Halifax (Ireland)

{{Short description|Financial services company}} {{EngvarB|date=October 2013}} {{Use dmy dates|date=February 2025}} {{Infobox company | name = Bank of Scotland (Ireland) Limited | logo = Bankofscotlandireland.png | logo_size = 200px | type = Subsidiary | fate = Ceased trading | successor = | founded = 1965 (as Equity Bank Limited) | defunct = 31 December 2010 | hq_location = Dublin, Ireland | area_served = Ireland | key_people = Joe Higgins (CEO) | num_employees = 750 (2010) | parent = Bank of Scotland plc | industry = Financial services | products = Various banking products aimed at the business and retail sector | website = }} '''Bank of Scotland (Ireland) Limited''' was a wholly owned subsidiary of the Bank of Scotland, which later became part of Lloyds Banking Group. It offered commercial and corporate banking services under the Bank of Scotland brand and retail banking services under the '''Halifax''' brand. From 10 February 2010 the bank no longer accepted new business and it ceased to operate as a licensed bank on 31 December 2010.<ref name=close/> The assets of the bank were merged into Bank of Scotland plc.<ref>{{cite web|url=http://www.bankofscotlandhalifax.co.uk/HelpCentre/ireland/default.asp |title=Welcome to Bank of Scotland plc customers in Ireland and Northern Ireland. |publisher=Bank of Scotland |access-date=24 January 2011 |url-status=dead |archive-url=https://web.archive.org/web/20110323114854/http://www.bankofscotlandhalifax.co.uk/HelpCentre/ireland/default.asp |archive-date=23 March 2011 }}</ref>

==History== The company was founded in 1965 as Equity Bank Limited.<ref name=indo>{{cite news |title=Timeline of events in bank's short history |author=Press Association |newspaper=Irish Independent |date=19 August 2010 |url=http://www.independent.ie/business/irish/timeline-of-events-in-banks-short-history/26673106.html |access-date=19 August 2010}}</ref> In 1999, it was purchased by the Governor and Company of the Bank of Scotland.<ref name=indo/> Later, the parent company established its own brand in the Irish market through the direct sales of mortgages from Edinburgh. Following this, it was decided to rebrand the existing Irish operation as '''Bank of Scotland (Ireland)''' in 2000.

In 2001, the bank purchased ICC Bank plc from the Irish State. This company, originally established as the ''Industrial Credit Company'', and later known as ''Industrial Credit Corporation plc'', was set up in 1933 by Seán Lemass in the Irish Free State to encourage investment in industry. The company was modelled on the Agricultural Credit Corporation (later renamed ACC Loan Management, also defunct).

In 2004, the company took over the direct mortgage sales business from its parent company, and moved it to Dublin. Major new offices were also opened in a brand new building in Limerick, named "Bank of Scotland House" (formerly the site of the Carlton Cinema).

In 2005, the company announced that it was taking over the Electricity Supply Board's ShopElectric chain of retail outlets, and turn them into a network of branches. This made the company the fourth-largest bank in Ireland, with 46 branches. The company detailed its retail banking plans on 10 January 2006, the first three branches opened the following day, as well as a call centre in Dundalk, County Louth. This put it in direct competition with Permanent TSB as well as National Irish Bank, the smallest of the traditional ''Big Four''. The banks became the first Irish bank to open on Saturday as standard.

Following the merger of Halifax and Bank of Scotland to form HBOS, in August 2006, the bank announced that it would adopt a two-brand strategy, re-branding as Halifax for its retail business and retaining the Bank of Scotland name for its commercial customers.

In 2007, Halifax announced the launch a personal current account paying 10% interest on credit balances up to €2000 to customers lodging €1500 or more per month.<ref>{{cite web|url=http://www.halifax.ie/index.jsp?1nID=93&2nID=119&nID=176&aID=290 |title=Halifax to Launch Best Value Personal Current Account in Ireland |date=18 April 2007 |work=Press Releases 2007 |publisher=Bank of Scotland (Ireland) |access-date=18 August 2010 }}{{dead link|date=June 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> The bank further announced that it was the first in Ireland to offer a Visa Debit card rather than the Laser debit card issued by other Irish banks back then, which had restricted usability outside Ireland.<ref>{{cite web|url=http://www.halifax.ie/index.jsp?1nID=93&2nID=119&nID=176&aID=291 |title=Halifax introduces 1st ever Visa Debit card in Ireland |date=24 April 2007 |work=Press Releases 2007 |publisher=Bank of Scotland (Ireland) |access-date=18 August 2010 }}{{dead link|date=June 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

==Closure== On 9 February 2010 Bank of Scotland announced that it would be shutting all of its 44 retail branches in the Republic in addition to its customer service centre in Dundalk and direct support functions with a loss of 750 jobs.<ref>{{cite web|url=http://www.halifax.ie/ |title=Halifax.ie – Mortgages Ireland & Irish Mortgage in Ireland with Halifax. Mortgage Rates & Calculator, Fixed, Standard Variable, Tracker, Interest Only, 100% First Time Buyers |access-date=2007-04-19 |url-status=dead |archive-url=https://web.archive.org/web/20070406212307/http://www.halifax.ie/ |archive-date=6 April 2007 }}</ref> Halifax cited the economic crisis at the time as the main reason for this decision. The Bank, in its online press release, stated that the commercial and corporate strands of the business in Ireland would remain unaffected.<ref name="irishtimes.com">{{cite news| url=http://www.irishtimes.com/newspaper/breaking/2010/0209/breaking60.htm | newspaper=The Irish Times | title=Halifax to shut branches in Ireland with loss of 750 jobs | date=2 February 2010}}</ref> Bank of Scotland (Ireland) chief executive, Joe Higgins, said : "We have arrived at this difficult position only after an extensive and exhaustive review of all options to secure a viable future for the bank overall and for these businesses."<ref name="irishtimes.com"/><ref>[http://www.insideireland.ie/index.cfm/section/news/ext/halifax002/category_key/1086 Halifax branches close]{{dead link|date=June 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref>

However, in August 2010, it was announced that the remaining business of Bank of Scotland Ireland was to be wound down by the end of the year. This followed losses of 1.88 billion euro in the first six months of the year, due mainly to impaired loans to property developers.<ref name=close>{{cite news |url=http://www.rte.ie/news/2010/0819/bankofscotlandireland.html |title=Bank of Scotland Ireland to close by December |date=19 August 2010 |publisher=RTÉ |access-date=19 August 2010}}</ref>

==See also== {{Portal|Banks}} * Bank of Scotland International * Sabadell Solbank * List of banks in the Republic of Ireland

==References== {{Reflist}}

{{DEFAULTSORT:Halifax (Irish Bank)}} Category:Defunct banks of Ireland Category:Financial services companies based in Dublin (city) Category:Lloyds Banking Group Category:2010 disestablishments in Ireland Category:Banks established in 1965 Category:Banks disestablished in 2010 Category:Irish companies established in 1965