STT State Street Corporation

   By Liz Moyer 
 

Goldman Sachs Group Inc. (GS) ended the guarantee to its Ireland affiliate after giving up its bank license there in January.

The Ireland operations, formerly known as Goldman Sachs Bank (Europe) Ltd., housed employees from a hedge fund administration business that Goldman sold to State Street Corp. (STT) last year for $550 million. Goldman's remaining Ireland operation continues on as Goldman Sachs Ireland Finance Ltd.

The termination of the financial guarantee is effective on July 10, Goldman said in a statement Tuesday.

Last year, Goldman received approval from the New York State's banking regulator to open a bank branch at the firm's London offices on Fleet Street. U.K. regulators approved the plan in April. The approvals allow Goldman to operate a commercial bank subsidiary in London, but there are no plans to provide retail banking services such as tellers and automated teller machines.

Write to Liz Moyer at liz.moyer@dowjones.com

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