Bell's comments onJob Losses in the Island's banking sector

2009-03-05 (All day)

How long before this and greater numbers are being presented as "within limits"...

Treasury Minister Allan Bell says job losses in the Royal Bank of Scotland International Group in the Isle of Man were inevitable, given the parent bank's record losses of over £20 billion.

Yesterday, chief executive Ian Henderson confirmed a proportion of 68 positions across RBSI, Isle of Man Bank and NatWest would be shed, although he hoped most if not all the redundancies would be voluntary.

Mr Bell is playing down the impact the losses will have on the Island, telling Manx Radio:

This could have been a whole lot worse, and we need to remember the unemployment rate in the Island is still only 2.2%."We have got to keep things in proportion.

"It's disappointing, we will lose a few jobs, but bearing in mind we still only have 2.2% unemployed, and some of the banks are still hiring specialist staff, it could have been very much worse, and we need to keep it in the context of that at the moment."

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