Ulster Bank staff vote to accept terms of transfer to AIB

Ulster Bank workers who were due to be transferred to AIB from the start of July have voted to accept the terms and conditions negotiated by the Financial Services Union.

NatWest-owned Ulster Bank is in the process of winding down its operations in the Republic. Some 250 workers are due to move to AIB over the coming months, with the Competition and Consumer Protection having approved AIB’s acquisition of a €4.2 billion portfolio of Ulster Bank’s performing commercial loans earlier this year. AIB has also agreed to purchase a performing Ulster Bank tracker mortgage portfolio, worth an expected €5.7 billion, subject to regulatory approval.

The Financial Services Union said on Friday that the final result of the ballot was “very close” but would not provide details of the figures. The union, which negotiated with AIB on behalf of its members in Ulster Bank, said the agreement highlights the differences in benefits available to the UK-owned lender’s workers compared with the benefits available to employees of the remaining Irish banks.

“Benefits which are available to all staff in Ulster Bank but are not currently available in the main three retail banks due to government restrictions imposed after the crash added a layer of complexity to the negotiations and was a point of concern for our members,” said Financial Services Union general secretary John O’Connell in a statement.

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“It highlights the need for ordinary workers’ remuneration to be considered separately from that of CEOs and executives.”

Gareth Murphy, head of industrial relations at the Financial Services Union, said: “The vote by the members to accept the terms concludes months of intense and difficult negotiations between the FSU and AIB.

“We believe these proposals, agreed today by our members, best protects members’ working conditions in the move to AIB.” He said the deal “protects jobs” and gives certainty to members around pay and pension benefits.

The first tranche of Ulster Bank workers are expected to move to AIB in July.

A spokesman for AIB said the bank was “delighted to welcome our colleagues from Ulster Bank who’ll be joining us over the coming months”.