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Written Answers - Banking Sector Regulation

Tuesday, 27 March 2012

Dáil Éireann Debate
Vol. 760 No. 3

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 127.  Deputy Dara Murphy Information on Dara Murphy Zoom on Dara Murphy  asked the Minister for Finance Information on Michael Noonan Zoom on Michael Noonan  the current staffing levels at PTSB; the number of staff that has been made redundant since 2008; the current remuneration of the Board of Directors including the CEO and the remuneration in 2008; the measures being taken to reduce and control costs in PTSB; the actions he is taking to ensure PTSB will pass on reductions from the ECB; and if he will make a statement on the matter. [16339/12]

Minister for Finance (Deputy Michael Noonan): Information on Michael Noonan Zoom on Michael Noonan I am advised that staffing levels in Permanent TSB bank stood at 2,243 (headcount) as at 29th February last. This figure includes staff that were recently transferred from Irish Nationwide Building Society and Northern Rock but excludes Career Break staff and other Long Term Absences. I am further advised that a total of 688 staff have been made redundant since 2008 in Permanent TSB. Detail in relation to all Senior Executive remuneration including Executive Directors is disclosed each year in the institutions Annual Report and Accounts. The Annual Reports for prior years are available at, disclosure for 2011 will be included in the latest Annual Report due to be published on 2nd April.

Neither the Central Bank nor the Department of Finance has a statutory function in relation to interest rate decisions made by individual lending institutions at any particular time. However, I can confirm to the Deputy that Permanent TSB did pass on, in full, the recent reductions to customers holding standard variable rate (SVR) mortgages and reduced further their LTV standard variable rates to align them with the SVR.

Finally, I am acutely aware of the need to ensure that costs in the State owned banks are managed and controlled appropriately. The Department of Finance maintains an active dialogue with the bank in respect of overall costs as part of the State’s role as shareholder in the bank.

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