Staff at Ulster Bank are to get pay increases under a two year deal. This will include pay rises for 2015, and a lump sum payment for all staff below managerial level.

The deal will also see a return of performance-related pay rises for managers next year.

The head of human resources with Ulster Bank, Kevin Keegan, said: "In line with Ulster Bank's commitment to paying people fairly and recognising each individual's contribution in returning the Bank to profit in 2014, we now have a comprehensive and fair two-year proposal, focusing on those at the middle and lower end of the salary scales in Ulster Bank," he said.

"All staff below managerial level will receive a lump sum payment before Christmas and an increase to pay for 2015 based on their position on the pay scale and performance."

"Managers will return to performance-related pay reviews in 2015 with pay rises due based on individual performance," he added.

This is the first pay increase for non-managerial level at the bank since 2011 and since 2010 for managers.

In Northern Ireland, the starting salaries for the bank's clerical employees will also increase.

It was announced earlier this month that 47 jobs were to go with the closure of a number of Ulster Bank branches.

The Irish Bank Officials Association (IBOA) said it was informed that 14 branches are to close in the Republic in the first three months of next year.

A further 10 branches will shut in Northern Ireland, although that will not see any job losses.

The news comes just a fortnight after Bank of Ireland announced that some 6,000 of its staff will see a 3.75% pay increase, part of which will be back-dated to July.