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IL&P closure

Irish Life & Permanent plc has announced plans to close its Irish Permanent Isle of Man subsidiary. The business is expected to cease operations at the end of this year.

The bank started operations on the island in 1993 and employs 14 full-time people.

IL&P said it will work with customers over the coming months on transition arrangements.

"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," said David Guinane, CEO of Permanent TSB.