IBOA unhappy with First Active redundancy terms

The Irish Bank Officials Association (IBOA) says it is not happy with the voluntary redundancy package being offered by the Ulster Bank Group.

The company confirmed today that it plans to merge First Active into the Ulster Bank brand in a move that will lead to 550 job cuts in the Republic and another 200 in the North.

It says the merger will lead to a much more cost-efficient organisation.

The IBOA, however, says its members must be offered generous redundancy terms given the current lack of employment opportunities in Ireland.

It also says it will be trying to reduce the overall number of redundancies as it does not believe 750 lay-offs are necessary.