Financial Services Union and Permanent TSB agree union recognition for managers

The Financial Services Union (FSU) and Permanent TSB have agreed on union recognition and collective bargaining for managers working at the lender. The union said the agreement was the beginning of a new relationship with Permanent TSB.

“This agreement sends a positive signal about the way PTSB want to manage the industrial relations culture in the bank and is the start of a new relationship between the bank and the FSU,” said Gareth Murphy, head of industrial relations and campaigns with the FSU.

He said the transfer of hundreds of Ulster Bank employees to Permanent TSB amid Ulster Bank’s withdrawal from the Irish market had “substantially increased” the number of FSU members working for Permanent TSB.

“The banking landscape is changing, and it is vital the contribution and voice of staff is heard in ensuring that jobs and services for customers are safe and secure,” Mr Murphy said.

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“This agreement is a positive statement of intent from the bank and provides our manager members with the ability to collectively negotiate their pay and working terms and conditions with their employer. This is part of our ongoing work to strengthen and expand collective bargaining.”

FSU members in Ulster Bank voted last year to accept the terms of what was then a proposed transfer to Permanent TSB as the NatWest-owned Ulster Bank prepared to exit the Republic.

As part of its withdrawal, Ulster Bank sold €7.6 billion of loan assets, including mortgages, to Permanent TSB, which also took over 25 Ulster Bank branches at the start of 2023.