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You are > Home > Minister lauds Bank of Scotland’s crucial role as Waterford office opens
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Friday, September 19, 2003
Minister lauds Bank of Scotland’s crucial role as Waterford office opens
By Peter Doyle, Editor
Bank of Scotland (Ireland) has been lauded for providing the necessary competition and stretching the business possibilities of Waterford by the Minister for the Environment, Heritage and Local Government.
Minister Martin Cullen made his remarks last Thursday when he performed the official opening of the Bank of Scotland’s (Ireland) impressive new Regional Office at Canada Street , an area destined to become the hub of banking and finance in Waterford.
He said it was a tremendous confidence boost to see Bank of Scotland strengthening the financial services sector in the South East, more particularly in Waterford which, as Mayor Cunningham has alluded to, intended to lead the region into the future within the context of its ‘Gateway’ status.
At national level, the Government was determining the framework for making the Spatial Strategy work but “it’s business, its people and its individuals that bring it to life on the ground.
This economy of ours very much needs competition in the financial sector. The financial sector has become one of the dominant areas of what’s driven the success of the Irish economy, particularly over the last decade”. Minister Cullen added that flagship leadership was required at government level. “We have to deliver that message and Bank of Scotland Ireland provide that flagship statement.
It is a true statement of confidence not alone in the national economy but also in the regional economy. What we have to develop is the real element of a successful economy, which, of course, is competition. “If we become less competitive, then we lose jobs, we lose our international standing and all the things that follow with that.
So we have got to remain, not just competitive but we need innovation in our competitiveness and how we cannot just be competitive within this economy but internationally.
Financial services are absolutely crucial in that context. “Bank of Scotland Ireland is crucial in delivering that sort of competition, particularly into the business community, which is the driver, the engine of the economic growth that we have been able to deliver in this country.
He commended and applauded Jim Ryan, Divisional Director, Waterford Office and his staff on the completion of the new Back of Ireland facility for that reason. “We needed to stretch the city. We needed to make balances in different parts of the city – it shouldn’t be all sucked into the centre — and in fairness to the Waterford City Council, led by the Mayor, there’s a lot of that happening.
Minister Cullen again emphasised that business has to make it happen and deliver the competitiveness, remarking “it wasn’t just a case of stretching Waterford in a residential sense, we’ve got to stretch the business possibilities”.
The Mayor of Waterford, Ald. Tom Cunningham, pointed out that it wasn’t an exaggeration to say that Bank of Scotland Ireland has changed the face of Irish banking. Since arriving in the market in 1999, they had brought fresh impetus and competition.
Waterford, he said, was glad to take its place among the regional centres as the regional capital and a ‘Gateway’ city.
On behalf of the City Council, he was delighted to welcome institutions such as the Bank of Scotland Ireland, particularly as its parent company, with 60,000 staff worldwide, 20 million customers and assets of over £550billion, gave it considerable added status.
Likewise, it was no mean achievement that Waterford could attract institutions such as Bank of Scotland and he wished the bank and its staff every success in their role. Mr. Jim Ryan, Divisional Director, said their Waterford office team, which had grown from two staff members to thirteen in a short space of time, had a very credible track record in serving the business communities in Waterford, Wexford and Kilkenny.
“We have a team of experienced and enthusiastic people and BoSI is dedicated to driving business growth through supporting local enterprise and initiative. We offer a full range of services including business banking, treasury and investment and motor and asset finance products. We are well positioned to build on our excellent reputation and to increase the Bank’s market share in the South East.”
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