Bank employees have voted to reject the terms of the new national pay deal.
In a statement today bank officials' union, the Irish Bank Officials' Association (IBOA), said it had recommended rejection of the deal ahead of the ballot, which showed a 98 per cent rejection of the terms of Sustaining Progress.
The deal offers most workers a pay increase of 5.5 per cent, in three phases, over the remaining 18 months of Sustaining Progress.
IBOA general secretary Mr Larry Broderick said bank staff were seeking 7 per cent over 18 months. He said the productivity of finance staff coupled with the profits being earned in the sector justified a wage rise of this level.
He said the rejection of the deal also "illustrates the growing frustration among bank staff at the over-concentration on public sector issues during the pay negotiations".
Mr Broderick said the union would now oppose ratification of the pay deal at a special delegate conference of the Irish Congress of Trade Unions on September 1st.
If the deal is ratified Mr Broderick hinted the union would consider leaving the congress in a bid to negotiate locally with highly profitable private sector organisations.