On-Air Now

Offshore banking sector 'alive and well'

Thu, 15 Aug 2013

John Shimmin
John Shimmin

The offshore banking sector is alive and well on the Island.

That's according to Economic Development Minister John Shimmin who spoke out after the Bank of Ireland revealed it was closing its Isle of Man operation.

The company's head office in Dublin says offshore activity is no longer a priority.

Since the 1980s the financial services industry has transformed the working landscape here and remains the biggest contributor to the national GDP.

However two Irish banks have closed offices in Douglas within the past year and there have been numerous redundancies across the sector.

Mr Shimmin says it's important to maintain hindsight:



  • John Shimmin


Subscribe to get Energy FM News direct to your mobile device

You can get Energy FM News delivered direct to your mobile device using one of the following methods.

  • In the Apple News App on iOS search for Energy FM IOM and then just add it to your favourites
  • In the Google News & Weather App just search for Energy FM and then add us as a customised section
  • If you use an RSS Reader then just add our feed to your app, click here for our news RSS feed