Ulster Bank jobs massacre

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Single state banking system allied to other radical job creation policies the only way to prevent jobs massacre in the financial sector

A fighting lead from the IBOA is an absolute must – no job losses should be accepted – a fundamental challenge to the logic of mass redundancies in the financial sector is needed

Responding to the announcement of massive job cuts in Ulster Bank today Clare Daly TD said:

“The speculation that the corporate division of the bank is where the axe will fall heaviest is yet more proof that the austerity policies combined with the inability of small businesses to access credit are destroying jobs.

“I support the demand of the IBOA that the companies books be opened so that the workers side can scrutinise the claims of the company. No job losses or attacks on conditions should be conceded by the IBOA leadership. A fighting response is what is needed.

“Ordinary bank workers in Ulster Bank, like workers in Aviva and other financial and insurance institutions are innocent victims of the crisis for which their bosses, governments past and present and speculators are responsible.

“It is clear that a privately owned financial institutions and the essentially privately run in the case of the bailed out banks are not fit for purpose when it comes to providing credit for small businesses and protecting jobs.

“The Socialist Party calls for the real nationalisation of the financial sector and the creation of a single state bank whose purpose is the safeguard deposits and provide credit to productive enterprises. Such a bank should be shorn of any speculator debt and be run democratically under workers control and management.

“Such a policy only makes sense if all the other austerity measures are ended and a programme of emergency public works funded through a wealth and assets tax puts thousands back to work and rebuilds economic life.

“Anything short of these policies means an ongoing acceptance of the jobs massacre. The time has come for the trade union movement to challenge the logic of mass redundancies in the financial and other sectors and back a radical alternative to protect and create jobs.”