Lombard Ireland is to cut 108 jobs across Ireland, the Royal
Bank of Scotland (RBS) has announced.

The move follows a detailed review, which saw Lombard moved into
a “non-core” division. RBS has decided that Lombard will no longer
deal through broker and intermediary networks, instead providing
asset finance directly to the Irish market on a
business-to-business basis.

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Lombard Ireland, which is believed to have a loan book between
€1 billion and €1.5 billion, will eliminate 24 positions in
Northern Ireland, while another 84 jobs will go across the Irish
republic.

The company added that existing agreements with customers would
not be affected by the announcement.

Meanwhile, the Irish Bank Officials’ Association (IBOA), a
finance union, said its members were “shocked” by the announcement,
which was “profoundly disappointing”.

“Our members in Dublin and Belfast are shocked by this
announcement – especially so close to the festive season,” said
IBOA general secretary Larry Broderick.

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“While management has outlined terms for voluntary severance,
IBOA will not endorse any proposals without consulting our members
in Lombard on the various options available,” he said, adding that
he did welcome the company’s commitment to engage with the union
with a view to reach a negotiated settlement, however.

IBOA added that it had asked Lombard to consider alternatives
including redeployment and early retirement. It also said it was
asking to have the redundancies sought on a voluntary basis.

Jason T Hesse