Labour Court backs Credit Finance Bank rationalisation plan with £2,500 redundancy minimum

The Labour Court recommended that Credit Finance Bank’s rationalisation plan be accepted, with changes to redundancy terms, staff car discounts and future job selection. The recommendation was signed on 9 December 1987. The Irish Transport and General Workers' Union and the Irish Bank Officials Association were also parties to the dispute. The Court said the plan was essential to the bank’s survival. It recommended redundancy pay of five weeks’ pay per year of service, including statutory redundancy entitlements, with a minimum payment of £2,500, plus payment in lieu of minimum notice and holidays. It also recommended a 20 per cent discount on staff cars and that experience and service be considered when selecting staff for continued employment.