Rank-and-file staff at finance house Irish Life & Permanent have no confidence in senior management, union leaders warned today.
The Unite trade union, which represents 2,500 IL&P employees, launched a stinging attack on board members and top bankers claiming they had put thousands of jobs at risk to save one of their executive colleagues.
IL&P bosses last week initially refused the resignation of chief executive Denis Casey in a scandal over an apparent €8.2bn dig-out of its troubled competitor, Anglo Irish Bank.
But after intense public and private pressure from Finance Minister Brian Lenihan the board made a dramatic u-turn and Mr Casey quit.
Unite leaders have today written to the IL&P Board warning that thousands of ordinary employees have no confidence in chairwoman Gillian Bowler and the outgoing chief Mr Casey.
In a letter to the Board, the union’s regional officer Colm Quinlan said: “Last Thursday, the Board of Irish Life and Permanent TSB risked sacrificing the security and tenure of the jobs of thousands of workers in an attempt to support one, the now resigned CEO.
“Unite members and regular bank officials and employees have conducted themselves in exemplary fashion throughout the current financial crisis.
“This statement does not hold true for senior management.”
Staff are to be briefed today by management on the fall-out from the IL&P/Anglo loans scandal.
Three senior executives including Mr Casey have quit IL&P over the controversial and highly irregular €8bn paid into Anglo – more than the Government’s recapitalisation of Allied Irish Banks and Bank of Ireland.
IL&P claimed the only motivation behind the money moves was to assist the wider banking sector after a call for support from the Financial Regulator and the Central Bank – a suggestion flatly rejected by the Regulator.