The special liquidator of the former Anglo Irish Bank, Kieran Wallace, has met the Irish Bank Officials' Association to discuss redundancy terms for staff.

IBOA General Secretary Larry Broderick described the meeting as a "robust" encounter aimed at securing better severance payments for employees facing redundancy over the coming 12 months.

The meeting also addressed the possibility of future employment for some in NAMA.

He said Mr Wallace had set out his limitations on addressing the IBOA agenda, but will reflect on it, and respond to the union by the end of the week.

Mr Broderick said that he would not rule out industrial action if there was no "traction" on the key issues.

Following the Government decision to liquidate the bank, now known as Irish Bank Resolution Corporation, it was announced that staff would only receive statutory redundancy of two weeks’ pay per year of service, capped at €600 per week.

This is less than half of the four weeks’ pay per year of service agreed under a previous deal with the IBOA for redundant bank staff.

The IBOA wants that previous agreement between the Government and unions to be honoured, but believes it will ultimately be a political decision.