Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Irish retail bank PTSB announced a voluntary redundancy scheme in December 2024 which closed on 10 January 2025. The bank did not state how many redundancies were being sought but the Financial Services Union (FSU), which represents staff at the bank, estimated that about 500 positions would be made redundant.
The redundancy terms offered were either four week’s basic pay per year of service in addition to the statutory redundancy entitlement; five weeks’ pay per year of service, inclusive of statutory entitlements; or 20 weeks’ salary, plus statutory entitlements. Payments are capped at the lesser of 2½ years’ salary or €300,000.
PTSB employs approximately 3,240 full-time equivalent employees and its workforce has grown by 850 since 2019 when it took on hundreds of staff from Ulster Bank.
Eurofound (2024), Permanent TSB, Internal restructuring in Ireland, factsheet number 202288, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/202288.