NAMA ‘will cost thousands of bank workers their jobs’

THE country’s biggest banking union has claimed NAMA will lead to the consolidation of the country’s banks, resulting in thousands of jobs lost in the sector.

IBOA general secretary Larry Broderick said: “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.”