€12m windfall for union members

THE union representing bank workers will land a €12 million windfall for members when it sells its landmark headquarters later this month.

The Irish Bank Officials’ Association (IBOA), which has around 14,000 members, is in the final stages of concluding a deal to offload its offices on Dublin’s St Stephen’s Green.

Together with two adjacent properties, it will raise more than €25m.

The union will then move to new premises nearby at Le Hulle House on Stephen Street Upper, which it acquired earlier this year for approximately €13m. But some profit will be eaten up by Capital Gains Tax (CGT) and stamp duty costs.

The move will end the union’s 90-year presence on St Stephen’s Green, where it owned numbers 92, 93 and 94.

Estate agent Douglas Newman Good handled the sale on behalf of the IBOA.