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.
Permanent TSB, a state-owned bank, is to make 250 staff redundant, close 16 branches across Ireland and make two exisiting branches self-service locations. It is understood that the bank said it has briefed staff on plans aimed at creating a "smaller, profitable" bank by 2016.
In the frame of the restructuring, the bank will be comprised of three business units - the asset management unit; the bank's mortgage loan business in the UK, CHL; and Permanent TSB itself. It is expected that a 10% reduction on operating costs will be achieved through the restructuring.
The State took control of Permanent TSB following a €2.7 billion bailout in 2011.
Eurofound (2012), Permanent TSB, Internal restructuring in Ireland, factsheet number 74018, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/74018.