AIB and FSU agree deal on transferring Ulster Bank staff
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Loading... - Mido Nabil
- 01 Jun 2022
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AIB and representatives of the Financial Services Union (FSU) have reached agreement on proposals governing the transfer of staff from the departing Ulster Bank to AIB alongside assets it is buying.
The proposals will now be put to a ballot by relevant members of the FSU later this week, concluding on June 16.
AIB is buying €4.2 billion of performing corporate and commercial loans from Ulster Bank as it winds down its operations here.
Around 270 Ulster Bank staff who are directly involved in the servicing of the loan book will transfer to AIB as part of the arrangement.
Under so-called TUPE legislation, in such circumstances employees moving from one company to another are entitled to keep their existing terms and conditions of employment.
The proposals which are to be voted on include issues such as hours of work, new pension arrangements, job grading and company policies.
They also include a one-off transition payment for all employees worth €1,000.
"The negotiations were tense and not without friction, but it is good we can now offer clarity to our members on proposals for transfer," said Gareth Murphy, Head of Industrial Relations and Campaigns at the FSU.
"The FSU has consistently advocated that if at all possible, Irish loans should be transferred to Irish banks to allow as many jobs to be saved as possible," he added.
The union said that if the proposals are accepted, the first staff will move across from Ulster Bank to AIB in the middle of July. Read More...
