Four Cork branches of Permanent tsb are set to close by the end of the year affecting 30 staff, as part of the bank’s restructuring plans.
Lapp’s Quay, Mayfield, Cobh and Youghal are all set to be shut by the end of the year.
The 30 staff working at the banks will have the option of accepting voluntary redundancy or transferring to another branch.
Permanent tsb, which is almost completely owned by the State, confirmed plans to close 16 out of its 92 nationwide branches. Cork city and county currently has 17 branches.
Today’s confirmation of the four branch closures comes on top of the closures of the Cathedral Road and Togher branches in 2010.
A spokesperson for Permanent tsb said they expect the closure to be complete by December.
Fianna Fáil Finance spokesperson Michael McGrath TD said he was surprised and disappointed at the closure of the four local branches.
“From a local point of view it seems Cork has been disproportionately affected given that we account for a quarter of the overall closures,” he said.
“My immediate concern is for the staff and for the effect the closures will have on the banking services offered in these areas. It is devastating for the employees and I hope as many as possible can be re-deployed.”
The closure of the Lapp’s Quay branch will bring an end to banking services in the historic building which was constructed in 1835 and is a protected structure.
The Permanent tsb spokesperson said they had no immediate plans for the four premises that are to close.
Jeremy Masding, the chief executive of the bank, said restructuring was needed in order to carve out a viable, efficient and competitive Permanent tsb bank.
Nationally the bank plans to reduce staff numbers by between 195 and 250 through a voluntary redundancy programme offering three weeks pay for each year of service on top of statutory entitlements.