Sinn Féin - On Your Side

Government and Northern Executive need to act jointly on job losses in the banking sector

28 March, 2012 - by Phil Flanagan

Sinn Féin spokesperson on Jobs, Innovation and Enterprise Peadar Tóibín TD and the party’s spokesperson on Enterprise, Trade and Investment in the Northern Assembly Phil Flanagan MLA today jointly met with the leadership of the Irish Banking Officials Association (IBOA) to discuss the loss of jobs across the banking sector.

Speaking after the meeting Peadar Tóibín said:

“The scale of job losses across this sector is staggering with the recent announcements by AIB and Ulster Bank meaning that 9,450 jobs have been lost across Ireland in this sector since 2008. While much blame can be put at the foot of the management of banks for the, current economic crisis, it should be remembered that most of those job losses have been to low paid banking officials.

“The Irish Government, as the major shareholder in the banking sector, has a role to play to safeguard jobs, agree fair voluntary severance arrangements and support those who have lost employment to re-enter the labour market.

“The Minister for Finance and the government needs to make clear what the strategy for banking will be, how it will impact on services to communities and how the banks will achieve their employment targets.

“The government is forcing the banks to deleverage far too quickly and this is resulting in job losses in banking sector and failing to meet the credit needs of SME’s and the community.”

Phil Flanagan MLA said:

“The banking sector is organised on an all-Ireland basis. Two of the four banks operating in the North are owned and managed in Dublin. The job losses announced by AIB impact directly on the First Trust bank. I have raised this matter directly with the Minister Arlene Foster.

“Employees’ rights, north and south, need to be respected. Employment, north and south, needs to be safeguarded, and businesses growth north and south, is dependent on a working banking sector.

“We need a comprehensive approach across the island to the banking sector from the government and the Executive.” ENDS

Connect with Sinn Féin