At best, banking salaries in Ireland have been frozen this year and in worst-case scenarios, they’re actually being reduced. However, bank employees should stand up for their rights and ensure they at least receive the minimum rise required by law.

Larry Broderick, general secretary of the Irish Bank Officials’ Association says that bank staff – faced with pay cuts, possible redundancy and reduced pension provision – should demand that any salary discussions centre around the National Wage Agreement.

This entitles you to a 6% pay increase over 21 months under the 2008/2009 agreement.

“I am profoundly disappointed with the approach taken by the employers and the government on this issue. Now is the time for real social solidarity in the national interest,” he says.

He also said that in spite of the problems surrounding the financial services industry in Ireland, the organisation “will not accept compulsory redundancies under any circumstances”.

The dire state of banking pay is illustrated by the fact that recruiters Brightwater, which initially released its 2009 salary survey in September last year, felt the need to revise it in March.

Though the majority of banking salaries remained unchanged, a decent number of roles pay less now than they did in September 2008.

A loans/credit administrator can now expect between €25-35k, as opposed to €27-35k in September.

Similarly, graduate banking roles now pay a maximum of €28k. This figure was the minimum salary in September.

Brightwater said any banking bonuses being paid this year would be “nominal”.