Michael McGrath (Cork South Central, Fianna Fail)
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Question 72: To ask the Minister for Finance the discussions he has had with financial institutions currently considering finalising redundancy schemes as to how best employees availing of such schemes can be supported in finding alternative employment; and if he will make a statement on the matter. [26081/12]

Michael Noonan (Limerick City, Fine Gael)
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It is deeply regrettable, for all concerned, that the proposed action of shedding of jobs, even on a voluntary basis in these challenging economic times, at Allied Irish Banks and Bank of Ireland as announced, has had to be taken. This is an inevitable consequence of the necessary restructuring of the banking system to render it fit to better serve personal and business customers throughout the economy. The respective employers will be making available as part of the voluntary redundancy package to individual applicants supports such as the provision of outplacement services and vouched training grants.

In addition, as for any group of workers whose positions are being made redundant, the services of the State – through employment supports, sourcing job opportunities (for example the promotion of jobs at the IFSC), education and training interventions, social welfare services (for example income maintenance and money advice), etc – will be made available to complement any assistance being provided by the employer. The exact nature of that support will be dictated by the particular circumstances of the departures, geographic considerations and timing.