Spectrum September 2009

SEPTEMBER 2009

The QuarTerly Magazine froM iBoa – The finance union

Miriam tohost IBOAcharityfashionevent

NAMA AND BEYONDMiriam O’Callaghan (Photocall-Ireland)

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SHORTCUTSBank boards • Halifax cutspostponed? • Moremums come from Iceland?• Financial regulator ownsup • G20 on bonuses •New Central Bank chief •FTB sale • Britain’s assetprotection scheme

IBOANEWSLessons to be learnt –Broderick backs publicinquiry into bankingcrisis.

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IBOANEWSIBOA joins high-levelbanking forum inNorthern Ireland

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IBOANEWSDare2Care: Union to puton glitz for two essentialhealth charities

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IBOA - THE FINANCE UNION

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Special offer forIBOA members –10% off allgeneral dentistryVisit www.smiles.ie for details or call yournearest clinic at the phone number below:Cork: 021-4274706. Galway: 091-575007.Dublin 1: 1850-323323. Dublin 2: 01-6728938.

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IBOANEWSColm Rapple speaksabout financialplanning for pensionermembers

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WORKPLACENEWSUlster Bank seeks another250 job cuts • UlsterBank pay proposals inmediation •Declaration ofDecency • RBS IT staffwin union recognition •Lombard Finance

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NAMAINFOCUSNAMA: Yes with conditions • Restoring the Banking System: Reclaiming the Future •More than NAMA •The Current Debate: The Good, the Bad and the Ugly • The ‘C’Word •After NAMA • NAMA asets to be managed by bank employees • The NAMAeffect reaches beyond Republic • Alternative plans may add further threat to pensionfunds • How is NAMA supposed to function?

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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 and

[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’Doherty orLouise O’Donnell in IBOA House.

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WORKPLACENEWSMediator to consider pay,job security in BOI •Preparing for NAMA •NIIB staff expect Unionrepresentation soon •Further changes inprospect at HP/EDS •Changes in approach toMCR • IBOA meets AIBROI and AIB UK • AIBpensions

IBOANEWSDanske committed toIrish operations • Nocomplacency on health,safety at Northern • NIBto discuss future plans •NIB managers seek unionrepresentation •Improved career breakoptions for National Irish• IBOA seeks talks withIrish Nationwide

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SPORTSSOCIALIBOA Golfer of the Year •Christmas on Icepromotion • BelfastBankers’ Club EventGuide • Members’Monthly 400 Club Draw

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SPORTSSOCIALRecord turnout for IBOA’sDublin Zoo day • IrishBankers’ Club

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SPORTSSOCIALChristmas events – booknow: Aladdin in Belfast,Jack and the Beanstalk inDublin • IBOA AnnualChildren’s ChristmasParty

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HEALTHSAFETYBeating Swine Flu • Safety policies at risk inrecession • Rise in work-place suicides in USA

LIFELINESEco-friendly workplaces• Laptops - the greenerchoice? • Subeds aretoast: time to fake it.

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GLOBALEYEA matter of life and death• The motherhoodpenalty

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SPORTSLIFEOn the brink: can bothsets of boys in greenmake it to South Africa?

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IBOAQUIZZESPrize crossword• Sudokuchallenge

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READINGSRebuilding trust inbanking • Brendan’slabour of love

SIGHTINGSGreat expectations asnew Barry play premieresat Abbey Theatre

SIGHTINGSCapitalism: A Love Story – Film-maker, Michael Moore,takes aim at Wall Street

ULTRAVIOLETwith Stephen Malone

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Bank boardsurged tochallengeexecutivesmuch moreThe review of corporate governance inbanking – commissioned by the BritishChancellor of the Exchequer, AlistairDarling – has called for boards to bebetter informed; to spend more time onthe business and to stand up to ChiefExecutives in order to prevent difficultsituations reaching crisis point. Conducted by Sir David Walker, thereview has identified a key factor in many ofthe problems at Royal Bank of Scotland andHBOS as the lack of banking experience of thetwo chairmen and the inability of the twoboards to manage risk effectively. “Many boards inadequately understoodthe type and scale of risks they wererunning and failed to hold the executivesto high standards of sustainable perform-ance,” said Sir David. In his interim report issued in July (withthe final draft due in November), Sir Davidalso considered the role of board sub-committees – proposing that remunerationcommittees should be able to examine paycompany-wide and urging the introductionof risk committees – with a different rolefrom audit committees. These risk com -mittees would play a far greater role instrategy, including vetoing a major trans-action if it is deemed reckless. “These proposals are designed to increasethe challenge in the board environment,”declared Sir David.

“If this means that boards operate in asomewhat less collegial way than in the past,that will be a small price to pay for better gov-ernance.” As well as challenging management toa greater extent, non-executive directorsshould also spend up to 50% more time intheir roles, according to the report, andshould have a much better understandingof the business below board level, ratherthan relying on information passed to themby senior executives. Although the report did not insist on allbank directors having banking experience,it recommended that the “fit and proper”criteria for potential bank directors should beapplied more rigorously in future. Some critics have argued that the current“fit and proper” guidelines are so loose thatthey could be met by virtually any adult whodoes not have a criminal record. The report also identified the narrowshort-term approach – incentivised by ill-considered bonus schemes – as a majorcontributory factor in the banking crisis. “Bonus schemes contributed to excessiverisk-taking by rewarding short-term perform-ance. And shareholders failed to exerciseproper stewardship,” added Sir David.

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Beam Me Up, Chief O’Brien: Colm Meaney in therecent Halifax television and cinema advertisements

Sir David Walker: recommending overhaul of corporate governance in British banking sector.

Halifax cutsin Republicpostponed?Media speculation that Bank of Scotland(Ireland) was about to announce the closureof its Halifax retail banking division inthe Republic while retaining its businessbanking operation may have been a littlepremature. According to press reports at the startof the summer, Halifax had been instructedby the UK Treasury to cease lending in theRepublic and repatriate £20bn of its £35bnin Irish assets. The closure decision was supposed tobe the culmination of an extensive review,called Project Primrose, undertaken after therecent merger between HBOS and LloydsTSB, in which the British Government has a43% stake. However, Chief Executive, Joe Higgins,deferred the expected announcement dueto a “significant development” – believed tothe possible acquisition of BOSI’s loan bookby a US private equity company or perhapsparticipation in the so-called “third force” inbanking in the Republic in the future.

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The Financial Regulator claims to have“fundamentally changed” the way itregulates banks and is taking a more“hands-on” approach. Chairman Jim Farrell said recently thatthe changes introduced since last Septemberwere necessary because existing measuresto monitor the banks and cool the housingmarket were ineffective. In hindsight he conceded that theaction taken by the Irish Financial ServicesRegulatory Authority (IFSRA) had beentoo little too late. He said the Regulatorhad changed the way it regulated theinstitutions covered by the State guaranteefrom a principles-based approach that“has proved inadequate here and abroad”to a more in-depth hands-on approach.

“Our supervisory staff are now locatedon site,” he said, “and attend certain credit,treasury, audit, board and other meetingsto monitor and assess the strength ofcorporate governance and management ofrisk. “Banks now provide more detailedinformation on key risks to the FinancialRegulator. Chief Executives are expected toreform how banks are managed.” Boards of financial institutions hadto completely overhaul their approach, hesaid, and “probe, question and challengemanagement.” “In particular non-executive directorsmust play a more active role and we aremonitoring the effectiveness of bank boardsin this regard.”

Financial regulator admitsprior approach “inadequate”

Irish Financial Services Regulatory AuthorityChairman, Jim Farrell

Irish Financial Services Regulatory AuthorityActing Chief Executive, Mary O’Dea

From banking bust to baby boom

More mums comefrom Iceland?

In spite of the melt-down in its bankingsystem, Iceland has seen a significant rise inits annual birth rate. In fact, there have been more deliveriesthis year than in any of the previous fifty. The Icelandic phenomenon defies theconventional wisdom that birth rates fallduring economic down-turns. For example,in the 1930s women in the USA went fromhaving an average of three children to anaverage of two. While popular theories abound as towhy Iceland is beginning to experience ababy boom despite an economic bust, the

professor of midwifery at the University ofIceland, Helga Gottfreösdóttir, says thatthe increase in the birth rate had alreadybegun in 2008 before the banking melt-down. Rather than being an emotional responseto financial disaster, the baby boom mayhave a rather more prosaic explanation,according to Gottfreösdóttir – the generousparental leave available in Iceland. Parentsare entitled to nine months’ leave in total –three months for the mother, three monthsfor the father, and three months’ more foreither one of the parents.

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Trinity economics professor, PatrickHonohan, will take over as Governorof the Irish Central Bank when thepresent incumbent, John Hurley,retires at the end of this month. The announcement of the appointmentby the Minister for Finance, Brian Lenihan,signalled a break with tradition, which hasusually seen such vacancies in the past filledby the retiring Secretary General of theDepartment of Finance. The move has been interpreted as a signof a new independence for the Central Bankand as an attempt to restore confidence inthe body following its failure to take effective

action to rein in the excesses of the creditand property boom. The new Central Bank chief will havea pivotal role in the future development ofthe financial services sector in the Republic –especially with the imminent reconfigurationof regulatory responsibilities from the finan-cial regulator, IFSRA. Mr. Honohan will actually be returningto the Central Bank, having worked there asan economist from 1976 to 1981, andagain from 1982 to 1984. After a decade at the World Bank as asenior adviser on financial sector policy, hebecame professor of international financialeconomics at Trinity College in 2007.

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New broom: Professor Patrick Honohan from Trinity College Dublin is to becomethe Governor of Ireland’s Central Bank (Photo: James Horan/Photocall-Ireland)

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New chief for Central Bank

G20 agrees needto curb excessivebonuses forsenior bankersFinance Ministers from the G20 group ofStates reached a compromise on proposalsto limit bonuses paid to senior bankers aswell as other measures to stimultate gobaleconomic recovery. At a recent meeting in London in pre -paration for a leaders' summit later thismonth, the Ministers managed to reach acompromise on a row over bankers' bonuseswhich had threatened to derail the talks. France, Germany and other Europeancountries were calling for a mandatory capwhile Britain and the United States opposedsuch strong measures. While the compromise did not includeexplicit provisions for capping, it did recog-nise that some action should be taken onthe issue, which will be on the agenda forthe G20 summit in Pittsburgh next week. In their preliminary conclusions, theFinance Ministers agreed that rewardsystems should emphasise long-term ratherthan short-term success and should allowfor the “effective clawback’ of paymentsdeemed to be excessive or disproportionate. It is widely accepeted that bonuses forsenior bankers were a significant factor inthe collapse of the world economy becausethey incentivised reckless behaviour andirresponsible decision-making in the hopeof earning massive short-term windfalls.

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FTB to sellNI branchpremisesAIB’s Northern Ireland subsidiary, First TrustBank, is to dispose of three branch premiseson a sale-and-leaseback basis. The three premises – which are locatedin Ballymena Co. Antrim; Bangor, Co. Down;and Newry, Co. Down – are to be securedby long-term leases for 20 years with a tenant-only break option after fifteen years. Although AIB has sold and leased backaround 50 branches in the Republic of Irelandsince 2006, this is the first time propertiesin Northern Ireland have been put up forsale on this basis. None of AIB’s propertiesin Britain have been put up for sale. First Trust has 47 branches in NorthernIreland and employs 1,700 staff.

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British taxpayers may soonown an even bigger slice ofthe country’s banking systemas the price for providing State-backed insurance cover forthe banks’ toxic assets. Negotiations are continuing be-tween leading British banks and theTreasury over the terms under whichthey will participate in the UK’sAsset Protection Scheme (APS) – theBritish Government’s alternativeapproach to the Irish Government’sNAMA proposal. Last month, RBS Chief Executive,Stephen Hester, said announcedthat the size of the troublesomeassets his bank would be seekingcover for had been reduced fromUK£325bn to UK£316bn and thathe would “haggle” for furtherchanges.

Meanwhile, there is growingspeculation that Lloyds-HBOS mayrevisit its original estimate of need-ing to insure £260bn of its baddebts under the APS. Since the costof the premium for this level ofcoverage would be £15.6bn, thiswould take the taxpayers’ stake inthe banking group from its currentlevel of 43% to over 60%. With Lloyds-HBOS believed tobe keen to keep the Exchequershareholding below 50%, it couldeither seek to cover most of the costof the premium by raising fundsfrom private investors or reducing theamount to be covered or perhaps acombination of both approaches. The recent claim by Lloyds-HBOS Chief Executive, Eric Daniels,that the group’s bad debt chargehas now peaked has fuelled specula-tion that Lloyds-HBOS will try toreduce its dependence on the APS.

Britain’s assetprotection schememay give tax-payerseven bigger bankshareholdings

For sale – only one previous owner: The First Trust branch in the Mall, Newry, is one of three AIB propertieson the market in Northern Ireland for sale and lease-back.

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nama: in focus

In the wake of the recent round ofmembers’ meetings, IBOA’s ExecutiveCommittee decided last week to givequalified support for the Irish Govern-ment’s NAMA approach on thegrounds that, of the various optionsproposed so far, it offers the bestprospect for protecting the jobs, payand conditions of our members inwhat will undoubtedly be a verydifficult period for the industry – pro-vided that a number of complementarymeasures are taken to reform theculture, governance and regulationof the financial services sector. While IBOA recognises that there are noeasy answers to the unprecedented crisis inthe banking industry, the Union considersthat, if taken in conjunction with the measuresoutlined below, the NAMA approach hasthe best chance of any of the solutionsproposed so far of repairing the bankingsystem and restoring both domestic andinternational confidence in the economy.

In order to ensure that the financialservices sector is not only repaired but alsoreformed, IBOA considers that the NAMAinitiative must be accompanied by a rangeof complementary measures, including:

– the implementation of an agreed frame -work for the management of change inthe participating institutions after thetransfer of assets to NAMA – which wouldprovide for negotiated settlements onthe basis of no com pulsory redundancies;the maintenance of established pay ratesand terms and conditions of employment;with full trade union representation forall workers in the financial services sector;

– a major change in the culture of bankingwhich would be reflected in thegovernance structures, a new approachto remuneration and new humanresources policies and practice – as wellas the introduction of a Whistle-blowers’Charter for staff working in the financialservices sector underpinned by legis -lation;

– the development of a comprehensivestrategy for the future direction of thefinancial services sector – which wouldtake account of the role of Irish-ownedbanks; foreign-owned banks; and anyState-owned institutions;

– the introduction of an expanded andmore effective regulatory regime – whichwould include a greater emphasis onprudential issues and would alsoprovide for representation for theregulatory authority on the boards offinancial institutions;

– a public inquiry into the banking crisisin order to learn the lessons to avoid arecurrence of the same mistakes;

– the introduction of a suitable mechanismto monitor the provision of credit by theparticipating institutions – either as partof NAMA’s remit or of another agencysuch as the regulator; and

– appropriate protection for home-ownersin default.

NAMA: yes – with conditionsBut banks must clean up their actas well as their balance sheets

Meet the Press: IBOA President, Margaret Browne, and General Secretary, Larry Broderick, at a press conference last week to announce the Union’s attitude to thecreation of the National Assets Management Agency (Photo: Eamonn Farrell/Photocall-Ireland).

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BackgroundAlthough undoubtedly exacerbated by theglobal credit crunch, the present financialcrisis in Ireland was inevitable. The abandonment of the traditionalprudential approach to lending for property–which fuelled the current crisis – was thelatest in a series of unedifying experiencesin the financial services sector – includingthe ICI debacle, the DIRT inquiry, the loansto politicians scandal, the NIB investigations,overcharging complaints, the Rusnak affair –all of which were symptomatic of an industryoperating close to the edge, fixated with themaximisation of profits at any cost but primarilyat the expense of customers and staff. The movement away from the traditionalcustomer-focussed banking culture to a

target-driven approach was accompaniedby the introduction of performance-relatedpay; an emphasis on individual rather thanteam incentives; a focus on sales ahead ofservice; the introduction of human resourcepolicies which prioritised naïve enthusiasmand bravado over experience and prudence;an environment which placed competitionbefore compliance. In contrast to the traditional model ofbanking which adopted an approach basedon long-term objectives, the new imperativewas framed within very short-term targetsto create a culture dominated by fear anddriven by the relentless pursuit of excessivepaper (as it transpired) profits. IBOA The Finance Union has consistentlyattempted to alert legislators and opinion

leaders to the dangers inherent in thesedevelopments: the Union made a sub missionto the Joint Oireachtas Committee onFinance in June 2004 highlighting many ofthese concerns. Unfortunately, our viewsseemed to be regarded as unnecessarilyalarmist at that time – as if we were merelyparty poopers throwing cold water on theburgeoning boom. We take no satisfaction from saying wetold you so. The current crisis is unprece-dented in its gravity – both for the financialservices sector and for the wider economy.Unlike in the recent past, simply doingnothing is not an option. Indeed the recentrecovery in the share prices of the majorfinancial institutions is predicated on theanticipation that action will be taken soon.

Restoring the Banking System:

Reclaiming the Future

A word of advice: Ireland’s Minister for Finance, Brian Lenihan (left) and Peter Bacon, architect of the NAMA proposal (Photo: Sasko LazarovPhotocall-Ireland).

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In launching the draft legislation on thecreation of NAMA, the Minister forFinance said that he wished to encouragea wide-ranging debate on the future ofthe financial services sector in Ireland ratherthan a narrowly focussed discussion on themechanics of NAMA, itself. Such an approach is entirely consistentwith IBOA's own perspective on the issuesince we believe that the need to address theproblems of liquidity and severely impairedloans which has given rise to the NAMAproposal is one element (albeit a significantelement) of a much bigger picture relatingto the role of the financial services sector inthe wider economy and how it can best servethe public good, how it can and should bedeveloped in the medium and longer termto ensure that it can play its part in stimulatingthe economic recovery which is so vital toour future prosperity. We, therefore, believe, that no matterhow the issues of liquidity and impairedloans are ultimately to be addressed, thefollowing initiatives should also take placein parallel:

a) Learning the Lessons of the PastIt is important that lessons must be learntfrom the past – not out of academic interestor not even for the sole purpose of pointingfingers or apportioning blame but ratherto provide guidelines for the future of thefinancial services sector. IBOA The Finance Union supports thecall for an independent investigation –along the lines of the DIRT inquiry – into therecent collapse in our industry. This investigation should aim to identify theinterplay of factors which have contributedto the destabilisation of the Irish banking systemand should seek to develop recommendationsto prevent any future recurrence.

b) Effective RegulationIt is now generally recognised that theprinciples-based approach to bankingregulation has not worked. Indeed, the“light touch slight touch” approach hasbeen a significant contributory factor to thecurrent crisis. We believe fundamental changes arenecessary along the following lines:

– merger between the Irish FinancialServices Regulatory Authority (IFSRA) andthe Central Bank to provide for a com -prehensive and integrated regulatorystructure which ensures that prudentialissues are given due recognition while atthe same time strengthening consumerprotection by providing a more effectivecustomer complaints mechanism;– the proper resourcing of the regulatoryfunction to ensure that sufficiently qualifiedprofessional staff are in post to carry out anextended legislative remit;– the inclusion of professional stafffrom the regulator's office on the boardsof financial institutions;– the expansion of the role of the regulatoryauthority beyond simply reviewing capitalrequirements to include responsibilities toensure that the financial institutions complywith enhanced standards of corporategovernance and competence and guide-lines on a new culture of banking;– the creation of an appropriate oversightmechanism to monitor the supply of creditto the economy; and– in light of recent events, the intro -duction of an effective mechanism forwhistle-blowing to complement othermeasures to improve transparency inthe financial services sector in the publicinterest.

nama: in focus

More than NAMA

Oversight: The Central Bank will have a key role to play in ensuring more effective regulation of the banking sector (Photo: James Horan/Photocall-Ireland)

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c) Corporate GovernanceThe principles of corporate governance ofbanks must be reformed in order to reflectthe critical role of financial services in theeconomy as a whole. The new remit must address the issueof corporate social responsibility byacknowledging that while banks need tooperate efficiently and profit ably, thepursuit of excessive profits is not in the longterm interests of either the institution orof the economy – as recent events havedemonstrated. The provision of credit intothe economy at reasonable rates shouldbe recognised as the primary economicimperative of the financial services sector. The boards of directors of financialinstitutions should be reconfigured to reflecta much wider diversity of experience andinterests by including representatives of staff,customers, the regulatory authorities andthe State – in contrast to the presentarrangement under which directors are drawnfrom a small pool of business leaders – anarrangement which conveys the impressionof a golden circle with interlocking cross-membership of key commercial and financialundertakings.

d) CultureThe culture of banking has changed quitedramatically in recent years in ways whichneither the staff nor the customer has foundacceptable. For both, the relationship haseffectively been dehumanised. For many staff the drive to meet salestargets imposes a relentless physical andpsychological pressure: while for customersthere is now a deep suspicion that they areno longer receiving objective advice fromtheir financial service provider but a “hardsell” to buy a particular financial product. For staff working in some parts of theindustry, their interactions with customersare also monitored as to their length andfrequency as well as content –with the resultthat customers often feel rushed or short-changed by the experience as staff are undertime pressure to move on to the next customer. In a recent survey of IBOA members under -taken by Red C Research and Marketingbefore the onset of the credit crunch:– 87% of respondents agreed that profits

appear to be the major driving forcefor most decisions made at senior levelin their institutions with only 2%disagreeing; and

– 56% were worried that their bank wasforgetting about customers in its drivefor profits.

A review of culture is urgently needed toensure that an optimum business model isachieved which reflects a much greater em-phasis on customer service and satisfaction,supported by positive staff motivation andsecurity, while at the same time sustaining thefinancial institution as a profitable business. The development of this new businessmodel to promote a new banking cultureshould be accompanied by an extensiveoverhaul of reward systems along with policiesand practices in relation to appraisals, grievancehandling, promotion and diversity.

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IBOA welcomes the current debate on thefuture of the financial services sector – eventhough on occasions it appears to havegenerated more heat than light. At timesthe tone of the debate has left much to bedesired – particularly in terms of some ofthe attacks on bankers which do not distin-guish between ordinary bank officials andthe leadership of the institutions. The vast majority of bankers are menand women of high integrity who bear noresponsibility for the current crisis. Indeeddespite the unjustifiable decisions taken bythose charged with directing these institutions,the staff have continued to work in extremelydifficult circumstances where they are oftenrequired to bear the brunt of public angerin person. Nevertheless, we consider the debatearound NAMA to be a useful opport unity forthe ordinary staff working in finance toarticulate their concerns about the develop-ment of the industry. The unprecedented level of the crisis inthe financial services sector in Ireland meansthat there are no easy solutions to thecurrent difficulties. Quite simply we are in uncharted territory– and while we can seek to draw onexamples from the recent past in other

countries, none of these possible modelsreplicates the current circumstances in thiscountry – either in terms of the scale of theproblem in financial terms relative to thesize of the economy or in terms of theaccompanying backdrop of a major crisisin the financial services sector worldwide. IBOA has considered the various propo-sitions advanced by politicians and othersfrom the perspective of our members –both as employees working in the sectorand as taxpayers concerned about thefuture well-being of the community.

NationalisationAt face value, the proposal to nationalisethe covered institutions appears to offer asimple and direct solution to the crisis. Themost simplistic argument suggests thateven after rallying during the year, shares inthe institutions are still relatively cheap andcould be picked up at relatively little cost tothe State. But of course the true cost of thenationalisation option would be signifi-cantly greater than that. The issue of recapitalisation would notbe resolved by nationalisation – as the recentnationalisation of Anglo Irish Bank has

The Current Debate:The Good, the Badand the Ugly

demonstrated. The question of repaymentsto the providers of senior and subordinateddebt would also remain. Of course, the State could default onthese debts or try to negotiate very gener-ous discounts, as some commentators havesuggested, on the presumption that theseinternational investors would take the hit,mark it down to experience and move on. While there may be some prospect ofthis happening in normal times, we are con-cerned that in the teeth of a global creditcrunch – where institutions and sovereignStates are competing for scarce credit -–Ireland's credibility among these lenderswould be severely damaged by such anapproach and Ireland would effectivelybe placed at the back of the queue forfuture investment at a time when borrow-ings are particularly critical to our economicsurvival. The other crucial unresolved issue interms of the nationalisation option is thetoxic assets themselves. Nationalisation would not remove theproblem of managing and ultimately resolv-ing those impaired assets. Indeed, byadding those impaired assets directly ontothe balance sheet of Ireland Inc., the Statewould be forced to seek more funds frominternational investors to finance day-to-dayGovernment spending at a higher rate ofinterest. Since the State would now be the mainconduit for the flow of credit to businesswithin the country, the likely outcome ofsuch a development would be increasedcharges for loans to business with the dis-tinct possibility that in the best case scenariothese businesses would seek to trim theirown costs by reducing their pay bill or in theworst case scenario they could close downcompletely. As for the future shape of the bankingindustry, with the cost of increased cost ofborrowing from international lenders, it islikely that the State would be driven to seekcost reductions across the board – leadingto widespread consolidation and significantjob losses. It is virtually inevitable that sixState-owned banks would be rationaliseddown to no more than three and probablytwo. If the period under State ownership wasextended beyond five years, it may even bedifficult to sustain two State-owned banksin a phony kind of competition with eachother. Notwithstanding undertakings from theState to protect employment in thisscenario, the inexorable logic of a fullynationalised banking sector would be sub-stantial job losses accompanied by a signif-icant erosion in pay and terms andconditions of employment as well as a tight-ening of credit and other services forcustomers at all levels Therefore, both for the sake of employ-ment within the banking sector and withinthe wider economy, nationalisation in thecurrent circumstances, is in our view, theleast acceptable option currently on thetable and should only be considered as thelast possible resort.

nama: in focus

The national interest:Despite nationalisation, Anglo has needed further State support including a ¤4 billionrecapitalisation plan approved by the EU Commission in June (Photo: Sasko Lazarov/Photocall-Ireland).

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The ‘Good Bank’While at first sight the concept of the "goodbank" may have some merit as a device toensure that credit is channelled directly intothe economy and so provides a muchneeded stimulus to economic activity duringthese recessionary times, a detailed pro-posal on precisely how this concept couldbe implemented successfully has still toemerge. Given the urgency of taking actionto address these underlying economicissues, it would seem that even this elementof the Fine Gael proposal would take some-where between six and twelve monthsto work out – time which, frankly, oureconomy cannot afford. As for the other elements of the pro-posal which envisages dividing each of thecovered institutions into two parts, theserequire extensive clarification before wecould pass judgement on them. It would appear that the proposal mayinclude the effective establishment of anumber of zombie banks –which would bea highly undesirable development both forthe banking system, the economy and forour members' job security. In so far as this proposal might also in-volve defaulting on either senior or subor-dinated debt or both, we have similarconcerns as outlined in our view of the na-tionalisation option above – especially interms of the potential impact on employ-ment within the financial services sector andthe implications for our members' livingstandards.

NAMAThe National Asset Management Agency(NAMA) has been described by some com-mentators as the "least worst" of the optionsproposed so far in this debate. While thatmay hardly sound like a ringing endorse-ment, it captures the fact that in the presentsituation, there are no simple solutions. Each approach comes with a highdegree of risk and will require a significantlevel of sacrifice. Furthermore, the successor otherwise of any initiative can only betruly measured in the fullness of time –whether that means five years or twentyyears no one can say at this stage. Nevertheless,as we indicated earlier, doing nothing is notan option. The banking system must be restored -not for the sake of shareholders or high-level financiers – but because without aproperly functioning banking system withthe capacity to provide credit, economic re-covery becomes impossible. Indeed if thisissue is not addressed, the recession will beeven deeper and longer than we have ex-perienced so far. In order to ensure that credit is providedon the most competitive terms into theeconomy, it is important that a range ofproviders are available. In our view, theNAMA proposal offers the best prospect forsurvival of a competitive banking system –and with that, the best prospect for the pro-tection of jobs in the industry.

IBOA acknowledges that all of thepropositions advanced so far in the debatehave implications for the employmentprospects and for the terms and conditionsof our members since they are all likely toresult in consolidation and rationalisationwithin the financial services sector to a greateror lesser extent. However, we consider that the NAMAproposal offers the best prospect for anorderly and well-managed process whichwould ensure the retention of the expertisewhich will be necessary at all levels in theindustry for the recovery of the bankingsector into the future – especially in main-taining effective relationships with customers. In terms of the wider economic benefits –which will in turn generate ongoing andfuture business for the financial servicessector, we consider that the NAMA projectoffers the best prospect for restoring inter-national confidence in the Irish economy. Indeed, as we indicated earlier, theimprovement in Irish financial stocks sincethe spring has been largely attributed to theannouncement of the NAMA scheme todeal with the impaired loans on the balancesheets of Irish banks. The indications are that with their impairedloans removed, some at least of the coveredinstitutions will become attractive to privateinvestment from Ireland and abroad - thusreducing the degree to which State fundswill be required to recapitalise these banks. Even though after recapitalisation, theState's share-holding in some institutionsmay rise to a substantial level, it is importantin our view that some proportion remain inprivate hands to ensure that these institutionsmaintain their stock market listings and thuscontinue to attract further investment -–either in the form of equity or loans. Furthermore, while we believe that theIrish banking sector is strengthened by asdiverse a pattern of ownership as possible,the maintenance of AIB and Bank of Irelandas separate entities, as envisaged in theNAMA proposal, is of systemic importance

to the future of Irish banking and to theprotection of the jobs of our members. Weconsider that of the options currently avail-able, the NAMA project offers the best prospectof ensuring these objectives into the future. By remaining as publicly quoted com-panies, these institutions should also haveeasier access to credit from internationallenders than under any other scenario pro-posed so far - as well, of course, as receivingthe State-brokered credit allocation fromthe European Central Bank under the termsof the NAMA arrangement. In order to ensure that this delivers thenecessary stimulus to the economy - whichwould justify the intervention by the Euro-pean Central Bank - it is vital that steps aretaken to ensure that the additional creditmade available to banks through the NAMAproject is not used for the sole purpose ofrepairing the banks' own balance sheets byreducing the loans to deposit ratios. Regular monitoring of banks' lendingpractices is essential to ensure that creditbegins to flow again within the economyin order to protect existing employment and,where possible, generate new employmentopport unities to begin to redress the haemo-rrhage of jobs in the last eighteen months. Furthermore, financial institutions shouldbe required to ensure that repossession ofhouses where the mortgage holders are infinancial difficulties as a result of redundancyor any other sudden drop in income is onlyconsidered as a last resort after all otherapproaches to reschedule and reconfigure theterms of the mortgage have been exhausted On balance, therefore, and recognisingthat there is no easy solution to the prob-lem, IBOA considers that the NAMA project,if accompanied by the kind of measureswe have outlined earlier in relation toregulation, governance and culture, offersthe best prospect of all of the options pro-posed so far in both the national interestand in the interests of our members in allthree jurisdictions – Republic of Ireland,Northern Ireland and Great Britain.

Lobby group:A delegation from IBOAon its way to meet NAMA’s ActingChief Executive, Brendan McDonagh:(from left) Senior Industrial RelationsOfficer, Gerry Hanna; Bank of IrelandGroup Officer, Dave Keane; AIB GroupOfficer, Claire Walsh; President, MargaretBrowne and General Secretary, LarryBroderick.

IBOA The Finance Union is seeking clarificationfrom the Irish Government on the likelyimpact of the creation of the National AssetManagement Agency (NAMA) on the jobsof the Union’s members in the financialservices sector.

“We understand that, in and of itself,NAMA will not have a significant effect onemployment in the sector since bank staffwill continue to be involved in managingassets on NAMA’s behalf. But, once thetransfer of toxic assets from the financial

institutions to NAMA gets under way, itopens up the possibility for a major con -solidation of the sector through mergers,acquisitions or closures,” said IBOA GeneralSecretary, Larry Broderick.

“The Minister for Finance already hassignificant powers in this regard under thelegislation which extended the Stateguarantee last September. The draft legis -lation on NAMA confers additional powerson the Minister – which could greatly facilitatethe consolidation process.

“We recognise that some recon -figuration of the financial services sectormay be necessary after these toxic assetshave been removed from the balancesheets of these institutions. “However, IBOA is concerned thatconsolidation could be used as a pretext bysenior managements to pursue an opport-unistic cost-cutting agenda putting thousandsof jobs at risk.

“750 jobs in the Ulster Bank Group arebeing sacrificed because of the recklesspolicies pursued by senior management inUlster Bank’s parent company, RBS. “We are concerned that other institu-tions may be lining up to follow suit – eitherthrough further job cuts or through attackson our members’ terms and conditions,”Mr. Broderick warned.

“Our members did not precipitate theculture of greed which is at the heart of thecrisis. Indeed we have consistently warnedagainst the harmful effects of performance-related pay and the excessive bonus culturewhich has prioritised short-term profit-taking at the expense of long-term stability. “But ordinary bank staff could now bescapegoated by the same managementphilosophy which was behind the currentcrisis, unless the Government takes specificsteps to prevent it.

Government must use authority“By virtue of its shareholding in three majorfinancial institutions, the Government hasconsiderable financial – as well as moral –authority. We urge the Minister for Finance toensure that the banking sector operates inthe longer-term public interest rather thancontinue the short-sighted approach whichcreated the crisis. “In particular, we would ask the Ministerto move quickly to address the need to changethe culture of banking and to ensure thatthe boards of financial institutions are recastin order to promote this change.

“IBOA intends to take up the Minister’sinvitation to contribute to the debate onNAMA by considering its potential con -sequences for the future of the individualbanks, the financial sector as a whole andthe wider economy. “Indeed, we believe that the Ministershould go further by convening a Com -mission on Banking – with representativesfrom all of the stake-holders in the sector,including shareholders, senior management,staff, customers, the relevant State agenciesand political parties – to try to achieve a con-sensus on the future direction of the sectorand its role within the economy.”

The Union has engaged in follow-updiscussions with senior representatives ofthe Department of Finance, NAMA, theFinancial Regulator and the Central Bankon these issues. The possible impact of NAMA has alsobeen discussed with Northern Ireland’sFinance Minister, Sammy Wilson.

In August the Union held a series ofmembers’ meetings in the Republic ofIreland, Northern Ireland and Great Britain –which were followed by a special meetingof the Executive Committee.

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nama: in focus

The ‘C’ wordThousands of jobs may be at risk in

consolidation of finance sector

Ulster Bank has sought 1,000 redundancies since the beginning of 2009.(Photo: Photocall-Ireland)

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In order to ensure that the likely consolidationand reconfiguration of the Irish bankinglandscape proceeds in an orderly mannerfollowing the transfer of assets from therelevant banks into NAMA, IBOA is seekingan overarching framework to be agreedwith the participating institutions and theGovernment. The key principles of this frameworkshould be as follows:– the application of partnership principles

so that the introduction of major changein any institution should be subject tofull negotiation and agreement withtheir employees and their trade union

representatives;– the recognition of trade union represen-

tatives for those employees who havehistorically been denied such represen-tation in order to ensure that they cannegotiate on equal footing with theircolleagues and with management;

– the implementation of any redundancieson a voluntary basis in order to maximiseprotection of employment; and

– the maintenance of established pay ratesand terms and conditions of employment.

After NAMA

NAMA effectreaches beyondRepublicAlthough the creation of the NationalAsset Management Agency (NAMA) isultimately a decision for the Irish Govern-ment and Parliament, its potentialimpact extends beyond the borders ofthe Republic. It has been estimated that approx-imately one-third of the ¤90 billionworth of loans that are to be trans-ferred from the participating institutionsover to NAMA are for assets held out-side the Republic – primarily Britainand Northern Ireland.

Furthermore, the prospects ofworkers employed in the subsidiariesof AIB and Bank of Ireland in Britainand Northern Ireland are inextricablylinked with the fortunes of the parentinstitutions. Some of the media commentaryon the NAMA debate has wronglyassumed that all of the loans to betransferred to NAMA are impaired ornon-performing. In fact around ¤30billion worth are reckoned to be healthyperforming loans.

NAMAassets to bemanagedby bankemployeesThe draft legislation on the establishmentof the National Asset Management Agency(NAMA) does not detail its day-to-dayoperational structures. But following a number of meetingsbetween NAMA’s Acting Chief ExecutiveOfficer, Brendan McDonagh, and IBOArepresentatives, led by General Secretary,Larry Broderick, and President, MargaretBrowne, there is a clear understanding thatthe daily task of managing the impairedloans will be undertaken by staff from theparticipating institutions – under the super-vision of officials from NAMA. Larry Broderick described this approachas the most sensible solution since it wouldnot only ensure that this essential workwould be undertaken by experienced staffbut would also protect the current termsand conditions of these staff. In a number of institutions, preparationshave already begun on creating the internalstructures to manage the assets underNAMA’s control. These preparations havebeen the subject of intense consultationand negotiation with IBOA.

Brendan MacDonagh, Acting Chief Executive of the National AssetManagement Agency (Photo: Photocall-Ireland)

Alternative plans mayadd further threatto pension funds Some of the scenarios – which have beenadvanced to deal with the banking crisis –have suggested that banks should defaulton their obligations to international investorsincluding those which supply senior debt. Senior debt is capital lent to a financialinstitution over the long-term at a relativelymodest rate of interest. It is prized by theinstitutions precisely because it has beencommitted for the long haul. But, some argue that even these highlyvalued investors should share in the pain offixing the damaged banking system. But who are these long-term investors?A large proportion of them are pensionfund managers seeking an unspectacularbut secure return for their scheme members–who are, of course, mostly workers ratherthan fat cat capitalists!

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nama: focus How is NAMAStep 1NAMA will buy loans from the participatingbanks at a significant discount – these loanswill be from the riskiest part of the bank port-folios, the land and development loans, aswell as certain associated loans. This will take these riskier loan classesaway from the balance sheets of the banksconcerned and make the banks safer andmore secure for depositors and investors.

Step 2NAMA is to pay the banks concerned forthese loans. It will do so on the basis ofvaluations carried out by experts and inaccordance with pre-defined valuationmethodology. The banks’ book value of theloans will not be a factor and the banks willhave to recognise a loss on their books atthe time of the transfer for the differencebetween the book value and the amount paidby NAMA. The payment for the loans is to be in theform of Government securities and/or guaran-teed securities, and the principles of the valu-ation methodology are set out in the draftlegislation. The Minister will make detailedregulations based on these principles. The val-uation method ology alongwith all other Stateaid aspects of the NAMA initiative will besubject to approval by the EU Commission. This method of payment is intended toease pressures on the banks arising from thetighter liquidity conditions that have prevailedfor the past year or so, giving them access tocash or near-cash assets in place of the muchless liquid property loan assets they had before.Again, this is intended to make for more stableand secure financial institutions, better ableto lend and support the domestic economy.

Step 3NAMA is to manage these loans – eitherdirectly or indirectly – so as to obtain the bestachievable return from them. In the mean-while, it will collect interest due and pursuedebts so as to ensure its own income streamand to recoup the Government investmentover time. NAMA is in effect intended to take theplace of the bank that originated the loan,and is to have all the same rights to pursuedebts, where necessary. Borrowers who con-tinue to meet their contractual obligations,of course, have no reason to worry – theirrights are fully protected.

What will NAMA look like?It is intended that NAMA will be a separatebody with its own Board appointed by theMinister for Finance, with staffing resourcesand management services provided by theNational Treasury Management Agency (NTMA). It is to have all necessary commercialpowers of a financial asset managementcompany to establish subsidiaries, to operate

through agents, to buy and sell assets, tomanage loans and work with borrowers, andto take full and determined action in relationto debts owed. NAMA is to maintain a streamlinedorganisational structure and to outsourcework as appropriate. However, it should havecomplete control of the assets and make allthe major decisions about them.

What level of assets will betransferred?The preparatory work indicates that the levelof assets to be transferred to NAMA is in therange suggested in the Irish Government’sSupplementary Budget in April.

However, until the valuations are com-pleted, the exact amount to be paid byNAMA will not be known. However, signi -ficant discounts are likely on the book valuesat which these assets are carried on the banks’balance sheets.

What are the next steps?Legislation is to be debated in the IrishParliament in September – following furtherconsultation between the Department ofFinance and the European Commission andthe European Central Bank. At a practical level, preparations are con-tinuing on the organisational structure ofNAMA to ensure that all the necessary stepsare in place to begin the transfer of assetslater this year. It is intended that assets willtransfer in tranches, starting with the loansof the largest borrowers.

Will this have broaderimplications for thebanking sector?The Minister for Finance has already indicatedthat an intervention of this scale in the bank-ing market is bound to have considerableimplications both for the institutionsindividually and for the broader structure ofthe banking system. The Minister saidthat these implications are being con sideredand may include the need for furtherrecapitalisation of some institutions.

HEALTH WARNINGThis summary is based on the draftlegislation published by the Minister forFinance. It is possible – even likely – that fur-ther amendments will be made as theBill makes it way through the variousstages before being enacted into law.

The Treasury Building in Dublin –soon to be home of the NationalAsset Management Agency (NAMA).

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What’s in the draft Bill?• NAMA will buy the appropriate assets of

the participating institutions. The pricewill not be the book value of the loansbut will include an appropriate writedown which the participating institutionswill have to reflect in their books.

• NAMA will purchase the assets throughthe issue to the banks of Governmentsecurities and/or guaranteed securitiesissued by NAMA. The replacement ofproperty related loans with Governmentbonds will strengthen the balance sheetsof the banks and this will increase theircapacity to access liquidity in the financialmarkets and, if necessary, through Euro -system liquidity operations.

• The principles of the valuation method-ology are set out in the draft legislationand the Minister will be making detailedregulations based on these principles.The methodology will recognise that thecurrent market for property backed loansand the underlying assets are very illiquidand will not require the banks to accept‘fire-sale’ values.

But nor will it be guided in itspricing by the property prices and expec-tations regarding property prices thatunderpinned the original lending decision.It will aimto set a reasonable price havingregard to a longer term perspect ive onthe property market. Both the valuation

methodology and indeed the scheme asa whole will require EU State aid approval.

• NAMA will set the price it is prepared topay for assets.

• In acquiring loans, NAMA will haveall necessary powers to carry out fulldue diligence and acquire all necessaryinformation.

• Participating institutions are obliged toact in good faith and comply withappropriate directions from NAMA.

• NAMA will have all the powers requiredto purchase, hold, and dispose of assetsand, if necessary, complete developmentswith a view to achieving an optimumreturn to the State.

• NAMA will be accountable to Parliamentin the usual manner. The agency willreport to the Minister. Its reports willbe laid before the Oireachtas and itsaccounts will be subject to audit by theComptroller & Auditor General.

• Various legislative exemptions and amend -ments are to be provided to enableNAMAto complete its work as efficiently aspossible.

• As a safeguard against persons trying toimpede its operations in particular ways,NAMA is to be provided with limitedpowers to obtain property or interests ona compulsory basis.

• Where NAMA’s operations become thesubject of litigation, provisions are to bemade to ensure that this does not undulyobstruct NAMA’s operations and that anysuch litigation proceeds without delay.

• NAMA will be provided with powersnecessary to enforce the security onloans – including the appointment ofstatutory receivers – and to be vestedwith ownership of the underlying assetwhere appropriate.

• The issue of the set-off of tax by thebanks against losses is to be addressedby the Minister in the final text of the Billto be published in September.

Participating InstitutionsInstitutions may apply to the Minister to bedesignated as participating institutions. Thedraft text includes objective and non-discriminatory criteria which must be takeninto account for designation. These criteria include the institution’ssystemic importance to the State, other Statesupports available to the institution, main -tenance of financial stability and facilitatingthe flow of credit to the economy. In volunteering for participation, aninstitution will have to confirm that it willaccept the designation of eligible assets byNAMA and will accept the NAMA valuationof those assets.

Eligible Loan AssetsEligible assets for transfer to NAMA willinclude the land and development books andassociated loans. Associated loans will be those loanswhich are not in the land and developmentcategory but which are held by individuals/companies that also have land and develop -ment exposures or the borrower may be asystemic risk to the financial system. Associated loans will take accountof cross-collateralisation and other associated loan ex-posures of borrowers.

ValuationValuations by NAMA are to be consistentwith EU Commission guidelines and will bebased on the current market value of theunderlying collateral – adjusted to reflect alonger-term economic value which the assetcould reasonably be expected to attain. Detailed regulations on how the long-term economic value is to be calculated arebeing drawn up by the Minister and will bepublished this month. The principal factorsto be taken into account in the Regulationsare provided for in the draft legislation. There will be an opportunity for institutionsto seek a review of the price paid, and anyreview will be carried out by a valuation panelwhich will report to the Minister. But NAMAwill not be required to take any asset and, ifappropriate, it can refuse to take assets.

supposed to function?

IBOA The Finance Union has welcomedthe recent comments by UCDeconomist, Colm McCarthy, on theneed for a public inquiry into whatwent wrong with the Irish bankingsystem. The Union's General Secretary, LarryBroderick, has urged the Republic’s Ministerfor Finance, Brian Lenihan, to seek toestablish a comprehensive inquiry under theauspices of a Joint Oireachtas Committeeset up specifically for this task – pointingout that in assessing recent events, thisinvestigation should also aim to drawimportant lessons for the future. “Not only does the general publicdeserve a thorough explanation,” said LarryBroderick in a letter to the Minister, “butthousands of ordinary bank employees alsodeserve to know how a substantial failureof leadership in the financial services sectorhas placed their jobs and livelihoods injeopardy. The Union leader backed Mr. McCarthy'ssuggestion that such an inquiry should beconducted by an Oireachtas committeealong the lines of the DIRT inquiry. However,he cautioned against an approach whichwould be too obsessed with findingindividual scapegoats, no matter howtempting that might be. “The banking crisis has resulted from awidespread systemic failure – involving not

just the financial institutions, themselves,but also the public agencies charged withtheir supervision and regulation,” he said.So, a more useful approach should aim toidentify “the important wider lessons thatmust be learned to prevent a recurrence ofthese events in the future.” “It is clear to us, as the organisationrepresenting the ordinary staff working inthese institutions, that serious questionshave to be answered about the cultureoperating throughout the banking industryin the period leading up to the crisis,” saidMr. Broderick. “IBOA is on the record for many yearswarning that the banking culture which hademerged in the last decade or so was amatter of major concern – not only for staffbut ultimately for the public good. Indeedwe made a presentation to this effect to theJoint Oireachtas Committee on Finance andthe Public Service over five years ago. “It is equally clear that many financialinstitutions have still to address this issue:the culture is still largely unchanged despitethe unprecedented convulsions that haverocked the industry. “There has also been a serious failureof regulation – not only in terms of theoperations of the specific agencies chargedwith this task but also in terms of both theresources and the terms of reference under-pinning their operations,” he declared.

“As the financial crisis is the result of acollective failure, the complex interactionsbetween the various elements which con-tributed to the failure deserve close scrutiny. “Rather than approaching this task withthe sole objective of assigning guilt, it wouldbe far more beneficial to adopt a ‘Truth andReconciliation’ model which could encourageall participants to provide the fullest possibletestimony. “Such an inquiry could serve an essentialfunction in charting the future direction ofthe financial services sector – expanding therather narrow focus of the current debateon NAMA and including consideration ofthe role of foreign-owned banks operatingin Ireland as well as the activities of Irish-owned institutions,” said the IBOA leader. “IBOA has repeatedly called for such aninquiry. Indeed in our submission to theJoint Oireachtas Committee on Finance andthe Public Service in 2004, we proposed thecreation of a Commission on Banking to try toachieve a consensus on the future develop-ment of our industry. “Perhaps if that proposal had been actedupon five years ago, some of the presentdifficulties could have been averted. How-ever, our experience since then makes us allthe more determined to seek a comprehen-sive framework for a sustainable future forthe financial services sector in Ireland,” headded.

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Broderick backs callfor public inquiryinto banking crisis

Lessons tobe learnt

Public inquiry into banking crisis: IBOA General Secretary, LarryBroderick urges Minister to create special body (Photo: Photocall).

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IBOA joins high-levelbanking forum inNorthern IrelandA new high-level forum on the bank-ing sector in Northern Ireland hasbeen established by Finance Minister,Sammy Wilson. The members of the Cross-SectorAdvisory Forum’s Banking Finance andLending Sub-group include senior figureswithin the industry including the ChiefExecutive Officers of the major banks’Northern Ireland networks and IBOA SeniorIndustrial Relations Officer, Gerry Hanna, aswell as the Minister and his senior advisers. At its first meeting last month, thesub-group discussed a range of issues –including the potential impact of theRepublic’s National Asset ManagementAgency (NAMA) on Northern Ireland; busi-ness lending – including the take-up of theBritish Government and European Invest-ment Bank schemes; the state of the localhousing market; and lending to thecommunity and voluntary sector. “There is no doubt that the bankingsector has a crucial role to play in helpingNorthern Ireland’s businesses in this difficultclimate,” said the Minister. “A confidentlocal financial sector is a prerequisite for areturn to economic growth and prosperity.” “Today's meeting was a useful engage-ment where all parties put forward their

assessment of the local financial environ-ment,” he continued. “As we move for-ward, I believe it is important that lendingat affordable rates to our local businessesand consumers is available. We mustremember that improving liquidity in theeconomy was a key factor in the UKGovernment's decision to invest billions insustaining the banking industry." At the meeting the Minister outlinedhis concerns about the state of the localeconomy, the local housing market andthe role of the banking sector in assistingeconomic recovery. “The outlook for the Northern Irelandeconomy is one of slow recovery,” saidSammy WIlson. “There is no doubt thatthere are still difficult times ahead. Thismeeting gave me an opportunity to listento the local financial community and gain abetter understanding of its concerns. “Ensuring that our local businesses andconsumers have access to finance at reason-able terms will be important in terms ofending the recession and stimulating eco-nomic growth. This was a very constructivemeeting that I intend to follow up withfurther discussions through this forum.” The Minister has also agreed to meetan IBOA delegation for separate talks thismonth.

Round Table Talks: Northern Ireland’s Minister for Finance, Sammy Wilson, meets representatives of the financial services sector – including Gerry Hanna of IBOA(second from the left) at Government Buiuldings in Stormont (Photo: Aaron McCracken/Harrison Photography).

Encore…

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A BREAK

IBOA’s Breakawayprogramme offersshort holiday breaks at leading hotelsin Ireland at special discounts to IBOAmembers. For a full listing of all hotelstaking part in the scheme, check theIBOA websites at either www.iboa.ie/services/discount/hotelbreaks.html orwww.iboa.org.uk/services/discount/hotelbreaks.html


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With health services underparticular pressure during

the current economic crisis,members of the IBOA The FinanceUnion aim to counteract thegloom by raising funds for twomajor health projects with a nightof glamour and entertainment. St. Luke’s Hospital in Rathgarand St. Francis Hospices in Rahenyand Blanchardstown will be thebeneficiaries of a spectacularfashion show to be held in IBOAHouse on Wednesday, October14. Models from the ComptonModelling Agency will be showinga wide range of clothes – from thepractical to the glamorous from anumber of fashion designers. “High fashion is usually aboutfantasy – but in these difficult times,consumers have to focus more onthe practical. Outfits have to be multi-functional – suitable for everydaywear as well as special occasions,”said modelling agency director, JohnCompton. “The show will reflect thisnew realism but at the same timeindulge some highly imaginativewhims.” IBOA President, MargaretBrowne, who is taking a closepersonal interest in this project,points out that the Union has a longtradition of donations and fund-raising for a number of charitiesworking in health and communitydevelopment.

DareCareUnion to puton glitz fortwo essentialhealth charities

“The two organisations we havechosen to support with this eventare doing wonderful work which –though absolutely necessary – is notat all secure in terms of their Statefunding. Both St. Luke’s Hospital inRathgar and St. Francis Hospicein Raheny have well deservedreputations for the commitmentof their staff and the excellence oftheir care. “However, reputations alonewill not be enough to protect thesetwo institutions in the presentclimate of stringent cutbacks. “Since 1989 St. Francis Hospicehas provided a free service ofspecialist palliative care to people inNorth Dublin in advanced stages ofcancer, motor neuron disease andHIV/AIDS, as well as support fortheir families and friends, throughhospice day care, out-patient clinics,a 19-bed in-patient unit and bereave -ment support services. “In July the Hospice began amajor development of a secondfacility in Blanchardstown which isto include a hospice day care centre,a base for a community palliativecare team and the building of a 24-bed in-patient unit.

The ¤19.4m construction projectis due to be completed in early 2011.But funding for the new Hospicewill be very much dependent on theongoing support and generosity ofthe community. While the Hospicereceives some support from theHealth Service Executive for its dailyrunning costs, funding for capitalcosts will not be available in thefore seeable future,” she said. “St. Luke’s is highly regardedthroughout Ireland for its radio-therapy and oncology services –treating over 20,000 patients a year.St. Luke’s is at the forefront of cancertreatment in Ireland – caring forpatients, managing their symptomsand curing the condition on anincreasing basis. Running in parallel with thistreatment is the vital research andeducation work undertaken at St.Luke’s. The Friends of St. Luke’sHospital Appeal Fund is aiming toraise over ¤2m in 2009 to enablethe Hospital to continue this work. “IBOA will be encouragingmembers to contribute to this workby supporting the fashion show andby making further donations,” addedMs. Browne.

Hosted by MiriamO’Callaghan,the Dare 2 Carefashion showtakes place inIBOA House onWednesdayOctober 14at 8pm.

Tickets forthe show areavailable – priced¤30 – from Annaor Louise at IBOAHouse (Tel: 01-4755908 fromthe Republic or02890-200130from NorthernIreland andBritain).

Places are limitedso book now.

iboa: news

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The prospect of giving financial planningadvice to an audience of retired bankofficials might sound like carrying coals toNewcastle. But financial journalist and broadcaster,Colm Rapple, was rmore than up to the task ata special briefing organised by the Union’s Pen-sioners’ Committee last month. The author of the annual Family Financeguides outlined the impact of recent Budgetchanges for pensioners. He also offered practical suggestions onhow to improve their financial position by avail-ing of little-known tax allowances. The final question and answer sessioncleared up many areas of personal concern–with

the assistance of Pensioners’ Committee chair,Brendan O’Donohue. Copies of Colm’s latest book, Family Finance2009 were available for everyone in theaudience, who were welcomed to IBOA Houseby Union President, Margaret Browne,and UnionGeneral Secretary, Larry Broderick. For many, this was their first visit to IBOA’sDublin headquarters and to the Irish Bankers’Club since the relocation from St. Stephen’sGreen. They lingered on long after the meetingto chat and avail of the sandwiches and coffeeon offer.

Cecil Barron

Financial planning forpensioner members

Financial journalist and broadcaster, Colm Rapple, with IBOA President, Margaret Browne, and Pensioners’Committee Chair, Brendan O’Donohue.

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Tom Dineen

New chair forIBOA YouthThe Union’s Youth Committeemet earlier this month to con-sider a wide range of issues ofparticular concern to youngerstaff working in the financialservices sector – including thenegative culture of target-inducedstress and bullying; low pay levels,non-payment of overtime; andjob security. The Committee also electeda new chairperson, Tom Dineenwho works for National IrishBank in Waterford. Tom succeedsMichael Ryan who was elected tothe Union’s Executive Committeein April. Tom will now fill the seat onthe Executive Committee reservedfor a representative of IBOAYouth.

IBOA tweetsMembers who have signed upto the messaging site, Twitter,can now keep in touch withIBOA by following iboaunion. IBOA ‘tweets’ generally takethe form of brief alerts for newimportant content posted on theUnion’s websites – www.iboa.ieor www.iboa.org.uk.

Broderickholds seat onICTU ExecutiveIBOA General Secretary, LarryBroderick, was re-elected to theExecutive Council of the IrishCongress of Trade Unions at therecent ICTU Biennial DelegateConference in Tralee.


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Ulster Bank proposals on pay andpensions totally unacceptable –

Mediation processnow under way

Ulster Bankseeks another250 job cutsUlster Bank has announced that itis to seek a further 250 voluntaryredundancies on top of the 750 jobcuts already agreed with IBOA andSIPTU as part of the One Bankrestructuring programme – whichinvolves the merger of First Activeinto its parent. While the first round of redun-dancies were sought across thegroup, the latest round is to befocussed on two areas: CentralFunctions and Corporate Markets. Although the Union is disap-pointed that further cuts are beingsought so soon after the earlierones,IBOA has welcomed the Bank’s state-ment that the new redundancieswill again be voluntary and on thesame terms and conditions agreedas part of the One Bank structure. But the Union has told the Bankthat before an agreement on thenew programme is concluded, theBank must clarify job security formembers in the future as well asfinalising pay talks with IBOA. In the meantime, the Unioncontinues to monitor the One Bankrestructure. Management are dueto make presentations to staff in anumber of areas about proposalsfor change. None of these proposalshas been agreed with IBOA: theyare all subject to negotiation. So theUnion welcomes any feedback frommembers on these proposals.

Ulster Bank's surprise announcement that it wanted significant changes to the staff’s Defined BenefitPension Scheme and a pay freeze for 2009 was rejected as totally unacceptable by Union GeneralSecretary, Larry Broderick. “We consider that our members in UlsterBank are once again being scapegoated for theprofligate lending policies of senior managementin Ulster Bank and its parent company, RBS. “Despite huge sacrifices already, staff arebeing asked to bear the brunt of this misman-agement. “In conditions where the relentless drive forunachievable targets continues unabated, thiscan only exacerbate the difficulties alreadybeing experienced by customers,” he said. "Our members are also outraged that seniormanagement is proposing a major assault onthe value of their pensions in the wake of therevelation that former Chief Executive, Sir FredGoodwin, was awarded an annual pension ofUK£700,000 despite bringing RBS to the brinkof collapse. “The Bank's proposal to make no pay awardto ordinary bank officials for 2009 is similarlyunacceptable.”

Since it was issued a week before a scheduledmeeting with the agreed independent mediator,Kieran Mulvey who is the Chief Executive of theLabour Relations Commission in the Republic,the Bank’s announcement may be regarded asits opening position for those mediation talks. While the process is continuing, the IBOAhas invited Ulster Bank staff to express theirattitude to management’s statement by signingthe Declaration of Decency (see opposite) – apetition addressed to Chief Executive, CormacMcCarthy and his colleagues. Staff can download the declaration fromthe IBOA websites (see below) and send it backto IBOA by post or fax no later than September25, 2009. Alternatively staff can text support for thedeclaration to 00-353-(0)-86-8095288; or e-mailsupport to [email protected] or even sign up directlyonline at either www.iboa.org.uk/ulster-bank/or www.iboa.ie/ulster-bank/

Ulster Bank Chief Executive, CormacMcCarthy (Photo: Photocall-Ireland)

IBOA’s Ulster Bank Executive Committee: (from left) front: Jaynette Stirling, Kerry Christie and Catherine Maher; andback: Tommy Kennedy, Fergus Reynolds and John Burns.

Last month the Labour Courtrecommended that Royal Bank ofScotland Technology Services, (RBSTS) based in Parkgate Street, Dublinshould recognise IBOA for collectivebargaining purposes and that thetwo sides should conclude a frame-work agreement. IBOA is now seeking that thisrecommendation be implemented. The recommendation is theculmination of an ongoing cam-paign by RBS TS staff for recognitionlasting almost two years. As well as thousands of staff intwo other RBS Irish subsidiaries –Ulster Bank and First Active – IBOAnow represents almost 70% of staffin RBS TS Parkgate Street – with awell established committee whichmeets regularly to raise staff con-cerns, and participate in Unionactivities including training courses.But still the local management hadclaimed that staff were not entitledto representation by IBOA. The Labour Court agreed withthe Union that such a position wasuntenable. IBOA is now keen to negotiatea comprehensive agreement cover-ing pay and terms and conditions.

IBOA seeksdirect talksat LombardFinanceThe Union is seeking a meetingwith management at LombardFinance to discuss a range ofimportant issues – including payand pensions as well as someoperational matters. Union General Secretary, LarryBroderick, said: “This is a criticaltime for the industry and for staffin Lombard. “It is important that anyremaining non-members in thecompany should join IBOA toensure that the Union can exertthe maximum influence in ourrepresentations to management.”

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Pharmacies

10% discount forIBOA memberson all products

(excluding medicinesand prescriptions)

from Hickey's Pharmacies in Arklow,Cork, Drogheda, Dublin (O'ConnellStreet, Henry Street, Grafton Street,Harold's Cross, Crumlin, Terenure,Tallaght, Coolock, Phibsboro, Santry,Finglas, Ongar and Tyrrels town),Dundalk, Gorey, May nooth, Navan andNewbridge.

HICKEY’S

ULSTER BANK‘DECLARATIONOF DECENCY’

We, the staff of Ulster Bank Group,wish to place on record our extremedisappointment at the Bank’s recentannouncement of its intention tochange the Defined Benefit PensionScheme, impose a pay freeze andunilaterally amend our terms andconditions of employment withoutdiscussion, negotiation or agreementwith IBOA The Finance Union. As loyal staff in Ulster Bank, wehave co-operated with significantchange – unprecedented in our industry– in recent years and have workedstrenuously to enhance the reputationand success of the Bank. However, theresponse to our efforts from seniormanagement has been to: – break established agreements

with IBOA; – treat us less favourably than other

staff in RBS in relation to pay andprofit share for 2009; and

– seek to disadvantage us stillfurther in terms of our pensionentitlements;

at a time when one thousand job cutsare also being sought. This chain of events has resultedin a significant lowering of staffmorale in Ulster Bank Group. We believe that – no less thancustomers – staff deserve to be treatedfairly. We, therefore, call on you, asChief Executive, to set an example in thisregard and to enter into immediatediscussions with IBOA The FinanceUnion. In particular, we urge you toreconsider the senior management’sposition on the issues outlined aboveso as to take proper cognisance of theinterests of the Bank’s staff. Furthermore, we call on you toconduct an immediate review of theculture operating throughout the Bankwith a view to developing a morepositive framework which will offerthe best possible protection forcustomers and staff in these uncertaintimes. By making this declaration either byletter or by electronic communicationthrough IBOA The Finance Union,we strongly encourage you, yourcolleagues on the senior manage-ment team, the Board of Ulster Bankand Mr. Stephen Hester, Chief Executiveof RBS Group, to take heed of thestaff’s view.

RBS IT staff winright to unionrepresentation


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Staff at NIIB Financeexpect IBOArepresentation soonStaff at NIIB Finance – which is part of the Bankof Ireland Group – are seeking the right to berepresented by IBOA for collective bargaining. Although in Northern Ireland the Union couldopt to pursue mandatory representation rights throughthe Industrial Court, IBOA has sought to achieve itsmembers’ objective through a voluntary agreementwhich would outline procedures for joint disputeresolution as well as the facilities to be made avail-able to IBOA representatives. If, as expected, there is a positive outcome to thisprocess soon, IBOA members should then be in aposition to resolve concerns far more effectively. “By sticking together solidly, our members in NIIBFinance are now close to securing the right to be rep-resented by IBOA. If they continue to stick together,I am confident that they can achieve real progresswith the support of the Union,” said IBOA GeneralSecretary, Larry Broderick.

Further changes inprospect at HP/EDSSome employees in HP/EDS are once again facingthe prospect of a transfer to yet another employer. Although the integration process following therecent merger between HP and EDS is still ongoing –with a number of operational issues still to beresolved – some staff who have been working onthe Xerox account have been informed that, as thisaccount has been lost to an Indian-based company,HCL, they are now in scope to be transferred alongwith the account to this service provider under theTransfer of Undertakings and Protection of Employ-ment (TUPE) legislation. IBOA has written to the relevant parties seekingpositive engagement in order to clarify the situationand resolve our members’ concerns.

Technology ServicesMeanwhile IBOA has also engaged with seniormanagement at HP on behalf of members in thetechnology services division, HP TSG, who are facingthe prospect of a transfer to HP CDS – a serviceprovider within HP Group. IBOA is seeking the resolution of a number ofissues of concern to members – as well as pursuingthe right to represent them for collective bargainingpurposes. As the challenges facing employees in a numberof areas in HP continue to grow, staff are increasinglyseeking the protection of IBOA – giving furthermomentum to the Union’s campaign for fullrepresentation rights so as to ensure that members’concerns are addressed as effectively as possible.

The first in a series of meetings on pay,jo security and a range of other issuestook place earlier this month betweensenior representatives from IBOA andthe Bank of Ireland under the auspicesof the agreed independent third party,Mr. Mark Connaughton SC. In his opening presentation, IBOAGeneral Secretary, Larry Broderick, put

forward comprehensive arguments onpay for 2009 in the Republic of Ireland,Northern Ireland and Great Britain; theneed for a job security agreement; andunion representation for managers andother categories. In addition, IBOA’s Bank of IrelandExecutive Committee also sought acommitment to change the culture inBank of Ireland; a new agreement onprofit share/ESOP; and a commitmentto resolve outstanding pensions issues. The senior management represen-tatives said that the Bank is not in aposition concede any pay increase for2009 or to give a commitment on jobsecurity even though it has no currentplans to engage in any redundancies. The Bank also rejected IBOA’s claimto represent managers or other groupson a collective basis. However, the Bankis prepared to consider issues such asculture and profits/ESOPs but preferablynot until the Bank has returned to profit -ability. Senior management also high-lighted the need to review existingpension benefits throughout the Group. After the initial presentations, themediator arranged to meet both sidesfor separate talks before reconveningfurther meetings between the partiesduring the coming weeks.

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Mediator to considerpay, job security andother issues in BOI

Mediator: Senior Counsel, Mark Connaughton (Photo: RTE)

Preparing for NAMA

Senior management in Bank of Irelandhas engaged with IBOA on its plans fora Specialist Property Group (SPG) inresponse to ongoing discussions withthe Irish Government on NAMA. The Bank has proposed that theSPG will manage challenged propertyand associated lending in excess of¤5 million and also handle challengedloan books in Business Banking requir-ing focused management. The Bank has given a general out-line of the SPG’s overall operationalstructure and has also committed tonegotiate an Enabling Agreement withIBOA to address specific staff concernsand protect their terms and con -ditions of employment.

The prospect of substantial changes to the implementationof the Minimum Competency Requirement (MCR) beingintroduced unilaterally in both Bank of Ireland and AIBhas been greeted with alarm by many members in bothinstitutions.

IBOA raised a number of key issuesat a meeting with senior manage-ment of AIB UK in Belfast last week.The Union team highlighted theneed for a job security agreementbeyond December 2009 –when thecurrent deal expires. IBOA also sought confirmationthat First Trust Bank and AIB GB willremain as integral parts of the AIBGroup. The Union wants to discuss abusiness plan for the UK division inthe likely event that assets held byFirst Trust Bank and AIB GB aretransferred to the National AssetManagement Agency (NAMA) inDublin. The issue of collective bargain-ing for managers was also tabled bythe Union. The Bank has agreed torevert to IBOA with a response onthese issues in due course.

AIB UK signals intent

to change pensions

Under the procedures coveringworkplace pension schemes in theUK, AIB UK has given sixty days’notice that it intends to seekchanges in the scheme. As individual members of UKpension schemes are entitled toexpress their views on any proposedchange, the Union has advisedmembers in First Trust Bank and AIBGB to formally notify the Bank thatany proposed change to the AIBpension scheme must be negoti-ated and agreed with IBOA – TheFinance Union. IBOA has also advised membersto inform the Bank that any pro-posed change must take account ofthe fact that their financial circum-stances have disimproved arisingfrom loss of profit share, share savescheme, bonus and the impact ofBank’s decision on salaries for 2009. Finally the Union has urgedmembers to notify the Bank thatany proposed change must takeinto consideration their expecta-tions for pension when they took upemployment with the Bank.

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At a meeting between members ofthe IBOA’s AIB Executive Committeeand the recently appointed Manag-ing Director of AIB in the Republicof Ireland, Robbie Henneberry saidhe was committed to the partner-ship principles as the basis on whichhe would work with the Committeeto the meet the many challengesfacing AIB in the Republic. At the meeting, the IBOA team– led by General Secretary, LarryBroderick – highlighted a number ofissues of immediate concern forstaff – including the need for furtherclarification in relation to MCR, AIB’sfuture plans for the Republic, theneed for a new operating culture,recognition of managers’ right toIBOA reepresentation and the forth-coming roadshows.

Managers’ Committee

The IBOA Managers’ Committee –which represents manager membersin the Republic of Ireland, NorthernIreland and Britain –met recently toconsider a number of issues includ-ing the need to secure their rightto represented by the Union forcollective bargaining purposes aswell as in individual grievances. The Committee also discussedthe future role of managers withinAIB Group against the likely back-drop of further major change in re-sponse to the current climate.

workplace: news

IBOA meetsAIB ROI

IBOA meetsAIB UK

Changes inapproach toMCR alarmbank staff

Of particular concern isthe suggestion that staffwho were previously heldto be “grand fathered” onthe grounds that they hadsufficent depth of experiencenot to need further trainingmay not now be acceptedas such. Equally alarming is therumour in some areas thatall staff regardless of rolewill be required to achieveQFA status. Hanging over all ofthese threats is the mostserious of all – that failureto achieve QFA status by theend of 2010 could result indismissal. The cumulative effectof this apparent change inapproach to MCR has beento create a suspicion that

the banks’ attitude mayhave beena ploy to cut staffnumbers by stealth. IBOA has held separatemeetings with the man-agements of the two banks,with the Financial Regulatorand with the Institute ofBankers in order to identifywhat, if any change, is beingsought and who, if any, isseeking it. While some clarity hasbeen achieved (and com-municated to members ineach bank), the Union stillbelieves that a round-tablediscussion should be con-vened with senior repre-sentatives from all theparties with an interest inthe Minimum CompetencyRequirement so as to achievean acceptable resolution.

Switching?:Are the terms of MCR being changed and, if so, by whom? Consultation is needed (Photo: Photocall-Ireland).


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IBOA has welcomed Danske Bank's unequivocalcommitment to its Irish businesses – Northern Bankand National Irish Bank – which accompanied therecent publication of the half-yearly results for thetwo institutions. “With the major downturn in the economy, theintentions of some financial institutions headquarteredoutside Ireland have been called into question in recentmonths amid fears of a possible retrenchment back totheir home markets,” said IBOA General Secretary, LarryBroderick. “So it is heartening both for the economy and forconsumer choice – and specifically for staff working inthe financial services sector – that a major internationalbanking group like Danske has re-affirmed that it is herefor the long haul.” Turning to the half-yearly results, Larry Broderick notedthat both Northern Bank and National Irish Bank had postedpositive results in terms of their operating profits. “Operating profit at Northern Bank was maintainedat its 2008 level of £35 million while at National Irish itwas up 34% to ¤38 million –with income up by 6% andcosts down by 6%. Furthermore, while Northern Bankmade a pro vision in its accounts for bad debts of £104million, actual losses have only amounted to £3.1 million. “Considering the state of the economy in the firsthalf of this year, these are encouraging results,” said theIBOA leader, “which underline the significant contribu-tion being made by our members in these institutionsin difficult circumstances.”

No complacency

on health, safety

at Northern BankThe recent Well-being survey under-taken among staff at Northern Bankreceived a response rate of over 80%,according to IBOA Danske GroupOfficer, Robert Thompson. This results of the Work-Lifesection of the survey –which focusedon the Health and Safety Executive’sworkplace management standards– clearly indicated that although theBank is ahead of the benchmarksdetermined by the HSE, there is needfor improvement in some areas. Northern Bank’s senior man-agement has agreed to work inconjunction with IBOA to developan action plan through the Well-being Committee, whose membersinclude IBOA Executive Committeemember, Eileen Gorman. IBOA views this as a very positivedevelopment and fully supports theBank's continuing endeavours toimprove the well-being of all staff.

An IBOA delegation is scheduled tomeet National Irish Bank’s seniormanagement team led by ChiefExecutive, Andrew Healy, at theend of this month to discuss theBank’s plans for the next twelvemonths and to offer the Union anopportunity to highlight members'concerns. In preparation for this meeting,IBOA Senior Industrial Officer, GerryHanna, has urged members to pro-vide feedback on any issues of con-cern by contacting their IBOA reps,Bank District Secretaries, Executivemembers or by e-mailing him directlyat [email protected]

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NIB to meetIBOA fordiscussion onfuture plans

NIB managerswant IBOA torepresent them

National Irish Bank chief, Andrew Healy

IBOA is to pursue the right to repre-sent managers within National IrishBank following a recent poll of man-ager members in the Bank whichindicated virutally unanimous supportfor the Union being recognised forcollective bargaining on their behalf. IBOA already engages in collectivebargaining on behalf of managersemployed by another DanskeGroup subsidiary, Northern Bank.

Danske remainscommitted toIrish operations

IBOA Executive Committee member,Eileen Gorman

Danske Bank Group Chief Executive, Peter Straarup

IBOA Danske Group Officer,Robert Thompson

The new Chief Executive, Gerry McGinn,is the former head of Goodbody Stock -brokers in Northern Ireland. Before joining Goodbody’s, he spentalmost two decades with the Bank ofIreland in Dublin, Belfast and London –where he was chief executive of Bank of Ire-land’s UK operations. Irish Nationwide recently declared thatit can only continue as a going concernprovided it is supported by the Irish Govern-ment. Last year the Society lost almost¤250m – after setting aside ¤460m to coverpotential losses on its loan book from dis-tressed development loans.

IBOA is seeking direct talks with the newly appointed ChiefExecutive of the Irish Nationwide Building Society, GerryMcGinn. Since the change in the senior management positionsat the Society following the introduction of the Stateguarantee a year ago, a majority of employees havenow joined the Union which is keen to achieve formalrecognition and secure a collective agreement. “With the likelihood of major change in the bankingsector following the establishment of NAMA, our objectiveis protect the jobs of our members in INBS. We want toensure that Irish Nationwide remains an independent entity,”said IBOA’s Larry Broderick. “We are seeking engagement with management to putin place a collective agreement covering the pay, terms andconditions of our members,” he added. The Union will be holding a members’ meeting forINBS staff shortly to set up an appropriate representativestructure.

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10% discount on any mobile phone ormobile accessory for IBOA members

in the Republic of Ireland.

New leader at Nationwide:Chief Executive of Irish Nationwide, GerryMcGinn.

IBOA seeks toopen talks withIrish Nationwide

Negotiations between National Irish Bank and IBOA are nearingcompletion on an enhanced career break scheme for NIBemployees. Although some details remainto be confirmed, it is expected thatthe new scheme will provide a sub-stantial once-off lump sum for stafftaking a career break of at least twoyears’ duration. The payment –which could be as much of half ofthe employee’s current basic annualsalary –would, of course, be subjectto income tax. It is expected that the enhancedscheme will be launched later thismonth once the full terms and con-ditions have been finalised.

The Union is seeking clarificationon a number of points – includingthe terms under which staff whoavail of the scheme will returnto work after the break as well asthe impact of the scheme on theirpension entitlements. Apart from clarifying the termsof the scheme for those who availof it, the Union is also anxious toensure that the extended absenceof staff on career break does notimpose unacceptable pressures ontheir colleagues who remain in work.

Improved careerbreak options likelyin National Irish

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Saturday, December 5 - Sunday December 6 5.30pm-6.30pmTickets (Non-Refundable): ¤10 for IBOA Members (Normal Price: ¤16)

Limited to 4 tickets per application.

Application forms are available from Anna or Louise at 01-4755908or by download from www.iboa.ie/media/eventsdiary.html

REMEMBER: Tickets will only be issued onproduction of an IBOA membership number!

Eddie retains IBOAGolfer of the YearThe annual golf tournament for Union members took place last monthat Glasson Golf Hotel and Country Club near Athlone. The Stablefordformat produced a very exciting and entertaining competition whichsaw Eddie Rouiller clinch the top prize again among the men topping hisexcellent score of last year with a magnificent 41 points. The ladies’ sectionwas a cosely contested affair with Carol McGrath eventually emergingvictorious. The prizes were presented by IBOA President, Margaret Browne.

Prize-Winners:

Men:1. Eddie Rouiller 41pts2. Chris Murphy 38pts3. John McGrath 37pts

Front 9: John O’Neill 21ptsBack 9: Liam Ross 20pts

Ladies:1. Carol McGrath 33pts2. Angela Veldon 31 pts3. Paula Needham 30 pts

Nearest to Pin: Keith Feehily

Blessed amongst women: Retiring Sports and Social Co-ordinator, FergusReynolds, with some of the ladies.

Ladies champion:Carol McGrath (left) receives the winner’s trophy from IBOAPresident, Margaret Browne.

It’s that man again!: Eddie Rouiller (left) who can’t stop winning picks upthe trophy from IBOA President, Margaret Browne.

Hawaiian NightSeptember 18, 2009A Hawaian disco with late licence,Hawaian food and cocktails served.

Hallowe’en NightOctober 30, 2009A fancy dress disco with late licence.Prize for the best costume. Scarycocktails also available.

OPEN MIKE NighTNovember 27, 2009A night with live music providingan opportunity for everyone to getup and perform with a free drink foreach completed performance.

The ‘Real’CHRISTMAS EVEPARTYDecember 18, 2009A late night disco with a latelicence, and good craic at theBankers’ Club Christmas Eve party.

The ‘OTHEr’CHRISTMAS EVEPARTYDecember 24, 2009Doors open 1pm. Unwind with yourcolleagues before you head homefor the Christmas break.

SPEED DATING ATTHE BANKERS’ CLUBJanuary 29, 2010Three minutes to fly high or get blownout. Good craic and embarrasmentguaranteed with music provided.

QUIZ NIGHTFebruary 26, 2010A classic pub quiz with fantastic prizes.All proceeds to the Ulster Cancer Foun-dation. Voluntary donation to enter.

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Members’ Monthly400 Club Draw

First prize: £100Second prize: £50

Fee: £1 per month (collected bydirect debit on a quarterly basis).

As more members sign up to themonthly draw, the prize fund will beincreased.

To join, download the application form

from either of the two IBOA websites

www.iboa.ie/services/sportsand

social/bbc.html or www.iboa.org.uk/

services/sportsandsocial/bbc.html,

complete the form and return it to the

club at the address at the top of this

page.

Belfast Bankers’Club EVENT GUIDE

BeLFaSTBankerS’

CLuB31 MAlone roAd,belfAst bt9 6ru

Bar open:Tuesday-Saturday 5.30pm till late.Sunday-Monday closed.

aVaILaBLe For parTIeS:Room Hire, Entertainment,Big Screen.

Call 02890-382866 after 5.30pm. ormail [email protected]

To join the Belfast Bankers’ Club,download the application form from ei-ther of the two IBOA websites www.iboa.ie/services/sportsandsocial/bbc.html or www.iboa.org.uk/services/sportsandsocial/bbc.html,complete the form and return it to theclub at the address above.

With a membership fee of £12.50 perhalf year, the Club offers excellent valuefor money.

31 MAlone roAd, belfAst bt9 6ru

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Exclusive autumn offers for IBOA members fromthe Galway Bay and Hodson Bay Hotels

Midweek: 2 nights bed and breakfast with one dinner from €139 per person sharing.

Weekend: 2 nights bed and breakfast with one dinner from €169 per person sharing.

Terms and conditions apply. Subject to availability – not applicable during Bank holidays amd mid-term break.

Hodson Bay Hotel, Athlone, Co. Westmeath. E-mail: [email protected] Web: www.hodsonbayhotel.com

Galway Bay Hotel, Salthill, Co. Galway. Email: [email protected] Web: www.galwaybayhotel.com

Record turnoutfor Dublin ZooThe annual IBOA members’ day at DublinZoo earlier this month saw the biggest everturnout – since the Union began organisingthe day out in 1995. Encouraged no doubt by the goodweather, a total of 1,829 adults and 1,999children availed of the opportunity for freeadmission courtesy of IBOA. Demand for the free sweets and treatswas so great that supplies were exhaustedby 1.30pm – instead of the usual 4pm. The team of volunteers who helped toorganise the event deserve great credit –as do the staff of Dublin Zoo – led by co-ordinator, Mark Bowes – who providedgood service with great attention to detail. The Dublin Zoo day-out is the singlemost popular event organised by the IBOAsports and social team. So it is gratifying tosee that it is so well supported by memberseven in these recessionary times. The success of this event is also a fittingtribute to Fergus Reynolds, the Union’ssports and social co-ordinator who leavesthe IBOA Executive Committee at the endof this month when he retires from hisemployment in Ulster Bank’s Arva Branch. Union President, Margaret Browne,paid a special tribute to Fergus for his com-mitment to IBOA. “With his organising flairand his innate good humour, Fergus hasbeen perfect for the role of sports and socialco-ordinator. We wish him a well-earned re-tirement with his wife, Maura, and family.”

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•Reduced room hire rates•21st, 30th, 40th, etc parties.•Going away nights, transfers•Table Quiz Nights, Race Nights•Christmas Parties and Christenings•Catering and DJ facilities available•We can cater for numbers up to 120•Full bar llicence – extension available

•Why not book or call in and lookaround?

Call 01-4758970 10am-12noon orafter 5pm or leave a voice messageany time.

THE PERFECT PARTY VENUE

THe IrISH BankerS’ CLuBIBOA HOUSE, STEPHEn STREET UPPER, DUBlIn 8

Bar openInG HourS:

Tuesday-Saturday – 4.30pm till late.

Sunday-Monday – closed.

Friday September 25: 1st Prize –Two-week holiday for two

to IakynthosFriday October 23: Grand Draw Night

20091st Prize – Two-week holiday for two

to a choice ofSouth Africa OR

Hong Kong SIngapore & the MaldivesOR Highlights of Costa Rica

2nd Prize - E6003rd Prize - E5004th Prize - E4005th Prize - E3006th Prize - E200

Monthly draws take place at 9pm.Bar food served 5pm-9pm

UPCOMING CLUB

DRAw NIGHTS

Results of recent Bankers’ Club draws are posted on the IBOA websites:www.iboa.ie/services/sportsandsocial/bankersclub.html

www.iboa.org.uk/services/sportsandsocial/bankersclub.html

THE PLACE

TO PARTY

• FABULOUS HOLIDAyS

• ExCELLENT PRIzES

• DON T MISS OUT!

• ENTRy FORM ENCLOSED WITH MAGAzINE

announcing

THE 24TH BANKERS’ CLUB DRAw

New members welcome. Join now andenjoy free membership until September2010– cost then 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

Don’t miss out – Join today!Copy, complete and return theapplication form to Honorary Secretary,Michael Martin at the address above.

CLUB

MEMBERSHIP

Name:................................................................

Male/Female (delete where applicable)

Employment:.....................................................

Branch/Dept:.......................................................

Bank Account Details

Bank & Branch:.................................................

NSC:....................A/c No.................................I hereby authorise you to debit my acount with the annualsubscription for Club membership. I agree to be bound bythe Rules of the Club and accept the appropriate annualadjustment when applicable. Notification will be forwardedin writing if I wish to cancel this mandate.

Signed:.................................Date:.............................Please return to Michael Martin, Honorary Secretaryat the address above.

APPLICATION

FORM

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Join us for a magic carpet ride of pantomime adventure with a spectacular and magical production of Aladdin.May Mcfettridge leads the cast in the role of Aladdin’s hilarious mum, Widow twankey.

Produced by the same team that presented Cinderella and Mother Goose,Aladdin will have the Grand opera House’s hallmark of quality entertainmentand value for money.

tickets are available for IboA members at a special price of £15 for thematinee (2.30pm) performance on december 28. Applications for tickets –quoting name, IboA membership number, employment address, quantity andpostal address where the tickets are to be sent – together with a cheque orbank draft made payable to IboA – should be sent to Peri Mullan,c/o belfast bankers’ Club, 31 Malone road, belfast bt9 6ru.

booK noW to AvoId dIsAPPoIntMent!

GRAND OPERA HOUSEBELFAST

December 28

sports: social

IBOAat the Panto

We’Re BehINd

You!

IBOA ANNUAL CHILDREN’SCHRISTMAS PARTY DUBLIN

Bankers’ Club – IBoa House Stephen Street upper Dublin

Sunday 6th December 2009santa Presents, face Painting, balloon Making,

Puppet show and surprises throughout the Afternoon

Please note only children up to the age of 9 years willbe catered for and the presents will reflect this. tickets are

strictly limited and will be allocated on a first come first servedbasis with an allotted time to visit santa between 12.30pm

and 4.00pm. tickets cost E8 per child and are not refundable.

Children must be accompanied by a parent/guardian whomust remain on the premises at all times.

Applications for tickets – quoting name, IboA membership number,employment address, quantity and postal address where the tickets

are to be sent and indicating the age and sex of each child – alongwith a cheque or bank draft made payable to IboA – should be sent toAnna o’doherty, IboA, IboA House, stephen street upper, dublin 8.

reMeMber no MeMbersHIP nuMber – no tICKets

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The much-loved traditional pantomime, “Jack and the Beanstalk” returnsto Dublin’s Gaiety Theatre this Christmas. Join Jack on a giant adventure,where he must outwit and outrun the giant. This classic tale will capturechildren’s interest and spark their imagination. When Jack swaps his cow for some magic beans, they grow into anenormous magic beanstalk. Can Jack climb the beanstalk, save the lovelyPrincess from the giant and escape with all his arms and legs? Comealong and follow Jack up the bean stalk to find out!

IBOA has block-booked the Gaiety Theatre for our members for two performanceson December 27 at 1.30pm and 6.30pm so that we can offer a great saving of e10per ticket for you and your family. Check the price below and book nowto avoid disappointment!

Special Savings for IBOA Members Normal Price IBOA PriceDress Circle & Boxes ¤34 ¤24Parterre ¤33 ¤23

No Membership Number – No Tickets

Only Postal Applications Accepted

Please Complete TheApplication Form Below

IBOA at the Panto

IBOA GAIETY PANTOMIME APPLICATION FORM

Name: (BLOCK CAPITALS) ............................................................ IBOA Membership/Staff No. ...............................................

Employment Address: ........................................................................................................................................................................

Address where tickets will be sent:.....................................................................................................................................................

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

I would like the following number of tickets:

Dress Circle & Boxes: ..................... Parterre: ......................

at the Matinee / Evening performance (delete where applicable).

Please note: this special offer is available to you and your immediate family.Applications for more than ten tickets per member will not be accepted.

I enclose a Cheque/Bank Draft for ¤............... Signed: ................................................

DISCLAIMER: IBOA ACCEPTS NO RESPONSIBILITY FOR ANY DELAY OR CANCELLATION OF THE PERFORMANCE OR FOR LOSS OF TICKETS, ETC.

Please copy, complete and return this form to: Sports and Social Department, IBOA The Finance Union, IBOA House,Stephen Street Upper, Dublin 8.

IBOAat the Panto

We’Re BehINd

You!

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health:safety

WHAT IS SWINE FLU?Influenza is caused by a viral infection. Anew strain of the influenza virus (H1N1) wasidentified in early 2009 and has spread tomore than 100 countries around the world.Although the symptoms have generallyproved mild for the overwhelming majorityof patients, in a small number of casespatients have developed more serious con-ditions leading to death. Many of thesefatalities have occurred in patients withother underlying health problems like lungor heart disease.

HOW DOES IT SPREAD?Like all influenza viruses, the swine flu virusspreads when it becomes airborne. The

virus can be spread in the tiny particles inthe spray that comes out of the nose ormouth of an infected person when he orshe coughs or sneezes – especially if thenose and mouth are not covered by a tissueat that moment. Putting a hand to the nose or mouthwhen coughing or sneezing may be betterthan nothing. But the germs in the spray lefton the hand can be easily transferred bytouch to any hard surfaces where they canlive for some time. Common surfaces in-clude desks, tables, computer keyboards,door handles and telephones If other people make contact with thesesurfaces and then touch their faces, thegerms can enter their systems and they canbecome infected.

Beating Swine FluThe H1N1 Virus: Frequently

Asked Questions

A UK-wide survey has found one in tenemployees fears that the recession willresult in lower health and safety stan-dards in the workplace. But the British Safety Council (BSC)study of attitudes in both boardroomand shop floor to the issue found ageneral air of confidence among bosses– 95% of those interviewed – that theywere doing all that was required underlegislation to safeguard their workforce. Firms also claimed bosses’ bonuseswould be cut before there was a scalingback on work safe practices. But the sur-vey also flagged up that about one intwelve workers claimed they felt underpressure to take risks with safety to cutcosts. Launching the findings, BSC chiefBrian Nimick said: “No one shouldhave to work in a situation where theyfear for their safety because of unsafepractices. “There needs to be a clearly defined‘safe to work’ covenant between work-ers and bosses if we are to make theworkplace in the UK and elsewhere assafe as possible. “Even in the current challenging fi-nancial climate facing industry, now isnot the time to make health and safetycosts a casualty of cut backs.” While the majority of workers (70%)feel more inclined to be productive in anenvironment where their employer is at-tentive to their health, safety and well-being, only just over half of bosses (59%)now think that a proactive approach tohealth and safety enhances the bottomline compared to 72% in 2007. In 2007/08 non-existent or inferiorhealth and safety measures in Britishworkplaces killed 229 men and womenand injured 136,000 employees – cost-ing industry £7.8bn.

Safetypoliciesat risk inrecession

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WHAT ABOUT PREGNANTWOMEN?The health authorities have advised thatthere may be grounds for pregnant womento avoid crowds or unnecessary travel. If apregnant woman is worried about theadded risk of travelling to work by publictransport in the rush hour, or if she has con-tact with a large number of people at work,her employer should consider any requestsfor making adjustments to her workingarrangements – such as allowing her tochange her travelling time, move frompublic duties on a temporary basis or evenwork from home, if it is feasible. Althoughthe risk may not be serious, many pregnantwomen are understandably concernedabout the possible effect on their health.Employers should be urged to looksympathetically at any such requests.

SHOULD MY EMPLOYERINFORM US IF A WORKCOLLEAGUE GETS SWINE FLU?Yes, your employer should tell you if some-one at work has developed swine flu. Youremployer has a duty of care to all staffand should consult with the IBOA reps onany health and safety issues affecting ourmembers.

WHAT SHOULD I DO IF IDEVELOP FLU-LIKESYMPTOMS?The health authorities have advised employersto send home any staff displaying flu-likesymptoms and to instruct staff who phonein complaining of flu-like symptoms to stayat home, if they have good reason to be-lieve that they may have been exposed tothe swine flu virus. IBOA considers that in most workplacesemployers should consider the following:

• Absence management policies:Employers who have strict absence man-agement policies to discourage short-termabsences will need to modify them. Workersshould not fear that they will be penalisedif they take time off with flu symptoms.Employers need to make it clear that theywant sick workers to take the time off toreduce the spread of infection at work.

• Parents’ and carers’ leave.Employees may need to be able to take timeoff at short notice – for example if theirchildren’s schools are closed or if they needto care for a sick relative.

• Impact on remaining staff.There may be health and safety (or evendisciplinary) concerns for remaining staffwho have to cover for absent colleagues –for example, if someone is expected to carryout work or perform in a role for which theyhave not been properly trained.

• Working time.Employers may want remaining staff to workovertime to cover for absent colleagues.However, care should be taken to avoidunreasonable demands which would intensifystress and result in even more absence.

WHAT ARE THE SYMPTOMS?The symptoms of swine flu in people aresimilar to those of ordinary flu and include:• Fever,• Fatigue,• Coughing, and• Lack of Appetite.

Some people with swine flu have alsoreported:• Sore Throat,• Runny Nose,• Vomiting and• Diarrhoea.

HOW CAN I PROTECTMYSELF?Prevention through proper hygienestandards is the single most effective wayto slow the spread of diseases such as swineflu. You should always ensure that:• you wash your hands thoroughly with

soap and water on a regular basis;• work surfaces are cleaned regularly to

get rid of germs;• you use tissues to cover your mouth and

nose when you cough or sneeze; and• used tissues are disposed of as soon as

possible in a secure bin.

DO I NEED A FACE MASK?Although in some countries some peoplehave begun to wear face masks as a formor protection against the virus, the availablescientific evidence shows that these basicmasks offer little or no protection againstinfection. The preventative measures out-lined above are far more effective.

SHOULD I GO TO WORKIF I THINK I COULD HAVEBEEN IN CONTACT WITHSOMEONE WHO MIGHTHAVE SWINE FLU?Yes, as long as you do not have flu-likesymptoms. If you are feeling well, youshould go about your normal activities,including going to work. Most people with the virus will start tobe infectious from about a day beforesymptoms show. They will be mostinfectious in the first few days of their illnessand will cease to be infectious after aboutseven days.

This article is intended to advise IBOAmembers and representatives about thepossible impact of the H1N1 virus –often known as Swine Flu – and theprecautions to be taken in the eventthat you come into contact with thevirus. If you have any queries about thevirus, you should discuss them withyour manager in the first instance. If you do not get a satisfactoryresponse, you should then contact yourIBOA representative who should thenraise any concerns with management.If reps need any further advice, thenthey should contact IBOA Head Office.

health:safety

Big rise inworkplacesuicidesin USAThe recession may be driving morepeople to take their lives at work,according to new statistics from theUS. The number of people who killedthemselves at work in the US rose by28% to an all-time high last year. Annual figures from the US Bureauof Labor Statistics (BLS) revealed that in2008 'self-inflicted' deaths in the work-place rose from 196 to 251. The rise is all the more remarkablesince it has come in the context of a12% drop in the overall number of work-place fatalities to 5,071 – the lowest totalsince records began in 1992. A BLS spokesperson said the agencyintended to research the surge in suicidesmore extensively. But anecdotal evidencehas pointed to the financial crisis and jobinsecurity. Lanny Berman, Executive Director ofthe American Association of Suicidology,said that although the statistical jumprequired a case-by-case investigation,it “clearly has potential implicationsrelated to the threat of unemploymentand it has implications related to dis-satisfaction and rage about the qualityof the work experience.” He added: “When people do some-thing in a public place, it tends to implya suicide relative to something going onin that place.”

HEALTH IMPACT OFUNEMPLOYMENT STRESS

Researchers at the London School ofHygiene and Tropical Medicine and Ox-ford University reported this year thatsoaring stress brought on by job lossescould prompt a 2.4% rise in suicide ratesin people under 64 years of age, a 2.7%rise in heart attack deaths in men aged 30-44 years, and a 2.4% rise in homicide rates. Crying Shame,a report last year fromBritain’s Hazardsmagazine, warned thatwork factors could account for up to 250suicide deaths in the UK each year.

Laptops –the greenerchoice?

Many offices have optedfor laptop computers in

preference to desktop machines onthe basis that they are more energy-efficient. Laptops generally use some-where between 25% and 50%of the power used by desktops –especially desktops with separatecathode ray tube (CRT) monitors. Computers are also a majorsource of heat – which may placeheavier demands on air condition-ing systems in the summer. As airconditioning is far less efficient thanheating, it generates significantlymore greenhouse gases. So computers that use less energywill create less heat – cutting thecost of reducing temperature toacceptable levels.

Switching over to laptopsjust to save energy may

disguise another significant environ-mental impact – waste.

Laptops are designed forportability and therefore have highlycompact integrated parts. Desktopcomputers are much more openinside, allowing users to upgradeand repair any broken or defunctparts. However, since laptops can-not generally be serviced by theuser, this can result in greateramounts of electronic waste. Thishighly toxic waste is a growingconcern because it is difficult todispose of or recycle safely. As laptop parts are also likelyto be exposed to more difficultconditions – such as higher heat,vibrations and voltage fluctuations– over their lifetimes, this may leadto parts failing more quickly thanin desktop machines. Assigning desktops to employeesmay encourage them to take workhome –which, while helpful to thebusiness in terms of extra productivity,also results in extra energy usage. Unless portability is vital, it isbetter to use smaller, lower-energydesktop machines which are morelikely to be upgradable.

Yes

No

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Trade unionists are driving work-place action on climate change,new research commissioned by the

British TUC has revealed. According to a survey of over 1,300 unionrepresentatives by the Labour Research Depart-ment (LRD), trade unions are now the realgreen champions in the workplace –with unionreps engaged in a range of practical activities toreduce carbon emissions – including proposing,initiating and supporting measures to saveenergy and reduce waste. The research found that reps are vitalcatalysts to ensure that low carbon measuresare implemented across thousands of work-places. Unions are negotiating agreements tomeet sectoral and organisation targets toreduce emissions. Hundreds of workplace committees havediscussed the issues and made proposals. Unionreps have carried out workplace audits and heldgreen events. The survey also found that most employershad failed to take the measures necessary, eitherto reduce their emissions, or to adapt theirworking conditions to climate change. Manyreps have expressed frustration after theirsuggestions to reduce emissions at work havebeen ignored by employers.

“Most employers are not using renewableenergy sources or implementing simple measuressuch as insulation,” said LRD’s Paul Hampton.“Some have introduced car parking charges,often justified as a green measure, withoutconsultation or consideration for workers. Fewemployers have adaptation measures such asan upper workplace temperature limit, nor havethe vast majority made preparations for extremeweather events.” Some union reps have been obstructedfrom taking up climate change in the work-place. Three-quarters said they did not havefacility time for environmental work and 49 repssaid they had been refused time off for training. The main recommendation from theresearch is that government should give unionreps legal rights to tackle climate change atwork, including time off for functions and train-ing, through the ACAS code of practice. The results of the survey provides “mount-ing evidence that unions are taking action totackle climate change,” said TUC GeneralSecretary, Brendan Barber. “Unions have theproven ability to deliver progressive changeon working conditions, safety and equality –and for tackling climate change. But to makesuch a contribution, union reps need a legallydefined role.”

life: lines

s e p t e m b e r 2 0 0 9

Our demands most modest are…

We only want the earth

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Sunbeds are toast:

Time to fake it

Clarins Self-Tanning Instant Gel hasbeen consistently rated as the bestself tanner by reviewers for its easyapplication and smooth, silky texture. Although some consider it tobe a little expensive, they agree thatthe results are worth the extra cost–especially since the gel is virtuallystreak-free and the odour is moretolerable than most self-tanners. Although it may not be asconvenient as some professionalspray tanning, it is much moreaffordable to maintain. Clarins Self-Tanning Instant Gelhas got the thumbs up from PaulaBegoun in her book, Don't Go tothe Cosmetics Counter WithoutMe, as well as magazines, Elle andAllure whose reviewers and readershave put numerous cosmeticproducts through their paces.

The International Agency for Researchon Cancer (IARC) recommendedrecently that sunbeds be moved tothe “highest cancer risk category” as“carcinogenic to humans” afterthey had been found to be moredangerous than previously thought. The ultra-violet (UV) radiationused in tanning beds is a concen-trated version of the ultra-violet raysfrom the sun. According to someestimates, the potential energydelivered by a sun bed is up to fivetimes that of the midday sun. Eye cancers were identified as aparticular problem by the IARC –which pointed out that the dangerwas greatest to children and youngadults, as long-term exposure to UVradiation increased the risks involved. The likelihood of developing amelanoma rises by 75% if tanningdevices are used before the age of30, according to the IARC. In the UK, sunbeds are reckonedto cause around 100 deaths from skincancer every year. The more you usea sunbed the greater your risk of skincancer. Using a sunbed once a monthor more, can increase your risk of skincancer by more than half. So whenthe tan fades, the damage remains.

Sunbeds also cause prematureskin ageing, which means that yourskin becomes coarse, leathery andwrinkled at a younger age. Burning or going red under asunbed is a sign that you haveseriously harmed your skin. UVradiation can penetrate deep intothe skin’s layers and damage theDNA in our skin cells. Cells damagedby UV rays are at greater risk ofmutating into a cancerous form. Some people argue that exposureto UV rays – either by sun-beds orby direct sunlight – helps to producethe levels of Vitamin D necessaryfor good health. In fact shortexposures to the sun produceadequate amounts of Vitamin D. Asunbed is definitely not necessary totop up your vitamins!

You should NEVER use a sunbedif you:–are under 18;–have fair or freckly skin;–burn easily;–have a lot of moles;–have had skin cancer in the past;–have a family history of skin cancer;–are using medication that makesyou more sensitive to UV rays.

“The use of UV-emitting tanningdevices is wide-spread in manydeveloped countries,especially amongyoung women. Acomprehensivemeta-analysis con-cluded that the riskof skin melanomais increased by 75%when use of tanningdevices starts before30 years of age,”according to theInternational Agencyfor Research onCancer.

Light Tantastic

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At least 76 people were killedaround the world last yearbecause of their involvementin trade union work. The annual survey of trade unionrights violations – carried out by theInternational Trade Union Con -federation ITUC) – also showedthat many thousands more wereattacked physically or subjected toharassment, intimidation and arrestbecause of their activities. Although killings overall fell from91 in 2007 the number of tradeunionists murdered in Colombiaclimbed to 49 – 10 more than theprevious year. Nine activists were assassinatedin Guatemala, four were killed in thePhilippines with the same number

in Venezuela, three in Honduras,two in Nepal and one each in Iraq,Nigeria, Panama, Tunisia andZimbabwe – where the increasinlgyisolated Mugabe regime continuedits reign of terror against the tradeunion movement. In a number of cases govern mentswere either directly or indirectlyinvolved in the killings. A total of 50 serious deaththreats were recorded in sevencountries as well, along with some100 cases of physical assaults in 25countries. According to the ITUC figures,governments in at least ninecountries – Burma, Burundi, China,Cuba, Iran, South Korea, Tunisia,Turkey and Zimbabwe – wereresponsible for imprisoning tradeunionists for engaging in legitimateactivities in support of workers. ITUC General Secretary, GuyRyder, said: “Governments in everyregion are clearly failing to protectfundamental workers’ rights, andin several cases were themselvesresponsible for heavy repression ofthese rights. “The fact that certain countries,such as Colombia, Guatemala andthe Philippines appear year afteryear on the death list shows that theauthorities are, at best, incapable ofensuring protection and in somecases complicit with unscrupulousemployers in the murders.”

The ITUC report highlighted thetrend towards increasingly harshexploitation and attacks on workers’rights in the world’s Export Process-ing Zones, or EPZs. Some 34 countries are cited inthe survey for inadequate or non-existent protection of EPZ workers,including Albania, the Bahamas,Belize, Costa Rica, the DominicanRepublic, El Salvador, Guatemala,Honduras, Jamaica, Jordan, Mexico,Nicaragua, Oman and Poland. A further 22 countries aresingled out for the exploitation ofmigrant workers, who are oftendenied even the most basic of rights,and whose situation often meansthat they are more vulnerable toexploitation and abuse. Mr Ryder said: “Hundreds ofmillions of working people inboth developing and industrialisedcountries are denied the fundamentalrights to freedom of association andcollective bargaining. “For many, especially those inprecarious employment, this denialwreaks havoc on their lives, asthey work extremely long hours inhazardous or unhealthy situationswith incomes so low that they areunable to support themselves andtheir households properly. “Lack of respect for workers’rights has increased inequality aroundthe world, and that inequality helpedtrigger the global recession.”

Luis AlbertoVanegas of theColombian TradeUnion Congress(CUT) was aspecial guest ofthe Irish Congressof Trade Unionsat its BiennialDelegateConference inTralee in July(Photo: KevinCooper/PhotoLine).

global: eye

A matterof life anddeath

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While workplace discrimination onthe grounds of gender has beenhighlighted on numerous occasionsin Europe and the US, another moreinsidious form of discriminationhas been revealed in a recentlypublished study which found thatemployers in the US have a sub-stantial bias against workingmothers compared to workingwomen without children. In their study, Getting a Job: IsThere a Motherhood Penalty?, threeAmerican socio logists, Shelley Correll,Stephen Benard, and In Paik, foundthat a working mother was 100%less likely to be hired when sheapplied for a position, than a child-less female employee. Employers consistently rankedmothers as less competent and lesscommitted than non-mothers. “They were also offered $11,000a year less pay, on average, than anequally qualified childless candidate,”according to Correll. The researchers used twofictitious CVs for two equallyqualified candidates – one childlessand one a mother (by implication). The only difference betweenthem was that in one CV, thecandidate was listed as an officerin a primary school Parent-TeacherAssociation – while the otheromitted this reference. This one difference was enoughto ensure that the non-mother wascalled back by employers 100%more often than the mother. In another study, the researchersused more fake CVs to apply for 638jobs during an 18-month period. This survey also found thatchildless women were more thantwice as likely to be called back forinterview as mothers with similarcredentials. As for men, there was nodifference in the call-back rates forfathers and childless men.

“I was not surprised to findthat mothers were discriminatedagainst,” said Shelley Correll, whois an associate professor in theDepartment of Sociology at Stan-ford University in California. “But I was very surprised by themagnitude of the discrimination.,”she declared.

“With gender or race, we oftentalk about the subtle ways thatstereotypes are disadvantaging,”she said. “With mothers, the effectswere huge, such as being about100% less likely to be recommendedfor hire than childless women andbeing offered much lower startingsalaries.”

Mum’s not theword for manyemployers.

equality: focus

The motherhood penaltyWorking mums in US are far morelikely to suffer discrimination at work

sports: life

10% discount for IBOA members

on trips to major sporting events

in Britain, Scotland and Spain –

as well as other holiday attractions in Britain.

For more information phone 00-353-1-6292000 or 00-353-21-4377501,

e-mail: [email protected] or

visit our website at

www.celtichorizontours.com

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In Cyprus, summer spreadsits warmth across Septemberdays. The blue and white ofthe national standard of Greeceflutters in the gentle breeze ofevening that does little todisturb the mercury. On a hillabove Nicosia, the island’scapital, lights twinkle in thebalmy night. They trace theshape of the flag of Turkey, anincongruous reminder thatCyprus is a place divided. The two tribes who inhabit thiscorner of heaven have lived apartsince 1974. The United Nationsholds the line between Turk andGreek. It makes a visit in the com-pany of an Irish football team all themore evocative. In our own part of the world,the border has gone. You can buy theBelfast News Letter in Blanchard-stown and order your Irish passportin a post office in protestant EastBelfast. But there are still two sets ofBoys in Green. Until the September round offixtures, both Irelands sat well placedfor a ticket to the World Cup inSouth Africa. Now, the picture is insharper focus. Trapattoni’s Republic will haveto implode in the most spectacularfashion if they aren’t to claim a play-off place. Put simply, one win from the tworemaining matches in Croke Park,against Italy, then Montenegro – ora draw in them both –will guaranteea two-leg knock-out tie in Novemberto book that ticket for South Africanext summer.

Northern Ireland’s circumstanceshave suffered a setback. Yet, how-ever remote the possibility, thehistoric simultaneous presence ofthe two at football’s top table maystill come to pass. In their qualifying group, NorthernIreland have one game to go – awayto the Czech Republic – and they’vealready drawn with the Czechs inBelfast. Unfortunately, their fate is inthe hands of others. Should second-placed Sloveniascore a win in Bratislava, away totop-of-the-table Slovakia four daysbefore the game in Prague, it’llbe the end the road for NorthernIreland. Trapattoni’s team, though, aresitting pretty, a tribute to the man-agement, of course, but most

especially to the players. For if everthe whole was worth more than thesum of its parts, it’s this Irish team. Trapattoni has moulded a unit –not unlike Jack Charlton did in theRepublic of Ireland’s most successfulera –that makes the most of what ithas, and does not try to be what itis not. He’s yet to lose a qualifyinggame – and with the draw in Bari,his team achieved what only fourothers have ever managed across allthe years, and that is to deny Italy,the current World Champions, awin in a World Cup qualifying tie. It’s not all sweetness, of course.Though they’ve shown they canstart strongly, and draw first blood,they have a tendency to lose theirway when in front.

Republic of relandsoccer manager, Giovanni Trapattoni,looking to plot thedownfall of hisformer charges, Italy(Photo: Inpho)

s e p t e m b e r 2 0 0 9

On thebrinkCan both sets of boys in

green make it to South

Africa next year?

Three times in this qualifyinggroup, they have squanderedwinning positions, and only oncere-taken the lead to claim thevictory. There was also the jitteryperformance which followed thefifth minute lead goal – from RobbieKeane –against Cyprus at Croke Park. They held on for the win inthat one, but the cost of failure toretain a lead on those two otheroccasions, both against Bulgaria,has been four points, points whichwould have put them level with Italygoing into the big game at CrokePark on October 10th. On the plus side, they never saydie, and they did retrieve an awfulsituation against Georgia at CrokePark.

They’d struggled after goingbehind in the opening minute, andit took a lucky penalty – convertedby Keane – to get them level withless than twenty to go. But there was Keane again toscore the captain’s winner, just as hewas to do seven weeks later in Italy.It kind of balances itself out, doesn’tit! So roll on Croke Park, and a realDublin welcome for the championsof the world. They’re infrequentvisitors to these shores. The last timethey came was for a friendly inAugust 2005, and before that, it hadbeen on a February evening twentyyears earlier when they’d graced thecity as holders of the World Cup. The game, in Dalymount Park,attracted an attendance way beyond

10% discount for IBOA memberson travel packages to top soccer matches

in Britain, Scotland and Spain.

For booking call 1850- 206080 from the Republicor 00-353-61-228022 from Northern Ireland.

www.mcinerneysports.com

McInerney SportsTravel Ltd.

the capacity, and only the quickthinking of Gardaí and stewardsprevented a disaster, similar to whatwas to unfold at Hillsborough in1989. With the crisis averted, and arow of spectators now seated alongthe touchline, the game got underway. Mark Lawrenson conceded anearly penalty, and injured himself inthe process. In his place, Paul McGrath cameon to win the first of his 83 caps forIreland. Two members of the presentIrish management team were involved– Liam Brady and Marco Tardelliwho was shown the game’s onlyyellow card by the Dutch referee. Despite Italy’s dominance – theywere to win 2-1 – the mood wasgood, and the abiding memory is ofa moment of pure comedy. WhenPaolo Rossi, who’d won the GoldenBoot as top scorer at the World Cup,and had put away the early penaltythat night, was substituted late on,he left the pitch to what certainlywasn’t his first ovation. It would surely, though, havebeen the first time that the touchlinewas thronged with fans, all ofwhom wanted to shake his hand ashe made his way to the dressingroom. We’ve come a long way sincethen, and South Africa still beckons,and once again, the World Cupholders are coming to town. A repeat of the result in Cypruswould do nicely. With a play-off, atthe very least, thus secured – wewouldn’t even miss the balmybreeze.

Main picture: RobbieKeane scores thevital late winner forthe Republic againstCyprus.

Top right: MarcoTardelli and below:Liam Brady – formeradversaries who arenow workingtogether on theRepublic’s qualifyingcampaign.

(Photos: Inpho)

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prizecrossword

PrevIous solutIon

Across: 1. Scrubbing; 6. Brush; 9. Begin; 10. Contender; 11. Enthusiasm; 12.Free; 14. Apostle; 15. Skaters; 17. Casinos; 19. Brigand; 20. Iota; 22. Coronation;25.Edinburgh; 26. Image; 27. Today; 28. Nerveless.Down: 1. Sable; 2. Righteous; 3. Banqueting; 4. Incline; 5. Genesis; 6. Beef; 7.Under; 8. Harnessed; 13. Capitalise; 14. Architect; 16. Eradicate; 18. Sporran.19. Brother; 21. Triad; 23. Needs; 24. Ably.

The winning entry was submitted by Hubert Croghan of Blackrock, Co. Dublin.

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

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

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

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

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

A prize of ¤50 will be given to the sender of the first correct entrydrawn from our post bag on October 30, 2009. Entries should besent to Crossword, Spectrum, IBOA – The Finance Union, IBOAHouse, Stephen Street Upper, Dublin 8. Photocopies of the gridare acceptable if you prefer not to cut up the magazine.

Across:1. Ultra-violet may be a form

of this (9)6. Even (5)9. Implicit (5)10. Pupa of moth in cocoon

(9)11. Commitment (10)12. Small pond (4)14. Knotted (7)15. Japanese warrior (7)17. Upper branches of oak or

ash (7)19. Stopping (7)20. Not fat (4)22. Decisively surpassed (10)25. Evaluation (10)26. Surprise (5)27. Throw out (5)28. Pact (9)

Down:1. Considered (5)2. Degeneration (9)3. Put into words (10)4. Encouraged (7)5. On edge (7)6. Fail to win (4)7. Worth (5)8. Paying attention (9)13. Join together (10)14. Excite (9)16. Restore to previous condition (9)18. Old state in the eastern part of Germany (7)19. Relative (7)21. Fruit (5)23. Resided (5)24. Quick (4)

iboa: quizzes

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Excellent worldwide travelinsurance at discount rates forIBOA members & their families

Family members may travelindependently of one another

For further details, please callPrestige Underwriting Services

on 00-353-(0)-49-4371505

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Inspired physicist and

inspiring teacher,

Albert Einstein was

also a trade unionist.

He was a founder

member of Local

(Branch) 552 of the

American Federation of

Teachers at Princeton University.

A prize of ¤30 will be awardedto the sender of the first correctentry drawn from our postbag on October 30, 2009.

All entries should besent to Sudoku, Spectrum,IBOA – The Finance Union,IBOA House, Stephen StreetUpper, Dublin 8.

A photo copy of the gridwill be acceptable – if youwould prefer not to cut up themagazine.

The winning entry for theSudoku Challenge in the lastissue was submitted by MaryFinn of Renmore, Galway.

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

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

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

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

7 5 1 9

4 3 9 7

1 5 8

6 7 8 3

9 6

4 3 9 8

2 4 1

4 3 9 5

3 5 1 4

II’M BBETTER OOFF AALTOGETHER!IBOA – the Finance Union

Are you duea refund?If you have been a member of anyof the following IBOA local areaSports and Social Club Draws thenyou may be due a refund.

South West Region Ulster Bank, EnnisNSC 98-56-80 A/C No 62978035

Midlands Region AIB Bank, DundalkNSC 93-24-50 A/C No 13881698

London District AIB Bank, KilburnNSC 23-83-95 A/C No 42023092

Although the monthly draws forthese accounts finished some timeago, some monthly payments havecontinued to be made. IBOA isrefunding all subscriptions back tothe date of the last draw. So, if you have been paying intoone of these draws, please copy andcomplete the form below and sendit – along with proof of your standingorder payment – to Accounts Depart -ment, IBOA, IBOA House, StephenStreet Upper, Dublin 8.

For more information, contactJessie Doherty, IBOA HonoraryFinance Officer at 00-353-1-4755908or at [email protected]

IBOA Sports and Social Club Draw

application for refund

Name: … … … … … … … … …

Address:… … … … … … … … …

… … … … … … … … … … …

Membership No.: … … … … … …

Contact No.: … … … … … … …

Member of which draw?

… … … … … … … … … … …

I confirm that I have been paying into the

above IBOA Sports and Social Club draw.

I am attaching proof of my standing

order payments.

Signed: ……………………………

It really doesn’t take much to work out!

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In this collection of essays on Regulation,Corporate Governance and Ethics in Banking,Ray Kinsella argues that the root cause of thepresent global financial crisis is an ethical ‘blackhole’ at the heart of corporate capitalism. Professor Kinsella makes the radicalargument that the business model – based onmaximising short-term shareholder value – isfundamentally flawed. Equally, he argues that the prevailingpolitical culture, with its emphasis on power –rather than on service to the human person –is incapable of rebuilding trust in bankingeither globally or within Ireland.

In this regard, he highlights the casefor a new inclusive international financialarchitecture, at the heart of which is a globalfinancial regulator. He argues that the global recession, as itis being experienced in the lives of people andin businesses, is not something that can besolved by the ‘old politics’ and by expenditure‘cuts’ in vital public services. Instead, the emphasis should be on reduc-ing the size of Government, and the ‘cult ofinterventionism’ in business and in the lives ofpeople. State support for credit institutionsshould therefore be conditional upon a changein the business model. Ireland, with its innate entre preneurialabilities, its “golden demographics” and its richrenewable-resource base, has, he argues,the capacity to grow its way through therecession. The key theme running through this bookis that a sustainable recovery requires aligningthe goals of politics and of business – includingcredit institutions supported by the State –to the common good as the single mostimportant condition for transforming the livesof individuals, institutions and countries. Ray Kinsella is on the Faculty of the Schoolof Business and Law at the Michael SmurfitSchool of Business, University College Dublin,and is also visiting Professor at the Institute ofEuropean Finance.

Published by Vonier Press, Wicklow, pricedE30, the book can be ordered online at:www.vonierpress.com

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Brendan’slabour of loveLest We Forget is another delight-ful GAA book by retired bankofficial, Brendan Fullam. It recalls epic games and out-standing hurling and footballpersonalities from every decadeof the GAA’s history and makesfascinating reading. Many of the photographs inthe book have not been seenbefore and add immensely to theexperience. Ladies football is dealt withthrough the person of MaeveQuinn of Leitrim – and the gameof camogie through sisters, Maryand Una Leacy of Wexford. Interestingly, three of the out-standing exponents of the moderngame of hurling featured in thebook are also bank officials – SeánÓg Ó hAilpín (Cork and UlsterBank), Henry Shefflin (Kilkennyand Bank of Ireland) and BrendanCummins (Tipperary and AIB). A must for all GAA fans, LestWe Forget is beautifully producedby the Collins Press, Cork.

read: ings

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Labour of Love: Brendan Fullam

CHAPTERS

BOOKSTOREParnell Street Dublin 1

10%discountfor IBOAmembers

Show your IBOA membershipcard at the pay point

RebuildingTrust in Banking

Daffodils are in bloom as dawnbreaks over the foothills of Bally-cumber, ushering in hope for a newday and stirring the ghosts of a pastfraught with sorrow, isolation andemptiness. Setting out in search of adviceon a budding love interest, youngEvans Stafford calls to the home ofhis friend, Nicholas Farquhar. Thefollowing morning the local boy isfound bloodied, note in hand. Whatis said during their brief encounterto fracture innocence and compelhim to violence? As Farquhar struggles to cometo terms with his actions and theirdevastating consequences he dis-covers that his memories and wordsare governed by a force greater thanhimself – a buried history that pro-pels both men towards a desperateand inevitable climax. Sebastian Barry’s startling andintimate portrayal of two unlikelycompanions reveals that they areconnected more closely than theyrealise, both haunted by solitude. Directed by David Leveaux,the world premiere of Tales ofBallycumber at the Abbey Theatrepromises to be one of the highlightsof this year’s Dublin Theatre Festival

when it opens on October 7 – withan excellent cast of Stephen Rea,Derbhle Crotty, Barry Barnes andAaron Monaghan. Although, of late, Sebastian Barryhas successfully turned his hand towriting novels – securing two ManBooker nominations in recent yearsas well as the Costa Book of theYear Award in 2008 and this year’sHughes & Hughes Irish Novel of theYear 2009 – his theatrical credits areeven more impressive – includinghis marvellous masterpiece, TheSteward of Christendom.

Playing for keeps:The world premiereof “Tales of Bally-cumber” by award-winning playwrightand novelist, SebastianBarry (bottom right)opens at the AbbeyTheatre on October 7.The cast includes

Stephen Rea (topright) and DerbhleCrotty (centre right).

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Special Offer forIBOA Members

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Great ExpectationsSebastian Barry play to premiereat Abbey Theatre in October

TALES OFBALLyCUMBER

¤1 off every CD you buy when youvisit www.cdwow.ie/iboa

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The director who broughtdocumentary film-making back intomainstream cinema with movieslike Bowling for Columbine (on guncontrol in the US), Fahrenheit 9/11(on the war in Iraq) and the Oscar-nominated Sicko (on the crisis in theUS healthcare system) is focussingon the collapse in the Americanfinancial system that, in turn, precip-itated the recent global meltdown. “It's not about an individual,like Roger Smith (the former ChiefExecutive of General Motors) or acorporation or even an issue likehealth care,” he says. “This is the bigenchilada. This is about the thing thatdominates all our lives –the economy.

I made this movie as if it was goingto be the last movie I was allowedto make.” It remains to be seen whetherCapitalism: A Love Story turns outto be the culmination of Moore’scareer as a film-maker. Due for general release inOctober after its premiere at theVenice Film Festival, there have beensuggestions that pressure to getthe film out quickly may haveprevented Moore from producingthe truly definitive critique. Never-theless, he adds reassuringly: “it’s acomedy.” The trailer posted on the inter-net reveals Moore in rare form –

taking empty moneybags intomerchant banks in order to reclaimmissing billions – “We’re here to getour money back.” Or striding into the lobby of thesalubrious headquarters of theonce-mighty insurance giant, AIG,in order to make a citizen's arrest ofthe Board of Directors. Or buttonholing Wall Streettraders to explain credit defaultswaps and other complex financialinstruments. Or interviewing the Con -gressional Oversight Officer withthe question on everyone’s lips:“Where's our money?” (Response:“I don’t know.”)

Wall Street scuffle:Satirical Americanfilm-maker, MichaelMoore (above), goesto the heart of NewYork’s financial districtto get his messageacross in his newmovie, Capitalism: ALove Story,

BIG SCREENS AT LOW COSTSwith IBOA The Finance Union

UCI Cinemas (Republic of Ireland)Half-price cinema tickets for all UCIscreens in the Republic of Ireland!Adult ticket: ¤5.90. Child ticket: ¤4.54.For tickets, contact IBOA at 01-4755908.

Storm Cinema BelfastVirtually half-price tickets!

Adult ticket: just £3!For tickets, contact IBOA

at 028-90-200130.

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Capitalism: A Love StoryMichael Moore takes aim at Wall Street“It's a crime story,” says Michael Moore describing his new documentary on the credit crunch. “But it’s also a warstory about class warfare. And a vampire movie, with the upper one percent feeding off the rest of us. And, of course,it’s also a love story. Only it’s about an abusive relationship.”

Do you ever get confused about thedifference between competitivenessand competition? Sometimes it’s hard to understand.But recent events might help toclarify matters. When IBOA lodges claims forpay increases on behalf of membersworking in the lower grades invarious financial institutions, thestandard response from manage-ment includes a range of reasonswhy such a claim should not beentertained – and top of that list isusually competitiveness. The institution would be seriouslydisadvantaged in relation to itscompetitors if the staff were to begiven increased rewards.

When French President, NicolasSarkozy, recently called on the headsof BNP-Paribas and other majorFrench banks to demand that thebonuses of senior executives becapped, they decided against opendefiance. But their handlers wereout afterwards briefing that, whilethe banks would do the President’sbidding if absolutely necessary, anycap on rewards for senior staff coulddamage the banks if executives werelured away by global competitors. So there you have it. On the onehand pay rises for rank-and-file staffwill make institutions uncompetitive.On the other hand, pay restraintsfor senior executives will make thesame institutions uncompetitive.

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Nowt, said Fred“Whatever you say, say nothing,” seems to be the advice beingproffered to former RBS Chief Executive, Sir Fred Goodwin,who left the job earlier this year under a massive cloud butsitting on a wonderful compensation package. While the logic of keeping your mouth shut and your headdown might be self-evident to the likes of you and me, itseems people like Sir Fred, who move in much more elevatedcircles, have to seek professional advice on the matter. In hiscase from the once and future spin-meister, David Burnside,who abandoned his career in public relations temporarily fora spell as an Ulster Unionist MP and MLA. In his previous life in PR, Burnside was the high-flying (punintended) Public Affairs Director for British Airways. However,his time with the airline came to an end after BA admittedit had engaged in negative campaigning against its rival, VirginAtlantic. Still, stating the obvious to a man of indecent meanssounds like a nice little earner!

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Speak no evil - Hear no evil: Sir Fred Goodwin (left) and his PR guru,David Burnside.

One sized capdoes not fit all!

Does the cap fit?Baudouin Prot, ChiefExecutive of BNP Paribas (Photo: SIPA).

Glennon’sCar & Home InsuranCeoffering a range of discounts exclusive to IBoa members inthe republic of Ireland, northern Ireland and Great Britain.

Telephone: 00353-1-7075999

email: [email protected] Web: iboa.glennons.ie

Spectrum September 2009

Documents

Transcript of Spectrum September 2009