ECONOMIC Development Minister Allan Bell has expressed his “considerable regret” at the news of the phased closure of Irish Permanent (Isle of Man) Ltd in the Isle of Man.
“The fact that the global market conditions had taken its toll on a long standing banking operation in the Isle of Man was regrettable,” he said. “I very much feel for the 14 staff who will be affected by this move”.
The bank says it will phase down its operations over the year while continuing to maintain its products and services for existing customers.
The announcement explained that this action was taken as a result of a need for a broader restructuring in order to meet the significant challenges in the home Irish market and that the bank’s experience of working on the Island since 1993 had been “extremely positive”.
Mr Bell said that his Department, which operates the Job Centre and Training Centre, would “do everything it could” to help the affected staff find alternative arrangements as the operations are gradually wound down.
Mr Bell also noted that the period of global economic turmoil was not over, as evidenced in recent Eurozone developments, but that the Isle of Man’s financial sector overall remained strong in keeping with the Island’s broader economy.
Treasury Minister Anne Craine said she was "saddened" by the news. "It is always saddening to hear of local job losses and we share the disappointment of staff involved," she said.
"Irish Permanent has been an important member of the Island's finance sector for nearly 20 years, but I understand the parent company is undergoing strategic restructuring in order to refocus its activities on the Irish market.
"The bank has promised to work closely with employees, customers and other stakeholders over the coming months, and Treasury will fully support the efforts of the Department of Economic Development to find suitable new employment for all those facing redundancy."
Photo: Allan Bell - “I very much feel for the
14 staff who will be affected by this move”.
