Tuesday's 24-hour strike at Bank of Ireland over cuts in bonus payments is to be deferred after a compromise solution was reached.
Under a 2005 agreement, staff were to receive up to 6% of salary in gain share bonus payments, provided cost cutting and earnings per share targets were met.
Bank of Ireland conceded that while cost savings had been realised, earnings per share targets had not. It had proposed a bonus payment of 3% of salary.
Members of the Irish Bank Officials Association, Unite and SIPTU were due to hold the strike.
Under compromise proposals drawn up by arbitrator Kieran Mulvey, all eligible Bank of Ireland staff will receive an additional once-off, non-pensionable lump sum payment equivalent to 3% of annual salary in October.
Mr Mulvey also spells out criteria for a detailed framework for determining the gain-share payment for next year - the final year of a four-year restructuring agreement.
In the event of future disagreements, decisions by Mr Mulvey will be binding.
Bank of Ireland has accepted the recommendation, and welcomed the unions' decision to suspend the one-day strike.
The Irish Bank Officials Association said the proposals were a significant advance.
Unite described the outcome as a vindication of their decision to challenge the bonus cut.
Staff will ballot on the proposals over the coming weeks.
