Irish Life & Permanent closes Isle of Man operation

Irish Life & Permanent plc has announced plans to phase down its Irish Permanent [Isle of Man] subsidiary.

Irish Life & Permanent plc has announced plans to phase down its Irish Permanent [Isle of Man] subsidiary.

The bank started operations on the Isle of Man in 1993 and employs 14 full-time people on the island.

The business is expected to cease operations at the end of this year and the bank will work 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.

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.

Mr Guinane said: "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."

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