DECEMBER 2011 COMPLIMENTS OF THE SEASON SHORT CUTS NEWS REVIEW SPECIAL FOCUS IBOA JENNINGS AT TOO BIG TO FAIL NEWS REVIEW G20 The Basel Committee on • Growth is the Key - ICTU Banking Supervision recently • Gender bias in global Philip Jennings, General Secre- released a list of the world’s tary, UNI Global Union met workplace direct 29 systemically important • Rough trade for rogue President Sarkozyas part of the banks – from the US, Europe Labour 20 (L20) Summit which and Asia. traders ran alongside the G20 Leaders See Page 5 Summit in Cannes. See Pages 10-17 See Page 4 VIRGIN TAKES EU WANTS MORE SPECIAL FOCUS • Anglo Rescue: Saving ON THE ROCK WOMEN ON Europe’s Bacon shorts BOARD • Softening the Blow for The nationalised Northern Rock Whistleblowers is to be sold to Virgin Money for New proposals published by the • Reforming banking culture £747m, the British Government EU Commission are seeking more • Stress at Work has decided. women directors on bank boards. • Safety Reps cost effective See Page 7 See Page 8 See Pages 18-27 www boa e Spectrum is published by IBOA – The Finance Union, IBOA House, Stephen Street Upper, Dublin 8 and 29, Malone Road, Belfast. BT9 6RU. Telephone: 00353-1-4755908 and 0044-28-90200130 [email protected] www.iboa.ie www.iboa.org.uk General Secretary: Larry Broderick UK BANKS FACE IBOA NEWS Honorary Secretary: Tommy Kennedy • Handlling Change: history Communications Manager: Séamas Sheils SEXISM CHARGE of IBOA out soon • New courses in train Advertising enquiries to Anna O’Doherty According to research many • Kerry Christie tribute or Louise O’Donnell in IBOA House. British banks still hold deeply fundraiser Spectrum is printed on recycled paper and wrapped sexist attitudes towards female • Youth Committee for posting in oxy-degradable poly thene at W & G Baird, customers. • Steve Tweed to leave IBOA BOA THE F THE UN NANCE BOA ON Antrim, Northern Ireland. See Page 9 See Pages 28-37 2 SPECTRUM december 2011 NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE WORK AGENDA • Future uncertain for Irish banking • New relationship at NIB • Intense talks at Northern • No talks yet at AIB • Ulster developments • Stalemate at BOI See Pages 38-45 LIFE & STYLE • Flourishing with Maureen Gaffney AIB’s new Chief Executive, David Duffy. • Why not toys for tots? www boa org uk • Upcoming sports and social events • Learning to get your message across Bankcentre’s latest See Pages 46-53 AIB’s new Group Chief Exec- the Bank as its non-executive “Staff in AIB have been utive Officer is David Duffy – Chairman. told repeatedly for over 20 the former CEO of Standard The search has been the months that AIB will be scaled Bank International. subject of much media down and since April they Aged 50, Mr. Duffy has speculation over the issue of have had the axe of over www boa e previously worked for Gold- compliance with the Govern- 2,000 redundancies hover- man Sachs and the ING ment’s E500,000 annual ing over them – but with no Group. salary cap. indication of where, when His appointment follows Mr. Duffy faces a very and how deeply it might fall. a year-long search for a challenging task in co-ordi- “I hope that with the successor to the Bank’s nating the recovery of AIB. new executive leadership in former Managing Director, IBOA General Secretary, AIB will now work with IBOA Colm Doherty. Larry Broderick, has welcomed to rebuild staff morale which ARTS & LEISURE The search was led by the appointment of David will be vital to restoring AIB • Banking on art the Bank’s interim Executive Duffy as the final piece in the to full health so that it can • Close to the Heart Chairman, David Hodgkinson, executive jigsaw in Allied once again contribute to the • Sports Quiz who is likely to remain with Irish Bank Group. economic recovery. • Crossword, • Sudoku and Picture Board Cover Picture: Irish international rugby star, Gordon D’Arcy, pictured with Libby (5) and Rory Gorman (9) from • UltraViolet Blackrock after he turned on the Christmas lights in Dublin’s Henry Street recently. Gordon’s father, John has been See Pages 54-63 a long-standing member of IBOA The Finance Union, as a former employee of Bank of Ireland in Wexford (Photo:Leon Farrell/Photocall Ireland). F THE UN NANCE BOA ON december 2011 SPECTRUM 3 SHORT CUTS NEWS REVIEW SPECIAL FOCUS IBOA Best wishes from IBOA The Officers, Executive Committee and staff of IBOA The Finance Union wish all our members and Spectrum readers the com- pliments of the season. The holiday break offers a brief respite from the unrelent- ing pressure many members feel at this time – and which the Union is fighting to resist. While 2011 has proven to be a very difficult year for many staff in the financial Above: Oxfam stages a demonstration at the G20 summit in services in the wake of the Cannes (Photo: Delphine Bedel/Oxfam International). Right: UNI ongoing crisis in banking and Global Union Federation General Secretary, Philip Jennings (Photo: in the economy generally, Remy Steinegger). 2012 promises to be equally challenging. However, with the con- tinued and committed sup- Jennings takes port of its members, IBOA is pledged to strive to protect www boa org uk the interests of workers in the financial services sector by case to G20 promoting the recovery of Irish banking in a measured Philip Jennings, General Secretary, UNI focusing on job creation. and structured fashion – Global Union met President Sarkozy at • Ensure that the widening gap between the avoiding short-term expedi- the Elysée Palace in Paris recently as poor and the rich is redressed. ency and with job retention part of the Labour 20 (L20) Summit • Close tax havens which fuel inequalities. as an essential element. which ran alongside the G20 Leaders • Introduce a financial transactions tax. We wish you a joyful Summit in Cannes. • Develop global solidarity and fair working Christmas and a brighter 2012. conditions across markets. Jennings and other leading trade union www boa e leaders brought a message to Sarkozy, calling on the G20 leaders not to miss this second “We pressed President Sarkozy, as the G20 Union to make chance to get it right. President, for a co-ordinated plan which would They urged the G20 to tackle the crisis con- cut youth unemployment worldwide, and donations to structively by putting employment at the heart enhance social protection, workers’ rights and of the recovery and a new deal on the table for stronger G20 policies for social cohesion” said charity the people. Jennings. After the financial crisis broke in 2008 there “The financial crisis has revealed that the IBOA has decided to make a was a flurry of co-ordinated activity but since social order created in the post-war social con- number of charitable donations then the G20 has lost its way and has so far tract has been systematically torn to pieces by this year – including grants been unable to provide the leadership required the business and political elites and their think- to the Irish Cancer Society and or stand up to big business. tank cohorts,” said Jennings. to Marie Curie Cancer Care If the G20 wants to take this second “The wave of protests which are growing instead of sending seasonal chance, UNI Global Union has demanded they all over the world are an authentic voice of greetings cards by post. take the following steps: ordinary people who feel they have been However, the Union is to • Stop the “business and bonus” as usual disenfranchised from society and have no hope send electronic greetings by mentality among finance sector bosses. for tomorrow. This growing unrest needs to be BOA THE F THE UN NANCE BOA ON e-mail. • Push for businesses to start re-investing and answered in a positive manner,” he said. 4 SPECTRUM december 2011 NEWS WORK AGENDA LIFE & STYLE ARTS & LEISURE Prime mover in UK: Sir David Walker of NBNK Investments NBNK aims to make mark in British banking NBNK Investments plc is now actively seeking to establish a presence in British retail banking. The investment vehicle recently made a £1.5bn bid for the 632 branches which Lloyd’s is required to sell by the EU Commission in return for the extensive State support www boa org uk Too big too fail: the top 29 for the group since the onset of the crisis. As part of the deliberations surrounding • Barclays (UK) NBNK is also reported to have entered exploratory talks the recent G20 summit held in Cannes, • BNP Paribas (France) with National Australia Bank the Basel Committee on Banking Super- • CitiGroup (USA) (NAB) about the possible vision has released a list of the world’s 29 • Commerzbank (Germany) acquisition of NAB’s Clydes- systemically important banks that will be • Credit Agricole (France) dale and Yorkshire banks – required to raise their core tier 1 capital • Credit Suisse although it is not yet clear if ratios by between 1% and 2.5% above the • Deutsche Bank (Germany) they are up for sale. The 7% specified in the Basel III agreements. • Dexia (Belgium) Australian group may yet www boa e The list includes 8 US banks, 17 Euro pean • Goldman Sachs (USA) decide to expand its interests banks, 3 Japanese and one Chinese. • HSBC (UK) in the UK. Meanwhile the Financial Stability Board • ING (Netherlands) NBNK’s interest in Lloyd’s – established by the G20 in 2009 – is also • JPMorgan Chase (USA) is understandable since the pushing banks to improve their internal • Lloyds Banking Group (UK) investment group is led by supervisory regime and for governments former Lloyd’s Chairman, • Mitsubishi UFJ (Japan) to safeguard taxpayers when bailing out Lord Peter Levene, and the • Mizuho FInancial Group (Japan) institutions deemed too big to fail, while former Lloyd’s Deputy Chair- also figuring out how to resolve various • Morgan Stanley (USA) man, Sir David Walker, who cross-border issues.