Bank of Scotland (Ireland) pulling out at year end

mike65

Just heard, another one bites the dust. It'll be like the 20th century again soon.

spank_inferno

A couple of the smaller depts are being wound down quickly enough.

The remainder will be transfered to a brand new entity & removed from the Lloyds banking group (at their request).

This new entity will do the same work for for Bank of Scotland / Lloyds as before but won't be employed by them.

This new entity will probably be wound down over time.

The issue with this (my wife works there).
The staff feel that the wool is being pulled over their eyes.

The redundancies earlier in the year were comfortably over-subscribed.
More wanted out than there were redundancies available.

Now the staff will be moved to this new "zombie" entity.
They have not been told if they will be on the same T&C's as before or when eventually made redundant if they will get 1 penny in redundancy payments.(being contract).

dan_d

Hm. My mortgage is with them.
I presume this means (from your post) that it would be transferred to a different bank/entity?
I'll await and see I suppose.

average_runner

Your terms and conditons of the mortage will still be honoured

Nijmegen

The bank is creating a service company to manage its loan book, and will wind itself down as that reduces.

It takes a lot less staff to manage a winding down than to create and run new business. It remains to be seen how quickly the 800 staff will go.

Lumbo

spank_inferno wrote: »

The redundancies earlier in the year were comfortably over-subscribed.
More wanted out than there were redundancies available.

My girlfriend and two friends got a sizable redundancy from there. Some of the staff were calling it winning streak.

Dow99

A friend of mine was due to start in their HR dept on Monday,, I wonder how does that leaves her now????

Nijmegen

Dow99 wrote: »

A friend of mine was due to start in their HR dept on Monday,, I wonder how does that leaves her now????

HR will be one of the departments in high demand in the weeks and months to come I suspect.

titular

spank_inferno,

This should be covered under TUPE legislation as it will almost certainly be a transfer of undertakings. As such, existing terms and conditions of employment should be honoured. I assume that previous union agreements should be honoured and the precedent set in previous redundancy rounds should also be counted as setting reasonable expectation.

I am not a legal expert but I recommend staff ask the union to clarify this asap.

Regards,

T

spank_inferno

You are correct, the redundancy payments were apparently quite good.
Apparently though it whas at the normal level for the sector.

From what I heard (nothing confirmed) the creation of the new organisation will commence soon, staff will start being transfered to it soon also, and finished by december.

Apparently they are also worried about the location of the company.
There is a possibility they will leave their St Stephens Green address for somewhere else. (possibly cherrywood).

spank_inferno

titular wrote: »

This should be covered under TUPE legislation as it will almost certainly be a transfer of undertakings. As such, existing terms and conditions of employment should be honoured. I assume that previous union agreements should be honoured and the precedent set in previous redundancy rounds should also be counted as setting reasonable expectation.
T

I sure hope your right titular!

Poly

Shane Ross giving the boss of BOS a grilling on Newstalk

SEPT 23 1989

Would not like to be a Bank of Scotland Ireland business customer trying to re finance my loans with other banks :eek:

oppenheimer1

mike65 wrote: »

Just heard, another one bites the dust. It'll be like the 20th century again soon.

Wasn't this announced months ago?

amacca

oppenheimer1 wrote: »

Wasn't this announced months ago?

the closing of the branch network = yes

the entire operation pulling out leaving no presence here except management co to aid in wind down with subsequent loss of up to 800 jobs over unknown time period = no, I dont believe so

though I suppose it was always on the cards as I believe I could have told them they'd have a hard time making money here for the foreseeable future....but I suppose they already knew that and just wanted to stagger it.