The union which represents staff in the finance sector in Ireland has confirmed that its members in Ulster Bank have voted to accept the recommendation from independent mediator, Martin King, on the bank's restructuring proposals.

These proposals include the loss of up to 950 jobs.

Ulster Bank's senior management has also indicated its acceptance of the recommendation.

In a statement the IBOA said they agreed to enhanced severance terms of 4 weeks' pay year of service (including statutory entitlements), an early retirement option, and additional provisions to protect the terms and conditions of the staff who remain with the Bank - especially on the issues of relocation to other workplaces and redeployment to other roles.

IBOA General Secretary, Larry Broderick, said that his members in Ulster Bank had accepted the mediator's recommendation in good faith.

"The onus is now on the Bank to set out in detail - for the benefit of customers as well as staff - the full implications of all aspects of its plans," said Larry Broderick, General Seretary IBOA.

The development in Ulster Bank is likely to be the first in a series of announcements expected in the coming days about the future of Ireland's major retail banks.