FSU call on Minister to make statement on possible PTSB and Ulster Bank loan book sale.

Issued : 29 January 2021

FSU call on Minister to make statement on possible PTSB and Ulster Bank loan book sale.

Carve up of Ulster Bank is not acceptable and should be avoided at all costs.

Following today's story in The Irish Times regarding Ulster Bank, The Financial Services Union (FSU) is seeking an urgent meeting with the Minister for Finance, Paschal Donohoe TD.

John O'Connell, General-Secretary of the FSU, comments:

"Today's story is clearly a serious and significant one. Arising from it, we are seeking an urgent meeting with the Minister, who we are also calling on to issue a statement about what is planned.

"We have been warning about this for months. A carve-up of Ulster Bank will be a terrible outcome for customers and staff as well as for competition in the Irish banking sector.

"Given its responsibilities, we would also call for a statement from the Central Bank about the story today, outlining whether there has been any engagement with them about these issues.”

According to Mr O’Connell a carve up of the Bank would open the possibility of a vulture fund buying up part of the loan book.

“The Government cannot, under any circumstances, allow a vulture fund to get its hands on any part of the loan book.  We have campaigned for months to get NatWest to commit to the future of Ulster Bank. If NatWest decide to exit the Irish market any solution needs to involve the maximum protection for customers, for jobs and the branch structure,” stated Mr O’Connell.

"It is now apparent that NatWest intends to wash its hands of its loyal customers and staff in the Republic of Ireland. NatWest’s treatment of loyal staff, who are working and providing a professional service thorough a pandemic, has been nothing short of disgraceful.

“Continued repetition of its line about this process is no longer tenable as it risks taking people for fools. The Bank needs to immediately engage with us in a meaningful way about its actual plans.”

ENDS

 

Contact: Brian McDowell, Head of Communications and Public Affairs, FSU. Tel: 087-9161225. Email: [email protected]

 

About FSU

The FSU is Ireland’s leading union across banking and finance. We represent thousands of staff across the main retail banks, and we have members in more than 70 companies across the finance and fintech sectors. Our members are spread across the Republic of Ireland, Northern Ireland, and Great Britain. We are headquartered in Dublin and we also have a presence in Belfast. We are members of the Irish Congress of Trade Unions and UNI Global finance union.