Some trade unions are making inflated and unreasonable claims on employers in advance of the changeover to the euro, Mr Turlough O'Sullivan, director general of IBEC said yesterday. At the Irish ProShare Association annual conference, Mr O'Sullivan singled out the Irish Bank Officials Association as among what he termed the "most serious offenders". "In the new environment their members will be required to handle considerably fewer currencies and yet they want special compensation," he said.

Wage increases with no productivity return will damage the State's competitiveness, while employee financial involvement schemes must contain real productivity gains, he said.