Mairead Farrell (Galway West, Sinn Fein) | Oireachtas source

On 25 November, my colleague, Deputy Doherty, wrote to the Governor of the Central Bank to request the bank's views on the impact of Ulster Bank's withdrawal on the Irish market, both in terms of competition and consumer protection. He received quite an interesting response from deputy governor, Ed Sibley. In that letter, he said he could confirm that the Central Bank has "regular and intensive engagement with Ulster Bank on a broad range of matters, including the NatWest Group Strategic Review, and is in contact with the NatWest Group and the UK regulatory authorities, as appropriate". He also stated:

The Central Bank has regular and comprehensive supervisory engagement with the senior management of regulated firms on a wide range of topics including their business model, future strategy and the protection of consumers ... The Irish retail banking system is concentrated by international standards, with five retail banks accounting for the majority ... The exit of one entity from such a system, all other things equal, could contribute to upward pressure to lending interest rates and potentially lead to weaker credit availability.

What would the withdrawal of Ulster Bank mean for the banking sector and consumers?