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Bank shut down; yourmoney: : FINANCE.


BANK of Scotland Ireland has announced it is to wind down its operations here.

The bank, which has an office in Belfast, will transfer this business to its parent company, Bank of Scotland.

It will then appoint another firm to manage the wind down of the Irish loan book, a process which could take up to 10 years.

Most of the 800 staff will transfer to this firm although there will be 35 compulsory redundancies. The bank was heavily involved in property lending and has suffered from the Irish property crash.

It has 150,000 customers in Ireland and a loan book of EUR32billion.

BoSI, owned by Lloyds, said that its other business operations, including its Halifax branch network in Northern Ireland, will not be affected by the shutdown.
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Title Annotation:Business
Publication:The Mirror (London, England)
Date:Aug 20, 2010
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