The RTE Authority has adopted proposals presented by its Executive Board today to implement cutbacks within the company.
The cutbacks, which will result in the loss of 150 jobs, are spread over a number of divisions, and aim at cutting costs by £23.24 million.
Chairman of the RTE Authority Mr Paddy Wright said that the financial targets agreed at today’s meeting between the Authority and the Executive Board are not a "quick fix" solution.
"RTE is in a complex and very difficult financial situation and the Authority supports the Executive’s determination to ensure that decisions taken now are sustainable and will help secure the organisation’s future," he said.
RTE Director General Mr Bob Collins said that this is a particularly difficult time for RTE, saying the change in economic circumstances has had a major impact on the financial security of RTE.
"The financial targets adopted by the Authority is primarily designed to impact on expenditure with immediate effect," he said.
"There will be further proposals to the Authority in the near future which will address the overall structure of RETE and its future cost effectiveness."