Anglo Irish plans 30-day talks on redundancies, union says

Anglo Irish Bank Corp. plans to complete negotiations with staff representatives on its redundancy program within 30 days, according to a spokesman for the Irish Bank Officials Association.

Anglo Irish management “expressed a desire to complete the consultation process” within 30 days, said Seamas Sheils, the IBOA labor union spokesman, by telephone, following an initial meeting between both sides today. Anglo Irish, which said yesterday it plans to eliminate as many as 350 jobs by the end of next year, has not yet detailed the terms of its planned redundancy package, he said. Some of the headcount reduction will result from asset sales, according to Anglo Irish.

Any terms agreed “are certainly likely to set a precedent for remaining staff at Anglo who will be leaving as the bank is wound down” by 2020, Sheils said.