Northern Bank
IBOA welcomes Danske's continuing commitment to Northern Bank
Issued : 11 August 2009
IBOA the Finance Union has welcomed Danske Bank's unequivocal commitment to the Northern Bank - which has accompanied the publication of the half-yearly results of the Danish financial giant's Northern Bank subsidiary.
"With the major downturn in the economy, the intentions of some financial institutions headquartered outside Ireland have been called into question in recent months amid fears of a possible retrenchment back to their home markets," said IBOA General Secretary, Larry Broderick. "So it is heartening for our economy and specifically for staff working in the financial services sector that a major international bank like Danske has re-affirmed that it is here for the long haul.
Turning to the half-yearly results, Larry Broderick noted that Northern Bank had posted positive results in terms of operating profits. "Operating profit at Northern Bank was maintained at its 2008 level of £35 million. While the Bank made a provision in its accounts for bad debts of £104 million, actual losses have only amounted to £3.1 million. Considering the state of the economy in the first half of this year, these are encouraging results," said Mr. Broderick, "which underline the significant contribution being made by our members in Northern Bank in very difficult circumstances."
