Halifax (Ireland)

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Bank of Scotland (Ireland) Limited
Industry Financial services
Fate Ceased trading
Founded 1965 (as Equity Bank Limited)
Defunct 31 December 2010
Headquarters Dublin, Ireland
Area served
Key people
Joe Higgins (CEO)
Products Various banking products aimed at the business and retail sector
Number of employees
750 (2010)
Parent Bank of Scotland plc
Slogan Always giving you extra (Halifax brand)

Bank of Scotland (Ireland) Limited was a bank based in Ireland and a wholly owned subsidiary of the Bank of Scotland, itself a subsidiary 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. Since 10 February 2010 the bank has no longer accepted new business, and ceased to operate as a licensed bank on 31 December 2010.[1] The assets of the bank were merged into Bank of Scotland plc.[2]


The company was founded in 1965 as Equity Bank Limited.[3] In 1999 it was purchased by the Bank of Scotland.[3] 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 (now called ACCBank).

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.

File:Halifax Logo.svg
The Halifax logo, used by the bank from 2006 onwards.

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 industrial/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.[4] 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 which has restricted usability outside Ireland.[5]


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.[6] Halifax cited the current economic crisis 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.[7] 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."[7][8]

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.[1]

See also


  1. 1.0 1.1 "Bank of Scotland Ireland to close by December". RTÉ. 19 August 2010. Retrieved 19 August 2010.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  2. "Welcome to Bank of Scotland plc customers in Ireland and Northern Ireland". Bank of Scotland. Retrieved 24 January 2011.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  3. 3.0 3.1 Press Association (19 August 2010). "Timeline of events in bank's short history". Irish Independent. Retrieved 19 August 2010.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  4. "Halifax to Launch Best Value Personal Current Account in Ireland". Press Releases 2007. Bank of Scotland (Ireland). 18 April 2007. Retrieved 18 August 2010.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  5. "Halifax introduces 1st ever Visa Debit card in Ireland". Press Releases 2007. Bank of Scotland (Ireland). 24 April 2007. Retrieved 18 August 2010.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  6. http://www.halifax.ie/
  7. 7.0 7.1 "Halifax to shut branches in Ireland with loss of 750 jobs". The Irish Times. 2 February 2010.<templatestyles src="Module:Citation/CS1/styles.css"></templatestyles>
  8. Halifax branches close