Statement on Hibernian announcement from Mary Coughlan, Tánaiste and Minister for Enterprise, Trade and Employment

23^rd June 2008

Tánaiste and Minister for Enterprise, Trade and Employment Mary Coughlan has expressed regret at today’s announcement by Hibernian.

The Tánaiste notes that the initial impact of this announcement is being minimised by the company.

The Tánaiste also notes that the company’s change programme will be implemented in a phased and measured manner over the next three years with a view to avoiding redundancies. The Tánaiste also welcomed the future career opportunities that will arise in Hibernian Health.

The Tánasite has asked FAS to respond immediately to assist any employees that may be affected by this announcement.

The Tánaiste highlighted that Ireland continues to be an internationally recognised financial centre in the areas of international banking, funds and insurance.

The country’s international financial services sector has witnessed dramatic growth and phenomenal success in recent times. Half of the world’s top 50 banks, including Citigroup, JP Morgan, BNP Paribas, Depfa and Merrill Lynch, are now located in Ireland, and there are over 450 international financial service companies located in Dublin’s International Financial Services Centre as well as regionally deployed throughout the country.

In addition, Enterprise Ireland has also developed a grouping of more than 100 Irish companies providing technology and other associated support services to the sector, providing a range of solutions across front, middle and back office operations. This is complemented by a growing number of financial service organisations such as Indigenous companies including AIB Bank, Bank of Ireland, Anglo Irish Bank, IIB, EBS, Fexco, Irish Life & Permanent, Quinn Insurance, FBD, VHI

ENDS/ETE1915