The Irish Bank Officials Association has criticised Bank of Ireland management over plans to reduce the benefit to its members of a profit sharing scheme.
The IBOA statement was issued following the announcement that the Bank of Ireland group's annual profits have increased by 6% to €1.8bn.
In 2005, Bank of Ireland struck a deal with its employees that in return for co-operating with 2,100 job cuts over four years, staff would receive a stock issue of 6% per annum until 2009.
The Irish Bank Officials Association claims that Bank of Ireland senior executives are now proposing to reduce that to 3%.
The agreement with its employees did allow for the level of staff stock issue to be reduced in the event of unforeseen circumstances.
The IBOA says that after announcing profits of almost €1.8bn today those unforeseen circumstances clearly do not arise and the proposal amounts to Bank of Ireland reneging on its deal.
The union says it will now be referring this matter back to Kieran Mulvey, the facilitator who made the recommendation in 2005.
