Irish Life & Permanent has announced plans to close down its subsidiary in the Isle of Man. The bank started operations on the Isle of Man in 1993 and employs 14 full-time people on the island.
IL&P said the business was expected to cease operations at the end of this year. It said the bank would be working with customers over the coming months on transition arrangements.
'In the meantime terms and conditions of products are unaffected and deposits will continue to be protected by the Isle of Man Depositors Compensation Scheme and the Irish Government Guarantee Scheme,' it said.
David Guinane, chief executive of the group's banking business Permanent TSB, said that the move was part of a broader restructuring and concentration of activities on the Irish market.
