Irish Nationwide Building Society (INBS), the beleaguered state-owned bank, has signed an agreement with the Irish Bank Officials’ Association (IBOA) committing to the principle of “no compulsory redundancies” at the institution.
INBS, whose future hangs in the balance after it suffered massive losses in the commercial property market, has agreed to introduce any change “with the maximum participation by the staff’s trade union representatives”.
INBS was, up to last year, a non-union workplace.
The society, which employs more than 400 staff, submitted its business plan to Brussels last month.
The plan includes a wind-up option or the merger of the society with another bank and its subsequent transformation into a mortgage bank. It recognises that there is “no doubt but that change will be required”.