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.
Allied Irish Bank announced 2,000 redundancies in 2011 after incurring substantial losses. In 2011 statement, the bank - which is 93 per cent Government-owned - said costs must be lowered as business and market conditions remain challenging and the environment for operating income generation "remains difficult". It is expected that a reduction of over 2,000 staff will take place on a phased basis over 2011 and 2012, the bank said. AIB executive chairman David Hodgkinson said the losses were largely due to poor quality loans where the bank did not expect repayment.
Eurofound (2011), Allied Irish Bank (AIB), Internal restructuring in Ireland, factsheet number 71852, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/71852.