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Bank Of Ireland Announces Isle Of Man Closure


Amadeus
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The Bank of Ireland is to close its Isle of Man operations by the end of August next year, as it turns its focus on strengthening "core businesses" in the UK and Irish markets.


Some 25 employees currently work in the IoM branch of the bank, which celebrated its 30th anniversary on the island in 2011.
In a posting on the bank’s website today, intended for its customers, the BoI said its decision to leave the Isle of Man followed a strategic review, and that it was currently engaged in a consultation process with its employees on the island.


The posting added: “As a result of this decision, the bank is no longer accepting any new deposits or new customers… While there will be no immediate change to your terms and conditions, all customers will be contacted in the next few weeks with more details on how this will impact them.”


In a follow-up statement, the bank added: “The closure of Bank of Ireland (Isle of Man) comes as a result of a commercial decision by the Group to concentrate on restoring and strengthening its core businesses in UK and Irish markets.

 

http://www.international-adviser.com/news/uk/bank-of-ireland-to-wind-down-iom-branch

 

Is that the offshore market taking a dive then?

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The Bank of Ireland is to close its Isle of Man operations by the end of August next year, as it turns its focus on strengthening "core businesses" in the UK and Irish markets.

 

Some 25 employees currently work in the IoM branch of the bank, which celebrated its 30th anniversary on the island in 2011.

In a posting on the banks website today, intended for its customers, the BoI said its decision to leave the Isle of Man followed a strategic review, and that it was currently engaged in a consultation process with its employees on the island.

 

The posting added: As a result of this decision, the bank is no longer accepting any new deposits or new customers While there will be no immediate change to your terms and conditions, all customers will be contacted in the next few weeks with more details on how this will impact them.

 

In a follow-up statement, the bank added: The closure of Bank of Ireland (Isle of Man) comes as a result of a commercial decision by the Group to concentrate on restoring and strengthening its core businesses in UK and Irish markets.

 

http://www.international-adviser.com/news/uk/bank-of-ireland-to-wind-down-iom-branch

 

Is that the offshore market taking a dive then?

There are dozens of finance jobs on the agencies websites, I would imagine a large proportion of these losses will be swallowed up by them.

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How many of their IOM employees are even Manx? I bet I could count them on one finger.

What does that matter?

Agreed they will live here and be facing an uncertain future, we are supposedly all in this together, time to get over the boat in the morning mentality for the good of all.

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How many of their IOM employees are even Manx? I bet I could count them on one finger.

What does that matter?

Agreed they will live here and be facing an uncertain future, we are supposedly all in this together, time to get over the boat in the morning mentality for the good of all.

 

Getting the boat would be the best thing for everyone ---- not only does it mean they get another job, but it means less money spent on them in terms of giving them unemployment benefits and it means less saturation of the island's labour market.

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As an ex-employee I can state that none of the 25 staff were brought over from Ireland or the UK to carry out their roles.

 

They were all employed from the Isle of Man and have lived here for many, many years. They may not all be Manx, but the vast majority are or have lived here since they were children, therefore they are all long term residents and nobody needs to go back anywhere.

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