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Irish Permanent to quit Isle of Man

Irish Life & Permanent plc has announced plans to phase down its Irish Permanent subsidiary. The bank started operations on the Isle of Man in 1993 and employs 14 full time people on the island. The operation is led by Managing Director Philip Murray. The business is expected to cease operations at the end of this year. The bank will be working with customers over the coming months on transition arrangements. In the meantime terms and conditions of products are unaffected and deposits will continue to be protected by the Isle of Man Depositors Compensation Scheme and the Irish Government Guarantee Scheme.

Speaking today, David Guinane, Chief Executive of the Group's banking business permanent tsb, said that the move was part of a broader restructuring and concentration of activities on the Irish market; "In common with all the Irish banks, we're dealing with significant challenges in our home market and we've taken this step as part of our efforts to consolidate and concentrate resources on that core market."

David paid tribute to the Island and to the supportive environment it had provided for the Group's activities there; "Our experience of working on the island has been extremely positive. Unfortunately we have had to make this decision in order to allow us to refocus our efforts on our home market at a very difficult time. We very much regret that we are in this position and we will ensure that we work closely with all stakeholders on the island to minimise the impact of this decision on our employees, our customers and on other stakeholders."

David and Niall O'Grady [General Manager Business Strategy], have visited the island this week to meet with local staff and the regulator. The bank is committed to working with all interested parties and will be contacting existing customers to discuss their options over the coming weeks. Philip Murray, Managing Director of the local operation said "The Isle of Man operation has a long-serving and loyal staff, who will work closely with the group to ensure that customer interests are best served, and our excellent service levels are maintained, throughout the wind-down of the local business. We understand the operational imperatives which have brought about this decision, and are appreciative of the undertakings the group has made, both in financial and practical terms, to support each individual employee."

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