June - financial services union

Transcription

The QuarTerly Magazine froM iBoa – The finance union
ALL TOGETHER NOW!
Even
rock stars
need a
union
Thom Yorke, Radiohead
JUNE 2009
INSIDESTORIES
june 2009
4-5
6-7
8
9
10-11
SHORTCUTS
COVERSTORY
NEWS
NEWS
NEWS
13
14
15
16-17
18
IBOANEWS
IBOANEWS
IBOANEWS
IBOANEWS
IBOANEWS
19
20-21
22-23
24
25
IBOANEWS
UNIONGUIDE
IBOANEWS
SPORTSSOCIAL
SPORTSSOCIAL
Goggin’s pay-off • Credit
ratings • Banking online
• New debt management
code • Public trust UK
banks
Madame President:
Margaret Browne becomes
only the second woman
to hold the Presidency in
IBOA history
Bank of Ireland:
Staff reject Bank’s stance
and refer issues to
mediator • No award
recommended for Staff
Stock Issue
There’s power in a
union – UK rock stars get
organised
Ulster Bank: members
back new terms for restructure • Pay issues
refereed to mediator •
Managing Sickness •
Overtime must be paid
Who’s who on the IBOA
Executive Committee
2009-20011?
UK Regulator gets tough
• Rise in complaints to
UK Finance Ombudsman
Danske Bank:
NIB moves on some aspects of pay • Enhancing
worker participation
BDC: Delegates back
major shift in banking
culture • Freeze on Union
dues • EU unions aim
to reduce inequality in
banking
Irish regulator under fire •
UK pension consultants
back call for worker
directors
ClearCo staff win
improved severance
terms • Carillion staff
secure pay rise • Election
for IBOA District Secretaries
• INBS staff get organised
At home with the Premier
League champions
What a Waste!– hain’s
$1,400 paper basket •
British bosses target
working mums for sack.
AIB: Staff back interim
mediation proposals
Don’t be afriad to mention
the War: Belfast members
visit Munich
Excellent worldwide travel insurance
at discount rates for IBOA members
and their families.
Family members may travel
independently from one another.
For further details, please call Prestige
Underwriting Services Ltd. +353 49 4371505
2
IBOA - THE FINANCE UNION
INSIDESTORIES
2009 june
26-27
28
UNIONPEOPLE
YOUTH
On the road to one million: Motor-bikers raise
€800,000 for charity in just four years • IBOA Golfer
of the Year
Getting down to business
29
30-32
33
LIFESTYLE
LIFESTYLE
SOUNDINGS
34-35
36-37
38
SIGHTINGS
IQ
SPORTINGLIFE
Save: Energy, Money,
Earth
Public Enemies – Robin
Hood robbing banks in
the Great Depression •
The alchemists of
catastrophe • Banksters
Cereal offenders: All
sweetness and… salt! •
Stay Safe in the Sun
Test your brain power
with the Spectrum prize
crossword and the
sudoku challenge.
Rock of Ages: American
legends and a Canadian
maestro
Two Irish teams for South
Africa? – with George
Hamilton
Spectrum is published by IBOA – The Finance Union,
IBOA House, Stephen Street Upper, Dublin 8 and
29, Malone Road, Belfast. BT9 6RU.
Telephone: 00353-1-4755908 and 0044-28-90382905
[email protected]
www.iboa.ie
General Secretary: Larry Broderick
Honorary Secretary: Tommy Kennedy
Communications Manager: Séamas Sheils
Advertising enquiries to Anna O’Doherty or
Louise O’Donnell in IBOA House.
Spectrum is printed on recycled paper and
wrapped for posting in oxy-degradable polythene
at W & G Baird, Antrim, Northern Ireland.
NAMA heralds
major change for
finance sector
The Republic’s new National Asset Management
Agency (NAMA) – which is likely to be legislated
into existence during the summer – is intended to
take over the management of up to E90 billion in
property loans and assets (both performing and
non-performing) from the six Irish-owned banks
covered by the State guarantee on deposits and
liabilities.
It is intended that NAMA will acquire the
loans at a significant discount from their stated
value – reflecting to some degree the collapse in
property prices.
The object of the exercise is to free up capital
for financial institutions to begin lending into the
Irish economy again.
While details of the precise workings of the
Agency have yet to be finalised, IBOA’s concern has
been to minimise the impact of the possible transfer of assets of this magnitude on the jobs of bank
staff currently working on handling this business.
Following representations from the Union to a
range of bodies – including the Irish Government,
Department of Finance, the acting senior management of NAMA, the Central Bank and the Financial
Regulator – it appears that the day-to-day handling
of this work will largely remain within the financial
institutions – with a small number of NAMA staff
acting in a supervisory role.
Some adjustments may be necessary in cases
where a borrower has received loans from a
number of institutions which are secured against
the same asset.
Similarly, the same assets may also have been
used as collateral on loans from both Irish-owned
and non-Irish-owned financial institutions. For
this reason, among others, NAMA may also consider buying loans from the Irish units of foreignowned banks on a case-by-case basis depending
on the complexity of the relationships between the
borrower and the various institutions concerned.
IBOA’s General Secretary, Larry Broderick,
said that the creation of NAMA was taking the
financial services sector in Ireland into laregly
uncharted waters.
“The unprecedented nature of the financial crisis means that nothing quite like this has been attempted anywhere in the world. There are no
precedents to draw upon: no templates to follow,”
he said.
“IBOA has argued very strongly that the expertise of bank officials will be absolutely critical
in this process. We have also lobbied the relevant
authorities to try to ensure that any potential impact on employment is kept to an absolute minimum. The response to our efforts has so far been
encouraging,” he added.
3
SHORTCUTS
june 2009
Brian Goggin
Goggin paid
E3m last year
Bank of Ireland’s former Chief
Executive, Brian Goggin, was paid
over E3m in the year up to March,
2009, according to the Bank’s recently
published Annual Report.
On top of his basic salary for last year
of E1.17m, he also received an additional payment of E1.4m “in lieu of
notice” since he resigned in February a
year early. Brian Goggin also triggered an
option in his contract allowing him to
receive his full pension – worth E650,000a-year – without actuarial reduction, at
age 58.
The Annual Report also reveals that
Goggin’s successor as Chief Executive,
Richie Boucher, received E1m last year as
Head of the Bank’s operations in the
Republic of Ireland – down from E1.46m
in 2007-8.
His current salary has been capped
at E500,000 by the Minister for Finance
since Bank of Ireland is one of the six
institutions covered by the Irish State
guarantee.
Standard & Poor’s headquarters in Lower Manhattan, New York
Standards poor: ratings
agencies deserve no credit
The recent decision by credit ratings
agency, Standard and Poor’s, to downgrade the Republic of Ireland’s credit rating from AAA to AA+ and to place Ireland
on “negative watch” has no doubt caused
some consternation in Dublin.
Likewise, the agency’s decision to place
the UK “on negative watch” – with a warning that it may not be able to keep its triple
A credit rating – may even have been a
contributory factor in the decision of
British premier, Gordon Brown, not to
replace Alistair Darling as the Chancellor
of the Exchequer, as he was widely expected
to do in his recent Cabinet reshuffle.
However, what is probably more
surprising is that these credit ratings
agencies have any credibility at all. After
all, their consistent over-rating of various
sub-prime mortgage packages in the US
10% off all products
purchased in the
Republic of
Ireland or
Northern Ireland
on presentation
of your IBOA
membership
card in store.
4
was one of the major triggers for the meltdown in the worldwide financial services
sector – and with it, the global economy.
The major ratings agencies recently
appeared before a US Congressional committee to try to explain how they had
repeatedly managed to give gilt-edged
guarantees to many of the highly toxic loan
instruments.
Although their performance before
the US legislators was far from convincing,
somehow their pronouncements on the
credit worthiness of sovereign States still
seem to be treated with something other
than the contempt that they might reasonably deserve.
Banking on
line on rise
The use of online banking in the Republic of
Ireland has increased significantly in the last
year, according to research carried out for
Halifax.
A survey by Amarach Research found
that 39% of people with internet access
used online banking, compared to 27% a
year earlier.
Of those using internet banking, around
two-thirds were logging on at least once a
week according to the latest survey compared to 55% a year earlier.
SHORTCUTS
2009 june
More trust in
banks in UK
Public trust in banks remains strong
in Britain despite the global financial
crisis.
A recent survey found that most people
still trust them more than they do organisations such as Britain’s National Health Service or the BBC.
In fact, the overall level of confidence
among the British public in banks, building
societies and insurers has risen since last
year, after increased government support
for the sector, according to the Financial
Services Research Forum, based in Nottingham University.
The Forum team asked over 1,400 consumers to rate various institutions out of
100. On average, banks scored just under
74, building societies scored 75, and credit
card companies scored 71.5.
Irish Banking Federation Chief Executive, Pat Farrell with Anne-Marie O’Connor of the
Money Advice and Budgeting Service (MABS) and the Republic’s Minister for Social
and Family Affairs, Mary Hanafin (Photo: Maxwell Photography)
’Till debt do
us part…
SPECIAL
SAVINGS
Irish financial institutions agree new code
The new IBF/MABS protocol
to help customers to
is set to become fully operational on September 28,
manage their debts
2009.
Twelve of the major financial institutions in the
Republic are to sign up to new guidelines to help
personal customers to manage their debt. Over two
years in the making, the agreement has been developed
jointly by the Irish Banking Federation (IBF) and
the State-supported Money Advice and Budgeting
Service (MABS).
MABS provides services and advice for people in debt
or in danger of going into debt.
The IBF says the protocol will enable IBF members
and MABS money advisers to work together effectively
to help personal customers to “address and manage
debt problems and, wherever possible, to formulate a
mutually acceptable, affordable and sustainable repayment plan.”
IBF Chief Executive, Pat Farrell, says that the new
guidelines are intended to give priority to seeking “workable solutions” over legal proceedings.
So far, the following IBF
members have agreed to
subscribe to it:
•
•
•
•
•
•
•
•
•
•
•
•
ACC Bank,
AIB Bank,
Anglo Irish Bank,
Bank of Ireland,
Bank of Scotland
(Ireland),
EBS Building Society,
KBC Bank Ireland,
National Irish Bank,
Permanent tsb,
Postbank Ireland,
MBNA Europe Bank,
Ulster Bank.
FOR IBOA
MEMBERS
¤30 off glasses from
the ¤130 range or
above in the Irish
Republic
£20 off glasses from
the £99 range or above
in Great Britain and
Northern Ireland
To receive your discount
voucher, phone
00-353-1-4755908.
5
COVERSTORY
june 2009
Thom Yorke, Radiohead
UK rock
stars get
organised
There’s power in a union
The stereotypical image of
the rock star is of a highly individualistic – often self-absorbed and narcissistic –
egomaniac living and working in a bubble which is far
removed from the daily grind
experienced by the rest of us.
So the notion that rock
musicians should be developing a sense of solidarity and
getting together to create
their own trade union is
particularly intriguing.
meeting in London recently – marks a
watershed in the music industry.
For the first time, pop and rock artists
are developing a collective voice to campaign for effective laws and regulations,
and for transparent and equitable business practices.
In particular, the FAC aims to fight to
ensure that interests of artists and fans –
without whom the music industry would
not exist – are not compromised by any
under the table deals between multinational corporations.
“The digital revolution has swept
away the old music business of the
1960s, and changed forever the relation-
member of the FAC’s board.
“For companies who made their living sitting between the two, these are increasingly hard times, but for music
makers and music fans this should be a
fantastic opportunity.
“YouTube’s row with the Performing
Rights Society is the most recent example
of just how fast the music industry is
changing,” he said.
“There has never been a greater need
for the collective voice of featured artists –
whose music generates 95% of revenue
in the industry – to be properly heard.
“As this revolution gathers pace
featured artists must seize the initiative.
Kate Nash
Annie Lennox
KT Tunstall
6
COVERSTORY
The Kaiser Chiefs (Photo: Pearl Marjorie draps)
2009 june
Special Offer for
IBOA members
For individuals:
Save €3 off full admission price
For Families:
Supersaver deal of €20 for family of four (normal price €35)
Offers may not be used in conjunction
with any other offer or promotion.
National Sea Life Centre, Bray Seafront, Bray,
Co. Wicklow. Tel. 01 2866939 www.sealife.ie
We are looking to forge a new deal, built
on fairness, with our fans, the music
industry and governments,” added
Rowntree.
“To achieve this, we must own our
future, take real control of our rights and
genuinely work together.
“Acting alone, artists’ voices will not
be heard. Acting together, we can be a
powerful force.
“Our rights are our power. By making
ourselves heard and arguing for what’s
fair, we can help reshape the industry for
the future so that it serves the interests
of those who want to make new music
as well as those who want to hear new
music,” he declared.
Along with Rowntree, the FAC’s first
board of directors includes Soul II Soul’s
Jazzie B, Billy Bragg, Radiohead’s Ed
O’Brien, Kate Nash, Mark Kelly of
Marillion and Master Shortie. Further
directors are to be appointed in due course.
Among the many other artists who
are backing the FAC are:
David Gilmour (Pink Floyd), Gang of
Four, David Gray, Fran Healy (Travis),
Jools Holland, Chrissie Hynde, Iron
Maiden, Howard Jones, Mick Jones,
Tom Jones,
Kaiser Chiefs, Klaxons, Annie
Lennox, Nick Mason (Pink Floyd), Ross
Millard (Futureheads),
Radiohead, Hal Ritson (Young
Punks), KT Tunstall, the Verve and
Robbie Williams.
HICKEY’S
Pharmacies
10% discount for
IBOA members on
all products
(excluding medicines
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from Hickey's Pharmacies in
Arklow, Cork, Drogheda, Dublin
(O'Connell Street, Henry Street,
Grafton Street, Harold's Cross,
Crumlin, Terenure, Tallaght,
Coolock, Phibsboro, Santry,
Finglas, Ongar and Tyrrelstown), Dundalk, Gorey, Maynooth, Navan and Newbridge.
Jazzie B
Richard Ashcroft of the Verve
7
NEWS
Walter Merricks, Chief Ombudsman
Rise in number
Financial regulator
of complaints
against UK
gets tough in UK
financial
Record fines of £27.3m –
institutions
The UK’s Financial Ombudsman Service
(FOS) – the independent organisation
that settles disputes between consumers
and financial companies – handled
789,877 consumer enquiries and a record
127,471 new complaints in the 2008/09
financial year.
The FOS annual review published last
month also revealed that the service
resolved 113,949 disputes – a 14%
annual increase – with compensation for
consumers in 57% of cases.
The number of complaints about
mortgages, credit cards and consumer
credit rose by 34% and insurance disputes
increased by 84% – while complaints
about mortgage endowments fell by
more than half.
While half of the total number of disputes handled by the FOS related to six
of the UK's largest financial services
groups – broadly in proportion to the
amount of business they carry out with
consumers – the annual report points
out that over 95% of businesses covered
by the FOS had no complaint referred to
the service during the year.
8
and even higher likely in future
2009 were for activity that took place before
The number of penalities imposed by the
the financial crisis really hit home.
UK’s Financial Services Authority is likely
“Any enforcement activity against
to reach record levels this year as the
financial institutions or their directors who
regulator aims to tighten up its scrutiny of
failed as the credit crunch took the ground
financial institutions.
from under them will not feed through
So far in 2009 the total value of fines
until next year or even the year after that.”
handed down by the FSA is £8.1m –
The increase in the
compared to £3.8m for the
level of penalties follows a
same period last year.
decision by the FSA to
A recent report by the
adopt a tougher approach.
London-based law firm,
FSA Chief Executive, Hector
Reynolds Porter ChamberSants, noted recently: “There
lain, further highlights the
is a view that people are
change in approach by the
not frightened of the FSA.
regulator by noting that the
I can assure you that this
total value of fines imposed
is a view I am determined
by the FSA in the twelve
to correct. People should
months to March this year
be very frightened of the
had risen to a record £27.3m
FSA.”
– an increase of 514% on
A spokesperson for
the previous twelve-month
the regulator added: “The
period.
increase in the levels of fines
Jonathan Davies, a
and the number of pro partner in the law firm,
observed that “most of the Financial Services Authority secutions are designed to
fines handed down in 2008- Chief Executive, Hector Sants act as a credible deterrent.”
NEWS
2009 june
Irish regulator under fire from
own consumer advisory panel
The Irish Financial Regulator’s response
to the banking collapse has been deficient,
according to a report from the Regulator’s
own Consultative Consumer Panel.
The Panel questions why the Financial
Regulator did not move to dampen down
the housing bubble at an earlier stage by requiring financial institutions to set aside
more capital for riskier products.
“Most consumers have lost substantial
sums of money because of the inadequate
functioning of the present financial
regulatory structures. The response of
the Financial Regulator has been deficient
to date,” says the report.
The Panel, which is appointed by the
Republic’s Minister for Finance, to monitor
the performance of the Financial Regulator
from a consumer viewpoint, said that there
is a need to address what gets regulated, how
it gets regulated and when it gets regulated.
The report suggested that any financial
products being proposed should be assessed
and given approval before being sold to
consumers, in the same way as pharmaceutical products.
The Financial Regulator’s office in Dublin (Photo: Sasko Lazarov, Photocall-Ireland!)
The panel said changes in the system of
regulation were needed at national and
European level, but said the change should
be about the willingness of regulators to act,
as well as changes in formal structures. It said
the regulator should be willing to tackle
large players in the market as vigorously as
it dealt with smaller players. The panel is
also seeking an explanation as to why executives on regulatory agencies should be board
members of financial institutions, and what
impact this had on the performance of
watchdog bodies.
The report welcomed the Government’s
recent commitment to reform the system,
but expressed concern about where the
consumer would fit into the new framework.
It called for financial institutions to have a
consumer representative on their board, or
a consumer panel reporting to the board.
UK pensions consultants back call
for worker directors in major banks
Worker representatives should sit on the
boards of major banks to “act as a counterweight to entrenched interests,” according
to the UK’s leading independent research
and advisory consultancy, PIRC, which
advises a number of pension funds responsible for assets worth £1.5 trillion.
Worker representatives should be
included on the boards of all large companies as part of a comprehesive overhaul
of the way big companies are governed in
the wake of the economic meltdown and
near-collapse of the world banking system.
Noting that German firms have a dual
board structure with a supervisory arm consisting of a range of community and trade
union interests and an executive board
comprised of senior management, Alan
MacDougall of PIRC, said: “I think something like the German model would
improve corporate governance, as well as
help to ensure that reckless policies –
particularly in the banking industry – are
challenged at an early juncture.”
PIRC's suggestions are outlined in a
detailed submission to the Financial
Services Secretary to the Treasury, Lord
Myners – which also proposes that voluntary
codes of governance be replaced by compulsory regulations that would be enforced
by the Financial Services Authority.
PIRC also wants shareholders to be
allowed to vote on audit reports at annual
meetings – with auditors forced to resign if
their reports were rejected.
“There are serious structural flaws in
the model of capitalism that we have grown
used to in the UK,” said MacDougall “and
these require urgent attention. The steady
inflation-busting growth in executive pay
whilst equity markets have see-sawed over
the past ten years destroys the myth that we
either have remuneration under control, or
have linked it to performance.”
The PIRC report also attacks the boards
of Britain’s banks for approving business
strategies and products that resulted in
extreme financial damage.
In future there must be greater scrutiny
of the independence and competence of
non-executives and greater accountability
to shareholders through annual elections of
all directors at large listed companies.
PIRC adds that “multiple directorships,
particularly for those on the boards of major
financial institutions, must be vigorously
challenged.”
9
INTERNATIONALNEWS
june 2009
What a waste!
Thain’s $1,400 paper basket
Just when we thought no-one
could top former RBS Chief
Executive, Sir Fred Goodwin,
for sheer vanity, arrogance
and wasteful extravagance,
along comes former Merrill
Lynch boss, John Thain, who is
reported to have spent over
$1.2m on refurbishing his
office. With Merrill on the
brink of possible collapse,
Bank of America agreed to
buy it last September. Thain
was sacked in January.
Encore…
GIVE US
A BREAK
IBOA’s Breakaway programme – offering
short holiday breaks at leading hotels in
Ireland at special discounts to IBOA
members – has been extended with the
addition of ten more hotels.
For a full listing of all 40 hotels
participating in the scheme, log on to the
IBOA website at www.iboa.ie/services/
discount/hotelbreaks.html
10
Merrill Lynch Chief Executive, John Thain (left) greets his new boss, Kenneth Lewis of
Bank of America, after the US Government backed BOA to rescue the former Wall
Street giant from possible collapse by acquiring it.
John Thain’s taste for the finer things in life
meant that no expense was spared to
create the perfect working environment in
his New York office.
Following his sacking by the company’s
new owners, it was revealed that “superThain” – as he was known because of his
resemblance to Superman’s alter ego Clark
Kent – had spent $1.22m of Merrill’s money
renovating his office a year ago. Included in
the sumptuous decor were a $87,784 rug, a
$35,115 commode and a pair of curtains
costing $28,091. Even the waste paper bin
cost $1,405.
Although in previous years such
extravagance would have passed largely
unremarked, in 2008 the writing was
clearly on the wall for the troubled Wall
Street giant but “superThain” – minus the
X-ray vision obviously – behaved as if he
was in utter denial.
Merrill’s final catastrophic quarter as an
independent entity resulted in a staggering
$15.3bn deficit as a result of its continuing
exposure to toxic derivatives and bad mortgages.
Lifestyles of
the rich and
shameless
Bank of America became so concerned
about these figures that it might have withdrawn from the acquisition deal if a $20bn
aid package had not been forthcoming from
the US Treasury, prompted by fears of
another Wall Street bankruptcy in the wake
of Bear Stearns and Lehmann Brothers.
Despite the colossal deficit, Thain
approached the Merrill board for a $10m
bonus for selling the business. However,
when his counterparts at other financial
institutions like Goldman Sachs and Citigroup announced that they would forgo
personal payouts, Thain backed down.
Probably the final straw for his new
owners was the discovery that Thain was
planning to lead a Merrill delegation to the
recent World Economic Forum in Davos.
His proposal to take over a hotel and offer
lavish receptions for the press and banquets
for other opinion leaders were in stark contrast to the Bank of America’s own plans for
a single cocktail reception.
His sacking in January was brief and to
the point – during a 15-minute meeting
with BOA chief, Kenneth Lewis. The onetime Goldman Sachs executive and former
Chief Executive of the New York Stock
Exchange is apparently having trouble finding a new employer. According to the Wall
Street Journal, a friend described him as
“radioactive” – an approporiate description
in view of the highly toxic financial products
which laid Merrill low.
NEWS
2009 june
British bosses
target working
mums for sack
The number of pregnant women and new
mothers losing their jobs in Britain has
grown at an “alarming” rate since the onset
of the recession as employers select them
for redundancy in preference to colleagues
without children, according to an alliance of
campaign and support groups.
The Alliance Against Pregnancy Discrimination in the Workplace has noted that
there has been a sharp rise in the number
of women calling helplines or seeking legal
advice because their jobs have been terminated during maternity leave or pregnancy.
“It appears that some employers are
using the recession as an excuse to break
the law on discrimination,” says the alliance.
About 30,000 women are estimated to
lose their jobs each year in Britain as a result
of pregnancy, according to the Equality and
Human Rights Commission. However, the
economic downturn is expected to result
in a significant increase in that number.
Briefly…
IBOA MEMBERS’
BOAT FISHING
TOURNAMENT
Cleggan Co. Galway Saturday September 12, 2009
Species Competition*
Weigh-in at Oliver’s Bar Cleggan
Prize-Giving Dinner: Prizes for Overall Winner, Runner-Up,
Best Fish and more
Tackle Hire Available, If Required
Cost per person sharing for 2 nights B+B, fishing and dinner
staying at:
Sharamore House ¤170 www.sharamore.com
Foyle’s Hotel ¤195 www.foyleshotel.com
To book a place, please contact John or Sue Brittain at Bluewater Fishing
Credit card and IBOA number required at time of booking.
E-mail [email protected] Phone: 095 21073
CHECK
OUT OUR
SMALLS
IBOA members’ small ads – including
holiday apartments to rent or buy –
are online at on the IBOA website at
www.iboa.ie/services/smallads.html
IBOA members can advertise on the
site for free by using the ‘Contact Us’ form
at www.iboa.ie/contact/
* The competition will be a species competition fished over one day and each
competitor will bring to the scales the heaviest fish of each species that he or
she catches. In the event of tied number of species the winner will be decided
by the total weight of his/her fish. The weigh-in will take place at Oliver’s Bar
and will be supervised by the Western Regional Fisheries Board.
For all details regarding rules, etc, please contact John Brittain by email at
[email protected] or phone 095-21073 or 086-2779622.
11
Taking office at one of the most
difficult periods in the history of IBOA,
our new President, Margaret Browne,
is only the second woman in the
Union’s history to hold the office –
the first being Susan Bustard in 20032005.
Margaret took up office at the Union’s
recent Biennial Delegate Conference with
the unanimous endorsement of the
delegates.
Margaret is uniquely qualified for the
post – having served two terms on the
Executive Committee representing staff in
two different banks – the first from 19741992 as an employee of AIB and the second
from 2007 onwards as an employee of Bank
of Ireland.
A native of Tipperary, Margaret began
her career in banking at the Provincial Bank
in Waterford in 1969. From 1970 to 1974
worked in AIB in Finglas where she served
as the IBOA Representative. In 1974, she
transferred into Branch Implementation,
where she was again the IBOA Representative
for the next fifteen years.
In 1974, she was also elected to the
Executive Committee of the Union –
serving continuously until 1992. For ten of
those years, she also served as an honorary
officer on the Executive Committee as
Women’s Representative.
A veteran of three major industrial
disputes – the strikes of 1970, 1976 and
1992, Margaret also served as President of
the Irish Conference of Professional and
Service Associations (ICPSA) – to which
IBOA is also affiliated.
In 1992 Margaret took a break from
mainstream banking. After brief part-time
roles in both ICS Building Society and First
Active, she was employed by Bank of
Ireland in 1998 initially on a temporary
basis and subsequently as a permanent
employee.
Margaret has also been very active in
the Irish Bankers’ Club as a committee
member for many years and is currently its
Vice Chair.
“IBOA has been a huge part of my life
for many years,” Margaret told Spectrum.
“I have been lucky to have been able to
engage so actively in the affairs of the Union
because of the patience of my husband,
Dan, and my son, David, who have shown
remarkable understanding and have recognised the important role the Union plays –
and the necessity for volunteer activists to
sustain it.
IBOA President, Margaret Browne
Madame President
“IBOA has never been more necessary
for staff in the financial services sector than
it is now. The crisis in our industry is of
unprecedented proportions. Some people
have asked me if I am intimidate or overwhelmed by the sheer scale of the crisis.
“I am reminded of the old question
about another seemingly impossible task:
‘how do you eat an elephant?’
“The answer, of course, is: “One piece
at a time!”
“That’s how we will face all of these
challenges. We will work our way through
them with patience and determination: we
won’t be overwhelmed. We will strive to
protect our members’ jobs and to achieve
the best possible terms and conditions for
all members in the circumstances.”
13
ULSTERBANK
june 2009
Members
back new
terms for
restructure
IBOA members in Ulster Bank and
First Active have backed the final terms
for the restructuring of the Group –
recommended by the mediator along
with other terms secured by the Union –
by a substantial majority in a recent
ballot.
The final package secured improvements in the severance terms originally
offered by the Bank as well as the inclusion
of an early retirement option for limited
numbers of staff.
The agreement also copperfastened the
voluntary nature of the severance and early
retirement arrangements – as well as
specifying the framework for any redeployments or transfers of continuing staff –
along with appropriate appeals procedures.
The redundancy and early retirement
schemes are now closed to applications.
The Bank is processing applications in line
with the mediator’s recommendation.
Implementation
Following the conclusion of the One Bank
negotiations, Ulster Bank has announced
several detailed restructuring plans in areas
including Wealth, Bancassurance, Risk and
HR. The Bank has committed to engage with
IBOA in all or any such announcements in
the future.
IBOA has also challenged the Bank in
some parts of the business where members
have been told that they will have to enter
into a selection process for their existing
jobs in variance to the agreement.
In the meantime, members in any area
where restructuring announcements arise
should contact IBOA for advice if required.
IBOA will continue to issue relevant updates to all affected areas where the Bank
has identified plans to restructure.
Business as usual
IBOA continues to engage with senior management on the range of ‘business as usual’
issues affecting members in Ulster Bank.
Members should log on to the Ulster Bank
section of the IBOA website where updates,
circulars and briefing documents are posted
on a regular basis – www.iboa.ie/ulster-bank/
14
The IBOA’s Ulster Bank Executive Committee: (from left) front: Jaynette Stirling, Kerry
Christie, Catherine Maher; back: Tommy Kennedy, Fergus Reynolds and John Burns.
Information meetings
Members of IBOA’s Ulster Bank Executive
Committee – supported by the Union’s
Senior Industrial Relations Officer, Steve
Tweed, and General Secretary, Larry
Broderick, have now concluded a followup series of meetings with IBOA members.
Over thirty local meetings have been
held since the Bank’s restructure plans were
announced. Generally well attended, the
meetings offered members throughout the
Ulster Bank network an opportunity to raise
issues and concerns.
:
The full text of the recommendation – as well
as a commentary and other recent IBOA
communications – is available online at
www.iboa.ie/ulster-bank/
Overtime must be paid
The recurring issue of unpaid overtime in
Ulster Bank has been consistently raised
with management by IBOA.
In Retail, senior management has
made a commitment that, where overtime is authorised, it will be paid in line
with existing agreements.
Following reports from members, IBOA
has highlighted to management a number
of branches with problems of unpaid
overtime. In response the Bank has made
the due payments.
Any members in a branch where
overtime is being worked but not paid
should ask their local IBOA Rep to contact the Union to take the matter forward.
In the meantime the message is simple:
members should not work overtime unless it has been authorised for payment.
Pay issues referred
to mediator
In its pursuit of the outstanding issue of pay,
the Union has urged senior management to
address the ongoing need for an increase for
2009 as well as contractual obligations such as
PEF/performance rewards and increments.
Basic pay rates in Ulster Bank have
traditionally been lower than those of their
rivals – with enhanced payments from the
profit share scheme providing a necessary
top-up. Since RBS has announced that the
profit share scheme has been discontinued,
the Union is seeking compensatory measures.
In view of the significant differences
between the positions taken by the Union
and the Bank, it has been agreed that these
matters should now be referred to a third
party mediator for consideration. The Union
is advising members not to co-operate in
setting PEF targets for 2009-10 until the issue
of the payment of PEF awards for 2008-9
has been resolved satisfactorily.
Managing Sickness
IBOA has expressed concern to management over the significant rise in complaints
from members on sick leave about “harassment” by the Bank – including frequent
contact by phone and an increasing tendency to make home visits and send text
messages. This is of particular concern to
members off work with work-related stress.
Any member who is affected by this
issue (or any line manager members concerned at being asked to contact staff out
sick) should contact IBOA for advice.
DANSKEBANK
2009 june
NIB moves
on some
aspects
of pay
IBOA members in National Irish Bank
are currently balloting on the outcome
of the recent negotiations between the
Union and senior management on
a number of issues including the
implementation of the National Wage
Agreement; and the honouring of
increments, performance payments
and the 4% bonus payment already
agreed.
The Bank has agreed to pay incremental
wage increases for all eligible employees
with effect from April 1, 2009.
Senior management has also agreed to
pay performance-related pay with a focus
on performance pay increases for premanagement staff with effect from April 1,
2009. This issue is to be reviewed before
December 31, 2009.
As for the National Wage Agreement,
the two sides have agreed to await the outcome of the talks currently taking place
between the social partners at national
level. Once these have concluded, further
discussions will take place between IBOA
and the senior management.
The Sharing Success Organisational
Payment – which was agreed between the
Bank and IBOA in 2007 and would be
worth an extra 4% of salary – cannot be
paid at the present time. However, manage-
Danske Group employee and management representatives from around Europe
took part in the worker participation seminar in IBOA House last month.
Enhancing worker participation
in the Danske Bank Group
:
The full text of the agreement – as well as
other IBOA communications for members
in National Irish Bank – is available at
www.iboa.ie/national-irish/
ment has committed to pay it when the
Bank returns to profitability.
Management has also provided IBOA
with a commitment that if any restructuring
of the Bank is necessary during 2009 which
would involve a reduction in staff numbers,
then any job losses will be managed
by agreement with IBOA and through a
voluntary process.
The Union’s National Irish Bank
Executive Committee regards this as an
important commitment given the current
difficulties within both the financial services
sector and the wider economy.
Staff in Customer Direct in Northern Bank took part in a quiz night in the Belfast Bankers’ Club last
month to raise funds for the Northern Ireland Cancer Fund for Children (NICFC). Organised by the Social
Committee in Customer Direct, the quiz was the culmination of a day of activities involving a dress
down day in work, a raffle and hot dog sales – which raised over £900. The Bank has pledged to
match all funds raised. Pictured above are the winning quiz team of William Watt, Conor McComb,
Catherine McGurk and Mark Johnston.
A major seminar on worker participation for Danske employee and management representatives from around
Europe was held in IBOA House,
Dublin last month.
The seminar also provided a most
welcome opportunity to discuss trans national co-operation between the employee
representatives and consultation with management of Danske Bank Group.
After several acquisitions and mergers,
Danske Bank Group now employs staff in
twelve different countries.
Decisions made at Group level are being
applied across national borders to an
increasing extent – affecting staff in many
countries.
Apart from IBOA which represents
members in Northern Bank and National
Irish Bank, other trade unions participating
at the seminar included:
– Danske Kreds, representing members in
Danske Bank Denmark,
– Suora, representing members in Sampo
Bank, Finland,
– Finansforbundet i Fokus Bank, representing members in Fokus Bank, Norway, and
– Finansforbundet i Danske Bank, Sverige,
representing members in Danske Bank,
Sweden.
IBOA’s Danske Bank Group Officer,
Robert Thompson, said the event had been
useful at a number of levels.
“Apart from improving the level of understanding of EU legislation on worker
participation,” he said, “the seminar had
also enabled representatives to exchange
experiences and ideas – which should
enhance cohesion among Danske staff in
Europe.”
The seminar was supported by the EU
Commission.
15
IBOANEWS
ClearCo staff
win improved
severance terms
IBOA members at ClearCo in Belfast
have secured substantially improved
severance terms – having earlier
served notice of industrial action after
a 100% strike ballot.
With notice due to expire on Monday,
June 15, new terms were brokered with the
assistance of an independent third party,
Mr. Liam Deane, on Friday June 12.
Under the proposals which staff are to be
balloted on as we go to press, members will
now receive 5.5 weeks’ pay for each year of
service (with no upper limit) – together with
a co-operation bonus payment equivalent
Election for IBOA
District Secretaries
The election of IBOA District Secretaries
in the major financial institutions is now
under way. District Secretaries play a key
co-ordinating role – ensuring that IBOA reps
are supported in the workplace with advice
and information.
Nominations were sought last month
with the result that a total of 104 District
Secretaries were elected unopposed. Contests are set to take place in five locations:
• Cork (Bank of Ireland South Region)
• Direct Banking (AIB Midlands Region)
• Galway (AIB North West Region)
• Limerick/Clare (AIB South West Region)
• London, North & East Region (Allied
Irish Bank GB)
june 2009
to eight weeks’ pay (with no upper limit and
a minimum threshold of £1,000).
Senior Industrial Relations Officer, Steve
Tweed, said that the Union’s claim for
improved redundancy terms had been
underlined by the determination of the
members who had voted unanimously to
back industrial action.
“Since this is effectively a compulsory
redundancy because ClearCo is closing
down with the work (clearing cheques for
Bank of Ireland and AIB) being transferred
to Dublin, our members are entitled to
generous settlement terms.
“The proposed terms provide for a
significant improvement on what was originally on offer from management. So our
members decided to suspend the industrial
action so that a ballot on the proposals
could be held. Management in turn agreed
to suspend the migration of work to Dublin
while the ballot is being held.”
Carillion staff secure
pay rise
IBOA members in Carillion have received the first phase of the second
module of the Republic’s National
Wage Agreement, Towards 2016.
As no nominations were received in a
further 12 locations, the Union’s Executive
Committee will consider further steps to
fill these vacancies.
“With the current crisis in the financial
services sector, it is essential that we have
a fully functional representative structure
in place,” said IBOA’s Honorary Secretary,
Tommy Kennedy.
Senior Industrial Relations Officer,
Gerry Hanna
CRUNCHIN
NUMBERS
Special offer for
IBOA members –
10% off all
general dentistry
64
16
The value of deposits (in
billions of euros) in Anglo
Irish Bank which is covered
by the State guarantee
scheme in the Republic.
Senior Industrial Relations Officer,
Steve Tweed
Staff received the 3.5% increase with
effect from April. A further 2.5% increase
is due in October.
Management has also given a commitment to hold another pay review in January
2010.
IBOA Senior Industrial Relations
Officer, Gerry Hanna, said the outcome of
negotiations was a very positive development for our members working for Carillion
in the Republic of Ireland – “not least
because these pay improvements exceed
the level of increase for Carillon employees
in the UK.”
Visit www.smiles.ie for details or call your
nearest clinic at the phone number below:
Cork: 021-4274706.
Galway: 091-575007.
Dublin 1: 1850-323323. Dublin 2: 01-6728938.
IRISHNATIONWIDE
2009 june
Irish Nationwide staff start
to get organised with IBOA
A substantial number of staff in the
Irish Nationwide Building Society
have now joined IBOA The Finance
Union.
Although the building society has been
traditionally non-union under the extremely
personalised style of management of former
Chief Executive, Michael Fingleton, staff at
Irish Nationwide have taken advantage of
the new circumstances that have emerged
since the introduction of the State guarantee
on deposits and loans.
With the society’s future rather more
uncertain as a result of the level of impaired
loans on its books, staff consider that they
need the protection of a strong trade union.
According to some estimates, up to 80%
of Irish Nationwide’s loan book may be tied
to commercial loans – which may come
under the aegis of the National Asset Management Agency (NAMA).
If the day-to-day management of a
significant proportion of these impaired
loans was to be transferred away from Irish
Nationwide, it could have a profound impact
on employment levels in the building society.
“Our growing membership in Irish
Nationwide are entitled to feel concern
for the future of the society as a whole and
their own prospects within it,” said Union
General Secretary, Larry Broderick.
‘The society has been left in a rather
precarious position as a result of the policies
pursued by management in the past – an
approach that seems to have been a far cry
from the primary purpose of a mutual society
– namely to finance the purchase of homes
for ordinary house-buyers,” he noted.
“IBOA will strive to ensure that the
interests of our members in Irish Nationwide are fully protected – now and into the
future,” he added.”The Union has written
to the society’s new Chief Executive, Gerry
McGinn, seeking an early meeting.”
17
AIBGROUP
june 2009
AIB staff back
interim mediation
proposals
IBOA members in AIB Group in the Republic
of Ireland have voted by a substantial
majority to accept the recommendations
from Kevin Foley of the Labour Relations
Commission (LRC), on a range of issues
which had been the subject of protracted
negotiations between the Union and the
Bank’s senior management.
Similar proposals from the Labour
Relations Agency (LRA) in Northern Ireland
have been endorsed by members in First
Trust Bank – while the ballot on proposals
from ACAS in Great Britain has yet to be
concluded pending the need to clarify the
Bank’s interpretation of one element.
At the end of those negotiations the
Bank’s senior management had proposed:
• a two-year pay pause;
• a mandatory 5% contribution from staff
not already making contributions to the
Bank's Defined Benefit Pension Scheme;
and
• changed pension benefits for all staff.
The Bank’s management had also failed to
respond positively to Union demands for:
• a meaningful commitment to job security;
• payment of the National Wage Agreement or contractual obligations; and
• resolution of other outstanding issues.
IBOA members in all three jurisdictions
overwhelmingly rejected the Bank’s proposals and mandated the Union’s AIB
Executive Committee to pursue these issues
through the various independent conciliation agencies – the LRC, the LRA and ACAS.
Following further submissions from both
IBOA and AIB management, the Director of
Conciliation to the Labour Relations Commission, Kevin Foley, put forward a series
of proposals for consideration. Similar proposals were also forthcoming from the
Labour Relations Agency and ACAS.
The key elements of these proposals were:
National Wage Agreement in Republic
Both parties should re-convene at conciliation
in four weeks to assess the environment
in relation to the payments due under the
National Wage Agreement, (i.e., 3.5% due
from November 1, 2008 and a further 2.5%
due from May 1, 2009).
Contractual Obligations/Increments
AIB should pay all increases due under
Career Framework, performance-related
pay, Career Path and increments after a
18
deferral of six months. The parties should
engage in a further review of Career Framework to be concluded before the end of
December 2009.
This was a significant breakthrough
in light of the Bank’s prior stance that no
contractual obligations, increments, performance-related pay or Career Path payments
should be paid for a period of two years.
Pensions
The issue of pensions should be separated
from the pay negotiations. Detailed discussions should take place between the parties
on the complex issue of the AIB Pension
Scheme with comprehensive information
to be made available to the Union to assist
the negotiations – and with progress on
these negotiations to be evaluated by the
independent third party in four weeks’ time.
Since the proposals were endorsed by
the Union’s members in AIB, engagement
has begun on the pensions issue. IBOA has
requested detailed information for analysis
by the Union’s pensions advisers.
Job Security
No compulsory redundancies should take
place in the Bank during 2009. Any redundancies that may be required in that period
should be implemented on a voluntary
basis in line with IBOA's agreed negotiating
procedures and with the partnership principles between the Bank and IBOA.
Outstanding Issues
During recent months IBOA had tabled
a number of outstanding issues to be
Kevin Foley, Director of Conciliation
to the Labour Relations Commission
addressed with management including:
— Review of profit share
— Staffing
— Minimum Competency Requirement
— Management’s unilateral decision to
amend bank holiday payments for parttime staff
— Absence Management
— Managers’ pay
— Review of the culture in AIB
— Relationship between IBOA and the
new management team
— Implementation of existing agreements.
According to the mediation proposals both
sides should resolve this agenda by December
2009.
Although the Union’s AIB Executive
Committee considered that the proposals
did not fully address all of the issues, it
regarded them as an interim arrangement
which would represent significant improve ment on the Bank’s position and the best
that could be achieved without recourse to
industrial action at this juncture.
Since the management negotiating team
had agreed to recommend the proposals to
their superiors, IBOA decided not to proceed with its threat to make an intervention
at the Bank’s EGM/AGM last month.
10% discount on any mobile phone or
mobile accessory for IBOA members
in the Republic of Ireland.
BANKofIRELAND
Staff reject Bank’s stance
and refer issues to mediator
IBOA members in Bank of Ireland Republic of Ireland, Northern Ireland
and Great Britain have overwhelmingly rejected the senior management’s proposals on pay, job security,
pensions, recognition, culture and
other outstanding issues – which had
been the subject of negotiations between the Union and the Bank.
Following the decisive vote in the consultative ballot on the Bank’s final position
in the talks, the Union has now referred the
issues to the agreed independent mediator,
Mr. Mark Connaughton, Senior Counsel.
Pay
At the conclusion of an extensive round of
talks between IBOA and Bank of Ireland
senior management, the Bank had indicated
that, because of its current financial position,
it did not intend to pay increments, performance rewards or cost of living increases even
though staff had made a major positive contribution to the business.
IBOA had argued that the Bank’s position
would effectively amount to a twelvemonth pay freeze for non-managerial staff.
Such a move would be a breach of the
National Wage Agreement in the Republic
of Ireland, unacceptable in Northern Ireland
and Great Britain and would fundamentally
undermine the contractual arrangements
for existing staff.
Job Security and Culture
While senior management had indicated
that it had no plans for any job losses at this
time, it had declined to conclude a Job
Security Agreement with IBOA which would
have guaranteed no compulsory redundancies
over a reasonable time-frame.
IBOA had argued that the Bank has a
responsibility to its staff to conclude a Job
Security Agreement. While the Union recognised that some restructuring may have to
be negotiated in the Bank, the least our
members would expect is a commitment
from management that any job reductions
would be implemented on a voluntary basis
in line with existing agreements.
IBOA had also argued strongly that the
culture in Bank of Ireland was in need of
fundamental change and that the Bank
should re-evaluate its approach to pay,
performance management and targetsetting in order to create a more acceptable
operating environment.
Management had stated that there was
no need for any change in the culture in the
Bank since the current problems had nothing
to do with organisational culture.
Senior Counsel, Mark Connaughton – independent mediator
Collective Bargaining
IBOA had sought recognition for collective
bargaining for all groups of members
employed in Bank of Ireland – including
managerial staff. The Bank had refused to
accede to IBOA’s request to seek collective
bargaining for managers and other groups
not formally recognised for collective bargaining purposes.
In putting the senior management’s
position for consultative ballot by members,
IBOA’s Bank of Ireland Executive Committee
had summarised the Bank’s approach as
“opportunistic in using staff’s contractual
and other pay entitlements to reduce
costs at a time when staff are under severe
pressure financially and otherwise.”
With the overwhelming majority of
members having agreed with the Executive
Committee’s assessment, the focus now
moves to the independent mediator, Mark
Connaughton, who will now consider the
submissions made by the two sides and
issue settlement proposals.
No award recommended for Staff Stock Issue
The agreed independent arbitrator, Mr. Kieran Mulvey has recommended that “it would
not be in the overall medium interest of the Bank and its employees to award a staff
stock issue in 2009.”
While rejecting payment of an award
Under the terms of the Cost and Capathis year, Mr. Mulvey’s recommendation
bility Agreement – a four-year restructurdid underline the importance of co-operative
ing programme originally agreed in 2005,
engagement in times of great difficulty and
Mr Mulvey is the final arbiter on the gainuncertainty in the financial services sector.
sharing element.
He urged the parties to “consider how such
“We are naturally disappointed that the
a positive engagement could be conoutcome of the process has not delivered
structed for these uncertain times ahead,
more for our members,” said IBOA General
where significant change management
Secretary, Larry Broderick.
issues are inevitable and where staff will
“So it is vital, that the Bank responds
be required to contribute to ongoing
positively to the range of outstanding
change in the future.”
issues – which have now been referred to
the agreed independent mediator, Mark
The full text of Mr. Mulvey's recommendation
Connaughton, for detailed consideration,”
is available online on the IBOA website at
he added.
www.iboa.ie/bank-of-ireland/
:
19
UNIONGUIDE
june 200
2009
EXECU
COMM
2009-
The Executive Committee con
together with the General Secr
are colour-coded according to
represent. The seven member
make up the Officer Board alon
Elaine Barker
Bank of Ireland
NORTH-WEST
Dominic Boyd
Bank of Ireland
BELFAST
Irene Breen
Bank of Ireland
DUBLIN
Brendan Hannon
Bank of Ireland
DUBLIN
(Sligo)
(Belfast)
(Dublin Retail)
(Dublin Depts/Bus)
Mairead Kelleher
Bank of Ireland
SOUTH-WEST
Stephen Kennedy
Bank of Ireland
SOUTH
Ciaran Mahon
Bank of Ireland
DUBLIN
Dave Keane
Bank of Ireland
SOUTH-EAST
Margaret Browne
Bank of Ireland
DUBLIN
(Tralee)
(Cork)
(Dublin Depts/Bus)
BOI Group Officer
President
Margaret Power
Bank of Ireland
GREAT BRITAIN
Liam Ross
Bank of Ireland
OUTSIDE BELFAST
Kerry Christie
Ulster Bank
BELFAST
John Burns
Ulster Bank
OUTSIDE BELFAST
Tommy Kennedy
Ulster Bank
DUBLIN
(London)
(Banbridge)
(Belfast)
UBG Officer
Honorary Secretary
Ger Rowan
Bank of Ireland
DUBLIN
Tom Ruttledge
Bank of Ireland
MIDLANDS
Catherine Maher
Ulster Bank
DUBLIN
Fergus Reynolds
Ulster Bank
OUTSIDE DUBLIN
Jaynette Stirling
Ulster Bank
BELFAST
(Dublin Retail)
(Portlaoise)
(Dublin)
(Cavan)
(Belfast)
BANK OF IRELAND GROUP
20
ULSTER BANK GROUP
UNIONGUIDE
200 june
2009
UTIVE
MITTEE
-2011
nsists of 38 elected members
etary (ex officio). The members
the financial institutions they
s enclosed by the dotted line
ng with the General Secretary.
Robin Bell
First Trust Bank
BELFAST
Carmel Curran
First Trust Bank
OUTSIDE BELFAST
Roger James
AIB Bank
DUBLIN
Tom Lydon
AIB Bank
SOUTH-WEST
(Belfast)
(Derry)
(Dublin)
(Newcastle West)
Jessie Doherty
AIB Bank
NORTH-WEST
Claire Walsh
AIB Bank
MIDLANDS
Sharon McAuley
First Trust Bank
BELFAST
John O’Gorman
AIB Bank
DUBLIN
Michael Ryan
AIB Bank
GREAT BRITAIN
Hon. Finance Officer
AIB Group Officer
(Belfast)
(Dublin)
(London)
Robert Thompson
Northern Bank
OUTSIDE BELFAST
Pat Carson
Northern Bank
BELFAST
Moya Cotton
Northern Bank
OUTSIDE BELFAST
Etain Ryan Lyons
AIB Bank
DUBLIN
Ursula Tighe
AIB Bank
SOUTH
Danske Group Officer
(Belfast)
(Dungannon)
(Dublin)
(Cork)
Eileen Gorman
Northern Bank
BELFAST
Chris Cavanagh
National Irish Bank
DUBLIN
Fionnuala Duignan
National Irish Bank
OUTSIDE DUBLIN
Kate Varley
AIB Bank
DUBLIN
Gerard Watson
AIB Bank
SOUTH-EAST
(Belfast)
(Dublin)
(Athlone)
(Dublin)
(Waterford)
DANSKE BANK GROUP
AIB BANK GROUP
21
IBOANEWS
june 2009
Delegates back major
shift in banking culture
IBOA General Secretary, Larry Broderick,
addresses the Union’s recent Biennial
Delegate Conference in Dublin.
:
An extended report on IBOA’s Biennial
Delegate Conference was circulated to
members through local IBOA Reps. If you
missed it for any reason, you can view it at
www.iboa.ie/conference/bdc/2009.html
Delegates to IBOA’s highly successful
Biennial Delegate Conference have given
their backing to a programme of fundamental
changes to restore integrity to the financial
services sector. These changes include:
• A Commission on Banking to set out
the future of Irish banking;
• A major reconstitution of the boards of
all banks;
• A fundamental change in culture of
Irish banking;
• A review of performance-related pay in
all banks;
• The introduction of legislation to protect whistleblowers;
• Enhancement of stricter standards of
corporate governance;
• The retention of AIB and Bank of Ireland as independent entities;
• IBOA's direct involvement in future
change in our industry;
• Elimination of tax havens;
• Stricter regulation of Credit Ratings
Agencies;
THe IrISH BankerS’ CLUB
IBOA HOuse, stepHen street upper, DuBlIn 8
• Exclusion of private equity companies
from any position of influence within
the banking sector;
• Detailed clarification of the role and
operation of NAMA before IBOA cooperates.
Union General Secretary, Larry Broderick
also urged the financial institutions to do
more to support customers – and especially
mortgage holders facing into redundancy –
while staff should be given assurances
about the protection of pay, jobs and terms
and conditions of employment
“IBOA demands to be involved in all
discussions in relation to National Asset
Management Agency and will not be cooperating with any aspect of NAMA until
our members’ needs are addressed," said
Mr. Broderick.
IBOA delegates were determined to
push for a fresh start for the industry –
based on a new culture which placed the
interests of customers and staff ahead of the
narrow pursuit of ever-increasing profit.
CLUB Bar openInG HoUrS:
Tuesday-Saturday – 4.30pm till late.
Sunday-Monday – closed.
Having a Party
in 2009?
Forthcoming Club
Draw Nights
Call the Bankers’ Club for our special rates for room hire – up to
120 people can be accommodated in comfort in our bright
modern bar.
1st Prize Two week holiday for two.
2nd Prize – E300.
3rd Prize – E250.
4th Prize – E200.
Draws take place at 9pm. Bar food served 5pm-9pm
DJ and catering facilities available on site. Call 01-4758970
10am-12 noon or after 5pm or leave a voice message any time.
Friday June 26: 1st Prize – Holiday to Algarve
THE PERFECT PARTY VENUE
Friday July 24: 1st Prize – Holiday to Bulgaria
Results of recent Bankers’ Club monthly draws are posted on the IBOA website:
www.iboa.ie/services/sportsandsocial/bankersclub.html
22
IBOANEWS
200 june
2009
Freeze on
Union dues
Union subscription rates – which
were due to rise this year in line with
a previously agreed formula based on
annual movements in the consumer
price index – are to be frozen at their
2008 level, the Union’s recent Biennial
Delegate Conference in Dublin has
decided.
In an emergency motion, delegates
backed a proposal from the Union’s
Executive Committee that the Union
should forego the increase due in 2009 and
hold the current subscriptions rates which
were applied in 2008 until 2010.
The Union’s Honorary Finance Officer,
Jessie Doherty, said that the Executive Committee was acutely aware of the financial
pressure many members were facing while
recognising at the same time that the
Union’s own finances were still sufficiently
robust to be able to absorb the loss of this
previously budgeted income.
Don’t forget…
EU unions aim to reduce
inequality in banking
DAY OUT
AT DUBLIN
ZOO
IBOA’s annual Family Day at Dublin Zoo
takes place on September 5, 2009. On
production of your IBOA membership
card, Union members will be entitled to
free admission at the main gate for two
adults and four children or one adult and
five children.
Recent EU Directives have extended protection from discrimination for workers to
new areas of the employment relationship.
At the same time the new measures have
been introduced in the EU aimed at making
the job market more flexible. A number of
European trade unions have been examining
the extent to which these new measures
are compatible with the EU’s equality laws –
particularly in the financial services sector.
The NORMA research project included
a detailed examination of existing antidiscrimination agreements between employers
and unions in the financial services sector.
The analysis from each of the participating
countries was discussed at a two-day meeting in order to share knowledge and experience with the aim of producing guidelines
for trade union and employer negotiators.
In particular, the project aimed to offer
a practical framework to enable negotiators
to identify elements within agreements that
could be discriminatory under EU law (often
unintentionally so) and eliminate them.
The deliberations of the project team –
especially in relation to best practice models –
were also assisted by the participation of the
relevant human resources staff from Banca
Popolare di Milano.
In addition to the description of the
relevant legal and contractual framework,
and the study’s methodology and results, the
final report also provides useful recommendations for equality-proofing consultation
and negotiation practices within the financial
services sector.
As well as IBOA the Finance Union, the
following unions participated in the project:
ETYK (Cyprus), FeS/UGT (Spain), Fiba/
CISL (Italy), Finansforbundet (Denmark),
FTUFS (Bulgaria), INE-OTOE (Greece),
UNITE (UK), Ver.di (Germany) and the UNI
Global Union Federation. The project was
co-ordinated by FABI (Italy).
:
For more information on the project, go
to www.normadialogue.com/home.html
23
SPORTS&SOCIAL
june 200
2009
The Manchester United and City teams warm up before the kick-off at Old Trafford.
At home with Premier
League champions
The statue of Best, Law and Charlton
outside the ground
The Union’s Sports and Social Committee managed to combine
both elements of their remit recently in the form of an English Premier League weekend.
IBOA Executive Committee member, Liam Ross,
with his son, Conor, at Old Trafford.
While the highlight of the trip was the Manchester derby at Old Trafford between United and City, the scheduling of this game for Sunday to
suit the television broadcasters meant that the weekenders could also take
in the match between Bolton Wanderers and Sunderland at the Reebok
Stadium on the Saturday.
Arranged through Celtic Horizon Tours, the itinerary also provided
opportunities for shopping at the Trafford Centre in Manchester as well as
some sight-seeing – while accommodation for the two nights away was in
the four-star Marriott Hotel near Manchester Airport.
With every member in the travelling party thoroughly enjoying the
weekend experience, further sporting weekends are likely to feature in the
Sports and Social Committee’s programme in future.
Glennon’s
Car & Home InsuranCe
oﬀering a range of discounts exclusive to IBoa members in
the republic of Ireland, northern Ireland and Great Britain.
Telephone: 00353-1-7075999
email: [email protected] Web: iboa.glennons.ie
24
SPORTS&SOCIAL
2009 june
Arbeit macht frei: Work will set you free – the Nazis’ cynical slogan on the gates of the Dachau concentration camp near Munich.
Don’t be afraid to
mention the War
Robin Bell reports on a recent IBOA Sports and Social Committee trip from Belfast to Bavaria where the
authorities are remarkably frank about the region’s tragic past
The early morning alarms started to ring at
around 4.00am for those on the red eye
flight to Munich on Saturday 2 May.
Through bleary eyes, we all checked in and
after a mercifully uneventful flight, we
landed in Munich before 9.30am.
With typical German efficiency the
mini buses were all lined up, as soon as we
left the terminal building, for the half hour
journey to the Munich Park. Our hotel was
beside the beer gardens and just a quick
tram ride away from downtown Munich.
Despite earlier reports that there was
little to recommend Munich as a weekend
destination, everyone on our trip had nothing
but positive comments about the city.
Of course, our positive disposition
might have been due to the clear blue skies,
lots of sunshine and a few tankards of
German beer!
As well as the usual city centre attractions,
Munich has many places worth a visit in
the suburbs. Some of our group visited
the Olympic Stadium and the giant BMW
factory which were within 20 minutes of
our hotel.
The concentration camp at Dachau – an
hour away by train – made an unforgettable
impression on all of those who visited.
The German authorities are determined
to ensure that nothing is hidden and that
the terrible atrocities that were perpetrated
there are in no way sanitised. The museum
at the camp details how prisoners were
slaughtered after enduring appalling living
conditions. The short walk through the gas
chambers towards the incinerators was
very moving and brought tears to many
visitors’ eyes.
It was hard to believe that these atrocities
took place on European soil within the lifetime of our parents.
Our party was re-united for dinner in
an excellent Italian restaurant – just a short
walk from our hotel.
Despite suggestions that Munich was
an expensive city, we found prices very
reasonable – especially for local transport.
The return flight to Belfast on Tuesday
morning saw the group rather quieter than
we had been on the outward journey – but
that could have had a lot to do with the last
few hours at the beer garden on Monday
night.
25
SPORTS&SOCIAL
june 2009
IBOA GOLFER of
THE YEAR 2009
Men’s and Ladies’
Stableford Competition
Glasson, Athlone, Co. Westmeath
Friday 21/Saturday 22 August 2009
Entry Fee: €50 (play only) or €160*
*includes two nights’ bed & breakfast
and dinner and prize presentation
on Saturday night
IBOA Golfer of the Year
Name..........................................................................................................
IBOA Membership No./Staff No.:...........................................................
Employer: ..................................................................................................
Branch/Department:..................................................................................
Address for Correspondence:...................................................................
2009 june
On the
to one
Three days on the road and it was great. 120
riders covering 1000km for charity on some of the
most picturesque biking roads on this island and
in the process ¤150,000 was raised for Down
Syndrome Ireland and – most importantly –
everybody came home safe.
Originally the brainchild of former IBOA
Honorary Secretary, Michael McCormick – the
event has been running for four years now and
has so far generated over ¤800,000 for the
charity. The figures are huge. 540,000 kilometres
of motorcycling to date for Down Syndrome
Ireland (DSI) – equivalent to twelve times around
the earth.
All types of bikes – big, small, new and old –
with all ages of riders and pillion passengers took
part in the RevUp4DSI challenge over the May
Day holiday weekend this year. In order to take
part in the event each rider was required to raise
at least ¤1,000 and their pillion passengers ¤500
to take part in the event.
At all the check points along the route, the
riders met young people with Down Syndrome
and their families. It meant so much to the riders
to see the children climb up and enjoy the bikes.
Some lucky young adults even went for spins on
motorcycles, too.
Arguably the best charity motorcycle run in
Ireland, the RevUp4DSI challenge combines the
spirit of Down Syndrome, the brotherhood of
bikers and fun on the run.
Is this cool or what?
If you want to make a donation or find out
more about next year’s event, please contact
RevUp4DSI on 00-353-(0)1-4266525 or email
[email protected]
....................................................................................................................
....................................................................................................................
....................................................................................................................
Men’s/Ladies’ Competition (delete as applicable)
Handicap:................... (Maximum for men: 20; for ladies: 36)
Cheque enclosed: €...............
Please return to Anna or Louise, Sports and Social Department, IBOA The Finance
Union, IBOA House, Stephen Street Upper, Dublin 8. Closing Date for Receipt of
Entries: Monday 20 July 2009.
26
Michael McCormick (left) stops for a quick bite.
UNIONPEOPLE
road
million
Motor-bikers raise
¤800,000 for charity
in just four years
4 The final day’s ride was up the east coast of Lough Derg to the Portumna
check point. Next was the road up through the Midlands and bog roads
to Mullingar. Mullingar to Edgeworthstown – on then to Granard and Oldcastle
and back to Dublin is an awesome motorcycle road.
3 Sunday was a spectacular
day on bikes. West Clare
in the sun is fantastic. Kilkee to
Ballyvaughan on the coast road
is one of the best biking roads
in Ireland. We saw it at its very
best. We had a wonderful
Garda escort through Limerick
with a mile of motorcycles for
Down Syndrome Ireland.
Rolling through Limerick
Granard
Edgeworthstown
Oldcastle
DUBLIN
start/Finish
Mullingar
1 Riders gathered at
Ballyvaughan
Portumna
Joe Duffy Motorrad in Finglas, Dublin
and headed south
through Wicklow, the
garden county, visiting
the towns of Laragh and
Aughrim heading for
Wexford’s New Ross.
The first check point of
10 over the three-day
charity bike ride.
Kilkee
Limerick
New Ross
Mitchelstown
2 After collecting our next route map, we headed for Mitchelstown through breathtaking scenery of the Knockmealdown Mountains and on through
the Golden Vale to Limerick. There, the Strand Hotel was the base for the next two nights. Even though a little knot of Leinster supporters enjoyed
their victory over Munster in the bar, the talk was all about the route, the roads and the bikes.
27
YOUTH
june 2009
Getting down to business
New Union Youth Committee meets for first time
Look us up…
FAMILY
DAY AT
FOTA
IBOA’s annual Family Day at Fota Wildlife
Park, Little Island, Cork, takes place on
July 4, 2009. On production of your IBOA
membership card, Union members will be
entitled to free admission at the main gate
for two adults and four children or one
adult and five children.
28
The Unusual Suspects?: Members of the Union Youth Committee with Youth Secretary,
Gareth Murphy, at the first meeting of the newly elected body.
The newly elected IBOA Youth Committee met last month to consider its
campaigns programme in the light of
recent developments in the financial
services sector.
The Committee was addressed by both
the Union’s President, Margaret Browne, and
the Honorary Secretary, Tommy Kennedy,
who provided updates on recent developments within the major employers in the
sector as well as industry-wide issues such
as the creation of the Republic’s National
Asset Management Agency (NAMA).
NAMA could have implications for all
of the financial institutions operating in the
Republic as well as their subsidiaries in
Northern Ireland and Great Britain.
The Committee also considered a report
from Youth Secretary, Gareth Murphy, on
the recently held Youth Focus Group
which was organised to secure feedback
from non-activist members on a range of
topics including IBOA’s structure, workplace presence and communications.
In the course of the day-long meeting,
Committee members put forward a number
of proposals for initiatives to be undertaken
in the near future – including a survey of
new members and the launch of a Know
Your Rights card linked in to sections of the
Union’s recently remodelled website.
The IBOA Youth survey of newly
recruited members aims to find out how
and why they joined the Union and to
establish how much they know about
IBOA. This information can then be used
to improve the recruitment and induction
of new members and ensure that the
Union’s resources are used as effectively as
possible.
The survey should also reveal our
members’ preferred methods of communication and any training needs. This is one
of a number of surveys being conducted by
IBOA to ensure that we remain relevant,
accountable and efficient in representing
employees in the financial services sector
while also encouraging greater participation
and involvement in the Union.
The rights card will provide information on a number of topics members have
themselves highlighted. These include contact details for the elected representatives at
the different levels, information on legal
employment rights, policies and procedures
in the various employments and much
more. The card will provide links to the
IBOA website for detailed information.
The Committee aims to distribute the
card to ensure that members make the most
of the card. It may also encourage nonmembers to join the Union.
The Committee has also identified
future training needs for its members and
has proposed holding a monthly teleconference among committee members to
update everyone on developments.
For more information on the Youth
Committee contact its Secretary at
[email protected]
LIFESTYLE
2009 june
DiD you know...
Save
• By turning your thermostat
down by one degree, you could
reduce your gas bill by 10%?
• Aviation generates nearly as
much CO2 per year as all the
human activities in the whole of
Africa?
• 40% of all heat lost in the home
is through the loft and walls?
Energy
Money
Earth
• It takes 50% more energy to
manufacture 4x4s than most
other cars?
Electricity costs are a large component of your household bills. In fact, the use of
electricity in the home accounts for approximately one third of the total electricity
use in Ireland. But reducing your electricity use is actually very simple. Try the
top tips provided here over the next few weeks and months and see how much
you can save the environment and save money at the same time.
Lighting
4 Switch off lights when you leave a
room.
4 Only switch on the lights you
need.
4 Use compact fluorescent lamps
(CFLs) instead of traditional bulbs –
they use only 20% of the energy
and last up to 10 times as long.
Kitchen
4 Don’t overfill your kettle – only boil
as much water as you need.
4 When using your washing
machine or dishwasher, wash full
loads as it is more efficient than
washing two half loads.
4 Washing at lower temperatures is
more energy efficient.
4 When buying new kitchen appliances, choose ‘A’ energy rated
appliances as they cost less to run.
Heating and hot water
4 You should avoid using your immersion heater to heat water. If
possible, use your central heating
boiler instead.
4 Fit a lagging jacket on your hot
water cylinder to keep water hot
for longer.
4 If using electric heaters, fit with
thermostatic controls.
Home entertainment and
electronic equipment
4 Switch appliances off rather than
leaving them on standby. This will
save up to 20% of your appliance’s
energy use.
4 Configure your computer to
‘Energy Saving’ mode.
4 Unplug your mobile phone and
digital camera chargers when
equipment has been charged.
Be energy aware: think of the planet – think of your pocket!
Between 5pm and 7pm demand for electricity rises very sharply. To meet this peak demand,
less efficient power stations must be brought into operation. Being as energy efficient as
possible, particularly during these hours will help reduce unnecessary CO2 emissions and,
therefore, help combat climate change.
• Flushing the toilet with the lid
up ejects an aerosol-like plume
of germs around the bathroom
that float for up to two hours?
• 85% of the electricity consumed
by TVs and VCRs is used when
they are on standby?
• The average mattress can house
up to 10 million dust mites?
• The average dish cloth contains
a million times more bacteria
than a toilet seat?
• 43% of greenhouse
gas
emissions in
New Zealand
are caused
by flatulent
sheep?
• Termites produce 20 million
tonnes of methane every year –
the gas is made in their gut by
bacteria breaking down their
food?
• It takes ten times more energy
to make a tonne of textiles than
a tonne of grass?
29
LIFESTYLE
Security offer for
IBOA members
june 2009
Cereal
offenders
Sugar: Top Ten Worst
Offenders (per 100g)
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monitored alarms
Morrison’s Choco Crackles
(38.4g)
Kellogg’s Coco Pops Moons & Stars (37g)
Kellogg’s Frosties
(37g)
Kellogg’s Ricicles
(37g)
Sainsbury’s Choco Rice Pops
(36g)
Tesco Choco Snaps
(36g)
Nestle Cookie Crisp
(35.3g)
Nestle Cheerios Honey
(35.1g)
Kellogg’s Crunchy Nut
(35g)
Nestle Nesquik
(35g)
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your needs
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Remember to ask your PhoneWatch sales
consultant about your IBOA discount
30
Salt: Top Ten Worst
Offenders (per 100g)
Tesco Special Flakes
(2.0g)
Kellogg’s Corn Flakes
(1.8g)
Kellogg’s Honey Loops
(1.8g)
Morrison’s Honey Nut Corn Flakes
(1.8g)
Whole Earth Organic Corn Flakes
(1.8g)
Kellogg’s Rice Krispies
(1.65g)
Sainsbury’s Be Good To Yourself Balance (1.6g)
Tesco Corn Flakes
(1.6g)
Kellogg’s Fruit and Fibre
(1.4g)
Kellogg’s Bran Flakes/Sultana Bran (1.3g)
LIFESTYLE
2009 june
All sweetness
and…
salt!
Is it really a healthier start to the day?
Although sugar levels remained high,
some positive changes have been made in
reducing salt content.
Nevertheless, 100g of Tesco Special
Flakes was still found to contain the same
amount of salt as 100g of Walker’s Ready
Salted crisps.
“Cereal manufacturers need to wake
up to the fact that people want to eat
healthily and provide them with the
means to do so by reducing sugar and salt
levels and making labelling clearer. With
over a billion pounds spent on cereals every
year, it’s time they rose to the occasion.”
The Which? researchers
Adults and children have a
xcluded hot cereals and mueslis
hard job finding a healthy start
om the study because, deto the day, as cereal companies
pite growth in sales in recent
continue to add large amounts
ears, they remain a small perof sugar to their top brands.
entage of the market overall.
31 of the 100 leading UK
They looked at the amount
Few people would consider a Cadbury’s Flake as a suitable
cereals, analysed in the report,
f fat, saturates, sugar and salt
breakfast. But Morrison’s Choco Crackles cereal has more sugar
Going Against the Grain, conhat the 100 cereals contained
per serving than the popular chocolate bar, according to Which?.
tained more than four teaspoons
nd applied the Food Stanof sugar per recommended
ards Agency’s traffic light laserving and only one of the 28
p
g y m where possible – using red,
cereals specifically marketed to children
report included confusing labelling, and
amber and green symbols to show whether
was found not to be high in sugar (but was
questionable health and nutrition claims
levels of these nutrients are high, medium
still high in salt).
allowing some companies to promote a
or low.
Morrison’s Choco Crackles topped the
wholesome image for their b d
They also considered how
sweet mountain with more
while failing to draw
products are promoted,
sugar per serving than a Cadttention to the high
h a particular focus on the
bury’s Chocolate Flake, folugar or salt content.
of marketing techniques
lowed closely by Kellogg’s
“Breakfast is impor
getted at children and any
Coco Pops Moons and Stars,
ant, and some cereal
rition or health claims
Frosties and Ricicles which
eserve their health
de
on their behalf.
were 37% pure sugar.
mage, but most simpl
Compared
to a similar
Many brands which are
on’t,” said Sue Davies
ich? study of 275 cereals
widely considered to be healthy
Chief Policy Adviser a
ee years ago, the new
– like Kellogg’s All Bran, Bran
Which?. “It’s especiall
ort found that there has
Flakes and Special K – did little
hocking
that
almos
n some modest improveto bowl over Which?researchers.
ll those targeted a
nts – especially in reducStarting the day with Special
hildren are les
salt levels. However, it
K, for example, would be almost
ealthy. With such
n still be a struggle to find
the sugar equivalent to waking
ealthy covenient choice
up to a bowl of Tesco’s Dark Tesco Special Flakes: ttle choice, it’s a dail Nestle Cookie Crisp:
struggle for consumer high in sugar
the first meal of the day.
Chocolate Fudge Cake Ice Cream. saltier than the rest
Breakfast is often said to be the most
important meal of the day. But with
only 8% of cereals getting a green light
for healthy sugar levels, many people
are getting a poor start, according to a
recent report from the British consumer watchdog, Which?.
31
LIFESTYLE
june 2009
Stay Safe
Sun
IN THE
On holiday, our skin is much more exposed
to the elements, with the effects of the
sun and the wind taking their toll. Normal
skincare products are not enough and the
skin needs additional moisturisation and
revitalisation.
Children in the sun need the highest
protection. With summer holidays and
plenty of outdoor play, childhood
is a time when we’re most
exposed to the sun.
A child’s developing skin is
more vulnerable than an adult’s
and will carry the effects of every
sunburn for life.
Children’s skin needs specific
protection. It actually receives about
three times the amount of ultra-violet rays as adults and yet their own
protective pigmentation system is not
yet fully developed.
Protecting their delicate skin is
vital. There are a number of products
designed specifically for children – like
Sun Care Cream High Protection For
Children from Clarins – which offer very
thorough protection.
Not only is it highly water resistant, it
is specially formulated not to sting the eyes.
If you set a good example in protecting
your own skin, your children will be more
than happy to follow your lead.
Make sure to re-apply sun cream after
swimming. Of course, extra protection like
sunglasses, a hat and t-shirt are always a
good idea.
Be Sun Smart!
You should try to avoid prolonged exposure to direct
sunlight when it is at its most
intense. Try to stay in the
shade between 11am and
4pm – the peak hours of sunshine. Use this period of the
day as a chance to have some
'quality time' – take a siesta, do
some reading, visit an indoor
attraction like an art gallery or
museum… use your imagination.
Top It Up!
Always apply and re-apply your sun protection every two hours, and more frequently in strong sun. And not just on the
beach… apply first thing in the morning –
so that you are protected as soon as you step
outside.
Out of the Sun!
If you're home from the beach and out of
the sun, your skin no longer needs protection, right? Wrong. Because free radicals
generated by exposure to the sun continue
their harmful action even after you
withdraw from the sun – rather like
the way some foods continue to
cook after you have taken them out
of the oven.
The ideal after-sun routine starts
with gentle cleansing of the face using
your regular cleanser. Then it’s time
for the body. A quick shower is not
only refreshing after a day at the beach
but can also be a key part of your
skincare programme if you make sure
to use a shower gel with non-drying
properties that will moisturise the
skin.
You can also use a specific product like
Clarins After Sun Moisturiser Ultra-Hydrating which provides instant cooling and
comfort. It's ideal for all the family.
Skincare After Dark
You can also replenish your skin while it
rests at night. Of course, you can continue
to apply your usual night-time skincare
products if you want during the summer.
Or you may prefer some of the aftersun products which have been specially
developed for summer use.
Feed Your Skin!
Another important factor in achieving
healthy and toned skin is maintaining a
well-balanced diet.
Summer provides the perfect opportunity to enjoy fresh fruit and vegetables,
plenty of water, exercise and rest.
Make this summer the starting point for
a new healthier lifestyle. Then when you’ve
got into positive habits, you can try to maintain them for the rest of the year!
32
2009 june
ROCK
OF
SOUNDINGS
AGES
American legends and a Canadian maestro
Even if the weather fails to
deliver a long hot summer,
the music scene promises a
season of golden oldies –
with a number of classic
performers from across the
Atlantic.
The cynics may claim they
are only building the pension
fund – and for at least one of
them there may be some grain of
truth in that – but 2009 offers a
chance to see some consummate
artists who, far from being over
the hill, seem to have mellowed
with age.
In keeping with the sound of
summer, the remarkable Brian
Wilson makes a return visit to
these shores – headlining the
Electric Picnic in Stradbally, Co.
Laois on September 4-6, after two
dates in England at the Guilfest
in Guildford on July 11; and at
the Sage in Gateshead on July 12.
Acclaimed as one of the
most original and creative figures
in pop music, Brian was the
genius behind the Beach Boys –
whose distinctive vocal sound
the new band not only emulate
but enhance.
The Beach Boys often found
it hard to reproduce Wilson’s
studio confections on the road.
But Wilson says his current
ten-piece band are the best
musicians he has ever worked
with and Paul McCartney has
described the outfit as “the best
touring band in the world.”
The Eagles
For a truly unforgettable
experience of pure musical
pleasure, beg, steal or borrow a
ticket to see one of the genuine
giants of modern music.
Another great artist making
a welcome return is Leonard
Cohen. Rated by many as the gig
of 2008, the response to Cohen’s
concerts in Dublin’s Royal Hospital and other venues in Britain
last year has guaranteed a further
visit from Canada’s finest.
This time he plays Dublin’s
O2 Arena for four nights on July
19-20 and 22-23 before packing
the Odyssey in Belfast on July 26.
Cohen also peforms at the
Mercedes-Benz World, London
on July 11 and the Echo Arena,
Liverpool, on July 14.
“Sweet Baby” James Taylor
kicks off his European tour at
the Bournemouth International
Centre on June 27, followed by
the Cardiff International Arena
on June 28 and the MEN Arena,
Manchester on June 30.
Crossing over to Ireland,
Taylor and his band play the
Live at the Marquee Festival in
Cork on July 2 and the O2 Arena
in Dublin on July 3 before returning to Britain to Birming-
ham’s NIA on July 5 and the O2
Arena in London on July 6.
Meanwhile the Eagles open
at the Odyssey in Belfast on
June 30, followed by the RDS
in Dublin on July 2. Hampden
Park, Glasgow is the venue for
the July 4 concert followed by
two nights at Birmingham’s NIA
on July 7-8. Then it’s up to
Manchester’s MEN Arena for
two nights on July 11-12.
Despite these recessionary
times, few promoters have cut
ticket prices. So fans who can
only afford one or two summer
gigs face some tough choices.
Brian Wilson
James Taylor
Leonard Cohen
Special Offer
for IBOA
Members
¤1 off every CD you
buy when you visit
www.cdwow.ie/iboa
33
SIGHTINGS
june 2009
The talents of some film-makers in predicting future trends suggest
that they – rather than some of our recent leaders – should be running the global economy. After all, they could hardly do any worse!
Acclaimed filmmaker, Michael Mann, could hardly have picked
a more opportune time to unveil his gangster thriller, Public
Enemies, which is due for release next month.
Although it is over a year since principal filming began – with
at least another year in the writing and pre-production planning –
Mann’s story of one of the Great Depression’s most charismatic antiheroes is bound to resonate in the current global recession.
The remarkable Johnny Depp stars as John Dillinger, whose
audacious jail breaks and daring bank raids made him a folk
hero to many ordinary Americans who blamed the banks for causing the Depression. Dillinger was also one of the first American
gangsters to exploit his own celebrity: an avid cinema-goer himself,
he was well aware of the public reaction to the movie newsreels of
his activities – despite their usually brutal and fatal consequences.
Dillinger’s gang included the
Star cast: Johnny Depp (above), Marion Cotillard (below left) and Christian Bale (below right).
sociopathic Baby Face Nelson and
the equally ruthless Pretty Boy Floyd.
Another man keen to use Dillinger’s
celebrity for his own purposes was the
young J. Edgar Hoover (Billy Crudup)
who realised that halting Dillinger’s
crime spree could help to advance
the claims of his fledgling Bureau of
Investigation to become America’s
national (federal) police force.
He declared Dillinger his first
“Public Enemy No. 1” and assigned
his top agent, Melvin Purvis (the
ubiquitous Christian Bale) – who
became known as the “Clark Gable
of the FBI.”
The film is also graced with a
wonderful performance by Oscar
winner, Marion Cotillard (La Vie en
Rose) as Dillinger’s torch singer girlfriend, Billie Frechette.
Based on Bryan Burrough’s nonfiction book, Public Enemies: America’s
Greatest Crime Wave and the Birth
of the FBI, 1933–34, the film was
originally intended as a collaboration
between Mann and Leonardo di
Caprio who eventually left the proUCI Cinemas (ROI)
Storm Cinema Belfast
ject to appear in Scorsese’s Shutter
Island. According to Burrough the
Virtually half-price tickets!
Half-price cinema tickets for all UCI
film is “not 100% historically accurate.
screens in the Republic of Ireland!
Adult ticket: just £3!
But it’s by far the closest thing to fact
Adult ticket: ¤5.90. Child ticket: ¤4.54.
For tickets, contact IBOA
Hollywood has attempted, and for
For tickets, contact
that I am both excited and quietly
IBOA at 01-4755908.
at 02890-382905.
relieved.”
BIG SCREENS AT LOW COSTS
with IBOA
34
READINGS
The alchemists
of catastrophe
Fool’s Gold by Gillian Flett, published by Little Brown.
In the mid 1990s, at a vast hotel
complex on a private Florida beach
dozens of bank executives from the
New York, London and Tokyo offices
of JP Morgan gathered for a weekend
of networking and brainstorming.
Among the drinking, nightclubbing
and fist-fights of that wild weekend
was a more serious purpose – to assess
the possibility of building a business
around the new-fangled concepts o
credit derivatives.
The group at the heart of this projec
was an intense team, made up of individuals with a supreme sense of loyalty to each
other and to the bank – for years, nothing could
break them apart.
But when the team finally dispersed, the
innovations spread far beyond their original
intentions – producing wild distortions in the
mortgage market that ultimately culminated in
catastrophe on a global scale.
Award-winning Financial Times journalist,
Gillian Tett, dissects the consequences of this
flawed experiment in a style that is engaging,
informative and extremely lucid.
Although these derivatives seem to be
deliberately designed to be as complex and
penetrable as possible – to the
oint where only someone with a
hD in higher mathematics could
nderstand them – Tett manages to
utline their basic principles in a
ay that can be understood by the
on-specialist.
She also gives a good picture of
e culture in which these young
hizz kids were operating – the
reed is good mentality” and the
centive schemes which offered
ry generous rewards for highly
p ible behaviour – for which the
rest of the world is now paying a very heavy price.
Ultimately the derivatives came to be used
as a device to disguise liabilities on the balance
sheet – and so exaggerate the bottom line and the
resulting bonuses for the senior executives. But
this illusion could not continue indefinitely. It was
inevitable that the day of reckoning would come.
Part real-life thriller, part investigation and
exposé, this searing narrative takes us deep inside the shadowy world of complex finance –
corrupted by unrestrained greed and facilitated
by a global regulatory environment so light and
flimsy as to be effectively non-existent – in short
a perfect storm for a worldwide credit crunch.
During the Wall Street crash in
1929, the word ‘banksters’ was
coined to describe those ruthless
individuals who had gambled
away America’s wealth.
In 2009 the term has been
resurrected by David Murphy
and Martina Devlin as the title
of their new book on how the
Irish financial services sector was
brought to its knees by a small
elite driven by profit and greed.
Banksters traces the events
which triggered the near collapse
of the Irish banking system,
when a privileged ‘golden circle,’
caught up in a frenzy of greed and
opportunism – fuelled by reckless tax breaks engineered by
cavalier politicians – gambled
with the deposits and pensions
of the Irish people – and lost.
While bank shares climbed
to dizzying heights, profits soared
and executives earned enormous
bonuses, those who cried ‘stop!’
were shouted down.
Banksters poses the allimportant questions: who is to
blame – and will all the culprits
be held to account?
CHAPTERS
BOOKSTORE
Parnell Street Dublin 1
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for IBOA
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Show your IBOA membership
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35
IQ
Prize Crossword
june 2009
A prize of ¤50 will be awarded to the first entry
drawn from our post bag after the closing date.
Across:
1. Cleaning vigorously (9)
6. Fox’s tail (5)
9. Start (5)
10. Competitor (9)
11. Alacrity (10)
12. At liberty (4)
14. Disciple (7)
15. Torvill and Dean (7)
17. Gambling venues (7)
19. Highwayman (7)
20. Letter of Greek alphabet (4)
22. Formal installation of
monarch (10)
25. Capital of Scotland (10)
26. Picture (5)
27. Current time (5)
28. Calm and unshaken (9)
Down:
1. Kind of fur (5)
2. Good and honourable (9)
3. Dining lavishly (10)
4. Lean (7)
5. Origin (7)
6. Meat from cattle (4)
7. Below (5)
8. Brought under control and
put to use (9)
13. Make most of chance (10)
14. Designer of buildings (9)
16. Remove totally (9)
18. Sometimes worn by native
of 25 across (7)
19. Relative (7)
21. Chinese gang (5)
23. Requires (5)
24. Capably (4)
Name ............................................................
Union No............................
Address.........................................................................................................
prevIOus sOlutIOn
Across: 1. Stumbling; 6. Block; 8. Orbit; 10. Pessimism; 11. Tremendous; 12.
Once; 14. Felines; 15. Eternal; 17. Resists; 19. Noisily; 20. Gale; 22. Demolished;
25. Cassandra; 26. Alone; 27. Perch; 28. Preferred.
Down: 1. Scout; 2. Umbrellas; 3. Bitterness; 4. Impedes; 5. Gesture; 6. Brie; 7.
Onion; 8. Kimberley; 13. Legitimate; 14. Forage Cap; 16. Neighbour; 18. Speed
Up. 19. Neonate; 21. Loser; 23. Dread; 24. Rash.
The winning entry was submitted by Aidan Hurley of Carrigaline, Co. Cork.
......................................................................................................................
Employer...................................
Branch/Dept ..........................................
A prize of ¤50 will be given to the sender of the first correct entry
drawn from our post bag on July 17, 2009. Entries should be sent
to Crossword, Spectrum, IBOA – The Finance Union, IBOA
House, Stephen Street Upper, Dublin 8. Photocopies of the grid
are acceptable if you prefer not to cut up the magazine.
Great savings and offers for IBOA
members in Great Britain and
Northern Ireland from Thomas
Cook – including a 6% discount
on thousands of holidays.
Just call 0870-0102904 –
quoting reference IBOA – or
visit www.staffholidayclub.com
36
IQ
2009
0 june
sUdoKU CHALLeNGe
5
2
8
1
7
1
2
7
5
8
1
8
9
9
6
3
2
4
1
1
4
6
7
4
2
6
4
8
2
9
1
3
Name .......................................................................................
A prize of ¤30 will be
awarded to the sender of the
first correct entry drawn from
our post bag on July 17, 2009.
All entries should be
sent to Sudoku, Spectrum,
IBOA – The Finance Union,
IBOA House, Stephen Street
Upper, Dublin 8.
A photocopy of the grid
will be acceptable – if you
would prefer not to cut up the
magazine.
The winning entry for the
Sudoku Challenge in the last
issue was submitted by
Catherine Jinks of Moira,
Craigavon, Co. Armagh.
Union No............................................
Address ......................................................................................................................................................
...................................................................................................................................................................
Employer.......................................................
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It really doesn’t take much to work out!
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If you have been a member of any
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Sports and Social Club Draws then
you may be due a refund.
South West Region Ulster Bank, Ennis
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Although the monthly draws for
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So, if you have been paying into
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it – along with proof of your standing
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For more information, contact
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or at [email protected]
IBOA Sports and Social Club Draw
application for refund
Inspired physicist and
inspiring teacher,
Albert Einstein was
Address:… … … … … … … … …
also a trade unionist.
……………………………
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37
SPORTINGLIFE
june 2009
Two Irish teams for
South Africa?
The city of Sofia – capital of Bulgaria –
is a delightful spot in the summer
time. It’s high, about 1700 feet up. At
the end of every avenue there’s a
mountain, still flecked with snow. The
30 degree heat is tempered by an
occasional breeze, and the shade of a
sycamore is never too far away.
The golden dome of the huge cathedral
rises high above a sweep of cupolas below,
glistening in the bright sunshine. Cafés
abound. Everywhere, there’s an opportunity to relax, and that’s reflected in a
refreshingly easy pace to the place.
Sometimes football does that for you,
takes you somewhere you’d never ever
think of going, then makes you glad you
joined.
I’d been to Sofia twice before, in the
depths of winter. It poured throughout the
Northern Ireland game I’d gone to cover in
1978. They won 2-0.
After, we’d gone for a refreshment or
two, and by the time we emerged, in the
early hours of the following morning, the
rain had turned to snow.
There wasn’t that much traffic then,
back in the days of the Soviet bloc. A couple
of us set out, first footprints on the virgin
fall, to check on something we’d seen in the
dim daylight – the hourly changing of the
guard at the tomb of the unknown soldier.
Sure enough, as the clock struck three,
soldiers emerged from the gloom to goosestep their way along the silent street and
relieve their frozen comrades.
The eternal flame burns unaccompanied now, alongside the basilica of St.
Sophia, one example of the many ways life
has changed in the city in the thirty-odd
years since I was there for the first time.
My second visit had to do with a football match as well – a Scottish victory that
sent the Republic of Ireland to its very first
major championship – Euro 88.
Now, after my latest trip to the Balkans
where, incidentally, I have never seen
Bulgaria win, there burns the hope, if not
yet the expectation, that there will be an
Irish team at the World Cup in South Africa
next year. Or maybe, historically, even two!
It has been my singular good fortune to
have been involved in the coverage of so
many great days in Irish sport. The two
international football teams have been
central to this.
I was only a nipper when Northern
38
FORWARD TO SOUTH AFRICA?: Republic of Ireland soccer manager,
Giovanni Trapattoni (Photo: Inpho/Donall Farmer)
Ireland won their way to the World Cup in
Sweden in 1958. TV rights weren’t an issue
then – because so few people had TVs.
I followed the team’s progress to the
quarter-finals in the Belfast Telegraph, courtesy of the vivid reporting of an extraordinary Glaswegian who’d come to Belfast as
a young man, and stayed – Malcolm Brodie,
Sports Editor of the Tele, the now octogenarian doyen of northern sports writers.
by George Hamilton
In 1982 in Spain, and in 1986 in Mexico, I was there with the Northern Ireland
team. Then the Republic took over, and
wrote their first chapter with Euro ’88.
After that, World Cup appearances in
Italy, the United States, and, most recently,
Japan and South Korea in 2002 were to follow.
2006 happened without either of the
Irelands, but it is not beyond the bounds of
possibility that in South Africa next year,
for the very first time, the two sets of boys
in green could be taking part.
There 53 footballing nations of Europe
are divided into nine qualifying groups. The
group winners go through automatically to
the final stages in South Africa while the
best eight of the nine second placers go into
a home-and-away qualifying tie to earn the
right to join them.
Northern Ireland were top of their
group at the start of June, the Republic had
the chance to end the month in a similar
position. Now that summer’s soft blanket
of sunshine has settled over football’s
affairs, the two Irelands (“Northern” and
“Republic of” in football parlance) are
below their respective summits, but sit
comfortably nonetheless, second among
their peers.
Northern Ireland had begun badly, but
four consecutive wins – a good return at any
level – put them back in the mix. They have
three more matches to play.
They’re away to Poland, whom they
beat, dramatically, in Belfast in March.
Then, they’re home to Slovakia (who went
top of the group this month by beating
mighty San Marino). Northern Ireland lost
narrowly to the Slovaks in the away leg.
EDGEWISE
2009 june
ULTRA VIOLET
&INFRA RED
STEPHEN MALONE
Gordon
cleans up!
The revelation that British
Prime Minister, Gordon Brown,
claimed £6,577 for cleaning his
flat in Central London over 26
months, was condemned by
the Tory press as an example of
New Labour excess.
But since this would
amount to a modest weekly
contribution of £58 – giving a
wage of £116 a week (if Mr.
Brown was paying half of the
total), then surely the more
pertinent question is whether
the payment was in breach of
Britain’s minimum wage law!
Northern Ireland soccer
manager, Nigel Worthington
(Photo: INPHO/Presseye/
William Cherry)
Finally, they re away to the
Czech Republic, now cast as
perennial underachievers. They
may not be fancied, but Northern
Ireland are by no means out of
the contest for a place in the
Finals.
The same applies to the Re
public. Giovanni Trapattoni s
team selections may have infuri
ated what used to be called the
purists, but what he is doing is
moulding a unit. Glenn Whelan
and Keith Andrews? Nobody s
poster boys, but they are the heart
of the team that he has created.
He gives them confidence.
They go out, they play, they don t
make mistakes. And they have
yet to lose a competitive game
under let s revert to cliché the
wily old Italian coach (the only
manager, incidentally, to have
won all three of Europe s big club
competitions, when there were
still three).
The Republic must visit
Cyprus, then they have Italy and
Montenegro at home. If they win
in the Med (where it hasn t al
ways been that simple), they
would have what amounts to a
Cup Final against the World Cup
holders at Croke Park. That
prospect promotes salivation.
Northern Ireland, managed
by Nigel Worthington, their
former left back from Ballymena,
have momentum. The Republic
of Ireland have Trapattoni, one of
the greatest coaches the game has
ever seen. South Africa awaits.
Sofia has been a waypoint for
both in the past. The city may
well find itself a footnote in
another story of Irish success.
Blue summer skies, those green
peaks flecked with snowy white,
soft green spaces, garden cafés.
I m just glad I got the chance to
go back.
The Mother
of Invention
“Right!,”
said Fred
Trousering
the Cash
The recently published minutes
of Royal Bank of Scotland (RBS)
board meetings held on October
10, 11 and 12 to consider the
replacement of Chief Executive,
Sir Fred Goodwin, reveal that
the board never discussed the
specific size of the payments to
Goodwin.
The minutes show that
Goodwin was given a choice of
taking his full pension at 50 (his
current age) or his full pension
at 60. Tough choice, eh?
But the Bank’s gratitude to
the Chief Executive who had
brought it to the brink of
collapse was truly boundless.
When he decided to withdraw a lump sum of £2.7m
from his £16.9m pension pot,
the Bank very kindly offered to
provide it on a tax-free basis –
which, at 40%, meant that the
lump sum cost the Bank £4.5m.
In the wake of the public
outcry over Fred the Shred’s
pension, he very generously
offered to return the lump sum –
but only if the pension pot was
restored to its original level!
On a recent talk radio show, the
host was conducting a panel
discussion between a stock–
broker, a senior banker and a
trade union official.
As the discussion drew to a
close, the interviewer asked
one final question to each of the
panellists: “what would you
do if you found e50,000 in
your trouser pocket in the
morning?”
The stockbroker told the
nation that he would put the
money into equities because
rapidly falling real estate prices
would make property a very
risky investment.
The senior banker disagreed – pointing out that the
stock market was still far too
volatile. “Government bonds
are the best bet,” he declared.
“So now," said the host to
the union official, “what would
you do if found e50,000 in your
pocket in the morning?”
“Well,” he said, “I’d be
wondering how on earth I
came to be wearing someone
else’s trousers!”
In these recessionary times,
two for the price of one deals
should be much prized.
Problem No. 1: British MPs
are causing public anger by
making excessive expenses
claims for “second home”
allowances.
Problem No. 2: The Olympic
Village in East London risks
becoming a “white elephant”
when the 2012 Games are over.
Can you see where I’m going
with this? You’ve guessed it.
Why not turn the Olympic
Village (or part of it) into
standard accommodation for
each MP – paid for by the taxpayer – and scrap the farcical
claims for dog food, glittery
toilet seats, tennis courts, plasma
screens, fridge magnets and, of
course, cleaning moats!
CRUNCHIN
NUMBERS
13
The pension (in
1000s of pounds)
ex-RBS chief, Fred
Goodwin, draws
every week!
39

June - financial services union

Transcription

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