In a trend counter to Irish bankers’ reluctance to accept voluntary redundancy, Anglo Irish Bank has found itself over-subscribed by staff wanting to opt for its job cut programme announced at the tail end of 2009. So does this mean they’re right to be more optimistic of finding alternative employment now?

Anglo is seeking 230 voluntary redundancies, and the deadline for applying has now passed. Although the bank is attempting to cut from divisions where there is “surplus capacity”, and not all applicants will be accepted, more than 230 want to head for the door.

Considering the lack of hiring activity coming from elsewhere in the Irish banking sector, accepting redundancy at Anglo might seem like a rash move. However, recruiters suggest there new roles are beginning to emerge – but mainly on a contract basis.

“November, December and the first part of January have been good months for the banking sector, but the majority of this has been contract work,” says Fintan Lawler, banking consultant at Hudson in Ireland.

“In the build up to NAMA, banks have been recruiting temps with loan administration experience – particularly with commercial property exposure,” agrees Andrea Clarkson, manager, financial services at Premier Group. “However, in recent weeks we’ve seen increased permanent activity with a noticeable demand for market analysts and product managers.”

The onerous reporting requirements as a result of banks’ participation in NAMA is fuelling a lot of recruitment within the institutions, suggests Eoin Blake, head of banking and financial services at Lincoln Search & Selection.

“Banks are looking for experienced credit and ‘work-out’ personnel and are also hiring in specific expertise such as project managers, quantity surveyors, and cost control experts,” he says.

Still, while there are positive signs around the banking recruitment market in Ireland, Anglo staff face a few other problems. Firstly, the bank is aiming to cut a further 230 staff over the next two years anyway, which might explain the rush to exit in the first wave of redundancies before the job market gets really saturated.

Then there’s how having the beleaguered bank on your CV might affect your career opportunities. As we’ve suggested before, some firms are reluctant to hire ex-Anglo staff.

Finally, as the programme is over-subscribed, if Anglo gets wind of staff looking for other work, it might be more hesitant in offering a redundancy package if it feels it doesn’t have to. But spurning interviews and job offers before a rush of ex-bankers hit the street is a risky business in this climate.