Brian Cowen (Laois-Offaly, Fianna Fail)

I understand there has been a statement from the Financial Regulator today that Bank of Scotland has informed the Financial Regulator of its commercial intention to close the Halifax retail banking business and the Bank of Scotland (Ireland) intermediary business in the Republic of Ireland, commencing at the end of May. The Financial Regulator is working with Bank of Scotland (Ireland) to ensure that customers' interests are protected in accordance with the consumer protection code and as required by the code, all customers will be given three months notice of branch closures. Mortgages, personal loans and fixed-rate savings with the bank will operate to maturity. Bank of Scotland (Ireland) has advised that customers do not need to do anything at this stage, the bank's commercial banking and corporate banking operations are unaffected by the development, and Bank of Scotland (Ireland) will begin writing to all customers by the end of February to set out how the changes will affect them and to explain the next steps that they may need to take.

The implications will vary depending on the type of account or product consumers may hold and we recommend that consumers read what the Financial Regulator states, that they look at those details very carefully. The Bank of Scotland has also established various customer contact points which are listed at branches. The Financial Regulator is taking up his responsibility in ensuring that consumers' interests are protected in the context of the announcement made yesterday.

See this speech in context