Oireachtas Joint and Select Committees
Wednesday, 18 May 2022
Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach
Withdrawal from Irish Banking Market: Engagement with Ulster Bank and KBC Ireland
Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source
Sorry. People are out there saying that they are finding it difficult to pay their electricity bill and are really struggling to put food on the table. Inflation is at 7%. Ulster Bank is withdrawing and they have been loyal customers. They have an overdraft of €2,000 and their account has to be closed by September or October. The kids will be going back to school then. What will happen to them because they know their finances do not add up and they will not be able to close the overdraft which is what was stated in Ulster Bank's letter. I want to know what is going to happen from Ulster Bank to those individuals who will not be able to deal with their overdrafts at that time. Ulster Bank will have closed their accounts and frozen them out. What will happen to those customers? What does Ulster Bank do? It has a process which is not in any of its Q&As so what will happen?
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