Central Bank staff told: up hours or lose respect

Martin Frawley

The Central Bank has warned its professional staff that unless they work longer hours and take less time off, the confidence that the bank has re-established with the government and the financial industry will be adversely affected.

Professional staff in the bank work 32.5 hours per week and can avail of an additional 14 days' flexi-leave accrued from working overtime. This is on top of what the bank said were "generous" annual leave arrangements.

The Central Bank has been heavily criticised for its failure to adequately regulate the banks during the property boom, particularly Anglo Irish Bank. Last week, the EU gave permission for the Government to hand over another €10bn to rescue Anglo on top of the €14bn it has already paid over to the ailing bank.

"Given the environment in which it now operates a working week of 32.5 hours is unsustainable", the Bank told the Labour Court at a hearing last week.

The flexi-leave arrangements are also "inconsistent" with similar organisations in the public and private sector, it added.

The Bank wanted to increase hours and attendance for all new recruits and for existing professional staff who secure promotion.

The Unite trade union, which represents the professional staff, argued that as days for flexi-leave are banked and taken by agreement with management, it imposes no additional cost on the bank. The union also said that an increase in the working week would represent a cut in the hourly rate of pay and would be "unacceptable".

But deputy chairman of the Labour Court, Brendan Hayes agreed for the most part with the bank's predicament.

"A reputational crisis in a regulatory institution is not dissimilar to a financial crisis in a commercial organisation and may in some circumstances demand a radical response that involves changes to terms and conditions", said Hayes.

Noting that the union and the bank had made considerable progress on an extended working week for new recruits, Hayes recommended that the new arrangements for staff who are promoted should be phased in rather than imposed immediately.

August 22, 2010

Comments

#1 Up The Deise commented, on August 22, 2010 at 6:39 p.m.:

Just close the bank down. we don't need it.

#2 anticivilservants commented, on August 23, 2010 at 11:46 a.m.:

I work twice as many hours in the private sector. The quicker we remove those tree hugging unions from society the quicker we can recover. 32hrs a week!!!

#3 John commented, on August 23, 2010 at 5:35 p.m.:

What is the purpose of the Central Bank now that the ECB runs the country? Fire them all.

#4 Graham commented, on August 24, 2010 at 10 a.m.:

Thats a 6.5 working hour day, so working a 'normal' 8 hours day would allow staff to 'work up' potentially one flexi day every week, with an hour to spare. This is wonderful for the staff but very poor value for the State.

The staff and unions need to cop-on and be reasonable or they will lose more than their flexi time hours!!!

#5 Skinner commented, on August 24, 2010 at 10:13 p.m.:

It's probably fair to say a 6.5 hour day is short and needs to change. The reality is though that many staff at the Bank work the "Normal" 8 hours per day and more, and don't get paid any extra, this regularly misses the editorial cut though. Personally, I work on average 45 hours a week in the job and bring about 10 hours of work home. A little editorial balance wouldn't go amiss.

#6 deise commented, on August 25, 2010 at 10:25 a.m.:

6.5 hrs sounds short alright, but that figure just happens to exclude lunch, so is the work week not 37.5 hrs? Many staff lose hours to the bank every month.

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