Paschal Donohoe currently holds 313,382,197 ordinary shares in PTSB, representing 57.4 per cent of the issued share capital of PTSB.

Iskilu Awolumate (28) of Hazelgrove Estate, Tallaght, pleaded guilty at Dublin Circuit Criminal Court to handling the proceeds of crime at an unknown location on dates between March 2020 and January 2021.

The Financial Services Union intends to meet the bank in the coming weeks to seek clarification on the rationale behind each redundancy.

Ciaran Farrell of Permanent TSB told Mr Lynn's defence counsel that two people present in court on Monday and last Friday were from the legal department of the bank.