AG 2011 - Financial Services UnionBOA THE FNANCE UNON www boa e www boaorguk SPECTRUM...

AUGUST 2011

TIME FOR A CULTURE SHIFT

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2 SPECTRUM august/september 2011

SHORT CUTS NEWS REVIEW SPECIAL FOCUS IBOA

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Spectrum is published by IBOA – The Finance Union,IBOA House, Stephen Street Upper, Dublin 8and 29, Malone Road, Belfast. BT9 6RU.

Telephone: 00353-1-4755908 and0044-28-90200130

[email protected] www.iboa.ie www.iboa.org.uk

General Secretary: Larry BroderickHonorary Secretary: Tommy Kennedy

Communications Manager: Séamas Sheils

Advertising enquiries to Anna O’Dohertyor Louise O’Donnell in IBOA House.

Spectrum is printed on recycled paper and wrappedfor posting in oxy-degradable poly thene at W & G Baird,Antrim, Northern Ireland.

TAX THE RICH

Billionaire financier, WarrenBuffett, has urged the USadministration to stop molly-coddling the mega-rich withover-generous tax breaks whilesqueezing the less well-off.

See Page 4

RING-FENCING

UK banks are anxiously awaitingthe publication of the finalreport of the Government-appointed Independent BankingCommission headed by Sir JohnVickers.

See Page 7

NEWS REVIEW• Toxic media hysteria• Ratings agencies under fire• Call centre operations in

India to be reviewed• Business customers’ bank-

ing wish list• Controversy over salary cap

See Pages 10-17

HIGH STAKES

While former HBOS Chief Exec-utive, Andy Hornby, has just beenappointed to head the Coral’sgaming chain, the Former UlsterBank chief, Cormac McCarthy hasjoined the Paddy Power board.

See Page 6

BANK CHIEFS

IN DENIAL

British banking leaders remaindesperately slow to understandthe need for a major change inthe culture of their industry.

See Page 8

SPECIAL FOCUS• From counter to culture• Changing your career• Survey: culture of banking

must change• Safety focus: stress• Safety focus: burn-out

from boredomSee Pages 18-27

HAND OF GOD

Keeping his head while all abouthim lose theirs, Bank of Englandboss, Mervyn King, draws onsoccer analogies to explain thebank’s approach to interest ratepolicies.

See Page 9

IBOA NEWS• IBOA leaner but keener• Training for a change• Union mourns death of

heroic activist• Sports & social: upcoming• Meeting Mr. Tayto!• Building the Union

See Pages 28-37

august/september 2011 SPECTRUM 3

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WORK AGENDA LIFE & STYLE ARTS & LEISURENEWS

The retrenchment of Irish banking is begin-ning to gather pace. The catalogue of failurealready includes almost 1,000 job losses inUlster Bank, 750 redundancies generated bythe closure of Halifax (and a similar numberto be lost when Bank of Scotland Irelandeventually winds down), 150 redundancies inNational Irish Bank and a restructuring agree-ment to cut 750 jobs across the Bank of Ire-land Group. Staff in the recently merged Anglo IrishBank-INBS institution are now digesting theimplications of their management’s proposalsto reduce employment by a further 350 as thewind-down process continues. In addition to these job cuts, up to 4,000posts that have been extinguished in Irishbanking as a result of non-replacement ofstaff on retirement or resignation and thenon-renewal of contracts for temporary staff. At the same time, Northern Bank hasopened talks with IBOA on a TransformationProgramme while Ulster Bank’s recently

installed Chief Executive is currently finalisinga further operational review. Meanwhile, of course, IBOA members inAIB Group still anxiously await details of therestructuring plan which is intended to seekaround 2,000 job cuts. Developments in Ireland reflect significantjob cuts on the international stage. HSBC hasjust announced a plan to cut 30,000 jobs by2015 – while Lloyds Banking Group is seeking15,000 more redundancies – bringing its jobstoll to over 40,000 since the crisis began. UBS wants 5,000 job losses from theirglobal operations while Credit Suisse has alsoannounced 2,000 cuts. Bank of America isnow seeking 5,000 job losses world-wide.Reported cuts of 200 posts at RBS seem quitemodest in comparison. Meanwhile, Goldman Sachs is reported tobe seeking a further 1,000 redundancies afterthe purging of 5% of its traders in March,while Morgan Stanley is also expected toannounce job reductions shortly.

WORK AGENDA• Anglo restructuring• NIB job security pledge• Talks under way at Northern Bank• Major review at Ulster Bank• BOI wins bew investment• AIB staff still waiting

See Pages 38-45

LIFE & STYLE• Swipe for cash• Fashion victims• Exercise for kids• Menus to count calories?• Fitter or fatter: energy

drinks in the dock• Nike: just pay it!

See Pages 46-53

ARTS & LEISURE• Film: Monkey see, monkey

do!• Will Adele get the Elbow?• Sport: All Black to the Future• Crossword, Sudoku, Picture Board• UltraViolet

See Pages 54-63

Cover Picture: Crann an Oir - The Tree of Gold at the Central Bank in Dublin. The sculptor, Eamon O’Doherty, whowas also responsible for the Anna Livia Fountain and the statue of James Connolly at Beresford Place in Dublin,died in August.

Job cuts – order of dayacross banking sector

British banking group, Lloyds, has recently announced a further 15,000 more redundancies.

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NSHORT CUTS NEWS REVIEW SPECIAL FOCUS IBOA

Wizards of Oz?Australia’s larger banks arenow rated as some of themost profitable in the world,according to the annual reportof the Bank of InternationalSettlements. Australian banks haveachieved wider profit marginsthan any institutions of similarsize in other countries.

RBS faces twolaw-suits in USRBS faces two lawsuits in theUS seeking damages of over$1 billion for allegedly mis-leading credit unions overbonds backed by “liar’s loans.” The latest suit – filed in a LosAngeles court last month by theNational Credit Union Adminis-tration over the sale of mort-gage bonds to Westcorp CreditUnion – alleges that the loansfeatured “systemic” misrepre-sentations about borrowers’incomes, debt and equity. A similar suit was filedagainst RBS a month earlierover losses incurred by the USCentral Corporate Credit Unionin Kansas.

Nearly half of people in the IrishRepublic are late paying at leastone bill every month, according toa survey undertaken by the IrishLeague of Credit Unions. The survey was con-ducted for the League’ssecond disposable incometracker index of 2011, entitledWhat's Left?, which aims toassess levels of disposableincome, patterns of expenditure andthe financial hardships facing people inIreland. According to the survey, of thosewho have less than 5% of their incomeleft after essential bills are paid, astaggering 45% said they no longer see

a future for themselves or their familiesin Ireland.

82% of the same group say they donot think they will be able to cope withany further changes to social welfare rates

or income tax.The survey took place after

the European Central Bank’sinterest rate rise in April butbefore the rate rise in July.Those surveyed were asked

how a further interest rate rise wouldaffect them – with 21% saying it wouldhave a serious impact on their ability tomeet bills. 6% said they could not pay theirmortgage and utility bills if there was afurther rate rise.

210,000 peopleunable to payessential bills

Half pay bills late everymonth in Republic – survey

Calculating his personaleffective tax rate at 17.4% –compared to 33% to 41%for many of his employees atBerkshire Hathaway financehouse – Buffett has called onthe US political establishmentto “get serious about sharedsacrifice.” He said that the megarich would not mind beingtold to pay more in taxes“particularly when so many oftheir fellow citizens are trulysuffering.”

Buffett’s latest interven-tion follows the recent bitterpolitical wrangling in the USCongress over tackling thedebt issue –which resulted inthe downgrading of the US’sAAA rating by Standard andPoors. While commentators inEurope have pointed outthat if European style rates ofpersonal taxation were intro-duced in the US, the debtproblem could be quicklyresolved, the Republican

majority in the US House ofRepresentatives – fired up bythe ideological dogmatism ofthe Tea Party – are resolutelyopposed to any increases intaxation – preferring insteadto introduce substantial cutsin State expenditure on healthand education. Critics of this approach –including Buffett – believe it isunfair to foist America’s debtburden on the most vulner-able while the rich get off“scot free.”

CHAPTERS

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Warren Buffett

Billionairefinancierwants morewealth taxesBillionaire financier, Warren Buffett, whohas been acclaimed as the third richestindividual in the world, has called on the USGovernment to stop mollycoddling the“mega rich” like himself and to introducefair taxation.


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The US Federal Reserve has orderedUlster Bank’s parent company, RoyalBank of Scotland, to improve oversightof its US operations – including controlsto prevent illegal money laundering. RBS has 60 days to submit a written planof how it will tighten up risk management tocomply with requirements set by the TreasuryDepartment’s Office of Foreign Assets Control,which monitors potential money launderingactivities. The move by the Federal Reserve comes ayear after the British banking regulator, theFinancial Services Authority (FSA), fined RBS£5.6m for failing to operate adequate customerscreening to prevent its banks being used formoney laundering or financing terrorist activities.

“RBS is well advanced in addressing thedeficiencies noted by the US banking authoritiesand in continuing to upgrade our governanceand compliance systems throughout the group,”said its Chief Executive, Stephen Hester.

More Dirty LinenBritain’s banking regulator, the Financial ServicesAuthority (FSA), is considering penalising twoUK banks after it found major lapses in theirprocedures to combat illegal money laundering. The FSA said that some institutions wereprepared to risk handling the proceeds of crimerather than turn down business from high-riskwealthy clients.

RBS warned over moneylaundering risks in US

RBS Americas Headquarters in Stamford, Connecticut.

JP Morgan pays$153m. overtoxic mortgagesJP Morgan Securities is topay $153.6 million to settleclaims that it had trickedinvestors into buying toxicmortgages before the pro-perty market crashed. The American Securitiesand Exchange Commissionsaid that JP Morgan createdand sold a “synthetic collat-eralised debt obligation”without informing investorsthat a hedge fund, whichhelped to select the assets,was set to benefit if the as-sets defaulted.

MBNA disposalputs 5,000 jobsat riskUp to 1,000 jobs are at riskin Ireland with another 4,000in Britain following therecent decision by Bank ofAmerica to dispose of itsMBNA credit card businessbased in Carrick-on-Shannonand Chester. As MBNA is reputedly thebiggest credit card operatorin Europe –with £11.6bn inloans through its own cardas well numerous affinitycards supplied to charities,sports clubs and otherbodies – it is expected thatBank of America will have nodifficulty in finding a buyer. However, if the disposalresults in a merger with anexisting credit card business,significant job losses mayensue.

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RBS probe widensThe UK's Financial Services Authority hasbroadened the scope of its investigation intothe reversal of fortune of Royal Bank of Scot-land (RBS) to include a review of its contro-versial take-over of the US bank, CharterOne, in 2004. The British regulator’s decision to discussthe take-over with RBS investors highlightsits determination to uncover how one of theworld’s largest banks collapsed to the pointwhere it needed support to the tune of £45billion from the British taxpayer.

Banking to gamblingFormer HBOS Chief Executive,Andy Hornby, may have foundhis true calling at last. After the sad end to histenure in Halifax-Bank of Scot-land – which was acquired byLloyds at the behest of theBritish Government – Hornbymovedto the pharmaceuticalretailer, Alliance Boots. But he has now forsakenthe drugs industry to headthe Coral gaming chain –which includes casinos, bingoand bookmaking businesses. So Hornby’s wheel hascome full circle – back in thebusiness of gambling – ratherlike former Ulster Bank chief,Cormac McCarthy, who hasjust joined the board of book-makers, Paddy Power.

International investment banksbased in the City of London arepreparing to provide substantialbonuses to staff after securing majorincreases in fee income. Despite widespread discontentover their charges, investment bankshave already achieved a total of$48.9bn (£30.5bn) in fees inthe first six months of 2011,according to a recent studyby Thomson Reuters. Up 23% on the sameperiod last year, this levelof fee income was the bestfirst half-year since 2007. According to ThomsonReuters, six of the top ten fee-earning banks were American. WhileJP Morgan was the biggest earner with$3.4bn, or nearly 7% of the total,Morgan Stanley was the fastest grow-ing with its total of $2.7bn fees –representing a 48.9% increase on thefirst six months of 2010.

Analysts have suggested that seniorbankers are likely to expect massivepayouts again – even though new rulesrequire that some of the bonus shouldbe deferred and paid in shares. It has also raised again the contro-versial issue of the bonus culture –with

British Trades Union CongressGeneral Secretary, BrendanBarber (left), observingthat:

“The large increase infees collected by UK banksshow that the good timesare rolling in the City again.

“This will astonish themillions of credit-starved

businesses and people strugglingfor a mortgage, who can’t persuadethe banks to lend,” added the unionleader. “A healthy banking sector shouldbe encouraging business investmentand growth, not just its own profitsand bonus pool,” said Barber.

Investment bankersanticipate bonus boomfrom rising fee income

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After ‘a pizza’ the actionHugh Osmond, the founder of the PizzaExpress fast food chain in the UK is believedto be part of the Sun Capital private equitygroup which is bidding for the 632 branchesbeing sold off by Lloyds Banking Group atthe behest of the EU Commission.


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The UK’s Independent Commission onBanking (ICB) is now likely to defy the bigbanks by proposing more thorough “ringfencing” of their retail and investmentbanking activities than was previouslyexpected. If the Commission’s final report on 12Septemberproduces even more stringentguidelines than were signalled in itsinterim report earlier this year – it is likelyto generate increased hostility from themajor banks, with renewed threats oftransferring their head offices out of theUK. The Commission, which is chairedby Sir John Vickers, was established bythe British Government to review theoperations of the banking sector in thelight of the recent crisis and make recom-mendations for the future.

The tougher line will undoubtedlyfind favour with the UK’s BusinessSecretary, Vince Cable, who has been along-standing advocate of a completelegal separation of the functions of thebanks. Cable, who was himself a member ofan earlier independent commission, be-lieves this is the most effective way to re-move the notion that any institution is“too-big-to-fail” and, therefore, entitledto taxpayer support whenever they runinto difficulties. The Governor of the Bankof England, Sir Mervyn King, is alsoknown to be highly sceptical about thebenefits claimed for “universal” banking. However, the final decision on theCommission’s proposals will be taken bythe UK Government, which will have tobalance the banks’ claim that ring-fencing

could drive up the cost of borrowing andreduce the UK's competitive advantageover other financial sectors abroad –withthe wider public interest to ensure thattaxpayers are not in effect being requiredto underwrite any future reckless acts onthe part of senior executives.

Breaking up is hard to do… but UK banks may be divided soonto ensure they are not “too big to fail”

Sir John Vickers: chairman of the UK’sIndependent Banking Commission

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One of the UK’s most seniorfinancial regulators is highlycritical of senior bankingexecutives who have failed torecognise the need for a majorchange in the sector’s cultureto restore its reputation withconsumers. Director of Enforcementand Financial Crime at theFinancial Services Authority(FSA), Margaret Cole, saidthat the standards of thefinancial services sectorwould not be tolerated inother businesses. “If a supermarket soldrotten food to its customers,how long would it stay inbusiness?,” she asked. “Expectations around thequality of service to customersof financial services should bejust as high if not higher.” Cole added that it was“somewhat alarming” thatofficials from the BritishBankers’ Association (BBA)said recently that the industry

was not sure what mistakeshad been made over pay-ment protection insurance –the mis-selling of which isexpected to lead to threemillion compensation claimsbeing lodged with the majorretail banks and a final pay-out of up to £9 billion. Speaking at the launchof the Financial ConductAuthority (FCA) – which is tobe spun out of the FSA nextyear with new powers to banproducts to protect consumers– Cole noted the absence of

senior industry figures at theevent. The “penny hasn’tdropped” with key figures, inthe sector, she said, that theimpetus for promoting a“culture of responsibility infirms” has to come from thetop. FSA Chief Executive,Hector Sants, who is to run thePrudential Regulatory Authority– the other body being spunout of the regulator – addedthat regulatory changes alonecould not protect customers

unless firms changed. “Weare concerned that they havenot fully understood that.” “Radical change requiresa change in attitude notjust by regulators but alsoby senior management offinancial firms. They mustmake real their commitmentto give consumers a betterservice,” said Sants. “They must commit torun their firms for the benefitof society as a whole and notfor the short-term benefit ofemployees or shareholders.”

Margaret Cole, Director of Enforcement and Financial Crimeat the UK’s Financial Services Authority.

Bankingexecs stilldon’t get it– regulator


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Governor of the Bank ofEngland. Mervyn King, usedto compare the Bank toArgentinian football legend,Diego Maradona’s secondspectacular goal againstEngland in the 1986 WorldCup, when he picked up theball on the halfway line,beat a succession of Englishdefenders before scoringpast Peter Shilton.

King’s point is that, whileMaradona’s run is often seenas a mazy dribble, he basicallyran in a straight line –but beathis opponents because theywere expecting him to swerve. The Bank can do the samething, according to King, byremaining constant when themarkets expect it to changecourse. But Michael Barr ofJP Morgan believes it would

be more accurate to comparethe Bank’s approach to DiegoMaradona’s more notorious(in England, at least) “hand ofGod” goal in the same match. With its subtle alterationsto its inflation forecasts, theBank may not be quite soblatant, according to Barr,“but it is certainly lingering inan offside position hopingnot to be flagged.”

Dribble it like Diego!

Argentinian soccer star,Diego Maradona (left)and Mervyn King, Governorof the Bank of England(above).

Citigroupexecutive onfraud chargein New YorkFormer Citigroup Vice Presi-dent, Gary Foster, has beencharged in New York withembezzling over $19m fromhis employer. Foster is accused of havingabused his position in the bank’sinternal treasury financedepartment to channel fundsfrom a number of Citigroupaccounts into his own per-sonal account. If convicted, Foster couldface jail time of up to 30 years.

HSBC pays out$62.5m. toscam victimsHSBC has agreed to pay $62.5mto settle a legal action in NewYork brought by some of thevictims of Bernie Madoff’sfraudulent Ponzi scheme. The settlement coveringinvestors in the Dublin-basedThema fund should not beconstrued as an admission ofliability, according to HSBC.

PwC FACING

FINE FOR $23bn

BANK ERROR

PricewaterhouseCoopers is nowfacing the largest fine everimposed on an accountancyfirm in the UK after admittingthat it failed to notify theFinancial Services Authority thatthe US bank had not properlyring-fenced up to $23 billion inclient funds over a seven yearperiod. While a disciplinary boardis still to decide the penalty tobe imposed on PwC, analystsbelieve that it could run to tensof millions of pounds.B

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Some cause

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Oscar Wilde

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OVERRATED?

David Lemon casts a wary eyeover the ratings agencies andtheir notorious reputation forinsisting they are right evenwhen they are wrong.

See Page 12

BUSY BODIES

An informal survey of businessopinion by the Department ofFinance has revealed a lengthywish list including longer bankopening hours.

See Page 16

Santander UK has decided to relocate its call centre operations fromIndia to Britain – eight years after the company’s predecessor, Abbey,exported the business to the subcontinent. While the decision byChief Executive, Ana Botin (above) is understood to be motivatedprimarily by the desire to improve service to customers, it alsohappens to coincide with renewed fears about the security ofaccount data for the customers of a number of British banks withcall centres in India.

See Page 14

CAP STILL FITS

IBOA General Secretary, LarryBroderick, says that MatthewElderfield’s call for an easing ofthe E500,000 salary caps forbanking executives “beggarsbelief.”

See Page 17

SA ANDER UK TO ELOCATESANTANDER UK TO RELOCATE

INDIAN LL ENTRES B ITAIN INDIAN CALL CENTRES TO BRITAIN

RBS RESTRICTS

ATM USAGE

Up to 8,000 RBS customers inthe UK have been barred fromusing cash machines operatedby rival financial institutions. Recent policy changes intro-duced by the banking groupmean that holders of its “basic”account will only be able towithdraw money from ATMsoperated by RBS –which includeNatWest and Tesco installations. Basic customers will also beable to make withdrawals fromthe Post Office. Not quite the “helpful bank-ing” promoted in the recentNatWest advertsing campaign!


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The last thing you need in ahighly volatile situation is tothrow more fuel on the fire –but in some sections of themedia, the need to “sex up”relatively innocuous develop-ments is threatening to createa popular culture which leadspeople to take offence atthe merest slight – real orimagined! This is not themost conducive environmentfor working through a crisis. Staff in the financial servicessector have been on thereceiving end of public angerwhich should have beendirected at banking leadersfor their reckless mismanage-ment of their businesseswhich has had such a trau-matic effect on the economy. While the level of anger isentirely understandable –indeed bank officials, them-selves, feel equally betrayedby the actions of their one-time bosses – the target is

clearly wrong. However, sincethese leaders have been largelyinaccessible, some membersof the public have regardedbank officials as the most con-venient punch-bags available. It is curious that, althoughnurses are very rarely con -sidered by the general publicto be responsible for the criticalsituation in the health service,the public are not willing todraw a similar distinctionwhenit comes to finance staff. Maybe it is because theseemployees are required tostick to the official line fromHead Office at all times – butit may also be explained bythe perverted news valuesoperating in some sections ofthe media which try to presentbank staff as privileged andpampered employees enjoy-ing the same kind of high lifeas their bosses while the restof the country struggles inpenury.

Even though many of thosewho propagate this image offinance staff are themselvesearning far more than theaverage bank official, it isremarkable how many oftheir readers are prepared toaccept all the hype – justa couple of years after manyof these commentators wereeffectively cheerleaders forthe now discredited bankingbosses. Many people seem to bewilling to believe anythingthey read in the newspaper –no matter how improbable –as long as it fits their ownprejudices about an issue. The recent coverage ofthe outcome of a LabourCourt Recommendation ona claim by former IrishNationwide staff is a case inpoint. According to one dailynewspaper, IBOA memberswere threatening to strike –even though the paper was

clearly told that the Unionwould have to consult fullywith its members to deter-mine their response to theCourt decision. Another round of “bankerbashing” was triggered by astory that some bank staffmay be about to receiveuniforms. An employee re-ceiving work clothes wouldnot normally rate as “news” –but if the worker is a bankofficial in a now State-ownedbank, then suddenly it be-comes an issue of vital publicimportance. Just because an item maybe of passing interest tothe public, it does not meanthat it is in the public interest. An unrelenting diet ofhype and hysteria is unlikelyto stimulate the broad com-munity spirit which is vitalto meet the challenge of thecurrent economic and socialcrisis.

MATTER OF OPINION

Media hysteria is toxic!

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There was great surprise inthe financial markets recentlywhen one of the ratingsagencies downgraded its out-look on US national debt tonegative and warned of astrong likelihood that thecountry would lose its cov-eted AAA rating. Up until thatpoint I had thought an AAArating was a sailor from Liver-pool! While the markets mayhave been surprised the bigsurprise for me was that any-body paid a blind bit of noticeto anything the ratings agen-cies said any more.

Do you remember howthey shouted dire warningsfrom the rooftops as coun-tries increased their borrow-ing all the way through the1990s and 2000s? No, meneither. They could have saved usfrom all this sovereign debtheartache by slashing theirprecious ratings ten yearsago, when the sums owingwould at least have beenmore manageable. They were still giving acoveted AAA rating to bondsfrom insurance giant, AIG, amere threemonths before the

company went bust. Naturallya severe downgrade on therating ensued. Enron was assigned an‘investment grade’ rating fourdays before it went belly up,despite known problems. Just imagine for one mo-ment that the economies ofIreland or Greece were build-ings. Do the agencies call thefire brigade when the fire inthe waste paper basket hasspread to the curtains? “Hold on Fred, it’ll proba-bly burn itself out.” Do they phone them whenthe flames are licking out ofsecond floor windows? “Not so fast Fred, thewind looks like it’s dyingdown and rain is forecast fornext week.”

The following week, whensufficient numbers of peoplehave been badly burned, Fredfinally decides to throw cau-tion to those same winds andcalls in the emergency servicesto deal with the smoulderingwreck. The agencies grandly an-nounce to the world that acountry, or a company, is introuble when the world andhis wife already know that it’sa smouldering wreck. They’ve probably gotcomputer programmes thattrack the defecation habits ofbears in woodland too. What these geeks do isplug a few figures into a com-puter programme and spewout opaque ratings like AAA,AAB-, BBB+, B, A- and, for allI know.


IBOA member, David Lemon,casts a wary eye over the recentrecord of the ratings agencies.


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Another option would be tohave ratings expressed as book-makers’ odds so that the averagepunter could easily determine ifhe or she was betting on KautoStar (Germany) or Delaney’sDonkey (Zimbabwe). Alternatively why not intro-duce a greater aura of mystique,smoke and mirrors and insteadof just using the plus and minussymbols throw in the divide andmultiply symbols as well? In this case Ireland’s ratingwould be (A-C-) +BB x (BBa ÷CCa3). Of course the answerwould still be ‘stony broke’ butjust think of the opportunity formanipulating the stock marketwhile the traders interpreted it.

What’s in a name?The names of the agencies arealso interesting. Standard andPoor should perhaps be a de-scription of the entire industry,while a Moody rating suggeststhat it has been determined in afit of pique. “Hey Fred, those tacos wereawful last night so Mexico is goingdown to Caa. Or is that up Fred?” Fitch sounds like somethingthat would irritate the life out ofyou – spot on. Fitch even has anassociate company called Duffand Phelps. I can only assumeMr. Phelps replaced Mr. Pointlessto mitigate the risk of the com-pany becoming a self-fulfillingprophecy. And then we have AM Best – not to be confused withI Am Best, of course. By now I am quite sure thatthe scientific rigour applied tothis article will have convincedyou that the ratings agencies areuseless, pointless and irritatingand that their credibility is matchedonly by that of tabloid journalists,senior bankers and politicians. So, what are we to do aboutthem? I think they need to bebrought down a peg or two,perhaps to CCC, and that thiscould best be achieved by theintroduction of a Rate the Raterswebsite where the general public,along with journalists, seniorbankers and politicians coulddeliver their verdict. I would offerthe ratings in the table to theleft as my contribution to thedebate.

Some agencies have ratingslike Baa, Caa and then compli-cate these by appending a 1, 2or 3 to indicate the relative posi-tion within a particular rating.Baa3 is apparently better thanBa2 but whether it’s better thanB1 I have no idea. Use of lower case and uppercase seems to be important tosome of them but they all seemto use nutcase. You really would have towonder why, if they are so smart,they couldn’t have devised a simplescale, say from 1 to 100 and forall agencies to use the same scale.And if a country is at No.1 thenlend them all the zillions youhave made from betting on thestock market fluctuations, causedby agency ratings announcements. Money from America, er, onthe pig’s back, eh Fred? But ifthey’re at No.96 then insist onhostages.

‘Rate the Raters’The Lemon Index

AAA moderately incompetentAA demonstrates outstanding ability to state

the obviousA computer literate and solid reputation for

corporate entertainingBBB recognised industry leader at producing

incoherent toshBB fully incompetent, and inaccurate to boot,

but well presentedB displays world class standards of ineptitudeCCC bungling and impenetrable but quite funnyCC needs locking upC mad, bad and dangerous

Funnily enough, similar ratings could be applied equally wellto tabloid journalists, senior bankers and politicians!


About ten years ago, out-sourcingof call centre operations to Indiaand other “off-shore” locations wasall the rage in financial services andother key sectors of the economy –at major cost to the many staff wholost their jobs as a result. While many questioned thewisdom of this trend, the lure ofcheap labour overcame any con-cerns about the difficulties forcustomers of trying to deal withstaff operating in another countryand another culture – whoseunderstanding of local dialectsand knowledge of colloquial Eng-lish might be limited. However, a more serious chargeof widescale security breaches –which have been highlighted byThe Sunnewspaper in Britain mayadd to the growing unease aboutthe wisdom of transferring a keyelement in the relationship betweena financial institution and its clientsto an offshore location.

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One of the early trendsetters in this mi-gration of customer contact operations was

Abbey National which “exported” its callcentre operation to India in 2003.

However, following Abbey’sacquisition by the Spanish-based Santander Group, thenew chief executive, Ana Botín(left), has undertaken a reviewof the call centre operationafter Santander UK topped thetables for customer complaintscollated by the UK’s financialregulator, the Financial ServicesAuthority.

Even before The Sun exposé(see opposite)Botín had decidedto return Santander’s call centreoperations to Britain in a majoreffort to rebuild customer loyaltyby enhancing levels of satisfactionwith their personal interactions withthe Bank.

Santander’s decision appears tosignal a reversal of the previous “off-shoring” trend among financialinstitutions since it follows an earliermove by Lloyds to transfer its Indiancall centre operations back toBritain.

Other institutions may nowfollow suit if the revelations ofThe Sun investigation are shown

to be well founded.

Santanderto close

call centre

TAKE•A•BREAKSpecial discounts are available for IBOA members on hotel breaks

throughout Ireland. Check out either of the IBOA websites on www.iboa.ie/

members/otherservices or www.iboa.org.uk/members/otherservices for

further information on the special offers currently available to IBOA

members.


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Thousands of customers’ bankand credit card details held bycall centres in India are allegedlybeing sold for pennies, puttingindividuals’ confidential accountdetails at a risk of being clearedout by rogues. In a major exposé, The Sunnewspaper has revealed howdealers are offering to sell con-fidential data which they claimto have acquired from BPO callcentre staff. In one instance, a dealer toldan undercover reporter that hecould sell the details of 80,000customers every week andboasted that he already hadBritish clients – including onewho buys data on 1,000,000bank customers every week. The newspaper’s undercoverteam bought key financial datafor 1,000 British customers fromone dealer for £250. The Sun claims its team wasgiven bank account details,personal data and credit cardnumbers with the three-digitCVV security code, needed foruse on the phone or web. They were even given onlineaccount passwords for somecustomers.

The dealer was located via awebsite where sellers with accessto call centre data, seek blackmarket buyers. One seller who had pre-viously worked in a call centre inGurgaon, provided a “sample”of his merchandise by e-mail – aspreadsheet containing detailsof 21 customers from Barclaysand Lloyds Banks. At a subsequent meetingwith the undercover reporters,he explained that the data is‘accessed’ from broadbandwhen customers do a directdebit. And the price? For the name,number, address, bank name,sort code, account number – it is

25 pence for each bank customer. “It’s easy,” he told thereporters. “It’s big business.” Richard Hurley of the Britishanti-fraud organisation, CIFAS,said: “I am astounded. The infor-mation being traded is every-thing a criminal needs to clearout an account or steal an iden-tity. That this is happening on anindustrial scale is enough tomake anyone shudder. This is awake-up call. Security processesand staff vetting need to be re-viewed,” he said. Britain’s Serious OrganisedCrime Agency (SOCA) has nowlaunched an investigation of theevidence provided by the news-paper.

Back to the Future: Anumber of British and Irishbusinesses have relocatedtheir customer serviceoperations to India overthe last decade – to availof its cheap labour costs. However, with grow-ing customer dissatisfactionover the quality of the serviceand new concerns over thesecurity of sensitive data,some of these businesseshave begun to return theseoperations to domesticlocations.


BPO is the operator of one ofthe call centres implicated inthe security breach.

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16

Irish business customers wantlonger banking hours, a mobilephone app about applying for aloan and a website offeringinvestment opportunities forprivate lenders, according to arecent initiative conducted bythe Republic’s Department ofFinance. A list of suggestions from theIrish public on how to improvethe number of SMEs applyingfor credit has been published bythe Minister for Finance, withone idea being longer bankinghours. As part of the Credit Sugges-tions Initiative, more than 100ideas were sent in to the Depart-ment of Finance on how to getviable businesses to approachlenders for credit. Those taking part in theinitiative said banks should openat the weekends to allowbusiness customers to maketransactions or hold meetingswhen their own businesses areclosed. A limited number of thesesuggestions have been selectedfor further investigation by theDepartment of Finance witha view to development andimplementation – although itremains to be seen exactly howalready overstretched bank staffcan be expected to facilitateextended opening hours witheven fewer staff in the future!

SPECTRUM august/september 2011

Give usmore forlonger –with lessBusiness customers draw upwish list for Irish banking

Most of the proposals putforward were in the areas ofconsumer education, trust andapproachability of lenders, easeand consistency of applicationsand the cost and conditions ofcredit. Here’s a sample of some ofthe other suggestions:

• Design and implement aweb site which would pro-vide advice on the prepara-tion of cash flow projections.

• Set up another office similarto the Credit Review Office.Market its role as a Commer-cial Credit Intermediary whichwould put together a creditapplication on behalf of abusiness free of charge.Provide assurances of clientconfidentiality and second anumber of experienced com-mercial bankers from all thebanks to it.

• Most companies are reluctantto apply and risk a refusal ofcredit on their records – this

reluctance might be overcomeif they had a clearer idea oneligibility and availability.

• SMEs do not know who isdealing with their accountsin the larger branches. Thereneeds to be dedicated staffappointed to the SMEaccounts held in each branchin order to build trustbetween business and bank.

• Banks should have represen-tatives at shopping centresand marts, providing advicein a relaxed atmosphere tobusiness owners and farmerson applying for credit.

• There should be one singleloan application form com-mon to all banks in order tostreamline the process andreduce accountancy costs.

“My Department now has a listof suggestions that we can workwith to encourage SMEs to applyfor credit,” said Finance Minister,Michael Noonan, following thepublication of the report.


It remains tobe seen exactlyhow alreadyoverstretchedbank staff canbe expectedto facilitateextendedopening hourswith even fewerstaff in thefuture!


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IBOA General Secretary, LarryBroderick, strongly rejected thesuggestion from the DeputyGovernor of the Central Bank,Matthew Elderfield, that the¤500,000 a year salary cap onbanking bosses’ pay should belifted in order to attract newblood into Irish banking. “The suggestion that thesalary cap should now go afterjust a couple of years simplybeggars belief. “At a time when the bankingindustry is still contracting andwith the likelihood that a further6,000 bank staff could lose theirjobs in addition to thousandsalready lost since 2008 and whenworkers throughout the Irisheconomy are being asked tomake major sacrifices in terms ofjobs and living standards, it issimply untenable that Irish bank-ing cannot recover unless itsleaders are allowed to earn inexcess of ¤500,000. “The vacancy for a new ChiefExecutive in AIB appears to beattracting significant interest.despite the cap. So it is simplynot true that we need to offerextravagant remuneration toattract good executives. “After all, it is worth remem-bering that those who presidedover the reckless lending policieswhich have virtually bankruptedthe sector and the economywere all extremely well re-warded. So high pay rates donot always guarantee high qual-ity performance.” “Furthermore,” he said, “wehave already had five differentsets of consultants investigatingeach bank's finances. A range ofconsultants, including PWC andMcKinsey, have also been engagedto work on the restructuring ofthe banking sector. “The succession of highlypaid consultants being employedin Irish banking is giving rise to agrowing perception that no ex-pense is spared at the top of theindustry while those at the lowerend of these institutions – whoare likely to have to bear thebrunt of any restructuring of thesector – are effectively ignored. “The solution to the presentchallenges facing banking willnot be found in breaching aguideline which already enablesa Chief Executive to earn over 14

times the average annual salaryfor a frontline bank official. “A real solution can onlycome through meaningfulengagement with employeesand their representatives in orderto facilitate a restructured bank-ing system which protects themaximum number of jobs andpreserves staff terms and con -ditions of employment in orderto ensure that service to customersrather than the pursuit of salestargets is the key priority. “There is a case to be madefor reviewing executive remuner-ation at this time. But rather thanlook to remove upper limits, itshould focus on the overall valueof the executive's contribution tothe long-term success of thebusiness rather than rewardshort-term gain at the expenseof staff and customers. “Incentivising short-termismwas at the root of the crisis inbanking. What we need are paymechanisms that reward consis-tent performance over a numberof years – based on the principlesof sound prudential banking –

rather than the pursuit of artifi-cially engineered super-profits.”

Holding reckless to accountResponding to Mr. Elderfield'scomments on the likely difficultyof pursuing those who were re-sponsible for the collapse of Irishbanking, Mr. Broderick said thatthe fact that this may be difficultshould not be used as an excusefor not proceeding. “In a country as notoriouslylitigious as the USA, the legalsystem has managed to bringBernie Madoff to justice in arelatively prompt fashion with-out violating any of Mr. Madoff’srights to due process, whereas inIreland there is a growing fear thatno-one will ever be held respon-sible for the catastrophe whichhas not only devastated Irishbanking but has also seriouslydamaged the Irish economy." “Bank employees have morethan a passing interest in seeingthose who have brought theirpro fession into such disreputeheld to account for their recklessbehaviour,” he concluded.

Matthew Elderfield,Deputy Governor ofthe Republic’s CentralBank:His suggestion thatit was now time to reviewthe salary cap for the CEOsof those banks covered bythe State guarantee eliciteda robust response from IBOAGeneral Secretary, LarryBroderick (Photo: JamesHoran/Photocall Ireland).

Currentguidelinesalready allowbanking CEOsto earn over14 times theaverage annualsalary for frontlinebank officials

No passing the capIdea of pay rise for CEOs “beggars belief” – Broderick

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focu

sdirect

CAREER

GUIDANCE

Eleanor Murphy offers eighthelpful tips for anyone contem-plating a career change – eitheron a forced or voluntary basis.

See Page 21

IBOA HEALTH &

SAFETY BODY

IBOA’s Executive Sub-Committeeon Health, Safety and Securitycontinues to monitor develop-ments across the sector.

See Page 26

BANKING CULTURE MUST CHANGE

The prevailing culture of the Irish financial service sector is firmlyfocused on sales rather than service – despite all the events of therecent past. A massive 84% of those who responded to the recentIR Research survey believe that in recent years their employer hasfocused on maximising profit at the expense of customers andstaff.

See Page 22

CRANBERRY

STRESS CURE

The latest stress-busting food iscranberry – but what’s wrongwith de-stressing work first byre-organising it?

See Page 26

BURNT OUT BY

BOREDOM

Recent research shows thatnot only are staff in high-stressroles prone to burn out. Boringjobs can get to you, too!

See Page 27

SAFER IN UNION

Workplace injuries would beslashed 'at a stroke' if all work-places had a Union health andsafety rep, according to a newreport from the British TradesUnion Congress.

See Page 27


Nobody can

make you

feel inferior

without your

permission.

Eleanor Roosevelt


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From

CounterTo

CultureAfter twelve years working in Bank of Ireland, Karen Hendy, gave it up for the chance to pursue her first passion – art (Photo:Dylan Vaughan).

When Karen Hendy decided togive up a steady, pension-

able banking job in 2008 as theeconomy was about to go intorecession, her colleagues thoughtshe was mad. But the chance topursue her passion as a painterwas one she could not miss. Karen had first considered art as apossible career at secondary school inKenmare and Athy. And though herinclination was to pursue a fine artsdegree, her family circumstances meantthat third-level studies were not really anoption at that time. Her artistic leanings led her onto aFÁS-funded diploma course in printingand for a short while she went into afamily-run business. However, a chancemeeting with some young women whowere bank officials prompted her toapply for a job.

Her first posting was as a temp inBank of Ireland’s Credit Department inDublin providing administrative supportto the Loan Approval Committee. “The atmosphere was great in thecredit department,” she recalled in arecent profile in The Irish Times. “The skillsI had acquired during my print coursetranslated well into becoming a typist.Because there were no laptops backthen, every loan approval manager wasassigned a typist.” When a further temporary post be-came available in 1994 a little closer tohome Co. Kildare, Karen transferred tothe Bank’s Newbridge branch where shewas offered a per manent position shortlyafterwards – working on accounts, pro-cessing transactions, handling telephonequeries, and working on the customerservice desk. “It was great to be in the thick ofthings and to be part of a team that pro-

vided an essential service,” she said. “Butas the years went on, I realised I was justwaiting for the day to fly by so that I couldget home to paint.” Her continuing passion for art led herto apply for an evening certificate coursein drawing and visual investigation atthe National College of Art and Design(NCAD) in Dublin. “Travelling to Dublin three eveningsa week to be in NCAD for 6.30pm wasgruelling. I could have spent the daywrestling with large financial transactionsor sorting out a customer’s currentaccount,” she says. “Next thing I wouldbe dashing out the door and belting upthe motorway to make it on time for class.My colleagues were great and they sup-ported me in getting the work finishedon time.” As the NCAD course drew to a closein 2006, Karen decided to take a careerbreak to become a full-time artist.

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20

“Having the full day was justfantastic,” she said. “It gave methe precious time I needed to bevery productive.” A portfolio of work submittedto Laois County Council resultedin a bursary that continued until2008. The funding was not onlyof economic benefit to Karen –but also an important milestonein terms of wider recognition ofher artistic merit. “Being awarded fundingto help you work is a great boostfor any artist,” she declared. Some of her work was alsochosen for showings in the RoyalHibernian Academy (RHA) inDublin, the Royal Ulster Academy(RUA) in Belfast and at theCarlow arts festival, Éigse. These successes were start-ing to make the prospect of acareer as a full-time artist evermore real – but could she affordto take the leap?

“My career break was comingto an end and decision time waslooming – go back to my job inbanking or be a full-time artist?”she said. “Over the years I had soldsome of my work. While it is awonderful feeling to be appreci-ated enough to be paid for whatyou do, for me knowing that mywork is out there giving inspira-tion is my motivation. “The success I was enjoyingwas enabling me to continuewhat I was doing and that, ofcourse, influenced my decision.” So after much soul-searchingKaren decided to hand in herresignation. “It wasn’t exactly the idealtime to give up a steady, pen-sionable job with a recession just


starting,” she recalled. “My bankcolleagues were asking me was Imad.” As she had anticipated, thelaunch of her career change wasa drain on her savings. “I had an SSIA account, sothat helped. And, like every bankemployee, I had bank shares and,like everyone else, I’m mad ashell to see my nest egg gone asa result of mismanagement andrisk-taking. “As an artist I have to makea living like everyone else. Thefulfilment I gain from my workmeans I am not driven by a needto consume. The bursary fund-ing helps as well. “My work has sold well overthe past few years and is still sell-ing. So far, I haven’t been affectedby the downturn. People whocan afford to buy a piece of artthey like are still buying.” Her work has now beenfeatured in several exhibitionsaround Ireland as well as inEurope. Karen is very happy with hercareer change. “I am doing nowwhat I always wanted to do.Along the way, I spent twelveyears in banking. But I got herein the end.” “Compared to the regularhours of banking, this career is10 hours a day, seven days aweek. My 12 years as a bankerallowed me to witness panicabout money and I think thatsealed my philosophy as anartist,” she said. “I am making a living frommy art. I would like to feel I am notpainting solely for commercialpurposes but letting the ideasflow to wherever they take me.”

Above: Light Shinethin the Dark by KarenHendy.

Below: IllusionaryView by Karen Hendy.


In a very short spaceof time, a career inbanking has changedfrom being a secure‘job for life’ to one ofuncertainty and doubt,writes Eleanor Murphy. More and more, I meetbank officials who have alreadybeen made redundant – orothers who feel that this mightbe an appropriate time toexplore other avenues – andperhaps enjoy greater securityin the process. The trauma of losing a job oreven the prospect of possible jobloss – is devastating. Feelings of despair, helpless-ness and grief are understand-able – perhaps even anger,embarrassment and fear. And in this spiral of anxietyand depression, contemplatingfuture employment is virtuallyimpossible.

Eightsimplestepsto anewcareerdirection


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1) Harness positivity andincrease your productivity.Manage your job loss ina systematic way. It will increase yourchances of embarking ona successful career change.

2) Get rid of any negativethoughts that will dragyou down.They will only becomeembedded in your sub-conscious and undermineyour confidence. Instead, adopt a good,positive mental attitudewhich is the key to futurecareer success.

3) Know yourself.Know your core strengths,your abilities, your skills, yourvalues, your interests, etc. By looking at yourstrengths, your values andyour past successes, youwill begin to feel morepositive.

4) Have a vision.Dream your ideal job. Whatwould you really love todo? Be as imaginative asyou want, but keep yourstrengths, your values, yourinterests and your skills infocus. Maybe you have hiddentalents. What kind of workenvironment suits you –working outdoors, workingon your own, meeting newpeople?

5) Devise an action plan.See where it is that youwould love to be in one,two or five years’ time –even right up to retire-ment. Build a bridge betweenwhere you are now andwhere you want to be. Have you the necessaryskills, the competencies,the right attitude? Do you need to getyour CV in order? Who will give you thatinformation? Could you do voluntarywork in a similar environ-ment? Could you workfrom home?

Do you need computerskills? The questions are quitenumerous – but must beaddressed.

6) Get informed.Change always seems scarierwhen you have eitherinadequate – or worse –inaccurate information. Research the internet,go to the local library, joinrelevant bodies – especiallythe ones that engage yourinterests. Talk to people whohave started similar jobs orbusinesses, trained onsimilar courses, etc. Read relevant articles,publications, etc. The moreinformed you are, the moresolid your bridge.

7) Take advantage of alltraining and educationalopportunities.Consider online courses.Maybe a degree was alwayson your radar but you neverhad the chance to considerit further. Ensure that the coursesare right for you, at theright level, and form partof your building blocks toyour future career success. Also, consider informalways of educating yourselfby, for example, joining pro-fessional bodies, attendingworkshops and keeping upwith trade publications inyour field.

8) Update your CV, polishyour interviewing skillsand ensure you network.Networking is a great wayof finding out what jobsare out there that maynot necessarily be publiclyadvertised, and you’ll needto have your CV and inter-view skills up to scratch ifthe chance arises. You also may need toconsider taking an interimjob, like temporary work orconsulting, or just a simplejob to pay the bills whileyou are developing yournew career path.

If you find yourself in thisposition, you have two choices.You can sit back, do nothing andremain negative. Or sit up, beproactive and fight back. It’s your call. Your futurestarts here – today. It’s time tochange your thinking. Here’s achallenging thought for you.

Opportunity for reflectionCould you regard redundancy asa potential gift rather than as aheartbreak? Could this be the chance totake a good hard look at yourselfand ask if you’ve truly been work-ing in a job that has best suitedyou, or that has used yourtalents and skills to the besteffect? Most of us can get so focusedon the day-to-day routine ofdoing our job to the best of ourability that we fail to take thetime to ask ourselves these big,important questions.

Here are eight simple stepsthat you can take to help youwrite the next exciting chapter inyour career story. If you feel overwhelmed byall this, but still have the fire inyour heart, then seek pro fessionalassistance. Maybe some guidance or asense of direction is all you need?Or perhaps you may need morein-depth analysis of your coreskills and abilities. A final thought is that youcontact a coach or mentor toadvise you on how best tonurture your career quest. But whatever course ofaction you plan to take, makeit sooner rather than later. Betterstill, make it today!

Eleanor Murphy is a leadingcareer develop ment specialist.She can be contacted on 01-2887312/2880800 or by e-mailto: [email protected]

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22

Who responded?By Grade:57% of the respondents were clerical staff; 12% wereat Officer grade; 11% were Assistant Managers; 8%were Managers and 1% were in technical or highermanagerial grades. 11% described themselves as“Others.”

By Age:23% were aged 25–34; 23% were between 35–44;33% of respondents were aged between 45-54; and19% between 55–64. Only 2% were under the age of25 reflecting the slow-down in recruitment in recentyears.

By Gender:74% of respondents were female while 26% were male.

By Location:79% of respondents were based in the Irish Republicwith17% in Northern Ireland and 5% from Great Britain.

By Working Arrangements69% were permanent full time employees; 24% wereengaged in permanent part-time work or job shar-ing – while 6% were working atypical hours. None ofthe respondents were working on temporary con-tracts – reflecting the policy of non-renewal adoptedby many employers in response to the current crisis.

By Length of Service in Current Grade26% of respondents indicated they were employed intheir present grade for between 5 and 10 years; 25%between 10 and 20 years; 18% between 20 and 30years; 18% between 1 and 5 years and 13% indicatedthe were employed at their current grade for over 30years.


The prevailing culture of the Irishfinancial services sector is firmly

focussed on sales rather than service –despite all the events of the recent past. A massive 84% of those whoresponded to the IR Research surveyeither agree or strongly agree with thestatement that in recent years theiremployer has focused on maximisingprofit at the expense of customers andstaff. But only 38% agree that theirbank or company has been focused onproviding excellent service to customers–while a mere 12% agree in any way thattheir employer cares about the well-being of its employees. The impression created in thequantitative data is also broadly sup-ported in the comments offered by asubstantial number of respondents.

“The pressure on staff to sell products isnow worse than ever. Only sales count.Customers are being asked to go to theirbranch for a ‘financial needs review’ – butfailure to sell the customer a product (atleast one) is frowned upon and questionedby management. The new sales capabilityprogramme introduced recently is totallysales-focused and staff are individuallymonitored to ensure that every product iscovered at the interview with the customer.”

“Stress levels are at an all time high. Man-agement do not care any more so long

SPECIAL FOCUS INEWS BRIEFS NEWS ANALYSIS SPECIAL FOCUS INSIDE

Bankingculture mustchangeSurvey reveals mistrust and lowmorale across financial services sector

And what did they say?

Workplace culture in thefinancial services sectorhas been identified asone of the contributoryfactors to the crisis inbanking in many partsof the world includingIreland and the UK.

Nevertheless, despitethis recognition,concern is growingthat these practicesare continuing.

For this reason, IBOAagreed to facilitate anindependent consultancy,IR Research, to conducta survey of financialservice sector workersfocussing on variousaspects of workplaceculture.

Barbara Kelly of IR Research


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as a sale is achieved. Manage-ment bullying and threats areout of control. Can't say a wordor we will lose our jobs, etc.Worst job ever. So unhappy!”

“The bank has not learned fromits mistakes in the past. There isnow more pressure than ever todeliver sales and meet unrealistictargets. I feel this will lead to mis-selling. For example, if a customercomes in to apply for a loan, thecustomer has an hour set asidefor an appointment. The advisormust go through every singlesales opportunity and the verylast thing the customer is offeredis the loan that they actually want!Totally unethical! It baffles me that theFinancial Regulator is still allow-ing the banks to cold callcustomers for sales opport-unities – again a practice that willlead to misselling.”

The survey responses convey aclear picture of pressure inten-sifying on ordinary staff. 73%of respondents feel pressure tomeet performance targets hasgrown since the downturn inthe sector, while 39% of all re-spondents believe that failureto meet performance targetsis likely to result in disciplinaryaction.

“The work culture of target-basedselling continues, with much stressplaced on the branches to performover and above targets set. Thisis despite reduced staff levels.”

“Sales targets are unachievable.Customer service going out thewindow. Sell product whethercustomer needs it or not. Bullyculture in management. Performor else!”

“The pressure on staff for salesona daily basis is unbearable. Salesis the only focus at work, notcustomer care or com pliance.How-ever, should a staff member makea mistake due to various pressures,this can lead to a disciplinarymeeting.Pressure is too much ona daily basis for staff to cope with.Something needs to change here!”

“Bank at the moment has anawful attitude. It’s a total sales

environment where managementput pressure on young staff tosell, sell, sell to people who arefinding it hard just to pay theirmortgages.”

The unrealistic pressure toachieve sales from customerswho are clearly unwilling orunable to buy is resulting inincreasing abuse of staff bycustomers and clients. 90% of respondents incustomer-facing roles haveexperienced some form ofverbal abuse from customersor clients in the previoustwelve months – with 40%indicating that this is a regularevent. And of those who havesuffered verbal abuse, 72% saythat they are not satisfied withtheir employer’s response onthe issue.

“The bank has an appallingattitude towards customers in

debt. They fail to acknowledgethat a lot of people are in the fi-nancial position they are in,purely because of the recklessand cavalier actions of the bank-ing sector. The practice of forcingpeople onto high interest loans toclear their debts is, in my opinion,extortion.”

“It’s very unfair that the staff onthe frontline (who are on thelowest pay) have to bear thebrunt of the very irate customerson a day in day out basis whilethe highly paid managers hidein their oversized offices andenjoy their big salaries. Wehave no choice because thereare no other jobs available outthere.”

“Management in branches arepushing their staff very stronglyfor sales of various productssince the beginning of 2011, yetwere nowhere to be seen whenthose same staff were beingabused by customers last year.”

“In the branch network, staffhave little or no support to dealwith difficult customers and theirfinancial problems. One needs to bea psychologist now, not a banker,to handle them and to deal withthe bank's hierarchy who justdon't see the real life picture ofhelplessness that's out there.”

“There is a huge disconnectbetween senior management andstaff at branch level. There is littleconfidence in senior manage-ment. No heads rolled becauseof the current crisis. There is afeeling that senior managementare keeping their heads downand that they are probably beingrewarded financially in ways weat ground level are not awareof, while we are being forcedto take the pain. But there is noreciprocation at senior level.”

The “disconnect” noted by thisrespondent is also reflected ina clear breakdown of trust andrespect for those leading thebusiness. A shocking 80% declarethat they have no confidencein their employer to make theright calls for their business –while 77% believe that seniormanagement’s behaviour does

792members tookpart in the survey

263(or 33% of therespondents) alsoopted to addcomments as wellas answeringquestions

WORKPLACE LIFESTYLE ARTS & LEISUREIBOAE

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24

not meet the highest ethicalstandards. It is hardly surprising thenthat only 4% admit to beingmotivated or inspired in anyway by the actions of theirsenior managements.

“Nothing has really changed. Thesame arrogance and sense ofentitlement by senior manage-ment prevails. Staffing levels areappalling, resulting in massivepressure across the board. Com-pliance this, compliance that.Trust is completely eroded.

“The threat of the possibility ofdisciplinary action is held overour heads like a hatchet. Thereappears to be no room forhuman error at retail level whilethose who almost ran the bankinto oblivion seem to be abovedisciplinary action.”

The survey revealed a profoundlevel of alienation among staff.Even though they are beingput under intense pressure atwork to sell at all costs, only27% said they would encouragefriends and family to becomecustomers and only 9% wouldrecommend that others seekemployment with their currentemployer. Worse still, only 7% saidthey are proud to tell otherpeople that they work for theircurrent employer.

“I no longer openly advertise thefact that I am employed by a bank.”

“It is not recommended to tellpeople in social settings that youwork for the bank – leads toconfrontation and awkwardconversations.”

“After 32 years working for thebank – almost 30 of those proudyears – I wouldn’t admit in publicnow to working for them. I amso ashamed of my employer, andthe fact that no senior manage-ment has been held accountableand we, the frontline staff, havebeen made to feel the brunt ofall cuts.”

Considering the responses tothese questions, it is perhapssurprising that only 56% ofrespondents said that they do


not feel motivated at work.However, this probably saysmore about the personalintegrity and professionalismof these staff – rather than anyeffort by their employer todevelop a positive workingatmosphere – since 63% saythat they do not feel employeesare treated with respect and,in spite of the current crisis, only56% say that they would liketo be working for their currentemployer in two years’ time.

“Business as usual is the mantraexpounded by senior manage-ment when clearly there is nothingusual about the current situation.We have been badly let down byour bosses, whom we thoughtwere being paid to lead prudently–but instead followed Anglo, etc.,like lemmings – endangeringour livelihoods and wiping outour life savings (shares) in theprocess.”

OvertimePayment for working overtimeis a particular bone of con-tention for staff. As the majority of staff inthe financial services sectorhave not received an increasein basic pay since the onset ofthe current crisis, failure toachieve payment for overtimeworking can be seen as afurther sacrifice by staff whoare effectively donating thosehours free of charge. 31% of those surveyed saythat they are required to work“beyond their contractualhours’’ while a further 14% saythey are asked to work over-time on a daily basis. 17% say they are neverrequired to work overtime –while the balance of 41% areasked to do so occasion ally. Of the respondents whowork overtime frequently ordaily, only 14% say they claimovertime payments from theiremployer – with 81% sayingthey do not. To test whether the refusalto claim overtime is voluntaryor imposed, the survey alsoasked respondents to indicateif they have any difficulty insecuring payment for over-time. 88% of the non-claimerssay that securing payment is aproblem. On the alternative over-time option of time-off in lieu,only 11% of regular overtimeworkers say it is offered bytheir employer, while 80% sayit is not.

“We regularly work overtimeand lunch-breaks for free. Notallowed to claim overtime – butnecessary to do it to keep upwith workload. 6 posts regularlybeing manned by 3/4 people.And then the threat of losing ourjobs – being told "you're luckyto have a job! Work harder tokeep it.”

“Overtime is sanctioned in certaininstances but in general I andother staff members do five-tenextra hours a week to keep upwith job demands. No overtimeis given and no time off in lieu isgiven. Effort and time put in isnot acknow ledged.”

SPECIAL FOCUS INEWS BRIEFS NEWS ANALYSIS SPECIAL FOCUS INSIDE

I am so ashamedof my employer,and the fact thatno seniormanagementhas been heldaccountable…

We regularly workovertime andlunch-breaks forfree. Not allowedto claim overtime– but necessary… to keep upwith workload.


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“The bank has no tolerance inpaying overtime. It is no longerabout customer needs, it’s aboutthe banks’ profits and the weeklysales target meeting will provethis. It’s a numbers game!Customer service is not reallya priority anymore and is notrecognised. You’re only as goodas your last sale. Hopefully com-pleting this survey will makesome sort of impact. The pressureis unbearable and it is distressingto see grown men being reducedto tears in a workplace.”

Concerns about the systematicuse (or abuse) of overtime arereflected in the survey findingthat only 28% of respondentsbelieve that the current staffinglevels in their work area aresufficient to handle the work-load. At the same time 70% aredissatisfied with the distributionof the work –while 61% believethat they do not have sufficientsay in setting work objectives.

AppraisalsOne of the most unambiguousresponses to any of the issuesin the survey came on per-formance appraisals. In response to the state-ment that “the appraisal processcontributes significantly to myprofessional development,”less than 1% strongly agreeand only 9.5% agree. Just over10% have no opinion (perhapsbecause they do not take partin appraisals) while almost39.5% disagree and a further40% strongly disagree. Responses from staff inmanagerial grades were re-markably similar – just under11% agree or strongly agreewhile just under 78% said theydisagree or strongly disagree.

“One's best is no longer goodenough and the performancereview process serves no valuablepurpose except for it being a stickto beat employees with. It is notmotivational either.”

“Staff work late nights andSaturdays and are set perform-ance-related objectives in orderto receive a bonus. This has notbeen paid in two years and thecontract has never been changed

and objectives are still set. Staffare expected to take part inincentives for sales and theprizes are a bar of chocolate! Itis demeaning to staff.”

Professional DevelopmentAlthough 66% of respondentssay they felt sufficiently welltrained to deal effectively withcustomers, 56% feel they aresufficiently trained for all ofthe requirements of their job. As for achieving furtherqualifications, only 37% saidthat their employer providesadequate time off for studyand exams; while 48% aresatisfied with their employer’sapproach to the payment ofcourse or exam fees. Aside from complying withnew standards imposed by theregulatory authorities, theacquisition of further qualifica-tions does not appear to bemotivated by particular career

ambitions – since 80% of re-spondents consider that thereare no opport unities for careeradvancement in their ownemployment.

Future UncertainA similar number – 79% – areconcerned that they may haveto leave their job before theywant to – because of the crisis. After the traumatic eventsof the last three years, it is notsurprising that the profoundlack of con fidence in the futureof the financial services sectoris also reflected in the respon-dents’ view of the other keyplayers charged with oversee-ing its operation. Only 25% have any degreeof confidence in the regulatoryauthorities now in place topolice the financial servicessector satisfactorily in future.Even fewer –11% –believe thatpoliticians have the capacity toaddress the sector’s problemssatisfactorily in the future.

“We don’t know where we stand–whether our jobs are secure ornot and living on seriously reducedsalaries while exorbitant bonusescontinue to be paid out to thosewho haven’t earned them. Itenrages me!”

“When I first came into bankingmany years ago, the culture wasall about providing a service (al-beit revenue and costs obviouslyplayed a part). In the early 90s,the culture changed and it wasall about achieving sales, and de-veloped over the years into oneof maximising our loan bookand profits.”

“The only incentive to work forthe bank at the moment is fear:fear of losing our jobs, of notbeing able to meet mortgage re-payments etc. I am ashamed tolet anyone know where I work. “I feel so betrayed and letdown and barely keeping myhead above water financially, asmy shares were my savings andmy emergency fund. “It makes me so angry thatsenior executives could just walkaway with big pay-offs and theirpensions intact, while the rest ofus are screwed! Someone shouldbe in jail.”

WORKPLACE LIFESTYLE ARTS & LEISUREIBOAE

Staff are expectedto take part inincentives forsales and theprizes are a barof chocolate!

In the early 90sthe culturechanged and itwas all aboutachieving salesand… maximis-ing our loan bookand profits.

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According to researchersat the University of Laval andWisconsin-La Crosse in the US,the juice of fresh cranberries canimprove circulation and increasethe antioxidant levels in bloodplasma and, thereby, reduce therisk of heart disease. They also discovered thatfresh cranberry juice can increasethe levels of ‘good’ cholesterol(HDL) in the blood and reducethe oxidation of ‘bad’ cholesterol(LDL) – making it less likely toenter the walls of arteries. Incidentally, the cranberry isofficially Wisconsin’s state fruit –and its production is crucial tothe local economy. So imaginethe embarrassment if no healthbenefits had been found! Of course, it is widey recog-nised that fruit should feature asa key part of a balanced diet. But whether cranberry is anymore or less healthy than anyother soft fruit is a moot point.

But the problem isn’t withthe cranberry, itself, but with thetendency to see the taking of“super-foods” or even somedrugs, as the way to addresshealth issues – rather than todeal with the underlying cause. So diet or medication mayhelp to treat the symptoms ofworkplace stress, but they willnot address the cause. Take cranberry juice by allmeans if you think it helps. Butdon’t forget to askyour employerto take action by re-organisingyour working environment oryour workflow to eliminate – orat least minimise – the cause ofthe stress. As the article on Page27 highlights, ultimately thebusiness will benefit, too! If you are prepared to letyour employer escape his/herbasic duty of care towards you,then Christmas won’t be the onlytime that cranberry is seen in thecompany of a turkey!

INSIDE INEWS BRIEFS NEWS ANALYSIS SAFETY FOCUS

It’s your rightto work insafety andsecurity!The IBOA Safety, Health, Welfareand Security (SHWS) Committeeaims to work with members andemployers to create healthier,safer working environments foreveryone. IBOA has produced guide-lines on your rights under healthand safety legislation in theRepublic and Northern Ireland These can be accessed onthe IBOA websites by followingthese links: www.iboa.ie/knowyourrights/yourrightsroi/healthsafety.htmlfor the Republic of Ireland; and www.iboa.org.uk/knowyourrights/yourrightsni.html forNorthern Ireland. If you have any questions orconcerns about health, safetyor security in your workplace,please contact a member of yourlocal health and safety committeein the first instance. If there is no health and safetycommittee in your workplace,please contact a member ofthe IBOA National Committeebelow: Elaine Barker (BOI), CarmelCurran (FTB), Margaret Power(BOI-GB), Stephen Kennedy(BOI), Etain Ryan Lyons (AIB),Jaynette Stirling (Ulster NI),Robert Thompson (Northern/Danske) and Kate Varley (AIB) –along with Senior IndustrialRelationsOfficer, Steve Tweed. You can contact all of theseby e-mail at [email protected] or byphone at 00-353-(0)1-4755908or 00-44-(0)2890-200130.

Cranberry –the newstress-buster?

But changesin workplaceculture would

be better!The latest fruit to be branded as a “super-food” withpotentially miraculous health-giving properties is thehumble cranberry. Until recently just a relish to accompany roast turkey,the cranberry is now being lauded as a potential cure forone of the most pervasive ailments of modern life – stress!

Cranberry juicehas been thesubject of manyclaims about itswide-ranginghealth benefits. Although theUS is the worldleader in cranberryproduction bysome distance,more than half ofthe US cranberrycrop is producedin one state –Wisconsin.


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Boring ‘under-challenging’administrative and servicejobs can lead to exhaustionand burn-out, according tonew research. Researchers at the Universityof Zaragoza in Spain haveidentified a specific category of‘underchallenged’ employees whoend up finding they can takeno more of the ‘monotonousand unstimulating’ tasks they areexpected to perform. They ‘have to cope with thedisenchantment caused by feel-ing trapped in an occupationalactivity to which they are indif-ferent, which bores them andproduces no gratification,’ con-cluded the study’s lead author,Jesús Montero-Marín. The research team identifiedtwo other types of burn-out:‘frenetic,’ in which the employeeworks ‘increasingly harder tothe point of exhaustion;’ and‘worn-out,’ where workers ‘giveup when faced with stress orlack of gratification.’

Longer-serving employeeswere more likely to be “worn-out,” with those clocking-upmore than 16 years’ service mostat risk. “The longer the service – thegreater the likelihood of havingthis burn-out,” the study found.

WORKPLACE LIFESTYLE ARTS & LEISUREIBOA

Boring jobs cancause burnout

‘Monotonous andunstimulating’work can be justas stressful as‘pressured andfrenetic’ tasks.

Small Ads – Big Choice

Holiday Apartmentsto Rent

Adverts placed forIBOA members byIBOA members

Check out the IBOA websites:

www.iboa.ie/services/smallads.html or

www.iboa.org.uk/services/smallads.html

Report backs‘strong’ unionsafety effectWorkplace injuries wouldbe slashed 'at a stroke' ifall workplaces had a unionhealth and safety rep, anew report from the BritishTrades Union Congress(TUC) has concluded. According to the TUC’sHead of Safety, Hugh Robert-son, author the 2011 edition ofTUC’s The Union Effect report,“the new evidence shows thatthe union effect is just as strongas ever.” He points to governmentfigures showing “British industrysaved between £181m and£578m each year as a result oflost time reduction from occu-pational injuries and work-re-lated illnesses of between286,000 and 616,000 days as aresult of trade union represen-tatives.” However, he warns that toomany employers are denyingunion safety reps the time offthey need, and only just over aquarter consult automaticallywith safety reps on a regular basis. The worst problem, how-ever, is in those workplacesthat are not unionised, saidRobertson. “The facts outlined in thisreport are indisputable. Tradeunion health and safety repre-sentatives prevent hundreds ofthousands of injuries and ill-nesses every year and, at thesame time save employers mil-lions of pounds. Yet the positive effect thisband of volunteers has goesalmost totally unrecognised byemployers and the government. The new briefing “showsthat the most effective thingthat the government could doto protect workers would be toenforce and strengthen thecurrent consultation regulations,”according to Robertson. “If every workplace had aunion safety representative wecould cut the number of fatal-ities and injuries at a stroke.”

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LEARNING

CURVE

IBOA offers a wide range oflearning opportunities for itsmembers – including coursesin career-enhancing skills.

See Page 31

UNION URGES

STRATEGIC PLAN

IBOA’s demand for a strategicplan for the financial servicessector has been endorsed by theIrish Congress of Trade Unions.

See Page 33

REFUNDS ON

UNION SUBS

Members working atypical hoursmay be entitled to a refund ontheir Union subscriptions – solong as they claim in good time.

See Page 33

UNION MOURNS HEROIC ACTIVIST

IBOA The FInance Union said farewell to one of its leading activists –Kerry Christie (above), whose selfless dedication to the cause of hermembers in Ulster Bank, led her to engage in a heroic battle withcancer – to which she finally succumbed in June. An extremely popular figure among her work colleagues, Kerry’sdetermination remains truly inspirational.

See Page 32

SPORTS &

SOCIAL – NEXT

Listings for the many upcomingeventsorganised by the Union’sSports and Social Committee.Book early for pantos!

See Page 34

FAMILY FUN IN

TAYTO PARK

The visit to Tayto Park near Ash-bourne in Co. Meath proved tobe a highly enjoyable event formany IBOA families.

See Page 35

BUILDING IBOA

ESSENTIAL

With uncertainty growing inmany financial institutions, it isvital to build the Union in orderto maximise our influence.

See Page 37

ibo

adirect

With all theirfaults, tradeunions havedone more forhumanity thanany otherorganisation thatever existed.Clarence Darrow


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“When our members told usthat they had serious concernsabout the frenzied sales-obsessedtarget-driven culture which wasemerging in the boom years,we warned the Governmentmany times, and long beforethe David McWilliams of thisworld were crying halt andlong before the crisis hit thebanks and the economy. Butnobody listened – they weretoo busy enjoying the party. “But somehow, I don’tthink we’ll ever be regarded asparty-poopers again,” she said.

“Because of our trackrecord of making the right calls– not just for our members butfor the sector as a wholeincluding the customers, Iremain – strangely perhaps –confident about our future,”according to Doherty. “If we are to believe thesaying that what doesn’t killyou makes you stronger, thenwe are now being temperedin the flame. We may be a lit-tle leaner in the future – butby God we will be keenertoo,” she said.


IBOA ‘leaner butkeener’ – Doherty

IBOA President, Jessie Doherty

“It is no consolation to the thousands of financial servicesworkers who either have or are about to lose their jobs toknow that seven years ago, long before the crash, IBOA wascalling on Government to engage with all of the stakeholdersto address the culture of banking,” Union President, JessieDoherty, told IBOA’s Executive Committee recently.

Getting sociableby the LeeIBOA members in Cork aim to form a local Sports and SocialCommittee to organise more opportunities for members tosocialise together. Anyone interested in getting involved in this “fun-raising”activity can contact Stephen Kennedy (Bank of Ireland) on021-4255006 or [email protected], or Orla Dineen(Ulster Bank) on 021-4943766.

The Irish Congress ofTrade Unions has backeda proposal from IBOAto seek to conclude aframework agreementwith all of the keyplayers in the financialservices sector. This overarchingagreement should aim tosecure the greatest numberof jobs: to protect theterms and conditions ofemployment of staff re-maining in the industry;and to ensure that the con-tribution of staff to theresolution of the bankingcrisis is recognised appro-priately so that they arenot scapegoated in pursuitof a simplistic cost-cuttingagenda. As well as endorsingthe principle of voluntarismin the case of any redun-dancies in the sector, theIBOA proposal also de-mands that the culture ofbanking is subject to radicalchange in order to restore

the traditional values ofprudence, integrity andstability which prioritiseservice to customers. The ICTU Biennial Dele-gate Conference also votedto re-elect IBOA GeneralSecretary, Larry Broderick,to its Executive Council fora further two-year term.

ICTU backs IBOA’s callfor major strategic planfor banking sector

Time for realengagement

IBOA General Secretary,Larry Broderick

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THE IRISH BANKERS’ CLUB

IBOA HOuse, stepHen street upper, DuBlIn 8Telephone: 01-4758970 10am-12noon or after 5pm (Tuesday-Saturday).

CLUB OPENING HOURS:

Tuesday-Saturday: 4.30pm

until late.

Sunday-Monday: closed.

Friday September 30:

1st Prize – Two weeks holiday

for two to Madeira

Friday October 28: Grand Draw Night

1st Prize – Choice of Holidays

to Kenya, Australia or Cuba

2nd Prize: E600, 3rd Prize: E500,

4th Prize: E400, 5th Prize: E300,

6th Prize: E200.

Friday December 16:

1st Prize – Two weeks holiday for two

on a Caribbean Cruise

All Draws at 9pm. Bar Food Each Draw Night

from 5pm-10pm plus Big Attendance Prizes

UPCOMINg CLUBDRAW NIgHTS

Results of recent Bankers’ Club drawsare posted on the IBOA websites:www.iboa.ie/services/sportsandsocial/bankersclub.htmlwww.iboa.org.uk/services/

sportsandsocial/bankersclub.html

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.

Launching:

THE 26th BANKERS’ CLUB DRAW

New members welcome –Cost only ¤20 per annum!

Facilities include: • Special room hire rates• Bar and meeting room facilities.• Catering and DJ facilities available• Big screen for all sporting occasions• Full bar licence – extensions available

For more information, please contactMichael Martin, Honorary Secretary, IrishBankers’ Club at the address above.

CLUBMEMBERSHIP

All IBOA members, Club members and their friends or family memberscan book the Irish Bankers Club for a party or special function for just ¤100

during August, September, October and November.

DON’T MISS OUT – BOOK TODAY

Club Bookings

SPECIAL OFFER FOR 2011

IBOA hasincreased itscommitment toprovide abroad range oflearningopportunitiesfor members.


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Learn to changeIntoday‘s uncertain world,it is increasingly importantfor employees to developnew skills which are appro-priate to changing job roles.IBOA has developed a rangeof training and learningopportunities to enablemembers to enhance theirskills. These training initiatives arevaried and generally free of chargeto IBOA members, and indeed insome cases may also be open tomembers’ families to participate,particularly where those relativesare unemployed.

SkillnetsIBOA is a participating memberof two skills training networks orSkillnets – The Women at WorkSkillnet and the Positive2WorkSkillnet – which both offer anumber of training courses totargeted groups. For example, the Women atWork Skillnet – which is fundedby member companies and theNational Training Fund – offersIT courses, career development,presentation skills, negotiationskills, employment law, commu-nication skills. These courses vary from one-day courses to 10 or 12 eveningsover a number of weeks.

Northern Ireland UnionLearning FundIBOA has secured funding for thedevelopment of a Union Learn-ing project in Northern Ireland.This is a two-year project andwill begin to be rolled out in thecoming months. This project willprovide training in essential ICTskills in the short-term and train-ing in other practical skills in thelonger term.

Job SeekersMembers or associate membersof IBOA who are unemployed(or who have family memberswho are unemployed) may beable to avail of training toenhance skill levels and improvetheir chances of getting a job.

Union Representatives’ SkillsA three-day Union Reps Skillscourse is being developed byIBOA. This will be the first IBOAcourse to be accredited by theFurther Education and TrainingAwards Council (FETAC) and wasrun on a pilot basis in June. The participants included anumber of Executive Committeemembers, Bank Secretaries andYouth Committee members. Thereview and assessment process iscurrently taking place with aview to making this training

available to a broader audienceincluding members in NorthernIreland and Britain. In addition,the Union is applying to becomea registered FETAC training centre.

If you are interested in findingout more about training oppor-tunities please contact MarianGeoghegan or Louise O’Donnellin IBOA House, Stephen St Upper,Dublin 8. Telephone: 00-353-1-4755908 or e-mail: [email protected] or [email protected]


SKILLS TRAINING

10% off all products

purchased in the

Republic of

Ireland or

Northern Ireland

on presentation

of your IBOA

membership

card in store.

IMPROVEIMPROVEYOURYOUR

l EARNINGEARNINGPOWERPOWER

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It is with profound sadnessthat we record the death ofour colleague, Kerry Christie,who had been battling cancerwith remarkable courage overthe last year. Her brave fightfinally came to an end in lateJune. Kerry started work in UlsterBank thirty years ago and joinedIBOA at the same time. Shebecame a committed activist –first elected to the IBOA’sExecutive Committee in 1990. Kerry was seconded fromthe Bank to serve as the Union’sUlster Bank Officer for a period. She also served on theformer NatWest EuropeanStaff Council and was at thetime of her death Joint Chairof the RBS European WorksCouncil.

When Kerry was told lastyear that her cancer had re-turned, she was determinedthat she would not become aprisoner to her condition. Shecontinued to play a full andactive part in the Union. This wasexemplified by the fact thatshe not only attended the Junemeeting of the IBOA ExecutiveCommittee – but she also con-tinued to showsuch boundlessdedication to her members thatmanywere unaware she was ill. Kerry embraced life com-pletely. She was courageousand determined in everythingshe did – and with a wickedsense of humour. She has beenan inspiration to everyone whowas privileged to know her. Union General Secretary,Larry Broderick, offered heart-


Bank workerslose inspiringadvocate

Memoriesof KerryBelow are a selection of com-ments from the online “bookof condolence” on the IBOAwebsite. More tributes can beaccessed at www.iboa.org.uk/kerry or www.iboa.ie/kerry.

Kerry loved helping people and enjoyedlife so much. She was an inspiration tous all and battled bravely through herillness, never feeling sorry for herselfand very rarely complaining. She couldalways make you laugh. You alwaysknew when Kerry had entered theroom – Lorna Abbott, Ulster Bank,Danesfort, Belfast.

Here at UNI… we are grateful for herstrong commitment to the Irish andEuropean trade union movement. Shewill be sorely missed –Philip Jennings,General Secretary, UNI Global Union

Kerry was one of the most generous,kind, caring, committed and dedicatedpeople I have ever had the pleasureto meet. Kerry's focus was always onpeople and making sure that the rightthings were being done to protect peo-ple's rights – Joe Allsop, Ulster Bank,Danesfort, Belfast.

Kerry had more of an impact in my lifethan probably anyone else I know. Sheinspired me, and made me a betterperson. Kerry was my teacher… Kerryencouraged me to become active inIBOA…I’ve seen the difference Kerryhas made in people’s lives and it hasbeen huge. – Patrick McCann, UlsterBank, Belfast.

A true people’s person and the bravestlady most of us will ever meet –Veronica McQuillan, Ulster Bank,Danesfort, Belfast.

I worked closely with Kerry on the RBSEuropean Works Council. I will remem-ber her as a committed trade unionistbut above all as a lovely, lovely person.She was the voice of reason but also theperson who got everyone else laugh-ing. She was a very brave woman andI will miss her terribly. Sleep well lovelylady – Paul Wilkinson. Former Chair,RBS European Works Council & UniteRBS National Company Committee.

felt condolences to Kerry'sfamily and friends, to her widerfamily in Ulster Bank, andespecially to her colleaguesfrom the Ulster Bank ExecutiveCommittee, on their tragic loss. IBOA’s Ulster Bank Officer,John Burns, said it was heart-breaking to lose such a dearfriend and colleague. “Kerry was one in a million,”he said, “someone who gaveso freely of her time, expertiseand enthusiasm to helpso many people,without everthinking ofthe cost toherself.”

KERRy chRISTIE 1961-2011

As Joint Chair of the RBS European Works Council, Kerry (front left) playeda pivotal role in the negotiation of a new procedural agreement – whichwas signed in London in early June – less than three weeks before her death.


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ry's der nd

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n,” ave se

Your IBOA Subscriptions:Claiming A Refund

If there is a change in your employment circumstances – likemoving onto part-time hours or changing to job-sharingarrangements, you may be entitled to avail of a lower sub-scription rate. The current membership categories and ratesare published on www.iboa.ie/join/subscriptions.html andwww. iboa.org.uk/join/subscriptions.html.

Please make sure you inform IBOA Head Office of any changeas soon as possible so that your subscription rate can beadjusted – and you receive prompt refund of any overpayments.

Please note that the rebate for any overpayments will be cappedat the amount overpaid for the first 24 months after thechange of status occurred.

You can check your personal profile online in the Members OnlySection of the Union website and make any necessary amend-ments there - or you can contact the Membership Departmentin Head Office at the address below.

Membership Department • IBOA The Finance Union • IBOAHouse • Stephen Street Upper • Dublin 8 • Tel: (00353)-1-4791033 or (0044)-2890-200130 • E-mail: [email protected]

IBOA’s pensioner memberscan avail of all of the servicesand special events arrangedfor all IBOA members. Their interests are re-presented by the IBOA Pen-sioners’ Committee – whichaims to campaign on issues ofparticular concern to retiredIBOA members. As well as bringing thesematters to the attention of theUnion’s Executive Committee,it also nominates two delegatesto the Union’s Biennial DelegateConference (BDC).

The Committee can alsopropose resolutions to the BDCwhich is the Union’s principaldecision-making forum. The Union’s Pensioners'Committee works through theICTU Retired Workers' Com-mittee and the Senior Citizens’Parliament. The Committee also en-gages in direct lobbying of therelevant authorities and fromtime to time organises socialmeetings for pensioners andtalks on matters of interest tomembers.

News from the UnionPensioners’ Committee

Brendan O’Donohoe Ken Doyle

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SPORTS & SOcIAL

For more information on any of theseevents – including booking forms –please check the IBOA websites atwww.iboa.ie or www.iboa.org.uk

or contact Anna or Louisein the Sports & Social Department,at IBOA House, Stephen Street Upper,

Dublin 8 or by phoning01-4755908 (from ROI) or02890-200130 (from UK).

JEDWARDTHEBEANSTALKAND

BOOk NOW – NumBERs LimitED

Annual Children’s PartySunday, 4 December 2011

Bankers’ Club, IBOA House, Dublin.

TICKETS: ¤8 per child

Santa Gifts, Balloon Making, Puppet Show,

Face Painting & Many More Surprises

Gifts will only be provided for children up to 9 years old.

National AquaticCentre,Abbotstown,Dublin

Special pricefor IBOAmembers:¤8.00 per ticket

For more info,see below.

Gaiety Theatre, Dublin Tuesday 27 DecemberParterre: Normal Price E34 – IBOA Price E24

(For more information, see bottom right)

Grand Opera House, Belfast, Tuesday 27 December 2.30pm.Tickets: special IBOA price of £15 (up to 6 per person)


Saturday 7January 20122.30pm

Tickets: Usual Price– E35 plusE5 Booking Fee.Special IBOAPrice – E30. See below right for more info.

Christmas Wine & Champagne Tasting November 30.

Bankers’ Club, IBOA House, DublinTickets: E10 (see below for more info)

Sea Front, Bundoran, Co. Donegal.

Tickets available at E8.50 each untilSunday 25 September, 2011



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Don’t forget…

IBOA FAMILYZOO DAYS

IBOA’s Annual FamilyZoo Days are comingup soon.

Dublin Zoo on Saturday,September 3.

Fota Wild Life Park,near Cork, on Saturday,September 3.

Belfast Zoo on Satur-day, October 1.

On production of yourIBOA membership card,you will be entitled tofree admission at themain gate for two adultsand four children or oneadult and five children.

IIBBOOAA AT

The visit to Tayto Park near Ashbourne in Co. Meath – organised by the Union’sSports & Social Committee – proved to be such a popular attraction that theCommittee is exploring the possiblity of making it an annual event on the Union’ssocial calendar. Pictured are above (main) Monica O’Sullivan from Callan with Kim, Meg andSally Ryan and Emma Feeney; top right: Breda Finn fromTrim, with husband, Rowan, and children, Emma andAlicia; middle right: Carl Kane and Laya; and below: RobMcAuley with Gabby and children, Ciaran and Chloe(Photos: Irene Breen).

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The Brian McEniff group of hotels promises comfort and style whereveryou're going. With locations in Bundoran, Sligo, Rosses Point, Westportand Dublin, you are sure to find excellent service, whichever hotel youmay choose. Brian McEniff Hotels offer comfort with delicious food andvalue for money.

The Brian McEniff Hotels are delighted to offer members of theIBOA 10% discount off published rates (subject to availability). Thisdiscount is valid in any of the six hotels below.

• The Holyrood Hotel & Blue River Leisure Centre & Escape Spa,Bundoran, Co Donegal

• The Great Northern Hotel & Leisure Centre, Bundoran, Co. Donegal• The Best Western Sligo Southern Hotel & Leisure Centre, Sligo.• The Yeats Country Hotel & Eros Spa & Leisure Centre, Rosses Point,

Co. Sligo.• The Westport Woods Hotel & Spa & Leisure Centre, Westport,

Co Mayo.• The Best Western Dublin Skylon Hotel, Drumcondra, Dublin 9.

To avail of this discount, bookings mustbe made through the Brian McEniffCentral Reservations office:

Phone 1890 203 203 from the Republic or0800 039 0035 from NI/UK.

The special IBOA discount offer is validuntil 31st December 2011.

Discounts on bookings are subject to availabilityand excludes all Bank Holiday Weekends.

Terms and Conditions apply.

BRIAN McENIFFHOTELS Bundoran-Sligo-Rosses Point-Westport-Dublin


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As a democratic trade union, IBOArepresents your interests and concernsdirectly with your employer but also withother key players in the sector includingGovernment, the regulatory authoritiesand the EU. IBOA has been built by successivegenerations of financial services staff whohave fought for the right to professionalrepresentation for over 90 years. Today we are facing one of the mostdifficult periods in our history. Rightacross the board our members are facingeither the prospect –or the consequences– of restructuring programmes – alongwith continuing challenges on pay andpensions. Many more issues require promptattention including staffing, unfair disci-plinary action, bullying and excessivepressure to sell to increasingly hostilecustomers. Although staff are not re-

sponsible for the crisis, they are beingasked to bear the lion’s share of the bur-den. Both IBOA’s elected representativesand professional support staff will makeforceful arguments to protect members –using industrial relations machinery and,where appropriate, the courts to deliverthe best possible outcomes. But if industrial relations was purelya matter of logic, then the financial servicessector wouldn’t be in this mess in the firstplace. Sometimes it takes more than a wellargued case to convince an employer oreven a Minister. Frequently numericalstrength can have an important – evendecisive – bearing on the situation. The simple truth is that the moremembers we have in an employment,then the greater will be our bargainingpower with an employer to ensure that

STRONGER TOGETHERIn these uncertain times

building the Union isyour best protection

our members’ interests are protected aseffectively as possible. Equally vital is an informed and activeIBOA presence in the workplace to ensurethat the employer does not take theUnion and its members for granted. One of the activities for members toengage in is to encourage non-membersto join and get involved so that, together,they have a better chance of influencingthe future of their employment.

So how do you persuadea non-member to join?• Identify any non-members in your area.• Talk to your IBOA Reps or Executive

Committee member for the latestnews on key issues.

• Find out which issues are of mostconcern to the non-members in yourarea.

• Ask them to join so as to strengthenIBOA’s efforts to resolve these issues.

So, if a colleague is worried about threatsto her or his job or possible pay cuts, thenyou should urge her or him to make IBOAstronger as it fights to secure jobs andprotect pay. Only by building their strength on acollective basis can staff ensure that theirconcerns are addressed. Only IBOA canact as a truly independent advocate forthe interests of staff. And remember IBOA offers discountson a wide range of goods and servicesto ensure that your Union subscriptionoffers real value for money.

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The large print

giveth – but the

small print

taketh away.

tom Waits

wo

rkdirect

TALKS OPEN AT

NORTHERN BANK

Northern Bank management iscurrently engaged in detailednegotiations with IBOA on itsplanned Transformation Project.

See Page 41

MAJOR REVIEW

AT ULSTER BANK

Ulster Bank’s recently appointedChief Executive, Jim Brown(above) is engaged in a wide-ranging operational review.

See Page 42

NIB IN JOB SECURITY PLEDGE

IBOA has welcomed the recent unequivocal statement from DanskeBank Group of its commitment to remain in Ireland. The Union has also welcomed the statement from National IrishBank Chief Executive, Andrew Healy (above), that no additionalredundancies are envisaged – following last year’s restructuring ofits operations in the Republic of Ireland.

See Page 40

GREEN SHOOTS

AT BOI?

As underlying losses are halvedand with new capital investmentsecured, has Bank of Irelandturned the corner at last?

See Page 43

BOI WINS NEW

INVESTMENT

IBOA has cautiously welcomedthe news that a group of privateinvestors are taking a substan-tial stake in Bank of Ireland.

See Page 44

WE NEED REAL

TALKS AT AIB

IBOA General Secretary, LarryBroderick, has challenged AIBboss, David Hodgkinson (above)to engage in real talks on future.

See Page 45


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Senior management at Anglo Irish Bankhas announced that the Board of the Bankhas endorsed a major restructuring planwhich includes provision for 130 redun-dancies in the Republic and a total of 350across the business globally over the nexttwelve months. Negotiations began recently betweenthe management of the wholly State-owned institution and IBOA which notonly represents the majority of staff whotransferred to Anglo recently from thenow defunct Irish Nationwide BuildingSociety – but also a growing number ofstaff within Anglo, itself. The Union’s General Secretary, LarryBroderick, said the Union was dis-appointed, though not surprised, at theannouncement since management’sprevious indication that work on therestructuring plan was advancing hadcaused considerable anxiety among staffin the Bank. At the opening of negotiations, theIBOA team sought clarification of boththe scope and rationale for the restruc-turing proposals.

The Union is also keen to ensure thatthe first tranche of redundancies at theBank will be implemented on a voluntarybasis – even though eventually all staff inAnglo will be made redundant when theinstitution is finally wound up by 2020. "While we acknowledge that theBank has indicated its preference that re-dundancies should be implemented on avoluntary basis, IBOA will urge manage-ment to strengthen that commitment so

as to avoid making any staff redundanton a compulsory basis given the currentemployment situation in the financialservices sector. “Negotiations on other issues such asthe level of the severance terms and thecriteria for selection will proceed over thecoming weeks,” said Mr. Broderick. “As part of the restructuring agenda,”he said, “we also intend to raise the manyconcerns of the staff who will remain withthe Bank on various issues such as redeploy-ment, retraining and remuneration. “Our aim is to achieve a fair andbalanced approach to the restructuringof the business both for those staff whoopt to leave the Bank at this time and forthose who decide to remain with theBank," said the IBOA leader. Following the opening engagementwith management on the restructuring plan,the Union has also sought a meetingwith the Republic’s Minister for Finance.Michael Noonan, for clarification of theAnglo restructuring plans within the con-text of the Government’s overall bankingstrategy.

IBOA intalks on

Anglo Irishrestructuring

On Fingleton’s watchIn addition to a ¤1 million bonus, formerIrish Nationwide (INBS) Chief Executive,Michael Fingleton, also received a part-ing gift of a watch costing ¤11,500 in cash. While INBS withheld ¤400,000 ofthe bonus in tax, ¤9,650was paid to thetaxman so that the former boss wouldnot be liable for ‘benefit-in-kind’ taxes. Following INBS’s merger with AngloIrish Bank, Anglo CEO, Mike Aynsley, wroteagain to Mr. Fingleton to demand thereturn of the watch or its cash equivalentas well as the balance of the bonus.

Anglo Irish Bank Chairman, Alan Dukes, and Chief Executive Officer, Mike Aynsley.(Photo: Mark Stedman/Photocall-Ireland)

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40

IBOA has welcomed the recent unequivocalstatement from Danske Bank Group of itscommitment to remain in Ireland. The Unionhas also welcomed National Irish Bank’sstatement that no further redundancies areenvisaged – following last year's restructuringof its operations in the Republic of Ireland. “The Bank’s Chief Executive, Mr. AndrewHealy, confirmed at recent meetings withIBOA that the Strategic Restructuring Pro-gramme, which brought about major changein National Irish Bank, is delivering significantbenefits to the institution.” said IBOA GeneralSecretary, Larry Broderick. “In addition, IBOA very much welcomesthe recent reaffirmation by Mr. Peter Straarup,Chairman of the Executive Board, DanskeBank, of the Group’s commitment to Irelandthrough National Irish Bank. Mr. Straarup also acknowledges the majorcontribution staff have made to the Bank inthe recent Restructuring Programme andcommits to no further redundancies.

“At a time of huge uncertainty in thefinancial services sector both globally andnationally, these are welcome developments,"said Mr. Broderick, "and offer some reassur-ance to staff in National Irish Bank who havebeen through a major restructuring pro-gramme over the last two years. National Irish Bank engaged in a majorrestructuring programme in 2010, resultingin the closure of almost half of its branchnetwork and the reduction of its workforceby over 150. While these redundancies took place ona voluntary basis in line with industry norms,they were nevertheless very challenging forthe staff remaining in the Bank. Although the Bank’s recent half-yearlyresults indicate a continuing need to makeprovision for a significant level of impairedloans on the balance sheet, it is noteworthythat the Bank’s performance in terms ofoperating profit was positive.


NEWS REVIEW

Job security pledgeat National Irish BankNIB and Danske Bank Group arecommitted to remain in Irish market


National Irish Bank and IBOAhave recently concluded a newRelationship Agreement whichestablishes a framework for theconduct of industrial relationsin a more structured way andrecognises the mutuality ofinterest between the employerand the employees in a rapidlychanging banking environment. The agreement also putsprocedures in place so that anyissues in dispute between theparties may be referred to anagreed third party to assist inreaching an agreement. “Although the bank remainsin a challenging financial position,both its national and inter nationalmanagements recognise that itssuccess will depend on the supportof its remaining staff,” said IBOAGeneral Secretary, Larry Broderick.

Pension planremains openIn the wake of the recent LabourCourt recommendation on thepension review, the Bank hasadvised IBOA that staff whoearlier chose not to move to fullmembership of the Hybrid Plancan now avail of that option. The Bank has also agreed topay the 5% lump sum to thosestaff who transfer to full Hybridmembership. This payment wasmade to staff who transferred inJanuary to full membership of theHybrid Plan in recognition of thehigher employee contributions. All remaining staff who didnot sign the authorisation formsto pay increased contributionsare now free to do so on theback of this commitment and, inparticular, the Bank's commit-ment to honour the preservedbenefits accrued of all staff in theDefined Benefit pension scheme.

Union signsoff on newagreementwith NIB

National Irish Bank Chief Executive Officer, Andrew Healy.(Photo: Leon Farrell/Photocall Ireland)

NATIONAL IRISh BANK


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Senior management in Northern Bank iscurrently engaged in detailed negotiationswith IBOA on its proposed TransformationProject which provides for major changesin the operation and structure ofNorthern Ireland’s most successfulbank. Among the key elements ofthe project are the re-organisa-tion of the institution into twodivisions: one focussed onpersonal banking and the otheron business banking. Theproject also aims to streamlinemany aspects of the organisation. While IBOA has a number of con-cerns about this announcement which hascreated some uncertainty for staff, it haswelcomed the fact that the Bank is com-

mitted to honour existing agreements andto have full consultation with IBOA beforeimplementation. IBOA Senior Industrial Relations Officer,

Gerry Hanna (left), explained thatin the meetings with the Bank sofar, IBOA has sought clarificationon a number of key issues,including:• the rationale for the pro-

posed changes;• the likely impact on business

areas, jobs and terms andconditions of employment;

• the likely impact on staff careerprogression;

• redeployment of staff; and• the likely impact of the proposals on the

Performance Management system.


Isn’t it timeyou joinedthe club?openInG HoUrS:The Club opens at 5:30pmfrom Monday-Friday.

AVAILABLe For pArTIeS:Available for parties on request(any day). There is no chargefor parties and room booking.

Please phone 02890-382866 any time after 5.30pmor e-mail: [email protected]

BelfastBankers’Club

31 Malone RoadBelfast BT9 6RU

Northern composureTalks continue on Northern Bank’stransformation project

IBOA Danske Bank Group Offi-cer, Robert Thompson (above)has welcomed the recentlyconcluded Relationship Agree-ment with National Irish Bank.

NORThERN BANK

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42

Operationalreview atUlster BankA wide-ranging review of UlsterBank’s operations by the recentlyappointed Chief Executive, JimBrown, is believed to be close tocompletion. The review is takingplace at a time when the Bankhas reported an increase inoperating losses for the first halfof 2011 compared with thesame period in 2010. A comprehensive progressreport on the review is expectedto be delivered to the Bank’ssenior management team earlyin September. The Chief Executive has com-mitted to provide a detailedbriefing to IBOA on any develop-ments which may affect itsmembers; and to consult fully withIBOA in line with the relationshipagreement – recently endorsed bymediator,Martin King.


IBOA members in Ulster Bankhave voted overwhelmingly toaccept a wide-ranging recom-mendation from independentmediator, Martin King – whichcovers a number of issues arisingfrom the contentious 2009 con-tract offer, as well as pay for 2011. In line with the King recom-mendation, a new 2011 contractis to be offered to staff who didnot accept the 2009 contracts –which will include the following:– Payment for past and futurePEF and benefit funding;– Pensionable pay limit to beapplied with effect from January1, 2010 and in lieu of the accrualrate reduction (1/60ths to 1/80ths)applied in 2010;– Changes to clauses in 2009contracts and in subsequent con -tracts issued and future contracts;– Pay 2011 payment based ona revised pay matrix;– Clarity around working hoursfor present and future employees;– Clarity in respect of DublinAllowance entitlements;– Determination of overtimeand holiday entitlements;

Ulster staff votefor new contract

Ulster Bank’srecently appointedChief Executive,Jim Brown.


Discounts

Special Offers

EXCLUSIVE

for IBOA members only!

For information on the latest offersfor IBOA members,

log on to: www.iboa.ie/members/otherservices.html or

www.iboa.org.uk/members/otherservices.html

Operatinglosses rise atUlster BankUlster Bank made an operatingloss of £566m in the first halfof the year as the repercussionsof the property crash continuesto take its toll in Ireland. The losses are more thandouble the level recorded forthe first half of 2010, whichreached £252m. Commenting on the re-sults, Ulster Bank’s parent com-pany, RBS, noted the risksremained high but that “recenttrends suggest a more positivemedium-term outlook.”

– Proposal for a collective set-tlement agreement;– Re-enforced procedural agree -ment and recognition betweenthe Bank and IBOA; and– A basis for resolving out-standing legal cases.

ULSTER BANK


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Bank of Ireland recently reported asignificant reduction in underlying lossesbefore tax of ¤723 million compared to¤1.320 million in the first six months ofthe year 2010. Similarly, costs are down 8% on thefirst half of 2010. The Bank has secured enough capitalto enable it to remain as an independententity with a very strong investmentgroup behind it. Initial indications are that this newgroup intend to take a long-term view ofits investment in the Bank – which is awelcome change from the short-termismthat has blighted Irish banking in recentyears. In light of the significant progressthat has been made in the last twelve

months, IBOA believes that it is nowtimely for the Bank’s senior managementto engage with the Union on the staffagenda. The main items to be negotiatedbetween the Bank and IBOA are asfollows:• a review of pay for 2011 as provided

for under the Connaughton Agree-ment which was ratified by the Bankand IBOA in July 2010 as part of theEU Restructuring Plan;

• the implementation of the otherelements of the EU RestructuringPlan – including those relating to jobreduction;

• a comprehensive review of the newBranchBanking concept, on comple-tion of the various pilot scheme

(including the new pilot operation inBelfast);

• a review of the regionalisation ofback office activities;

• in-depth consideration of the issue ofworkplace culture – which remainsexcessively focussed on sales andobjective-setting rather than realcustomer service;

• a comprehensive agreement ontransferability – which, while recog-nising the Bank’s need to redeploystaff from time to time, also ensuresthat staff needs are addressed withdue sensitivity; and

• further consideration of a number ofmatters which have been outstand-ing between IBOA and the Bank forsome considerable time.

Bank of Ireland Chief Executive Officer, Richie Boucher.(Photo: Sasko Lazarov/Photocall Ireland)

Green shoots at Bank of Ireland?Encouraging signs as underlying losses are halved

BANK OF IRELAND

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optical express

GREAT SAVINGS

for IBoA members& their families

• 10% off glasses, contact lenses and designer sunglasses, plusFREE eye test

• FREE 2nd pair of glasses (including bifocal and varifocal lenses)

• 10% laser eye surgery, FREE consultation, plus 10 monthsinterest-free credit

• 10% cosmetic treatment, FREE consultation, plus 10 monthsinterest-free credit

For more information, check the IBoA websites:www.iboa.ie/members/otherservices/iboaplusdiscount.html or

www.iboa.org.uk/members/otherservices/iboaplusdiscount.html

These offers are exclusive to IBOA members – so you’ll needyour IBOA membership number to access the website.

New chief for FTBIrish Nationwide’s chief executive, Gerry McGinn, is to become the new managing director ofAIB's Northern Ireland subsidiary, First Trust Bank. Following the transfer of its loan book to Permanent TSB, Irish Nationwide’s remainingbusiness is now to be merged with Anglo Irish Bank to form the Irish Banking ResolutionCorporation – which is expected to be wound down by 2020. Before Carrickfergus native, Gerry McGinn, took over at the nationalised INBS in 2009, hehad also been served as a senior executive at Bank of Ireland in Northern Ireland, at GoodbodyStockbrokers and as a Permanent Secretary in the Northern Ireland Civil Service.

FIRST TRUST BANK

Cautiouswelcome forBOI privateinvestmentIBOA has given a cautiouswelcome to the Irish Govern-ment’s recent announcementthat a group of private investorsare taking a substantial stakein the Bank – thus avoiding theneed for the Irish State to becomeBank of Ireland’s majority share-holder. The group – led by FairfaxFinancial Holdings of Canada – is believed to include New York-based W. L. Ross and Co., andtwo California-based companies,Kennedy Wilson and Fidelity andCapital Research. The group hascommitted to buy ¤1.1 billionworth of shares – which meansthat at least 68% of the bank’sequity will remain in private hands. IBOA General Secretary, LarryBroderick, said that it was vital toavoid a situation where virtuallyall of the major retail banksoperating in Ireland would beeither fully nationalised or undermajority State control. “We are seeking clarificationfrom the Bank’s senior manage-ment on any possible implica-tions of this capital injection forthe terms and conditions of staffand for the key agreements onrestructuring which were nego-tiated between IBOA and theBank last year,” said Broderick.

Fairfax CEO, Prem Watsa


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AIB staff still wait for detailsof major restructuring planThe Board and senior management ofAIB Group have been challenged byIBOA General Secretary, Larry Broderick,to engage fully in real dialogue with theUnion on the recovery of the Bankincluding the restructuring programme.. In a letter sent to the Group’sExecutive Chairman, David Hodgkinson,before the recent AGM, the financeunion leader accused the Bank of failingto treat its employees with decency andrespect by refusing to provide details ofthe 2,000 job cuts which were originallyannounced in April – and which may beimplemented in October according to afurther announcement by the Bankrecently. Talks at the Labour Relations Com-mission (LRC) broke down in Julybecause the LRC could find no basis forconciliation. Commenting on the LRC decision,Larry Broderick said he was dis-appointed – though not surprised –that the LRC could not see any scope forconciliation at this time – especially“since the Bank's approach at theLRC failed to take on board the recom-

mendations from the independentmediators, Mark Connaughton, SC, andLiam Deane, even though AIB manage-ment claimed to have accepted them.” “IBOA has sought a reasonableundertaking from the Bank that theshedding of 2000 jobs – announced byAIB's Executive Chairman earlier thisyear – would be implemented on avoluntary basis in line with what hastaken place elsewhere in the financialservices sector,” said the Union leader. “It is unacceptable that AIB staffshould suffer disproportionately com-pared to the vast majority of other staffin the industry where redundancies havetaken place in the last few years. “Separately the IBOA has arguedthat the severance terms to be offered inAIB should also conform to establishedsectoral norms especially since manysenior executives leaving the Bank havereceived extremely lucrative goldenhandshakes.” he added. “Our members are also aware thatsubstantial sums have been paid to con-sultants for the provision of advice onthe restructuring of the Bank.

“So even though many of those whowere responsible for the reckless lendingat the root of the current crisis have beenwell rewarded; and even though thosehired to rectify the matter are also beingwell rewarded,” he said, “the ordinarystaff in AIB who are being lined up tosacrifice their livelihoods, have so far noteven received the courtesy of an offerof compensation despite the fact theywere not responsible for the Bank'scollapse. “IBOA has told the Bank that ourmembers will not co-operate with anyrestructuring proposals until we havereached a satisfactory resolution on anumber of key issues which are nowlikely to be referred to an independenttribunal for consideration." The IBOA leader has also warned AIBmanagement that the Bank's elusiveapproach to restructuring is demoralis-ing staff throughout AIB – which couldhave major consequences for the Bankand its stake-holders because these staffwill play a crucial role if the Bank is to bereturned to sound financial health in thefuture.

AIB Group Executive Chairman, David Hodgkinson. (Photo: Sasko Lazarov/Photocall Ireland)

AIB GROUP

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sty

ledirect

Italian fashion house, Versace,has become the latest of theleading labels to back the inter-national campaign for a ban onsandblasting of denim to createan instantly aged look –becausethe process is known to causethe potentially fatal lung disease,silicosis, among workers engagedin the industry. The company’s decisionfollows intensive lobbying bycampaigners demanding fairtreatment of workers in theclothing sector.

See Page 48

A new report from the American Academy of Paediatrics casts seriousdoubts on health benefits of sports and energy drinks for childrenand adolescents. The report claims that regular consumption of someof these beverages will make the average child fat, possibly damagehis or her teeth and may deliver potentially toxic doses of caffeine –at levels more commonly associated with a range of serious healthconditions.

See Page 50

EXERCISE IS

KID’S STUFF!

Children under five should getat least three hours of exercisea day, according to new UKGovernment guidelines.

See Page 50

MAKING

MENUS COUNT

One of the latest innovationsin the restaurant business is theinclusion on menus of thecalorific values of each dish.

See Page 50

Global sports gear manufacturer, Nike refuses to include a living wagestandard in the code of conduct for its suppliers.

See Page 52

ENERGYDRINKSNOT SOHEALTHYFORKIDS

CAFFEINE IN

SUNSCREEN TO

CURE CANCER?

Scientists at the Department ofClinical Biology in Rutgers Uni-versity, New Jersey, have workedout how caffeine used as asunscreen may protect againstcertain types of skin cancer. The research on mice sug-gests the “possibility that caf-feine, possibly (applied to theskin) would have an inhibitoryeffect on sunlight-induced skincancer,” said lead researcher,Allan Conney. However, the US results donot necessarily mean that drink-ing coffee would have the sameeffect. Although these effectswere not examined in this re-search project, previous studiesinvestigating the possible impactof coffee consumption oncancer – positive or negative –have so far failed to produceconclusive results.

I’m not offended

by all the dumb

blonde jokes

because I know

I’m not dumb…

and I’m also not

blonde.

Dolly Parton


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WORK AGENDA LIFE & STYLE ARTS & LEISURENEWS WORK AGENDA LIFE & STYLE ARTS & LEISURENEWS

Swipe for cashBank of Ireland to launch“contactless” Visa debit card Bank of Ireland has launched a new“contactless” Visa debit card – allow-ing consumers to pay for purchasesof ¤15 and under “in less than a sec-ond” simply by holding the card overa scanner. The card is subject to the same level ofconsumer protection as all Visa cards. Oncethe card is used a certain number of timesor above a certain value, consumers will beprompted to input a PIN to complete theirpurchase. Bank of Ireland says the card is suitablefor retailers, buses, trains, parking and vend-ing machines.

Apart from enhacing convenience forcustomers by speeding up simple trans-actions, the introduction of the new debitcards also aims to reduce the amount ofcash payments made in Ireland. According to a recent National Irish Banksurvey, 70% of all transactions in Ireland arestill made using cash. The country is also oneof the highest users of cheques. “From the end of this year, countingcoins to pay for items such as fast food,newspapers or coffee will be history for Bankof Ireland’s customers who choose to em-brace this new technology,” said QuentinTeggin, head of consumer segments at Bankof Ireland. According to Visa Europe, the number ofits contactless cards in use in the UK shouldrise from 13 million to 20 million by the endof this year.

cONSUMER AFFAIRS

More than a third of adultsand about 60% of teenagerswho own smartphones inthe UK say they are highlyaddicted to their devices,according to the British tele-coms regulator, Ofcom. Smartphone users aremore likely than owners of

standard mobile phones tonever switch them off, andare more inclined to con-tinue sending email or textmessages even when at thecinema or the theatre. They are also more likelyto use their phones duringsocial occasions.

Over a quarter of adultsand nearly half of all teen-agers in Britain now own asmartphone. They reportedthat they had cut back onactivities such as readingbooks and newspapers andwatching TV – since buyingthe device.

‘Crackberries’ and Me-phones: Smartphones are addictive

A&F offer topay star notto wear labelWhile most retailers would prob-ably fall over themselves to secureunpaid celebrity endorsements fortheir products, the US fashionlabel, Abercrombie and Fitch, hasoffered a “substantial” paymentto one reality TV star if he refrainsfrom wearing their clothing ontelevision. A&F made this unprecedentedproposal to Mike “The Situation”Sorrentino – who is one of thestars of the MTV reality show,Jersey Shore – because “Mr.Sorrentino’s association with ourbrand could cause significantdamage to our image.” Although the show has a USaudience of over 8 million, the linkto Sorrentino “is contrary to theaspirational nature of our brandand may be distressing to many ofour fans,” according to the USfashion house.

Jersey Shore’sMike Sorrentino

workers were diagnosed withsilicosis in the country in thepast decade and the totalcould rise to 5,000 in the nextfive years. Dominique Muller, of theClean Clothes Campaign, haswelcomed Versace’s newposition as “very good news”but has also urged companiesto be transparent about theirsupply chains and to explainhow they intend to enforcethe ban.

The complex nature ofsupply chains, and the lack ofworkers’ rights in poorercountries where productionusually occurs, makes it verydifficult to ensure that evenminimum safety standardsare respected. Experts have also notedthat the practice tends toemerge wherever there ischeap labour and a lack ofproperly enforced legislationto protect workers.

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High classcoutureVersace signs up for banon sand-blasted denim

SHORT CUTS SPECIAL FOCUS IBOA N

FAShION STATEMENT

The Italian fashion giant,Versace, has become the latestbrand to back a drive to endthe practice of sandblastingdenim which is intended toprovide a weathered look onjeans and jackets. The contrast between theglitzy image of one of theworld’s best known fashionhouses and the dismal anddangerous sweatshops of theThird World could hardly begreater – but the demand fordenim to be instantly agedhas been taking a heavy toll onsome of the world’s pooresttextile workers who have beenengaged in sandblasting thematerial. Weathered denim may bethe look for the fashionistas ofthe West – but it comes at aprice for the health of manylow-paid workers whose lungshave been destroyed by silicosiscaused by the highly dangerousindustrial process. Following an intense cam-paign calling for a boycott ofVersace jeans –which included

a cyber attack on the fashionhouse’s Facebook site – theItalian megabrand announcedthat it was backing the demandfor an end to sandblasting. Versace has now joinedother major brands like LeviStrauss, H&M and KarenMillen in pledging to stop sell-ing sandblasted products. The technique was firstbanned by European authoritiesin 1966 while Britain outlawedthe practice in 1950. But theITGLWF claims that the practicehas killed dozens of workers ingarment-producing countrieslike Turkey and Bangladesh,where it has been blamed forcausing the irreversible lungdisease, silicosis. The ITGLWF claims that byJuly 2010, 46 Turkish workershad died from silicosis causedby sandblasting, which be-came widespread in the pastdecade as demand for worndenim soared. AlthoughTurkey banned manual sand-blasting in March 2009, it hasbeen claimed that about 600

On Trend: Donatella Versace joins campaign against sand-blasted denim.


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50

Kids shouldn’t have energydrinks at all and only needsports drinks occasionally,according to a recent reportfrom the American Academyof Paediatrics (AAP). Although parents who buytheir sports or energy drinks maybelieve these products are insome way healthier than othersoft drinks, regular consumptionof some of these beverages willmake the average child fat,possibly damage his/her teethand may deliver potentially toxicdoses of caffeine – at levelsassociated with a variety ofserious health conditions. Based on a recipe comprisingcarbohydrates (sugars), minerals,electrolytes and flavouring,sports drinks are mainly intendedto replace water and electrolyteslost during physical exercisethrough sweating. Only the most seriousadolescent athletes, who partici-pate in endurance or high-intensitysports and vigorous physicalactivity on a regular basis, arelikely to benefit from sports drinks. For average children, sportsdrinks can substantially increasethe risk of weight problems as so



New report castsserious doubts onhealth benefits ofsports and energydrinks for childrenand adolescents

Fitteror

Sports drinksare onlybeneficial forseriousadolescentathletes –while energydrinks shouldnever be givento children.

The message isclear: plain water

is the healthiestand most effective

solution for childrenengaging in routine

physical activity.

Major restaurant chains in the US arerushing to redesign their menus to re-duce the calorie count of their dishes. New rules from the US Food andDrug Adminstration – likely by the end ofthis year – are expected to require anychain with 20 or more outlets to displaythe calorie values for every item on sale. Expect something similar on this sideof the pond – as restaurant chains try toget in early to make a virtue out of whatmay become a necessity later.

Exercise is kid’s stuff!Children under five should get at least three hours ofexercise a day, according to new UK Government guide-lines. According to the Chief Medical Officers of England, Scotland,Wales and Northern Ireland, babies should be taken swimming orencouraged to use ‘baby gym’ mats until they can walk. Once they are walking, toddlers should be taken on a brisk 15-minute walk as well as engaging in three hours of “active play” suchas running, skipping and climbing. According to new NationalHealth Service statistics, about a quarterof British children aged four and five are overweight or obese. Expertsconsider this figure could rise to over 60% by 2050.

New menus to includecalorie counts soon?

hEALTh MATTERS


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be a factor in heart problems,diabetes, seizures and behaviouraldisorders. Caffeine and other stimulantscontained in energy drinks “haveno place in the diet of childrenand adolescents,” declared Dr.Marcie Beth Schneider, the report’sco-authorand a member of theAAP’s Committee on Nutrition. According to her colleague,Dr. Holly Benjamin,“for mostchildren engaging in routinephysical activity, plain water isbest.” Dr. Schneider noted thattherewas widespread confusionamong consumers as to thedifferences between sports andenergy drinks. She urged man-ufacturers to do more to makethe differences clear. “Some kids are drinkingenergy drinks – containing largeamounts of caffeine – whentheir goal is simply to rehydrateafter exercise,” she said. “In many cases, it can behard to tell how much caffeineis in a product by looking at thelabel. Some cans or bottles ofenergy drinks can have morethan 500mg of caffeine, whichis the equivalent of 14 cans ofsoda.”

The report was also critical ofadvertising campaigns for thesedrinks targetted at children aswell as those which suggestthat consumers can reach peaksof athletic performance by drink-ing them in large quantities. “Sports and energy drinksare being marketed to childrenand adolescents for a widevariety of inappropriate uses,”according to the report whichwas published in the journal,Pediatrics. “In general, there is littleneed for carbohydrate-contain-ing beverages other than therecommended daily intake offruit juice and low-fat milk,”they continued. The researchers were alsoconcerned at the impact thatsports and energy drinks haveon teeth. Many of them are high inacidity which is closely associ-ated with tooth decay. Among the energy brandsreviewed in the report wereRed Bull, Monster and Rock-star –while the sports drinkstested by the team includedPowerade, Gatorade and AllSport.

few of them do en to burn off up to per serving cont these drinks. Because energy contain stimulants as caffeine – as w the sugars, mineral electrolytes found sports drinks – tare considered to even more dangeroand “should nevbe given to childaccording to the d

the research

rt from a highere count (of up

70 calories perng), someenergys were found to caffeine levels up

imes higher than her soft drinks,

ng to the studying them tech-

oxic. consumption of

widely held to


r fatter?

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HICKEY’S PHarmaCIES

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Nike can’tjust do it!

2010, but the company stillrefuses to include a living wagestandard in its code of conductfor suppliers. In Sri Lanka, the living wagehas been estimated at Rs23,500(£131 or E150) per month, that’sless than the cost of a single NikeMercurial Vapor Superfly III boot,as worn by Cristiano Ronaldo,and costing £280 or E320 a pair.Without workers like Sheran mak-ingNike products, there wouldn’tbe the funds to run The Chosenor pay out huge sponsorship fees. Sheran is on a permanentcontract, which is unusual forworkers in the sportswear industry,and his employer has providedtraining on health and safety. “I get 14 days’ paid leave ina whole year, but no paid sickleave,” Sheran said. Nike suppliers should complywith the brand’s code of con-duct, and this code also serves toinform workers about their rights.“The code is displayed in Englishand not in Sinhala,” said Sheran.

Nikerefusesto includea livingwagestandardin the codeof conductfor itssuppliers


Cristiano Ronaldomodelling Nike’sMercurial VaporSuper-fly boots –which retail for£280 or E320 apair – or more thanfour times themonthly basic payfor Nike supplychain employeesin Sri Lanka.

Nike’s new global ‘Just DoIt’ campaign – entitled TheChosen – says it will bringsports to the grassrootsand that it represents the“passing of the torch tothe next generation.” But members of agrassroots generation whowould like to see some-thing more tangible thana torch being passed arethousands of workers inthe Nike supply chain whoare being paid less-than-subsistence wages.

Sheran (not his real name)works as a dispatch operatorfor a Nike supplier in Sri Lanka,earning a monthly basic wageof Rs11,000 (£64 or E73). “I definitely couldn’t survive,”he replied, when asked aboutbeing able to meet his basicneeds and those of his familyon his basic salary. “I have to work overtime –I work about 60 hours a weekin total. Accommodation,excluding bills, and childcarealone costs Rs 4500 (£25 orE28.50) a month.” In contrast to these povertywages, Nike netted a stagger-ing £5.4 billion in profits for

STyLE IcONS


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“I can read some English – butI can’t understand everything inthe code.” This means that Sheran maynot know if some of his workingrights are being violated. And ifhis or others’ rights are violated,there is no trade union in thefactory to represent the workers. Nike’s code states that thecontractor should respect theright of employees to freedom ofassociation, including the rightto form and join a trade union. The Chosen,according to Nike,is a new voice for ‘Just Do it.’And ‘Nike Responsibility’ states:“Our greatest responsibility as aglobal company is to play a rolein bringing about positive systemicchange for workers within ourown supply chain, and in theindustry.” Achieving positive systemicchange means listening to thevoices of workers and taking apositive approach to the humanright to join or form a trade union. “I’d like an increase in mybasic pay, paid sick leave, andbetter paid holiday provisions,”Sheran said.“The best way toachieve these changes is throughcollective bargaining.” You can support the strugglesof workers like Sheran for DecentWork by getting involved inthe Playfair 2012 campaign atwww.playfair2012.org/ whereyou can take action to call on Nike,Adidas and Pentland (makers ofSpeedo) to pay a living wage;respect the right to form/join aunion; make overtime work volun-tary, and provide job security.


Great savings and offers for IBOA members in Great Britainand Northern Ireland from Thomas Cook –

including a 6% discount on thousands of holidays.Check the Members Only Section of

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Sri Lankan garment workersdemonstrate for better payand conditions.

It would take the averagesportswear worker in SriLanka 14,000 years to earnthe equivalent of the NikeChief Executive’s 2010pay pot.

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leis

uredirect

Widely acclaimed as one of thestars of this year’s GastonburyFestival, Manchester-based band,Elbow, are once again in strongcontention for the Mercury MusicPrize for the Album of the Year– with Build a Rocket Boys!,

featuring on this year’s twelve-strong shortlist. In a very high quality eclecticfield, their main competitionseems to come from Adele –whose 21 has achieved veryimpressive sales figures on both

sides of the Atlantic as well aswinning the plaudits of musiccritics. The winning album will beannounced on September 6.

See Page 57

BOARDROOM

MALFUNCTION?

Stephen Malone takes a side-ways look at recent events in-cluding Janet Jackson’s recent£500,000 gig for Deutsche Bank

See Page 62

Elbow

ELBOW BID FOR MERCURY DOUBLE

ALL BLACK TO

THE FUTURE

George Hamilton previews theforthcoming Rugby World Cupin New Zealand – where thehosts are favourites to triumph.

See Page 58

PRIZE

CROSSWORD

Test your word power with ourlatest crossword and perhapsyou could be in line for the E50prize.

See Page 60

PICTURE BOARD

AND SUDOKU

Prizes of E30 each are on offerfor solving our picture quiz andthe sudoku challenge. Why notgive them a try?

See Page 61

The secret of

creativity is

knowing how

to hide your

sources.

Albert Einstein


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CINEMATIX

Two complementary films about relation-ships between humans and our nearestrelatives in the animal kingdom are onrelease at the moment – one entirelyfictional and the other based on the truestory of a scientific experiment in the early1970s in which a young chimp, Nim, wastaught sign language. But first, the Rise of the Planet of theApes is presented as a prequel to the orig-inal 1968 starring Charlton Heston, andseeks to explain how apes came to ruleover mankind. Of course, fans of the five-film franchise will know that this has al-ready been done in the Conquest of thePlanet of the Apes. Nevertheless, the new version tapsinto current concerns about genetic engi-neering and the unregulated influence ofbig business. James Franco is a scientisttesting a possible cure for Alzheimer’sdisease on apes. As the main test subject,Caesar, begins to develop heightenedintelligence, he becomes increasinglyresentful of his captivity. Caesar is played by themaster of performancecapture, Andy Serkis, whoinhabited the charactersof Gollum in The Lord OfThe Rings trilogy and King Kongin the Peter Jackson film of thesame name.

The introduction of this new visualeffects technology to the Apes saga marksa substantial step forward from actorswearing rubber masks or latex prostheticsin the earlier films. The new primates are remarkablyrealistic – Caesar, in particular, displays arange of emotions with sensitivity andsubtlety. Indeed, in many respects theperformances of the ape actors are moreconvincing than those of their humancounterparts, who include Frida (SlumdogMillionaire) Pinto and Tom (Harry Potter)Felton. Using a variety of archive material aswell as contemporary interviews in ProjectNim, James Marsh examines a majoranimal behaviour experiment conductedover thirty years ago – designed to testwhether a chimpanzee could learn to com-municate using language, if it was raised like a human child. The chimp, Nim (left), was taken from his mother to live with a human family in New York. As an infant, the chimp was curious and attractive. But as he matured, he became increasingly aggressive. Project Nim is a fascinating counterpoint to the high-tech sci-fi blockbuster.

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Monkey SeeMonkey Do!

True story ofchimp project contrasts with

latest hi-techinstalment

of Apes saga

Andy Serkis as Caesar in the Rise ofthe Planet of the Apes

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MUSIc MAchINE

Will Adele getElbowed again?Pop diva is this year’sfavourite for Mercury Prize

Adele

Tinie Tempah

P. J. Harvey

Auspicious debut from SOnance HOtelDon’t Look Behind You by SOnanceHOtel is the brainchild of Brian Gallagher,the Dublin musician and songwriter whomade his reputation as the drummerwith Humanzi and The Mighty Stef. The title prefigures a change ofmusical direction as well as lifestylebrought about by the birth of his first child. Though originally a home recordingproject, the finished album contains abeautiful blend of electronic musicproduction, simple songwriting andintelligent musicianship which is inessence the work of one person as allthe material was composed, arranged,performed and produced by Gallagher.

The nominees for this year’s MercuryPrize for the 2011 Album of the Yearrepresents a triumph of real diversity –with performers of urban hip-hop, retro-country, power ballads, melodic rockand guitar anthems all present on thetwelve albums shortlisted for the prizeand others willingly acknowledging thattheir music represents a cross-fertilisa-tion of two or more of these genres. As rock historian and Mercury judge,Simon Frith, noted recently: “For someof these artists it is quite difficult to pin-point what genre they represent…artistsare not constrained by marketing labelsany more.” This mix of influences is exemplifiedin the early favourite for the prize, 21 byAdele – which blends folk and countrywith elements of blues and Motown.Adele’s second studio album, 21 hasalready sold over 3 million copies inBritain and a similar number in the US. Produced principally by Grammy-winner, Rick Rubin, 21 has garneredcritical as well as popular acclaim.

THE 12 NOMINATED ALBUMS• Adele - 21• Anna Calvi - Anna Calvi• Elbow - Build A Rocket Boys!• Everything Everything - Man Alive• Ghostpoet - Peanut Butter Blues

and Melancholy Jam• Gwilym Simcock - Good Days At Schloss Elmau• James Blake - James Blake• Katy B - On A Mission• King Creosote & Jon Hopkins -

Diamond Mine• Metronomy - The English Riviera• P. J. Harvey - Let England Shake• Tinie Tempah - Disc-Overy

In 2008, Adele was also tipped to winwith her debut album, 19,but was pippedat the post by Elbow’s The Seldom SeenKid which included the anthemic OneDay Like This.Elbow are in the field againthis year with Build A Rocket Boys! Butsurely lightning won’t strike twice. Theresults are announced on September 6.

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It was Mark Twain who said thatdistance lends enchantment tothe view. I wonder. Does theperspective of almost a quarterof a century cast a nostalgic lighton the first small steps towardswhat is now the third-biggestsporting event on the planet? Back in the 1980s there wasno great desire among the Britishand Irish Rugby Unions for a globalcompetition. Wasn’t the FiveNations doing just fine, and didn’tthe Lions – the finest exponentsof this amateur game – go offevery three years to engage thebest of the southern hemisphere. Three problems here, though.France was out of this particularloop. South Africa could only playat home because of the contin-uing boycott over apartheid.And Australia and New Zealandwere fighting a rearguard actionagainst the onward march ofprofessionalism by Rugby League. The first tournament in 1987was jointly hosted by New Zealandand Australia. The senior nations– the members of the InternationalRugby Board excluding SouthAfrica –would take part by rightwhile the remaining nine placeswould be filled by invitation. It went very much as expected,with the seven member nationsof the IRB claiming the quarter-final spots, along with Fiji. Irelandwere beaten in the last eight byAustralia, who, in turn, went outin the semi-final. France met the

AllBlackto theFuture

other co-hosts in the final. NewZealand’s David Kirk hoisted theWebb Ellis Cup – the only All-Black ever to do so. England are also one-timewinners – in 2003 – while bothAustralia (in 1991 and 1999) andSouth Africa (in 1995 and 2007)have won it twice. The Rugby World Cup haspacked a lot into its 25 years.And when New Zealand andTonga kick it off in Auckland onSeptember 9, it’ll be the start ofa veritable feast – 48 matches in44 days – with days being theoperative word, for kick-off timesfor fans here range from 2am(for Scotland against Romania

on Day Two) to 9am for the semisand final. The tournament is seeded,though not as previously on pastperformance at the event, butrather on the World Rankings atthe time of the draw, in December2008 –which is clearly more fair. There are four pools compris-ing five teams, and the top two ineach will advance to the quarter-finals. The top team in Ireland’sgroup – Pool C – is Australia, oneof the tournament favourites, butthere is no reason why DeclanKidney’s XV shouldn’t progressalongside the Wallabies. Until their narrow defeat inthe recent friendly at Murrayfield,

All Black star, KieranRead, in actionagainst Australia inthe recent BledisloeCup Match inAuckland. (Photo:Andrew Cornaga/Photosport.co.nz)

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GAMETIME

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David Marty ofFrance tests thequality of RobKearney’s shirt inthe recent warm-upmatch in Bordeaux(Photo: INPHO/BillyStickland).


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Ireland were sitting at four in theWorld Rankings, the top northernhemisphere side. Ireland willalready have played the USA whenthey meet Australia on SaturdaySeptember 17, and they’ll followthat with fixtures against Russiaand Italy. The RBS 6 Nations perform-ances since the last World Cupsuggest a team holding on to itsstatus. The Grand Slam of 2009should have been followed byanother title. Had they not fallento a late penalty against Scotland,and had England been able tosummon up the blood and denyFrance a Grand Slam, Irelandwould have been champions.

Back in March, Ireland hadregressed in terms of 6 Nationsambition, with the title beyondthem by then, but there was thatrousing end-of-term 24-8 victorythat ensured that England, thoughchampions, ended their first visitto the Aviva Stadium suitablychastened. Declan Kidney never madeany bones about the fact that histeam was a work in progresswith New Zealand always on thehorizon. On balance, notwithstand-ing some apparent uncertaintiesin performance as the mainevent has approached, you haveto feel he’s got it right.

But how right, how good,and how far? Well, the last eightfor sure. The quarter-final opponentsfor Ireland will be the top twofrom the pool of Fiji, Namibia,Samoa, South Africa, and Wales,with South Africa and Wales myfavourites to finish one and two. If Australia beat Ireland, whothen finish second, we will almostcertainly meet South Africa. Ifthat happens, it is unlikely thatIreland’s greatest World Cupachievement – four quarter-finalsout of the six tournaments –willbe surpassed. New Zealand, perennial topdogs away from this stage, havejust that inaugural victory in1987, and have only once been inthe World Cup Final since, backin 1995. It’s almost unbelievable.But they are the hosts for the firsttime since the beginning, andthat must surely be a factor. Their pool also involves France,Canada, Japan, and Tonga. Nodoubt the latter pair will thrillwith their varying degrees ofunorthodoxy, but it’s made forthe hosts and the French toemerge, to meet the best of Eng-land’s group, that also featuresArgentina, Georgia, Romania,and Scotland. England’s current form sug-gests a place in the last eight,alongside Argentina, who, let itnot be forgotten, finished thirdlast time out. At this point, rational analysisgives way to speculation –founded on little more thanguesswork. But these wouldbe my quarter-final pairings:Australia v Wales, Argentina vFrance, South Africa v Ireland,and New Zealand v England. From there, the semi-finalistswould be Australia v France, andSouth Africa v New Zealand. And having managed to avoidthe other heavyweights of thesouthern hemisphere, Australiashould make the final againstNew Zealand who should win it. 24 years. A long, long timeto spend underachieving. Butback on their own sod, it’s asgood a time as any for the AllBlacks to shine again.

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PREvIOUS SOLUTION

Across: 1. Cartridge; 6. Paper; 9. Badge; 10. Ballerina; 11. Locomotive; 12. Stag;14. Painted; 15. Nicosia; 17. Tunisia; 19. Evinced; 20. Inch; 22. Blistering; 25.Tolerance; 26. Tripe; 27. Crony; 28. Annulment.Down: 1. Cabal; 2. Reduction; 3. Rheumatism; 4. Debated; 5. Enliven; 6. Peer; 7.Point; 8. Rearguard; 13. Accidental; 14. Patriotic; 16. Sacrifice; 18. Atlanta; 19.Epstein; 21. Cello; 23. Great; 24. Prey.

The winning entry for the prize crossword competition in the last issue wassubmitted by Declan Fogarty of Tullamore, Co. Offaly.

Name............................................................ Union No ..............

Address ...........................................................................................

........................................................................................................

E-mail Address ................................................................................

Employer................................... Branch/Dept.............................

A prize of ¤50 will be given to the sender of the first cor-rect entry drawn from our post bag on September 30,2011. Entries should be sent to Crossword, Spectrum,IBOA – The Finance Union, IBOA House, Stephen StreetUpper, Dublin 8. A photocopy of the grid is acceptable ifyou prefer not to cut up the magazine.

Across:1. Collapse (9)6. Lorry (5)9. Oak fruit (5)10. Learned discussion (9)11. Tropical area said to be

the lungs of the Earth(10)

12. For one time (4)14. Graceful artistry (7)15. Shameful controversy

(7)17. Credit (7)19. Absence of order (7)20. Small measure (4)22. Decontaminated or rendered infertile (10)25. Openings (9)26. Worthless (2,3)27. Keen (5)28. Thrown away (9)

Down:1. Former British premier

(5)2. Passionate (9)3. River bird (10)4. Notice (7)5. Vengeful rival (7)6. Norse god of thunder

(4)7. IBOA for example (5)8. South African mining

city (9)13. Film starring Bogart

and Bergman (10)14. Manufacture (9)16. German dog breed (9)18. Went in (7)19. Takes into custody (7)21. UK’s deputy premier (5)23. Fear (5)24. Featured performer (4)

A prize of ¤50 will be awarded to the first entrydrawn from our post bag after the closing date.

10% discount on any mobile phone* or mobile accessoryfor IBOA members in the Republic of Ireland.

*except the Apple i-Phone

PRIZECROSSWORDWIN¤50


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2 3 4

1 5 6 7

Use the first letter of the surnames of each of the musicians pictured to spell out the surname of a sporting personality.Answers on a post card, please, with your name, address and e-mail address and IBOA membership number toPicture Board, Spectrum, IBOA House, Stephen Street Upper, Dublin 8. A prize of ¤30 will be awarded to the senderof the first correct entry drawn from our post bag on September 30, 2011. The winner of the last Picture Board quizwas Mary O’Donnell of Killybegs, Co. Donegal. The answer was Cameron.

PICTUREBOARDWIN¤30

awarded to the sender of the firstcorrect entry drawn from our post bag on September 30,2011. All entries should be sent to Sudoku, Spectrum,IBOA – The Finance Union, IBOA House, Stephen StreetUpper, Dublin 8.

You can submit your entry on a photo copy of the grid– if you would prefer not to cut up the magazine. The

winning entry for the Sudoku Challenge in the last issuewas submitted by Olive Hill of Ballymena, Co. Antrim.

Name....................................................... Union No: ...................................

Address .........................................................................................................

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E-mail Address ..............................................................................................

Employer.................................. Branch/Dept...............................................

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SUDOKUCHALLENGEWIN¤30

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ULTRAVIOLET


Rupert Murdoch

With events in Britain tak-ing a surreal turn recentlywith the unprecedentedreversal of fortune forRupert Murdoch’s News-Corp, followed by a weekof looting across Eng-land, it has become openseason for all kinds ofplans to “fix” Britain. UK Government policystrategist, Steve Hilton,who has previously beendescribed as “DavidCameron’s brain,” seemsto have really hit themother-lode in “Tory-blue sky thinking” withhis latest suggestions

that the Govern-ment should ignoreEU labour regulationsby withdrawing maternityleave (to encourageemployers to hire women,apparently!). He also advocatesthat all consumer rightsbe suspended for ninemonths to help kickstartretail sales (because there’sclearly nothing that willencourage consumers tobuy products more thanthe knowledge that theywill have absolutely nocome-back if anythinggoes wrong!)

Though Hilton’s nuttynotions may never beacted upon, they can makesomething slightly less out-rageous seem reasonable –like another proposal toremove protection fromthe more vulnerable whilepreserving the assetsand the lifestyles of thefabulously wealthy.

Mr. Blue-Sky

The decision by Deutsche Bank to pay Janet Jackson £500,000 for a performance lasting 45minutes at a party for its UK customers last month provoked a good deal of controversy incertain parts of the British media.

£11k a minute for JanetBoardroom malfunction at Deutsche Bank?

Janet Jackson

Ms. Jackson is reported to haveearned over £11,000 a minute – or justunder £200 for every second – she wason stage. However, the German-owned bankfelt these attacks on its profligacy weretotally unjustified since it had made areal effort to show restraint comparedto the near limitless entertainmentbudgets of its boom-time heyday! In 2007, for example, the RollingStones are reputed to have been paidover £3m for a Deutsche commandperformance while in 2004 Kylie Minogueis believed to have earned £2m. So Deutsche really has turned overa new leaf in its strenuous efforts toeliminate wasteful expenditure! No doubt the large numbers of staffwho may soon be made redundant – ifcurrent media speculation proves to becorrect – will also appreciate the newprudent approach taken by their erst-while bosses. Meanwhile, Ms. Jackson is laughingall the way to the bank!


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with STEPHEN MALONE

h Voldemort

Evil empire beginsto crumbleCall it synchronicity, call it coincidence, call it seren-dipity. But did you notice that the turning point inthe News of the World/News International phone-hacking story came in the same week as the worldpremiere of the final film in the Harry Potter saga? Suddenly it all becomescrystal clear as News Inter-national’s death eaters, ledby Rupert Voldemort andBellatrix Brooks with DracoCameron in tow, line upagainst the scarred boywizard, Harry Miliband. Even Harry’s mentor,Gordon Dumbledore, triedto add to Voldemort’s agonywith one last strike frombeyond the grave. Like a twenty-first centuryNostradamus – except onewith a talent for prophecy,obviously – J. K. Rowlingseems to have foretold itall with an uncanny sense ofaccuracy.

So are we really witness-ing the beginning of the endof the Dark Lord’s tyranny? Could Voldemort’s over-weaning arrogance finally behis undoing? Or will he find a way tore-enslave or destroy thosewho are now strugglingto shake off his tyrannicalyoke? And will Murdoch’s FoxNews Channel in the USfinally start to carry reportson foxes?

(That’s enough epic hyper-bole until we know who’sgoing to come out on top –Ed).

Summary justice(or justice for some!)The sheeer speed and alacrity with whichthe British judicial system kicked in tohang, draw and quarter (metaphoricallyspeaking) those involved in the pre-season rioting was quite breathtaking. The wheels of justice can often turnexceedingly slowly – especially if the caseinvolves some white-collar miscreantlike a dodgy banking boss who hasdone billions’ worth of damage to theeconomy. Of course, that hardly counts as acrime because the ordinary tax-payer willobligingly pick up the tab. But looting shops and criminal damagecould cost insurance companies a smallfortune – and that’s just intolerable!

So in some parts of England, courtswere sitting right through the night inorder to process the ne’er-do-wells asrapidly as possible. The general media outcry for roughjustice was to be expected –especially fromthe News International titles desperate toshift the focus away from the phonehacking scandal. But some supposedlyrespected opinion formers also got carriedaway with the demand to evict familiesfrom local authority housing if one of thehousehold was arrested (not even con-victed, mind) for involvement in the riots. And that makes sense because if thefamily is homeless, they’ll obviously be farless linclined to steal things in future!

For anyone who ever wondered whyjournalists are frequently referredto as “hacks,” the recent revelationsabout the activities of variousemployees of the News of theWorld should have been quiteenlightening!

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