​Federation of Finnish Financial Services gives notification of possible lock-out
10 November 2011 – The Federation of Finnish Financial Services (FFI), representative of employers in the financial sector, announced today that it will declare a lock-out in financial companies if the ongoing collective bargaining negotiations are not resolved by 25 November 2011. FFI holds that the collective bargaining situation has concluded in disturbances of industrial peace which unduly interfere with banking. The possible lock-out is to begin on Friday, 25 November at 6 am, and end on Wednesday, 30 November at 12 midnight. The lock-out will apply to all member banks of the FFI.

On November 8th, Trade Union Pro and the Federation of Professional and Managerial Staff (YTN) gave strike notice which covers nearly 3,000 financial professionals. The possible strike is to begin on 23 November at 6 am and end on 30 November at 12 midnight. The trade unions also imposed an overtime and travelling ban on banks, which is already in force.

The collective agreement for the financial sector terminated on 31 October 2011. During the period when no agreement is in force, all industrial action is legal.

Representative of employers in the financial sector, the Federation of Finnish Financial Services still seeks to achieve a responsible agreement in the financial sector.

"We are very disappointed that PRO and YTN decided to give strike notice. Industrial action would severely weaken banks’ ability to operate. In this situation, we would not be able to guarantee secure banking under all circumstances. The employers therefore had no choice but to declare a lock-out", states Pasi Kämäri, head of FFI’s Labour Market Executive Committee.

What does a lock-out in the financial sector involve?

Employers use lock-outs as a countermeasure against strike action. During a lock-out, all employees are denied the possibility to work, regardless of whether they fall within the scope of the strike or not, and the employer does not have the obligation to pay salaries to these employees.

The decision applies to all member banks. The lock-out covers all members of Trade Union Pro, the Federation of Professional and Managerial Staff YTN and Nordea Union Finland (Nousu).

The lock-out does not apply to non-union employees or employees who are not included within the scope of application of the collective agreement.

According to the Act on Mediation in Labour Disputes, the counterparty and the conciliator general must be notified of any work stoppage (strike or lock-out) two weeks before the stoppage begins.

Additional information
Pasi Kämäri, Head of FFI’s Labour Market ExCom, tel +358 50 068 8222