Does anyone have numbers around expected redundancies from Irish banks over the next few years?
I would expect loads
I wouldn’t. I would expect far fewer than necessary. I would expect procrastination, protectionism, lies and deceit. I would expect the taxpayer to be put upon to subsidise bloated numbers and bloated branch networks. I would expect this to be widely ignored by political and media circles.
10,000 at a minimum
Another part of Fianna fails poison pill for the opposition
How many are currently employed by the banks?
The EU bailout stipulates smaller Irish banks, which would imply fewer workers. But being a protected sector in Ireland it is hard to judge what will happen.
Well if that Alan Dukes clown has any way there’ll be continous employment in Anglo Irish Bank with no end sight as regards full employment
Lads the IMF are in charge, not Fianna Fail, not Fine Gael, not Labour, not Sinn Fein.
The IMF are totally against all forms of protectionism and socialism. They are a right wing economic think tank. Expect cuts cuts cuts. They’re being very quite still. I expect them to up their influence, after the election is finished and there is some sort of political stability. Shouting too much now is too in favour of Sinn Fein and Labour as the next coalition, the last thing they want.
Halifax and NIB have already closed/are closing all their branches. That’s them gone quickly as they have shareholder answerable parents who are not Irish.
Anglo and National Irish are being wound down. That’s them gone, over time. Think it will be front loaded though.
Bank of Ireland & AIB are IMO opinion likely to be merged. That’s the only way to shrink Irish banks, the way the EU/IMF are demanding. So that’s huge (50%) job losses there.
I just don’t see muddling along with the IMF here.
The current banking regime has to go, the majority of hardworking service level bank employees can be directly deployed into a new system.
The IMF and ECB, unless extremely co-operative, they have to pack their bags and go too.
They are welcome to assist on our terms, but they will not be permitted to suck the blood and bone marrow from the people of Ireland or the Irish nation.
A conspiracy theorist would perhaps say that the IMF and ECB are saving the real austerity measures for when the left get into Gov.
Therby ensuring that the left don’t get a significant foothold in power.
lucky I’m not a conspiracy theorist
Me too, I am a REALIST.
I think once the people can see past the top of the well we have descended into, things are gonna warm up.
*“We think too small, like the frog at the bottom of the well. He thinks the sky is only as big as the top of the well. If he surfaced, he would have an entirely different view.” *
History has proven this correct:
*“It is possible for a single individual to defy the whole might of an unjust empire to save his honour, his religion, his soul… and lay the foundation for that empire’s fall or its regeneration.”
Excellent post, totally agree. I think people need to snap out of the automatic assumption that gombeenism will continue find a way to wriggle out of tough decisions. I honestly think those days are over, not because our crowd have improved but simply because they are not calling the shots any more. We’ve run out of road, finally. (Notwithstanding anyone making the point that the EZ are no more facing up to reality than anyone else - that’s possibly true but if those chickens come home to roost it will be long after the Irish banks have been eviscerated).
I remain to be convinced that there will be any real change in Ireland. The muddling through approach will prevail, the protectionism and stroke politics will prevail. I hope I’m wrong. Doubt it though. Tinkering and sacrificial lambs aside, the self serving, reactionary kleptocracy shall endure.
+5000 Tesco value points for the use of the word kleptocracy. Very intellectual.
Merger of AIB and BOI unlikely - massive blow to competition (would be blocked by the EU for the same reason they would not allow merger of Ryanair and Aer Lingus)?
But both will cut at least 20% of heads IMO, and one or both very likely to be foreign owned within a few years (as soon as the dodgy development loans are dealt with) meaning lots of back-office functions will be moved abroad.
No. Don’t see too many bank losses.
Bankers, down to junior staff members have been getting salary increases during the last 3 years.
Bonus were to be and have been awarded to senior staff members.
So it’s all the old game that has been happening.
I see Ireland defaulting, reneging on it’s overseas obligations and introducing a new reach for the stars punt nua.
Take it or leave it and the Irish masses in general will accept this new solution.
The borrowing will then begin anew.
No news here just rinse and repeat. It’s how it’s done.
Savers destroyed in the process. The system protected.