Ibec records €950,000 surplus

BUSINESS AND employers’ representative group the Irish Business and Employers’ Confederation (Ibec) tackled its €1.4 million 2009 deficit last year to record a surplus of €950,000 at the end of its 2010 financial year.

Accounts filed for Ibec Limited show the confederation received over €12 million in subscription charges from its member companies last year, broadly in line with its 2009 figures.

A reduction in administration expenses – including a €1.3 million reduction in its wage bill – resulted in the surplus.

A number of non-recurring items, including €195,000 in redundancy costs, meant the company posted a trading loss for the year of just over €117,000.

The confederation spent €9.5 million on personnel and pension costs last year, a 12 per cent drop on the €10.8 million spent in 2009.

Its defined benefit pension scheme, run by the Ibec union, had a deficit of €12.5 million at year-end.

The defined benefit scheme has been closed to new entrants since April 2004.

The confederation was formed in 1993 as a result of a merger between the Confederation of Irish Industry and the Federation of Irish Employers.

It has over 7,000 members who are represented by a National Executive Council. The council has 70 members and meets five times a year.