92. Deputy Brendan Smith asked the Minister for Finance in view of the proposed sale of Permanent TSB, if he will ensure that employment is protected in this bank and also the retention of the branch network, which is much needed and provides essential financial services in areas such as Cavan and Monaghan, where a range of banking services were lost over the years; and if he will make a statement on the matter. [60400/25]

As Minister, I am supportive of the formal sale process announced by PTSB. A sale of the State's investment would be consistent with the State’s objectives of recovering taxpayer funds that were used to rescue Irish banks and deploying these to more productive purposes. Support for any sale will be subject to maximising value and finding a new shareholder committed to investing in and developing the bank.

The Department will only support a transaction if an offer provides value for the State’s stake in PTSB while ensuring that any new owner of the bank is supportive of PTSB’s long-term strategy and supports a resilient banking sector as well as the Irish economy more broadly.

My view is that PTSB's branch network is a significant differentiator and competitive advantage for the bank. PTSB is also the only bank in the market to increase its branch network in recent years. It is not possible to speculate on the outcome of any changes a preferred bidder may make as a result of their offer, given the bank is just at the beginning of the formal sale process. However, PTSB will still be required to comply with the access to cash legislation, to ensure sufficient and effective access to cash for the public.

Regarding employment in the Bank, I understand that the formal sale process will not cause any changes for PTSB employees during the process, and the Bank remains focused on supporting its customers and delivering on its business strategy.