Updated: 21/02/18 : 13:44:35
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RaboBank to close with loss of 31 jobs

Online savings bank RaboDirect Ireland has said it will cease its operations here and close on May 16.

The move will result in 31 compulsory redundancies.

The online bank said it follows a decision by its Dutch parent Rabobank Group to simplify its business model across the world and reduce costs.

RaboDirect Ireland, which was set up here in 2005, has over 90,000 customers in Ireland with over 3 billion on deposit. It is based in Dublin's IFSC.

In a statement, the bank said it would waive the notice period on its saver accounts and will pay the interest earned up to the point of account closure.

"In the case of term deposit accounts, we are paying all the interest that would have been due on the deposits over the full term," it added.

Rabobank said it continues to be committed to its corporate banking activities in Ireland, which focuses on food and agri clients.

These clients will not be impacted by the withdrawal of RaboDirect from the Irish market, it added.

The online bank said that as it exits the Irish market, it will make it as straightforward as possible for its customers to close their accounts and transfer their savings securely to another financial institution.

It said it has started to contact each customer directly with the actions they need to take before May 16.