Offshore banking sector 'alive and well'

The offshore banking sector is alive and well on the Island.

That's according to Economic Development Minister John Shimmin who spoke out after the Bank of Ireland revealed it was closing its Isle of Man operation.

The company's head office in Dublin says offshore activity is no longer a priority.

Since the 1980s the financial services industry has transformed the working landscape here and remains the biggest contributor to the national GDP.

However two Irish banks have closed offices in Douglas within the past year and there have been numerous redundancies across the sector.

Mr Shimmin says it's important to maintain hindsight:

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