GE Money is to cease offering residential mortgages in Ireland. A process of working through existing applications will start immediately in conjunction with their broker partners the company has announced in a statement today.
The size of the company’s remaining business in Ireland is to be reduced significantly as the level of exposure to the car finance sector is reduced. This applies at the dealer funding and retail car finance levels. GE Money will continue to provide inventory finance facilities to selected car dealers as well as retail car finance and ancillary insurance products.
It is estimated that up to 80 people will leave GE Money at the end of the process. The company said it will seek to redeploy as many affected employees as possible into other areas of the business where vacancies exist. A process of employee consultation will commence immediately.
The company said these changes will not impact on existing Mortgages, Personal Loans and Car Finance agreements and insurance policies in Ireland and GE Money will continue to service these customers.