Bank can stop operating here

A HIGH Court judge has cleared the way for Bank of Scotland Ireland to cease operating here and, pending approval by the Scottish courts, to be absorbed into Bank of Scotland plc.

BoSI had incurred losses in commercial property loans here but had over €1.3 billion assets over liabilities in June last, the court heard.

Some 36 of its 240 employees here are being made redundant as a result of the planned merger while others will transfer to other entities within the Bank of Scotland group.