Bank of Ireland announces consolidation of business support activities as part of EU approved restructuring plan

270 jobs directly affected in Northern Ireland and Great Britain as part of agreed efficiency plan. Bank affirms commitment to Northern Ireland market including investment in branch network – new Belfast branch planned.

Bank of Ireland today (Thursday 4th November) announced details of the latest phase of its cost efficiency plans included in its EU approved restructuring plan approved in July. The measures announced today include the consolidation and transition of a number of business support activities from Belfast and London to the Bank’s existing operations in Dublin and Bristol. These moves directly affect approximately 270 jobs.

Bank of Ireland also affirmed its commitment to the Northern Ireland market saying: “Bank of Ireland is committed to growing its business in Northern Ireland and supporting its customers through its extensive branch network and experienced customer service staff. A tangible expression of this commitment occurred recently when Bank of Ireland established a wholly owned UK subsidiary, Bank of Ireland UK, which includes the Northern Ireland branch banking business, Post Office Financial Services and Business Banking UK.”

Bank of Ireland also confirmed today its plans to create a new Belfast city centre branch at its Donegall Square premises.

The planned changes, which are subject to consultation with affected staff, would ensure the business support activities involved are delivered in a manner that optimises operational efficiency and capability. They form part of the Bank’s EU approved Restructuring Plan announced in July 2010, which provided clarity on the future shape of Bank of Ireland Group.

Bank of Ireland is strongly committed to engagement and consultation with staff on an individual basis and through their representatives during this process. Staff affected by the proposals have been informed and a 90-day consultation period has begun.

The restructuring of these business support activities will have no effect on customers of Bank of Ireland Group, including Bank of Ireland UK, or Post Office Financial Services.

Audrey Nolan
Group Communications
Bank of Ireland
T: +353 76 6234780
M: +353 86 9176877

Dan Loughrey
Head of Group Communications
Bank of Ireland
T: +353 76 6234770
M: +353 86 2412470

Notes to Editors
In July Bank of Ireland received approval from the European Commission for its Restructuring Plan. An agreement was also reached with the IBOA union regarding proposals for a reduction of c. 750 in the overall number of people employed by the Group.

Today’s proposals are the first part of the restructuring exercise which will affect business areas in the Republic of Ireland, Northern Ireland and Great Britain.
Bank of Ireland proposes to begin the consolidation and transitioning of activities from March and throughout 2011.