Financial services union the IBOA has recommended that its members reject the new national pay deal due to the lack of a local bargaining clause and concerns about pensions.
The union's leadership believes the proposals fall far short of expectations, given the record profitability of Irish banks.
Larry Broderick
"Irish banks are reporting unprecedented profit levels, and IBOA firmly believes that the lack of a local bargaining clause in the new agreement penalises employees in the private sector where productivity and profitability is increasing, " said IBOA general secretary Larry Broderick.
"Financial institutions report billion euro profits, yet the people, who generate the profits . . . the staff, are prevented from benefiting through the absence of a local bargaining clause," he said.
Mr Broderick added: "The issue of pensions become a key component during the latter days of the talks and what has emerged is a major disappointment.
"The decision by Bank of Ireland to downgrade its pension scheme sends a message to other employers that they can get away with scrapping staff pensions in order to maximise profits," he said.
The IBOA will begin a ballot of its membership this week on the proposed new deal