IOMBA says banking sector remains strong

The Island's banking sector remains strong despite the decision by Bank of Ireland to close its Isle of Man operation.

That upbeat view from the Isle of Man Bankers Association, which says the Irish bank's departure reflects strategic change across the banking world.

Bank of Ireland, based in Christian Road in Douglas, is no longer accepting new deposits or customers and plans to shut its office by the end of August next year.

Association president Mark Waterhouse says the announcement is disappointing but does not come as a shock given recent banking turmoil.