BCR Independent Trade Union Federation (FSI) notified today BCR management that it has asked its members to take an industrial action on unlimited term starting on Wednesday 14.01.2009, at 09.00 am. The action is mainly driven by pay claims, said the bank in a statement.

The decision of FSI supervenes in the context in which the BCR CLA expired at the end of last year despite the efforts BCR management made during negotiations to find a mutually satisfactory solution in the current difficult Romanian economic climate. FSI representatives interrupted the negotiations immediately after the conciliation meeting refusing the dialog.

“We were truly astonished by the Trade Union’s approach, especially given that during almost two months when both teams were involved in the negotiation process the management formulated no less than six successive offers meant to grant BCR employees the appropriate remuneration package and to conclude the negotiations” BCR management stated.

The offers represented a commitment affordable by the Bank under current economic conditions and were made alongside management commitments to retain the current headcount in the bank at around the 8700 level.

BCR management made its sixth offer during the conciliation meeting held last week on Friday 09.01.2009 under the supervision of the legally appointed conciliator, offer which was rejected by the Trade Union representatives without any explanation or actual reasons for rejecting it.

Effectively BCR is offering:
- to maintain most of the rights in the CLA 2008, making clear that the Christmas and Vacation incentives are linked to the financial performance of the Bank – the bank is open to establish the performance criteria with the Union in order to ensure fairness and transparency.
- in addition the bank is fulfilling its commitment to make a salary rise to cover 50% of 2008 Inflation.

“This is all the bank can afford as we see it today – if our performance improves significantly we may be able to improve bonuses but the position looks difficult. This offer includes our commitment to retain approximately 8700 people in the bank and to moving forward with the branch expansion which provides further investment in Romania and opportunities for our people” BCR management specified.

The management of the bank considers that the reasons behind Trade Unions’ decision do not really justify taking an industrial action and will contest its legality in the Court. In the same time BCR management is considering the dialogue is still open.

“BCR is still open to negotiations and we want to find a solution to the issues which are outstanding – we feel we are not far apart and some further willingness to move on both sides should see us find a solution – this is what we should aim for – it is in all our interests and those of our customers” stated the management of the Bank.

According to the notification the bank’s management received today from the BCR Independent Trade Union Federation the action starts quote: “considering the result of the conciliation procedure”, “the failure to reach an agreement regarding the CLA” and “considering the mandate given by the employees to the team that represented during the conciliation procedure.” FSI representatives requested at conciliation that the terms of the 2008 CLA are maintained, with some amendments previously agreed upon with BCR management, as well as an additional increase of salaries by 3% on top of the increase representing 50% of the inflation rate in 2008.

To give confidence to its customers BCR will take measures to ensure a minimum level of service to the customers benefiting from the support and dedication of the important part of the employees who will not join the industrial action.

Despite these measures it is possible that not all the branches will be in position to service their customers. If such situation occurs BCR is apologizing to the customers for the inconvenience and is kindly asking them to bank with the other BCR branches operating in the neighboring areas.

BCR is committed to fully comply with the law and to respect and protect employees’ rights whether they take industrial action or not