MARCH 2010

PROTECTING THEWHISTLEBLOWER

Key to changing culture

SHORTCUTSBanking Made Simple?• Odd One Out • PensionTrustee Training Online •Call for Ban on VoodooFinance • The Secret ofLehman’s Excess

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NEWSFOCUSRef Justice: TheRepublic’s new financialregulator wants tougherscrutiny of financialinstitutions

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NEWSFOCUSBlowing the Whistle: Protection for Whistle BlowersEssential to Change the Culture of Banking

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NEWSFOCUSA Busted Flush?: CreditRatings Agencies

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SAFESECUREThink Before You Cllck:It doesn’t pay to gettoo friendly on socialnetworking sites

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GLOBALNEWSLow Standards in HighPlaces: UNI leader warnsDavos elite

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IBOANEWSUnion seeks jobs summit• Let’s make history •Cash with Dash •Cheerio Seán-Ó

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SAFESECURERemember the Dead ButFight Like Hell for the Living• Minding your safety,health, welfare and securityat work • Security advicefor members in Belfast •Think security

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SPECTRUMEXTRAGetting Away From It All:Special Discounts on Hotel Breaks and Holidays for IBOA Members

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The QuarTerly Magazine froM iBoa – The finance union

WORKPLACENEWSNorthern Bank staff winpay increases •NIB staffaccept restructuring deal• AIB members agree tochanges to preservepension scheme

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WORKPLACENEWSStand-off at Ulster Bank• INBS recognises IBOA• Pensions talks continueat Bank of Ireland •Members win recognitionat NIIB Finance

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EQUALITYBuilding Equality into Recovery: The ICTU Women’sConference

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COURSEWORKChanging Attitudes –Changing Cultures:Safety Conference inNorthern Ireland •Women at Work Skillnet

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COURSEWORKA Touch of Class:Siobhan McDermott hasrediscovered the learningbug thanks to theWomen at Work Skillnet

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SPORTSLIFEGeorge Hamilton reflects on the Triple Crown that gotaway!

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READINGSToo big to fail or too bigtoo manage? The insidestory of the collapse ofLehman Brothers

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READINGSSeparation anxiety: Willthe recession kill work-place partnerships?

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SIGHTINGSMeryl plays Inez•Bullock shines inHollywood adaptationof real-life story

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IBOAQUIZZESPrize crossword•Sudoku challenge

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ULTRAVIOLETBeware of the diabolicalanabolics! • Lights,Cameron, Action!

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Spectrum is published by IBOA – The Finance Union,IBOA House, Stephen Street Upper, Dublin 8and 29, Malone Road, Belfast. BT9 6RU.

Telephone: 00353-1-4755908 and0044-28-90200130

info@iboa.ie www.iboa.ie www.iboa.org.uk

General Secretary: Larry BroderickHonorary Secretary: Tommy Kennedy

Communications Manager: Séamas Sheils

Advertising enquiries to Anna O’Doherty orLouise O’Donnell in IBOA House.

Spectrum is printed on recycled paper andwrapped for posting in oxy-degradable poly -thene at W & G Baird, Antrim, Northern Ireland.

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short: cuts

SPECSAPPEALFORIBOAMEMBERS

¤30 off glasses from the ¤149 range or above

in the Irish Republic

£20 off glasses from the £99 range or above in

Great Britain and Northern Ireland

To receive your SpecSavers discount voucher,

call 0(0-353-)1-4755908 or 0(0-44-)2890-200130.

Bankingmadesimple?New websiteaims to explainbanking to newbank directorsThe US Federal Reserve hasannounced a new traininginitiative – a website to explainbanking to new bank directors(www.bankdirectorsdesktop.org). “Many people who areasked to serve on bank boardshave little training or experienceto prepare them for their newroles,”said Patrick M. Parkinson,director of the Fed’s Divisionof Banking Supervision andRegulation. “This website has beendeveloped with new directorsin mind. But there is plenty ofuseful information for thosewho have already spent timeon bank boards.”

Look at the names below andpick the odd one out:

• Lord Stevenson: formerChair, HBOS

• Alastair Darling: Chancellorof the Exchequer in Britain

• Sir Fred Goodwin: formerChief Executive, RBS

• Sir Terry Wogan: broad-caster

• Andy Hornby: former ChiefExecutive, HBOS

• Gordon Brown: BritishPrime Minister and formerChancellor

• Sir Tom McKillop: formerChair, RBS

• John McFall MP: Chair of theTreasury Select Committeeof the British House ofCommons

You're probably thinking TerryWogan. You're right, of course. Butthe reason may surprise you:

Terry Wogan is the only oneout of this group who actuallyholds any formal bankingqualification.

Worrying, isn’t it?

ODD ONE OUT!

Andy Hornby Alastair Darling

Fred Goodwin Terry Wogan

Pension trusteetraining onlineThe Republic’s Pensions Boardhas launched an e-learningsystem for pension schemetrustees. Since February 1,2010, all pension schemetrustees must undertake train-ing at least every two years. The new interactive e-learning system aims to pro-vide this training free of chargeand in nine easy-to-use self-paced lessons. It can be accessed fromthe Pensions Board’s websiteon www.pensionsboard.ie

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Call for ban on‘Voodoo Finance’The French and German Governments have written to EU

Commission President José Manuel Barroso to demand animmediate investigation into the role and effect of speculativetrading in credit default swaps on countries’ bonds. They have also urged the EU to consider banning thespeculative trade and setting up a compulsory register ofderivatives trading. Credit default swaps are a form of insurance against acountry defaulting on its bonds. But some consider it to bemore akin to insurance taken out on someone else’s assets. The French and Germans are concerned that much ofthe trading in CDSs is now tantamount to betting at theexpense of others. But this speculation is not an academicactivity: it can have a direct impact on the interest ratesoffered to the countries targetted by the speculators. In the current crisis in Greece, there has been growingconcern that much of the international trades in insurancein Greek bonds was a form of ‘voodoo finance’ – aimed atspeculation rather than investment.

“Oh, I dabbled in hedge funds, sub-prime mortgages,

derivatives and credit default swaps but it was all just

TOO WEIRD!”

Revealed: the secretof Lehman’s excessThe principals in Anglo-Irish Bank were not alone in seeking

to massage the balance sheet by temporarily transferringliabilities elsewhere before the end of each accounting year. A recent 2,200 page legal report into the collapse of LehmanBrothers has shed light on how a leading US financial institutionmanaged to continue reporting substantial profits right up to thepoint of its collapse. Financial transactions known as Repo105 and Repo 108 wereused to remove billions of dollars of debt from the bank’s balancesheet on a temporary basis. The legal report found that senior executives were so dependenton this accounting sleight-of-hand that they referred to Repo 105in e-mails as “another drug we’re on.” It is hardly surprisinghat these “special purpose” entities wererevealed to be at the heart of Lehman’s highly dubious accountingprocedures. After all, the use of similar devices led to the undoingof Enron (see page 7). More surprising, perhaps, is that, in the wake of the Enronscandal, the regulatory bodies in the US were clearly so lax in theirmonitoring of Lehman’s equally underhand activities.

The former Lehman’s HQ in Times Square, New York.

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Matthew Elderfield,the new Head of

Financial Regulation inthe Republic, has given abroad outline of his plansfor much tougher super-vision of the financialservices sector at a recentmeeting with IBOA andin a subsequent publicstatement. While acknowledging thatweaknesses in regulation con-tributed to the financial crisisin Ireland, Elderfield said heaimed to take a balanced andmeasured approach. The Financial Regulator hasalso done a good job in manyareas, he said, and has manydedicated and hard-workingprofessionals working in thefront line of the crisis tostrengthen the financial systemand protect Irish consumers. However, he said, therehave been “fundamental fail-ings in corporate governance,”and proposals would be intro-duced for more stringent fit-ness and probity requirements,and guidelines on pay and risk-taking. “It is already clear to me,”he said, “that we need toundertake a fundamentaloverhaul of the regulatorymodel for financial services. “We need to address theobvious weaknesses that havecaused problems here and alsokeep pace with best practiceinternationally, as regulatorsaround the world are re-assessing their approach." He said he intended toimplement a framework ofassertive risk-based regulationunderpinned by the crediblethreat of enforcement. “We need to be balancedand proportionate dependingon the risk of the sector or firmin question.” “We need to insist that thebiggest and riskiest firms man-age themselves better and thatfirms and their managementare held more accountable fortheir actions.”

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Ref justice

“Ireland is competingas a premier financialservices centre. But youcan’t referee a PremierLeague match with onelinesman and no redcard in your pocket.”

Ireland’s new Head of Financial Regulation,Matthew Elderfield

"A risk-based modelmeans that we will not have aone size fits all approach,” hesaid, adding that “a systemi-cally important bank” shouldexpect “a much more intrusiveapproach” than companieswith a lower-risk profile. “High-impact firms andthose with a poor track recordshould not expect to receivethe benefit of the doubt fromme or my staff when the bestapproach to addressing a riskis a point of contention be-tween us,” he said. The regulator will maintainopen dialogue with a firm’ssenior management, but if it isunconvinced by their plans, “wewill be prepared to substituteour prudential judgment fortheir commercial one and say:Just do it.” Mr. Elderfield plans to setup a division dedicated to en-forcement with new special in-vestigative units. However, hisimmediate priority is the re-capitalisation of the bankingsector, he said. “A robust recapitalisationexercise will ensure that Ire-land’s banks start this processin a stronger position and witha better funding outlook.” The recapitalisation exer-cise would “draw a line underthe banking crisis,” he added. The regulator aims tostress-test the loans to be leftbehind at the banks followingthe transfer of ¤77 billionworth of impaired loans overto the National Asset Manage-ment Agency (NAMA). Mr Elderfield said bankswould also be reviewed toensure compliance with the12-month moratorium onlegal actions against homeowners in mortgage arrears. He is also keen to see firms“move more quickly to clearbacklogs in handling over-charging cases,” warning thatthey would face enforcementaction if timelines were not met. “I would encourage firmsto act now to accelerate theirwork before we get in con-tact,” he added.

Regulator wants tougher scrutiny

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Blowing the Whistle

Sherron Watkins, former Vice President of Corporate Development at Enron.

In 2001 Enron’s Vice President of Corporate Development,Sherron Watkins, uncovered a number of irregular accountingpractices designed to cover up a massive hole in the energycompany’s accounts. By using dubious off-the-books partnerships, Enronmanaged to hide hundreds of millions of dollars in losseswhile at the same time overstating its annual profits. Once the scandal was exposed, Enron filed for bankruptcywith its shareholders estimated to have lost $74 billionin the four-year period preceding the bank ruptcy (with anestimated $40 million to $45 million due to fraud).

Altogether sixteen executives pleaded guilty for crimescommitted at Enron, while a further five were found guiltyat trial. The guilty included founder and chair man, Kenneth Lay;former CEO, Jeffrey Skilling; and former Chief FinancialOfficer, Andrew Faslow. Another casualty of the scandal was accountancy firm,Arthur Andersen – at that time one of the world’s largest –which was dissolved after suffering huge reputational dam-age from its association with Enron.

Continued on Page 8

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Cynthia’s StoryCynthia Cooper was Vice President of the Internal Audit Department at the US telecom company,WorldCom. In March 2002, she learned that the Corporate Accounting Department had taken$400 million from the Wireless Division reserves in order to boost WorldCom’s income. When Cooper raised concerns with WorldCom’s accountants, Andersen, she was toldit was not her problem. When she continued to raise concerns, WorldCom’s Chief FinancialOfficer, Scott Sullivan, told her to back off. Having seen Andersen’s role in the Enron debacle, Cooper was worried that WorldComcould not necessarily rely on their audits. Cooper and her team decided to check the workdone by Andersen. In late May 2002, they discovered that WorldCom had falsely categorisedbillions of dollars as capital expenditure in 2001 with the result that it was able to presenta $662 million loss as a $2.4 billion profit. With Sullivan indicted on charges of securities fraud in August 2002, WorldComfiled for bankruptcy. Its shareholders are thought to have lost around $3 billion.

Individuals who discover corruption, fraudor mismanagement in organisationshavea difficult choice to make. By reportingexperiences or suspicions of wrongdoing,they may expose themselves to highpersonal risk. Rather than being heard and praisedfor their courage, they may be ostracisedby former friends and colleagues. Theymay face workplace reprisal or dismissal,their employer may sue (or threaten tosue) them for breach of confidentiality orlibel, and they may be subject to criminalsanctions. They may even be subject to threatsor physical harm. In many instances,despite their best efforts, they faceindifference or mistrust, and their reportsare not properly investigated. Nevertheless, in recent years the im-portance and value of whistleblowing inthe fight against corruption has been in-creasingly recognised. Early disclosure of wrongdoing – or ofthe risk of wrongdoing –can help to protectthe rights of employees, customers andshareholders. It may save livelihoods – oreven lives – in certain circumstances.

It may prevent reputational damageto institutions which could affect entirefinancial systems with serious consequencesfor entire economies. Whistleblowers play a vital role inexposing corruption, fraud, and misman-agement, and in preventing disasters thatarise from negligence or wrongdoing. Those within public institutions andthe private sector who speak out aboutwrongdoing potentially save lives andresources, as was the case when a doctordisclosed the cover-up of the SARS out-break in China. On the other hand, pooror no follow-up of initial reports – as inthe scandal over Bernie Madoff’s Ponzi-scheme – can cost investors millions.

Recent international conventions like theUN Convention Against Corruption,

the Council of Europe Civil Law Conventionon Corruption, the Inter-American Conven-tion Against Corruption, and others, committhe signatory countries to implementingappropriate legislation. An increasing number of governmentsare considering legislation. Yet so far thereis no coherent European framework withthe result that national legislation onwhistleblower protection varies consider-ably in terms of its effectiveness. In most known cases, whistleblowersexpose themselves to high personal risksin order to protect the public.

“Proper protection for employees who blow thewhistle on corruption, criminality and malpractice isvital to the process of changing the culture of bankingboth in Ireland and in the rest of the world.”Larry Broderick,General Secretary, IBOA The Finance Union

WHISTLEBLOWING: the disclosure of informationabout a perceived wrongdoing in an organisation –or the risk thereof – to individuals or entitiesbelieved to be able to take action to end it.

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The Governor of the Republic’s Central Bank, Patrick Honohan, recently told theDáil Committee on Economic Regulatory Affairs that a statutory regime toencourage whistleblowers and to provide a specific process for them should beone of themeasures taken to address the failure of Ireland’s financial regulatorysystem to police banks’ lending practices adequately. “Thousands of financial firms in Ireland are regulated entities,” he said. ”Experi-ence worldwide shows how hard it is for regulators to detect all fraudulentbehaviour on the part of financial firm management. Very often important break-throughs are made thanks to the revelations of whistleblowers,” he said. Backing for new legislation to protect whistleblowers was also expressedrecently by Paul Appleby, Director of the Office of Corporate Enforcement in theRepublic –which is one of the State agencies currently investigating the circum-stances leading to the near collapse of Anglo Irish Bank.

Whistleblowers mustbe protected by law

Patrick Honohan Paul Appleby

Legal and organisational frameworks aswell as broad cultural contexts often dis-courage employees from disclosing whatthey know about wrongdoing. Whistleblowers may face severerepercussions for their actions, includingworkplace retaliation or dismissal, psycho-logical damage, threats and physical harm. It is essential, therefore, that they areproperly protected when they speak out. At the same time prompt and efficientfollow-up mechanisms should be availableto ensure that all disclosures are subjectedto thorough investigations at the earliestopportunity.

“The need for an over-arching whistleblower lawis staring the Governmentin the face…but it remainsactively opposed.”

In Ireland, a comprehensive framework oflegal protection should be in place for

anyone who reports evidence or a genuinesuspicion of wrongdoing. Although the Government has intro-duced some safeguards for whistle-blowing employees in the wake of anumber of scandals in the public andprivate sector, the approach so far hasbeen piecemeal and ineffective. A recent study by the anti-corruptioncampaign group, Transparency International(TI), has identified serious gaps in thelegal framework for whistleblowers. Not all employees in either the public orprivate sector are protected from retaliationif they report wrongdoing. The TI studyhighlights the fact that there is little, if any,protection for whistleblowers in the financialservices and business sector. “The need for an overarching whistle-blower law is staring the Government inthe face,” says John Devitt of TI’s Irishchapter, “but it remains actively opposed.Its response is all the more shocking afterwhat has been exposed in our bankingsector,” he said. The campaign group has also called onIreland to ratify the UN Convention againstCorruption. The Irish government is nowone of the few signatories to the Conventionnot to have gone on to ratify and implementthe treaty. Even though Ireland signalled its inten-tion to ratify it as far back as 2003, it hasyet to do so.

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CreditratingagenciesRating agencies are private bodieswhich “rate” the credit worthiness ofcorporate or State borrowers. So major financial institutions –which are in the business of borrow-ing as well as lending money – are all“rated” by these private agencies – asare States borrowing money to fundpublic expenditure. Ratings agenciesmay also evaluate specific productsoffered by financial institutions. However, these ratings are notsimply confidential assessments byprivate bodies. They have public con -sequences since they will largely deter-mine the interest rate payable by theborrower. So if a company, bank or countryis marked down by a rating agency,the cost of their borrowings will go up. If companies or financial institutionshave to pay more for their borrowings,it will affect their overall profitability.In the case of a country, the impactwill be even more profound – with alikelihood of higher taxes or publicexpenditure cuts or both – which inturn can have a major effect on thedelivery of public services to citizensas well as on employment levelsthroughout the economy. Given the serious consequencesof their activities, the ratings agenciesshould be beyond reproach. But be-cause they are private bodies, ratingsagencies have not been immune fromallegations of conflict of interest. Since ratings agencies are paid bythe companies they rate, they haveoften been accused of offering far toooptimistic assessments with the resultthat both lenders and shareholders ofthese companies may be misled. Apart from the issue of potentialconflicts of interest, the basic com -petence of ratings agencies has alsobeen challenged. Yet although someof their assessments have been shownto be unsound, they still occupy a pre-eminent position in global finance.

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A Busted Flush?but they keep upping the ante!

After the sub-prime crisis inAmerica – which had such a

catastrophic impact on the globaleconomy, international ratingsagencies – like Standard & Poor’sMoody's and Fitch – came under firefor fuelling the financial crisis bygiving high ratings to toxic mort-gage-backed securities that laterdefaulted. For her book, It Takes a Pillage: Behindthe Bailouts, Bonuses, and Backroom Dealsfrom Washington to Wall Street, formermanaging director at Goldman Sachs,Nomi Prins, tried to find out how muchthe ratings agencies are typically paid byinvestment banks for rating their financialproducts. The agencies gave AAA ratings to manyof the subprime-based products in exchange

for fees from the institutions issuing thoseproducts. Not surprisingly perhaps, theyrefused to divulge the scale of the fees toPrins. But while long established titans ofWall Street – like Lehmann Brothers –crumbled and others struggled to survivethrough hastily arranged shot-gunmarriages, the ratings agencies, whichhad effectively staked everyone else’sreputations on these toxic products,appear to have come through the financialcrisis largely unscathed. Financial commentators still quote thelatest pronouncements from Moody’s andS&P as if they are still venerable oracleswhose credibility remains untarnished bypast mistakes. Although there was an initial clamourfor greater regulation of the agencies –which are, after all, private companies –

2008 in the early months of the globalcrisis, an employee in Standard and Poor’sstructured finance division wrote: “It couldbe structured by cows and we would rateit.” In another, an employee asserts:“Ratings agencies continue to create [an]even bigger monster — the CDO market.Let’s hope we are all wealthy and retiredby the time this house of cards falters.” If these exercises were simply academicarguments conducted within a universitylecture hall or debating chamber, therewould be no harm done. But such is the overbearing influenceof these agencies that their simplisticconclusions about the credit status ofcountries, for example, can effectivelyunder mine or even subvert the demo -cratically determined economic policiesof a State – with major consequences forinterest rates, public spending choices andemployment. It is unacceptable that such globalinfluence is wielded by a handful of privatecompanies which are accountable to no-one but their own shareholders. Stricter regulation of these bodiesis the minimum required under thecircumstances. Former Goldman Sachschief, Nomi Prins, believes they should benationalised. But better still would be the creationof an impartial and fully accountableglobal body which could carry out thesefunctions on a not-for-profit basis andwithin a framework of internationallyrecognised and agreed criteria.

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news: focusthe international community has yet toimpose any significant constraints on theiroperations. In fact with the increasing volatilityon global markets, such is the demandfor guidance – from any quarter, nomatter how dubious – business hasprobably never been better for the ratingsagencies. So ironically even though they havebeen charged with fuelling the crisis andtheir assessments may need to be takenwith a very large pinch of salt, the absenceof a more credible alternative means thatthese agencies appear to be benefitting –rather than suffering – in the developingcrisis.

Apart from issues about conflict ofinterest and competence, ratings

agencies also have a case to answerwhen it comes to the broad contextwithin which they make their crucialdeterminations. The presumption behind their activityis that there is some objective standardagainst which products, companies andStates can be measured. But in fact these agencies have oftenbeen shown to be operating on a verysubjective basis – applying criteria tooloosely in some cases, too rigidly in othersas if they are trying to provide justificationsfor a pre-determined judgement. In a document presented by the USHouse Oversight Committee in October,

Glennon’sCar & Home InsuranCeoffering a range of discounts exclusive to IBoa members inthe republic of Ireland, northern Ireland and Great Britain.Phone: 00353-1-7075999email: iboa@glennons.ie  Web: iboa.glennons.ie

“Let’s hope we are allwealthy and retired bythe time this house ofcards falters…”

Maybe it’s hypnosis: maybeit’s a bizarre micro wave

effect or perhaps some otherkind of ultra-violet radiationnumbing the brains of other-wise sensible individuals. But for some people asession in front of a computerscreen in the privacy of their ownhomes seems to over-ride theirusual security consciousness andrender them enthusiastically will-ing to reveal all kinds of personalinformation online with barely asecond thought. For example, an intern at AngloIrish Bank got into trouble withhis employer, according to a recentpress report, when his Facebookpage revealed he had been enjoy-inghimself at a Hallowe'en party,after he had told his employer hehad a family emergency.

Even people who observe thewarnings about the need to pro-tect financial data – such as bankaccount details and credit cardnumbers – often let their guarddown when it comes to socialnetworking sites like Facebook,MySpace, Bebo and LinkedIn. Perhaps because these sitesare usually regarded as just abit of light-hearted fun, peoplemay relax to the point wherethey unwittingly divulge all kindsof clues about their identity,occupation and workplace –which, when put together by ascammer or other criminal, couldleave them vulnerable to identitytheft, fraud or even worse.

PET NAMES AND PASSWORDSFor example, maiden namesalong with the names of family

members and pets – which oftenserve as secret passwords foruser accounts on other websites –may be freely published inpersonal profiles on social net-working sites. The same profiles may alsocontain work-related information,which in the case of bank officialsfor example, may enable themto be identified as potentialtargets for kidnapping if theyhappen to reveal too muchabout their roles, work locationsand so on.

“THE FIREWALLS HAVE EARS”Careless bloggers and tweeterscan also make work-related com-ments about themselves, otherstaff or even customers – which,though relatively harmless inthemselves, could add up to asignificant security risk – whentaken all together. However, before fear andhysteria reach fever pitch, this isnot an argument to avoid socialnetworking sites completely. Many of these sites fulfillpositive and valuable roles infacilitating communication andinteraction between individuals.

EYES WIDE OPENBut like many modern techno -logies, it can be used negativelyas well as positively. So the key point here is to befully aware of the possible draw-backs and to take steps to avoidthem. So, for example, you can stillaccess IBOA’s Facebook page(although the Union websites*are generally far more detailedand informative) –but perhaps itwould be better not to sign upas a “friend.” Otherwise someone mightmanage to cross-reference the listof IBOA “friends” with informationgleaned from other areas of theinternet in order to deduce youridentity, occupation and worklocation.

*The Union websites can befound at www.iboa.ie andwww.iboa.org.uk

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safe: secure

Think before you clickIt doesn’t pay to gettoo friendly on socialnetworking websites!

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Corporate chief executives at theannual World Economic Forum inDavos, Switzerland, recently – heardsome inconvenient truths from the UNIGlobal Union. UNI General Secretary Philip Jenningstold the assembled CEOs that the globalrecession is not an excuse to take moremoney out of workers’ pockets; thattheir giant pay packets are unethical andunsustainable; and that the fixing of CEOpay is a “racket.” Speaking at the Forum session on CEOpay, entitled “Rethinking CompensationModels,” Jennings urged decision-makersto put the economy on a sustainable foot-ing as the recovery begins to gathermomentum. “The important lesson to be learnedis that working people bailed out thefinancial system and that has enabled therecovery to take place,” he said. “Now we expect a shift from marketfundamentalism to a new era of social

responsibility on everything ranging frombusiness values to CEO pay.” Jennings says that CEO pay should notexceed 20 times the lowest-paid worker’sincome at a company. The US banking industry is a primeexample of bloated pay packages thathave enriched executives while workingpeople have suffered, said the UNI leader.These excessive rewards have pervertedbehaviour and encouraged a sense ofentitlement to take hold. Another major risk is the money thebanking industry is pumping into lobbyingto prevent any kind of meaningful regulation. “Banks are short of funds for lendingbut they have fistfuls of dollars to fightreform,” Jennings said. “These bankers aregoing around Davos claiming regulationwill be the source of the next crisis. Thisis an equation of the absurd.” He pointed to a recent study by theInternational Monetary Fund that showedthat the US banks that spent the most

money lobbying US lawmakers were theones that got the biggest bailouts and hadthe riskiest business practices. A report from the Institute for PolicyStudies (IPS) found that: “from 2006through 2008, the top five executives atthe 20 banks that have accepted the mostfederal bail-out dollars since the meltdownaveraged $32 million each in personal com-pensation.” According to the IPS, CEOs usuallytook home about 30 or 40 times that of aworker a few decades ago. But in 2008top executives on average scooped up awhopping 319 times the pay level of theaverage US worker. Jennings was in Davos as a member ofa delegation from the Global Union Feder-ations and the International Trade UnionCon federation (ITUC). Urging major change in the globalfinancial model, the union delegatesargued strongly for a globally co-ordinatedregulatory framework.

Philip Jennings, General Secretary of the UNI Global Union at the World Economic Forum in Davos, Switzerland.IBOA is affiliated to UNI’s Finance Division.

Your pay is unethical, UNI tells Davos CEOs

Low standards in high places

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IBOA The Finance Union has urgedthe Republic’s Minister for Enter-prise, Trade and Employment, MaryCoughlan, to hold an emergencysummit meeting to address theemerging jobs crisis in the financialservices sector. IBOA General Secretary, Larry Broderickhas proposed that the Minister convenea round-table meeting of the major stake-holders in the financial sector – withrepresentatives of management andunions in key domestic and foreign-ownedinstitutions operating in Ireland. “Simply as a result of non-replacementof staff and the non-renewal of temporarycontracts over the last sixteen months inthe major retail banks including AIB andBank of Ireland, we estimate that at least4,000 jobs have been lost in the financialservices sector in Ireland,” said the IBOAGeneral Secretary. “Add to that the 1,000 redundanciesannounced in Ulster Bank last year, 250 joblosses in Anglo Irish Bank, the 150 redun-dancies announced in National Irish Bank

just before Christmas and the further 750job cuts now being sought by Halifax,we are looking at over 6,000 jobs alreadylost or being earmarked for redundancy. “Of course, all that's before the re-structuring and consolidation of the Irishinstitutions which is expected to take placeover the coming months in tandem withthe transfer of toxic assets to NAMA andthe application of the viability plans agreedby individual institutions with the EU as theprice for State support.” he observed. “Last year, I warned that up to 10,000jobs could be at risk in the Irish financialservices sector as a result of the currentcrisis. Unfortunately I have seen no realevidence in the meantime to suggest thatthis estimate is unrealistic. “And of course the ultimate tragedy ofthis situation is that almost all of thosewho have lost their jobs so far were in noway responsible for the crisis. “The industry leaders who presidedover the collapse have largely escapedunscathed – while the few senior execu-tives who have moved on have beengenerously rewarded for their troubles!

“While the blatant injustice of thissituation clearly and justifiably rankles withstaff who have lost their jobs, the pressingconcern for those who are currently inemployment is to ensure that they remainso into the future,” he declared. “In particular our members are con-cerned that ad-hoc short-term decisionsmay be taken on the basis of expediency –without regard for the broader context –with the result that long-term damagewould be inflicted on the financial servicessector,” said Mr. Broderick. “We need to be reassured that anyfurther reconfiguration of the financialservices sector is properly co-ordinatedwith broad agreement in advance on thefinal shape of the industry – rather thanarriving at unintended outcomes whichnot only have negative consequences forthe institutions, themselves, but also forthe economy as a whole. “The public interest demands thatgovernment should engage on this issuenot only to safeguard the economy – butalso to minimise the social impact of sucha serious haemorrhage of jobs," he added.

Union seeks jobs summit

As redundancytoll mountsin financialservices…

IBOA General Secretary, Larry Broderick(Photo: Photocall-Ireland)

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retro: spectrum

Let’s make historyAspecial project is being launched to

encourage both current and retiredmembers to identify memorabilia, arte-facts and documents in their possessionrelating to the history of the IBOA. All material indentified to theproject will be returned after beingphotographed or photocopied for theIBOA archive. At the same time, we are also look-ing for volunteers to participate increating an audio historical archive. Members with particular reminis-cences of the Union – in any of its as-pects such as industrial relations issues,

sports and social events or “celebrity”members, for example – will be askedto share their memories either in writingor by recording them on video or tape. It is hoped that the results of thisproject may form part of a writtenhistory of the Union for publication toa wider audience in book form and onthe internet. If you are interested in taking partin this unique project, please contactthe History Team at IBOA The FinanceUnion, IBOA House, Stephen Street Upper,Dublin 8, by phone at 01-4755908 ore-mail history@iboa.ie

Cheerio, Seán-OLong-serving staff member, Seán O’Shea,took his leave of IBOA recently when heretired on his sixty-fifth birthday. From Kerry via Galway, Seán took upemployment as a porter with the Union in1983 when the organisation was based inStephen’s Green, Dublin. Very popular with his work colleagues,Seán also endeared himself to the manyUnion activists and members who havevisited Head Office in recent years. Union President, Margaret Browne, paidtribute to Seán’s loyalty to the IBOA andits members. “Seán has been a fixturein Head Office for so long that he hasbecome a good friend to so many of us.” General Secretary, Larry Broderick, addedhis best wishes to Seán saying that he hadserved the Union well. “Seán has earned a long and happyretirement,” he said. “We will all miss him.”

Cash with dashThe charity fashion show – organised byan IBOA team led by President MargaretBrowne – raised a total of E7,500 for twoDublin health projects at St. Joseph’sHospice and St. Luke’s Hospital. Compered by RTE broadcaster, MiriamO’Callaghan, the show featured modelsfrom the Compton agency. The event tookplace in IBOA House before Christmas andwas not only supported by a capacityaudience but also by a number of busi-nesses which donated cash and spot prizes.

Seán O’Shea with colleagues Jane Higgins, Office Manager (left) and JoanMcSwiney, Personal Assistant to the General Secretary.

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safe: secure

Minding yoursafety, health,welfare andsecurity at workAll members should have ahealthy, safe and secureworking environment. IBOAoffers information, adviceand training to members andrepresentatives to ensure thatemployers follow establishedbest practice. The IBOA Safety, Health,Welfare and Security (SHWS)Committee aims to work withmembers and employers tocreate healthier, safer workingenvironments for everyone. IBOA has produced guide-lines on your rights under healthand safety legislation in theRepublic and Northern IrelandThese can be accessed on theIBOA websites by followingthe links below: ROI: http://www.iboa.ie/knowyourrights/yourrightsroi/healthsafety.html NI: http://www.iboa.ie/knowyourrights/yourrightsni.html or http://www.iboa.org.uk/knowyourrights/yourrightsni.html

Health and SafetyCommitteesIBOA has contacted allemployers to request thatHealth and Safety Committeesbe established. At this timeNorthern Bank, Ulster Bankand AIB have responded posi-tively and meetings havebegun – or are scheduled – totake place. If members have any ques-tions or concerns regardinghealth and safety in theirworkplace please contact amember of your Health andSafety Committee. If youremployer doesn’t have one,please contact a member ofthe IBOA SHWS Committeelisted above right.

Union Safety RepsThe law requires employers toconsult with employees on issuesaffecting their health and safety.Employers must reach agree-ment with a recognised tradeunion on how this consultationshould be conducted. IBOA is entitled to nominateworkplace health and safetyreps. Union Safety Reps (USRs)

have the right to investigateaccidents or hazards in theworkplace, to attend meetingson workplace safety and toreceive appropriate training. USRs should normally haveworked for an employer for atleast two years. If you want to find outmore about the role of a USR,please contact a member ofthe IBOA SHWS Committee.

The IBOA SHWS Committeeis: Elaine Barker, CarmelCurran, Catherine Maher,Margaret Power, Etain Ryan-Lyons, Jaynette Stirling,Robert Thompson and KateVarley, together with SeniorIndustrial Relations Officer,Steve Tweed. All can be contacted on00-353-(0)1-4755908 or 00-44-(0)2890-200130.

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Every year more people arekilled at work than in wars.Most don’t die of mysteryailments, or in tragic “acci-dents.” They die because anemployer decides their safetyjust isn't a priority. Workers’Memorial Day commemo-rates these workers. Worker’s Memorial Dayis held on 28 April every year.All over the world workersand their representatives host

events, vigils and many otheractivities to mark the day. This year, the British TradesUnion Congress (TUC) is call-ing for a minute's silence atnoon on Wednesday 28 Aprilin workplaces throughoutBritain. Workers' Memorial Daywill also be officially recog-nised by the British Govern-ment this year, according toWork and Pensions Minister,

Yvette Cooper. The Govern-ment is to back the holdingof commemorative eventsthroughout the UK. Welcoming the Govern-ment’s decision, TUC GeneralSecretary, Brendan Barber,said: “Workers' MemorialDayhas been an important datein the trade union calendar formany years. We look forwardto working with Ministersto increase its profile.”

Remember the dead, butfight like hell for the living

Honouring Workers’ Memorial Day April 28

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IBOA members from the main retailbanks in Belfast attended an IBOAsecurity awareness briefing recentlyorganised in conjunction with thePolice Service of Northern Ireland. The meeting was addressedby senior PSNI officers – each withspecific know ledge and experiencein crime prevention and investigationof bank robbery/kidnappings. Members heard practical adviceon risk management/reduction andpersonal security as well as infor-mation on simple measures to betaken in and around the home andwhen travelling. The officers also gave practicalexamples of how to deal with kid-nappings and encouraged theiraudience to share this advice withcolleagues at work. Detective Superintendent PeterFarrar outlined the importance ofmeasures which can be taken byall bank staff to reduce the likeli-

hood of becoming a target forcrime and emphasised how beingalert to potential threats is vital toreduce the risk of becoming a victim. The Belfast meeting wasorganised as part of the ongoingengagement between the PSNIand IBOA. Following the successof this briefing session, furthermeetings are to be arranged formembers in other areas. Through similar relationshipswith An Garda Siochána in theRepublic of Ireland, IBOA is workingto make important informationand advice available to membersof the Union. If you would be interested inattending one of these briefingsin your area in the future, pleasenotify the Union by emailinginfo@iboa.ie with your name,address and employment locationand including “Security Awareness”in the subject line.

THINKSECURITY!

At Home• Identify callers before opening the door. If in doubt,

don’t open the door.• Use solid doors and good deadlocks.• Keep windows locked.• At night, close curtains before turning on lights.• Keep front boundary hedges and fences low to max-

imise your view.• Keep rear boundaries high to maximise your security

and privacy.• Keep young children in sight or, if leaving them with

someone else, ensure that the minder is aware of therisk of kidnapping

Travelling• Be alert, especially when leaving or entering your

home or workplace.• Where at all possible, vary your routes and the times

of your journeys.• Travel with company where possible.• Report any suspicious vehicles or people.• If you think you are being followed, contact police

immediately and try to avoid becoming isolated• Be suspicious of anyone trying to get you to stop or

to leave your vehicle.• If possible, keep windows closed and doors locked• When stopping, do not allow yourself to be “boxed

in” – leave enough room to manoeuvre • When parking, do not leave anything in your vehicle

that may identify your occupation or business.• Try to avoid parking anywhere that may become dark

or isolated before your return.

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safe: secure

Security advicefor membersin Belfast

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18

• Reduced room hire rates• 21st, 30th, 40th, etc parties.• Going away nights• Table Quiz Nights, Race Nights• Parties and Christenings• Catering and DJ facilities available• We can cater for numbers up to 120• Full bar licence – extension available

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4th Prize: E200,Draw 9pm. Bar Food: 5pm-10pm

Attendance Prizes

UPCOMING CLUBDRAW NIGHTS

Results of recent Bankers’ Club draws are posted on the IBOA websites:www.iboa.ie/services/sportsandsocial/bankersclub.html

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MARCH GRAND DRAW NIGHTFriday, March 26, 2010

New members welcome. Join now and enjoyfree membership until September2010 – costthen only ¤20 per annum.Facilities include: • Special room hire rates• Bar and meeting room facilities.• Catering and DJ facilities available• Big screen for all sporting occasions

Don’t miss out – Join today!Copy, complete and return the application formto Honorary Secretary, Michael Martin at theaddress above.

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Signed:.................................Date:.............................Please return to Michael Martin, Honorary Secretaryat the address above.

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workplace: news

IBOA members in National Irish Bankhave accepted a recommendation fromindependent mediator, Kevin Foley, on theBank’s restructuring plans.

NIB intends to close 25 Branches andmake 150 staff redundant by spring of 2011. Following intensive talks between theUnion and the Bank’s senior management,a number of issues were referred to Mr.Foley for mediation. Apart from recommending improvedseverance terms of 7.25 weeks’ pay peryear of actual service (inclusive of statutoryentitlements and capped at the equivalentof 2.5 years’ salary) and improved termsfor early retirement, the mediator con-firmed that all redundancies would be im-plemented on a voluntary basis. NIB also gave a commitment to anagreed assessment process to deal withthe possible re-assignment of remainingstaff within the reduced network as wellas providing a guarantee of job security forall remaining staff up to December 31,2012. “While any decision on job reductionsis always challenging and even more so in

NIB staff acceptrestructuring deal

Northern Bank staffwin pay increases

the teeth of a major recession,” said IBOAGeneral Secretary, Larry Broderick, “ourmembers in National Irish Bank haverecognised that the Bank’s current busi-ness model is unsustainable in the presentclimate. “In negotiating the changes necessaryto meet this challenge, IBOA set a numberof objectives as to the voluntary nature ofthe job cuts, the level of compensationpayable to those who will leave the Bankand the necessary protections for the staffwho will remain. “The mediator’s final recommendationhas addressed those key issues to the sat-isfaction of our members. “The terms of the recommendationhave been underpinned by commitmentsfrom NIB’s Irish management to honourtheir implementation and by further com-mitments from NIB’s Danish parent, Danske,on its continuing presence in Ireland,” saidthe IBOA leader. “At a time when other foreign-ownedfinancial institutions are consideringretrenching or even withdrawing from theIrish market, it is good news for Irishconsumers – as well as for bank staff –that, although NIB is being forced to con-solidate in the short term, a major playerlike Danske remains committed to Irelandin the long term.”

IBOA General Secretary, Larry Broderick

IBOA Senior Industrial RelationsOfficer, Gerry Hanna

IBOA members in Northern Bank havesecured annual pay increases of between1% and 3.5% – with approx 70% of staffreceiving an increase of 2.0% or above. The increase is based on a rangemovement of 1% and a pay pot of 2.00%. The pay terms were accepted in aballot of IBOA members after a difficultround of negotiations which took placeagainst the backdrop of the current crisisin the banking industry and the pay freezesand even salary cuts, implemented by otheremployers in the financial services sector. “IBOA's objective has always been tosecure jobs within the banking industryand to continue to improve the terms andconditions of our members,” said SeniorIndustrial Relations Official, Gerry Hanna.

“We have achieved a number ofsuccesses in recent times which go someway to securing those objectives – includ-ing role and grade reviews which deliveredenhancements to our members' salaries,new salary ranges for Branch Managersintroduced in 2009 and a multi-skillingprogramme which has provided increasedsalary and automatic promotion to G3. “But our most significant achievementhas been the Strategic Agreement whichwas completed at the end of 2008 andincorporates a major commitment on jobsecurity until at least June 2012 and agreedprinciples for managing future change.” “Other issues raised with senior man-agement in the recent pay talks haveincluded suspension of bonus arrange-

ments; and increased pension contribu-tions,” said Gerry Hanna. “Senior management has also agreedto engage with IBOA on arrangementswhich may incentivise increased produc-tivity during 2010,” he added.

IBOA members in AIB Group haveballoted to accept changes to theirpension schemes, proposed byindependent mediator, Kevin Foley,last December. Members of the Defined Benefit andHybrid pension schemes in the Republic ofIreland and of the Defined Benefit PensionScheme in the UK have agreed to a changein how their pension will be calculated. Members of the Defined BenefitPension Schemes in the Republic and theUK have also accepted a proposal underwhich they must choose either to makecontributions to the scheme worth 4%of their annual salary from 1 April 2010 –rising to 5% from 1 April 2011 or to achange in their pension accrual rate from1/60th to 1/75th from 1 April 2010. Pastservice will still be calculated at the 1/60thrate up to 31 March 2010. Commenting on the outcome ofthe ballot, Union General Secretary, LarryBroderick, said: “our members in AIBhave recognised the serious difficultiesfacing the AIB pension scheme at thistime and have risen to the challenge byaccepting a reduction in benefits togetherwith, in some cases, an increase in con-tributions. “This has been a very tough call in thepresent economic circumstances. But ourmembers have bitten the bullet. It is nowup to the Bank to reciprocate,” he said.

ON TIME ON LINE…For the latest news on the keydevelopments in your employ-ment, log on to www.iboa.ieor www.iboa.org.uk

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workplace: news

AIB members agreeto changes in orderto preserve pensionschemes

Independent mediator, Kevin Foley

Pinnacle Driving School is a nationaldriving school with instructors in Dublin,Cork, Galway, Belfast, Limerick and Bray. All instructors are ADI qualified and ourpass rates are at least 15% above theaverage in all test centres. IBOA members can avail of the specialoffer price of only ¤30 per lesson – ratherthan the normal price of ¤35). To book a lesson, please call 01-4559231 or visit www.drivinglessonsdublin.ieand quote IBOA offer.

This offer is also extended to IBOAmembers buying Gift Vouchers for a thirdparty. Unlike other vouchers, Pinnacle’sdo not have an expiry date. So they canbe redeemed at any time in the future.

DRIVING LESSONSSpecial rates for IBOA members

IBOA poisedfor major talkson AIB’s futureRepresentatives of IBOA’s AIB ExecutiveCommittee met AIB Group ManagingDirector, Colm Doherty, recently for afrank exchange of views on the futuredevelopment of the Bank. Although there were significantdifferences between the two sides, Mr.Doherty undertook to:• engage with IBOA on change;• consult and negotiate with IBOA in

line with the Partnership Principles;and

• progress IBOA’s request for negotiationson pay and job security.

Amid mounting speculation that, withthe transfer of its impaired loans toNAMA and further capitalisation by theIrish Government, AIB Group wouldengage in a major restructure followingconsultation with the EU Commission,Mr. Doherty said recently that “alloptions ranging from early retirement toredundancies will have to be considered.” While acknowledging the gravity of thecurrent situation, IBOA General Secretary,Larry Broderick, said the Union’s aim inthe forthcoming negotiations with AIBwould be to keep any possible job lossesin the Group to an absolute minimum.

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SPECTRUMmarch 2010

BelFaST

BankerS’

CluB

31 MAlone roAd,

belfAst bt9 6ru

openInG HoUrS:The Club opens at 5:30pmfrom Monday-Friday.

AVAILABLe For pArTIeS:Available for parties on request(any day). There is no chargefor parties and room booking.

Please call 02890-382866after 5.30pm or e-mail bankers.club@ntlbusiness.com

JoIn THe CLUB:To join the Belfast Bankers’Club, download the applicationform from one of IBOA’s twowebsites –www.iboa.ie/services/sportsandsocial/bbc.html orwww.iboa.org.uk/services/sportsandsocial/bbc.html –complete the form and return itto the club at the address above.

With a half-yearly member-ship fee of £12.50, the BelfastBankers’ Club offers excellentvalue for money.

workplace: news

Ulster Bank is not prepared to meet itscontractual obligations to make pay-

ments due to staff who opted to retaintheir old contracts in the Bank’s recentcontract offer. It is also clear, given the Bank’s recentannouncement of further benefit fundingto staff in the manager category, that theBank is able to make the payments butappears instead to be withholding thismoney in an attempt to penalise staff whoreject the new inferior contract. “It is totally unacceptable,” said IBOA’sSenior Industrial Relations Officer, SteveTweed, “that a Bank, supported by the UKGovernment guarantee, should use thisbacking to fund the defence of legalcases – one in the Republic and two sepa-rate legal actions in Northern Ireland –rather than paying money due to staff whohave earned it.” The Bank’s position looks increasinglyuntenable in light of the decision by itsparent company, RBS, to make an out-of-court settlement on a similar claim for thewithholding of contractual payments –brought by Unite the Union on behalf ofits members in Britain.

Peformance-related paymentsThe Bank is also continuing to refuse to makeany payments due under the PerformanceEvaluation Framework (PEF) agreement forperformance in 2008. Management hasalso signalled that it does not intend tomake any payments to staff in April forperformance in 2009. IBOA is monitoring this situation andwill, if necessary, invoke further legal actionagainst Ulster Bank.

Further cost reductions at Ulster Bank?According to recent reports, Ulster Bank isto seek further cost reductions at the behestof its parent, RBS. In response, IBOA SeniorIndustrial Relations Officer, Steve Tweed,said that the Bank had not raised this issuein any form with the Union. “We note the comments from UlsterBank Chief Executive, Cormac McCarthy,to the effect that further job losses are notbeing contemplated at this time. However,we are also mindful that he said somethingsimilar after the Bank’s original announce-ment of 750 job losses in January 2009 –only to announce 250 more redundanciesin August.”

Stand-off at Ulster BankManagement set to spend UK tax-payers’ money

to fight staff’s legal action on contract rights

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workplace: news

IBOA has concluded a recognition agree-ment with Irish Nationwide Building Societywhich provides the Union with full collectivebargaining rights for close to 300 membersemployed by the Society. The agreement – which was ratifiedby the Board of the Society earlier thismonth –marks the culmination of negoti-ations between the Union and IrishNationwide’s senior management whichhave been continuing since last November. A major issue of concern to staff inIrish Nationwide is the proposed mergerbetween the Society and EBS. IBOA has highlighted the need for ajob security agreement which recognisesthat any future change should be dealtwith through consultation and agreementand that any reduction in staff numberswould be implemented on a voluntarybasis and on terms to be negotiated andagreed with IBOA. Staff are particularly concerned thatEBS seems to be forcing the pace on themerger talks with possible adverse con-sequences for staff in Head Office andBranches. IBOA has sought detailed informationabout the Society’s strategy as well asemphasising the need to prioritise jobsand to protect the status of Irish Nation-wide during the discussions.

EBSIBOA has also written to EBS Chief Executive,Fergus Murphy, to insist that the principleof “parity of esteem” is established be-tween EBS, Irish Nationwide and any otherorganisations which may be party to themerger. The Union has also urged Mr. Murphyto consider that the board of the mergedentity would not only include representa-tives of the boards of each society butalso representatives of the staff in bothorganisations as a further step to addressthe cultural difficulties which have createdso many problems in the financial servicessector.

CLAIM FOR CONTRACTUAL PAY AWARDIBOA has lodged a claim on behalf of itsmembers in Irish Nationwide who did notreceive a traditional payment of an extratwo weeks’ pay in December 2009. The Union considers the award to becontractual since not only has it been paidannually for over thirty years but it has alsobeen paid regardless of the performanceof the Society in a particular year. With Irish Nationwide senior manage-ment arguing that the December paymentis discretionary, it seems likely that the issuewill be referred to the Labour RelationsCommission for mediation.

INBS recognises IBOA

Union rejectsHP’s plans toexport IT jobs

IBOA has asked the Republic’s Ministerfor Enterprise, Trade and Employment,

Mary Coughlan, to intervene in its rowwith HP over the technology servicescompany’s plans to transfer work whichis currently performed in Ireland to sub-contractors in India. HP Ireland has provided IT services forthe Bank of Ireland for a number of years.Many of the staff working on the Bankof Ireland account in HP were originallyemployed directly by the Bank – andfollowed the work to HP. IBOA has become aware that HP is nowplanning to outsource much of the workon the Bank of Ireland account to India –if it succeeds in securing the renewal of thetender. Expressing concern that highly skilledIT jobs would be effectively exported outof Ireland, IBOA General Secretary, LarryBroderick, has written to the Minister forEnterprise, Trade and Employment, urgingher to intervene. “The State is already a major stake-holder in Bank of Ireland and it is widelyexpected that the State will be an evenbigger stake-holder in the Bank in thecoming months. Our question is simple: isit right that the tax-payers’ considerablesupport for the Bank should be repaid byallowing jobs to be exported in this way?” “The Government has spoken atgreat length about the role of the “smarteconomy” in securing future employmentin this country. Jobs in the IT sector shouldbe at the heart of the ‘smart economy.’ “The Government should be using itsgrowing influence in the financial servicesector to ensure that as many of thesejobs as possible are retained in Ireland –especially in the light of the recent decisionby RBS to cut technology jobs in Dublinand Belfast,” said the IBOA leader.

ON TIME ON LINE…For the latest news on the keydevelopments in your employ-ment, log on to www.iboa.ieor www.iboa.org.uk

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Negotiations are continuing between Bankof Ireland’s senior management and

representatives of IBOA’s Bank of IrelandExecutive Committee following the Bank’srequest for a joint review of the Bank’s pensionschemes, including the Bank Staff PensionFund (BSPF) – the Defined Benefit pensionscheme which covers the vast majority of staffwho took up employment with Bank of Irelandbefore 2007. Senior management outlined the currentdeficits within the various pension schemes –the largest of which is ¤1.25 billion in the BPSFwhich has current liabilities of almost ¤4.5 billion. The Bank has advised IBOA that it will takeresponsibility for around 50% of the currentdeficit (approximately ¤600 million) within theBSPF scheme. It has also outlined a number ofoptions to address the remainder of the deficit. IBOA considered the Bank’s optionsagainst the Bank’s own stated objectives at theoutset of these discussions, namely:– to reduce the schemes’ current deficits;– to address the current balance sheet liability

created by the pension scheme deficits; and

– to apply a fair, equitable and consistentsolution across all stakeholders.

After close consideration of these options,IBOA has rejected the Bank’s approach anddeveloped its own proposals in conjunctionwith an independent actuary which wouldreduce the deficit by around ¤700 million. Among the money-saving measures pro-posed by the Union is a cap on pensionablepay for staff earning over ¤85,000 a year. Under this arrangement, the Bank wouldnot make pension contributions on behalf ofhigh-earning staff above the equivalent of¤85,000 a year. In their examination of the Trust Deed andRules governing the BSPF, the IBOA’s advisersalso found an important safeguard for members –namely, that, other than in certain exceptionalcircumstances, the scheme cannot be discon-tinued, without the consent of at least 75% ofthe membership – a feature that is almostunique in Irish pension schemes. General meetings have been held in recentweeks in the three jurisdictions to keep Bankof Ireland members abreast of developments.

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workplace: news

Pensions talks continueat Bank of Ireland

Members winrecognition atNIIB FinanceIBOA and Bank of Ireland Grouphave signed off on a recognitionagreement covering the Union’smembers in NIIB Finance. This agreement is the culmina-tion of a sustained campaign ofcollective determination by IBOAmembers to secure full bargainingrights at this Northern Ireland sub-sidiary of Bank of Ireland. The new agreement allowsindividual and collective issues tobe processed through a recognisedprocedure and enables membersto avail of IBOA representation inaddressing their concerns to NIIBmanagement. Among the more immediateconcerns are members’ pensionentitlements. This issue is beingdealt with by IBOA representativesin the Group-level talks with Bankof Ireland (see main article on thispage).

Recognition at NIIB Finance: IBOA President, Margaret Browne, and Organiser, Gareth Murphy, watch asIBOA Bank of Ireland Group Officer, Dave Keane, signs the recognition agreement on behalf of members in NIIBFinance in Northern Ireland.

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e: quality

Over 200 delegates attended the ICTUWomen’s Conference in Belfast this

month. A motion proposed by IBOAPresident, Margaret Browne, on thereform of banking culture was backedunanimously by the Conference. Delegates also engaged in livelydebates on a wide variety of topics,including: • Pensions• Bullying, stress and third-party violence

at work• Mental health• Flexible working• The quality of public health services• The under-representation of women at

senior levels in trade unions• Fundamental human rights• Sex Trafficking

Monica O’Connor’s presentation on thefindings of her research report, Traffickingfor Sexual Exploitation, proved disturbingfor many delegates as she outlined the

Building equalityinto recoveryscale of the problem, the poverty andliving conditions of the women involved,the tactics of the pimps and traffickers andthe health consequences of unprotectedsex. The research revealed that at least 800women in Ireland are available for sex on-line – with detailed lists of the sexual actswhich can be bought along with sexuallyexplicit pictures of the women. The women advertised in this way aredrawn from 51 different nationalities – theoverwhelming majority are migrants.

One of the main recommendations inthe report is to criminalise the buying ofsex and decriminalisie the selling of sex –with proper enforcement as well as measuresto combat trafficking in the countries oforigin. Congress Assistant General Secretary,Sally Anne Kinahan, also gave a presenta-tion to the conference on measures toincrease women’s participation in thelabour market. She also commended theWomen at Work Skillnet as a successfulunion initiative to upskill working women.

Trade unions can play a key role in develop-ing policy on mental health awareness inthe workplace with practical guidelines forrepresentatives and members, according toIrene Breen of IBOA’s Executive Committee. Supporting a CWU motion on mentalhealth issues, she told delegates to theICTU Women’s Conference that “there is agood likelihood that either we, ourselves,or a close family member or friendwill sufferfrom a mental health issue at some time inour working life – and possibly as a result ofworkplace stress. “We need proper supports,” she said“to allow people firstly to retain their jobs andsecondly to achieve their full potential.”

Irene Breen

Mental health key

IBOA delegates at the ICTU Women’s Conference (from left):Marian Geoghegan, KerryChristie, Ursula Tighe, Ger Rowan, Irene Breen, Margaret Browne and Mairead Kelleher.

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Some senior bankersstill in fantasy land…while many staff face grim realityof job cuts and pay freezes

Pharmacies

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HICKEY’S

Bank staff – mainly women – areoften subjected to bullying bycustomers, IBOA Executive Com-

mittee member, Kerry Christie, told therecent ICTU Women’s Conference. “As we know, no one likes bankersat the moment. But our employers re-fuse to even publish the notices that saythat bullying or abuse from customerswill not be tolerated. “Or if management agrees that thenotices may be displayed, they wantthem put behind the counter whereonly the staff can see them!”

Catch 22 on abuse

Kerry ChristieOne of the most profound lessons of thecurrent global financial crisis is how littlethe great and the good actually knowabout the business,” said IBOA President,Margaret Browne. “The conventional wisdom expoundedby so-called industry leaders has in a greatmany cases been exposed as a sham – andwith shambolic consequences,” she toldthe recent ICTU Women’s Conference. “They have embraced short-termism –short-term solutions for short-term advantagein order to generate short-term profits inreturn for generous bonuses. “Who cares about the long-term impli-cations that might accrue in five or tenyears’ time? So long as they get the mega

bonus this year, they don’t give a damnabout the future. In fact, they’ll have prob-ably moved on to some other companybefore the chickens finally come home toroost. Reward without responsibility, whyshould they care? “But the customers care because theywill end up paying for this folly. The publiccares – because, as we have seen here andelsewhere, when senior management makean almighty mess of unprecedented pro-portions, then the taxpayer has to pony upthe funds to keep these institutions afloat. “And the ordinary employees care –because we really are in it for the long hauland have the long-term interests of thebusiness at heart,” she said.

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THE Women atWork SkillnetThe basic aim of the Women at WorkSkillnet is to up-skill women to enablethem to optimise their full potentialin their working lives by giving theman opportunity for skills developmentthrough professional training. Although women constitute themajority of those who take part in thistraining, the courses are not exclusiveto women. A number of men havealso availed of the chance to learnnew skills or enhance existing ones. Since training began in July 2008 theWomen at Work Skillnet has com-pleted approximately 1,400 trainingday on a range of courses, including:

• Basic and Advanced Computers,• Personal Development (Assertive-

ness, Communications, Negotiationsand Conflict Management),

• English Language,• Team Building,• Training the Trainer,• Women in Trade Unions,• Personal Presentation,• Women in Leadership,• Medical English.

The Skillnet is led by five trade unions –IBOA The Finance Union, CWU, INMO,IMPACT and Mandate – and supportedby a cross section of employers. The strength of the Women atWork Skillnet is its ability to reach andencourage working women fromdiverse backgrounds to undertaketraining which meets a range ofdevelopment needs and which wouldotherwise not be available. For further information, pleasecontact Marian Geoghegan at IBOAHouse, Stephen St Upper, Dublin 8 orcheck www.womenatworkskillnets.ie

course: work

Amajor conference on workplacehealth and safety on the theme

of Changing Attitudes – ChangingCultures is set for Wednesday April 21at the Ramada Hotel in Shaw’s BridgeBelfast. According to the chairman of the con-ference organising committee, RobertThompson – who is also IBOA’s DanskeGroup Officer – the conference will con-sider measures to help change attitudesto health and safety at work, as well asbehavioural safety and health and well-being in the workplace. The conference is the product of aunique partnership between the Healthand Safety Executive for Northern Ireland(HSENI); the Northern Ireland SafetyGroup (NISG); the Institution of Occupa-tional Safety and Health (IOSH); theNorthern Ireland Committee of the IrishCongress of Trade Unions (NIC-ICTU) andCastlereagh Borough Council representingthe District Councils of Northern Ireland. “Achieving excellence in workplacehealth and safety is something that weall should aspire to,” Robert Thompsonexplained, “both from a moral and eco-nomic perspective, but turning the theoryinto practice is not always easy. “The conference aims to do that bybringing together an eminent panel ofspeakers who will demonstrate how to

deal successfully with a number of keyissues. “We hope that conference participantscan then consider how they might applythe right risk management techniquesto their own working environment,” saidMr. Thompson. The conference will be opened byHSENI Chairman, Professor Peter McKieCBE while clinical psychologist, Dr MichaelC. Paterson, OBE will give the keynoteaddress. Speakers at the parallel interactivesessions will include Nancy Henry, Inspectorin the HSENI’s Major Investigation Team;Aisling Knipe, Human Resources Managerat Armagh City and District Council; RayRafferty Joint Chair of the Royal TrustHealth and Safety Committee; and AlanMcKee, Construction Director at McLaughlinand Harvey Ltd. Janet Coleman, Health PromotionConsultant at the NICS Sports Associationwill speak on Embracing Lifestyle Changes. Dr. Luise Vassie, Head of Researchand Technical Services at IOSH, will con-sider practical solutions to promote safebehaviours; while Peter Bunting of ICTUwill offer a union perspective on makingworkplaces safer. For more information contact MartinaKennedy, HSENI, 83 Ladas Drive, BelfastBT6 9FR. Tel: (028) 9054 7075.

Changing

Attitudes –

Changing

CulturesKey conference

on health and

safety at work in

Northern IrelandRobert Thompson of IBOA, Chair ofConference Organising Committee

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A touch of class

course: work

The Women at Work Skillnet hasre-ignited Siobhan McDermott’s

passion for learning. She is now keen toavail of the courses offered by IBOA inassociation with Skillnets to boost hercareer by maintaining her focus oncontinuous learning in the workplace. Siobhan has worked in many areas ofbanking during her career with Bank ofIreland. From customer service to cashdesk to foreign exchange, she has acquireda wide experience in retail banking. Now that she has taken up a more be-hind-the-scenes role, she is hoping theWomen at Work Skillnet can help her careerto flourish. “I heard about the training in an emailfrom IBOA. It was for a course on personaldevelopment and communications skills.In the Higher Diploma in Human ResourcesI took at university there was a lot of emphasison communication skills.

“So I thought I might enhance theknowledge I had already gained from mydiploma. I was also eager to see if therewas anything else I could learn.” Siobhan discovered a relaxed learningenvironment at the course– one evening aweek for four weeks. “It was a very casualformat,” she says. “There were about 10 to15 people. We sat in a circle.” The course dealt with communication,assertiveness and conflict resolution atwork. It was such a rewarding experiencethat Siobhan quickly signed up for moretraining on developing a more positiveattitude in the workplace. “The people who delivered the courseswere experts in their field and gave reallygreat insights,” she says. Although Siobhan saw the potentialbenefits of the courses immediately, thereaction among her workmates was a littlemore muted initially. However, word-of-

mouth from colleagues who had attendedcourses soon generated plenty of interest. “Initially there was not a lot of interestin the training,” says Siobhan. “At first peoplewere thinking: ‘oh do I have the time togive up.’ But once I had finished the courseand signed up for a second one, a coupleof colleagues decided to come with me. “Now there are a couple of coursesthat people are very interested in doing.So I think the word is out.” She now hopes to continually upgradeher skills. “The goal is simple,” she says. “Itis to keep learning and to keep the brainbusy. I think continuous learning has to bethe key thing for anyone in the workforcetoday where everything is subject to change.Technology is constantly advancing.” “My attitude when anyone asks meabout the training is ‘if it’s relevant to youand your job, then go. You will always getsomething worthwhile out of it.”

Siobhan McDermott eager to learnthrough the Women at Work Skillnet

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SPECTRUM28

sports: life

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Ian Robertson is a verydistinguished figure in theworld of rugby. A Scottishinternational stand-off in theglory days of the amateur game,his career was curtailed byinjury, but he found anotheroutlet in broadcasting, and,almost forty years on, he’s stillthe BBC’s rugby correspondent. His CV includes anotheritem of interest. When he waswinning his caps, he was anEnglish master in Fettes College–a boarding school in Edinburgh.

Among his pupils was oneAnthony Charles Lynton Blair,who was to become betterknown as Tony, the man whoyou might remember as thePrime Minister of Queen Eliza-beth’s kingdom. I was in the company of IanRobertson the day I did my veryfirst commentary, more yearsago than either he or myselfwould care to remember. I wasalso in the company of IanRobertson last Saturday night,as Ireland’s Triple Crown dreamunravelled. We were side by side in theclustered throng around the TVscreens in the press room in theStade de France. Our assignmentwas France against England, butlike everyone else in that crowdedspace, Ireland against Scotlandheld us in thrall. As so often this season, Irelandprovoked both pleasure and pain.A ruthless demolition of Italybegan the quest for a secondsuccessive Grand Slam. None ofthe six Slams that precededIreland’s last spring had beenrepeated the following season,yet there was nothing at CrokePark that first Saturday in Febru-ary to suggest that Declan Kid-ney’s team couldn’t standrecent history on its head. Italy, mean and physical, canprove tricky opponents, butthey’ve never managed to beatIreland in the championship,and they never came close thistime. Seven points was as nearas they got, and that marginwas sustained for less than twofirst half minutes.

The trip to Paris the followingSaturday was always going to bekey. Ireland’s aspirations wouldhinge on the result they achievedin a city that has yielded little overthe years. Three wins in thirty-onevisits since the Grand Slam springof 1948 – and none in five since thelast victory in 2000 –tell a sorry story. The coach’s confidence in histeam was evident in his selection.Stephen Ferris, who’d missed theItaly game through injury, was awelcome inclusion in the back row.Earls for Trimble was the onlychange that would have been thesubject of much consideration. Things didn’t begin at all badly.They saw out the first quarter hourwithout conceding while providingflashes that suggested the trafficwould not be all one way. But then,the rashness of inexperience proved

the disruptive influence that wouldsend France on their way. Cian Healy, in just his fourthTest, and his first away from CrokePark, was early with his challenge onParra the French scrum half andwas sent to the sin bin. That gaveFrance their first three points, andby the time Healy was back in thefront row, they were 10-nil in front. By half-time it was 17-3, andIreland never got closer after that.The front five was overpowered,and in their destruction the dreamwas shattered. 33-10 confirmedthe worst fears. There would be norepeat of the Grand Slam. It is to the enormous credit ofKidney and his team that they couldexorcise the traumatic memoriesof that evening in Paris and re-group over the following fortnightfor the tricky visit to Twickenham.

Ireland expects!It’s a measure of how far we havecome that finishing second is nowseen as such a disappointment

by GeorgeHamilton,The Voice ofIrish Sport

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SPECTRUM

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sports: life

The scrum, with John Hayespropping for the 100th time – thefirst Irish player to reach the mark –was much more solid, and out ofthat grew a performance that wouldnot have been out of place last year. There was the sensational earlytry from Tommy Bowe that settledthe nerves, and Ireland maintainedtheir advantage to half time. Thelead was stretched by a try fromKeith Earls. Thereafter, England hadtwice as much possession, butIreland’s defensive alignments were,deadly efficient.

Just when England seemed tobe heading for a victory they didn’treally deserve when Wilkinsondropped a goal with ten minutesto go, Tommy Bowe picked theperfect route to the try line to setup a 20-16 victory. Wales at Croke Park was prettymuch the Keith Earls show. Two ofIreland’s three tries were his. Walescouldn’t reply in kind, and 27-12at the finish kept alive hopes of atleast a Triple Crown. But as if to prove what goesaround comes around, there was

to be disappointment as deepas the elation had soared. It wasdelivered by Scotland, whohadn’t won in Dublin since 1998. Their path through the SixNations had been pockmarkedby setbacks. There were the se-rious injuries suffered by ChrisPaterson and Thom Evans on ahelter-skelter afternoon in Cardiff,when they’d led 21-9, only tolose their discipline and with itthe match. There was the ignominy ofanother defeat by Italy in Rome.And there was the sheer badluck that deprived them ofvictory over England when not onebut two of Dan Parks’s penaltyattempts came back off a Murray-field upright. Scotland were duea slice of good fortune. Back in the press room inParis, there were a few knowingnods when O’Gara did whathe’s done so often, and lookedlike he’d closed out the matchwith a late penalty that tied thescores. Another draw for Scot-land it seemed. But for just the once this sea-son, they got what they de-served. A penalty from far outby Parks. Ireland had one lastchance but lost possession. You had to feel they de-served at least this, and I said asmuch to my Scottish colleague.And, in the midst of his delight,Ian Robertson said he knew howwe must be feeling, as the TripleCrown followed the Grand Slaminto thin air. A campaign thatpromised so much has ended infrustration. Ireland are no betterthan the best of the rest. The backs are as good asany in the championship, the backrow as competitive, but the Parisexperience showed that with-out a more powerful front five,the consistency required to reachthe heights of another GrandSlam just won’t be there. Francehave reset the benchmark. Faced with France’s brutalproficiency, we were left to pon-der: this Ireland, who were thebest just a year ago – their timehad come –but this Ireland now–has their time been and gone?

Human pyramids:Ireland’s Paul O'Connellrises into the sky at CrokePark with Jim Hamilton ofScotland (Photo: INPHO/Dan Sheridan).

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CHAPTERS

BOOKSTOREParnell Street Dublin 1

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A former vice president of thecollapsed US financial services

house, Lehman Brothers, has pro-vided an insider’s view of the eventsleading up to its downfall. A Colossal Failure of Common Senseby Lawrence McDonald is an account ofthe greed and misjudgment of decision-makers and how individuals clutched atstraws in an attempt to save the companyright up to the point of bankruptcy. “I really wrote the book for one reason,to expose the few that hurt so many,”McDonald explained. “Lehman Brothers’ bankruptcy is tentimes the size of Enron, it’s bigger thanall the bankruptcies in 2009 combined.So it’s bigger than GM and Chrysler com-bined.”

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Too bigto fail –or toobig to bemanaged?

Social partnership between employers,unions and Government is in majordifficulty at national level in the Republic.But what is the future for enterprise-level partnership? In his new book, OrganisationalChange through Partnership, industrialrelations consultant, John O’Dowd, tries toaddress that question while also offeringthe most comprehensive account to dateof partnership at enterprise level in Ireland.

Based on a survey of all known casesof workplace partnership in the unionisedsector, this study examines the reasonsbehind decisions to adopt partnership, thestructures and agendas developed byemployers and trade unions and the out-comes that ensued from partnership. Based on these findings, O’Dowd arguesthat a partnership approach to organisationalchange has positive outcomes for employers,employees and trade unions includingbetter business performance, increasedproductivity, fewer disputes, improvedcommunications and better relationshipsoverall. Described as “a must-read” for humanresources and industrial relations practi-tioners and policy-makers by Kieran Mulveyof the Labour Relations Com mission, thebook concludes with a discussion of thestrategic choices open to employers andtrade unions in confronting the manydifficult challenges of the current eco-nomic recession. Published by the Liffey Press and pricedat ¤19.95, the book is available from allgood bookshops.

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Separation AnxietyWill the recession kill workplace partnerships?

read: ings

He said that the story of LehmanBrothers came down to one sentence:24,992 people making money and eightpeople responsible for losing it. “Lehman Brothers was never, neverrotten at the core, that's where all thebeauty was. It was rotten at the head,” hedeclared. He said it is important to draw lessonsfrom the failure of Lehman’s not just toprevent such disasters happening in thefuture – but also to provide a beacon forthe industry. “Banks are not too big tofail,” he added. “They are too big tosucceed and too big to be managed.”

“…24,992 peoplemaking moneyand eight peopleresponsible forlosing it…”

Screen actor, Meryl Streep, took on the roleof Irish trade unionist and human rightsactivist, Inez McCormack, in a special per-formance at a major international confer-ence in New York earlier this month. Streep told the Derry woman’s story inSeven, a docu-drama about the lives ofcampaigning women from Russia, Pakistan,Nigeria, Afghanistan, Guatemala, Cambodiaand, of course, Northern Ireland. The performance was introduced byUS Secretary of State Hillary Clinton on theopening night of a three-day conferenceon “Women in the World – the brainchildof former Vanity Fair editor, Tina Brown. Over 1,000 women from the worlds ofpolitics, media, social activism, businessand the arts attended the event. Ms McCormack began her trade unioncareer in the late 1960s before rising to be-come the first woman President of the IrishCongress of Trade Unions. She campaignedto organise and revalue the work and con-tribution of the “forgotten” workers, mostof whom were women. She was named the Northern IrelandWoman of the Year in 2008 for her servicesto women, human rights and communities. “It is very humbling,” she said, “tohave your life story represented in this

way and a privilege to have an Oscar-winning actress and strong femalecharacter like Meryl Streep involved inthe dramatisation. “I have had the privilege of spendinga lifetime at the service of warm strongwomen, who challenged injustice not justfor themselves but for the people andcommunities they cared for and whoseonly affirmation has been that of theirown conscience.” See a video clip of Inez being inter-viewed on her reaction to the performanceby Meryl Streep by logging on to http://www.youtube.com/watch?v=KimRavq5jj4

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sight: ings

Although The Blind Side is based on thereal-life story of an American Footballplayer (Michael Oher of the BaltimoreRavens), its central core is a classic tale oftriumphing over adversity against all theodds. Described by some critics as a sugar-coated version of Precious, The Blind Sidetells how Michael Oher (played by QuintonAaron) – a veteran of foster care withmany different families – strikes up anunlikely friendship with young S. J. Tuohy(Jae Head) whose family, led by motherLeigh Anne (Sandra Bullock) take him totheir hearts. Although Michael suffers from learn-ing difficulties, he begins to make progresswith the support of Leigh Anne Tuohy andher family. With his large frame and considerablestrength, Michael starts to play for his highschool football team encouraged by thefeisty and confident Leigh Anne. Some have complained that thenotion of a middle-class white family“adopting” a poor but talented blackteenager is somewhat patronising.Presumably the film-maker’s defence isthat, no matter how incovenient it may befor some, this is what actually happened.

BullockHollywoodof real-lifeSandra wins Oscar

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Meryl takes on InezAcccolade for Irish trade union leader

Meryl Streep Inez McCormack

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sight: ings

Valid at 18 cinemas in the Republic ofIreland including six cinemas in Corkand three cinemas in Dublin, to seeany film, at any time, on any day.

Price: Adult E6.80 Child E4.60

To avail of these tickets please send a cheque made payable to the IBOA for the value of the amount of ticketsyou require to IBOA Cinema Offer, IBOA House, Stephen Street Upper, Dublin 8.Note: IBOA accepts no responsibility for lost or stolen tickets, or for tickets which have passed their expiry date.

Arklow: GCG CinemaCarrick-on-Shannon: Carrick CineplexCastlebar: Mayo Movie WorldCork (Ballincollig): The Reel Picture ShowCork (Blackpool): The Reel Picture ShowCork (Douglas): Cinema WorldCork (Mallow): Gate CinemaCork (Midleton): Gate CinemaCork (North Gate Bridge): Gate MultiplexDublin (Dundrum): Movies@DundrumDublin (Stillorgan): Ormonde CinemaDublin (Swords): Movies@SwordsLetterkenny: Century CinemasLifford: Eclipse CinemasListowel: Classic CinemaSligo: GCG CinemaWaterford: SGC DungarvanWexford: SGC EnniscorthyP

ARTICIPATING CINEMAS

However, rather like Clint Eastwood’sfilm of the real-life story of South Africa’sRugby World Cup win, Invictus, real-lifefigures tend to become almost saintly anda little too perfect to be totally credible. Such was Eastwood’s apparent awefor his subjects that he struggled to makeMorgan Freeman’s Mandela and MattDamon’s Pienaar appear really human. Although some of the plot develop-ments in The Blind Side seem rather con-trived, Bullock imbues Leigh Anne withsufficient depth to overcome many ofthese shortcomings. The film ends with the 2009 NFL Draft,showing the real-life Michael Oher beingdrafted by the Baltimore Ravens.

shines inadaptationstoryfor The Blind Side

SPECTRUMmarch 2010

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Previous solution

Across: 1. Partition; 6. Walls; 9. Night; 10. Vexatious; 11. Alteration;12. Isle; 14. Arouses; 15. Spurred; 17. Obscene; 19. Stabbed; 20. Numb;22. Distribute; 25. Essential; 26. Indus; 27. Throw; 28. Martyrdom.Down: 1. Panda; 2. Righteous; 3. Interested; 4. Invites; 5. Noxious;6. Watt; 7. Lions; 8. Suspends; 13. Durability; 14. Adornment; 16.Rebounded; 18. Elitism. 19. Settler; 21. Miser; 23. Epsom; 24. Know.

The winning entry was submitted by Kevin Quilligan of Mallow, Co.Cork.

Name............................................................ Union No .....................

Address ..................................................................................................

...............................................................................................................

Employer................................... Branch/Dept....................................

A prize of ¤50 will be given to the sender of the first correctentry drawn from ourpost bag on May 4, 2010. Entries shouldbe sent to Crossword, Spectrum, IBOA – The Finance Union,IBOA House, Stephen Street Upper, Dublin 8. Photocopies ofthe grid are acceptable if you prefer not to cut up the maga-zine.

Across:1. Native of Australian state

(9)6. Demon (5)9. Planet (5)10. Important (9)11. Business (10)12. Endure (4)14. Accomplish (7)15. Muslim warrior (7)17. Venezuelan capital (7)19. Boom (7)20. Orient (4)22. Alluring (10)25. Establish (10)26. Picture (5)27. Dickens’ Oliver (5)28. Change (9)

Down:1. Subject (5)2. Transport for patients (9)3. Loathing (10)4. Soak (7)5. Avenger (7)6. Native of Denmark (4)7. Stringed instrument (5)8. Sunken liner (9)13. Descendant (10)14. Pseudo-scientist from

the Middle Ages (9)16. Political hopeful (9)18. Type of orange (7)19. Siamese (7)21. Japanese cuisine (5)23. Expel (5)24. Fine spray (4)

prize: crossword

A prize of ¤30 will be awarded to the sender of the first correct entrydrawn from our post bag on May 4, 2010.

All entries should be sent to Sudoku, Spectrum, IBOA – TheFinance Union, IBOA House, Stephen Street Upper, Dublin 8.

A photo copy of the grid will be acceptable – if you would prefernot to cut up the magazine.

The winning entry for the Sudoku Challenge in the last issue wassubmitted by Anne Moore of Athy, Co. Kildare.

Name............................................................ Union No: ............................................

Address ..............................................................................................................................

...........................................................................................................................................

Employer....................................................... Branch/Dept.........................................

6 5 8 2 3 4

8 4 2 9

5 7 3 8

1 9

7 4 1 5 

2 3 1 6

1 4 9 8 5 7

sudoku: challenge A prize of ¤30 will be awarded to the first entrydrawn from our post bag after the closing date.

A prize of ¤50 will be awarded to the first entrydrawn from our post bag after the closing date.

35

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SPECTRUMmarch 2010

with stepHen MAlOne ultra: violet

Following the remarkable success ofAvatar, film-maker, James Cameron,was much in demand at the recentWorld Economic Forum in Davos. “I always used to turn downinvitations to Davos, since I know plentyabout making movies, but nothingabout economics,” he told his audiencefrom the world’s business elite. “This year I changed my mind. Afterall we've seen from the last year, it turnsout no one here knew anything abouteconomics either."

Lights, cameron,action…

James Cameron

MISTER UNIVERSEofthe

“The whole country was on steroids. The competition in banking wasintense” – Eugene Sheehy, former AIB Group CEO.

Beware of the diabolical anabolics!A

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