February 16, 2011
By Staff Reporter
By Andrew Bushe
DUBLIN — Staff in Ireland’s banks are to seek a pay raise to compensate them for the work they will have to do in the changeover from the punt to the euro on Jan. 1.
The general secretary-designate of the Irish Bank Officials Association, Larry Broderick, said the changeover would have "huge implications" for his members.
The Central Bank is producing over 200 million euro notes and over 1,000 million euro coins, which will ensure that there will be enough euro cash to fully replace all active Irish notes and coins.
Finance Minister Charlie McCreevy estimates the cost of the changeover to be about £100 million to Ireland.
Broderick said the changeover raises the issue of job security of his members, particularly those working in foreign exchange, treasury and international departments.
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Compensation would also be sought for stress and training that will be required.
"What we are doing," he said, "is putting a position to the banks, the Central Bank and the government that we need now to engage and put in place an agreement that would recognize all the features of the euro and have it place by October.
"This is not opportunism, this is not about looking for money for the sake of money."
He said there was widespread public ignorance about the euro and his members would have a key role in ensuring a smooth transition.
"Industry sources say to us that this will be the biggest logistical change program in peacetime Europe and there is no doubt it will involve a range of issues relating to health and safety and security."
Broderick refused to give details of the claim but said an ongoing increase would be preferable to a once-off payment.