IBRC:Staff at IBRC have said they are prepared to take industrial action to secure "a just severance deal" at the liquidated bank.

The finance union IBOA said yesterday that staff at IBRC had voted overwhelmingly to support its campaign for fairness and respect.

Under the liquidation process staff losing their jobs will receive only their statutory entitlements.

IBOA general secretary Larry Broderick said: “ The Minister and the liquidator should take note of this show of solidarity and strength today that workers will stand by each other and stand up for each other. IBRC workers want to support the taxpayer by capturing the value of IBRC’s assets. However, the commitments that the Government made to staff must be honoured.

“Staff are clearly saying this liquidation may have been necessary to reach a deal on promissory notes but it was not necessary to liquidate staffs’ rights and agreements into the bargain.”

The union said it was due to meet the liquidator tomorrow, and would “make the strength of feeling expressed today known to him formally at that meeting”.