Oireachtas Joint and Select Committees
Wednesday, 8 December 2021
Joint Oireachtas Committee on Finance, Public Expenditure and Reform, and Taoiseach
Withdrawal from Irish Banking Market: Engagement with Ulster Bank
Pearse Doherty (Donegal, Sinn Fein)
Link to this: Individually | In context | Oireachtas source
I appreciate that. We will know more in January about whether that will be elongated or not. Ulster Bank also announced a non-binding memorandum of understanding. MOU. The other one was a legally binding agreement with AIB but this was a non-binding MOU with Permanent TSB for the sale of a €7.6 billion portfolio comprising performing mortgages, excluding tracker mortgages. It was also made up of performing micro SME loans, the Lombard Ireland asset finance business and 25 out of 88 branch locations with a transfer of 400 to 500 members of staff under the TUPE regulations. Can Ms Howard break down the value of that? What different parts make up the €7.6 billion? How much of that sum relates to the performing mortgage market, excluding the tracker mortgages, the micro SMEs, the finance business and the branch network, respectively? Can Ms Howard give any clarity on the figure for staff? A range was provided on that point.