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Last week the UK subsidiary of Irish Life & Permanent announced a redundancy plan for about 50 members of staff out of a total workforce of 250.

The lender, which has been offering specialist mortgage solutions since 1992 said the move reflected plans for a reduced amount of mortgage business growth in the current year while focusing on credit quality and margins.

Bob Young, managing director of CHL Mortgages, said: "Unfortunately this move will have consequences for staff numbers in the business. We have briefed staff on the impact that we believe will lead to a reduction in head count of about 50 people."