Hobbs: ‘Halifax effect’ a big blow for borrowers

THE closure of Bank of Scotland Ireland’s 44 Halifax branches has been heralded as a huge blow for Irish borrowers, as strong competition has been removed from the banking sector.

Commenting on the closure, which has resulted in the loss of 750 jobs, financial guru Eddie Hobbs suggested the move would make for a much tougher borrowing environment.

Mr Hobbs said Halifax, which announced it was closing all its branches in Ireland yesterday, acted as the Ryanair of the banking sector and arguably saved Irish homeowners billions by driving mortgages to historic lows.