PRODUCT PROFILE

Latest Dublin Prices

Permanent TSB Restructure

Wednesday, July 18 14:45:10

Jeremy Masding, the new chief executive of permanent tsb bank, has told an Oireachtas Committee that the bank will announce a restructuring plan within the next week that will reduce the number of branches from the current 92, reorganise head office and reduce operating expenses. Mr. Masding, who was appointed chief executive in February, was speaking to the Oireachtas Joint Committee on Finance, Public Expenditure and Reform. He stressed that the changes would not unduly impact on customer service and that the bank was committed to maintaining a comprehensive, nationwide service through branches and other channels including internet and phone banking. "Customer impact will be minimised," he said. The restructuring plan is necessary to secure the future of the bank and progress will be reviewed by the Troika in early October. Mr. Masding said that the Troika "had made it very clear that time is of the essence and that they will be reviewing progress on this plan when we next meet them in October." Mr. Masding told the Committee that his objective at permanent tsb bank was to create a viable, customer focussed and competitive bank that will benefit customers. He said that the plan to rebuild the bank would require the separation of a "new" ptsb from an asset management unit where the bank's uneconomic loans would be managed.