Michael McGrath (Cork South Central, Fianna Fail)
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Question 50: To ask the Minister for Finance the anticipated cost to the State owned banks from current redundancy programmes; and if he will make a statement on the matter. [30040/12]

Michael Noonan (Limerick City, Fine Gael)
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The state owned banks have supplied the relevant information as follows:

PTSB:

PTSB have informed me that they are not in a position to answer this question as they have not finalised their redundancy plans.

IBRC: IBRC have informed me that as part of IBRC's progress towards wind down, the Bank is currently operating redundancy schemes in its Irish, UK and US operations. The redundancy schemes running at present in the UK, Ireland and the US are currently planning 169 redundancies at a total cost of c. €7.2 million* (average cost c. €43,000). All exits from the Bank are to be completed by 30.06.2013. The redundancy scheme currently running in the US will result in the ultimate closure of the Bank's operations there.

* Includes US$ amount for the US redundancy scheme converted using US/ Euro FX rates as at 18.06.12.

AIB:

AIB have informed me that the costs prior to launch of the programme (programme still open) was approx €200m. However, AIB anticipate savings in the region of €170m per annum on completion of the programme assuming that targeted voluntary severance / early retirement numbers are delivered. As you are aware, Bank of Ireland is not a state owned bank.