BoI staff to get pay rise and Christmas bonus
Bank of Ireland staff are in line for a pay hike and a pre-Christmas bonus.
The banking union the IBOA has negotiated a 3.75% wage increase for around 6,000 staff, who will also receive a 5% lump sum before the end of the year.
It is the first major pay award at any of the bailed-out banks since the economic collapse.
Although Bank of Ireland has now returned to profit and repaid its State bailout it has recently refused to lower its variable rate mortgages.
However, IBOA General Secretary Larry Broderick said that is not a matter for staff.
He said: "This is not a case of redirecting funds in the direction of staff at the expense of the difficult mortgage holders.
"From our perspective, I think it's very clear that the IBOA looks after our members and that's a matter for the bank, the Government and the Central Bank to ensure mortgage holders are looked after."
