Michael Noonan (Limerick City, Fine Gael) | Oireachtas source

The Deputy knows that banks all over the world have lost a great deal of money. RBS suffered very severe losses, as did its subsidiary in Ireland, Ulster Bank. They are all restructuring and trying to be more efficient and to cut costs. As part of the restructuring, Ulster Bank moved the unit to Edinburgh. From a legal or practical point of view, though, this will not affect mortgage holders in Ireland, as Ulster Bank is still bound by the same rules as the banks that have their mortgage units in Ireland. Of course we regret the loss of jobs at the unit. No job loss is welcome. We would prefer it had the unit stayed in Ireland and maintained its 110 jobs or so.

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