Leeds opens savings operation in Ireland

Leeds Building Society will become the first UK building society to open a Euro deposit taking operation in Ireland on 1 July.

The new range of savings products will include 1 and 2-year fixed rates with penalty free access, which is unusual in the Irish savings market.

Kim Rebecchi, Director of Sales at Leeds Building said, "This represents a significant venture for us and it is a really exciting development. We are delighted to be the first UK building society to enter the market and it will be the first time we have accepted deposits in Euros.

"We know that a high guaranteed return with access is unusual in the market. This combination has been extremely popular in the UK and the ability to access funds whilst receiving a fixed rate delivers excellent flexibility and peace of mind. No matter what happens in the market, investors simply cannot lose.

"We entered the Irish mortgage market in September 2006 and have been delighted with the mortgage business we have received, which was over 120m Sterling equivalent last year, and healthy volumes in the first quarter of 2008. Our business model means that the vast majority of our net lending is funded from savers and this is the next logical step.

"The feedback we have received from our mortgage customers has been fantastic. We have invested in new systems to facilitate a Euro deposit taking capability and we will ensure that savers receive the same excellent service. We will also investigate the demand for online savings in the future."

The new operation is at 7 Upper Fitzwilliam Street, Dublin 2 and is open between 9am and 5pm, Monday to Friday. The savings hotline is available 7 days a week, between 8am and 8pm, on 0818 411005 and the website address is leedsbuildingsociety.ie.