Willie O'Dea (Limerick City, Fianna Fail)
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Question 32: To ask the Minister for Finance the discussions he has had with the banking sector in relation to planned redundancies; the way the employment prospects for the affected staff can be improved; and if he will make a statement on the matter. [32705/12]

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.

I am informed by my colleague the Minister for Jobs, Enterprise & Innovation that the services of the Enterprise Development Agencies - Enterprise Ireland and the County Enterprise Boards - will be readily available to those who may be interested in starting new businesses and to help them to make informed decisions as they consider their options for the future. Additionally, IDA Ireland will keep a particular focus on marketing the skills which are coming on stream as a result of redundancies in the financial sector, to potential investors in Ireland. The exact nature of the support will be dictated by the particular circumstances of the departures, geographic considerations and timing.