Statement by the Financial Regulator

 

The following is the full text of the statement by the Financial Regulator in relation to today's announcement by Bank of Scotland (Ireland):

Bank of Scotland (Ireland) has informed the Financial Regulator of its commercial intention to close the Halifax retail banking business and the Bank of Scotland (Ireland) intermediary business in the Republic of Ireland, commencing at the end of May 2010.

The Financial Regulator is working with Bank of Scotland (Ireland) to ensure that customers’ interests are protected in accordance with the Consumer Protection Code. As required by the Code all customers will be given three months notice of branch closures. Mortgages, personal loans and fixed rate savings with the Bank will operate to maturity.

Bank of Scotland (Ireland) has advised that customers do not need to do anything at this stage. The bank’s Commercial Banking and Corporate Banking operations are unaffected by this development. Bank of Scotland (Ireland) will begin writing to all customers by the end of February 2010 to set out how the changes will affect them and to explain the next steps that they may need to take.

The implications will vary depending on the type of account or product consumers may hold and we would recommend that consumers read the details very carefully.

Bank of Scotland (Ireland) has established various customer contact points, which are listed at branches and on its website. Customers with any concerns or questions about their accounts are advised to contact Halifax / Bank of Scotland (Ireland) directly on 1890 818181 or at www.halifax.ie. The Financial Regulator can be contacted on 01 2246000.