BOI told to increase profit-sharing

BANK of Ireland has been told to increase its €8 million profit-share scheme for 8,500 members of the Irish Bank Officials Association employed by the bank.

An independent Gainsharing Tribunal chaired by Labour Relations Commission chief executive Kieran Mulvey has instructed the bank and the IBOA to complete a agreement by September 15 on the new profit-sharing agreement.

It is expected the ruling will also impact on other financial institutions where the IBOA have members including AIB and Ulster Bank.