Bank of Scotland closure a harsh blow for staff – Morgan
Speaking today after the announcement by Bank of Scotland (Ireland) that it is to shut down, Sinn Féin Spokesperson on Finance Arthur Morgan said the news will be a devastating blow for the 830 staff currently employed by the bank.
Deputy Morgan said:
“The announcement that Bank of Scotland (Ireland) is to shut down is a harsh blow for the 830 staff that currently employed by the bank, not least the 36 who are to be made redundant immediately.
“The guarantee of redeployment while the loan book expires for the large majority of these employees is cold comfort, especially given the volatility of the banking sector.
“The employees of the bank are unable to plan for the future given the precariousness of these contracts; a string of broken guarantees from Bank of Scotland (Ireland), including after the closure of the Halifax branch network, has meant that the security of these new jobs, outsourced to an independent service company, is in serious question.
“With the departure of another banking entity from Ireland, there is less competition amongst banks and there is an inherent danger that a few banks will have a monopoly over the Irish market. The people of this State cannot afford another wave of mortgage interest hikes and they cannot afford high banking costs for basic services.
“With Irish banks like Bank of Ireland and AIB are locked in a fundraising exercise, the loss of a competitor puts them in a strong position to squeeze Irish consumers once more. Therefore it is imperative that the Financial Regulator is vigilant to prevent this happening.” ENDS