The 130 workers at the bank's call centre at Xerox, as well as those at their local branch at the Long Walk Shopping Centre, were rocked at the start of last month when the bank announced it was winding up its Irish operation this summer with the loss of 750 jobs nationally.

There has been a lot of uncertainty and discontent amongst workers since then but they got some reprieve on Tuesday when UNITE regional officer Brian Gallagher announced a redundancy package had been agreed.

Under the terms of the deal, Halifax workers will receive seven-and-a-quarter weeks pay for each year of service with a minimum of 26 weeks. In addition there will be a lump sum retraining payment and a retention bonus for those staff who stay on after the date of the agreement until their position becomes redundant.

Mr Gallagher said the average payout would be between 12 and 16 weeks per year of service with the vast majority of workers leaving with the equivalent of at least nine months salary.

Speaking to The Dundalk Democrat after the announcement, local UNITE representative Noreen Murphy said it was a huge weight of the workers' shoulders to have finally agreed a package.

"There's a completely different atmosphere to the place now," she said.

"It came as a huge shock when we learnt we were losing our jobs because we thought we had a job for life which was how it was sold to us but at least now we've got a nice deal.

"Everyone is still devastated to be losing their jobs and they'd much rather still have their jobs but at least they know they have a financial fall back now.

"It's a weight off our shoulders to know we can afford to pay our bills for another while."

The Halifax branch at the Long Walk will close on June 18. No date has yet been given for the closure of the call centre at Xerox. The package for workers includes a p3,000 re-education allowance for each year of service, capped at four years service.