Oireachtas Joint and Select Committees

Wednesday, 12 November 2014

Joint Oireachtas Committee on Finance, Public Expenditure and Reform

Overview of Banking Sector: Permanent TSB

3:35 pm

Mr. Jeremy Masding:

I want to go back to Deputy Paul Murphy's first question as well. I did not finish. The facts are the facts but in answer to his question as to whether my staff contributed to the success of this organisation by making real personal sacrifices, the answer is absolutely, yes. As to whether I respect them for doing that, the answer is yes. As to whether I think the performance we are now beginning to see is due to the efforts of 2,300 staff who, as the Deputy stated correctly, have taken some real personal pain, the answer is yes. Therefore, while I am sure they do not get a mention publicly very often, as their CEO, I should do that. We as a management team are very lucky to have them because of the trade-offs they have made and the performance they continue to deliver.

In terms of outsourcing, one needs to be a fairly big organisation to make outsourcing economical. All things being equal, we are not big enough to make outsourcing economical.

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