BANK OF SCOTLAND (Ireland)’s decision to quit the Irish market will mainly affect customers in the business category.

As a result of its strategic review, the bank said it would transfer the BoSI business, including all of the strategic management and decision-making activities relating to the Irish unit, to Bank of Scotland plc.

Customers with the following business with BoSI will be affected by the move: working capital; credit sanctioning; wealth management and deposit; treasury; market risk management and liquidity.

Those customers with current, treasury and deposit accounts will have to close the accounts. These customers will be informed of the next step via letter.

The bank said customers with loans would see no operational change and would continue to repay their loans until they reach maturity or are paid down in full.

Mortgage customers will be unaffected by the move.

The majority of staff will move to an independent company that will manage the existing loans, currently exceeding €30 billion.

The company yesterday insisted these jobs were safe for the foreseeable future, as it would take between eight and 10 years to wind down this loan book.