spectrum june 2009

JUNE 2009

The QuarTerly Magazine froM iBoa – The finance union

Evenrock starsneed aunion

ALL TOGETHER NOW!

Thom Yorke, Radiohead

INSIDESTORIES june 2009

2 IBOA - THE FINANCE UNION

9 10-116-74-5 8

SHORTCUTSGoggin’s pay-off • Creditratings • Banking online• New debt managementcode • Public trust UKbanks

COVERSTORYThere’s power in aunion – UK rock stars getorganised

NEWSUK Regulator gets tough• Rise in complaints toUK Finance Ombudsman

NEWSIrish regulator under fire •UK pension consultantsback call for workerdirectors

13

IBOANEWSMadame President:Margaret Browne becomesonly the second womanto hold the Presidency inIBOA history

14

IBOANEWSUlster Bank: membersback new terms for re-structure • Pay issuesrefereed to mediator •Managing Sickness •Overtime must be paid

15

IBOANEWSDanske Bank:NIB moves on some as-pects of pay • Enhancingworker participation

16-17

IBOANEWSClearCo staff winimproved severanceterms • Carillion staffsecure pay rise • Electionfor IBOA District Secretaries• INBS staff get organised

NEWSWhat a Waste!– hain’s$1,400 paper basket •British bosses targetworking mums for sack.

Excellent worldwide travel insuranceat discount rates for IBOA membersand their families.Family members may travelindependently from one another.

For further details, please call PrestigeUnderwriting Services Ltd. +353 49 4371505

19

IBOANEWSBank of Ireland:Staff reject Bank’s stanceand refer issues tomediator • No awardrecommended for StaffStock Issue

20-21

UNIONGUIDEWho’s who on the IBOAExecutive Committee2009-20011?

25

SPORTSSOCIALDon’t be afriad to mentionthe War: Belfast membersvisit Munich

24

SPORTSSOCIALAt home with the PremierLeague champions

22-23

IBOANEWSBDC: Delegates backmajor shift in bankingculture • Freeze on Uniondues • EU unions aimto reduce inequality inbanking

18

IBOANEWSAIB: Staff back interimmediation proposals

INSIDESTORIES2009 june

3

30-32 33

34-35 36-37

26-27

38

LIFESTYLECereal offenders: Allsweetness and… salt! •Stay Safe in the Sun

UNIONPEOPLEOn the road to one million: Motor-bikers raise€800,000 for charity in just four years • IBOA Golferof the Year

SOUNDINGSRock of Ages: Americanlegends and a Canadianmaestro

SIGHTINGSPublic Enemies – RobinHood robbing banks inthe Great Depression •The alchemists ofcatastrophe • Banksters

IQTest your brain powerwith the Spectrum prizecrossword and thesudoku challenge.

SPORTINGLIFETwo Irish teams for SouthAfrica? – with GeorgeHamilton

NAMA heraldsmajor change forfinance sectorThe Republic’s new National Asset ManagementAgency (NAMA) – which is likely to be legislatedinto existence during the summer – is intended totake over the management of up to E90 billion inproperty loans and assets (both performing andnon-performing) from the six Irish-owned bankscovered by the State guarantee on deposits andliabilities. It is intended that NAMA will acquire theloans at a significant discount from their statedvalue – reflecting to some degree the collapse inproperty prices. The object of the exercise is to free up capitalfor financial institutions to begin lending into theIrish economy again. While details of the precise workings of theAgency have yet to be finalised, IBOA’s concern hasbeen to minimise the impact of the possible trans-fer of assets of this magnitude on the jobs of bankstaff currently working on handling this business. Following representations from the Union to arange of bodies – including the Irish Government,Department of Finance, the acting senior manage-ment of NAMA, the Central Bank and the FinancialRegulator – it appears that the day-to-day handlingof this work will largely remain within the financialinstitutions – with a small number of NAMA staffacting in a supervisory role. Some adjustments may be necessary in caseswhere a borrower has received loans from anumber of institutions which are secured againstthe same asset. Similarly, the same assets may also have beenused as collateral on loans from both Irish-ownedand non-Irish-owned financial institutions. Forthis reason, among others, NAMA may also con-sider buying loans from the Irish units of foreign-owned banks on a case-by-case basis dependingon the complexity of the relationships between theborrower and the various institutions concerned. IBOA’s General Secretary, Larry Broderick,said that the creation of NAMA was taking thefinancial services sector in Ireland into lareglyuncharted waters. “The unprecedented nature of the financial cri-sis means that nothing quite like this has been at-tempted anywhere in the world. There are noprecedents to draw upon: no templates to follow,”he said. “IBOA has argued very strongly that the ex-pertise of bank officials will be absolutely criticalin this process. We have also lobbied the relevantauthorities to try to ensure that any potential im-pact on employment is kept to an absolute mini-mum. The response to our efforts has so far beenencouraging,” he added.

IBOA - THE FINANCE UNION

Spectrum is published by IBOA – The Finance Union,

IBOA House, Stephen Street Upper, Dublin 8 and29, Malone Road, Belfast. BT9 6RU.

Telephone: 00353-1-4755908 and [email protected] www.iboa.ie

General Secretary: Larry BroderickHonorary Secretary: Tommy Kennedy

Communications Manager: Séamas Sheils

Advertising enquiries to Anna O’Doherty orLouise O’Donnell in IBOA House.

Spectrum is printed on recycled paper andwrapped for posting in oxy-degradable polythene

at W & G Baird, Antrim, Northern Ireland.

28

YOUTHGetting down to business

29

LIFESTYLESave: Energy, Money,Earth


SHORTCUTS june 2009

Goggin paidE3m last yearBank of Ireland’s former ChiefExecutive, Brian Goggin, was paidover E3m in the year up to March,2009, according to the Bank’s recentlypublished Annual Report. On top of his basic salary for last yearof E1.17m, he also received an addi-tional payment of E1.4m “in lieu ofnotice” since he resigned in February ayear early. Brian Goggin also triggered anoption in his contract allowing him toreceive his full pension –worth E650,000-a-year – without actuarial reduction, atage 58. The Annual Report also reveals thatGoggin’s successor as Chief Executive,Richie Boucher, received E1m last year asHead of the Bank’s operations in theRepublic of Ireland –down from E1.46min 2007-8. His current salary has been cappedat E500,000 by the Minister for Financesince Bank of Ireland is one of the sixinstitutions covered by the Irish Stateguarantee.

Brian Goggin

Banking online on riseThe use of online banking in the Republic ofIreland has increased significantly in the lastyear, according to research carried out forHalifax. A survey by Amarach Research foundthat 39% of people with internet accessused online banking, compared to 27% ayear earlier. Of those using internet banking, aroundtwo-thirds were logging on at least once aweek according to the latest survey com-pared to 55% a year earlier.

10% off all products

purchased in the

Republic of

Ireland or

Northern Ireland

on presentation

of your IBOA

membership

card in store.

Standards poor: ratingsagencies deserve no creditThe recent decision by credit ratingsagency, Standard and Poor’s, to down-grade the Republic of Ireland’s credit rat-ing from AAA to AA+ and to place Irelandon “negative watch” has no doubt causedsome consternation in Dublin. Likewise, the agency’s decision to placethe UK “on negative watch” –with a warn-ing that it may not be able to keep its tripleA credit rating – may even have been acontributory factor in the decision ofBritish premier, Gordon Brown, not toreplace Alistair Darling as the Chancellorof the Exchequer, as he was widely expectedto do in his recent Cabinet reshuffle. However, what is probably moresurprising is that these credit ratingsagencies have any credibility at all. Afterall, their consistent over-rating of varioussub-prime mortgage packages in the US

was one of the major triggers for the melt-down in the worldwide financial servicessector – and with it, the global economy. The major ratings agencies recentlyappeared before a US Congressional com-mittee to try to explain how they hadrepeatedly managed to give gilt-edgedguarantees to many of the highly toxic loaninstruments. Although their performance beforethe US legislators was far from convincing,somehow their pronouncements on thecredit worthiness of sovereign States stillseem to be treated with something otherthan the contempt that they might reason-ably deserve.

Standard & Poor’s headquarters in Lower Manhattan, New York

IBOA - THE FINANCE UNION 5

SHORTCUTS2009 june

5

¤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.

The new IBF/MABS protocolis set to become fully oper-ational on September 28,2009. So far, the following IBFmembers have agreed tosubscribe 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.

Twelve of the major financial institutions in theRepublic are to sign up to new guidelines to helppersonal customers to manage their debt. Over twoyears in the making, the agreement has been developedjointly by the Irish Banking Federation (IBF) andthe State-supported Money Advice and BudgetingService (MABS). MABS provides services and advice for people in debtor in danger of going into debt. The IBF says the protocol will enable IBF membersand MABS money advisers to work together effectivelyto help personal customers to “address and managedebt problems and, wherever possible, to formulate amutually acceptable, affordable and sustainable repay-ment plan.” IBF Chief Executive, Pat Farrell, says that the newguidelines are intended to give priority to seeking “work-able solutions” over legal proceedings.

Irish financial institutions agree new codeto help customers tomanage their debts

Irish Banking Federation Chief Executive, Pat Farrell with Anne-Marie O’Connor of theMoney Advice and Budgeting Service (MABS) and the Republic’s Minister for Socialand Family Affairs, Mary Hanafin (Photo: Maxwell Photography)

More trust inbanks in UKPublic trust in banks remains strongin Britain despite the global financialcrisis. A recent survey found that most peoplestill trust them more than they do organisa-tions such as Britain’s National Health Serv-ice or the BBC. In fact, the overall level of confidenceamong the British public in banks, buildingsocieties and insurers has risen since lastyear, after increased government supportfor the sector, according to the FinancialServices Research Forum, based in Notting-ham University. The Forum team asked over 1,400 con-sumers to rate various institutions out of100. On average, banks scored just under74, building societies scored 75, and creditcard companies scored 71.5.

’Till debt dous part…

SPECIAL

SAVINGS

FOR IBOA

MEMBERS

COVERSTORY

6

june 2009

meeting in London recently – marks awatershed in the music industry. For the first time, pop and rock artistsare developing a collective voice to cam-paign for effective laws and regulations,and for transparent and equitable busi-ness practices. In particular, the FAC aims to fight toensure that interests of artists and fans –without whom the music industry wouldnot exist – are not compromised by anyunder the table deals between multi-national corporations. “The digital revolution has sweptaway the old music business of the1960s, and changed forever the relation-

member of the FAC’s board. “For companies who made their liv-ing sitting between the two, these are in-creasingly hard times, but for musicmakers and music fans this should be afantastic opport unity. “YouTube’s row with the PerformingRights Society is the most recent exampleof just how fast the music industry ischanging,” he said. “There has never been a greater needfor the collective voice of featured artists –whose music generates 95% of revenuein the industry – to be properly heard. “As this revolution gathers pacefeatured artists must seize the initiative.

There’s power in a union

UK rockstars getorganised

Kate Nash Annie Lennox KT Tunstall

The stereotypical image ofthe rock star is of a highly in-dividualistic – often self-ab-sorbed and narcissistic –egomaniac living and work-ing in a bubble which is farremoved from the daily grindexperienced by the rest of us. So the notion that rockmusicians should be develop-ing a sense of solidarity andgetting together to createtheir own trade union isparticularly intriguing.

Thom Yorke, Radiohead


7IBOA - THE FINANCE UNION

2009 june

We are looking to forge a new deal, builton fairness, with our fans, the musicindustry and governments,” addedRowntree. “To achieve this, we must own ourfuture, take real control of our rights andgenuinely work together. “Acting alone, artists’ voices will notbe heard. Acting together, we can be apowerful force. “Our rights are our power. By makingourselves heard and arguing for what’sfair, we can help reshape the industry forthe future so that it serves the interestsof those who want to make new musicas well as those who want to hear newmusic,” he declared. Along with Rowntree, the FAC’s first

board of directors includes Soul II Soul’sJazzie B, Billy Bragg, Radiohead’s EdO’Brien, Kate Nash, Mark Kelly ofMarillion and Master Shortie. Furtherdirectors are to be appointed in due course. Among the many other artists whoare backing the FAC are: David Gilmour (Pink Floyd), Gang ofFour, David Gray, Fran Healy (Travis), Jools Holland, Chrissie Hynde, IronMaiden, Howard Jones, Mick Jones,Tom Jones, Kaiser Chiefs, Klaxons, AnnieLennox, Nick Mason (Pink Floyd), RossMillard (Futureheads), Radiohead, Hal Ritson (YoungPunks), KT Tunstall, the Verve andRobbie Williams.

Jazzie B Richard Ashcroft of the Verve

The Ka

iser Chiefs (Pho

to: Pea

rl Marjorie

draps)

COVERSTORY

Pharmacies

10% discount forIBOA members on

all products

(excluding medicinesand prescriptions)

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

HICKEY’S

Special Offer forIBOA members

For individuals:Save €3 off full admission price

For Families:Supersaver deal of €20 for family of four (nor-

mal price €35) Offers may not be used in conjunctionwith any other offer or promotion.

National Sea Life Centre, Bray Seafront, Bray,Co. Wicklow. Tel. 01 2866939 www.sealife.ie

NEWS

IBOA - THE FINANCE UNION8

The number of penalities imposed by theUK’s Financial Services Authority is likelyto reach record levels this year as theregulator aims to tighten up its scrutiny offinancial institutions. So far in 2009 the total value of fineshanded down by the FSA is £8.1m –compared to £3.8m for thesame period last year. A recent report by theLondon-based law firm,Reynolds Porter Chamber-lain, further highlights thechange in approach by theregulator by noting that thetotal value of fines imposedby the FSA in the twelvemonths to March this yearhad risen to a record £27.3m– an increase of 514% onthe previous twelve-monthperiod. Jonathan Davies, apartner in the law firm,observed that “most of thefines handed down in 2008-

2009 were for activity that took place beforethe financial crisis really hit home. “Any enforcement activity againstfinancial institutions or their directors whofailed as the credit crunch took the groundfrom under them will not feed throughuntil next year or even the year after that.”

The increase in thelevel of penalties follows adecision by the FSA toadopt a tougher approach.FSA Chief Executive, HectorSants, noted recently: “Thereis a view that people arenot frightened of the FSA.I can assure you that thisis a view I am determinedto correct. People shouldbe very frightened of theFSA.”

A spokesperson forthe regulator added: “Theincrease in the levels of finesand the number of pro -secutions are designed toact as a credible deterrent.”

Financial regulatorgets tough in UKRecord fines of £27.3m –and even higher likely in future

Financial Services AuthorityChief Executive, Hector Sants

Rise in numberof complaintsagainst UKfinancialinstitutionsThe UK’s Financial Ombudsman Service(FOS) – the independent organisationthat settles disputes between consumersand financial companies – handled789,877 consumer enquiries and a record127,471 new complaints in the 2008/09financial year. The FOS annual review published lastmonth also revealed that the serviceresolved 113,949 disputes – a 14%annual increase – with compensation forconsumers in 57% of cases. The number of complaints aboutmortgages, credit cards and consumercredit rose by 34% and insurance disputesincreased by 84% – while complaintsabout mortgage endowments fell bymore than half. While half of the total number of dis-putes handled by the FOS related to sixof the UK's largest financial servicesgroups – broadly in proportion to theamount of business they carry out withconsumers – the annual report pointsout that over 95% of businesses coveredby the FOS had no complaint referred tothe service during the year.

Walter Merricks, Chief Ombudsman

NEWS2009 june


Worker representatives should sit on theboards of major banks to “act as a counter-weight to entrenched interests,” accordingto the UK’s leading independent researchand advisory consultancy, PIRC, whichadvises a number of pension funds respon-sible for assets worth £1.5 trillion. Worker representatives should beincluded on the boards of all large com -panies as part of a comprehesive overhaulof the way big companies are governed inthe wake of the economic meltdown andnear-collapse of the world banking system. Noting that German firms have a dualboard structure with a supervisory arm con-sisting of a range of community and tradeunion interests and an executive boardcomprised of senior management, AlanMacDougall of PIRC, said: “I think some-thing like the German model wouldimprove corporate governance, as well ashelp to ensure that reckless policies –particularly in the banking industry – arechallenged at an early juncture.”

PIRC's suggestions are outlined in adetailed submission to the FinancialServices Secretary to the Treasury, LordMyners –which also proposes that voluntarycodes of governance be replaced by com-pulsory regulations that would be enforcedby the Financial Services Authority. PIRC also wants shareholders to beallowed to vote on audit reports at annual

meetings – with auditors forced to resign iftheir reports were rejected. “There are serious structural flaws inthe model of capitalism that we have grownused to in the UK,” said MacDougall “andthese require urgent attention. The steadyinflation-busting growth in executive paywhilst equity markets have see-sawed overthe past ten years destroys the myth that weeither have remuneration under control, orhave linked it to performance.” The PIRC report also attacks the boardsof Britain’s banks for approving businessstrategies and products that resulted inextreme financial damage. In future there must be greater scrutinyof the independence and competence ofnon-executives and greater accountabilityto shareholders through annual elections ofall directors at large listed companies. PIRC adds that “multiple directorships,particularly for those on the boards of majorfinancial institutions, must be vigorouslychallenged.”

UK pensions consultants back callfor worker directors in major banks

The Irish Financial Regulator’s responseto the banking collapse has been deficient,according to a report from the Regulator’sown Consultative Consumer Panel. The Panel questions why the FinancialRegulator did not move to dampen downthe housing bubble at an earlier stage by re-quiring financial institutions to set asidemore capital for riskier products. “Most consumers have lost substantialsums of money because of the inadequatefunctioning of the present financialregulatory structures. The response ofthe Financial Regulator has been deficientto date,” says the report. The Panel, which is appointed by theRepublic’s Minister for Finance, to monitorthe performance of the Financial Regulatorfrom a consumer viewpoint, said that thereis a need to address what gets regulated, howit gets regulated and when it gets regulated. The report suggested that any financialproducts being proposed should be assessedand given approval before being sold toconsumers, in the same way as pharmaceu-tical products.

The panel said changes in the system ofregulation were needed at national andEuropean level, but said the change shouldbe about the willingness of regulators to act,as well as changes in formal structures. It saidthe regulator should be willing to tacklelarge players in the market as vigorously asit dealt with smaller players. The panel isalso seeking an explanation as to why exec-utives on regulatory agencies shouldbe board

members of financial institutions, and whatimpact this had on the performance ofwatchdog bodies. The report welcomed the Government’srecent commitment to reform the system,but expressed concern about where theconsumer would fit into the new framework.It called for financial institutions to have aconsumer representative on their board, ora consumer panel reporting to the board.

Irish regulator under fire fromown consumer advisory panel

The Financial Regulator’s office in Dublin (Photo: Sasko Lazarov, Photocall-Ireland!)

John Thain’s taste for the finer things in lifemeant that no expense was spared tocreate the perfect working environment inhis New York office. Following his sacking by the company’snew owners, it was revealed that “super-Thain” – as he was known because of hisresemblance to Superman’s alter ego ClarkKent – had spent $1.22m of Merrill’s moneyrenovating his office a year ago. Included inthe sumptuous decor were a $87,784 rug, a$35,115 commode and a pair of curtainscosting $28,091. Even the waste paper bincost $1,405. Although in previous years suchextravagance would have passed largelyunremarked, in 2008 the writing wasclearly on the wall for the troubled WallStreet giant but “superThain” – minus theX-ray vision obviously – behaved as if hewas in utter denial. Merrill’s final catastrophic quarter as anindependent entity resulted in a staggering$15.3bn deficit as a result of its continuingexposure to toxic derivatives and bad mort-gages.

Bank of America became so concernedabout these figures that it might have with-drawn from the acquisition deal if a $20bnaid package had not been forthcoming fromthe US Treasury, prompted by fears ofanother Wall Street bankruptcy in the wakeof Bear Stearns and Lehmann Brothers. Despite the colossal deficit, Thainapproached the Merrill board for a $10mbonus for selling the business. However,when his counterparts at other financialinstitutions like Goldman Sachs and Citi-group announced that they would forgopersonal payouts, Thain backed down. Probably the final straw for his newowners was the discovery that Thain wasplanning to lead a Merrill delegation to therecent World Economic Forum in Davos.His proposal to take over a hotel and offerlavish receptions for the press and banquetsfor other opinion leaders were in stark con-trast to the Bank of America’s own plans fora single cocktail reception. His sacking in January was brief and tothe point – during a 15-minute meetingwith BOA chief, Kenneth Lewis. The one-time Goldman Sachs executive and formerChief Executive of the New York StockExchange is apparently having trouble find-ing a new employer. According to the WallStreet Journal, a friend described him as“radioactive” – an approporiate descriptionin view of the highly toxic financial productswhich laid Merrill low.


INTERNATIONALNEWS june 2009

Lifestyles ofthe rich andshameless

What a waste!Thain’s $1,400 paper basket

Encore…

GIVE USA BREAKIBOA’s Breakawayprogramme – offeringshort holiday breaks at leading hotels inIreland at special discounts to IBOAmembers – has been extended with theaddition of ten more hotels. For a full listing of all 40 hotelsparticipating in the scheme, log on to theIBOA website at www.iboa.ie/services/discount/hotelbreaks.html

Just when we thought no-onecould top former RBS ChiefExecutive, Sir Fred Goodwin,for sheer vanity, arroganceand wasteful extravagance,along comes former MerrillLynch boss, John Thain, who isreported to have spent over$1.2m on refurbishing hisoffice. With Merrill on thebrink of possible collapse,Bank of America agreed tobuy it last September. Thainwas sacked in January.

Merrill Lynch Chief Executive, John Thain (left) greets his new boss, Kenneth Lewis ofBank of America, after the US Government backed BOA to rescue the former WallStreet giant from possible collapse by acquiring it.


NEWS2009 june

For all details regarding rules, etc, please contact John Brittain by email [email protected] or phone 095-21073 or 086-2779622.

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 dinnerstaying 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 FishingCredit card and IBOA number required at time of booking.

E-mail [email protected] Phone: 095 21073

* The competition will be a species competition fished over one day and eachcompetitor will bring to the scales the heaviest fish of each species that he orshe catches. In the event of tied number of species the winner will be decidedby the total weight of his/her fish. The weigh-in will take place at Oliver’s Barand will be supervised by the Western Regional Fisheries Board.

IBOA MEMBERS’BOAT FISHINGTOURNAMENT

Briefly…

CHECKOUT OURSMALLSIBOA members’ small ads – includingholiday apartments to rent or buy –are online at on the IBOA website atwww.iboa.ie/services/smallads.html IBOA members can advertise on thesite for free by using the ‘Contact Us’ format www.iboa.ie/contact/

British bossestarget workingmums for sackThe number of pregnant women and newmothers losing their jobs in Britain hasgrown at an “alarming” rate since the onsetof the recession as employers select themfor redundancy in preference to colleagueswithout children, according to an alliance ofcampaign and support groups. The Alliance Against Pregnancy Dis-crimination in the Workplace has noted thatthere has been a sharp rise in the numberof women calling helplines or seeking legaladvice because their jobs have been termi-nated during maternity leave or pregnancy. “It appears that some employers areusing the recession as an excuse to breakthe law on discrimination,” says the alliance. About 30,000 women are estimated tolose their jobs each year in Britain as a resultof pregnancy, according to the Equality andHuman Rights Commission. However, theeconomic downturn is expected to resultin a significant increase in that number.


Madame President

Taking office at one of the mostdifficult periods in the history of IBOA,our new President, Margaret Browne,is only the second woman in theUnion’s history to hold the office –the first being Susan Bustard in 2003-2005. Margaret took up office at the Union’srecent Biennial Delegate Conference withthe unanimous endorsement of thedelegates. Margaret is uniquely qualified for thepost – having served two terms on theExecutive Committee representing staff intwo different banks – the first from 1974-1992 as an employee of AIB and the secondfrom 2007 onwards as an employee of Bankof Ireland. A native of Tipperary, Margaret beganher career in banking at the Provincial Bankin Waterford in 1969. From 1970 to 1974worked in AIB in Finglas where she servedas the IBOA Representative. In 1974, shetransferred into Branch Implementation,where she was again the IBOA Representativefor the next fifteen years. In 1974, she was also elected to theExecutive Committee of the Union –serving continuously until 1992. For ten ofthose years, she also served as an honoraryofficer on the Executive Committee asWomen’s Representative. A veteran of three major industrialdisputes – the strikes of 1970, 1976 and1992, Margaret also served as President ofthe Irish Conference of Professional andService Associations (ICPSA) – to whichIBOA is also affiliated. In 1992 Margaret took a break frommainstream banking. After brief part-timeroles in both ICS Building Society and FirstActive, she was employed by Bank ofIreland in 1998 initially on a temporarybasis and subsequently as a permanentemployee. Margaret has also been very active inthe Irish Bankers’ Club as a committeemember for many years and is currently itsVice Chair. “IBOA has been a huge part of my lifefor many years,” Margaret told Spectrum.“I have been lucky to have been able toengage so actively in the affairs of the Unionbecause of the patience of my husband,Dan, and my son, David, who have shownremarkable understanding and have recog-nised the important role the Union plays –and the necessity for volunteer activists tosustain it.

“IBOA has never been more necessaryfor staff in the financial services sector thanit is now. The crisis in our industry is ofunprecedented proportions. Some peoplehave asked me if I am intimidate or over-whelmed by the sheer scale of the crisis. “I am reminded of the old questionabout another seemingly impossible task:‘how do you eat an elephant?’

“The answer, of course, is: “One pieceat a time!” “That’s how we will face all of thesechallenges. We will work our way throughthem with patience and determination: wewon’t be overwhelmed. We will strive toprotect our members’ jobs and to achievethe best possible terms and conditions forall members in the circumstances.”

IBOA President, Margaret Browne

ULSTERBANK june 2009


IBOA members in Ulster Bank andFirst Active have backed the final termsfor the restructuring of the Group –recommended by the mediator alongwith other terms secured by the Union–by a substantial majority in a recentballot. The final package secured improve-ments in the severance terms originallyoffered by the Bank as well as the inclusionof an early retirement option for limitednumbers of staff. The agreement also copperfastened thevoluntary nature of the severance and earlyretirement arrangements – as well asspecifying the framework for any redeploy-ments or transfers of continuing staff –along with appropriate appeals procedures. The redundancy and early retirementschemes are now closed to applications.The Bank is processing applications in linewith the mediator’s recommendation.

ImplementationFollowing the conclusion of the One Banknegotiations, Ulster Bank has announcedseveral detailed restructuring plans in areasincluding Wealth, Bancassurance, Risk andHR. The Bank has committed to engage withIBOA in all or any such announcements inthe future. IBOA has also challenged the Bank insome parts of the business where membershave been told that they will have to enterinto a selection process for their existingjobs in variance to the agreement. In the meantime, members in any areawhere restructuring announcements ariseshould contact IBOA for advice if required.IBOA will continue to issue relevant up-dates to all affected areas where the Bankhas identified plans to restructure.

Information meetingsMembers of IBOA’s Ulster Bank ExecutiveCommittee – supported by the Union’sSenior Industrial Relations Officer, SteveTweed, and General Secretary, LarryBroderick, have now concluded a follow-up series of meetings with IBOA members. Over thirty local meetings have beenheld since the Bank’s restructure plans wereannounced. Generally well attended, themeetings offered members throughout theUlster Bank network an opportunity to raiseissues and concerns.

The full text of the recommendation – as wellas a commentary and other recent IBOAcommunications – is available online atwww.iboa.ie/ulster-bank/

Pay issues referredto mediatorIn its pursuit of the outstanding issue of pay,the Union has urged senior management toaddress the ongoing need for an increase for2009 as well as contractual obligations such asPEF/performance rewards and increments. Basic pay rates in Ulster Bank havetraditionally been lower than those of theirrivals – with enhanced payments from theprofit share scheme providing a necessarytop-up. Since RBS has announced that theprofit share scheme has been discontinued,the Union is seeking compensatory measures. In view of the significant differencesbetween the positions taken by the Unionand the Bank, it has been agreed that thesematters should now be referred to a thirdparty mediator for consideration. The Unionis advising members not to co-operate insetting PEF targets for 2009-10 until the issueof the payment of PEF awards for 2008-9has been resolved satisfactorily.

Managing SicknessIBOA has expressed concern to manage-ment over the significant rise in complaintsfrom members on sick leave about “harass-ment” by the Bank – including frequentcontact by phone and an increasing ten-dency to make home visits and send textmessages. This is of particular concern tomembers off work with work-related stress. Any member who is affected by thisissue (or any line manager members con-cerned at being asked to contact staff outsick) should contact IBOA for advice.

Membersback newterms forrestructure

Overtime must be paidThe recurring issue of unpaid overtime inUlster Bank has been consistently raisedwith management by IBOA. In Retail, senior management hasmade a commit ment that, where over-time is authorised, it will be paid in linewith existing agreements. Following reports from members, IBOAhas highlighted to management a numberof branches with problems of unpaidovertime. In response the Bank has madethe due payments. Any members in a branch whereovertime is being worked but not paidshould ask their local IBOA Rep to con-tact the Union to take the matter forward. In the meantime the message is simple:members should not work overtime un-less it has been authorised for payment.

Business as usualIBOA continues to engage with senior man-agement on the range of ‘business as usual’issues affecting members in Ulster Bank.Members should log on to the Ulster Banksection of the IBOA website where updates,circulars and briefing documents are postedon a regular basis – www.iboa.ie/ulster-bank/

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

:


DANSKEBANK2009 june

IBOA members in National Irish Bankare currently balloting on the outcomeof the recent negotiations between theUnion and senior management ona number of issues including theimplementation of the National WageAgreement; and the honouring ofincrements, performance paymentsand the 4% bonus payment alreadyagreed. The Bank has agreed to pay incrementalwage increases for all eligible employeeswith effect from April 1, 2009. Senior management has also agreed topay performance-related pay with a focuson performance pay increases for pre-management staff with effect from April 1,2009. This issue is to be reviewed beforeDecember 31, 2009. As for the National Wage Agreement,the two sides have agreed to await the out-come of the talks currently taking placebetween the social partners at nationallevel. Once these have concluded, furtherdiscussions will take place between IBOAand the senior management. The Sharing Success OrganisationalPayment – which was agreed between theBank and IBOA in 2007 and would beworth an extra 4% of salary – cannot bepaid at the present time. However, manage-

NIB moveson someaspectsof pay

ment has committed to pay it when theBank returns to profitability. Management has also provided IBOAwith a commitment that if any restructuringof the Bank is necessary during 2009 whichwould involve a reduction in staff numbers,then any job losses will be managedby agreement with IBOA and through avoluntary process. The Union’s National Irish BankExecutive Committee regards this as animportant commitment given the currentdifficulties within both the financial servicessector and the wider economy.

A major seminar on worker participa-tion for Danske employee and man-agement representatives from aroundEurope was held in IBOA House,Dublin last month. The seminar also provided a mostwelcome opportunity to discuss trans -national co-operation between the employeerepresentatives and consultation with man-agement of Danske Bank Group. After several acquisitions and mergers,Danske Bank Group now employs staff intwelve different countries. Decisions made at Group level are beingapplied across national borders to anincreasing extent – affecting staff in manycountries. Apart from IBOA which representsmembers in Northern Bank and NationalIrish Bank, other trade unions participatingat the seminar included:– Danske Kreds, representing members inDanske Bank Denmark,– Suora, representing members in SampoBank, Finland,– Finansforbundet i Fokus Bank, represent-ing 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 beenuseful at a number of levels. “Apart from improving the level of un-derstanding of EU legislation on workerparticipation,” he said, “the seminar hadalso enabled representatives to exchangeexperiences and ideas – which shouldenhance cohesion among Danske staff inEurope.” The seminar was supported by the EUCommission.

Staff in Customer Direct in Northern Bank took part in a quiz night in the Belfast Bankers’ Club lastmonth to raise funds for the Northern Ireland Cancer Fund for Children (NICFC). Organised by the SocialCommittee in Customer Direct, the quiz was the culmination of a day of activities involving a dressdown day in work, a raffle and hot dog sales – which raised over £900. The Bank has pledged tomatch all funds raised. Pictured above are the winning quiz team of William Watt, Conor McComb,Catherine McGurk and Mark Johnston.

Enhancing worker participationin the Danske Bank Group

The full text of the agreement – as well asother IBOA communications for membersin National Irish Bank – is available at

www.iboa.ie/national-irish/

:

Danske Group employee and management representatives from around Europetook part in the worker participation seminar in IBOA House last month.

IBOANEWS june 2009

16

IBOA members in Carillion have re-ceived the first phase of the secondmodule of the Republic’s NationalWage Agreement, Towards 2016. Staff received the 3.5% increase witheffect from April. A further 2.5% increaseis due in October. Management has also given a commit-ment to hold another pay review in January2010. IBOA Senior Industrial RelationsOfficer, Gerry Hanna, said the outcome ofnegotiations was a very positive develop-ment for our members working for Carillionin the Republic of Ireland – “not leastbecause these pay improvements exceedthe level of increase for Carillon employeesin the UK.”

Senior Industrial Relations Officer,Steve Tweed

Election for IBOADistrict SecretariesThe election of IBOA District Secretariesin the major financial institutions is nowunder way. District Secretaries play a keyco-ordinating role –ensuring that IBOA repsare supported in the work place with adviceand information. Nominations were sought last monthwith the result that a total of 104 DistrictSecretaries were elected unopposed. Con-tests 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)

As no nominations were received in afurther 12 locations, the Union’s ExecutiveCommittee will consider further steps tofill these vacancies. “With the current crisis in the financialservices sector, it is essential that we havea fully functional representative structurein place,” said IBOA’s Honorary Secretary,Tommy Kennedy.

The value of deposits (inbillions of euros) in AngloIrish Bank which is coveredby the State guaranteescheme in the Republic.

CRUNCHIN

NUMBERS


Carillion staff securepay rise

IBOA members at ClearCo in Belfasthave secured substantially improvedseverance terms – having earlierserved notice of industrial action aftera 100% strike ballot. With notice due to expire on Monday,June 15, new terms were brokered with theassistance of an independent third party,Mr. Liam Deane, on Friday June 12. Under the proposals which staff are to beballoted on as we go to press, members willnow receive 5.5 weeks’ pay for each year ofservice (with no upper limit) – together witha co-operation bonus payment equivalent

to eight weeks’ pay (with no upper limit anda minimum threshold of £1,000). Senior Industrial Relations Officer, SteveTweed, said that the Union’s claim forimproved redundancy terms had beenunderlined by the determination of themembers who had voted unanimously toback industrial action. “Since this is effectively a compulsoryredundancy because ClearCo is closingdown with the work (clearing cheques forBank of Ireland and AIB) being transferredto Dublin, our members are entitled togenerous settlement terms. “The proposed terms provide for asignificant improvement on what was orig-inally on offer from management. So ourmembers decided to suspend the industrialaction so that a ballot on the proposalscould be held. Management in turn agreedto suspend the migration of work to Dublinwhile the ballot is being held.”

Senior Industrial Relations Officer,Gerry Hanna

ClearCo staffwin improvedseverance terms

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

IRISHNATIONWIDE2009 june


Irish Nationwide staff startto get organised with IBOAA substantial number of staff in theIrish Nationwide Building Societyhave now joined IBOA The FinanceUnion. Although the building society has beentraditionally non-union under the extremelypersonalised style of management of formerChief Executive, Michael Fingleton, staff atIrish Nationwide have taken advantage ofthe new circumstances that have emergedsince the introduction of the State guaranteeon deposits and loans. With the society’s future rather moreuncertain as a result of the level of impairedloans on its books, staff consider that theyneed the protection of a strong trade union. According to some estimates, up to 80%of Irish Nationwide’s loan book may be tiedto commercial loans – which may comeunder the aegis of the National Asset Man-agement Agency (NAMA). If the day-to-day management of asignificant proportion of these impairedloans was to be transferred away from IrishNationwide, it could have a profound impacton employment levels in the building society. “Our growing membership in IrishNationwide are entitled to feel concern

for the future of the society as a whole andtheir own prospects within it,” said UnionGeneral Secretary, Larry Broderick. ‘The society has been left in a ratherprecarious position as a result of the policiespursued by management in the past – anapproach that seems to have been a far cryfrom the primary purpose of a mutual society

– namely to finance the purchase of homesfor ordinary house-buyers,” he noted. “IBOA will strive to ensure that theinterests of our members in Irish Nation-wide are fully protected – now and into thefuture,” he added.”The Union has writtento the society’s new Chief Executive, GerryMcGinn, seeking an early meeting.”

IBOA members in AIB Group in the Republicof Ireland have voted by a substantialmajority to accept the recommendationsfrom Kevin Foley of the Labour RelationsCommission (LRC), on a range of issueswhich had been the subject of protractednegotiations between the Union and theBank’s senior management. Similar proposals from the LabourRelations Agency (LRA) in Northern Irelandhave been endorsed by members in FirstTrust Bank – while the ballot on proposalsfrom ACAS in Great Britain has yet to beconcluded pending the need to clarify theBank’s interpretation of one element. At the end of those negotiations theBank’s senior management had proposed:• a two-year pay pause;• a mandatory 5% contribution from staff

not already making contributions to theBank's Defined Benefit Pension Scheme;and

• changed pension benefits for all staff.The Bank’s management had also failed torespond positively to Union demands for:• a meaningful commitment to job security;• payment of the National Wage Agree-

ment or contractual obligations; and• resolution of other outstanding issues.

IBOA members in all three jurisdictionsoverwhelmingly rejected the Bank’s pro-posals and mandated the Union’s AIBExecutive Committee to pursue these issuesthrough the various independent concilia-tion agencies – the LRC, the LRA and ACAS. Following further submissions from bothIBOA and AIB management, the Director ofConciliation to the Labour Relations Com-mission, Kevin Foley, put forward a seriesof proposals for consideration. Similar pro-posals were also forthcoming from theLabour Relations Agency and ACAS. The key elements of these proposals were:

National Wage Agreement in Republic Both parties should re-convene at conciliationin four weeks to assess the environmentin relation to the payments due under theNational Wage Agreement, (i.e., 3.5% duefrom November 1, 2008 and a further 2.5%due from May 1, 2009).

Contractual Obligations/Increments AIB should pay all increases due underCareer Framework, performance-relatedpay, Career Path and increments after a

deferral of six months. The parties shouldengage in a further review of Career Frame-work to be concluded before the end ofDecember 2009. This was a significant breakthroughin light of the Bank’s prior stance that nocontractual obligations, increments, per-formance-related pay or Career Path paymentsshould be paid for a period of two years.

Pensions The issue of pensions should be separatedfrom the pay negotiations. Detailed discus-sions should take place between the partieson the complex issue of the AIB PensionScheme with comprehensive informationto be made available to the Union to assistthe negotiations – and with progress onthese negotiations to be evaluated by theindependent third party in four weeks’ time. Since the proposals were endorsed bythe Union’s members in AIB, engagementhas begun on the pensions issue. IBOA hasrequested detailed information for analysisby the Union’s pensions advisers.

Job Security No compulsory redundancies should takeplace in the Bank during 2009. Any redun-dancies that may be required in that periodshould be implemented on a voluntarybasis in line with IBOA's agreed negotiatingprocedures and with the partnership prin-ciples between the Bank and IBOA.

Outstanding Issues During recent months IBOA had tableda number of outstanding issues to be

addressed with management including:— Review of profit share— Staffing— Minimum Competency Requirement— Management’s unilateral decision to

amend bank holiday payments for part-time 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 bothsides should resolve this agenda by December2009. Although the Union’s AIB ExecutiveCommittee considered that the proposalsdid not fully address all of the issues, itregarded them as an interim arrangementwhich would represent significant improve -ment on the Bank’s position and the bestthat could be achieved without recourse toindustrial action at this juncture. Since the management negotiating teamhad agreed to recommend the proposals totheir superiors, IBOA decided not to pro-ceed with its threat to make an interventionat the Bank’s EGM/AGM last month.

AIBGROUP june 2009


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

in the Republic of Ireland.

AIB staff backinterim mediationproposals

Kevin Foley, Director of Conciliationto the Labour Relations Commission


BANKofIRELAND

IBOA members in Bank of Ireland Re-public of Ireland, Northern Irelandand Great Britain have overwhelm-ingly rejected the senior manage-ment’s proposals on pay, job security,pensions, recognition, culture andother outstanding issues – which hadbeen the subject of negotiations be-tween the Union and the Bank. Following the decisive vote in the con-sultative ballot on the Bank’s final positionin the talks, the Union has now referred theissues to the agreed independent mediator,Mr. Mark Connaughton, Senior Counsel.

PayAt the conclusion of an extensive round oftalks between IBOA and Bank of Irelandsenior management, the Bank had indicatedthat, because of its current financial position,it did not intend to pay increments, perform-ance rewards or cost of living increases eventhough staff had made a major positive con-tribution to the business. IBOA had argued that the Bank’s positionwould effectively amount to a twelve-month pay freeze for non-managerial staff.Such a move would be a breach of theNational Wage Agreement in the Republicof Ireland, unacceptable in Northern Irelandand Great Britain and would fundamentallyundermine the contractual arrangementsfor existing staff.

Job Security and CultureWhile senior management had indicatedthat it had no plans for any job losses at thistime, it had declined to conclude a JobSecurity Agree ment with IBOA which wouldhave guaranteed no compulsory redundanciesover a reasonable time-frame. IBOA had argued that the Bank has aresponsibility to its staff to conclude a JobSecurity Agreement. While the Union recog-nised that some restructuring may have tobe negotiated in the Bank, the least ourmembers would expect is a commitmentfrom management that any job reductionswould be implemented on a voluntary basisin line with existing agreements. IBOA had also argued strongly that theculture in Bank of Ireland was in need offundamental change and that the Bankshould re-evaluate its approach to pay,performance management and target-setting in order to create a more acceptableoperating environment. Management had stated that there wasno need for any change in the culture in theBank since the current problems had nothingto do with organisational culture.

Collective Bargaining IBOA had sought recognition for collectivebargaining for all groups of membersemployed in Bank of Ireland – includingmanagerial staff. The Bank had refused toaccede to IBOA’s request to seek collectivebargaining for managers and other groupsnot formally recognised for collective bar-gaining purposes. In putting the senior management’sposition for consultative ballot by members,IBOA’s Bank of Ireland Executive Committee

had summarised the Bank’s approach as“opportunistic in using staff’s contractualand other pay entitlements to reducecosts at a time when staff are under severepressure financially and otherwise.” With the overwhelming majority ofmembers having agreed with the ExecutiveCommittee’s assessment, the focus nowmoves to the independent mediator, MarkConnaughton, who will now consider thesubmissions made by the two sides andissue settlement proposals.

Staff reject Bank’s stanceand refer issues to mediator

Senior Counsel, Mark Connaughton – independent mediator

No award recommended for Staff Stock IssueThe agreed independent arbitrator, Mr. Kieran Mulvey has recommended that “it wouldnot be in the overall medium interest of the Bank and its employees to award a staffstock issue in 2009.”

Under the terms of the Cost and Capa-bility Agreement – a four-year restructur-ing programme originally agreed in 2005,Mr Mulvey is the final arbiter on the gain-sharing element. “We are naturally disappointed that theoutcome of the process has not deliveredmore for our members,” said IBOA GeneralSecretary, Larry Broderick. “So it is vital, that the Bank respondspositively to the range of outstandingissues – which have now been referred tothe agreed independent mediator, MarkConnaughton, for detailed consideration,”he added.

While rejecting payment of an awardthis year, Mr. Mulvey’s recommendationdid underline the importance of co-operativeengagement in times of great difficulty anduncertainty in the financial services sector.He urged the parties to “consider how sucha positive engagement could be con-structed for these uncertain times ahead,where significant change managementissues are inevitable and where staff willbe required to contribute to ongoingchange in the future.”

The full text of Mr. Mulvey's recommendationis available online on the IBOA website atwww.iboa.ie/bank-of-ireland/

:

19

200


UNIONGUIDE june 2009

BANK OF IRELAND GROUP ULSTER BANK GROUP

Elaine BarkerBank of IrelandNORTH-WEST

(Sligo)

Dominic BoydBank of IrelandBELFAST(Belfast)

Irene BreenBank of Ireland

DUBLIN(Dublin Retail)

Brendan HannonBank of Ireland

DUBLIN(Dublin Depts/Bus)

Mairead KelleherBank of IrelandSOUTH-WEST

(Tralee)

Stephen KennedyBank of Ireland

SOUTH(Cork)

Ciaran MahonBank of Ireland

DUBLIN(Dublin Depts/Bus)

Dave KeaneBank of IrelandSOUTH-EAST

BOI Group Officer

Margaret BrowneBank of Ireland

DUBLINPresident

Margaret PowerBank of IrelandGREAT BRITAIN

(London)

Liam RossBank of IrelandOUTSIDE BELFAST

(Banbridge)

Kerry ChristieUlster BankBELFAST(Belfast)

John BurnsUlster Bank

OUTSIDE BELFASTUBG Officer

Tommy KennedyUlster BankDUBLIN

Honorary Secretary

Catherine MaherUlster BankDUBLIN(Dublin)

Fergus ReynoldsUlster Bank

OUTSIDE DUBLIN(Cavan)

Jaynette StirlingUlster BankBELFAST(Belfast)

Ger RowanBank of Ireland

DUBLIN(Dublin Retail)

Tom RuttledgeBank of IrelandMIDLANDS(Portlaoise)

EXECUCOMM2009-

The Executive Committee con together with the General Secr are colour-coded according to represent. The seven member make up the Officer Board alon

20

200


UNIONGUIDE2009 june

DANSKE BANK GROUP AIB BANK GROUP

Jessie DohertyAIB Bank

NORTH-WESTHon. Finance Officer

Claire WalshAIB Bank

MIDLANDSAIB Group Officer

Sharon McAuleyFirst Trust BankBELFAST(Belfast)

John O’GormanAIB BankDUBLIN(Dublin)

Michael RyanAIB Bank

GREAT BRITAIN(London)

Robin BellFirst Trust BankBELFAST(Belfast)

Carmel CurranFirst Trust BankOUTSIDE BELFAST

(Derry)

Roger JamesAIB BankDUBLIN(Dublin)

Tom LydonAIB Bank

SOUTH-WEST(Newcastle West)

Etain Ryan LyonsAIB BankDUBLIN(Dublin)

Ursula TigheAIB BankSOUTH(Cork)

Kate VarleyAIB BankDUBLIN(Dublin)

Gerard WatsonAIB Bank

SOUTH-EAST(Waterford)

Robert ThompsonNorthern BankOUTSIDE BELFASTDanske Group Officer

Pat CarsonNorthern BankBELFAST(Belfast)

Moya CottonNorthern BankOUTSIDE BELFAST

(Dungannon)

Eileen GormanNorthern BankBELFAST(Belfast)

Chris CavanaghNational Irish Bank

DUBLIN(Dublin)

Fionnuala DuignanNational Irish BankOUTSIDE DUBLIN

(Athlone)

UTIVEMITTEE-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.

IBOANEWS june 2009


Call the Bankers’ Club for our special rates for room hire – up to120 people can be accommodated in comfort in our brightmodern bar.

DJ and catering facilities available on site. Call 01-475897010am-12 noon or after 5pm or leave a voice message any time.

THE PERFECT PARTY VENUE

THe IrISH BankerS’ CLUBIBOA HOuse, stepHen street upper, DuBlIn 8

CLUB Bar openInG HoUrS:

Tuesday-Saturday – 4.30pm till late.

Sunday-Monday – closed.

Having a Partyin 2009?

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

Friday June 26: 1st Prize – Holiday to Algarve

Friday July 24: 1st Prize – Holiday to Bulgaria

Forthcoming ClubDraw Nights

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

Delegates to IBOA’s highly successfulBiennial Delegate Conference have giventheir backing to a programme of fundamentalchanges to restore integrity to the financialservices 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 pro-

tect whistleblowers;• Enhancement of stricter standards of

corporate governance;• The retention of AIB and Bank of Ire-

land as independent entities;• IBOA's direct involvement in future

change in our industry;• Elimination of tax havens;• Stricter regulation of Credit Ratings

Agencies;

• Exclusion of private equity companiesfrom any position of influence withinthe banking sector;

• Detailed clarification of the role andoperation of NAMA before IBOA co-operates.

Union General Secretary, Larry Broderickalso urged the financial institutions to domore to support customers – and especiallymortgage holders facing into redundancy –while staff should be given assurancesabout the protection of pay, jobs and termsand conditions of employment “IBOA demands to be involved in alldiscussions in relation to National AssetManagement Agency and will not be co-operating with any aspect of NAMA untilour members’ needs are addressed," saidMr. Broderick. IBOA delegates were determined topush for a fresh start for the industry –based on a new culture which placed theinterests of customers and staff ahead of thenarrow pursuit of ever-increasing profit.

Delegates back majorshift in banking culture

IBOA General Secretary, Larry Broderick,addresses the Union’s recent BiennialDelegate Conference in Dublin.

An extended report on IBOA’s BiennialDelegate Conference was circulated tomembers through local IBOA Reps. If you

missed it for any reason, you can view it atwww.iboa.ie/conference/bdc/2009.html

:

200 IBOANEWS2009 june

Don’t forget…

DAY OUTAT DUBLINZOOIBOA’s annual Family Day at Dublin Zootakes place on September 5, 2009. Onproduction of your IBOA membershipcard, Union members will be entitled tofree admission at the main gate for twoadults and four children or one adult andfive children.

Union subscription rates – whichwere due to rise this year in line witha previously agreed formula based onannual movements in the consumerprice index – are to be frozen at their2008 level, the Union’s recent BiennialDelegate Conference in Dublin hasdecided. In an emergency motion, delegatesbacked a proposal from the Union’sExecutive Committee that the Unionshould forego the increase due in 2009 andhold the current subscriptions rates whichwere applied in 2008 until 2010. The Union’s Honorary Finance Officer,Jessie Doherty, said that the Executive Com-mittee was acutely aware of the financialpressure many members were facing whilerecognising at the same time that theUnion’s own finances were still sufficientlyrobust to be able to absorb the loss of thispreviously budgeted income.

Freeze onUnion dues

Recent EU Directives have extended pro-tection from discrimination for workers tonew areas of the employment relationship.At the same time the new measures havebeen introduced in the EU aimed at makingthe job market more flexible. A number ofEuropean trade unions have been examiningthe extent to which these new measuresare compatible with the EU’s equality laws –particularly in the financial services sector. The NORMA research project includeda detailed examination of existing anti-discrimination agreements between employersand unions in the financial services sector.The analysis from each of the participatingcountries was discussed at a two-day meet-ing in order to share knowledge and expe-rience with the aim of producing guidelinesfor trade union and employer negotiators. In particular, the project aimed to offera practical framework to enable negotiatorsto identify elements within agreements thatcould be discriminatory under EU law (oftenunintentionally so) and eliminate them.

The deliberations of the project team –especially in relation to best practice models –were also assisted by the participation of therelevant human resources staff from BancaPopolare di Milano. In addition to the description of therelevant legal and contractual framework,and the study’s methodology and results, thefinal report also provides useful recommen-dations for equality-proofing consultationand negotiation practices within the financialservices sector. As well as IBOA the Finance Union, thefollowing 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 UNIGlobal Union Federation. The project wasco-ordinated by FABI (Italy).

For more information on the project, goto www.normadialogue.com/home.html

EU unions aim to reduceinequality in banking

:


200SPORTS&SOCIAL june 2009


The Union’s Sports and Social Committee managed to combineboth elements of their remit recently in the form of an English Pre-mier League weekend. While the highlight of the trip was the Manchester derby at Old Traf-ford between United and City, the scheduling of this game for Sunday tosuit the television broadcasters meant that the weekenders could also takein the match between Bolton Wanderers and Sunderland at the ReebokStadium on the Saturday. Arranged through Celtic Horizon Tours, the itinerary also providedopportunities for shopping at the Trafford Centre in Manchester as well assome sight-seeing – while accommodation for the two nights away was inthe four-star Marriott Hotel near Manchester Airport. With every member in the travelling party thoroughly enjoying theweekend experience, further sporting weekends are likely to feature in theSports and Social Committee’s programme in future.

At home with PremierLeague champions

Glennon’sCar & Home InsuranCeoffering a range of discounts exclusive to IBoa members inthe republic of Ireland, northern Ireland and Great Britain.Telephone: 00353-1-7075999email: [email protected] Web: iboa.glennons.ie

The Manchester United and City teams warm up before the kick-off at Old Trafford.

The statue of Best, Law and Charltonoutside the ground

IBOA Executive Committee member, Liam Ross,with his son, Conor, at Old Trafford.

SPORTS&SOCIAL2009 june


The early morning alarms started to ring ataround 4.00am for those on the red eyeflight to Munich on Saturday 2 May.Through bleary eyes, we all checked in andafter a mercifully uneventful flight, welanded in Munich before 9.30am. With typical German efficiency themini buses were all lined up, as soon as weleft the terminal building, for the half hourjourney to the Munich Park. Our hotel wasbeside the beer gardens and just a quicktram ride away from downtown Munich. Despite earlier reports that there waslittle to recommend Munich as a weekenddestination, everyone on our trip had nothingbut positive comments about the city. Of course, our positive dispositionmight have been due to the clear blue skies,

lots of sunshine and a few tankards ofGerman beer! As well as the usual city centre attractions,Munich has many places worth a visit inthe suburbs. Some of our group visitedthe Olympic Stadium and the giant BMWfactory which were within 20 minutes ofour hotel. The concentration camp at Dachau – anhour away by train – made an unforgettableimpression on all of those who visited. The German authorities are determinedto ensure that nothing is hidden and thatthe terrible atrocities that were perpetratedthere are in no way sanitised. The museumat the camp details how prisoners wereslaughtered after enduring appalling livingconditions. The short walk through the gas

chambers towards the incinerators wasvery moving and brought tears to manyvisitors’ eyes. It was hard to believe that these atrocitiestook place on European soil within the life-time of our parents. Our party was re-united for dinner inan excellent Italian restaurant – just a shortwalk from our hotel. Despite suggestions that Munich wasan expensive city, we found prices veryreasonable – especially for local transport. The return flight to Belfast on Tuesdaymorning saw the group rather quieter thanwe had been on the outward journey – butthat could have had a lot to do with the lastfew hours at the beer garden on Mondaynight.

Don’t be afraid tomention the WarRobin 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

Arbeit macht frei:Work will set you free – the Nazis’ cynical slogan on the gates of the Dachau concentration camp near Munich.

2009 juneSPORTS&SOCIAL june 2009


On theto oneThree days on the road and it was great. 120riders covering 1000km for charity on some of themost picturesque biking roads on this island andin the process ¤150,000 was raised for DownSyndrome Ireland and – most importantly –everybody came home safe. Originally the brainchild of former IBOAHonorary Secretary, Michael McCormick – theevent has been running for four years now andhas so far generated over ¤800,000 for thecharity. The figures are huge. 540,000 kilometresof motorcycling to date for Down SyndromeIreland (DSI) – equivalent to twelve times aroundthe earth. All types of bikes – big, small, new and old –with all ages of riders and pillion passengers tookpart in the RevUp4DSI challenge over the MayDay holiday weekend this year. In order to takepart in the event each rider was required to raiseat least ¤1,000 and their pillion passengers ¤500to take part in the event. At all the check points along the route, theriders met young people with Down Syndromeand their families. It meant so much to the ridersto see the children climb up and enjoy the bikes.Some lucky young adults even went for spins onmotorcycles, too. Arguably the best charity motorcycle run inIreland, the RevUp4DSI challenge combines thespirit of Down Syndrome, the brother hood ofbikers and fun on the run. Is this cool or what?

If you want to make a donation or find outmore about next year’s event, please contactRevUp4DSI on 00-353-(0)1-4266525 or [email protected]

Michael McCormick (left) stops for a quick bite.

IBOA GOLFER ofTHE YEAR 2009

Men’s and Ladies’Stableford Competition

Glasson, Athlone, Co. WestmeathFriday 21/Saturday 22 August 2009Entry Fee: €50 (play only) or €160*

*includes two nights’ bed & breakfastand dinner and prize presentation

on Saturday night

IBOA Golfer of the Year

Name..........................................................................................................

IBOA Membership No./Staff No.:...........................................................

Employer: ..................................................................................................

Branch/Department:..................................................................................

Address for Correspondence:...................................................................

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

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

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

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 FinanceUnion, IBOA House, Stephen Street Upper, Dublin 8. Closing Date for Receipt ofEntries: Monday 20 July 2009.


UNIONPEOPLE


The final day’s ride was up the east coast of Lough Derg to the Portumnacheck point. Next was the road up through the Midlands and bog roads

to Mullingar. Mullingar to Edgeworthstown – on then to Granard and Oldcastleand back to Dublin is an awesome motorcycle road.

Riders gathered atJoe Duffy Motor-

rad in Finglas, Dublinand headed souththrough Wicklow, thegarden county, visitingthe towns of Laragh andAughrim heading forWexford’s New Ross.The first check point of10 over the three-daycharity bike ride.

After collecting our next route map, we headed for Mitchelstown through breathtaking scenery of the Knockmealdown Mountains and on throughthe 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.

Sunday was a spectacularday on bikes. West Clare

in the sun is fantastic. Kilkee toBallyvaughan on the coast roadis one of the best biking roadsin Ireland. We saw it at its verybest. We had a wonderfulGarda escort through Limerickwith a mile of motorcycles forDown Syndrome Ireland.

1

2

3

4

DUBLIN

start/Finish

New Ross

Mitchelstown

Limerick

Portumna

Kilkee

Ballyvaughan

Mullingar

Granard

OldcastleEdgeworthstown

Rolling through Limerick

roadmillionMotor-bikers raise¤800,000 for charityin just four years

YOUTH june 2009


Look us up…

FAMILYDAY ATFOTAIBOA’s annual Family Day at Fota WildlifePark, Little Island, Cork, takes place onJuly 4, 2009. On production of your IBOAmembership card, Union members will beentitled to free admission at the main gatefor two adults and four children or oneadult and five children.

Getting down to businessNew Union Youth Committee meets for first time

The newly elected IBOA Youth Com-mittee met last month to consider itscampaigns programme in the light ofrecent developments in the financialservices sector. The Committee was addressed by boththe Union’s President, Margaret Browne, andthe Honorary Secretary, Tommy Kennedy,who provided updates on recent develop-ments within the major employers in thesector as well as industry-wide issues suchas the creation of the Republic’s NationalAsset Management Agency (NAMA). NAMA could have implications for allof the financial institutions operating in theRepublic as well as their subsidiaries inNorthern Ireland and Great Britain. The Committee also considered a reportfrom Youth Secretary, Gareth Murphy, onthe recently held Youth Focus Groupwhich was organised to secure feedbackfrom non-activist members on a range oftopics including IBOA’s structure, work-place presence and communications. In the course of the day-long meeting,Committee members put forward a numberof proposals for initiatives to be undertakenin the near future – including a survey ofnew members and the launch of a KnowYour Rights card linked in to sections of theUnion’s recently remodelled website. The IBOA Youth survey of newlyrecruited members aims to find out howand why they joined the Union and toestablish how much they know about

IBOA. This information can then be usedto improve the recruitment and inductionof new members and ensure that theUnion’s resources are used as effectively aspossible. The survey should also reveal ourmembers’ preferred methods of communi-cation and any training needs. This is oneof a number of surveys being conducted byIBOA to ensure that we remain relevant,accountable and efficient in representingemployees in the financial services sectorwhile also encouraging greater participationand involvement in the Union. The rights card will provide informa-

tion on a number of topics members havethemselves highlighted. These include con-tact details for the elected representatives atthe different levels, information on legalemployment rights, policies and proceduresin the various employments and muchmore. The card will provide links to theIBOA website for detailed information. The Committee aims to distribute thecard to ensure that members make the mostof the card. It may also encourage non-members to join the Union. The Committee has also identified

future training needs for its members andhas proposed holding a monthly telecon-ference among committee members toupdate everyone on developments. For more information on the Youth

Committee contact its Secretary [email protected]

The Unusual Suspects?: Members of the Union Youth Committee with Youth Secretary,Gareth Murphy, at the first meeting of the newly elected body.

Lighting4 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 energyand last up to 10 times as long.

Kitchen4 Don’t overfill your kettle – only boil

as much water as you need.4 When using your washing

machine or dishwasher, wash fullloads as it is more efficient thanwashing two half loads.

4 Washing at lower temperatures ismore energy efficient.

4 When buying new kitchen appli-ances, choose ‘A’ energy ratedappliances as they cost less to run.

Heating and hot water4 You should avoid using your im-

mersion heater to heat water. Ifpossible, use your central heatingboiler instead.

4 Fit a lagging jacket on your hotwater cylinder to keep water hotfor longer.

4 If using electric heaters, fit withthermostatic controls.

Home entertainment andelectronic equipment4 Switch appliances off rather than

leaving them on standby. This willsave up to 20% of your appliance’senergy use.

4 Configure your computer to‘Energy Saving’ mode.

4 Unplug your mobile phone anddigital camera chargers whenequipment 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 aspossible, particularly during these hours will help reduce unnecessary CO2 emissions and,therefore, help combat climate change.

Electricity costs are a large component of your household bills. In fact, the use ofelectricity in the home accounts for approximately one third of the total electricityuse in Ireland. But reducing your electricity use is actually very simple. Try thetop tips provided here over the next few weeks and months and see how muchyou can save the environment and save money at the same time.

Save

Energy

Money

Earth

DiD you know...

• By turning your thermostatdown by one degree, you couldreduce your gas bill by 10%?

• Aviation generates nearly asmuch CO2 per year as all thehuman activities in the whole ofAfrica?

• 40% of all heat lost in the homeis through the loft and walls?

• It takes 50% more energy tomanufacture 4x4s than mostother cars?

• Flushing the toilet with the lidup ejects an aerosol-like plumeof germs around the bathroomthat float for up to two hours?

• 85% of the electricity consumedby TVs and VCRs is used whenthey are on standby?

• The average mattress can houseup to 10 million dust mites?

• The average dish cloth containsa million times more bacteriathan a toilet seat?

• 43% of green- house gasemissions inNew Zealandare causedby flatulentsheep?

• Termites produce 20 milliontonnes of methane every year –the gas is made in their gut bybacteria breaking down theirfood?

• It takes ten times more energyto make a tonne of textiles thana tonne of grass?

LIFESTYLE2009 june


LIFESTYLE june 2009


Sugar: Top Ten WorstOffenders (per 100g)

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)

Salt: Top Ten WorstOffenders (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)

Cerealoffenders

Security offer forIBOA members

¤300 off wire-freemonitored alarms

FREE pocket-sized keyfob with built-in panic button

• eircom PhoneWatch, Ireland’s leading homesecurity experts

• Protection 24 hours a day, 7 days a week• Extensive range of security solutions to suit

your needs

Order now on 1850 500 900or log onto www.eircomphonewatch.ie

Remember to ask your PhoneWatch salesconsultant about your IBOA discount


Breakfast is often said to be the mostimportant meal of the day. But withonly 8% of cereals getting a green lightfor healthy sugar levels, many peopleare getting a poor start, according to arecent report from the British con-sumer watchdog, Which?. Adults and children have ahard job finding a healthy startto the day, as cereal companiescontinue to add large amountsof sugar to their top brands. 31 of the 100 leading UKcereals, analysed in the report,Going Against the Grain, con-tained more than four teaspoonsof sugar per recommendedserving and only one of the 28cereals specifically marketed to childrenwas found not to be high in sugar (but wasstill high in salt). Morrison’s Choco Crackles topped thesweet mountain with moresugar per serving than a Cad-bury’s Chocolate Flake, fol-lowed closely by Kellogg’sCoco Pops Moons and Stars,Frosties and Ricicles whichwere 37% pure sugar. Many brands which arewidely considered to be healthy– like Kellogg’s All Bran, BranFlakes and Special K – did littleto bowl over Which?researchers.Starting the day with SpecialK, for example, would be almostthe sugar equivalent to wakingup to a bowl of Tesco’s DarkChocolate Fudge Cake Ice Cream.

Although sugar levels remained high,some positive changes have been made inreducing salt content. Nevertheless, 100g of Tesco SpecialFlakes was still found to contain the sameamount of salt as 100g of Walker’s ReadySalted crisps.

p report included confusing labelling, andquestionable health and nutrition claimsallowing some companies to promote awholesome image for their b d

while failing to drawttention to the highugar or salt content.

“Breakfast is imporant, and some cerealeserve their health

mage, but most simplon’t,” said Sue Davies

Chief Policy Adviser aWhich?. “It’s especiallhocking that almosll those targeted ahildren are lesealthy. With suchttle choice, it’s a dail

struggle for consumer

“Cereal manufacturers need to wakeup to the fact that people want to eathealthily and provide them with themeans to do so by reducing sugar and saltlevels and making labelling clearer. Withover a billion pounds spent on cereals everyyear, it’s time they rose to the occasion.”

The Which? researchersxcluded hot cereals and mueslisom the study because, de-pite growth in sales in recentears, they remain a small per-entage of the market overall.

They looked at the amountf fat, saturates, sugar and salthat the 100 cereals containednd applied the Food Stan-ards Agency’s traffic light la-

g y m where possible – using red,amber and green symbols to show whetherlevels of these nutrients are high, mediumor low.

They also considered how products are promoted,h a particular focus on the of marketing techniques

getted at children and anyrition or health claimsde on their behalf.Compared to a similarich? study of 275 cerealsee years ago, the newort found that there hasn some modest improve-nts – especially in reduc- salt levels. However, it

n still be a struggle to find ealthy covenient choice

the first meal of the day.

All sweetnessand…salt!

Is it really a healthier start to the day?

Few people would consider a Cadbury’s Flake as a suitablebreakfast. But Morrison’s Choco Crackles cereal has more sugarper serving than the popular chocolate bar, according to Which?.

Tesco Special Flakes:saltier than the rest

Nestle Cookie Crisp:high in sugar

LIFESTYLE2009 june

LIFESTYLE june 2009


On holiday, our skin is much more exposedto the elements, with the effects of thesun and the wind taking their toll. Normalskincare products are not enough and theskin needs additional moisturisation andrevitalisation. Children in the sun need the highestprotection. With summer holidays andplenty of outdoor play, childhoodis a time when we’re mostexposed to the sun. A child’s developing skin ismore vulnerable than an adult’sand will carry the effects of everysunburn for life. Children’s skin needs specificprotection. It actually receives aboutthree times the amount of ultra-vio-let rays as adults and yet their ownprotective pigmentation system is notyet fully developed. Protecting their delicate skin isvital. There are a number of productsdesigned specifically for children – likeSun Care Cream High Protection ForChildren from Clarins – which offer verythorough protection. Not only is it highly water resistant, itis specially formulated not to sting the eyes. If you set a good example in protectingyour own skin, your children will be morethan happy to follow your lead.

Make sure to re-apply sun cream afterswimming. Of course, extra protection likesunglasses, a hat and t-shirt are always agood idea.

Be Sun Smart!

You should try to avoid pro-longed exposure to directsunlight when it is at its mostintense. Try to stay in theshade between 11am and4pm – the peak hours of sun-shine. Use this period of theday as a chance to have some'quality time' – take a siesta, dosome reading, visit an indoorattraction like an art gallery ormuseum… use your imagination.

Top It Up!Always apply and re-apply your sun pro-tection every two hours, and more fre-quently in strong sun. And not just on thebeach… apply first thing in the morning –so that you are protected as soon as you stepoutside.

Out of the Sun!If you're home from the beach and out ofthe sun, your skin no longer needs protec-tion, right? Wrong. Because free radicalsgenerated by exposure to the sun continue

their harmful action even after youwithdraw from the sun – rather likethe way some foods continue tocook after you have taken them outof the oven.

The ideal after-sun routine startswith gentle cleansing of the face usingyour regular cleanser. Then it’s timefor the body. A quick shower is notonly refreshing after a day at the beachbut can also be a key part of yourskincare programme if you make sureto use a shower gel with non-dryingproperties that will moisturise the

skin. You can also use a specific product likeClarins After Sun Moisturiser Ultra-Hydrat-ing which provides instant cooling andcomfort. It's ideal for all the family.

Skincare After DarkYou can also replenish your skin while itrests at night. Of course, you can continueto apply your usual night-time skincareproducts if you want during the summer. Or you may prefer some of the after-sun products which have been speciallydeveloped for summer use.

Feed Your Skin!Another important factor in achievinghealthy and toned skin is maintaining awell-balanced diet. Summer provides the perfect opport -unity to enjoy fresh fruit and vegetables,plenty of water, exercise and rest. Make this summer the starting point fora new healthier lifestyle. Then when you’vegot into positive habits, you can try to main-tain them for the rest of the year!

Stay SafeIN THE

Sun

SOUNDINGS2009 june


the Sage in Gateshead on July 12. Acclaimed as one of themost original and creative figuresin pop music, Brian was thegenius behind the Beach Boys –whose distinctive vocal soundthe new band not only emulatebut enhance. The Beach Boys often foundit hard to reproduce Wilson’sstudio confections on the road.But Wilson says his currentten-piece band are the bestmusicians he has ever workedwith and Paul McCartney hasdescribed the outfit as “the besttouring band in the world.”

For a truly unforgettableexperience of pure musicalpleasure, beg, steal or borrow aticket to see one of the genuinegiants of modern music. Another great artist makinga welcome return is LeonardCohen. Rated by many as thegigof 2008, the response to Cohen’sconcerts in Dublin’s Royal Hospi-tal and other venues in Britainlast year has guaranteed a furthervisit from Canada’s finest. This time he plays Dublin’sO2Arena for four nights on July19-20 and 22-23 before packingthe Odyssey in Belfast on July 26.

Cohen also peforms at theMercedes-Benz World, Londonon July 11 and the Echo Arena,Liverpool, on July 14. “Sweet Baby” James Taylorkicks off his European tour atthe Bournemouth InternationalCentre on June 27, followed bythe Cardiff International Arenaon June 28 and the MEN Arena,Manchester on June 30. Crossing over to Ireland,Taylor and his band play theLive at the Marquee Festival inCork on July 2 and the O2 Arenain Dublin on July 3 before re-turning to Britain to Birming-

ham’s NIA on July 5 and the O2Arena in London on July 6. Meanwhile the Eagles openat the Odyssey in Belfast onJune 30, followed by the RDSin Dublin on July 2. HampdenPark, Glasgow is the venue forthe July 4 concert followed bytwo nights at Birmingham’s NIAon July 7-8. Then it’s up toManchester’s MEN Arena fortwo nights on July 11-12. Despite these recessionarytimes, few promoters have cutticket prices. So fans who canonly afford one or two summergigs face some tough choices.

¤1 off every CD youbuy when you visitwww.cdwow.ie/iboa

Special Offerfor IBOAMembers

ROCK OF AGESEven if the weather fails todeliver a long hot summer,the music scene promises aseason of golden oldies –with a number of classicperformers from across theAtlantic. The cynics may claim theyare only building the pensionfund – and for at least one ofthem there may be some grain oftruth in that – but 2009 offers achance to see some consummateartists who, far from being overthe hill, seem to have mellowedwith age. In keeping with the sound ofsummer, the remarkable BrianWilson makes a return visit tothese shores – headlining theElectric Picnic in Stradbally, Co.Laois on September 4-6, after twodates in England at the Guilfestin Guildford on July 11; and at

American legends and a Canadian maestro

Brian Wilson

The Eagles

Leonard CohenJames Taylor

SIGHTINGS june 2009

BIG SCREENS AT LOW COSTSwith IBOA

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

Storm Cinema BelfastVirtually half-price tickets!

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

at 02890-382905.


The talents of some film-makers in predicting future trends suggestthat they – rather than some of our recent leaders – should be run-ning the global economy. After all, they could hardly do any worse! Acclaimed filmmaker, Michael Mann, could hardly have pickeda more opportune time to unveil his gangster thriller, PublicEnemies, which is due for release next month. Although it is over a year since principal filming began – withat least another year in the writing and pre-production planning –Mann’s story of one of the Great Depression’s most charismatic anti-heroes is bound to resonate in the current global recession. The remarkable Johnny Depp stars as John Dillinger, whoseaudacious jail breaks and daring bank raids made him a folkhero to many ordinary Americans who blamed the banks for caus-ing the Depression. Dillinger was also one of the first Americangangsters to exploit his own celebrity: an avid cinema-goer himself,he was well aware of the public reaction to the movie newsreels ofhis activities – despite their usually brutal and fatal consequences.

Dillinger’s gang included thesociopathic Baby Face Nelson andthe equally ruthless Pretty Boy Floyd.Another man keen to use Dillinger’scelebrity for his own purposes was theyoung J. Edgar Hoover (Billy Crudup)who realised that halting Dillinger’scrime spree could help to advancethe claims of his fledgling Bureau ofInvestigation to become America’snational (federal) police force. He declared Dillinger his first“Public Enemy No. 1” and assignedhis top agent, Melvin Purvis (theubiquitous Christian Bale) – whobecame known as the “Clark Gableof the FBI.” The film is also graced with awonderful performance by Oscarwinner, Marion Cotillard (La Vie enRose) as Dillinger’s torch singer girl-friend, Billie Frechette. Based on Bryan Burrough’s non-fiction book, Public Enemies: America’sGreatest Crime Wave and the Birthof the FBI, 1933–34, the film wasoriginally intended as a collaborationbetween Mann and Leonardo diCaprio who eventually left the pro-ject to appear in Scorsese’s ShutterIsland. According to Burrough thefilm is “not 100% historically accurate.But it’s by far the closest thing to factHollywood has attempted, and forthat I am both excited and quietlyrelieved.”

Star cast: Johnny Depp (above), Marion Cotillard (below left) and Christian Bale (below right).

READINGS

During the Wall Street crash in1929, the word ‘banksters’ wascoined to describe those ruthlessindividuals who had gambledaway America’s wealth. In 2009 the term has beenresurrected by David Murphyand Martina Devlin as the titleof their new book on how theIrish financial services sector wasbrought to its knees by a smallelite driven by profit and greed. Banksters traces the eventswhich triggered the near collapseof the Irish banking system,when a privileged ‘golden circle,’caughtup in a frenzy of greed andopportunism – fuelled by reck-less tax breaks engineered bycavalier politicians – gambledwith the deposits and pensionsof the Irish people – and lost. While bank shares climbedto dizzying heights, profits soaredand executives earned enormousbonuses, those who cried ‘stop!’were shouted down. Banksters poses the all-important questions: who is toblame – and will all the culpritsbe held to account?


The alchemistsof catastrophe

CHAPTERS

BOOKSTOREParnell Street Dublin 1

10%discountfor IBOAmembers

Show your IBOA membershipcard at the pay point

In the mid 1990s, at a vast hotelcomplex on a private Florida beachdozens of bank executives from theNew York, London and Tokyo officesof JP Morgan gathered for a weekendof networking and brainstorming. Among the drinking, nightclubbingand fist-fights of that wild weekendwas a more serious purpose – to assessthe possibility of building a businessaround the new-fangled concepts ocredit derivatives. The group at the heart of this projecwas an intense team, made up of indi-viduals with a supreme sense of loyalty to eachother and to the bank – for years, nothing couldbreak them apart. But when the team finally dispersed, theinnovations spread far beyond their originalintentions – producing wild distortions in themortgage market that ultimately culminated incatastrophe on a global scale. Award-winning Financial Times journalist,Gillian Tett, dissects the consequences of thisflawed experiment in a style that is engaging,informative and extremely lucid. Although these derivatives seem to bedeliberately designed to be as complex and

penetrable as possible – to theoint where only someone with ahD in higher mathematics couldnderstand them – Tett manages toutline their basic principles in aay that can be understood by theon-specialist.

She also gives a good picture ofe culture in which these younghizz kids were operating – thereed is good mentality” and thecentive schemes which offeredry generous rewards for highly

p ible behaviour – for which therest of the world is now paying a very heavy price. Ultimately the derivatives came to be usedas a device to disguise liabilities on the balancesheet – and so exaggerate the bottom line and theresulting bonuses for the senior executives. Butthis illusion could not continue indefinitely. It wasinevitable that the day of reckoning would come.

Part real-life thriller, part invest igation andexposé, this searing narrative takes us deep in-side the shadowy world of complex finance –corrupted by unrestrained greed and facilitatedby a global regulatory environment so light andflimsy as to be effectively non-existent – in shorta perfect storm for a worldwide credit crunch.

Fool’s Gold by Gillian Flett, published by Little Brown.

IQ june 2009


Prize Crossword

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. SpeedUp. 19. Neonate; 21. Loser; 23. Dread; 24. Rash.

The winning entry was submitted by Aidan Hurley of Carrigaline, Co. Cork.

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

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

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

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

A prize of ¤50 will be awarded to the first entry

drawn from our post bag after the closing date.

A prize of ¤50 will be given to the sender of the first correct entrydrawn from our post bag on July 17, 2009. Entries should be sentto Crossword, Spectrum, IBOA – The Finance Union, IBOAHouse, Stephen Street Upper, Dublin 8. Photocopies of the gridare acceptable if you prefer not to cut up the magazine.

Across:1. 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)

Great savings and offers for IBOAmembers in Great Britain andNorthern Ireland from ThomasCook – including a 6% discounton thousands of holidays.

Just call 0870-0102904 –quoting reference IBOA – orvisit www.staffholidayclub.com

Inspired physicist and

inspiring teacher,

Albert Einstein was

also a trade unionist.

He was a founder

member of Local

(Branch) 552 of the

American Federation of

Teachers at Princeton University.


0 IQ2009 june

sUdoKU CHALLeNGe

A prize of ¤30 will beawarded to the sender of thefirst correct entry drawn fromour post bag on July 17, 2009.

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

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

The winning entry for theSudoku Challenge in the lastissue was submitted byCatherine Jinks of Moira,Craigavon, Co. Armagh.

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

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

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

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

5 2

8 1 2 7 5

7 8 1

1 8 9 3

9 6 2 4

4 1 6 8

1 7 2

4 2 6 9 1

4 3

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

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

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

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

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

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

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

IBOA Sports and Social Club Draw

application for refund

Name: … … … … … … … … …

Address:… … … … … … … … …

… … … … … … … … … … …

Membership No.: … … … … … …

Contact No.: … … … … … … …

Member of which draw?

… … … … … … … … … … …

I confirm that I have been paying into theabove IBOA Sports and Social Club draw.I am attaching proof of my standingorder payments.

Signed: ……………………………

It really doesn’t take much to work out!

SPORTINGLIFE june 2009


The city of Sofia – capital of Bulgaria –is a delightful spot in the summertime. It’s high, about 1700 feet up. Atthe end of every avenue there’s amountain, still flecked with snow. The30 degree heat is tempered by anoccasional breeze, and the shade of asycamore is never too far away. The golden dome of the huge cathedralrises high above a sweep of cupolas below,glistening in the bright sunshine. Cafésabound. Everywhere, there’s an opport -unity to relax, and that’s reflected in arefreshingly easy pace to the place. Sometimes football does that for you,takes you somewhere you’d never everthink of going, then makes you glad youjoined. I’d been to Sofia twice before, in thedepths of winter. It poured throughout theNorthern Ireland game I’d gone to cover in1978. They won 2-0. After, we’d gone for a refreshment ortwo, and by the time we emerged, in theearly hours of the following morning, therain had turned to snow. There wasn’t that much traffic then,back in the days of the Soviet bloc. A coupleof us set out, first footprints on the virginfall, to check on something we’d seen in thedim daylight – the hourly changing of theguard at the tomb of the unknown soldier. Sure enough, as the clock struck three,soldiers emerged from the gloom to goose-step their way along the silent street andrelieve their frozen comrades. The eternal flame burns unaccompa-nied now, alongside the basilica of St.Sophia, one example of the many ways lifehas changed in the city in the thirty-oddyears since I was there for the first time. My second visit had to do with a foot-ball match as well – a Scottish victory thatsent the Republic of Ireland to its very firstmajor championship – Euro 88. Now, after my latest trip to the Balkanswhere, incidentally, I have never seenBulgaria win, there burns the hope, if notyet the expectation, that there will be anIrish team at the World Cup in South Africanext year. Or maybe, historically, even two! It has been my singular good fortune tohave been involved in the coverage of somany great days in Irish sport. The twointernational football teams have beencentral to this. I was only a nipper when Northern

Ireland won their way to the World Cup inSweden in 1958. TV rights weren’t an issuethen – because so few people had TVs. I followed the team’s progress to thequarter-finals in the Belfast Telegraph, cour-tesy of the vivid reporting of an extraordi-nary Glaswegian who’d come to Belfast asa young man, and stayed – Malcolm Brodie,Sports Editor of the Tele, the now octoge-narian doyen of northern sports writers.

In 1982 in Spain, and in 1986 in Mex-ico, I was there with the Northern Irelandteam. Then the Republic took over, andwrote their first chapter with Euro ’88. After that, World Cup appearances inItaly, the United States, and, most recently,Japan and South Korea in 2002 were to fol-low. 2006 happened without either of theIrelands, but it is not beyond the bounds ofpossibility that in South Africa next year,for the very first time, the two sets of boysin green could be taking part.

There 53 footballing nations of Europeare divided into nine qualifying groups. Thegroup winners go through automatically tothe final stages in South Africa while thebest eight of the nine second placers go intoa home-and-away qualifying tie to earn theright to join them. Northern Ireland were top of theirgroup at the start of June, the Republic hadthe chance to end the month in a similarposition. Now that summer’s soft blanketof sunshine has settled over football’saffairs, the two Irelands (“Northern” and“Republic of” in football parlance) arebelow their respective summits, but sitcomfortably nonetheless, second amongtheir peers. Northern Ireland had begun badly, butfour consecutive wins – a good return at anylevel – put them back in the mix. They havethree more matches to play. They’re away to Poland, whom theybeat, dramatically, in Belfast in March.Then, they’re home to Slovakia (who wenttop of the group this month by beatingmighty San Marino). Northern Ireland lostnarrowly to the Slovaks in the away leg.

Two Irish teams forSouth Africa?

FORWARD TO SOUTH AFRICA?: Republic of Ireland soccer manager,Giovanni Trapattoni (Photo: Inpho/Donall Farmer)

by George Hamilton

EDGEWISE


2009 june

STEPHEN MALONE

ULTRA VIOLET&INFRA RED

39

Gordoncleans up!The revelation that BritishPrime Minister, Gordon Brown,claimed £6,577 for cleaning hisflat in Central London over 26months, was condemned bythe Tory press as an example ofNew Labour excess. But since this wouldamount to a modest weeklycontribution of £58 – giving awage of £116 a week (if Mr.Brown was paying half of thetotal), then surely the morepertinent question is whetherthe payment was in breach ofBritain’s minimum wage law!

The Motherof InventionIn these recessionary times,two for the price of one dealsshould be much prized. Problem No. 1: British MPsare causing public anger bymaking excessive expensesclaims for “second home”allowances. Problem No. 2: The OlympicVillage in East London risksbecoming a “white elephant”when the 2012 Games are over. Can you see where I’m goingwith this? You’ve guessed it. Why not turn the OlympicVillage (or part of it) intostandard accommodation foreach MP – paid for by the tax-payer – and scrap the farcicalclaims for dog food, glitterytoilet seats, tennis courts, plasmascreens, fridge magnets and, ofcourse, cleaning moats!

“Right!,”said FredThe recently published minutesof Royal Bank of Scotland (RBS)board meetings held on October10, 11 and 12 to consider thereplacement of Chief Executive,Sir Fred Goodwin, reveal thatthe board never discussed thespecific size of the payments toGoodwin. The minutes show thatGoodwin was given a choice oftaking his full pension at 50 (hiscurrent age) or his full pensionat 60. Tough choice, eh? But the Bank’s gratitude tothe Chief Executive who hadbrought it to the brink ofcollapse was truly boundless. When he decided to with-draw a lump sum of £2.7mfrom his £16.9m pension pot,the Bank very kindly offered toprovide it on a tax-free basis –which, at 40%, meant that thelump sum cost the Bank £4.5m. In the wake of the publicoutcry over Fred the Shred’spension, he very generouslyoffered to return the lump sum–but only if the pension pot wasrestored to its original level!

Trouseringthe CashOn a recent talk radio show, thehost was conducting a paneldiscussion between a stock–broker, a senior banker and atrade union official. As the discussion drew to aclose, the interviewer askedone final question to each of thepanellists: “what would youdo if you found e50,000 inyour trouser pocket in themorning?” The stockbroker told thenation that he would put themoney into equities becauserapidly falling real estate priceswould make property a veryrisky investment. The senior banker dis-agreed – pointing out that thestock market was still far toovolatile. “Government bondsare the best bet,” he declared. “So now," said the host tothe union official, “what wouldyou do if found e50,000 in yourpocket in the morning?” “Well,” he said, “I’d bewondering how on earth Icame to be wearing someoneelse’s trousers!”

The pension (in1000s of pounds)ex-RBS chief, FredGoodwin, drawsevery week!

CRUNCHIN

NUMBERS

13

Finally, they re away to theCzech Republic, now cast asperennial underachievers. Theymay not be fancied, but NorthernIreland are by no means out ofthe contest for a place in theFinals. The same applies to the Republic. Giovanni Trapattoni steam selections may have infuriated what used to be called thepurists, but what he is doing ismoulding a unit. Glenn Whelanand Keith Andrews? Nobody sposter boys, but they are the heartof the team that he has created. He gives them confidence.They go out, they play, they don tmake mistakes. And they haveyet to lose a competitive gameunder let s revert to cliché thewily old Italian coach (the onlymanager, incidentally, to havewonall three of Europe s big clubcompetitions, when there werestill three). The Republic must visitCyprus, then they have Italy andMontenegro at home. If they winin the Med (where it hasn t always been that simple), theywould have what amounts to aCup Final against the World Cupholders at Croke Park. Thatprospect promotes salivation. Northern Ireland, managedby Nigel Worthington, theirformer left back from Ballymena,have momentum. The Republicof Ireland have Trapattoni, one ofthe greatest coaches the game hasever seen. South Africa awaits. Sofia has been a waypoint forboth in the past. The city maywell find itself a footnote inanother story of Irish success.Blue summer skies, those greenpeaks flecked with snowy white,soft green spaces, garden cafés.I m just glad I got the chance togo back.

Northern Ireland soccermanager, Nigel Worthington

(Photo: INPHO/Presseye/William Cherry)

spectrum june 2009

Documents

iboa membersand

years iboa golferof

finance union9

membersback new terms

tough rise

banks stanceand

paid15iboanewsdanske

significant discount