Richard Bruton (Dublin North Central, Fine Gael) | Oireachtas source

The process regarding the sale of Bank of America’s card businesses is ongoing but there have been no significant recent developments and the employment levels at the facility in Carrick-on-Shannon have been maintained.

Earlier this year negotiations regarding the sale of the Ireland portfolio culminated in its sale by Bank of America to Apollo Global Management, a leading global alternative investment manager headquartered in New York. This transaction involves approximately 250 employees in Carrick-on-Shannon currently supporting the Irish portfolio transferring to Apollo. Under the terms of agreement between Apollo and Bank of America, the property in Carrick-on-Shannon will be officially transferred into Apollo ownership by mid-December 2012. The employees in Carrick-on-Shannon currently supporting the Bank of America Irish portfolio are then expected to transfer to Apollo by March 2013.

Bank of America has not yet sold the UK portfolio which is the other business supported out of Carrick-on-Shannon and approximately 400 staff continue to be employed in this operation.

IDA Ireland is in regular contact with Bank of America management in Carrick-on-Shannon and Dublin and at corporate level to monitor developments and is also in contact with Apollo. IDA Ireland last met representatives of Bank of America management in Carrick-on-Shannon on 9 October 2012 and senior executives of Apollo in London on 5 November 2012 where the transfer of the Carrick-on-Shannon facility and staff to Apollo, and also further investment opportunities for the group in Ireland were discussed.

It appears that while Bank of America does not now expect to sell this UK portfolio in the short term, the process remains ongoing and a potential deal could materialise at any time. I appreciate that this uncertainty is unsatisfactory for the employees working on the UK card business, but a sale depends on wider commercial factors and the ultimate decision will be made by Bank of America, taking into account all relevant factors for the company. IDA Ireland and I will keep in close touch with the issue and will use whatever influence we can to seek to ensure a satisfactory outcome.

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