The new chief executive of Permanent TSB says discussions took place about closing down the bank.

Jeremy Masding – who’s appearing before the Oireachtas Finance Committee – says a significant number of the 92 branches will close as part of restructuring plans to be announced in the next week.

He’s sent a warning shot to staff – that there is “no other option” but to accept the plans being put forward by management.

And he says customers can only expect further cuts to PTSB’s interest rates if the bank’s operations change to a lower cost model.

Mr Masding says the bank was in a perilous position after reporting a loss of nearly half a billion euro for last year.

And he says closing the doors was considered: