BANK of Ireland is to open a 24 hour direct bank offering its complete range of services by telephone. Based at Tallaght, Dublin, the new bank will employ 200 people and will he open for business at the end of the month, the bank said yesterday.

As part of a £5 million investment, the new telephone based bank has been designed to give new and existing customers access to services provided by its branch network 365 days of the year. Using a dedicated phone number customers will be able to complete transactions on their various accounts, take out personal loans and apply to the Bank of Ireland for mortgages directly through the new bank.

Bank of Ireland's retail chief executive, Mr Pat McDowell, says the bank expects customers to use the new bank for their routine banking needs, while those with more complex requirements or for small business transactions will continue to use their local branch.

The group, which already offers personal loans through its direct subsidiary, Premier Banking, plans to drop the Premier brand name, to offer all of its direct operations under the Bank of Ireland banner.