Bank of Ireland branch set for closure

Bank of Ireland branch set for closure

3 March 2021

BANK of Ireland has been asked to reconsider its decision to close its Downpatrick branch as part of a major cost cutting programme.

The Market Street branch is one of 15 across Northern Ireland which has been earmarked for closure, a move which local politicians have warned will have an impact on jobs, the economy and customers.

Bank officials have confirmed that they are working to identify staff who could be redeployed to other roles within the company as an alternative to redundancy and that branch closures will not start for 12 weeks.

Customers will be contacted individually about the changes which comes as Bank of Ireland significantly restructures its Northern Ireland business which includes simplifying its range of products with a greater focus on car finance and mortgages.

There has been widespread political criticism of the decision to close the Downpatrick branch which has been led by South Down MP Chris Hazzard. 

A number of MLAs have voiced concern while there was unanimous support for an emergency motion tabled at Monday night’s meeting of Newry, Mourne and Down Council urging Bank of Ireland to retain the Downpatrick branch. A council delegation is also seeking a meeting with bank officials.

Mr Hazzard described the proposed closure in the teeth of a global pandemic as “the wrong decision at the worst possible time, with serious consequences for local customers and staff”.

He said: “Bank of Ireland has attempted to justify this announcement based on a fall in branch visits over the past 12 months. This is hardly surprising given the entire population has had its movements significantly restricted in 

response to a public health emergency.

“In reality, the bank is using Covid-19 for cover, punishing customers for following public health regulations. This is not just a cynical move, but a slap in the face that will hurt customers, staff and communities. This knee-jerk reaction will leave vulnerable customers without access to essential services.”

The MP said Sinn Fein supported the call from the Financial Services Union for a moratorium on branch closures until the end of 2022, once the pandemic has ended.

South Down MLA Colin McGrath said the Bank of Ireland has been a “pillar” in the financial institutions of Downpatrick for a generation.

“It is a sad facet of modern life that banking is no longer a face-to-face task like it once was,” he continued. “Larger banks are having to adjust their business models as a result of this but it is taking away from our high streets and that is sad.”

He confirmed that the SDLP Assembly team is liaising with Bank of Ireland to ensure that there is minimal disruption to customers and “credible alternatives in place for those that wish to stay with the bank”.

Jim Wells MLA said South Down had lost half of its bank branches in the past 10 years, warning that if the present trend continues, the constituency will be a “bank free zone” within the next decade.

He said the decision to shut the Downpatrick branch was not a shock as Bank of Ireland had already closed branches in Kilkeel and Rathfriland, describing the trend as “ extremely worrying”.

Downpatrick councillors Oonagh Hanlon, Gareth Sharvin, Dermot Curran and John Trainor have also criticised the planned closure of the Downpatrick branch.

Cllr Hanlon accused Bank of Ireland of making a “knee-jerk reaction that cannot be justified” with many local businesses and families in Downpatrick left in a very vulnerable position because of this “cruel decision”. She has urged the bank to reverse its closure decision immediately and commit to a moratorium on closures until the pandemic ends.

Cllr Sharvin — who proposed the emergency motion at Monday night’s council meeting — called on bank officials to urgently clarify how they will support customers and workers.

“This move will undoubtedly leave vulnerable and elderly customers without access to essential services. It is also highly disappointing that there appears to have been very little local consultation or stakeholder engagement on this decision,” he added.

Cllr Trainor said that over recent years there has been a migration of business away from city and town centres to the internet, followed by the collapse of trade in traditional retail centres as a result of the Covid pandemic.

Cllr Curran said he was concerned that Bank of Ireland’s move leaves Downpatrick with just three banks which will impact on customers and the business community.