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Think-in organisers red-faced
after Postbank closure
02.03.10
by Linda McGrory
ORGANISERS of a Donegal think-in have been left
red-faced as they prepare for a grow-your-business
seminar delivered by Postbank chief executive
Margaret Sweeney who was forced last week to
announce the closure of the loss-making chain.
The Postbank Ireland boss is due to address
businesswomen on the theme 'Mobilising Women's
Expertise for Growth' as part of Donegal Enterprise
Board’s Enterprising Donegal Business Week from
March 5 – March 12.
The free lunchtime event in Gallagher’s Hotel,
Letterkenny, has been organised by the Donegal Women
in Business Network as part of the board's annual
think-in. |
Ms Sweeney yesterday
told InishowenNews.com she did not know Postbank was
under threat of closure when she accepted the
invitation, a couple of months ago, to speak at the
event in her home county on March 10.
She said the decision by Postbank shareholders, An
Post and European bank BNP Paribas, to shut "came
very suddenly" last week.
"I accepted the invitation from the Donegal Women in
Business Network a good couple of months ago and the
closure of Postbank was not being |
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mooted then. The
shareholders' decision came very suddenly for all of
us last Thursday and we had to announce (the
closure) to our staff and the media on Friday," said
Ms Sweeney.
She said the closure of Postbank Ireland was not due
to "non-growth" but the negative economic climate
and poor state of the financial services sector
generally. Commenting on the timing of the closure
announcement in relation to her speaking at the
Donegal event, Ms Sweeney added: "I would be very
impressed if any of us could predict the future, be
that Postbank or Donegal Enterprise Board."
Postbank announced on Friday that it would close by
the end of the year because the business was making
losses for its two shareholders. Postbank blamed the
loss-making rates currently being offered in the
highly competitive Irish savings deposit market.
Ms Sweeney said the upcoming seminar for
businesswomen in Co Donegal was important,
particularly in a recession. "It is fundamental for
women in business to learn how to deal with the
significant challenges that face them, particularly
in the current economic climate,” said the Kilcar-born
chief executive.
Meanwhile, Donegal Women in Business Network
president, Annmarie Doherty from Greencastle, said
Ms Sweeney was invited as guest speaker because of
her success and high profile as a businesswoman from
Co Donegal.
"She was invited to speak based on her track record
in business and to provide attendees with an
opportunity to learn from her experience. Her
profile is reflected in her recent appointment to
the board of FAS and her position on the boards of
Dublin City University, Teagasc and Dublin Chamber
Of Commerce. The Donegal Women in Business Network
cannot comment on last week's announcement by
Postbank," added Ms Doherty. |
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