The union representing Bank of Scotland Ireland workers has said the plan to wind down the company "lacks ambition".
UNITE represents the majority of staff who want a 49.9% stake in the company to help manage the wind down of the €33bb loan book.
It follows the decision by the bank's parent company - Lloyds - to withdraw from the Irish banking market.
UNITE representative Brian Gallagher has said said they want to create "a business bank for small companies".