IBOA: Thousands of jobs could be at risk in wake of NAMA

IBOA, the Finance Union, is seeking clarification from the Government on the likely impact of the creation of the National Asset Management Agency (NAMA) on the jobs of the Union’s 23,000 members in the financial services sector.

“We understand that, in and of itself, NAMA will not have a significant effect on employment in the sector since bank staff will continue to be involved in managing assets on NAMA’s behalf. But, once the transfer of toxic assets from the financial institutions to NAMA gets under way, it opens up the possibility for a major consolidation of the sector through mergers, acquisitions or closures,” said IBOA General Secretary, Larry Broderick.