Michael McGrath (Cork South Central, Fianna Fail)
Link to this: Individually | In context | Oireachtas source

69. To ask the Minister for Finance if his Department has been in contact with the UK Treasury in relation to the UK Government’s review of Ulster Bank’s parent company, Royal Bank of Scotland; if so, the position of the Irish Government on the issue; and if he will make a statement on the matter. [32189/14]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

In Autumn 2013, following a review of its operations by the UK Treasury, Royal Bank of Scotland reaffirmed its commitment to the Irish market.  As part of that process, Treasury officials engaged with officials from my Department. As part of its strategic review process, RBS announced plans in late 2013 to accelerate the deleveraging of assets contained in RBS Capital Resolution, a material amount of which are assets held by Ulster Bank. 

In February 2014, I met with RBS executives to ascertain their outlook for Ulster Bank. RBS is currently reviewing the operations of Ulster Bank in Ireland with a view to creating a sustainable business model. On 27 February 2014, RBS re-iterated its commitment to the Irish market.

It is good news that the bank has committed so firmly to the Irish market. Officials in my Department have been in contact with both RBS and Ulster Bank officials and this will continue as the bank finalises its plans for the future.