800 staff facing uncertain future as jobs only guaranteed for two years

ABILITY to tout for business from other banks will determine the career prospects of up to 800 of the staff currently employed by Bank of Scotland Ireland (BoSI).

With confirmation that it is to shut down its Irish operations by December, Bank of Scotland is setting up an independent service company which will take over administration of the €33bn held by its Irish arm.

However, when those loans expire — the average life-time is 7-8 years — so will the bank’s requirement for the use of that independent company. In fact, management is only guaranteeing the jobs until 2013, meaning after that there is a potential for them to start reducing head count in line with the decline in the loan book.