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PPI claims: Lloyds exits Irish banking market

Lloyds banking group has confirmed it is set to withdraw its banking operations in Ireland.

The firm will hand back its license after posting huge losses in the country in recent months.

From the end of 2010, Lloyd's subsidiary company Bank of Scotland (Ireland) will stop trading and transfer operations, as well as its 30 billion euros (£25 billion) worth of assets, to its parent firm.

Bank of Scotland will then appoint another business to begin winding down all operations, with its 800 current staff set to transfer to this company.

This has been heavily criticised by the Unite trade union, who claimed employees are "having to come to terms with the fact that job security is now seriously compromised by what is in effect a long term winding down of the Irish operation".

The Irish banking sector was heavily hit by the economic crisis, which contributed to the country's property crash.

Bank of Scotland (Ireland) has 150,000 customers across Ireland.

Posted by Charles Baker

Charles is a reputed financial analyst with almost decades of experience under his belt. ADNFCR-2776-ID-800034713-ADNFCR



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