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Bank of Ireland profits rise while workers' pensions under threat

16 November, 2006

Sinn Féin's Finance spokesperson Caoimhghín Ó Caoláin TD has said that the increased profits announced by Bank of Ireland this morning must be seen in a context where employees were forced to take strike action yesterday to protect their pensions. Describing the 'greed' of the company as 'astounding' he expressed the hope that the company would see sense even at this late stage.

The Cavan-Monaghan TD said: "The announcement by Bank of Ireland that it has made half-yearly profits of &euro887 million and increased its pre-tax profits in its Irish retail business by a staggering 26% must be considered next to the scenes in Dublin yesterday with striking Bank of Ireland employees fighting for their pension entitlements.

"It is astounding that the greed of Bank of Ireland is such that it is determined to undermine the pension entitlements of new employees to maximise its already bloated coffers. This is not a company that is struggling financially or that is in danger of collapse. This is a company that can more than afford to treat its employees decently and fairly.

"I know there is another day of industrial action set for next week by Amicus. While I hope that it will not be necessary, that Bank of Ireland will see sense even at this late stage, I would like to assure the workers that if they have to take to the picket line again they will do so with our full support."

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