Paschal Donohoe (Dublin Central, Fine Gael)
Link to this: Individually | In context | Oireachtas source

As the Deputy will be aware, I have met with representatives from both Ulster Bank and its parent company, NatWest in recent months. My most recent meeting was with the Chair of NatWest on the 17 December where I emphasised that Ulster Bank is an important part of the Irish banking landscape and I reiterated the importance of timely and direct communication between staff, their representatives and management throughout the review, especially if there are any developments. I outlined that I expected that any decisions arising from the review will be swiftly communicated to staff, customers and other stakeholders.

I also met with representatives of Ulster Bank on 21 October. Ulster Bank has confirmed that the strategic review is ongoing and that no decisions have yet been taken. Ulster Bank 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.

I emphasised the importance of Ulster Bank to the Irish financial services market, to the wider economy and to the communities it serves. News of the review is, of course, unsettling for all stakeholders, especially the staff and customers.

The continued presence of a viable and active Ulster Bank in the Irish market would be the most welcome outcome. Ulster Bank is a significant employer with 2800 employees and has 88 branches across the country. Ulster Bank is also important in terms of providing competition in the Irish retail banking market. However, as the Deputy will be aware, I have no formal role in the commercial decisions of Ulster Bank, these are a matter for the Board and Management of the Bank and its parent company, NatWest.

In the absence of direct knowledge about NatWest’s strategic review of Ulster Bank’s operations, I cannot and will not comment or speculate on possible outcomes as there is no basis for such speculation, which would be open to misinterpretation.

While I will have further engagement with the bank as the review process continues, I would like to emphasise that I have no role in the review or any commercial decisions arising from it. My officials will continue to monitor developments.