Spectrum June 2010

Seeking a SecureFuture for FTB

JUNE/JULY 2010

George Hamilton reports fromthe World Cup in South Africa

IBOA NEWSUnion gives broadwelcome for bankinginspectors’ reports

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HOUSECALLSPrez to Sec: ICTU postfor IBOA leader • Historyin the Making: IBOA’scolourful past

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SHORTCUTSDead President deal atMorgan Stanley • Bonusculture over, says US payczar • Going GoingGone – ¤500 note fromcirculation in UK

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NEWSFOCUSNo more Mr. Nice Guy –tighter regulation forfinancial institutions inthe Republic.

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NEWSFOCUSBankers to have to take the pledge? Hippocratic oathfor finance staff proposed by British commission

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CULTURESHIFTThe push for sales isunrelenting: it’s time topush back!

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EUROSPECTEU pursuing greaterbanking regulation •IBOA meets EUCommission

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SAFETYFEATUREClose to Breaking Point:Work-Related Stress

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SAFETYFEATUREToo much overtime isbad for you …and youremployer! • Play safe!Work safe!

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SPECTRUMjune/july 2010

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infra: red

The QuarTerly Magazine froM iBoa – The finance union

UNIONNEWSAbsolutely intolerable:targetting of bank staff inhostage raids

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UNIONNEWSSaving Banks Campaign: Union wants secure future

for First Trust Bank and Aliied Irish Bank (GB).

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WORKPLACENEWSTalks on job security, payproceed at BOI •Members accept media-tor’s pension proposals

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WORKPLACENEWSConcern for jobs at HP asBOI declines to renew ITcontract

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WORKLIFEPlanning for retirement

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LIFESTYLE

Tantalising Tentations:10 best self tanningproducts

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MUSICMAESTRONeil’s divine discontent

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SPORTSLIFEThe Cup that Cheers:George Hamilton reportsfrom South Africa

34-35

BETTERREADBeating the Recessionby the Book •Soccernomics

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IBOAQUIZZESPrize crossword•Sudoku challenge

ULTRAVIOLETThe invisible hand ofdemocracy • More falseprofits?

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Spectrum is published by IBOA – The Finance Union,IBOA House, Stephen Street Upper, Dublin 8and 29, Malone Road, Belfast. BT9 6RU.Telephone: 00353-1-4755908 and

[email protected] www.iboa.ie www.iboa.org.uk

General Secretary: Larry BroderickHonorary Secretary: Tommy Kennedy

Communications Manager: Séamas Sheils

Advertising enquiries to Anna O’Doherty orLouise O’Donnell in IBOA House.

Spectrum is printed on recycled paper andwrapped for posting in oxy-degradable poly -thene at W & G Baird, Antrim, Northern Ireland.

infra: red

EUNIONOnline exclusive: newsection on IBOA websitefor members only

23

WORKPLACENEWSConcerns over restructureat NIB • NIB in deal withAn Post • Northern Bankproductivity talks continue

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WORKPLACENEWSUlster Bank seeks toextend opening hours •Legal cases against UlsterBank continue

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WORKPLACENEWSNew share dealing policyproposed• AIB shouldrethink future plans •Contractual pay claim

26-27

SCREENSAVIOURThe Party’s Ogre

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Cover Photo: IBOA meets the First Minister and Deputy First Minister inNorthern Ireland. Photo: Kevin Cooper/Photoline.

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short: cuts

SPECSAPPEALFORIBOAMEMBERS

¤30 off glasses from the ¤149 range or above

in the Irish Republic

£20 off glasses from the £99 range or above in

Great Britain and Northern Ireland

To receive your SpecSavers discount voucher,

call 0(0-353-)1-4755908 or 0(0-44-)2890-200130.

‘Dead President’deal at MorganStanley underinvestigation?

US President, Andrew Jackson, whose name wasused by Morgan Stanley for a deal believed to beunder investigation by US prosecutors.

Morgan Stanley, one of Wall Street’s lead-ing banks, is reported to be under investi-gation by US prosecutors over $200m(£134m) mortgage derivative transactionsknown as “dead president” deals. The bank was named by the Wall StreetJournal as a target for a criminal investiga-tion into the controversial practice of bet-ting on a slump in home loans at thebeginning of the global financial crisis. Prosecutors are believed to be examin-ing complex packages of mortgage-backedsecurities issued in 2006 named after twoformer US presidents – James Buchananand Andrew Jackson. The bank was involvedin designing the two instruments sold toinvestors but subsequently took “short”positions on them – effectively betting thatthey would fall in value. Although banks are allowed to betagainst such securities, they should informclients about the roles played by all theparticipants in these complex deals. The ‘dead president’ deals are similarto a Goldman Sachs product, that is thesubject of a fraud prosecution launchedrecently by the US Securities and ExchangeCommission. Although Morgan Stanley has deniedany knowledge of a justice departmentinvestigation, there has been a growingconcern on Wall Street that the legal andethical problems identified at GoldmanSachs may be replicated throughout thefinancial services industry.

Bonus cultureover, says USbankingpay czarEnhanced supervision by theUS Government should pre-vent a relapse into the “goodold days” of excessive bonusesand extravagant perks amongAmerica’s major financialinstitutions even if bankers still“don’t get it,” according toKenneth Feinberg, the manappointed by Barak Obama tokeep a rein on executive pay inthe banks bailed out by the USGovernment. Feinberg said recently thathe is not sure if bankers under-stand that the financial crisis andthe US Government’s $700bn(€568bn) bailout changed therules. “I don't think they get it,but I'm not sure they’ll goback,” he said. During his year in the role,Feinberg has pushed banks toreward executives with lesscash and vested stock. Under new regulatory lawsagreed by the US Congress,shareholders are to have morepower to question executives’compensation packages. With a greatly increasedpublic focus on their activities,Feinberg said, “it will be verytough for Wall Street to goback to the good old days.”

Kenneth Feinberg

Hundreds of millions of pounds’ worth of¤500 notes have been withdrawn fromcirculation in Britain to make it harder forcriminals to launder money. The high demonination note wasparticularly popular with criminals becausean everyday object, like a breakfast cerealcarton, could be used to carry E300,000. A recent study by the financial crimeintelligence teams at the Serious OrganisedCrime Agency (SOCA) lasting eight monthsfound that the E500 euro note was centralto money laundering in the UK. The reasonis simple: it's easier to shift because it wasworth around eight times more than themost valuable UK note, £50. Analysis by the SOCA team of publicdemand for the note revealed that therewas very little legitimate demand. “The E500 note is really the note ofchoice among criminals,” said Ian Cruxtonof SOCA. “We estimate that more than90% of the E500 notes that are providedin the UK have actually gone into thehands of serious organised criminals.”

An ex-change bureau suspected bythe authorities –which was operat-ing from an unidentifiedoffice premises – requested a totalof E4 million worth of theE500 notes in oneyear from major banks and internationalcurrency suppliers. These orders amountedto more than the entire amount sold totravellers through the British Post Office’sbranch network during the same period. The use of large denomination notesto facilitate this particular aspect of criminalactivity pre-dates the euro, which firstappeared in 2002. For example, the Canadian$1,000 bill was shredded after law enforce-ment agencies said it was being used formoney laundering and tax evasion.

Yet despite thiswarning, the euro project went

ahead with the E500. The E500 note is notonly attractive to British criminal gangs:last year the Bank of Italy warned that themafia used the note for tax evasion. Professor Richard Portes of the Centrefor Economic Policy Research, says theEurozone member States were warned ofthe risks posed before the first note rolledoff its high-tech anti-forgery printing press. SOCA’s Ian Cruxton expects that gangswill probably switch to the lower valuenote – but as there are fewer E200 notesin circulation, their movements are easierto track.

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Great savings and offers for IBOAmembers in Great Britain and NorthernIreland from Thomas Cook – including a6% discount on thousands of holidays.

Just call 0870-0102904 – quoting referenceIBOA – or visit www.staffholidayclub.com

Going Going Gone500 euro note withdrawnfrom circulation in UK

short: cuts

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and developing an early warningsystem to alert the authorities. In a document circulated tobanking executives, the Central Bankalso warned that: “Where the stakesare sufficiently high, we will secondguess commercial decisions as it isclear that poorly thought throughbusiness choices can later morphinto prudential problems.” The Central Bank is to set up aspecialist team to examine bankingbusiness models for signs of riskypractices. Directors and senior executiveswho do not meet new standardsof probity may be suspended forup to six months and barred fromcarrying out certain functions. The Central Bank has targettedfour major areas for immediatesupervisory attention. These are risk management,general bank strategies (includingfunding models), remunerationpolicies and new credit standardsfor mortgages.

• All financial institutions can expect amore intrusive and challenging approachto regulatory supervision.

• The Central Bank will make “judgementson banks’ own judgements” and will“tenaciously” defend the public interest.

• Directors of major institutions will beinterviewed from time to time to assesstheir understanding of key risks.

• The skills and experience of bank boardmembers will also be assessed – includ-ing the effectiveness of non-executivedirectors.

• Financial institutions will have to reviewthe composition of their boards at leastonce every three years and to includemore board members from outside Ireland.

• The Central Bank will suspend bankdirectors and senior management, ifnecessary, while investigating their“fitness and probity.”

• Bankers’ bonuses will be linked to thelong-term performance of institutionsunder new remuneration rules.

• New lending limits will be set for con-sumer loans including maximum value ormultiple of net disposable income.

• New insolvency procedures will be estab-lished to address the needs of distressedfinancial institutions.

• The Central Bank will recruit an extra 150employees this year, bringing its totalstaff complement to 1,300. It will also beallowed to increase regulatory staff by afurther 150 to 200 by 2012.

news: focus

No more Mr. Nice GuyLight touch era over as Central Bank promises moreintrusive regulation of financial institutions

The Central Bank’s new regime – in brief

The Republic’s enhanced Central Bank – which will incorporate the Financial ServicesRegulatory Authority (IFSRA) is determined to a new “intrusive” approach to financialregulation – promising to intervene in “poorly thought through” commercial decisionsmade by the banks. Declaring that it will be “tenacious, but not pig-headed” in defence of the public interest,the new regime aims to prevent a recurrence of the near-collapse of the banking systemby ranking financial institutions according to their potential systemic risk to the economy

10% discount on any mobile phone*or mobile accessory for IBOA members

in the Republic of Ireland.*except the Apple i-PhoneFormer Central Bank Governor,

John Hurley

Current Central Bank Governor,Dr. Patrick Honohan

Bank workers in Britain may berequired to take a pledge to behaveethically under proposals for financialsector reforms developed by across-party Commission on theFuture of Banking, set up by theconsumer group, Which? The concept of a Hippocratic oath forbankers is one of a number of proposalsaimed at developing a new culture for thebanking system – from the commissionchaired by former Tory Minister, DavidDavis, and whose members included theLiberal Democrat Finance spokesperson– and now Business Secretary – VinceCable.

“To bolster this cultural change wewant to see bankers engage in the samesort of professional standards trainingundertaken in other professions, with thesame remedies and sanctions appliedwhere individuals fail in their duty of care.” The Commission also proposes a codeof conduct to require bankers to considerthe impact of their activities on the widereconomy and on society, rather than justfocusing on making short-term profits. Their performance should also bemonitored by an independent supervisorybody similar to the General Medical Councilfor doctors. “A crucial element will be the powerthat this body should have to discipline

members who fail to uphold the codeand in extreme cases remove their abilityto practise,” according to the commission.

‘Stop commissions to front-line staff’Within this new “ethical culture” banksshould also stop paying commissions tofront-line staff. “To tackle mis-selling and thesales-based culture disliked by customersand branch staff alike, banks should ⁄⁄

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news: focus

Bankers to haveto take pledge?

Hippocratic oathproposed forfinance staff

Future of Banking Commissionchairman, David Davis

cease rewarding frontline staff for increasingsales. Instead they should receive bonuseslinked to levels of customer satisfaction,the fair treatment of customers, andresolution of complaints,” thereport says. The commission also believesthat senior executives should onlybe rewarded for long-termbusiness performance and share-holder return – rather than formeeting short-term profit targets. Meanwhile in Scotland a lead-ing fund manager, Angus Tulloch,told the Scottish Parliament recentlythat bankers should be required toswear a financial ‘Hippocratic oath’to address the industry’s batteredreputation. The aftermath of the recentfinancial crisis should be the triggerfor a fundamental change of valuesin the way financial services are delivered. The sector also suffers from the “extremeshort-term outlook” of investors andcompanies. “As a result, the financialsector has become almost completelydetached from the real world. “At least three quarters of the threetrillion dollars’ worth of currency tradesundertaken each day are unrelated to thebuying and selling of goods and services –that is the real economy.”

“The second reason why the financialindustry stands for so little is more funda-mental,” said Mr. Tulloch. “There is a glaringabsence of ethics within the industry.”

Ethics in banking: an oxymoron?The renewed focus on ethical issues mayalso have been influenced by the recentdecision of the US Securities and ExchangeCommission (SEC) to charge one of theworld’s largest investment banks, GoldmanSachs, with defrauding investors. According to the SEC, Goldman Sachsfailed to disclose vital information about aproduct to investors, and especially the rolethat played by one of the world's largest

hedge funds, Paulson & Co., in assemblingthe product’s elements and the fact thatPaulson’s had then taken a short positionagainst the product – effectively betting

that it would fail.“The product was new and

complex but the deception andconflicts are old and simple,” saidRobert Khuzami, Director of theSEC’s Enforcement Division.According to the Wall Street

Journal, the SEC is also “investi -gating whether other mortgagedeals arranged by some of WallStreet's biggest firms may havecrossed the line into misleadinginvestors.”As suspicions have grown that

some of Wall Street’s biggest playersmay have deliberately misled clientsinto buying exotic – and ultimatelytoxic – financial products without

revealing full informationabout them, therehas been a renewed interest in the issue ofbusiness ethics – sparked, no doubt, by thesense of embarrassment caused by therather arrogant and cavalier attitude ofsenior bankers like Goldman Sachs chair,Lloyd Blankfein, who notoriously claimedto be “doing God’s work.” Apparently the fringes of this year’sGlobal Economic Forum at Davos weremarked by conversations about the need torestore ethics in banking. The idea of a Hippocratic oath for bankstaff is not new. In a 2005 report on corpo-rate governance, the American Academyof Arts and Sciences suggested that invest-ment bankers should agree to abide bya new voluntary ethics code which, to quoteWall Street Journal, “like the HippocraticOath, might be taught in schools, framedand hung on office walls and called uponwhen arriving at life's ethical crossroads.”

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news: focus

Lloyd Blankfein of Goldman Sachsclaimed to be doing “God’s work.”

Commission member and now UKBusiness Secretary, Vince Cable

Robert Khuzami of the US Securitiesand Exchange Commission

One former Goldmanbanker has described theculture as “completelymoney-obsessed. I was likea donkey driven forwardby the biggest, juiciestcarrot I could imagine.Money is the way youdefine your success. There’salways room – need – formore. If you are not gettinga bigger house or a biggerboat, you’re falling behind.It’s an addiction.”

For the latest news and views on your

employment as well as details of all the

special discounts for IBOA members –

log on to www.iboa.ie or www.iboa.org.uk

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SPECTRUM

culture: shift

…the push forsales is unrelenting.

It’s time to push back!

In spite ofeverything…

Bank workersare entitled

to give goodadvice to

customers

Around the world,banking practicesare adding real

risk to customersand the

economy.

By focusing onsales pressurerather than

providing goodservice and

advice, banksput their business– and the entire

economy –in jeopardy.

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SPECTRUMmarch 2010

10

“Hard sell” approach could leadto new sub-prime disaster

As the world economic crisisworsens and families struggle tomeet their debt repayments, unionsaround the world are raisingconcerns about the impact ofpredatory lending and mis-sellingof financial products. Banks’ continuing focus on short-term profits has negative implicationsfor customers, workers, communitiesand financial stability at large. Unfortunately the financialcrisis has not changed the waybanks are running their businesses. The short-term focus of theiractivities is clearly highlighted in theresults of a survey of 2,500 bankemployees conducted by theGerman trade union, ver.di, on thesubject of sales pressure. The crisis has led to few, if any,changes – even though senior bankexecutives like to claim that thenecessary lessons have beenlearned from the crisis. Bank staff unions and UNIFinance Global Union have nowdeveloped key elements of a newbusiness model that focuses on thesustainability of the finance sector. They are demanding that thismodel is adopted by regulatorsand the industry worldwide.

Incentives and sales pressureAround the world, banks and otherfinancial institutions have put inplace incentive schemes whichpay bonuses to staff who meetsales targets. Usually, sales of sometypes of products – including debtproducts such as credit cards ormortgages – earn bigger rewards. This kind of approach has leddirectly to a shift from a serviceculture to a sales culture withinbanks and to conflicts of interestbetween what the customers reallyneed and what the staff are tryingto sell them so as to meet targets. This is made worse by the factthat information about conflictsof interest and remuneration struc-tures are not consistently providedby firms when selling financialproducts. According to an industry surveyby the Basel Committee on Bank-ing Supervision, information aboutconflicts of interests is only pro-vided in 63% of cases.

Information about the amountand structure of remunerationreceived by the firm for the sale isgiven only in 51% of cases. In the current business environ-ment, finance institutions are notdecreasing pressure on sales volumes.Instead, they often push for differ-ent products, such as credit cardsinstead of home mortgages. Sales targets are too high forthis economy and bank workersacross the industry feel pressureto sell products that will hurtcustomers and financial stability.• In the United States, tellers,

personal bankers and branchmanagers have reported thatbanks rely on dodgy practicesto increase overdraft fees,monthly maintenance chargesand transactional fees thatcustomers are not made fullyaware of when purchasing theproduct. They describe these asthe new norm and a chiefsource of earnings.

• In Brazil, because of highindividual sales targets, manybank workers end up makingoffers of bank services condi-tional on customers buyingother products, which is called“coupled sale.”

Banks make it difficult for staff notto engage in this sales culture.

• In Australiaand New Zealand,for instance, finance workersreport that banks pressure staffto “sell” products to family andfriends outside of work hoursby producing things like TheBarbeque Guide giving adviceto workers about how to “sell”products at barbeques, and theSummer Campaign remindingstaff taking annual leave not tomiss opportunities to sell tofriends and family.

• Employees in a medium-sizedfinancial company in the UKreport that the high-pressuresales culture has become so in-tense that they are reviewed ona weekly, monthly and quarterlybasis through a point system.

The key feature of thisscheme is not so much thepotential for being rewardedby a bonus – but the risk offacing disciplinary action iftargets are not met.

If employees do not meettheir targets then they face theprospect of being “performance-managed” –which can lead tostaff being ‘managed out’ ofthe bank within six months.

Unions around the world are con-cerned that some of the growth inhousehold debt also reflects banks’aggressive sales practices. ⁄⁄

culture: shift

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“front line workers in branchesand call centres throughoutthe sector are under constantpressure to achieve toughtargets on sales and referrals.

“If we don’t achieve them welose out on bonus increases inour already meagre basic pay.In the end, if we fail on ourtargets, we will lose our jobs.”

The problem is that many bankemployees depend on bonuses toreach a living wage. Contrary to pop-ular perception, ordinary employeesin financial services are not paid well.• In the United States, median

hourly wage for bank tellers is$11.02 (or $23,629 annually).This is just above the US federalpoverty guidelines for a familyof four.

Another widespread problemreported by bank workers in several

The level of household debt is athistorical peaks in many countries.• In the United Kingdom, it has

increased 73% between 1996and 2007. It is now equivalentto 100.7% of the country’sGross Domestic Product (GDP).

• In the United States, householdliabilities have increased 48%in the same period and nowamount to 100% of US GDP.

• In Denmark, household liabilitiesare even higher at 121% of thecountry’s GDP.

• In the Irish Republic, house-hold debt was estimated in2008 at 198% of the country’sGross National Product.

Unions are particularly concernedthat many financial institutions areselling financial products withoutadequate regard to clients’ needsor understanding of the risks theyare taking.• In Germany a consumer asso-

ciation survey, Stiftung Waren-test/Finanztest, has shown thatoften bank employees do noteven meet the legal requirementsfor selling financial products –with adverse consequences forconsumers.

• In the Czech Republic, thestress issue is becoming moreand more significant. Pressureto sell products is so high andemployees are exposed to sucha significant level of stress thatone of the Czech Republic’sbiggest banking companies,ČS, has set up an anti-stressprogramme on its intranet.

• One comment from the ver.diunion survey in Germany sumsup the conditions facing bankemployees: “the pressure tosell has become completelyintolerable. With some managers,you have the impression thatthey would beat you if theywere allowed to.”

Others speak of “sales hell”and “inhuman methods,” andmany say they wonder “howlong I can take this pressurebefore I become ill.”

Stress is also linked to the questionof wages.• In the United Kingdoma team

leader in general insurance atLloyds Banking Group says,

countries is that front-line staffselling financial products oftenlack sufficient training to under-stand the risks for customers buy-ing these products. The growing complexity offinancial products makes continuoustraining of finance workers anincreasingly important issue.• In a survey on advice and sales

of ‘structured products’ –under-taken by the Financial ServicesUnion in Denmark in May 2009–1177 advisors were asked howcompetent they felt to adviseon structured products. 29%said they had given advice onproducts even though theyfelt they knew too little aboutthem because of insufficienttraining.

This narrow focus on short-termprofit was the primary cause of theglobal financial crisis. ⁄⁄

For moreinformationon stress in theworkplace,see page 12

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SPECTRUM

culture: shift

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12

Now with falling incomes, risingunemployment and lower houseprices in many countries, thecontinuation of sales pressure isunsustainable and will increasinglyresult in many individuals andworking families experiencing severefinancial problems. This could bethe next subprime mess.

Unions demand a newbusiness model worldwide

Finance workers want to be rewardedfor providing good service andadvice to customers, not sellinginadequate financial products. What is needed is a newcustomer-oriented and risk-awarebusiness model based on sustain-able growth. To achieve this, unionsdemand that a bottom-up approachto supervision is developedand thatfinance institutions sign a charteron responsible sale of financialproducts.

A bottom-up approach tosupervision and risk assessmentUNI Finance Global Union and itsmembers are calling for a bottom-up approach to supervision andrisk assessment. A bank’s business model canonly be assessed effectively if internalprocedures and operationalpractices are taken into account. Incentive schemes, remunera-tion structures and training of staffcan all have an impact on the long-term sustainability of financialinstitutions and of the financeindustry as a whole. Who else could betterprovide this information toregulators than front-line financeworkers? They are the peopleoperating on the ground andthey know how regulation isapplied in practice. They can pro-vide checks and balances, whichcould improve understanding andassist in risk management amongnational and internationalregulators. Finance workers mustbe involved in

supervisory and risk managementprocesses through unions and otherrepresentative structures. Information on the use ofaggressive remuneration practices,the lack of training and the creationof extremely complex financialproducts could be useful tools pro-vided by employees to supervisoryauthorities. UNI Finance, as the only world-wide organisation representingstaff in the finance industry, cangather extensive information on theoperational practices of financecompanies and provide an inside

view of what is happeningin the industry.

New charter onresponsible sales As well as this newapproach to theissue of super-vision, UNI Financeand its members

are also calling for the signing ofa charter on the responsible saleof financial products by financialinstitutions worldwide. The objective of this charter isto promote fair and transparentsales practices and encourage arisk-conscious business model. The culture within a companyshould be such that it enables staffto provide good advice to customersbuying financial products. The charter covers the market-ing and sale of financial products,remuneration as well as incentivestructures, training of staff andfinancial education. It also addresses one of the mainfailings of the finance industry thatled to the global crisis: the pressureon workers to meet excessive salesand performance targets – coupledwith a focus on short-term profits. Recognising that employeesare key stakeholders with hands-onexperience and knowledge of inter-nal business practices, the charteraims to bring management andunions together – along with otherstakeholders – to address theseissues at company level. Under the umbrella of UNIFinance, finance unions around theworld aim to bring this modelcharter to financial institutions andregulators with a view to openingnegotiations on company-specificpolicy agreements on the respon-sible sale of financial products.

IBOA is affiliated to UNI FinanceGlobal Union Federation.

S

Even thougheconomicactivity hasfallen offdramaticallyin recenttimes, manyfinancialservices staffare stillexpected toreach salestargets largelyunchangedsince theheight of theboom.

culture

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The EU Commission has launched a waveof initiatives on various aspects of financialregulation in recent weeks. A Green Paper on Corporate Gover-nance in Financial Institutions has beenissued to encourage consultation on anumber of issues including:– how to improve board composition in

financial institutions to ensure bettersupervision and risk management;

– how to establish a culture which is farmore risk-aware;

– how to change remuneration policiesaway from encouraging excessive risk-taking, and so on.

At the same time the Commission hasannounced that a number of specific reformsare already in the pipeline covering:– Packaged Retail Investment Products,– Deposit Guarantee Schemes,– Derivatives and Shortselling; and– Capital Requirements.

Credit Rating AgenciesFollowing sustained criticism of the role ofcredit rating agencies in endorsing toxicfinancial instruments at the beginning ofthe global financial crisis, the EU Commis-sion has proposed new regulations forthese agencies. These reforms aim to ensure efficientand centralised supervision at Europeanlevel by the creation of a new Europeanauthority (ESMA); and to enhance trans-parency by enabling all credit ratingagencies to access the information given

by a financial institution to the agency ithires to provide a rating for a particularproduct or for the entire business. The Commission has also invited com-ments on draft proposals for new taxes onbanks which could be earmarked for acontingency fund for use in case of anotherbanking collapse – rather than general tax-ation. Perhaps in deference to the BerlinGovernment’s concerns that Germanycould still be saddled with the lion’s shareof the cost of compensating for the reck-lessness of others, the draft proposalsfavour a network of national funds ratherthan a single European Fund. However, while there is widespreadrecognition of the EU’s good intentions intrying to ensure that taxpayers will neveragain have to pay for the irresponsiblebehaviour of senior executives in the finan-cial services, some analysts have queriedwhether this particular approach mightactually encourage excessive risk-takingsince the fund would effectively provide asafety net for when the dare-devils fall offthe high wire. Although in this scenario, it would beother banks – rather than the taxpayer –who would bear the cost of a bail-out, itcould be seen as unfair if institutions whichbehave in a prudent and ethical fashionwould effectively be required to provideinsurance cover for those that do not. Questions like these should result in amuch more refined proposal when theconsultation ends in the autumn.

euro: spectrum

EU pursuing greaterbanking regulation

IBOA meetsEU CommissionAn IBOA delegation met a senior officialof the EU Commission recently to discussthe Union’s concerns about the EU viabilityplans for the institutions covered by theState guarantee in the Republic. The IBOA team comprising GeneralSecretary, Larry Broderick; President,Margaret Browne; and AIB Group Officer,Claire Walsh, had a lengthy meeting withAlexander Italianer, the EU’s SecretaryGeneral for Competition. The IBOA delegation highlighted anumber of factors which should be takeninto account in the viability plans, such as:• the impact on jobs in each institution

(especially those where staff arerepresented by IBOA);

• the impact of changes to one institu-tion on competition in the industry asa whole (such as AIB’s proposeddisposal of assets);

• the need for transparency and regardfor local industrial relations agreementsand legislation in each country;

• a review of culture in each of theinstitutions; and

• appropriate protection of jobs, payand terms and conditions of employ-ment – with a provision that individ-ual contracts of employment cannotbe changed unilaterally.

The meeting facilitated a useful exchangeand provided a much better understand-ing of the Commission’s approach to theviability plans. IBOA has agreed to make a writtensubmission – with clear guidelines forconsideration by the Commission.

Alexander Italianer

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14

According to the UK’s Health and SafetyExecutive, work-related stress is:“The adverse reaction people have to exces-sive pressures or other types of demandplaced on them at work.”

Stress is not an illness – it is a state. We allencounter stressful situations in life from timeto time. However, if stress becomes pro-longed or systematic, then it may give rise tomental or physical illnesses. Work is generally good for people if it iswell designed. But it can also be a greatsource of pressure. There is a major differencebetween pressure and stress. Pressure can be positive and a motivatingfactor, and may often be essential in a job. Itcan help us achieve our goals and performbetter. Stress, on the other hand, occurs when thispressure becomesexcessive. Stress is a naturalresponse to too much pressure.

Achieving the right balanceA person experiences stress when they perceivethat the demands of their work are greaterthan their ability to cope. Coping means balancing the demandsand pressures placed on you (i.e., the jobrequirements) with your skills and knowledge(i.e., your capabilities). For example, if you

are forced to work to a tight deadline on aproject for which you have neither the skillsnor the ability to perform well, you may beginto feel undue pressure which could over timeresult in work-related stress. Stress can also result from having too fewdemands, as people become bored, feelundervalued and lack recognition. If they feelthey have little or no say over the work theydo or how they do it, this may also causestress.

Factors in stressStress affects people in different ways and whatone person finds stressful can be normal toanother. With each new situation a person willdecide what the challenge is and whetherthey have the resources to cope. If they decide they lack the necessaryresources, they will begin to feel stressed.Their response in this situation will dependon a range of factors, including:• background and culture;• skills and experience;• personality;• personal circumstances;• individual characteristics;• health status;• ethnicity, gender, age or disability; and• other demands inside and outside work.

Employees in the financialservices sector have never

been under so much pressure. Performance targets – whichmight have been seen as a bear-able source of irritation duringthe boom years – have becomean endless nightmare hauntingstaff with demands to chasebusiness that just isn’t there anymore by pestering customerswho frequently hold frontlinestaff responsible for the devas-tation that has resulted from therecklessness of senior executives. These work pressures havebeen compounded by the steadyreduction in staffing levels –through natural wastage, non-renewal of temporary contracts,a squeeze on pay and pensionsand, in some cases, redundancy.

Bank officials who, just ashort time ago, enjoyed a

degree of social prestige (whichwas not always reflected in theirpay) and increasingly see them-selves as social outcasts – afraidto mention work in public forfear of being abused outside –as well as inside – their work-places. So is it any wonder thatwork-related stress has becomean increasingly common con-cern for workers in the financialservices sector?

See also: Too much overtimeis bad for you and youremployer on page 16.

CLOSE TOBREAKINgPOINTWork-related stress

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SPECTRUM

Uncovering the

“Union Safety”

EffectLike most other workplace issues,health and safety is subject to negotiation– it’s just when it comes to workers’ livesand health, unions won’t take no for ananswer. Sometimes just identifying problemsand asking for improvements is enough.Other times it takes more – from toughnegotiations to hard-nosed trade unionaction. This “union safety effect” is very realand very pronounced. A classic studyfound that UK workplaces with an activeunion safety system had an injury rate ofhalf that of workplaces without thesesystems. Impressive you might think – but arecent re-examination of the evidence“led to results which are actually, if any-thing, a stronger confirmation of themediated effects of trade unions oninjuries at work.” Another UK study found that “theproportion of employees who are tradeunion members has a positive andsignificant association on both injury andillness rates.” It added unions “lower the odds ofinjury and illness when compared witharrangements that merely inform em-ployees of OHS [occupational health andsafety] issues.” A recent evaluation of an accidentprevention project in the printingindustry – commissioned by the Healthand Safety Executive (HSE) – found thata key factor in its success was the unionrole, and recommended “the encour-agement of workforce involvement inhealth and safety, including involvementin the development of action plans.” Making work healthier and saferthe union way also has wider economicbenefits. A recent British Government investi-gation reported that the savings tosociety stemming from the activities ofunion safety reps – such as fewer sickand injured workers – runs to hundredsof millions of pounds every year.

safety: feature

Managers have a duty to ensure that workdoes not make their team members ill. So itis vital that they understand how to spot thesigns of stress among their staff, and thenapply appropriate strategies to reduce it.

Signs of stress in individualsIf you are suffering from some of thesymptoms opposite, it may indicate that youare feeling the effects of stress. If you findthat work or aspects of your work bring onthese symptoms or make them worse,speak to your supervisor/manager and yourIBOA rep. It may be that some action takenat an early stage will ease the stress andreduce the symptoms. While these are indicators of behaviourfor those experiencing stress, they may alsoindicate other conditions. If you are con-cerned about yourself, please seek advice fromyour GP. If you are worried about colleagues,try to convince them to see their GP. It is not up to you or your manager todiagnose stress. But you should recognise ifbehaviours have changed, be aware thatsomething is wrong and take prompt action.Take care not to over-react to small changesin behaviour. You and your manager needto act if these behavioural changes persist.Use these symptoms (both individual andgroup) as clues.

Emotional symptoms• Negative or depressive feelings• Disappointment with yourself• Increased emotional reactions – more

tearful or sensitive or aggressive• Loneliness, withdrawn• Loss of motivation and confidence• Mood swings (not behavioural)

Mental symptoms• Confusion, indecision• Inability to concentrate• Memory lapses• Changes from your normal behaviour• Changes in eating habits• Increased smoking, drinking or drug

taking ‘to cope’• Mood swings affecting your behaviour• Changes in sleep patterns• Twitchy, nervous behaviour• Changes in attendance such as arriving

later or taking more time off.

Signs of stress in a group• Disputes and disaffection within group• Increase in staff turnover• Increase in complaints and grievances• Increase in absences through illness• Increased reports of stress• Poor performance• Customer dissatisfaction or complaints

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The Japanese call it – ‘karoshi’ – or deathby overwork. The problem was highlightedagain recently when the operator of amajor restaurant chain, Nihonkai Shoya,and its four top managers were orderedto pay about ¥78.6 million (¤700,000 or£580,000) in damages to the parents of a24-year-old employee who died of overwork. The Kyoto Court’s judgement set anew precedent in Japan by finding seniormanagers liable for damages in a caseof ‘karoshi’ – after employee, MotoyasuFukiage, died of acute heart failure afterworking an average of 112 hours of over-time per month. The judge ruled that the company andits senior managers had failed to take properaccount of its employees’ working hours,noting that its wage rates assumed thatemployees would work at least 80 hoursof overtime a month in breach of Japan’slegal maximum. Although the Fukiage case is anextreme example, the recession is creatingadded pressure on emeployees worldwide

to work longer hours. However, researchpublished in Europe recently indicates thatworking just three or more hours’ over-time a day on a consistent basis could havemajor adverse effects on employee health. The report shows a 60% increase inheart-related illness such as non-fatal heartattacks and angina in those who work forthree hours or more beyond a normal

10,000 Whitehallcivil servants since 1985. The most recentanalysis, published in the European HeartJournal, looks at the working patterns ofmore than 6,000 employees, aged 39-61,over an average of around 11 years. One or two hours’ overtime generallymade no difference to their health, accord-ing to the researchers from UniversityCollege London and the Finnish Instituteof Occupational Health. But three or morehours led to a 60% increased risk of coro-nary heart disease. Another study of the same groupdeals with mental function. Published inthe American Journal of Epidemiologyearlier this year, the research report

described how the civil servants were givena battery of thinking tests in two timeperiods from 1997 to 2004. The researchers found that those whoworked more than 55 hours a week scoredlower on vocabulary and reasoning teststhan those who worked no more than 40hours a week. The results held true regardless of age,sex, marital status, education, occupation,income, physical diseases, psychosocialfactors, sleep disturbances, and health riskbehaviours.

“This study shows that long workinghours may have a negative effect oncognitive performance in middle age,” theresearchers said. One of the team leaders, Dr. MariannaVirtanen, of the Finnish Institute of Occu-pational Health in Helsinki, notes that longworking hours are common worldwide. “Long working hours have been foundto be associated with cardiovascular andimmunologic reactions, reduced sleepduration, unhealthy lifestyle, and adversehealth outcomes,” the team notes. But thelatest evidence also points to a negativeaffect on cognitive performance, gram-matical acumen and alertness, they con-clude.

Too much overtime is badfor you and your employer

Work stress: a provencardiac risk to women

Women in high-pressure jobs face up totwice the normal risk of developing heartproblems as a direct result of work-relatedstress, according to recently publishedresearch in the journal, Occupational andEnvironmental Medicine.

Those who report feeling work pressures n excessive degree are at increased danger ofping ischaemic heart disease.ile the link between stress and cardiac disease

nown, most previous studies have focussed act on men’s health. This new research con-

pecifically on women is based on a long-term nd 12,000 female nurses in Denmark.

Small AdsBig Choice

HolidayApartmentsto Rent

Adverts placed forIBOA members byIBOA members

Check out the IBOA websites:www.iboa.ie/services/smallads.html orwww.iboa.org.uk/services/smallads.html

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SPECTRUM

safety: IBOA GOLFER ofTHE YEAR 2010

Men’s and Ladies’Stableford Competition

Glasson, Athlone, Co. WestmeathFriday 20/Saturday 21 August 2010

Entry Fee: €160**includes two nights’ bed & breakfast

and dinner and presentation ofexcellent prizes on Saturday night

IBOA Golfer of the Year

Name..........................................................................................................

IBOA Membership No./Staff No.:...........................................................

Employer: ..................................................................................................

Branch/Department:..................................................................................

Address for Correspondence:...................................................................

....................................................................................................................

....................................................................................................................

....................................................................................................................

Men’s/Ladies’ Competition (delete as applicable)

Handicap:................... (Maximum for men: 20; for ladies: 36)

Cheque enclosed: €...............

Please return to Anna or Louise, Sports and Social Department, IBOA The FinanceUnion, IBOA House, Stephen Street Upper, Dublin 8. Closing Date for Receipt ofEntries: Monday 19 July 2010.

Play safe -work safeThe IBOA Safety, Health, Welfare andSecurity (SHWS) Committee aims towork with members and employers tocreate healthier, safer working environ-ments for everyone. IBOA has produced guidelines onyour rights under health and safetylegislation in the Republic and NorthernIreland These can be accessed on theIBOA websites by following these links: ROI: www.iboa.ie/knowyourrights/yourrightsroi/ healthsafety.html NI: www.iboa.ie/knowyourrights/yourrightsni.html or www.iboa.org.uk/knowyourrights/yourrightsni.html If you have any questions or con-cerns about health and safety in yourworkplace, please contact a member ofyour local health and safety committeein the first instance. If there is no health and safety com-mittee in your workplace, please con-tact a member of the IBOA SHWSCommittee below: Elaine Barker (BOI), Carmel Curran(FTB), Catherine Maher (Ulster ROI),Margaret Power (BOI-GB), Etain Ryan-Lyons (AIB), Jaynette Stirling (Ulster NI),Robert Thompson (NBL) and KateVarley (AIB) – together with SeniorIndustrial Relations Officer, SteveTweed. You can contact all of these bye-mail at [email protected] or by phoneat 00-353-(0)1-4755908 or 00-44-(0)2890-200130.

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IBOA The Finance Union haswelcomed the broad thrust ofthe two preliminary reports intothe banking crisis, writes LarryBroderick. Taking the two documents together,they clearly identify the key factors thatcontributed to the near collapse of thebanking system in this country. An inadequate and poorly appliedregulatory regime, a Government taxframework which inflated the propertybubble and a self-indulgent bankingleadership which engaged in reckless com-petition with the most imprudent playersin the market – all combined together tocreate a vicious circle which spiralled outof control and wrought havoc on theeconomy of this country and made theimpact of the global recession immeasur-ably worse.

Hysteria of greed and self-delusionUnderlying this hysteria of personal greedand self-delusion in these key aspects ofour economic and public life was a short-term mentality that sacrificed the long-term stability of our financial institutionsfor personal gain. But those who indulged in this highlyirresponsible behaviour have emergedrelatively unscathed – availing of generousgolden parachutes and substantial nesteggs to comfort them in retirement. Meanwhile the rank-and-file staff inthe financial services sector – who on anumber of occasions in the last decadewarned of the dangers of the prevailingculture in the industry – are countingthe cost of their senior management’scalamitous lack of judgment as significantjob reductions are prescribed as part of theprice of rescuing these institutions.

Failures of corporate governanceThe investigation has also identified failuresof corporate governance – including theabsence of rigour at board level to ques-tion and challenge the disastrous lendingpolicies advanced by senior management. While these reports have highlightedthe key issues contributing to the bankingcrisis, they will be of little more thanacademic value unless the Governmentfollows up wholeheartedly with thenecessary reforms to ensure that such adisaster can never again befall the Irishfinancial sector and with it, the economy. The Government has begun toaddress many of the key shortcomings inthe regulatory framework. But it must gofurther. The blame game will only get us so far.But if we want to make a real and lastingdifference we have to ensure that lessonsare not merely acknowledged in lip service

Reports on banking crisisbroadly welcome

Central Bank Governor Patrick Honohanreviewed regulatory issues

Klaus Regling co-authored scopingreport on Republic’s banking crisis

Max Watson co-authored scopingreport on Republic’sbanking crisis


19

– but genuinely learned and absorbed sothat behaviours change decisively for thebetter. For a number of years now, IBOA hassought to highlight the deficiencies in theculture of banking which not only enabledbut actively encouraged the recklessnessthat led to the collapse. We were largely ignored at the time.And while many more are willing to listennow in the light of subsequent events, weremain deeply concerned that many seniorbanking figures still haven’t got it – andthe same cynical short-termism thatprecipitated the crisis is still the basis formany of the responses to the crisis – withrank-and-file staff once again beingviewed as the convenient scape-goats.

Ongoing reforms necessaryIt is vital, therefore, that the Commissionof Inquiry to be established shortly shouldnot only evaluate these two reports – butalso set down a programme of ongoingreform for the future. For its part, IBOA intends to contributeactively to the work of the Commission byhighlighting the unique perspective of ourmembers – who have a long-term com-mitment to building a financial servicessector which would be primarily drivenby consistent service rather than quickprofit and which would seek to facilitaterather than dominate economic and socialdevelopment.

Brian Lenihan, Minister for Finance, toestablish Commission of Inquiry

IBOA President,Margaret Browne

Prez to SecICTU post for BrowneIBOA President, Margaret Browne, hasbeen elected as Secretary of the ICTUWomen’s Committee in the Republic ofIreland. The Women’s Committee aims to:• co-ordinate policies and action by af-

filiated organisations catering forwomen workers on matters relating tothe interests of women;

• investigate problems arising from theemployment of women in industry,services and the professions;

• prepare reports on aspects of women'semployment, conditions of work, payand so on; and

• advise the Executive Council of Congresson issues relating to women workers.

History inthe MakingIBOA’s colourful storyDr. Paul Rouse of the History Departmentin University College Dublin has beencommissioned by the Union to producea history of IBOA since its foundation in1917. A former journalist and researcherwith the RTE current affairs programme,Prime Time, Paul Rouse is also an acclaimedacademic with a particular interest in socialhistory – which makes him ideally suitedto the task of bringing the multi-facetedstory of IBOA to life. In addition to the Union’s own archive,Paul is keen to see any documents,memorabilia and artefacts relating toIBOA’s history which current or retiredmembers may have in their possession. All material indentified will be returnedafter being photographed or photocopiedfor the IBOA archive. Paul is also keen to interview memberswho may have been ‘eye witnesses’ tomajor events in our history. Members with

particular reminiscences of the Union areinvited to share their memories either inwriting or by recording them on video ortape. If you are interested in taking part inthis unique project, please contact theHistory Team at IBOA The Finance Union,IBOA House, Stephen Street Upper, Dublin8, by phone at 01-4755908 or [email protected]

house:calls

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union: news

In the wake of media reportsfollowing recent bank kidnap-

pings, IBOA General Secretary, LarryBroderick, has urged commentatorsto refrain from seeking to apportionblame before a thorough investiga-tion of all the circumstances hasbeen completed. “It has been suggested that, if theraiders manage to get away with the cash,there must be a failure of the internal pro-cedures for dealing with these situations. “The inference drawn in some quartersis that this failure is the fault of the individualvictim who, it is claimed, should alert theauthorities while the kidnapping is in progress. “Whatever about other proceduresthat may be in place to flag abnormalwithdrawals of cash in bank branches, it isintolerable that a bank official under threatto his or her own life or those of lovedones or friends should also now be ex-pected to take risks with their safety,” saidthe IBOA leader. “For some, it seems, it is not enoughthat bank officials should live in a state ofnear paranoia – trying to vary their dailyroutes to and from work in case they are

under surveillance and wondering everytime there is a knock at the door in theevening if they could be facing a gunwhen they open it. “Even in the most traumatic circum-stances, bank officials endeavour to actresponsibly and in line with establishedprocedures. However, since few of us everhave to deal with situations where ourfamilies or colleagues are held at gunpoint,

I think it is extremely presumptious tojump to conclusions about supposed stafffailures before a thorough investigationof all of the circumstances has even beencompleted. “Considering that senior executives inthe banks managed to lose billions fornothing more than greed, it is a bit rich tocriticise ordinary bank staff for handingover thousands under extreme duresswhen their lives and those of others are di-rectly threatened by armed criminals. “Apart from a review of the operationof internal procedures in this particularcase, I believe that other pertinent ques-tions should also be asked such as why itis still deemed necessary to hold such largevolumes of cash in branch offices and whybanks are still loath to make proper provi-sion for the personal protection of theirstaff in their homes as well as in the work-place.” “For our part IBOA has contacted theretail banks and the Garda authorities foran urgent review of all aspects of securityin order to ensure that our members’safety receives the highest priority,” hedeclared.

Absolutely intolerableTargetting of bank staff in hostage raids

AIB’s Crumlin Branch – the target of arecent kidnap raid (Photo: Photocall)

Glennon’sCar & Home InsuranCeoffering a range of discounts exclusive to IBoa members inthe republic of Ireland, northern Ireland and Great Britain.Phone: 00353-1-7075999email: [email protected] Web: iboa.glennons.ie

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fully, the funds raised will not besufficient to prevent the need formajority State ownership of theGroup. Under these circumstances,then, AIB’s apparent determinationto sell off First Trust Bank and AlliedIrish Bank (GB) in what seem to bevery depressed market conditionsis causing major concern for staffin both businesses. In a depressed financial market,there is a real danger that, if AIBpushes the sale through at virtually

any cost, the two Banks may beacquired in a “fire sale” by a com-pany lacking the necessary com-mitment or experience to maintainor develop the businesses into thefuture. Such a scenario would haveserious implications for staff in termsof jobs, pay and other employmentterms and conditions. It could alsohave major repercussions for theeconomy – especially in NorthernIreland – at a time when the supplyof credit has never been more vital.

Meeting theMinisters: (fromleft) Deputy FirstMinister, MartinMcGuinness;IBOA Executivemember, SharonMcAuley; FirstMinister, PeterRobinson; andIBOA GeneralSecretary, LarryBroderick (Photo:Kevin Cooper/Photoline).

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SPECTRUM

union: news

Saving Banks CampaignUnion wants secure future for AIB (UK)Following AIB Group’s surpriseannouncement of its intention tosell off its UK Division – comprisingFirst Trust Bank in Northern Irelandand Allied Irish Bank (GB) in Britain,IBOA has been engaged in a majorcampaign to alert public represen-tatives in both jurisdictions aboutthe possible implications of theBank’s proposals. As we go to press, a delegationfrom the Union are preparing tomeet the First Minister and DeputyFirst Minister at the NorthernIreland Assembly in Stormont onJune 28 to be followed by a generalbriefing for Assembly Members andMPs the same afternoon. A second briefing in the Housesof Parliament in Westminster hasbeen arranged with invitationsissued to all MPs with constituentsemployed by First Trust Bank orAllied Irish Bank (GB). This latest round of briefingsfollows an earlier meeting with theMinister for Finance in NorthernIreland, Sammy Wilson, and anappearance before the FinanceCommittee of the Northern IrelandAssembly (see video recording onthe IBOA websites at www.iboa.ieor www.iboa.org.uk). AIB Group has put these busi-nesses up for sale in order to raisecapital towards its current fundingshortfall so that it can reduce thelevel of financial support to be pro-vided by the Irish Exchequer –which will be necessary to enablethe Bank to reach an acceptablecapital funding standard. By disposing of these businessesand other assets in Poland and theUS, AIB Group is trying to avoid theIrish Exchequer taking a majorityshareholding in the Group. However, most independentanalysts believe that even if all ofthese sales are completed success-

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• Reduced room hire rates• 21st, 30th, 40th, etc parties.• Going away nights• Table Quiz Nights, Race Nights• Parties and Christenings• Catering and DJ facilities available• We can cater for numbers up to 120• Full bar licence – extension available

• Why not book or call in and look around?

Call 01-4758970 10am-12noon or after 5pm.

THE PERFECT PARTY VENUE

THe IrISH BankerS’ CluB

IBOA HOuse, stepHen street upper, DuBlIn 8

Bar openInG HourS:

Tuesday-Saturday – 4.30pm till late.

Sunday-Monday – closed.

1st Prize – Two-week holiday for two

to the Algarve

Thursday July 29:1st Prize – Two-week holiday for two

to Malta

Friday September 24:1st Prize – Two-week holiday for two

to Austria

Each month:2nd Prize: E300, 3rd Prize: E250,

4th Prize: E200,Draw 9pm. Bar Food: 6pm-10pm

Attendance Prizes

UPCOMINg CLUBDRAW NIgHTS

Results of recent Bankers’ Club draws are posted on the IBOA websites:www.iboa.ie/services/sportsandsocial/bankersclub.html

www.iboa.org.uk/services/sportsandsocial/bankersclub.html

THE PLACE TOPARTY IN 2010

This will be a very special draw celebrating 25 great years in the Banker s Club.

Watch out for the entry forms in late August/earlySeptember.

The cost will again be @45.00 for ten mothly draws.

Coming Soon:

THE 25th BANKERS’ CLUB DRAW

New members welcome. Join now and enjoyfree membership until September2010 – costthen only ¤20 per annum.Facilities include: • Special room hire rates• Bar and meeting room facilities.• Catering and DJ facilities available• Big screen for all sporting occasions

Don’t miss out – Join today!Copy, complete and return the application formto Honorary Secretary, Michael Martin at theaddress above.

CLUBMEMBERSHIP

Name:................................................................

Male/Female (delete where applicable)

Employment:.....................................................

Branch/Dept:.......................................................

Bank Account Details

Bank & Branch:.................................................

NSC:....................A/c No.................................I hereby authorise you to debit my account with the annualsubscription for Club membership. I agree to be bound bythe Rules of the Club and accept the appropriate annualadjustment when applicable. Notification will be forwardedin writing if I wish to cancel this mandate.

Signed:.................................Date:.............................Please return to Michael Martin, Honorary Secretaryat the address above.

APPLICATIONFORM

COMING UP IN AUGUST

Friday August 6, 2010

BIG SUMMER CLUB NIGHT

Special Food Menu All Night

All Pints €3.00 6pm-8pm

Late Bar. Music & DJ.

All welcome (including guests).

23

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e: union

Make sureyou keep usup to dateAll members should make sure that theyinform IBOA House of any changes in theirpersonal and employment data – such aschanges in address, employment status,grade, etc. This is particularly important since achange in employment status – such asmoving to part-time hours, for example –could result in a reduced subscription rate. Claims for a refund for any over-payment of subscriptions – which mightarise in such cases – can only be back-dated to cover a maximum of two years. You can contact the Union’s Member-ship Department:– by letter to IBOA House, Stephen Street

Upper, Dublin 8;– by e-mail to [email protected];– through either of IBOA’s websites –

www.iboa.ie or www.iboa.org.uk; or– by telephoning 00-353-1-4755908 or

00-44-2890-200130.

Special Offer forIBOA members

For individuals: Save ¤3 off full admission priceFor families: Supersaver deal of ¤20for family of 4 (normal price ¤35)

Offers may not be used in conjunctionwith any other offer or promotion.

National Sea Life Centre, Bray Seafront, Bray, Co.Wicklow. Tel. 00-353-1-2866939 wwwsealife.ie

Online exclusiveNew section on IBOA website for members only

The IBOA websites have been expanded toinclude a new “members only” section –which provides a range of information forthe exclusive use of Union members. Among the new resources which areonly accessible to IBOA members are:• pay rates for members in the major

employments (including the AssociatedBanks) as well as key agreementsbetween IBOA and these employers;and

• training documentation – includingguidelines on preparing for promotionalinterviews.

Some content which has so far been freelyavailable in the public area of the websiteshas been transferred to the members-onlysection. These elements include:• the full text of Union circulars (only

summaries are now available in thepublic area);

• specific details on how to claim thespecial discounts negotiated solely forIBOA members (only a description ofthe product or service is now availablein the public area –but not informationon how to claim it.)

The members-only section –which is pass-word protected –will also provide exclusive

information on activities (such as petitions,letter-writing and other actions) to supportUnion campaigns – which may not beconsidered appropriate to be accessed bymembers of the general public. It is also intended to use the facilityof this confidential section to surveymembers’ opinions on various topics fromtime to time. “This is a significant developmentin our ongoing efforts to make the mostof modern communications technologyto provide members with essential anduseful information,” said Union GeneralSecretary, Larry Broderick. “We are also very conscious of the factthat our information services are onlypossible by virtue of our members’ sub-scriptions: it is appropriate, therefore, thatsome material should only be available tomembers who are funding the service.” In order to access the members onlysection of the site, you will be asked foryour IBOA membership number (whichyou can find on the address sheet that camewith this magazine). Once your identity hasbeen verified, you will then be able to setyour own password with which you canaccess this section of the site in future.

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workplace: news

IBOA may have to return to the independ-ent mediator for further clarification of anumber of issues that have arisen over theimplementation of the restructuring planat National Irish Bank (NIB). The Union has engaged in a series ofmeetings recently with senior manage-ment in NIB to review progress on theFuture Programme, which was acceptedby IBOA members following the inter-vention of independent mediator, KevinFoley. The Union’s NIB Executive Committeeis determined to ensure that all of thecommitments contained in the Foleyagreement will be implemented in full bythe Bank.

PENSIONSMeanwhile, discussions have also begunbetween IBOA and NIB senior manage-ment on a review of the Defined Benefitpension scheme which was sought by theBank. LIttle progress has been made so far inthese discussions. IBOA has totally rejectedan opening proposal from managementfor the closure of the existing DefinedBenefit scheme for future accrual of pension

benefits with all staff migrating acrossto the new hybrid scheme which hasoperated for all staff joining the Bank since2008. Management has confirmed that itremains open-minded and committed toworking with IBOA to find a mutuallyacceptable solution. IBOA has engaged a team of profes-sional actuaries and pension advisers toassist the Union’s negotiators in thisprocess.

NIB in newdeal with AnPost over cashhandlingDespite the comparisons with “the pubwith no beer,” National Irish Bank (NIB) isgoing ahead with the introduction ofcashless operations throughout its branchnetwork by the end of the year. However, in a move to avoid possiblecustomer reservations about the develop-ment, NIB has concluded an arrangementwith An Post, the Irish post office network,to handle cash for the Bank’s customers. Cashless operation is one of a numberof elements sought by management in themajor restructuring plan which includedproposals to close 25 branches with 150voluntary redundancies on terms agreedby IBOA members earlier this year. Concerns over

restructuring at NIB

Northern Bankproductivitytalks continueTalks on new productivity arrangementsare continuing between IBOA’s NorthernBank Executive and senior management atNorthern Bank. While significant progress has beenmade during a series of meetings, someissues have still to be finalised between theparties.

Encore…

TAKE ABREAKSpecial discounts for IBOA members onhotel breaks throughout Ireland. Seewww.iboa.ie/services/discount.html orwww.iboa.org.uk/services/discount.htmlfor more information on current offersexclusive to IBOA members.

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workplace: news

Ulster Bank seeks toextend opening hoursSenior management at Ulster Bank want to open a number of Branches on a Saturdaymorning and to operate all Republic of Ireland Branches on extended opening hours onMonday to Friday.

Management has proposed to IBOAthat staff working on a Saturday wouldreceive a day's leave as time off in lieu.However, the Union has rejected this asinadequate – arguing instead staff shouldbe compensated for Saturday working byreceiving either time off in lieu at theappropriate rate of overtime (i.e., doubletime for Saturday); or a weekend atten-dance allowance. Talks are continuing between the twosides on this issue. At the same time the Bank has alsoconfirmed its intention to introduce a newcontract for all new entrants and currentstaff being promoted that will include acommitment to work within the businesshours Monday to Saturday, 8am to 8pm.This is an additional provision goingbeyond the controversial new contractsoffered to staff at the end of 2009.

When asked by IBOA why this changewas being sought, the Bank said that thislevel of flexibility would be a feature of allfuture Ulster Bank contracts of employ-ment. This U-turn by Ulster Bank confirmsIBOA’ suspicions during the contract rowlast year which were vigorously disputedby management at that time. Although management has claimedthat any change to the opening arrange-ments of any branch would be imple-mented on a voluntary basis, membershave already reported to the Union thatthey are coming under pressure to volunteerfor Saturday working –backed up with thethreat of being transferred if they refuseto 'volunteer.' IBOA has warned the Bank that thispressure on staff is completely unaccept-able.

Make a date…

gO WILDAT BELFASTZOOIBOA’s Family Day at Belfast Zoo willtake place on Saturday, October 2, 2010.On production of your IBOA membershipcard, you will be entitled to freeadmission at the main gate for twoadults and four children or one adult andfive children.

Legal casesagainst UlsterBank continueClaims by IBOA members in Ulster Bankover the withholding of contractual payelements such as PEF awards and an annual10% top-up payment are currently inprocess with the Right Commissionerservice in the Republic of Ireland andthrough the High Court in NorthernIreland. In addition, a second case is also pro-ceeding in Northern Ireland under legis -lation which prohibits an employer fromseeking to offer incentives to encourageemployees to foresake their right to tradeunion representation.

Ulster Bank Head Office in George’s Quay, Dublin (Photo: Photocall-Ireland)

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workplace: news

Don’t forget…

DAY OUTAT DUBLINZOOIBOA’s annual Family Day at Dublin Zootakes place on Saturday, September 4,2010. On production of your IBOAmembership card, you will be entitledto free admission at the main gate fortwo adults and four children or one adultand five children.

IBOA has rejected an attempt by AIBGroup management to introduce a newpolicy on share dealing by staff. Under this new arrangement, allmembers of staff would have to seekpermission from the bank if they wish totrade in any shares or other financialinstruments of any quoted and publiclytraded companies. IBOA views this requirement as totallyunacceptable as does the Union’s legaladvisors. While IBOA and its legal advisors fullysupport all legal obligations on staff indealing in financial instruments, the Bank'sproposals are an unwarranted intrusioninto the private affairs of staff – not onlyas shareholders in AIB but as citizens of theRepublic of Ireland, Northern Ireland orGreat Britain. “This proposal is extremely heavyhanded,” said Senior Industrial RelationsOfficer, Steve Tweed. “It is important to note,” he added,“that under the relevant EU Directive, the‘permission to deal’ requirement onlyapplies to certain ‘designated employees’who were identified as working in areas

where it was likely that they would haveaccess to inside information about AIB orto any other quoted or publicly tradedcompanies. “Apart from these specific ‘designatedemployees,’ there is no legal basis for theBank's proposals and IBOA is totallyopposed to them,” he declared.

AIB staff alarmed

by proposed share

dealing policy

Senior Industrial Relations Officer,Steve Tweed

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HICKEY’S

IBOA is co-ordinating legal actionagainst AIB over the Bank’s failure tohonour contractual pay awards tostaff – such as increments, merit awardsand performance-related pay – in allthree jurisdictions. The Union’s attempts to engage withthe Bank on the issue on several occasionsin recent months met with a negative re-action from management. “The Bank’s approach is unaccept-able,” said Senior Industrial Relations Officer,Steve Tweed, “since it fails to acknowledgethe contribution of staff without whomthe situation facing the Bank would bevery much worse. “It is equally important that staff donot forfeit their contractual rights to annualpay increase at this time – especially if thecurrent uncertainties about the future ofAIB was to result in redundancies at somestage in the future – since this could affectthe size of any severance payments. “IBOA believes members are entitledto these payments in recognition of theirongoing efforts and continuing commit-

ment to the Bank. It is unfortunate thatthe Bank’s attitude has left us with noalternative than to go down this route totry to secure our members’ contractualrights. But we will not let this matter go,”he added.

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workplace: news

IBOA initiates claimsfor contractual payin AIB Group

Tony MitchellMembers of the IBOA’s AIB ExecutiveCommittee were saddened to learn ofthe sudden death of AIB’s Group Headof Industrial Relations, Tony Mitchell,recently. Aged 44, Mr. Mitchell is believed tohave suffered a massive heart attackwhile attending a sports event involvingone of his children. IBOA was represented at Mr.Mitchell’s funeral rites by the GeneralSecretary, Larry Broderick, and the AIBGroup Officer, Claire Walsh, who ex-pressed condolences on behalf of theUnion to Mr. Mitchell’s widow andfamily.

AIB shouldthink againon plans forfutureGeneral Secretaryaddresses AGMIBOA General Secretary, Larry Brodericktook the unprecedented step of directlyaddressing the recent AGM of AIBGroup in order to articulate the con-cerns of employees over the futuredirection of the Group following the an-nouncement that AIB intends to sell offAIB (UK); to dispose of its stakes in theZachodni Bank in Poland and M&T Bankin USA; and to scale back its operationsin the Republic of Ireland. While recognising that the Groupneeded to raise capital in order to meetthe more robust funding standards re-quired by the Financial Regulator in theRepublic, the IBOA leader warned thata forced sale of First Trust Bank and AIB(GB) in such depressed market con -ditions would be a bad deal for AIB’sshareholders as well as for the staffdirectly concerned. A near fire sale of the two busi-nesses would not achieve a price reflect-ing their true economic worth. At thesame time it would place the remainingbusiness, AIB (ROI), at a major disadvan-tage compared to its two main com-petitors – Bank of Ireland and UlsterBank – which both have well estab-lished networks in Northern Ireland aswell as a presence in Britain. The General Secretary urged the AIBBoard to rescind their proposals for FirstTrust and Allied Irish Bank (GB) in orderto enhance the long-term prospects forthe Group and to offer a more stablefuture for AIB employees. The full text of the General Secretary’sstatement to the AGM is available onthe IBOA websites at www.iboa.ie/aib/4or www.iboa.org.uk/aib/4

IBOA General Secretary, Larry Broderick, addresses the AIB Annual General Meetingin BankCentre, Ballsbridge (Photo: Laura Hutton/Photocall-Ireland).

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workplace: news

these issues shortly. IBOA General Secretary, Larry Broderick,told Spectrum that in view of the currentuncertainty about the future of the Irishbanking industry, “it is important that thisrecommendation is issued as soon as pos-sible so that we can move forward to re-solve these issues.”

Proposal to RestructureNorthern Ireland Operations

Senior management at Bank of Irelandhas engaged with IBOA on a restructuringprogramme for the Bank’s operations inNorthern Ireland –which has recently beenreclassified as a region – on the basis of fullconsultation and negotiations with the aimof reaching a comprehensive agree mentwhich can give comfort to members onthe protection of their pay and terms andconditions of employment.

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Talks on job security,pay proceed at BOI

BOI membersacceptmediator’spensionproposalsIBOA members in Bank of Ireland havevoted by an overwhelming majority toaccept pension changes recommendedby the independent mediator, Mark Con-naughton, Senior Counsel, having consid-ered detailed submissions from Bank ofIreland and the Union. The mediator’s proposals had beenrecommended by IBOA’s Bank of IrelandExecutive Committee on the basis thatthey not only protect existing pension ben-efits for pensioners but also put in placenew arrangements for pension increasesfor pensioners into the future. “While these proposals reflect a changein the existing agreement with IBOA, theyshould be viewed positively compared tothe alternatives put forward by the Bankduring the negotiations,” said SeniorIndustrial Relations Official, Gerry Hanna. The Bank has also accepted the medi-ator’s recommendation. The full text of theproposals is available on the Union web-sites at www.iboa.ie/bank-of-ireland/ orwww.iboa.org.uk/bank-of-ireland/

Negotiations on pay and job security between IBOA, the Bank and theagreed independent mediator, Mr. Mark Connaughton, SC, are welladvanced. Mr. Connaughton is expected to issue a recommendation on

IBOA General Secretary, Larry Broderick, with the Union’s Bank of Ireland GroupOfficer, Dave Keane (Photo: Tommy Clancy).

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workplace: news

IBOA is concerned that the jobs ofup to 200 IT staff working on theBank of Ireland contract at HewlettPackard may now be in jeopardyafter the Bank confirmed recentlythat it will not renew the contractwith HP when it is is due to expireearly next year. General Secretary, Larry Broderick, saidthat IBOA members are fearful that,regardless of which of the two remainingcompanies – HCL and IBM – eventuallywins the competition for the contract,some of the work may be exported abroadto the detriment of staff in Ireland. “Our members would normally expectto transfer with the work – as they didwhen the work was originally contractedout of Bank of Ireland,” he said. “But theyare seriously concerned that the new con-tractor may opt to use workers basedoverseas in low cost economies. “As a trade union, IBOA naturally hasmajor concerns for the livelihoods of our

members and their families – especiallyas many of them have considerableexperience working for or on behalf ofBank of Ireland. “But we also believe that there is a veryimportant issue of public policy at stakehere. The taxpayers of Ireland have madea considerable commitment at a verydifficult time in order to support Bank ofIreland through its current crisis. “It would be an unacceptable displayof ingratitude if the Bank were to repaythat support by contriving to export highlyskilled work out of this country at a timeof mass unemployment. “Furthermore the latest Government-sponsored report on innovation high-lighted once again the critical role of the'smart economy' in driving employmentgrowth into the future. But the foundationsof the 'smart economy' have been laidalready. “The work undertaken by our membersin HP on behalf of Bank of Ireland is exactly

the kind of knowledge- and technology-based enterprise which should be at theheart of the smart economy. Yet it seemsthat a major financial institution – in whichthe State is a major stakeholder – couldnow be instrumental in allowing a numberof highly skilled jobs to disappear. “Apart from the impact on theseemployees and their families, the Statewould also be short-changed in terms oflost revenues and increased expenditure –not least in the millions of euro that wouldhave to be spent to source replacementindustries. “What we need in this instance is somejoined-up thinking,” said Mr. Broderick.“That is why IBOA has sought engage-ment with both Bank of Ireland and withthe Minister for Enterprise, Trade andInnovation, Mr. Batt O’Keeffe, TD, toensure that appropriate commitments arein place to protect the jobs as well as thepay and terms and conditions of employ-ment of the affected staff.”

Concern for jobs at HP as BOIdeclines to renew IT contract Fear that new contractor may send work abroad

The idea of retirement cantake some getting used to.Most of us who plan for thismilestone do so under onemain banner – financial secu-rity. The crucial question is:how can we maintain a properstandard of living? Most people reading this arelikely to have made provision forsome sort of occupational pension.Many may also have full or partialentitlement to a State pension. But considering that a fall ingross income on retirement is alsolikely to involve a substantial fall intaxes and income levies, then theimpact on our net income is likely tobe far less damaging than we mightimagine. But planning for retirementinvolves much more than just makingsure we have enough cash. Withpeople living longer today, this islikely to be the first generation ofretirees that, on average, may enjoyas many years in retirement as theyhave in their working life. So crossing the threshold intoretirement needs to be a plannedadventure. So what are the other issues that comewith retirement? All of us, regardless ofour position in life, have a certain status.We are identified with our job and the rankwe hold within our employment. Today you have a job that gives you adefined role and certain status, but onceyou retire this will no longer be the case.Nevertheless, you are the same personwith the same talents that you had before;but you will not be using them in yourfuture retirement in the same way as youdo today. So the first thing to realise is thatwhile our place in the world changes, thefuture is still full of opportunities. Although people’s experience of retire-ment varies enormously, the one certaintyis that people who plan for their retire-ment find the experience more fulfilling,less daunting and full of opportunities. Happy and fruitful retirements arebased on preparation of mind, attitudes

and body – and the sooner preparationbegins the better. Research has shown thatthose who plan for retirement live longerand are more content than those who donot. The Retirement Planning Council’s

experience over the last threedecades of helping people to planfor the changes that retirementbrings is such that a planned retire-ment is a happy retirement.

Founded in 1974, the RetirementPlanning Council of Ireland has 35years of experience of helping tosmooth this transition to retirement.The Council knows the issues thatconcern would-be retirees who maybe a little uncertain or maybe evenfearful. It aims to dispel the mythsabout retirement.

The RPCI is a not-for-profitorganisation with charitable statusand is supported by more than 200private and semi-State bodies.All our courses are presented byexperienced professionals at variouscentres around the country.

Our two-day course deals withthe nature of change, particularly inrelationships, money, health and time.Each participant receives accurate,reliable and up-to-date informationon which to base better decisionsfor the years ahead.

The course is led by a RPCI pro-fessional with each specialist subject beingdelivered by an approved expert.

Retirement courses help you to:• Accept that change happens in many

ways throughout our life• Deal with the specific things that

change in retirement• Realise the opportunities that exist to

enjoy an active retirement• Remind us of the need to maintain a

healthy lifestyle• Inform us of our social welfare entitle-

ments• Deal with taxation and investment

Should you wish to know more about usyou can visit our website at www.rpc.ie orcall our office on 01-6613139.

John Higgins is the Chief ExecutiveOfficer of the Retirement PlanningCouncil of Ireland.

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work: life

Planning for retirement?

John Higgins

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life: style

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_ Dior Auto-Bronzant Self-TannerNatural Glow: does exactly what itsays on the tube –natural bronze tan.

com position skills, The Com-plete Banker seems tobe getting more air-plays than any othertrack on his new album,Bang Goes the Knight-

The last thing you needwhen you are trying torebuild your batteredreputation is to be con -tinuously confused withsomeone else who seemsto be almost universallyreviled. But such is the fate of AIB(Allied Irish Bank) which con-tinues to be mistaken by manypeople (especially overseascommentators) for the other‘AIB’ – Anglo Irish Bank. It is likely that this under-standable con fusion lies at theheart of comments by theDivine Comedy’s Neil Hannonwho, in a recent interview,described how a new song,The Complete Banker, waswritten when “the Allied IrishBank was crumbling and theIrish Government were prop-ping it up with our money,and I was thinking this is sounjust.” “It’s one of the few songsI’ve ever written really angrily,”says Hannon, the son of theformer Bishop of Clogher. While some have arguedthat rage does not appear tohave been a particularly pro-ductive stimulus for Hannon’s

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music: maestro

Special Offer forIBOA Members

¤1 off every CD youbuy when you visitwww.cdwow.ie/iboa

hood,which marks his return tothe Divine Comedy banner –albeit as a solo performer –after his recent collaboration withThomas Walsh of Pugwash onThe Duckworth Lewis Method–

Neil’s divine discontent

Neil Hannon of the Divine Comedy(Photo: Leon Farrell, Photocall-Ireland).

a concept album about cricket(the sport not the insect)which was released to muchcritical acclaim last year. The new album combinesthe wry and quirky humour thathas become Hannon’s trademark alongside wistful –almost melancholic – songsabout a love that is usually farfrom the romantic ideal. The title track tells the storyof a City gent who frequentsfetish parlours. Hannon hasdeclined to confirm mediaspeculation that the song wasinspired by recent revelationsabout motor racing boss, MaxMosley – the son of formerBritish fascist leader, Sir OswaldMosley. Another track, At the IndieDisco, acknowledges the DivineComedy’s beginnings – name-checking some of the band’smusical contemporaries oftwenty years ago such as Blur,the Cure, the Pixies, Morrissey,the Stone Roses, My BloodyValentine and the Wannadiesfrom Sweden. Down In The Street Belowis a very well crafted delicateballad. But arguably thealbum’s best track both musi-cally and lyrically is When aMan Cries – as it contemplatesvarious aspects of male vulner-ability through Neil Hannon’shighly evocative voice.

Special offerfor iBoa

MeMBerS in UK

See the IBOA website(Member ServicesDiscount Offers)

for details.

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screen: saviour

Valid at 18 cinemas in the Republic ofIreland including six cinemas in Corkand three cinemas in Dublin, to seeany film, at any time, on any day.

Price: Adult E6.80 Child E4.60

To avail of these tickets please send a cheque made payable to the IBOA for the value of the amount of ticketsyou require to IBOA Cinema Offer, IBOA House, Stephen Street Upper, Dublin 8.Note: IBOA accepts no responsibility for lost or stolen tickets, or for tickets which have passed their expiry date.

Arklow: GCG CinemaCarrick-on-Shannon: Carrick CineplexCastlebar: Mayo Movie WorldCork (Ballincollig): The Reel Picture ShowCork (Blackpool): The Reel Picture ShowCork (Douglas): Cinema WorldCork (Mallow): Gate CinemaCork (Midleton): Gate CinemaCork (North Gate Bridge): Gate MultiplexDublin (Dundrum): Movies@DundrumDublin (Stillorgan): Ormonde CinemaDublin (Swords): Movies@SwordsLetterkenny: Century CinemasLifford: Eclipse CinemasListowel: Classic CinemaSligo: GCG CinemaWaterford: SGC DungarvanWexford: SGC EnniscorthyP

ARTICIPATING CINEMAS

The Party’s Ogre…but Shrek franchise back to form for final instalment

The final chapter in the story ofShrek marks a welcome returnto form for the Dreamworksteam – after they rather losttheir way in Shrek The Third. In order to rediscover thefreshness of the original film,the creators of Shrek ForeverAfter avail of a plot device thateffectively rewinds the tape bytransporting the ogre into aparallel world in which therelationships established in theprevious three films no longerexist. After a blow-up at hischildren's first birthday party,Shrek goes for a stomp throughthe countryside and runs intoRumpelstiltskin (Walt Dohrn),who offers him a deal: one dayfrom Shrek's life in exchangefor one day for Shrek to goback to his original existenceas a scary ogre.

But as Shrek is tricked intogiving up the day of his birth,he has never rescued Fiona(Cameron Diaz) and never metDonkey (Eddie Murphy) or PussIn Boots (Antonio Banderas).

So Shrek has just 24 hoursto save Far Far Away whilesomehow finding true love’skiss (again) which will activatethe opt-out clause in his con-tract with Rumpelstiltskin.

Since this is the last Shrekmovie, they say, it’s fitting thatthe focus returns to Shrek. An ideal movie to keep thekids entertained for an after-noon during the holidays!

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Phone: 01-4755908 for info.

* Valid until September 30FIrSt COME FIrSt SErVEd

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sports: lifeThe N1 highway snakes acrossthe vast wilderness of SouthAfrica’s highveld, covering the1,400 kilometres from Johan-nesburg to Cape Town. Along the way it skirts thecity of Bloemfontein, which is why,last Sunday, the going was slow.The World Cup caravan was onits way to watch Germany andEngland collide. Between the vuvuzelas andthe traffic mayhem, we’ll longremember this World Cup. Butthere’s been enough excitementin the football so far that, overtime, the positives will surelyoutweigh the negatives. Germany against Englandwas a case in point. A great game,it also threw up all manner ofissues, not least the stubbornintransigence of FIFA and itsPresident, Sepp Blatter, to con-template the use of technologyto resolve controversial issues. Not that there was anythingremotely controversial aboutwhat should have been FrankLampard’s equalising goal forEngland. His shot struck thecrossbar, and bounced well be-hind the goal line before spin-ning back out into the waitingarms of the German goalkeeperManuel Neuer. That would have broughtEngland from 2-0 down to 2-2,at a time when the game wasswinging back in their favour.Somehow the match officialsmissed this – though just abouteverybody else had seen it. That decision is somethingelse – like England’s controver-sial goal against the then WestGermany in similar circumstancesin the 1966 World Cup Final –thatwill be long remembered too. Controversies, though, onlyserve to mask bigger issues, oneof which is the reason behindthe early exit of England, andthe even earlier departures ofthe two teams who contestedthe last Final in Germany fouryears ago, Italy and France. In the case of the latter two,you don’t have to dig too deep.Italy’s coach, Marcello Lippi,harboured the mistaken beliefthat he could repeat the trick ofwinning the trophy with a

heavy reliance on a core of thetroupe that had been successful inBerlin. Nine of his squad of 23 wereover 30.Only one of the eleven whobegan their opening game in SouthAfrica against Paraguay was under25. The signs had been there in theConfederations Cup, the dress re-hearsal tournament twelve monthsago. They’d been embarrassed byEgypt. But Lippi wasn’t reading therunes. He masterminded Italy’s firstfirst round exit since 1974, anignominious end to the champions’defence of their trophy. France were no better, thoughin their case, it was a matter ofpersisting with a manager for toolong. Raymond Domenech hadtaken over as coach in the summerof 2004, but despite ending his firstcampaign as World Cup runner-up,

he’d run a dismal European Cham-pionship in 2008, finishing bottomof the first phase group, and it wassomething of a surprise that he re-tained his job. The folly of the decision to keephim was laid bare when it becameclear early in South Africa that hedid not enjoy the confidence of hisplayers. They were uninspired in theiropening game – a 0-0 draw againstUruguay– and were looking cluelessagainst Mexico when half-time wasreached in that match, again at 0-0. It didn’t become apparent untilafter they’d been beaten 2-0 thatDomenech has substituted his starstriker, Nicolas Anelka, at half-timeafter a blazing row during the break.Anelka had exploded in a verbal tiradewhen Domenech had suggested heplay further up the pitch, and effec-tively walked out of the World Cup.

The Cup That Cheers(when it’s not drowned out by the vuvuzelas!)

Argentina's star,Lionel Messi andMexico's GerardoTorrado (left) inaction at theWorld Cup inJohannesburg’sSoccer CityStadium inSouth Africa(Photo: INPHO/Action Images/Carl RecineLivepic)

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sports: life

The final ignominy was defeatby the hosts, who themselves hadalready been eliminated. At least England managed tolimp out of the qualifying groupbefore being mauled by Germanyin their worst ever World Cup defeat. Having reached South Africawith an almost flawless sequenceof results, it was widely expectedthey would be among the seriouscontenders, if not for the title, atleast for a place in the last four. Flattering to deceive has becomeEngland’s stock-in-trade. This timeit seemed their serial achiever of anItalian manager was afflicted bythe malaise. Fabio Capello won theChampions League with AC Milan,and a clutch of titles in Italy and

Spain. But running a national teamin a World Cup proved beyond him. From his indecision, going intothe tournament, about which goal-keeper to choose, ending up withthe unfortunate Robert Green whogifted the USA a goal in England’sopening game, to his blind faith inEmile Heskey, when England hadjust gone 4-1 down to Germany,he displayed ineffable confusion. England’s cause wasn’t helpedby John Terry’s extra curricularactivities earlier in the year, whichled to him being stripped of thecaptaincy. This can’t have helpedhis performances, nor can the strifehe caused with remarks at a pressconference that led to him beingeffectively silenced at a subsequent

team meeting. In the circumstances,is it any wonder players like WayneRooney underperformed? It’s often said that the real WorldCup begins with the knock-outphase. The sixteen qualifiers seemedto carry a message about trends inthe international game. Of Europe’s thirteen starters,only six – England included –madeit out of the groups. Africa, whichhad such high hopes given its biggestrepresentation yet, only Ghana, ofthe six who qualified for the WorldCup, flew the flag in the last sixteen. South Korea and Japan mayhave surprised by their emergence,Mexico and the USA less so, butthe most significant statistic is thatall five South American countriesmade it through to the last sixteen. Brazil and Argentina wouldhave been hugely fancied, and willalso rank as potential winners, suchis their tradition, and the rich seamof playing talent they are able tomine. But it is also significant thatUruguay and Paraguay won theirgroups and Chile qualified too. Is it as much social as sporting?It’s been suggested that rich andpampered professionals, earningbig salaries in the top leagues, can’tbe bothered with an end-of-seasonouting in a national shirt, as theirloyalties lie with their pay packets. Yet Júlio César, Maicon, and thecaptain Lúcio, to name but three ofthe Brazil squad, must have donewell as Champions League winnerswith Inter Milan. Their club-mateWalter Samuel plays with Argentina,alongside Messi of Barcelona andTévez of Manchester City, who wouldbe among the highest earners. Forlán of Uruguay stars withAtlético Madrid. The squads ofChile and Paraguay feature thosewho earn their living in Europe. In recognising their achieve-ments so far, should we be lookingto South America for a potentialwinner? Notwithstanding Germany’spowerful performances, Holland’sperfect record to the last sixteen,and Spain’s momentum after theirsurprising defeat by Switzerland, thatwould seem natural. But nothing iswon in the first two weeks, andknock-out football is another planet.This noisy, ebullient World Cup, sorefreshingly different so far, couldbe one of the most memorable yet.

The Lampard“goal” whichreferee, JorgeLarrionda, didnot give.(Photo: INPHO/Action Images/Peter Cziborra).

As England were failingto reproduce the nearperfect form of their WorldCup qualifying campaignwhen they got to the finalsin South Africa, SimonKuper and Stefan Szy-manski –sports writer andeconomist respect ively –attempt to find somelogical – or at least plau-sible – justifications forsome of the seeminglyeternal yet unfathomabletruths of soccer. However, economics isnot known as the dismalscience without good reason– and although Szymanskiand Kuper try to deployreasoned arguments tounravel some of soccer’s

more perplexing issues,few seem robust enoughto withstand close scrutiny. The academic rigour ofsome of their earlier workappears to have beendeliberately dialled downfor this more popular book. However, despite thatgeneral health warning,the book still outlines anumber of entertaininghypotheses as well as somequite thought-provokinganalysis – especially aboutthe remarkable managerialachievement of the lateBrian Clough in bringingNottingham Forest – anunfashionable club of verymodest resources – to thepinnacle of European soccer.

genigma of England, the issueis not so much that theteam underachieves but itis burdened with unrealisticexpectations by a highlyjingoistic tabloid press.


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36

CHAPTERS

BOOKSTOREParnell Street Dublin 1

10%discountfor IBOAmembers

Show your IBOAmembership cardat the pay point

better: read

Beating the recessionby the book

How to Pay Less offers aost of “thrifty tips” –or penny-inching ideas – to make themost of limited cash. This miser’s manual is fullf money-saving suggestionsor big expenditures like cars,olidays and hotels as wells basic everyday items likeealthcare, hobbies, food andrink. Among these suggestionsre a number of strategieso avoid having to stand youround at your local – a realxample of how to be pennywise pound foolish as you

save money and lose friendsat the same time! The book is available for£12.99 – but, if you follow itsbasic philosophy to its logicalconclusion, you’ll save yourmoney and borrow the bookfrom the public library. After reading ExtraordinaryUses, you’ll see many itemsof household junk in a com-pletely new light. Cancel thatskip and discover the hiddenpotential of more than 200common household items. This recycling bible out-lines what can be cleaned,

fixed or saved with a sprink-ling of baby powder, a pinchof salt or even by applyingthe skin of a banana! Extraordinary Uses alsooffers lots of practical advice –including how to clean yourdiamond ring with tooth-paste (before you pawn itpresumably!) and how torevive a car battery with anaspirin. With over 2,000 usefultips, this book should repaythe £12.99 asking price.

It’s a sign of the recessionary times that a number of self-help books are suddenly appearingoffering supposedly practical advice on how to make your cash go further or find additionaluses for your existing possessions. Two such publications from the redoubtable Reader’s Digest stable are How to Pay Lessfor Just About Anything and Extraordinary Uses for Ordinary Things.

‘Soccernomics’

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Previous solution

Across: 1. Tasmanian; 6. Devil; 9. Earth; 10. Momentous; 11. Enterprise; 12.Last; 14. Achieve; 15. Saracen; 17. Caracas; 19. Bonanza; 20. East; 22. Attractive;25. Institute; 26. Image; 27. Twist; 28. Amendment.Down: 1. Theme; 2. Stretcher; 3. Abhorrence; 4. Immerse; 5. Nemesis; 6. Dane7. Viola; 8. Lusitania; 13. Grandchild; 14. Alchemist; 16. Candidate; 18. Satsuma;19. Burmese; 21. Sushi; 23. Eject; 24. Mist.

The winning entry for the prize crossword competition in the last issue wassubmitted by Gill McIlmoyle of Portstewart, Co. Antrim.

Name............................................................ Union No .....................

Address ..................................................................................................

...............................................................................................................

Employer................................... Branch/Dept....................................

A prize of ¤50 will be given to the sender of the first correctentry drawn from our post bag on July 30, 2010. Entriesshould be sent to Crossword, Spectrum, IBOA – The FinanceUnion, IBOA House, Stephen Street Upper, Dublin 8. Aphotocopy of the grid is acceptable if you prefer not to cut upthe magazine.

Across:1. Dividing (9)6. Filaments (5)9. Saturn has some (5)10. Assortment – often

scented (9)11. Ancient mathematician

(10)12. Joke (4)14. Go before (7)15. Aware (7)17. Guest (7)19. Short novel (7)20. Bellow (4)22. Childhood training (10)25. Short-term (10)26. Blaze (5)27. List of contents (5)28. Most energetic (9)

Down:1. Fight for a piece? (5)2. Makes longer (9)3. Wills or covenants (10)4. Beg (7)5. Heated up (3,4)6. Peter Pan’s adversary (4)7. Celia _____, actress and

long-time associate ofVictoria Wood (5)

8. Minute trace (9)13. Lacking drama (10)14. Italian tenor (9)16. Protest vigorously (9)18. Italian artist (7)19. Russian dancer (7)21. Prepared for combat (5)23. Client of a hotel (5)24. Persuade (4)

prize: crossword

A prize of ¤30 will be awarded to the sender of the first correct entrydrawn from our post bag on July 30, 2010.

All entries should be sent to Sudoku, Spectrum, IBOA – TheFinance Union, IBOA House, Stephen Street Upper, Dublin 8.

A photo copy of the grid will be acceptable – if you would prefernot to cut up the magazine.

The winning entry for the Sudoku Challenge in the last issue wassubmitted by Rachel Barry of Navan, Co. Meath.

Name............................................................ Union No: ............................................

Address ..............................................................................................................................

...........................................................................................................................................

Employer....................................................... Branch/Dept.........................................

7 4 9 5

6 7

1 9 5 6

7 6 3 5

2 5 7 3

5 2 4 7

7 3 5 2

3 7

2 6 9 1

sudoku: challenge A prize of ¤30 will be awarded to the first entrydrawn from our post bag after the closing date.

A prize of ¤50 will be awarded to the first entrydrawn from our post bag after the closing date.


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39

with stepHen MAlOneultra: violet

The invisiblehand ofdemocracyThe outcome of the recent General Election in Britainprovoked a great deal of comment in the media as thenegotiations between the parties got under way on theformation of a new government. As coalition govern-ments are relatively rare atWestminster, it was under-standable that this waslargely uncharted territoryfor many in the media. Butit seems that, rather likenature, the media abhors avacuum. In other countries wherecoalition government is thenorm, it can take a numberof days running into weeksor even months (occasion-ally) to put together govern -ments – especially if theoutcome of the negotiationshas to receive a furtherdemocractic mandate froma delegate conference. However, in the increas-ingly frenetic world of theBritish media –which seems

to march to the incessantbeat of the Sky Newsdrum – where the newscycle is calibrated by theminute, it seems that aweek is not just a longtime – but an absoluteeternity – in politics. To justify their demandfor instant gratificationfrom the potential Cabinet-builders, the British medialooked for allies who mightshare their impatience –and so became fixated onthe market’s response tothe “delay” in forming agovernment. Instead of exploring thepublic’s reaction to theoptions available after the‘balanced’ outcome of theelection, journalists were

assigned to find out themarket’s attitude – which,after all, would be far moreimportant than the voterswho created the mess inthe first place! How does the market feelabout a hung Parliament? How does the marketview the “continuing uncer-tainty” (just a coupleof daysafter the election)? Even though businessrepresentatives patientlyexplained that the wheels of

commerce would continueto turn as usual regardlessof the temporary absenceofa Cabinet, an increasinglydesperate media seemedto be trying to suggest thatthe sky (no pun intended)was about to fall. Many members of thepress had all the appearancesof the bride’s family at ashot-gun wedding – withthe Liberal Democrats onthis occasion being rushedinto doing the “right thing.”

More false profits?Bank analysts have a crack atWorld Cup predictions

Trying to restore some street cred, nodoubt, after getting so many financialprojections so wrong in the last few years,analysts at Goldman Sachs, J.P. Morgan,UBS and Danske Bank have tried to pre-dict how far each of the 32 qualifiers willgo in the 2010 FIFA World Cup. Apart from the more obvious factorssuch as the team’s recent records andeven host nation/continent advantage,the analysts also considered wider eco-

nomic and social issues, For example, UBSincluded a team’s total salary package(with their clubs) in its calculation. Danskefactored in population size and GDP – butstrangely considered that a country’s FIFAranking could be a negative indicator oftournament performance Go Morgan,opted ttentionto the gs andthe . So g theiranalys pseudo-science metricsand a v icatorsof qu evance,most o to take

the easy way out – and followed themarket herd – taking their cue from theprices set by the bookies, as opposed tostock exchanges. So it comes as little surprise, then,that the analysts at Goldman Sachs, UBSand Danske Bank have all predicted thatBrazil will win. The number crunchers at J.P. Morgan,on the other hand, have stuck their necksout by tipping England to win on July 11. After J.P. Morgan’s team also tippedSlovenia to finish fourth – ahead ofGermany and Argentina, we couldsuggest that they just stick to the day job.But then again, they didn’t do so wellwith the sub-prime crisis either!

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Documents

Spectrum June 2010