Danske’s 3,000 staff on the island will now receive shares valued at about €800 compared with the €720-worth it offered last October.
Danske last week informed the unions that staff members will each be given 27 company shares in May after the so-called “Migration Day”. They will be awarded to staff with six months’ or more service and can be sold tax-free if they are held for at least three years.
Staff at NIB, which last week reported a loss of €14m for 2005, and Northern Bank received a generous package from Danske last August. Under the terms of the deal, negotiated by the Irish Bank Officials’ Association (IBOA), Danske agreed there would be no compulsory redundancies.
Commenting on the move, Larry Broderick, the IBOA’s general secretary, said: “This comes on the back of a very strong performance by Danske at group level. It’s a very positive step and is a clear indication of its commitment to the Irish business.”
Broderick, however, said the union would be seeking a 10% pay rise for its members in the republic later this year, as well as access for all staff in Ireland to Danske’s group profit- sharing scheme. Danske last week said it would spend €26m on integration costs in Ireland.