The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Republic of Ireland; Northern Ireland; Great Britain
Sector
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
750 jobs Number of planned job losses
Announcement Date
17 July 2010
Employment effect (start)
17 July 2010
Foreseen end date
17 July 2012
Description
The Bank of Ireland has confirmed that it is to cut its workforce in the Republic of Ireland, Northern Ireland and Great Britain by about 750 people. The cuts will be implemented on a voluntary basis over a two-year period, but it is not yet known where the jobs will be lost.
The announcement comes after the Bank received approval on Thursday for its restructuring plan as required under EU State aid rules. These include plans to dispose of its life and pensions division, its asset management business and the ICS building society.
The move was the latest stage in the recovery of the Republic's banking sector following a government bail-out in the wake of the global financial crisis. Bank of Ireland was told to raise 2.7bn euro by financial regulators in March.
Bank of Ireland had a total of 14,636 employees at the end of December 2009, according to its annual report. About 2,200 people have left the bank since March 2008, mostly as a result of not replacing employees as they left.
Sources
17 July 2010: Belfast Telegraph
16 July 2010: rte.ie
Citation
Eurofound (2010), Bank of Ireland, Internal restructuring in European Union, factsheet number 70721, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/70721.
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