Ireland / AIB / Target of 2,500 lay-offs by 2014

ALLIED Irish Banks (AIB) has said it expects to hit its target of 2,500 lay-offs by 2014.

More than 1,000 staff have left under a voluntary scheme, including early retirement, with another 700 to go by the end of December.

In an interim management statement, AIB said it expects to see bad debt provisions for 2012 materially reduce from this year’s elevated levels. It also said the pace of arrears in the mortgage book has slowed, along with those in relation to loans to small and medium- sized businesses.

“Although economic conditions remain challenging, we have seen signs of a stabilisation in underlying economic indicators, including house prices,” the statement said.

“We have materially accelerated the rate of engagement with customers in difficulty and are now providing forbearance and restructuring options to customers to ensure sustainable repayment schedules.”…

Choosen excerpts by Job Market Monitor from

via AIB expects to hit target of 2,500 lay-offs by 2014 – Irish, Business – Independent.ie.