Household HSBC Watch

there was no warning and HSBC will contact existing customers. This is just in, thanks to a report that called our attention to the matter. “HFC Bank Ltd has closed its operation to new customers in the Republic of Ireland with effect from August 28th 2008. Existing customers can contact Customer Services on 01 656 9311 or 01 639 0933 or write to: HFC Bank, P.O. Box 5658, 22-24 Lower Mount Street, Dublin 2.” There will be 41 jobs lost. Part of HSBC, HFC Bank offered personal loans and insurance products from seven branches in Dublin, Kildare, Limerick and Galway.

The CEO of HFC Bank UK, Richard Spence, said Ireland is using the Sterling. No kidding aye? Then HSBC said it would focus on the U.K., which is probably a good idea since HSBC’s mortgage and credit card portfolio seems to be taking a pounding. So is HSBC’s U.S. operation, which is not using the Sterling either.

Then HSBC came back with this gem, on the same day: “HSBC has announced plans to create up to 20 new jobs with the opening of new premises at Royal Avenue in Belfast. The expansion will bring the bank’s total number of outlets across Northern Ireland to six, with plans for further branches over the next three years.” I don’t want to burst their bubble, but this is not using the Sterling either. So we shall leave it to HSBC to sort out the pieces. They can tell us if HFC is shutting down while real bank branches are opening, or exactly what is happening.

On the employment front, one must wonder if the 41 employees scheduled to lose their jobs were afforded the opportunity to fill the 20 new jobs. Details from HSBC and HFC Bank are scarce at best at this moment.