Gerry Horkan (Fianna Fail) | Oireachtas source

I wish to draw the attention of the public, Chamber and Leader to the fact that Ulster Bank today announced it is going to start freezing accounts. As the Leas-Chathaoirleach will appreciate, Ulster Bank has been a very large and important financial institution in the history of this State, really since the foundation of the State. It is a major thing for a large bank like Ulster Bank to leave. It has been doing so in an organised, measured and slow way but the day is coming where it will freeze accounts. Indeed, on 6 January, it will close 12 branches and another 13 branches on 13 January. Those 25 branches will transfer to Permanent TSB into the future but all the records, files and details relating to those accounts will go back to Ulster Bank headquarters or wherever.

I would like the Leader to schedule a debate, or suggest that we have a discussion, not just about the future of banking in Ireland but in particular, the need to draw attention for all those people who perhaps are not using their Ulster Bank accounts. They may have had one in the past and have moved their account. They may have opened multiple accounts when they were students or attending college at a previous time. Ulster Bank said it will close the accounts and send the details to the last known address. Many people may not have been using those accounts, however, and may have moved addresses since those accounts were in place. Much more focus and attention needs to be brought to the fact that Ulster Bank is finally now freezing and, ultimately, closing many accounts, many of which are inactive. There will still be balances on them, however, and those people are entitled to their money. Therefore, perhaps the Leader could schedule a debate with regard to KBC Bank Ireland but also pertinently, related to Ulster Bank. The time is now coming and it is incumbent on all of us to alert people to be aware that Ulster Bank is leaving the market. They probably know about it but that day is coming soon. It is important that we draw attention to this to allow people to get their money back from this institution before it is gone and, therefore, much harder to retrieve.