NATIONAL Irish Bank won't back down and enter talks with the bank workers' union, the IBOA, about re-opening its defined benefit pension scheme, which it shut last month.

NIB has introduced a hybrid scheme that now sees staff and the bank make contributions to a new fund. To sweeten the deal for employees it would give them a lump sum of 5% of their salary.

Sources close to NIB believe there are no grounds to re-enter talks about the hybrid scheme now that the 400 staff members of the defined benefit have moved to it.

But the union are understood to be seeking talks about keeping the fund, which is believed to have a deficit of €59m, open.

The IBOA has balloted it members about industrial action if changes are not reversed.