Bank of Ireland yesterday received approval for its Restructuring Plan as required under State aid rules. Within the plan are objectives to ensure that the Bank becomes more focused and efficient
Following extensive discussions between the Bank and the IBOA, we welcome the proposals regarding pay and job security that have been recommended by Senior Counsel, Mark Connaughton.
- That the existing pay restraints are to continue with reviews to take place in April 2011 and December 2011.
- As the Bank achieves its objectives to continue to become more focussed and efficient, regrettably, this will mean a reduction of c. 750 in the overall number of people employed.
The Bank anticipates that the reduction can be achieved over a period of two years in areas affected by business change across the Group in the Republic of Ireland, Northern Ireland and Great Britain.
Reductions in the number of people employed will be on a voluntary basis and Bank of Ireland is strongly committed to engagement and consultation with staff and their representatives throughout the process.
16 July 2010
Media Relations Manager
Ph: 00 353 76 623 4771 or 00353 87 246 0358