Bank of Scotland (Ireland) and union, Unite, have reached agreement on redundancy terms for workers in the Republic of Ireland.
Bank of Scotland (Ireland) is to announce up to 750 redundancies due to the closure of its Halifax retail banking business and its Bank of Scotland (Ireland) intermediary business.
Unite will recommend that members accept the terms in a forthcoming ballot.
The new redundancy terms provide for 7.25 weeks pay per year of service. Regardless of length of service, colleagues will receive a minimum of 26 weeks pay.
The maximum payment will be 143 weeks pay.
In addition, to improve the re-employment prospects for colleagues, an additional retraining grant of €3,000 will be provided per completed year of service up to a maximum of four years.
Early retirement is not a feature of this agreement.
No redundancies are planned to take place before the end of June 2010.