Bank staff at Irish Nationwide and the former Anglo Irish bank are to be balloted on a five million euro redundancy scheme.

The deal reached with the liquidators will see average payout's of between 15,000 & 18,000 euro funded by the taxman, on top of their statutory redundancy entitlements.

The deal was brokered by the Labour Relations Commission chief Kieran Mulvey.

General Secretary of the Finance Union the IBOA Larry Broderick says its only right that staff should be paid above the statutory level for their hard work