Michael McGrath (Cork South Central, Fianna Fail)
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Question 142: To ask the Minister for Finance the expected number of job losses and redundancies in each of the covered institutions arising from the downsizing and restructuring of the banking system; and if he will make a statement on the matter. [27133/11]

Michael Noonan (Limerick City, Fine Gael)
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As I have stated previously, the Deputy will appreciate that it is an inevitable, but unfortunate, consequence of the necessary restructuring of the banking system that job losses will arise. Essentially the banks will be smaller operations than previously with the focus being on the creation of the two universal full-service pillar banks with a more domestic remit and a restructured Irish Life & Permanent.

It is not possible, at this stage, to be precise on the expected number of jobs losses that will arise at the covered institutions consequent on the restructuring of the banking sector. For example, the timing of the disposals of business operations which fall to be deleveraged as part of the respective institution's commitment to restructure are pivotal factors. To date, AIB have indicated that some 2,000 plus jobs will have to go. IBRC has recently announced plans to lose 130 jobs by voluntary redundancy. Naturally, further job losses will arise at that institution.

I am most anxious that, in this most sensitive of matters, all parties would be treated with the utmost consideration and respect.