AIB has agreed a voluntary redundancy package that will cut 250 staff in Britain and Ireland and cost the bank a reported €26m.
Under a deal arbitrated by Phil Flynn, AIB and the Irish Bank Officials' Association (IBOA) have agreed a voluntary redundancy deal for staff aged 50 years and over at the end of next April.
It provides for a one-off payment of €17,000, the payment of a service-related lump sum of up to one year's salary and a €10,000 grant for children in full-time education to employees who take it up.
Their pension entitlements will be based on a 5% increase in their salaries, along with any increases and bonuses to which they will be entitled this year.
It will apply to 203 staff in the Republic, around 40 in First Trust in Northern Ireland and a number of Irish staff in its British operation.
