Menu
10/02/2010
Cowen Reassures As Opposition Panics Over Bank Withdrawal
The Taoiseach has stepped in to reassure Halifax customers after the bank announced this morning it was pulling out of the Irish market.
Meanwhile however, the Opposition party Fine Gael have been prompted to ask if other banks are following the move.
Brian Cowen said today he was given assurances by Bank of Scotland (Ireland) - who own Halifax - that mortgage and account holders would not be affected by the bank’s decision to close its Irish retail arm.
The bank, which is in turn owned by the UK bank Lloyds, announced today it is to close its 44 Halifax branches following a review that concluded Halifax was too small to survive in the Irish market as a result of the financial crisis and the recession.
The move is expected to see 750 job losses, including 400 from across the nationwide Halifax branch network, 220 jobs at a specialist finance unit in the head office on St Stephen’s Green in Dublin and 130 posts at its customer service centre in Dundalk.
Mr Cowen told the Dáil today he regretted the decision to cut the 750 jobs but insisted the bank will maintain a presence in Ireland.
"I have been assured that all customers of Bank of Scotland (Ireland) will be looked after and will not be disadvantaged by the changes," Mr Cowen said.
"Bank of Scotland (Ireland) will continue to have a presence in Ireland, obviously with 750 of the 1,600 jobs presently gainfully employed there no longer part of the operation after July."
In contrast, Fine Gael Enterprise Spokesman Leo Varadkar challenged the Government to state whether they have had any indication from other international banks operating in Ireland that they are considering withdrawing from the Irish market.
Deputy Varadkar was speaking after former Bank of Ireland CEO Michael Soden raised fears about the future of National Irish Bank, owned by the Danish operation Danske Bank, and ACC Bank, which is owned by Rabo Bank of the Netherlands.
"The loss of 760 jobs in Halifax has sent shockwaves through the financial sector and shattered hopes of a turnaround in Ireland’s unemployment crisis," Mr Varadkar said.
He added: "We need to know whether the Government or Regulator have had any contact or indication from either of the other two international banks that their Irish retail operations are in jeopardy, and whether there is any danger they will withdraw from the Irish market."
(DW/GK)
Meanwhile however, the Opposition party Fine Gael have been prompted to ask if other banks are following the move.
Brian Cowen said today he was given assurances by Bank of Scotland (Ireland) - who own Halifax - that mortgage and account holders would not be affected by the bank’s decision to close its Irish retail arm.
The bank, which is in turn owned by the UK bank Lloyds, announced today it is to close its 44 Halifax branches following a review that concluded Halifax was too small to survive in the Irish market as a result of the financial crisis and the recession.
The move is expected to see 750 job losses, including 400 from across the nationwide Halifax branch network, 220 jobs at a specialist finance unit in the head office on St Stephen’s Green in Dublin and 130 posts at its customer service centre in Dundalk.
Mr Cowen told the Dáil today he regretted the decision to cut the 750 jobs but insisted the bank will maintain a presence in Ireland.
"I have been assured that all customers of Bank of Scotland (Ireland) will be looked after and will not be disadvantaged by the changes," Mr Cowen said.
"Bank of Scotland (Ireland) will continue to have a presence in Ireland, obviously with 750 of the 1,600 jobs presently gainfully employed there no longer part of the operation after July."
In contrast, Fine Gael Enterprise Spokesman Leo Varadkar challenged the Government to state whether they have had any indication from other international banks operating in Ireland that they are considering withdrawing from the Irish market.
Deputy Varadkar was speaking after former Bank of Ireland CEO Michael Soden raised fears about the future of National Irish Bank, owned by the Danish operation Danske Bank, and ACC Bank, which is owned by Rabo Bank of the Netherlands.
"The loss of 760 jobs in Halifax has sent shockwaves through the financial sector and shattered hopes of a turnaround in Ireland’s unemployment crisis," Mr Varadkar said.
He added: "We need to know whether the Government or Regulator have had any contact or indication from either of the other two international banks that their Irish retail operations are in jeopardy, and whether there is any danger they will withdraw from the Irish market."
(DW/GK)
Related Irish News Stories
Click here for the latest headlines.
10 May 2012
New Name For Northern Bank
Danske Bank has announced a new organisational set-up for its operations in Northern Ireland and Ireland. The new structure will take effect on 1 June 2012. The re-organisation mirrors a similar Group wide set-up being introduced in all Danske Bank operations.
New Name For Northern Bank
Danske Bank has announced a new organisational set-up for its operations in Northern Ireland and Ireland. The new structure will take effect on 1 June 2012. The re-organisation mirrors a similar Group wide set-up being introduced in all Danske Bank operations.
16 January 2009
Fine Gael Call For Interest Rate To Be Passed On
A Fine Gael's Enterprise spokesman has called on the Government to ensure the recent interest rate cuts are passed on to the Irish public. TD Leo Varadaker said all banks must follow the lead set by AIB, Bank of Ireland, Halifax and Ulster Bank by passing on the rate cut in full.
Fine Gael Call For Interest Rate To Be Passed On
A Fine Gael's Enterprise spokesman has called on the Government to ensure the recent interest rate cuts are passed on to the Irish public. TD Leo Varadaker said all banks must follow the lead set by AIB, Bank of Ireland, Halifax and Ulster Bank by passing on the rate cut in full.
31 October 2013
Danske Bank To Cut 150 Jobs
Danske Bank Ireland has announced it is to cut 150 jobs as a result of a restructuring of its banking operations in Ireland. The bank, formerly known as National Irish Bank, is to withdraw from the personal banking market to focus on its corporate operations. It is understood that the job losses will be compulsory.
Danske Bank To Cut 150 Jobs
Danske Bank Ireland has announced it is to cut 150 jobs as a result of a restructuring of its banking operations in Ireland. The bank, formerly known as National Irish Bank, is to withdraw from the personal banking market to focus on its corporate operations. It is understood that the job losses will be compulsory.
31 January 2012
Director of Corporate Enforcement Retires
The Minister for Jobs has announced that Paul Appleby, the Director of Corporate Enforcement, is to retire at the end of February.
Director of Corporate Enforcement Retires
The Minister for Jobs has announced that Paul Appleby, the Director of Corporate Enforcement, is to retire at the end of February.
13 February 2009
IL&P Directors Resign In Anglo-Gate Furore
Two senior figures in Irish Life & Permanent have resigned as the Anglo Irish Bank scandal comes to the boil. A spokesman revealed this morning that the group Finance Director Peter Fitzpatrick and Treasury Head David Gantly have tendered their resignation after a board meeting last night.
IL&P Directors Resign In Anglo-Gate Furore
Two senior figures in Irish Life & Permanent have resigned as the Anglo Irish Bank scandal comes to the boil. A spokesman revealed this morning that the group Finance Director Peter Fitzpatrick and Treasury Head David Gantly have tendered their resignation after a board meeting last night.
-
Ireland WeatherToday:Scattered sleet and snow showers will turn increasingly heavy and more frequent in the afternoon across the north. Largely dry with sunny spells in the south, but showers spreading here towards the end of the day. Maximum temperature 4 °C.Tonight:Frequent, often heavy showers of rain, sleet and snow will affect most parts this evening and overnight, but are likely to be most frequent across the northeast. Minimum temperature -1 °C.
