Pearse Doherty (Donegal, Sinn Fein) | Oireachtas source

Last year, Ulster Bank provided €3.1 billion in new lending in this State. It provides 20% of lending to SMEs and has deposits of €22 billion. Ulster Bank is the third largest mortgage lender in the State. Its withdrawal from the State would lead to a duopoly in the mortgage market that would stifle competition and leave us vulnerable to higher interest rates.

Rumours abound that Cerberus, one of the most aggressive vulture funds in the State, is considering buying the entire loan book of Ulster Bank valued at €20.5 billion. This month we had the premature resignation of Ulster Bank's chairperson, Ruairí O'Flynn, less than two months into the role. This week, it was reported that Goldman Sachs is advising NatWest on the future of Ulster Bank in its strategic review, despite claims from Ulster Bank that this review was internal. It should not be lost on anyone that Goldman Sachs has set up vulture funds in this State to snap up distressed loans. Such a conflict of interest only adds to concerns. Has the Minister in his discussions or consultations with Ulster Bank requested or seen the terms of reference of NatWest's strategic review of the future of Ulster Bank? In line with his remarks to Ulster Bank at the meeting of 21 October and given that Ulster Bank is not keeping staff informed and is not being up front with them, does the Minister believe the staff and customers of Ulster Bank deserve the truth from NatWest? Will he relay that message to them?

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