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Thursday 27 May, 2010

IL&P Group Holdings

Irish Permanent (Isle of Man)

RNS Number : 6629M
Irish Life & Permanent Grp HldgsPLC
27 May 2010


Statement in relation to Irish Permanent (Isle of Man)

(Irish Life & Permanent plc is a wholly owned subsidiary of Irish Life & Permanent Group Holdings plc)


Thursday 27th May 2010.   Irish Life & Permanent plc has announced plans to phase down its Irish Permanent (Isle of Man) subsidiary.  The bank started operations on the Isle of Man in 1993 and employs 14 full time people on the island.  The operation is led by Managing Director Philip Murray.  The business is expected to cease operations at the end of this year.  The bank will 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.


Speaking today, 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; "In common with all the Irish banks, we're dealing with significant challenges in our home market and we've taken this step as part of our efforts to consolidate and concentrate resources on that core market." 



Ciarán Long

Group Secretary




Further Information:

Ray Gordon

Gordon MRM

Ph: 01 6650452

Ph: 087 2417373

This information is provided by RNS
The company news service from the London Stock Exchange

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