Staff at National Irish Bank are suffering from low morale and fear for their jobs, it was claimed today. Bank officials spoke out after an urgent meeting this afternoon about the future of NIB in the wake of the damning High Court Inspectors' report in July.
That report said the bank overcharged customers and encouraged tax evasion. It named and criticised 19 former executives who have since left the bank. The bank's owner, National Australia Group then stepped in and hired London investment bankers Lazard to compile a report on the firm's future in Ireland.
The Irish Bank Officials Association said its members were concerned and frustrated over the uncertain future of the bank. It represents 700 members in NIB and a further 1,600 members in its cross-border equivalent, Northern Bank - the largest in the North.
The IBOA said it was inundated with calls from staff worried about their future within the bank and the implications for their careers.
IBOA general secretary Larry Broderick said: "Staff and customers are operating in a vacuum that is unhealthy and sapping their morale.
"Endless speculation is not good for the business or confidence of staff, customers or the market in general." The 20,000-member association is seeking urgent meetings with financial watchdog IFSRA and the Melbourne-based National Australia Group to clarify matters as soon as possible.
It is also writing to the Competition Authority, as well as the Office of Fair Trading in Britain, and the European Commission to outline its concerns.
At today's conference, IBOA union activists outlined a strategy to protect members' jobs.
PA