The terms of the redundancy agreement that will see up to 1,000 staff leave Bank of Ireland have been agreed.

The bank has not confirmed the number of redundancies. A spokesperson for BOI has said that it is too early to say how many staff will leave.

The Irish Bank Officials Association say that it has been agreed to  allow for three weeks pay per year of service plus statutory entitlements.

The voluntary scheme will have a cap of two years' salary or €225,000.

The union said that the pay, terms and conditions of remaining staff have been guaranteed by the bank.

The bank announced 750 jobs two years ago, but after 350 staff left the Department of Finance requested the bank to put the scheme on hold.

The Government wanted reduced redundancy payments to bring them into line with similar schemes in the public service.

The current offer has been endorsed by the Department of Finance according to the IBOA.

"While it is extremely disappointing that over 1,000 more employees are likely to leave Bank of Ireland in the months ahead, the Union welcomes the fact these departures will take place on a voluntary basis" said IBOA General Secretary Larry Broderick.

Departing staff will be able to avail of a training grant of up to €5,000.

An early retirement option will allow staff who are within five years of optional early retirement (OER) or normal retirement date under existing pension rules to leave the Bank.

This option will allow these staff to avail of an arrangement which will provide 70% of the redundancy terms and 50% of salary for a maximum of 3 years.

The job losses at Bank of Ireland are in addition to 950 projected job losses in Ulster Bank and 2,500 job losses in AIB.