Business Irish

Thursday 18 September 2014

Timeline of events in bank's short history

Published 19/08/2010 | 13:47

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Here is a timeline of key events in the short history of Bank of Scotland (Ireland).

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:: 1999 - Bank of Scotland enters the Irish market and buys Equity Bank, founded in 1965. It famously unleashes a mortgage price war through brokers putting rivals under intense pressure. It later merged with ICC Bank to become Bank of Scotland ( Ireland).



:: 2001 - BoSI brings in further competition with interest-only mortgages and tracker mortgages - a deal good for borrowers looking for money at low interest rates.



:: 2005 - Chief executive Mark Duffy accuses the established Irish banks of charging customers too much and vows to bring in Saturday banking.



:: January 2006 - The firm launches its retail business and within ten months has branded 44 high street branches nationwide Halifax.



:: 2009 - The global financial crisis devastates lenders and economies. The British Government moves to strengthen key players in the banking sector and HBOS is merged with the more financially solid Lloyds, creating the mammoth Lloyds Banking Group.



:: February 2010 - Within fours years of hitting Irish high streets Halifax reveals plans to lay off 750 staff with the closure of its retail section, branches and a customer call centre.



:: August 2010 - Bank of Scotland (Ireland) announces plans to shut down, making 36 compulsory redundancies. The majority of the remaining 800 staff will be transferred to an independent company to oversee administration of its remaining Irish business.



:: December 2010 - The balance sheet and outstanding loan book is due to be transferred to Bank of Scotland in the UK.

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