Michael McGrath
Ceist:181. Deputy Michael McGrath asked the Minister for Finance if he will publish the restructuring plan as approved for PermanentTSB; and if he will make a statement on the matter. [14816/15]
Amharc ar fhreagraWednesday, 15 April 2015
Ceisteanna (181)
Freagraí scríofa
I would like to welcome the approval by the European Commission of the Permanent TSB Restructuring Plan last week. The approval by the European Commission is an important external validation that the plan contains a credible strategy to return Permanent TSB to profitability and a position where it can support the Irish economy in the years ahead.
The approval of the Restructuring Plan brings to an end a period of uncertainty about what the future shape of the bank would look like which is important for all stakeholders including customers and staff.
The Restructuring Plan includes a set of commitments which Permanent TSB will respect during the restructuring period. Those commitments comprise, among other things, targets on cost reduction and deleverage of non core assets. Moreover, Permanent TSB will operate "market opening measures" to facilitate the market entry of competitors, comprising a "services package" and a "customer mobility package".
Permanent TSB has published details of the key elements of the plan on its website at:-http://otp.investis.com/clients/uk/irish/rns/regulatory-story.aspx?cid=121&newsid=504083 .
The European Commission will publish the Restructuring Plan on their website in due course and my officials will advise you when this has occurred.