Dáil Éireann Debate, Tuesday - 23 April 2013
243. Deputy Billy Timmins asked the Minister for Finance further to Parliamentary Question No. 178 of 26 March 2013 regarding the Mercier Report (details supplied); and if he will make a statement on the matter. [18861/13]
View answerI have noted the points made in the correspondence supplied. I share the frustrations outlined both on individual and collective levels that our citizens are now experiencing – in many cases not resulting from their own actions. Furthermore, I stated in my previous reply, (ref no. 14807/13 of 26th Mar 2013) I acknowledge the sacrifices and changes made by bank employees to date at all levels and recognise that this has been achieved without major industrial unrest in what is a critically important sector.
However, the Government has taken the decision that with the remaining Covered Institutions still incurring losses it was an inescapable conclusion that the cost base of the institutions needs to be reduced further. I have sought plans to mean a saving of 6% - 10% of total remuneration costs, through reductions in payroll and pension benefits, new working arrangements and structures that deliver efficiency gains. This is essential if they are to return to profitability, be in a position to support the economy and repay the State’s investment through a return to private ownership.
