Halifax Bank of Scotland Huge Job Losses for Ireland

dfbemt

Halifax have just announced that they are withdrawing completely from the Irish market and will offer no services here. All branches and call centre to close.

700 job losses announced, effective May approx.

This is huge, absolutely enormous with far reaching implications. Almost Dellesque. It is some vote of confidence in the Irish economy and Irish banking sector. Will be interesting to hear what the Government have to say on this one.

eth0_

Really? How many customers do they have in Ireland?

Riskymove

dfbemt wrote: »

This is huge, absolutely enormous with far reaching implications. Almost Dellesque. It is some vote of confidence in the Irish economy and Irish banking sector. Will be interesting to hear what the Government have to say on this one.

OTT tbh

its about a business decision given the market share, I have been a customer without ever going near a branch

we already had enough banks before this crisis

Riskymove

betafrog wrote: »

Weren't they forced to by the UK Government? Something about not bailing out their overseas operations...

perhaps, but its also a bit form the other way round!!

they would not be covered by the bank guarantee scheme by the Irish State

Viper_JB

Riskymove wrote: »

OTT tbh

its about a business decision given the market share, I have been a customer without ever going near a branch

we already had enough banks before this crisis

Maybe slightly OTT but they do employ allot of people in ireland.

Reginald P. DuM

So whats the deal for depositers does anyone know?

Interyurauldone

dfbemt wrote: »

Halifax have just announced that they are withdrawing completely from the Irish market and will offer no services here. All branches and call centre to close.

700 job losses announced, effective May approx.

This is huge, absolutely enormous with far reaching implications. Almost Dellesque. It is some vote of confidence in the Irish economy and Irish banking sector. Will be interesting to hear what the Government have to say on this one.

I thought BoSI had built up a substantial Irish deposit base in the past 3 years?

Is it just call centre and branch staff or all bank staff? If it's all staff I'll be moving my savings.

No Irish Jobs, No Irish money as far as I'm concerned.

Red_Marauder

whaaat?

i have money with them (but obviously its safe). I was actually about to head into their Stephens Green branch to make a lodgement, how annoying.

they're the only bank that offer Visa Debit cards, argh.

More importantly, terrible for all of those who lost their jobs.

Red_Marauder

Interyurauldone wrote: »

No Irish Jobs, No Irish money as far as I'm concerned.

The very pleasant staff who serve me when I use Halifax are all Irish. I feel quite bad for them, best customer service Ive had from any bank including late opening and Saturday opening, speed of transactions, etc.

ei.sdraob

Reginald P. DuM wrote: »

So whats the deal for depositers does anyone know?

Ulster Bank is also owned by RBS so maybe they (customers) will get moved there

oops they are not mee bad

Reginald P. DuM

From my understanding it's all Irish operations are winding up, branches and call centre in Louth. A huge loss of employment. Anyone with savings may get in to nearest branch and get them out, myself included... Now to find another place to put them. To the Savings and Investments forum.

Interyurauldone

ei.sdraob wrote: »

Ulster Bank is also owned by RBS so maybe they (customers) will get moved there

As far as I'm aware BoSI is actually a wholly owned subsidiary of Llyods. Which is seperate to Royal Bank of Scotland.

Red_Marauder

ei.sdraob wrote: »

Ulster Bank is also owned by RBS so maybe they (customers) will get moved there

Why doesnt this have implications, then for Ulster Bank and First Active also?

Interyurauldone

Reginald P. DuM wrote: »

From my understanding it's all Irish operations are winding up, branches and call centre in Louth. A huge loss of employment. Anyone with savings may get in to nearest branch and get them out, myself included... Now to find another place to put them. To the Savings and Investments forum.

Hold your high horses! its not gone "bust" it's just pulling out of Ireland. Llyods will surely honour all Irish depositers.

No need to panic yet, unless you're employed by BoSI.

Reginald P. DuM

Interyurauldone wrote: »

Hold your high horses! its not gone "bust" it's just pulling out of Ireland. Llyods will surely honour all Irish depositers.

No need to panic yet, unless you're employed by BoSI.

OH yes, I understand the money is safe, and there's no need for panic, but my local branch will be closing at some stage in the near future I assume. So my options are limited enough, take the money and run. Yes? No? Or is there something I am missing.. I must admit my heart skipped a beat when I heard the news, I have more than my communion money in there.

ntlbell

Reginald P. DuM wrote: »

OH yes, I understand the money is safe, and there's no need for panic, but my local branch will be closing at some stage in the near future I assume. So my options are limited enough, take the money and run. Yes? No? Or is there something I am missing.. I must admit my heart skipped a beat when I heard the news, I have more than my communion money in there.

I have a fair bit in it too.

not worried about it, it's like not they're gone under, looks like an orderly windeing up.

now who has the best rate for depositers atm

ei.sdraob

Interyurauldone wrote: »

As far as I'm aware BoSI is actually a wholly owned subsidiary of Llyods. Which is seperate to Royal Bank of Scotland.

Hmm ok i taught they were owned by RBS

with all these banks being bought and sold its hard to keep track of the lot

ntlbell wrote: »

now who has the best rate for depositers atm

houses

ntlbell

ei.sdraob wrote: »

houses

my arse would be hitting the light bulb :eek:

hobochris

Think I'll be going down to get my cash and close my account so.

ntlbell

hobochris wrote: »

Think I'll be going down to get my cash and close my account so.

Panic setting in.

Amhran Nua

This might get interesting.

Riskymove

Bank of Scotland (Ireland) is to close its Halifax retail banking business in the Republic, with the loss 750 jobs.

The bank, which operates 44 retail branches here under the Halifax brand, unexpectedly announced its decision to staff this afternoon.

The bank, now owned by Lloyds, said the move was part of a reorganisation of its business which will see it focus solely on the corporate and commercial side of its business in Ireland.

The 750 job losses are expected to be composed of 400 from the bank’s branch network, 220 from associated services in Dublin and a further 130 from a customer service centre in Dundalk.

Unite, the union which represents workers at Bank of Scotland, said it was “shocked and dismayed” at the move.

“This is a crazy decision to take at such short notice when the prospect of a third banking force in Ireland of which Bank of Scotland (Ireland) could be a huge part is still very much in the mix,” union spokesman Robert Harnett said.

Think I'll be going down to get my cash and close my account so.

tbh I think this may well cause a panic rush without any justification, Its not like they are closing the doors this evening

hobochris

Riskymove wrote: »

tbh I think this may well cause a panic rush without any justification, Its not like they are closing the doors this evening

Just axing so many jobs like that I hope it does...

Max Power1

hobochris wrote: »

Think I'll be going down to get my cash and close my account so.

its hardly another northern rock situation tbf

shoegirl

Red_Marauder wrote: »

The very pleasant staff who serve me when I use Halifax are all Irish. I feel quite bad for them, best customer service Ive had from any bank including late opening and Saturday opening, speed of transactions, etc.

A lot of the staff transferred from the ESB shops. Not sure whether or not they would accumulate seniority. I doubt it.

They didn't have the same impact in the retail market that they had previously in the mortgage market because a lot of other banks like PTSB, Ulster and National Irish Bank were already heavily challenging BOI and AIB.

Red_Marauder

ntlbell wrote: »

Originally Posted by hobochris
Think I'll be going down to get my cash and close my account so.

Panic setting in.

Any panic is largely irrelevant.

It's not like a run on accounts would matter - the bank are offering the money back or giving it back through account transfers. If the customers want to speed up that process, why should it matter.

I can't imagine it would mean much more than a bit extra queuing.

Interyurauldone

Reginald P. DuM wrote: »

OH yes, I understand the money is safe, and there's no need for panic, but my local branch will be closing at some stage in the near future I assume. So my options are limited enough, take the money and run. Yes? No? Or is there something I am missing.. I must admit my heart skipped a beat when I heard the news, I have more than my communion money in there.

It will be no more than an inconvenience for you so. Plenty of International banks offer financial services in Ireland without a physical branch such as Rabobank and MBNA.

The last thing Llyods will want is a run on deposits. I presume there will be an announcment later in the day about their intentions and arrangements for depositors going forward. There's no way they will let that much money walk out the door.

When the dust settles I personally will be moving my money but not because i'm afraid of them going bust, more for patriotic motives! If you are a regular user of the branch as opposed to online banking you may want to consider the same solely for your own convenience. You shouldn't worry about the safety of your money with BoSI for now.

Sundew

Me friend just rang 15 mins ago. Her hubby has been given the chop. They were told at a meeting at 3pm apparently. Only bought their house 2 years ago and she lost her part-time job 3 weeks ago :eek:

Thats the human cost and things ain't looking rosy for them

Morpheus

unfortunately i only have a credit card with them hmmm maybe they will wipe off all credit card debt

Interyurauldone

Morphéus wrote: »

unfortunately i only have a credit card with them hmmm maybe they will wipe off all credit card debt

If you owe the bank €100 it's your problem.
If you owe the bank €100,000,000 it's their problem.

Great system we have isn't it!

ntlbell

Interyurauldone wrote: »

If you owe the bank €100 it's your problem.
If you owe the bank €100,000,000 it's their problem.

Great system we have isn't it!

just take out bigger loans so

ei.sdraob

Interyurauldone wrote: »

If you owe the bank €100 it's your problem.
If you owe the bank €100,000,000 it's their problem.

Great system we have isn't it!

actually if you owe the bank more than 5,000,000 its the taxpayers problem now (thank you NAMA)

clarelad

are halifax in shannon too?

hobochris

If an Irish bank was to offer visa debit cards right now they would do fairly well. I know a lot of people who bank with Halifax just for the visa debit.

thewools

Reginald P. DuM wrote: »

From my understanding it's all Irish operations are winding up, branches and call centre in Louth. A huge loss of employment.

Yes, numerous friends and family relations have been told the bad news today.

Another bad hit for the Louth after Bitech (Glen Dimplex) announced last week that up to 200 are to go in Dunleer.

Interyurauldone

ei.sdraob wrote: »

actually if you owe the bank more than 5,000,000 its the taxpayers problem now (thank you NAMA)

Touché! I stand corrected!!

ntlbell

hobochris wrote: »

If an Irish bank was to offer visa debit cards right now they would do fairly well. I know a lot of people who bank with Halifax just for the visa debit.

em, UB do?

Aidric

clarelad wrote: »

are halifax in shannon too?

Other Lloyds Banking Group businesses in the Republic, including Halifax Insurance and Assurance in Shannon and the Scottish Widow operation in Dublin, are not affected.

http://www.rte.ie/news/2010/0209/bankofscotlandireland.html

Ally Dick

Irish banks have done the exact same in the UK. Doesn't make the blow any easier to take granted...

http://www.irishtimes.com/newspaper/finance/2005/0323/1110799552090.html

http://www.breakingnews.ie/archives/2004/0129/business/kfmhkfqleyey/

Reginald P. DuM

So all depositors can expect an imminent letter from Halifax. The moneys are secure so I will await the arrival of this and have some plan made if I don't like its contents.

znv6i3h7kqf9ys

ei.sdraob wrote: »

Ulster Bank is also owned by RBS so maybe they (customers) will get moved there

Different company alltogether

epgc3fyqirnbsx

So what is going to happen to everyones accounts if they don't move them themselves?
Is it a matter of the banks business going up for tender and the debts to be bought by another bank?

Interyurauldone

Reginald P. DuM wrote: »

So all depositors can expect an imminent letter from Halifax. The moneys are secure so I will await the arrival of this and have some plan made if I don't like its contents.

If they have any decency, they will publish their intentions and arrangements for depositors through the media later today to avoid customers having to wait for a letter.

I suspect (but I maybe wrong) that Llyods will offer some sort of incentive like a higher interest rate for depositors to keep their money with BoSI. Time will tell i suppose.

Wile E. Coyote

Could this be their way of forcing through a quick merger between themselves EBS, INBS and PTSB?

jmayo

Red_Marauder wrote: »

whaaat?

i have money with them (but obviously its safe). I was actually about to head into their Stephens Green branch to make a lodgement, how annoying.

they're the only bank that offer Visa Debit cards, argh.

More importantly, terrible for all of those who lost their jobs.

Anglo are based in St Stpehens Green why not desposit it with them and save us a few quid in recapitalisation.

ei.sdraob wrote: »

Ulster Bank is also owned by RBS so maybe they (customers) will get moved there

Ah ei.sdraob my estimation of you has declined.
They are owned by Royal Bank of Scotland (RBS) not Bank of Scotland.
They will be leaving next week. (joke, only kidding, joke ok)

Halifax and Bank of Scotland are part of Lloyds Banking Group plc which was renamed from Lloyds TSB Group plc last jan 2009 after the acquisition of HBOS plc which was created by merger of Halifax and Bank of Scotland in 2001.
And if you think that is complicated wait until you see the accounts of IN and Anglo

Red_Marauder wrote: »

Why doesnt this have implications, then for Ulster Bank and First Active also?

Because they are different banking group.
Remember the word Royal in Royal Bank of Scotland or RBS ?
RBS are the ones owning NatWest, Ulster bank and formerly or what's left of First Active.
BTW they have their own problems.

dfbemt

dfbemt wrote: »

Will be interesting to hear what the Government have to say on this one.

The apathy is appaling. Another 750 on the dole. More social welfare payments to be found. Less tax coming in. Less spending in local businesses.

In the Dail this afternoon the Taoiseach says that he 'regrets' the job losses but is 'pleased' that the remaining jobs have been saved. Is he for real?

ei.sdraob

jmayo wrote: »

Ah ei.sdraob my estimation of you has declined. .

i know for some reason i taught they were the same crowd as ulster bank, was corrected earlier in thread

oppenheimer1

hobochris wrote: »

If an Irish bank was to offer visa debit cards right now they would do fairly well. I know a lot of people who bank with Halifax just for the visa debit.

Whats so great about Visa Debit? For using it abroad?

epgc3fyqirnbsx

oppenheimer1 wrote: »

Whats so great about Visa Debit? For using it abroad?

You can use it like a laser card online, saves you having to have a visa and paying the levy and also saves you having to go into credit

hiorta

RBS and BoS are seperate entities.
FirstActive has already been - ahem - 'merged' with Ulster Bank, both RBS owned.
RBS and BoS are part privatised in the UK.
The bargepole approach seems safest.

BillyBoyBad

I guess that's 751 out of a job if you include Colm Meaney