The Bank of Ireland is to sell one of its largest branches, number 34 College Green, which is directly opposite its landmark 18th century building in the centre of Dublin. The building could fetch up to £15 million (€19.05 million), Jack Fagan
The closure is the most significant since banking groups starting selling off branches in the past three years. The branch, employing 62, is to transfer in June to 2 College Green, formerly the Houses of Parliament.
Unlike other listed bank buildings in the city which have come on the market and attracted only limited interest, 34 College Green is likely to be targeted by developers and retailers, as it has considerable retail frontage on to Suffolk Street at the rear.
The modern half of the building along this street, running from the Avoca store to Ulster Bank, could easily be converted into about five spacious shops or one large unit. There are three overhead floors of modern offices and possibly up to 40,000 sq ft between retail and offices.
Number 34 is part of an assembly of buildings that makes College Green an architectural setpiece. The Bank of Ireland branch is listed for preservation along with the elegant double height banking hall, among the largest of its kind in the city.
National Irish Bank is also selling its large branch a few doors away, at 23/27 College Green. The College Green closure comes as the bank says it is "on target" to secure an additional 500 staff redundancies by March 2003. The latest voluntary redundancy package, which closed on January 15th, offered attractive settlement terms.
An employee with 20 years' service would receive a lump sum of six months' salary and would also receive one week's pay for each year worked. They were entitled to enhanced pension terms at 55, including one extra year for each four years served. Workers were promised €9,523 (£7,500) for each child in full-time education.
