National Irish Bank is to review its head office functions after eliminating 100 jobs this year as it closes most of its offices in Ireland, according to a report by a facilitator of talks between the lender and the bank union.

Exiting staff below 50 years of age will receive five weeks' payment per year worked, including minimum entitlements from the state, subject to maximum payment of 130 weeks' salary, according to a report by Martin King, the facilitator, obtained by Bloomberg News. The report's contents were confirmed by spokesmen for NIB and the Irish Bank Officials Association.

While Danske are seeking voluntary job losses, "there is a risk of compulsory redundancies if sufficient voluntary redundancies are not achieved", the report said.

Any Dublin headquarter redundancies should have the same terms as those agreed for the current round of layoffs, the report said.

Copenhagen-based Danske said in May it is rebranding its NIB and Northern Bank in Northern Ireland under the parent name.

Bloomberg