Written answers

Tuesday, 8 July 2014

Department of Finance

Bank Branch Closures

Photo of Joe HigginsJoe Higgins (Dublin West, Socialist Party)
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207. To ask the Minister for Finance his views regarding the announcement by Ulster Bank of the closure of a further ten branches here; his plans to meet senior executives in Ulster Bank or Royal Bank of Scotland and if any such meetings are planned; his views on a possible merger with other institutions to form a third force in banking; his views on the call by the Irish Bank Officials Association that there should be no compulsory redundancies in Ulster Bank; and if he will make a statement on the matter. [29741/14]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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I fully understand and appreciate the concerns of Ulster Bank customers and their employees at this announcement. The statement that there will be no additional job losses as a result of the announcement is to be welcomed. I understand that staff will be redeployed within the branch network.

As I said in a reply to a previous question on this matter on 1 July, my officials have been in contact with both RBS and Ulster Bank officials; this contact will continue as the bank finalises its plans for the future.

The bank will continue to have a substantial branch presence across the country and Royal Bank of Scotland has publicly committed to building on Ulster Bank's current position to make it a compelling challenger bank to the main domestic banks and to focus firmly on the customer. That is to be welcomed. The continued presence of a viable and active Ulster Bank in the Irish market will be important in fostering competition for banking services. It is vital that businesses and consumers have a range of banking options available when using financial services and accessing credit - all of which will become increasingly important as the economy recovers.

As part of their day-to-day role, my officials will consider all credible proposals and develop strategic options relating to the banking system.

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