STAFF AT Bank of Ireland are expected to ballot on possible industrial action in a row over the level of stock to be awarded to staff under the company's gain-share scheme.

As part of Bank of Ireland's group transformation programme, staff were to receive up to 6 per cent of salary annually in stock, in addition to the introduction of a 35-hour week in return for co-operation with changes such as voluntary redundancies, out-sourcing, branch closures, relocations and business unit amalgamation.

However, earlier this year, the bank decided, on the basis of its financial results, to pay a staff stock issue of 3 per cent in 2008 - a move strongly opposed by unions at the company.

Independent mediator Kieran Mulvey, who brokered the original transformation deal, said in a report earlier this week the positions of the parties were 100 per cent apart. He said he was not in a position to issue a determination on the issue.

The Irish Bank Officials' Association (IBOA) said last night its Bank of Ireland executive committee had met to consider the issue yesterday and would set out its findings today.

It is understood the IBOA will announce plans to ballot its members on the 3 per cent stock issue and on possible limited industrial action - not including strike action - if they rejected the move.

Another union at the company, Unite, is to hold a general meeting of its 500 members in Bank of Ireland on Tuesday. It is expected it will propose carrying out a ballot of members for industrial action up to, and including, strike action.

Bank of Ireland said the 3 per cent stock proposal was "fair and equitable in the interests of all stakeholders - employees and investors - and in the context of the bank's performance".

However, the IBOA said the case for the payment in full of the 6 per cent gain-share was overwhelming as staff had given the required productivity.