Union ‘would resist redundancy caps’

THE union representing bank workers has said it is unaware of any attempt to drive through reduced redundancy terms for anyone losing their job as part of cuts at the three nationalised banks.

The Irish Bank Officials’ Association (IBOA) also said it would not co-operate with any plan to cap redundancy payments at three weeks per year of service plus statutory entitlements — half the current industry norm of six weeks per year.

The move follows a meeting last week at which it is understood the Department of Finance told AIB, Anglo and Irish Life & Permanent of the proposed cap.