Paschal Donohoe (Dublin Central, Fine Gael) | Oireachtas source

As the Deputy will be aware, I met representatives of Ulster Bank on 21 October. I outlined that I expected that staff, customers and other stakeholders would be informed promptly about any decisions being made. I used that meeting as an opportunity to emphasise my concerns regarding the impact of such a decision on the economy, the banking sector, staff and those who depend on Ulster Bank for both lending and investment.

News of the review is unsettling for all stakeholders, especially staff and customers. I outlined to the bank my expectation that it will keep stakeholders, especially its staff, fully informed about any developments in the review and engage with them on any proposals or decisions that result from the review quickly. I also emphasised the importance of Ulster Bank to the Irish financial services market, the wider economy and the communities it serves. Ulster Bank confirmed to me that the strategic review is ongoing and no decision has yet been taken. It also confirmed that there is no set timetable for this review and that it is fully aware of the strategically important role that Ulster Bank plays in the provision of financial services to the Irish market.

The continued presence of a viable and active Ulster Bank in the Irish market would be a very welcome outcome. Ulster Bank is a significant employer and has 88 branches across the country and is very important for competition and services.

I note that the chairman of Ulster Bank has resigned for personal reasons. The bank has stated that his resignation is unrelated to the strategic review.

In the absence of direct knowledge about the involvement of any other party in NatWest's strategic review of Ulster Bank's operations, I cannot comment on possible outcomes but I confirm that I will continue to raise this matter with Ulster Bank and its parent company.

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