Bank of Ireland was founded in 1783 and the former premises of the defunct Irish Parliament at College Green, Dublin, were purchased for £40,000 in 1803.

Bank of Ireland has confirmed that it is reducing its workforce by 750 staff over the next two years. This follows EU approval for its restructuring plan yesterday.

The bank said yesterday it received approval for its restructuring plan as required by the European Commission under State aid rules. Within the plan are objectives to ensure that the Bank becomes more focused and efficient. BoI says following extensive discussions between the Bank and the IBOA trade union, it welcomes the proposals regarding pay and job security that have been recommended by Senior Counsel, Mark Connaughton.

These include; That the existing pay restraints are to continue with reviews to take place in April 2011 and December 2011. As the bank achieves its objectives to continue to become more focussed and efficient, regrettably, this will mean a reduction of c. 750 in the overall number of people employed.

The bank anticipates that the reduction can be achieved over a period of two years in areas affected by business change across the group in the Republic of Ireland, Northern Ireland and Great Britain.

Reductions in the number of people employed will be on a voluntary basis and Bank of Ireland said it is strongly committed to engagement and consultation with staff and their representatives throughout the process.

As part of its restructuring plan the bank is to sell off a number of its businesses including New Ireland Assurance, Bank of Ireland Asset Management and ICS Building Society. It is thought that many of jobs will come from support and operational staff linked to these businesses in Ireland and the UK.