Staff at Ulster Bank have voted to accept proposals to restructure the bank's operations after a nine month stand-off. As part of the Horizon change programme, staff have secured a reduction in their working week from 36 hours to 35 hours and a lump sum payment of £2,000 (€2,500) each. Staff in the Republic will get a further 2 per cent pay increase under the Programme for Prosperity and Fairness backdated from April 1st. Staff in Northern Ireland will be paid a 3.5 per cent salary increase.

Staff have been given full salary protection until the end of 2004 and there is a commitment of no compulsory redundancies until at least June 2003.