

Ireland for public and corporate bodies. . a o b i . w

Special Offer for IBOA Members w w The recommended retail price for Handling Change is E25 or £22.99. IBOA has a limited number of copies for sale to IBOA members at the special discount price of E10 or £8 (including postage and packing). To order up to two copies at the special discount price, please send your name, address, the number of copies required and your IBOA membership number – together with a cheque or postal order for the appropriate amount to IBOA History Orders at IBOA House, Stephen Street Upper, Dublin 8 or e-mail [email protected]. e i . a o b i For the latest news . w w

10% off all products on workplace w purchased in the developments, Republic of for special member Ireland or offers and N O Northern Ireland discounts and I N U on presentation

for details E C

of your IBOA of sports and N A N I

membership F social events, E H T

card in store. see www.iboa.ie or A

www.iboa.co.uk O B I

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TRAINING FOR LIFE

COURSE NOTES “Bank employees use Microsoft Office everyday, and I had a peripheral knowledge. The course teaches a mastery of the programme and gives confidence to use them in new ways.” Justin, Ulster Bank

“A fantastic opportunity to learn new ICT skills.” First Class for IT David, Northern Bank “I was looking out for a computer The course is free of charge to all Congratulations to the very first course and was delighted when this participants – who also receive other cohort of fourteen IBOA members became available. Excellent teacher supports such as materials, refreshments, who finished the computer skills and well worth attending.” interview skills training and use of the training course in Belfast recently. Gary, Ulster Bank These members, who work in First computer training suite outside of class Trust Bank, Ulster Bank, Northern Bank hours.

and Bank of Ireland completed this City k u .

and Guilds certified ICT course following Next wave g r

four and a half months of hard but A second group – consisting of 17 IBOA o . members – began the computer skills a

enjoyable work. o b i The course – which ran for three hours course in January in Belfast while a similar . on Wednesday evenings in IBOA’s new course in Derry – being run in partnership w w

computer training suite in its Malone with the North West Regional College – w Road offices – began in October 2011. It is well on the way to completion. covers Microsoft Word, Excel, PowerPoint, Successful participation in IBOA’s Access (Levels 1 and 2) and use of the computer skills training course leads to internet. the award of a Level 1/Level 2 City and Everyone who started the course saw Guilds Certificate for the participants. it through to the end. The course tutor, “As this is a suitable competency level e i Fiona Commins, is confident that they for most computer-related jobs, it offers . a

will all pass with flying colours. better job prospects for members,” said o Sarah b i This achievement was made possible IBOA Senior Industrial Relations and . w

through IBOA’s involvement in the Union Training Officer, Marian Geoghegan. “Even though I already had a CLAIT w Learning Project in Northern Ireland – “As a result of strong demand from (Computer Literacy And Information w which is funded and supported by the members – particularly in the Belfast Technology) 1 qualification, I found Department of Employment and Learn - area – we are now planning a number of the course very interesting and worth - ing through ICTU’s Northern Ireland essential computer skills training courses while. It was fun to meet new people Committee. in Northern Ireland for the autumn.” as well.” Sarah, Northern Bank N O Stick your name down ‘This was an excellent course organ - I ised by our Union and shows the N U com mitment to meet our members’ If you want to find out more about the courses or put your E

name down on the waiting list, contact IBOA House as needs. Well done.” C Peter, Ulster Bank N

soon as possible or check out the Union websites. A N I F

It is hoped to make the courses available in a number “A great way of learning more advanced of locations so please specify the location which would IT skills – I’d recommend it to IBOA E H T suit you best. Contact Louise O’Donnell or Keelin Murray members.” at @iboa.ie. Frank, First Trust Bank A O B I

april 2012 SPECTRUM 35 S 3 H 6 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk O R a l t j a p v M r k M W m C l S g O I P t m c 1 c d t g o h a

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e a o o U i d e h n a i e e e e l n s s - , . , r l f l A NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE

Major stimulus plan YOUTH COMMITTEE proposed by union- backed think tank Ireland's newest think tank – the Nevin Economic Research Institute (NERI) – has proposed a new E15 billion stimulus and investment programme for the Republic aimed at creating jobs, boosting demand and aiding economic recovery. The ambitious proposal was outlined at the formal launch of the all-Ireland Institute recently. The Institute’s Director, Dr Tom Healy, described the programme as “a realistic prospect that could contribute signifi - cantly to economic recovery. Crucially, the programme of investment over five years Gareth Murphy will not add one cent to the Government debt or be an additional burden on the taxpayer. “In reality, it could generate resources Youth Committee for the Exchequer through the creation to plan action of new jobs and by boosting domestic demand. campaign “The funds for the investment pro - Dr. Tom Healy of the Nevin Economic gramme can be sourced from the Research Institute (Photo: Laura Hutton IBOA’s Youth Committee is to meet later National Pension Reserve Fund; private Photocall Ireland) this month to develop new campaigning actions which will focus on the plight of k u

Irish pension funds – most of which vision of world-class research and analysis, . g

have their resources invested overseas – to contribute to building alternative young bank workers at a time of retrench - r o ment in the industry and austerity in . and from the European Investment Bank perspectives that will lead to the creation a society. Servicing official, Gareth Murphy, o (EIB),” Dr Healy explained. of an economy that works for society. b i .

With offices in Dublin and Belfast, It is supported by a number of unions told Spectrum that the Committee will w

NERI is a research organisation with a affiliated to the ICTU. also elect a new Chairperson – who will w vision of the achievement of a better, For more information on NERI, check also sit on IBOA’s Executive Committee. w fairer society. It aims, through the pro- online at www.nerinstitute.net. e i . a o b i . w w w N O I N U

E C N A N I F

E H T

A O B I

april 2012 SPECTRUM 37 S 3 H 8 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk O R N y i N m S n H o P T e e t a E u o a v v C d r

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a h k r o n 4 h O ’ o t 5 n e e e s t t 1 o e - - A NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE

BANK OF IRELAND No change without agreement Union withholds co-operation with further change until comprehensive agreement in place

Talks between IBOA and the

senior management on the k u .

implementation of major g r o

change in the Bank of Ireland . a

are proceeding – but with little Above: Bank of Industrial Relations Officer, Gerry staff are expected to work in o b i sign of a breakthrough, as we Ireland’s Chief Hanna. “But IBOA cannot accept conditions of continuing insecu - . that such profound changes in rity about their future,” he said. w go to press. Executive Officer, w The Union’s Bank of Ireland Richie Boucher. work practices should be rolled w Executive Committee has urged (Photo: Leon out right across the branch net - Ongoing stalemate with work without the necessary members throughout the Bank to Farrell/Photocall guarantees being out in place to Department of Finance withhold co-operation with any Ireland). protect our members’ employ - further change in work practices ment terms and conditions.” Meanwhile the implementation until such time as a comprehensive Below: IBOA’s “While we have had some of the restructuring programme Bank of Ireland e i

agreement is in place – which will previously agreed with the Bank . Group Officer, engagement with the Bank’s a provide appropriate guarantees in July 2010 continues to be o

senior management on this b Dave Keane. i to staff to protect their terms and stalled as a result of concerns .

matter in recent weeks, so far w conditions of employment into the they have not been prepared to raised by the Department of w future. provide us with any of the com - Finance over the severance w “Bank of Ireland is seeking to mitments we require beyond a terms to be applied. introduce major changes in its day- twelve-month time horizon,” he While the departure of staff to-operations which could have a observed. in Northern Ireland and Great detrimental effect on the jobs and “IBOA’s Bank of Ireland Britain was facilitated at the end terms and conditions of employment Executive Committee believes of 2010, the element of the plan of all staff,” explained IBOA General strongly that the Bank’s re - covering the Republic of Ireland Secretary, Larry Broderick. has still to be activated. N sponse so far is insufficient to O “In particular, two substantial I provide the necessary security It remains to be seen whether N U initiatives proposed for the retail for our members,” added IBOA’s recent comments attributed to E

branch network are likely to re-shape Bank of Ireland Officer, Dave the Troika about the need to C

the business quite dramatically,” he Keane. avoid unnecessary delays in the N declared, “the Bank’s ‘New Branch’ “While IBOA recognises the restructuring of Irish banking A N I

concept and the centralisation of will prompt the Department of F need to ensure that Bank of back office functions.” Ireland continues its journey back Finance to withdraw its reported E H T “These initiatives have been to sound financial health, we do objection to the redundancy

developed on a pilot basis in a small not believe that this recovery will terms agreed between IBOA and A O

number of locations,” added Senior be assisted in any way as long as Bank of Ireland management. B I

april 2012 SPECTRUM 39 S 4 H 0 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk O R s a c e m r e t T d N t a w w a w a m t s m a c c a o m t A o a m a G f L n P S A I L c U P i T m I

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NORTHERN BANK Pay rise of 2% for majority of staff in Northern Bank fter very difficult and “When negotiations opened, Northern Bank, that may be sought in Northern Aprotracted pay talks, the prospects for a successful Donegall Square Bank will continue to be imple - IBOA’s negotiating team in outcome were not encouraging . (Photo: Kevin mented on a voluntary basis. Northern Bank secured an Management representatives Cooper/PhotoLIne). IBOA General Secretary, Larry offer of new salary scales indicated that, in the current Broderick, paid tribute to the which would provide an economic climate, where some Union’s Northern Bank negotiat - k

employers had introduced salary ing team, led by Senior Industrial u increase of over 2% for the . g

reductions, they would be seek - Relations Officer, Gerry Hanna, r

majority of staff. o .

ing a pay freeze,” said Hanna. and IBOA’s Danske Group Officer, a The offer was then accepted o

“However, as the negotiation s Robert Thompson. b i

in a ballot of the membership by .

an overwhelming majority. progressed, new proposals began “These negotiations took w to emerge which would provide place in very challenging circum - w

Lead negotiator, Gerry Hanna, w told Spectrum that while the increases in pay for eligible staff – stances for the financial services Union entered the talks with the with the majority of our members sector in Northern Ireland and aim of protecting members’ receiving increases of over 2%. for the economy generally,” he living standards, the team was “At the same time, the Bank said. “But the team were able to also very aware that the issue also offered to extend its com - secure a positive outcome with of job security was at least as mitment on job security until the continuing support of the e i important for members. December 2012 – which ensures Union’s members throughout . a

“So our objective was to that any further job reductions Northern Bank.” o b i secure progress in two crucial . w

areas,” he said, “to secure an w

increase in pay along with an w extension to the commitments in job security contained in the Small Ads – Big Choice Check out the Strategic Agreement between IBOA and the Bank, which were IBOA websites: due to be reviewed in June.” Holiday Apartments www.iboa.ie/ N O

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O i n t t o b a t y r c l ⁄ a ’ d d o o o i e e e e y y s s s t t t r - l A NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE

be on a voluntary basis in line with industry norms. The severance terms pro - posed by management – which reflect the deal on offer elsewhere in the RBS Group – are signifi - cantly less than the established norms within Irish banking. The Union argues that if the Bank is genuinely committed to securing a significant job reduction on a voluntary basis, then the terms should reflect sectoral norms. The Union has also urged management to include an appropriate early retirement option. Changes in policies sought As part of its proposed restruc - turing framework, Ulster Bank management is also seeking substantial changes to a number of existing policies – including redeployment, grievance and appeals procedures, selection, replacement and promotions policies – under which staff redeployed to new roles could be required to accept a pay cut and Members of IBOA’s tive provisions are not used to respective members on his pro - disadvantage staff in either posals. other reductions in their terms Ulster Bank Executive Northern Ireland or the Republic The balloting process is due and conditions of employment. Committee on their

way into talks at the relative to each other. to be completed no later than k

The Bank is also seeking u Following engagement with May 8 – with the parties due to . Ulster Bank Head g

major changes in other policies r

the parties, the mediator, Martin meet again on May 9 to indicate o such as long-term employment Office in George’s . King, has undertaken to pro - their formal responses to the a breaks, acting-up allowance, club Quay, Dublin: (from o b i

duce his recommendations on independent mediator’s recom - . subs, personal fuel allowance, left) Ulster Bank or after April 10 to enable mendations. w

and frequent transfer allowance. Officer, John Burns; w

IBOA and SIPTU to ballot their w The Union has rejected these Joe Allsopp; Jaynette S pro posals on the grounds that Stirling; Ian Perth; the Bank is acting opport- General Secretary unistically – not least because Larry Broderick; this blatant infringement of Tommy Kennedy and its members’ contractual rights Renee Dolan. Time to take stock? e

would yield minimal cost savings i . to the Bank. Rumours of RBS share sale heighten a o b i Sickness and absence . speculation about Ulster Bank’s future w

The senior management also w wants changes in the sickness Speculation about the long-term future of Ulster Bank w and absence policy for new staff has increased recently amid reports that the British – which would represent a major Government is considering selling off part of its majority departure from the established Below: Independent stake in Royal Bank of Scotland, Ulster Bank’s parent norms in Irish banking. Mediator, Martin company. The Union believes that the King. The British Government, which owns 82% of RBS, has been existing policies should remain in widely reported to be in protracted talks with an Abu Dhabi-based N

place – especially since Ulster O sovereign wealth fund over a sale of a portion of its stake through I

Bank is unlikely to recruit any N UKFI, the holding company established to manage the British U new staff in the near future if it State’s stakes in the UK’s part-nationalised banks. E is genuine about the need to cut Although media speculation has suggested that up to 33% of C the number of current staff. N

the shares may be up for sale, most analysts appear to believe that A IBOA has also strongly urged N

only around 10% are likely to be sold in the immediate future. A I F the mediator to recognise that share disposal at this level, in and of itself, is unlikely to have any settlement terms he might recom - E serious consequences for Ulster Bank’s position within the RBS H T mend should meet the need for Group, according to these commentators. However, if this level equity between the two juris- A

were to rise, then so would speculation about the Bank’s future. O B

dictions so that different legis- la - I

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a n n i a r O t t a d n n u o n t a t o s o t ; n e l I i r s a ⁄ k f s ’ s d d n o o n h B e y l s s - - - - - t t t t r r f f , ’ , l l A NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE

Contract must be honoured Tribunal backs IBOA claim over contract payments in GB

The Employment Tribunal has upheld the claim by IBOA members in Allied Irish Bank (GB) that they were contractually entitled to be paid their perform - ance-related pay increase in 2010, in line with the collective agree - ment between IBOA and AIB in IBOA’s AIB team on place since 2001. their way into the The Tribunal ruled that the Republic’s Depart - Bank’s failure to honour these IBOA meets Department ment of Finance for

contractual entitlements amounted k u

talks on the morning .

to an unlawful deduction from g of the AIB Group r

their pay. o of Finance on AIB plan .

announcement of its a As media speculation mounted in early March about an Following the Tribunal find - o b

restructuring plans i imminent announcement from AIB, IBOA secured urgent ing, IBOA has formally asked the . on March 8: (from left) Bank to accept the Employment w meetings with senior officials from the Republic’s Department President, Jessie Doherty; w

Tribunal finding and apply the w of Finance as well as with the Bank’s Chief Executive, David AIB Group Officer, Claire appropriate increases for 2010, Duffy, at which the Union outlined its key concerns. Walsh; General Secretary, 2011 and 2012 for all of the In the talks with the Department of Finance, the Union Larry Broderick; and Union’s members in AIB (GB) team also highlighted the need for a comprehensive jobs Honorary Finance Officer, entitled to these payments. strategy for the financial services sector since the AIB job cuts Sharon McAuley (Photo: announcement from AIB comes plan followed Ulster Bank’s Sasko Lazarov, Photocall Further rulings expected e i

Ireland). .

demand in January for a further 950 job cuts. on claims for staff in other a o b i

jurisdictions .

“Their focus was limited to w

the issues of voluntary severance The British Tribunal is the first w and early retirement – and both to make a determination on a w on terms significantly less than Breakthrough in number of similar contractual the norms which have been claims taken by IBOA on behalf established in Irish banking.” Direct Banking of members throughout AIB Group. Management also indicated After protracted negotiations with management over the A decision is expected shortly that its capacity to address some Bank’s failure to meet its contractual obligations to Direct of the issues identified by IBOA following a recent Tribunal hear - Banking staff, IBOA secured a comprehensive set of N

was significantly constrained by ing on a similar claim taken on O proposals which would see these staff realigned onto the I

the Bank’s financial state and by the behalf of IBOA members in First N

Career Framework salary structure in AIB. This will provide U mandate it had received from the Trust Bank. for ongoing benefits for our members as well as removing E

Republic’s Department of Finance. Meanwhile in the Republic of C

In view of the major differ - the status of second-class citizens within AIB. Ireland, the Union is still waiting N ences between the parties, it was Members in Direct Banking in Naas and Swords voted for confirmation of a date for A N I

to accept these settlement proposals by a substantial F

agreed to refer all outstanding a hearing from the Rights issues to Kevin Foley, the Director majority. Commissioner service – which E H T of Conciliation at the Labour Re - Meanwhile the Union is continuing its efforts to secure is currently working its way lations Commission. an acceptable resolution of similar difficulties experienced through a backlog of other A O B S by staff in the First Trust Bank Contact Centre in Belfast. industrial relations cases. I

april 2012 SPECTRUM 45 SHORT CUTS NEWS REVIEW SPECIAL FOCUS IBOA t c e r i d e l

POSITIVE STEPS TO REDUCE YOUR RISK OF CANCER y With the World Health Organisation predicting recently that Ireland could experience a 72% rise in the number of cancer cases by 2030, this special four-page feature aims to raise awareness of practical steps t to reduce your risk of developing the disease. You have the power to reduce your cancer risk by one-third by eating a healthy diet, being physically active and being a healthy weight.

This guide from the Irish Cancer Society will help you achieve a healthier lifestyle that will not only

k u s

. reduce your risk of cancer, but leave you feeling great and with more energy.

g r

o See Pages 48-51

w w

w HICKEY’S PHARMACIES

10% discount for

. a

o IBOA members

w w

w on all products Turn your (excluding medicines and prescriptions) wounds into wisdom. BOOK MARKS AT HICKEY’S PHARMACIES IN ARKLOW, In Wealth vs. Work, Allan Ornstein describes

N Oprah Winfrey

how the US has become increasingly CORK, DROGHEDA, DUBLIN,* DUNDALK, O I polarised into “winners” and “losers,”

N GOREY, MAY NOOTH, NAVAN AND U

and, how an oligarchy of big business

E and financial interests holds the levers of NEWBRIDGE C

N power.

A In Casino Capitalism Hans-Werner Sinn * Coolock, Crumlin, Finglas, Grafton

N I

F examines the causes of the banking crisis,

Street, Harold’s Cross, Henry Street,

E points out the flaws in the economic rescue

H O’Connell Street, Ongar, Phibsboro,

T packages, and presents a master plan for

A the reform of financial markets. Santry, Tallaght, Terenure and Tyrrels town.

O See Page 53

B I

46 SPECTRUM april 2012 NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE

Which came first: the chicken nugget or the egg muffin? t would come as no surprise to most comfort eaters Ithat researchers link to depression to the consumption of fast food such as hamburgers, hotdogs and pizza and mass produced baked goods like croissants, doughnuts and fairy cakes. But the burning question is “which is the cause and which is the effect?” According to a recent study, published in the Public Health Nutrition journal, a team of scientists from the University of Las Palmas de Gran Canaria and the University of Granada in Spain, people who consume fast food on a regular basis are 51% more likely to develop depression compared to those who eat little or none. Furthermore, the team also k u observed a ‘dose-response’ .

Almudena Sanchez- Villegas g relationship. “The more fast r o .

food you consume, the greater part in the study. They were a o b

the risk of depression,” said lead monitored for an average of six i .

researcher, Almudena Sanchez- months – during which time w Villegas. 493 were either diagnosed with w The study also found that depression or started to take w those participants who ate the antidepressants. most fast food and commercial Although the study only baked goods were also more showed an association and not likely to be single, less active a cause-and-effect link between and to have poor dietary habits fast food consumption and de - e i

– eating less fruit, vegetables pression, these latest findings . a

and fish than recommended. have raised further concerns for o b i This group was also more fast food eaters – not least . likely to smoke and to work in because t he results appear to w w

excess of 45 hours a week. back up an earlier study of w Similar mental health effects the links between fast food were also found for the con - consumption and depression sumption of commercial baked which recorded 657 new cases goods. of depression out of a sample “Even eating small quantities of 12,059 people analysed over is linked to a significantly higher more than six months. chance of developing depres - “Although more studies are N O sion,” according to Ms. Sanchez- necessary, the intake of I N

Villegas. this type of food should be U

A total of 8,964 people – con trolled because of its implica - E tions for both physical health C

who had never been previously N

diagnosed with depression or and mental well-being,” added A N taken antidepressants – took Ms. Sanchez-Villegas. I F

E H T Research has still to answer the question: Do we consume fast food because A O

we are depressed – or do we become depressed because we eat fast food? B I

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e a s s l n o n a e e e e e e , l s s s s t r f : , , l l AA NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE k u . g r o . a o b i . w w w Fruit, vegetables, wholegrains and • Tinned versions are convenient . A diet high in red and • Limit or avoid eating pro- pulses are generally low in calories But remember to drain away processed meat is linked cessed meat. Choosing not to and fat so they are a good food any liquid from the tin as it to bowel cancer. Stick include processed meat in choice to help you watch your may be high in salt to the recommended your diet can make a differ - weight and reduce your cancer risk. • Add them to salads, soups or weekly amount to ence to your risk of cancer

casseroles. e

They also contain: reduce your risk. i . • vitamins and minerals that help a What are processed meats? o b i keep the body healthy and Processed meats are meats that . strengthen the immune system; Limit your intake of red have been smoked, cured, salted w w

• antioxidants that help protect and processed meat or had chemical preservatives w cells in the body from damage added. Sausages, hams, salami, Meat is rich in valuable nutrients that can lead to cancer; and pastrami, hot dogs and rashers like protein and iron, but when • fibre that is linked to a reduced are some examples. cancer risk. taken in large amounts it can increase your risk of certain Instead you could try: By choosing a good selection cancers. Therefore: of brightly coloured fruit and • Eggs (poached or scrambled) Limit your intake to 500g or N • for breakfast; vegetables, like peppers, tomatoes O 18oz of cooked lean red meat I Chicken or turkey (with the and berries in season, you will per week (800g / 28oz of lean • N U get many of the important skin removed) or salmon for

raw meat). This can be split E

nutrients your body needs. into four or five portions over sandwiches or salads; C the week • Spicy chicken instead of N Pulses pepperoni on pizza; A N RED MEAT Cooked wt. I Fresh/canned fish, chicken or F Pulses – such as peas, beans and • lentils – are good to include in Pork or lamb chop 75g other forms of poultry instead E H

‘Quarterpounder’ beefburger 90g T your diet most days. They are of red meat a couple of days

high in fibre and protein and can Medium portion of roast beef, lamb or pork 90g a week; or A O

help keep hunger pangs away. Medium steak 145g B • A meat-free day. I

april 2012 SPECTRUM 49 SHSHOORTR TS TCOURTIS ES NEWS REVIEW SPECIAL FOCUS IBOA

little faster than normal and Limit your intake Check it out makes you breathe a little deeper Step 2 and faster – for example, brisk of alcohol How often should walking. Drinking alcohol increases your women have a cervical be physically risk of cancer. To reduce the risk, smear? How to get started avoid or limit your intake to: – Every 3 years from active • Check with your doctor be - age 25 to 44. fore you start if you have not • Men – no more than two Being physically active helps standard drinks per day – Every 5 years from been active for a while or age 45 to 60. avoid weight gain, obesity and have health problems • Women – one standard reduces your risk of cancer. It also drink per day • Start slowly with 10–15 How often should helps prevent heart disease and minutes of physical activity women have a mam - diabetes, and can make you feel three to four times per week What is a standard drink? better both physically and men - 1/2 pint of beer, lager, cider mogram? • Gradually build it up to 30 • Every 2 years from tally. or stout – minutes a day age 50 to 64. • Two or three short sessions • 1 measure of spirits How active do you need to be? 125ml of wine (small glass) can be used to make up the • • Every little helps but the more daily 30 minutes. active you are the better. You don’t have to be sporty to • Aim for at least 30 minutes be physically active and it doesn’t Limit your intake of moderate physical activity have to cost money. Walking, each day. cycling and doing vigorous house- of salt • If you are already active for work, like vacuuming, all count. 30 minutes every day, you Salt is needed for human health, Other ideas are gardening, could try doing an extra few walking to the shop, taking but Irish people take almost minutes. You could also step the stairs instead of the lift, or twice as much as they need. up the effort. For example, if dancing to your favourite music Many foods contain salt, such as you like to walk, swing your at home. breads and processed foods like arms and walk a little faster. meats, ready meals and pizzas, Being physically active can protect sauces, crackers, cakes, snack What is moderate activity? you against bowel cancer and most foods and cereals. Food does not Moderate activity is any activity likely breast (in postmenopausal k have to taste salty to have high

u women) and womb cancer too. . that gets your heart beating a

g levels of salt in it. r o . a

o To cut down your intake of salt: b i . • Use mainly fresh ingredients w

w when cooking

w • Choose foods low in salt – try spicy flavours instead • Cut out salt when cooking and at the table • Flavour foods with black pepper, herbs, lemon juice,

e garlic and spices. i . a o

b Step 3

i Salt and foods preserved with salt .

w are most likely a cause of stomach w cancer. be a healthy w weight Dietary supplements Your risk of getting some cancers are no substitute for a and other diseases increases if you are overweight or obese. healthy balanced diet Extra fat stored around your N waist puts you at greater risk.

O Most people can get all the I There are two ways of finding

N nutrients they need by following U a healthy balanced diet using the out if you are a healthy weight: E Body mass index (BMI)

C Food Pyramid. The best source of •

N nourishment is food and drink, • Waistline measurement A not dietary supplements. N

I Body mass index

F The risk of cancer of the bowel,

There may be times during E your life when your doctor or di - Draw a line across from your weight, and up or down from kidney, womb and breast (in post - H

T your height. Where these two lines cross is your body mass menopausal women), oesophagus etitian may advise you to take

A supplements for a period of index. To reduce your cancer risk aim to be at the lower and pancreas are all strongly linked O with being overweight or obese. B time. Otherwise, there is no need. end of the normal BMI range. I

50 SPECTRUM april 2012 NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE

with all the nutrients they need What does your and help to reduce their risk of Useful Contacts becoming overweight and obese BMI measurement at the same time. For this reason, Republic of Ireland mean? it is best to breastfeed your baby for the first six months, if possible. The Irish Cancer Society • Less than 18.5: You After that, continue to breast - has a wide range of are underweight – feed as you add other liquids leaflets and factsheets which can lead to and food to your baby’s diet. about a wide variety of health problems. cancers. To order, please • From 18.5 to call 01-2310539. 24.9: You are a Anyone concerned healthy normal about cancer can speak weight and at a to a specialist nurse in lower risk of cancer. confidence by calling • From 25 to 29.9: the National Cancer You are overweight – Helpline on 1800 200 and at increased risk of 700. The Helpline is cancer . open Monday–Thurs - • Greater than 30: You day from 9am–7pm are obese and your risk of and Fridays 9am–5pm. cancer is even greater. You can also access the Irish Cancer If you are under- or over - The European Code Society helpline at weight, it is important to see [email protected] your doctor. A medical check- against Cancer or its website on up and advice on diet and www.cancer.ie. lifestyle may be needed. The European Code against Cancer Remember, BMI is not always an outlines healthier lifestyle choices accurate measure if you are an that can help you avoid certain Northern Ireland athlete, pregnant or very short cancers and improve your general health. In Northern Ireland a in height. range of organisations

These include: k u

deal with different . • If you smoke, plan to quit. g aspects of the disease. r o • Eat at least five servings a . These include: a Waist measurement day of a variety of fruits and o b i vegetables. .

Action Cancer – 028- w To measure your waistline: Limit your intake of fatty

• w Find the top of your hipbone 9080 3344 (office hours) • foods. w Other Macmillan Cancer • At this point, measure round • If you drink alcohol, limit your waist. Make sure the your intake to no more than Support – 0808 808 tape measure is snug but not important two standard drinks per day 2020 (Monday-Friday marking your skin for men and one standard 9am-6pm) • Take the measurement at the information drink per day for women. Marie Curie Cancer Care – 02890 882000 end of your normal breath • Do brisk physical activity e i

(office hours) . Advice for cancer every day. a You are at increased risk of Be a healthy weight. Cancer Research UK – o • b i cancer if your waistline is: survivors Protect yourself from the 0808 800 4040 (Mon - . • w

• greater than 94 cm or 37 sun and avoid sunburn – day-Friday, 9am-5pm) w

Research has shown that eating w inches for men; or especially in children. Ulster Cancer Found- a healthy diet, being physically • greater than 80 cm or 31.5 • See a doctor if you notice a ation – 0800 783 3339 inches for women. active and being a healthy weight lump, a sore that does not (Monday-Friday 9am– may help reduce your risk of heal, a mole that changes in 5pm). If you are a healthy weight cancer coming back. Follow our shape, size or colour, or bleeds keep it that way: cancer prevention advice for diet, in unusual circumstances. Details of k ey support • Be physically active. physical activity and weight. See a doctor if you have organisations are listed • N Eat a healthy, varied diet as Make sure to check with your

• persistent problems, such as on the Northern Ireland O shown in the Food Pyramid. doctor first that the prevention I an ongoing cough or Cancer Network website N U • Watch your portion size. (See advice is suitable for you. hoarseness, a change in at www.cancerni.net the Food Pyramid for guide - E

bowel or bladder habit, C

lines.) or unexpected weight loss. N

Great Britain A • Snack on fruit and vegetables Breastfeed your baby Women from 25 years of • N I

if you are hungry. age should avail of cervical Cancer Research UK is F – if you can • Check food labels. Low fat screening. the UK’s leading cancer E foods that are high in sugar H T Breastfeeding helps to protect • Women from 50 years of charity – contact 020 may not help you to main - mothers against breast cancer. It age should avail of breast 7242 0200 or www. A tain a healthy weight. O is the ideal way to provide babies screening. cancerresearchuk.org B I

april 2012 SPECTRUM 51 S 5 H 2 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk O R S P T E C

T C R U U M T S a p r i N l

2 0 E 1 2 W S

R E V I E W S P E C I A L

F O C U S I B O A NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE

BOOK MARKS Not just in Russia – Oligarchs dominate America too Wealth vs. Work by Allan Ornstein describes how the US has been divided into separate estates, with catch - phrases that harshly sort people into “winners” and “losers,” Wall Street and Main Street, and rich and poor (or working poor); and, how the government of the people has been replaced by an oligarchy of big busi - ness and financial interests – which not even the recent global crisis has been able to dent. Right now the top 1% of social mobility and stratification, the population in the US owns manufacturing jobs, outsourc - nearly 40% of the nation’s ing jobs, unions and collective wealth – with their income bargaining, unfettered capital - from investments, capital gains ism, millionaires and billionaires, and dividends taxed at a lower tax reform, college tuition rate than ordinary workers’ and pension plans, merit and salaries. talent, innovation and techno- The author outlines the logy, immigration, China and need for a fair and just society, India and emerging global one that sets limits on the issues. accumulation of wealth and Professor of education at inherited privilege, and pro - St. John’s University in New k u

vides safety nets for middle- York, Allan Ornstein has served . g

class and working-class people. as a consultant for over 60 US r o .

Among the other issues government and education a o b

highlighted by Ornstein in the agencies, and has written i .

book are excellence versus widely on education and w equality, education and income, social issues. w w

Betting against the bank CHAPTERS In Casino Capitalism Hans-Werner Sinn examines the causes of the banking crisis, e

points out the flaws in the economic rescue packages, and presents a master i OOKSTORE .

B a

plan for the reform of financial markets. Sinn argues that the crisis came about o b

Parnell Street Dublin 1 i because limited liability induced both Wall Street and Main Street to gamble with . real estate properties. w w

He meticulously describes the process of lending w to American homeowners and criticises both the process of securitising and selling mortgage claims to the world, as well as the poor job rating agencies did in providing transparency. 10% He argues that the American Dream has ended discount because the world now realises that this dream was built on loans that are never likely to be repaid. N for IBOA O I

Sinn also asserts that the banking crisis has not yet N U been resolved, because the necessary write-offs of members toxic assets have largely been swept under the carpet. E C

Comparing actual worldwide write-offs with N those estimated by the IMF estimates, he concludes A N I

that substantial parts, if not most, of the true losses F Show your IBOA have yet to be revealed and that the banking systems E membership card H of many countries are on the brink of insolvency. T

Published by the Oxford University Press, a at the pay point A O

paperback edition is due for release in September. B I

april 2012 SPECTRUM 53 S 5 H 4 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk O R c c f S M

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Jennifer Lawrence as Katniss Everdeen in The Hunger Games CINEMATIX Ancient Greek myth inspires movie set in future Hunger Games set to be ‘the next big thing’ With Harry Potter, Narnia and Twilight brought to the Capitol to compete in a from her family and friends as well as the series, major film studios seems to be televised fight to the death until only one first stirrings of teenage love. looking to build movie franchises from survives. Ross first came to prominence as the the start – rather than simply trying to In the grim and impoverished District screenwriter of the Tom Hanks comedy, repeat the success of a one-off movie – 12, when a terrified Primrose Everdeen Big (1988) and then Dave (1993), the Kevin k u after it has been proven at the box- (Willow Shields) is drawn to compete, her Kline comedy about the US President’s . g office – by making a sequel. older sister, Katniss (Jennifer Lawrence) lookalike. He moved to the director’s r o .

The Hunger Games – which brings volunteers in her place – in an obvious chair for Pleasantville (1998) and the a o b

the first of Suzanne Collins’ best-selling echo of the ancient Greek myth of wonderful Seabiscuit (2003) which he i .

trilogy of novels to the screen – may be Theseus and the Minotaur. also wrote. w the start of a new cinema phenomenon. In Katniss Everdeen, director and Although the movie cannot replicate w Set in a dystopian future centuries co-screenwriter, Gary Ross, may have the restrained anger of the book’s narrative, w after cataclysmic natural and man-made unearthed one of the most intriguing Katniss’s first-person observations are events in North America, the prosperous heroines in modern cinema: not only is seen in the film through the eyes of some Capitol is at the centre of a dictatorship she required to develop the necessary of the surrounding characters. which exploits twelve satellite districts. physical attributes to survive in the most The strong supporting cast includes In the annual Hunger Games – reality extreme circumstances – but she must Woody Harrelson and Donald Sutherland e i

television taken to extremes – a male and also develop the emotional and psycho - who has extended his acting career by . a

female teenager from each district are logical strength to deal with the separation playing malevolent ageing alpha males. o b i . w w w N

Screenclick is Ireland's leading online DVD and Blu-ray rental service. O I N

You simply sign up and select the movies you want to see and we post them U

to your home. As soon as you are finished you return in the FREEPOST envelope E C

provided and we send the next title from your list. It is far cheaper than renting N from the high street with all the latest new releases. A N I F

There are no late fees and over 15,000 titles to choose from. E H T A special 10% discount is available for IBOA members – for more information Donald Sutherland as President A

check out www.iboa.ie/my/services/ Snow in The Hunger Games O B I

december 2011 SPECTRUM 55 S H S 5 H O 6 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk O R T R i i C t c a a w b n b O d s A i C 4 f S T C m o f

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Big show for little people

The Little Big Club Live in Concert brings together many children’s favourite characters live on stage in a 90-minute stage show. The line-up includes Barney, Bob the Builder, Angelina Ballerina, Pingu, Thomas the Tank Engine and Fireman Sam. In a beautifully written and Sunday 1 July at Dublin’s Olympia House by phone at 01-4755908 k

cleverly choreographed show, Theatre. (from the Republic of Ireland) or u

I • B • O • A . g

The Little Big Club Live in Concert Instead of the normal price 02890-200130 (from Northern r o has something for the whole of E18.35 per ticket, IBOA Ireland and Great Britain) or . a

family! members can buy tickets at a through the Union websites: SPORTS o b i A special 35% discount is special discount price of E12.00 www.iboa.ie/media.eventsdiary. . SO IAL w available for IBOA members for each by contacting the Sports html or www.iboa.org.uk/media. w tickets for the 2.30pm show on and Social Department at IBOA eventsdiary. html. E•V•E•N•T w

Win two tickets to see the e i . a

Cirque du Soleil spectacular o b i . w w Alegría w

at The O 2 in Dublin on N O

Friday, April 27 at 8pm . I N U

To enter the draw for two tickets to the show, send your answer to the C

question below by post to Alegría c/o Spectrum, IBOA The Finance Union, IBOA N A

House, Stephen Street Upper, Dublin 2 or by e-mail to [email protected] N I F marking Alegria in the subject line. The winner will be contacted no later than E

Friday, April 13. H T

What does the Spanish word, Alegría, mean ? A O B I

april 2012 SPECTRUM 57 S H 5 O 8 IBOA THE FINANCE UNION www.iboa.ie www.iboa.org.uk R T h c l e o i t P m J t m o m q s y p s w c c i s S T G J F w E T a H t w d v T s o s c l

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at Italia ’90, then beat the Italians at USA ’94. In the Korea-Japan World Cup ten years ago, they secured qual - ification for the knock-out phase having salvaged a draw against Germany with the only goal the eventual runners-up were to concede on their six-match journey to the Final against Brazil. Spain may have carried all before them these past four years with the tiki-taka swift short-passing game perfected by Barcelona, but the national team is notoriously shot-shy. They won the Euro 2008 Final 1-0, and their last four matches in the South African World Cup ended on the same scoreline. In fact, in winning the World Cup in 2010, Spain scored only eight times, the lowest ever Finals total by the champion nation. Form suggests Ireland won’t The prize has been a place in Ray of sunshine: Ray Ireland are unbeaten in their lose to Italy or Croatia, and if they what’s generally acknowledged Houghton celebrates after last three meetings with Croatia, can produce that one big Finals as being the tournament’s toughest scoring the match-winning ditto Italy, against whom the performance against the Spanish, pool, as common parlance has it, goal against England in team under Trapattoni has not a place in the last eight is theirs the Group of Death (or, as has Stuttgart in 1988 (Photo: lost, with a win and two draws for the taking. The sequence of been noted with tongue firmly in INPHO/Billy Stickland). from their three outings. Which matches, not to mention kick-off times – none of them are in the cheek, given the presence of Italy leaves Spain, the current champions k u heat of the late afternoon – is in .

and Spain as well as impoverished and winners of the World Cup g r

Ireland, the Group of Debt!). two years ago. A suitable case for their favour too. o . If they manage to beat Croatia a

Common sense would suggest pessimism? o b i there should be no way the Rational analysis might suggest in Poznan on June 10, then draws . Republic can earn a qualifying as much, and yet there is another against Spain in Gdansk four days w w

place at the expense of one of side to this particular coin. later and Italy back in Poznan on w those two. And with Croatia For one thing, the Republic June 18 should be sufficient to completing the mix of opponents of Ireland have pulled off a big see them through. That would all from the Top Ten of FIFA’s result in each of the tournaments extend the adventure into Ukraine world rankings, a truncated three- in which they’ve taken part. They with a potential rematch with match stay seems the most likely beat England at Euro ’88, drew England the reward. outcome. But is it? with them and saw off Romania In the three final tournaments e i that Ireland have reached since . a

Euro ’88, they’ve got out of o b i their group each time. There’s no . w

reason to be pessimistic. w McInerney Sports Spain will remain favourites. w Otherwise, the prediction game Travel Ltd. is fraught with difficulty. Eight years ago in Lisbon, a 150/1 outsider, a team with an elderly foreign manager earned a draw against Spain in the group 10% discount for IBOA members N stage, then ground out three 1-0 O I

wins and won the European N U on travel packages to top soccer matches Championship. The manager was E in Britain, Scotland and Spain. the German Otto Rehhagel, then C 65, and his team was Greece. N Notions of a successful A N I F For booking call 1850- 206080 from the Republic summer for Trapattoni’s Ireland may seem far fetched. But there E or 00-353-61-228022 from Northern Ireland. H T is that recent history to suggest www.mcinerneysports.com 100/1 against is a touch on the A O

generous side. B I

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WIN PICTURE BOARD E30

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1 5 6 7 Use the first letter of the surnames of each of the celebrities pictured to spell out the name of an international

pop star. Answers on a post card, please, with your name, address and e-mail address and IBOA membership k u E . number to Picture Board, Spectrum, IBOA House, Stephen Street Upper, Dublin 8. A prize of 30 will be awarded g r o to the sender of the first correct entry drawn from our post bag on May 1, 2012. The winner of the last Picture . a

Board quiz was Paula Doherty of Letterkenny, Co. Donegal. The answer was Higgins. o b i . w w w WIN SUDOKU E30 e

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A prize of 30 will be awarded to the sender of the first . a

correct entry drawn from our post bag on May 1, 2012. 2 3 4 o b i All entries should be sent to Sudoku, Spectrum, IBOA – . w

The Finance Union, IBOA House, Stephen Street Upper, 9 3 7 w Dublin 8. You can submit your entry on a photo o cpy of w the grid – if you would prefer not to cut up the maga- 5 8 4 zine. The winning entry for the Sudoku Challenge in the last issue was submitted by Hilary Lee of Ballymoney, Co. Antrim. 6 3 9 4

8 5 6 N O Name ...... Union No: ...... I N U

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with STEPHEN MALONE

ments the cold reality of recession-hit Britain struggling with debt. Blackpool k

Beanz meanz Signs of u play in shirts emblazoned with the name . g r

of their sponsors, payday loan specialists, o . greenz! the Times Wonga.com, while the Tigers from Hull a o b i A sign of the financial times was revealed are sponsored by modern-day pawn- . For anyone still labouring under the mis - brokers, Cash Converters. w

recently on Sky Sports of all places – in its w conception that the humble baked bean telecast of a match between Blackpool w was harvested from the innards of some and Hull City – two former members poor unfortunate beast, we can now of the Premiership, or should I say the confirm conclusively that beans are in Barclays Premiership – named after Taking a punt! fact vegetables! the international financial giants who Spotted recently in a supermarket in currently sponsor the top league. And finally, a man recently sent out ten California (where else?) was this can of Now cast adrift among the lesser different puns to his friends in the hope e i

Heinz baked beans whose label proudly .

lights of the Championship, these two that at least one would raise a laugh. a

proclaims: “Vegetarian Beans” – and, just o

clubs reflect in their sponsorship arrange - Unfortunately no pun in ten did. b i to banish any lingering doubt, adds the . decisive assertion: “No Meat.” w w w Sports Quiz – Results The Sports Quiz in the last issue of England cricket team while playing Dumb luck Spectrum provided a stern test of the soccer for Scunthorpe United. know ledge of our readers. The full list of answers is: 1. Thomas A suspected bank robber in Milwaukee No-one managed to score a full Hearns; 2. Padraig Harrington; 3. An ice probably wishes he studied the book he house. The trick question about Niall hockey puck; 4. Rio de Janeiro; 5. Andy N had with him when he was arrested by O Quinn trapped many – though not all Goram; 6. Baseball; 7. Sea The Stars; I

police last month: How To Be A Success - N of the entrants. He does not chair any 8. None; 10. The 1990 World Cup (Italia U

ful Criminal: The real deal on crime, drugs

English Premier League soccer club. He 90); 11. A Scottish mountain; 12. Tennis; E

and easy money. C previously occupied that role at Sunder - 13. Graeme McDowell; 14. The Oxbridge As the suspect was escaping on foot, N

land and was until recently the Mackems’ University Boat Race; 15. A.P. McCoy; A he ran right in front of two police officers N

international ambassador. 16. George Best; 17. David O’Leary; 18. I

responding to a radio alert about the F The other question that troubled 36; 19. Japan; 20. Ian Botham. robbery. After a quick pursuit, the suspect E many was the England captain who The winner – drawn from those H T

was arrested and searched. played Third Division football. The answer who secured the most correct answers None of the bank staff were hurt in A

was Ian Botham who captained the – was Noreen Rutherford from Belfast. O

the robbery. B I

april 2012 SPECTRUM 63