Brendan Smith urges action as Ulster Bank review threatens 88 branches

Thank you. Minister, as you are aware, there are widespread concerns in many communities in relation to the statement by NatWest that they are considering all strategic options in relation to the future of the Ulster Bank. The bank has 88 branches in our state. It has more than 2,500 employees and it has a substantial presence in the border region, particularly my own constituency of Cavern, Monaghan. Three branches throughout County Cavern, one in Monaghan. It has been an integral part of Irish commercial life. it has been trading in our country for almost 200 years. So, Minister, any thought of the closure of this branch, of this bank and its branch network would be devastating for so many communities and for the employees of the bank as well. Minister, please. Thank you, Deputy. I am aware of the reports that NatWest is engaged in a strategic review of its operations, including those of Ulster Bank Ireland. The government doesn't have a formal role in such a review. I am aware of any commercial decisions that result, as these are a matter for the board and management of the bank and its parent company, not West. I understand that the process is ongoing and that no decisions have been made. I therefore will not comment or speculate on possible outcomes, as there is not available to me a basis for that speculation and any comment that I might make could be open to misinterpretation. However, as Deputy Smith has just done there, I want to acknowledge that news of this review is, of course, very unsettling for all who could be affected by it, especially staff and customers and communities that depend on this branch network. I expect Ulster Bank to keep all its stakeholders, especially staff and customers fully informed about any developments in the review and to engage with them in relation to any proposals or decisions that result from the review promptly. The continued presence of a viable and active Ulster Bank in the Irish market has been a very important dimension of how banking has been organised and supplied in Ireland over many, many years. Ulster Bank is a significant employer and it has 88 branches across our country. It is also very important in terms of providing competition in the Irish retail banking market. The Bank will have to keep the Central Bank of Ireland fully informed and comply with its requirements in the decision-making process. I want to conclude by reiterating that I do not have a role in any review undertaken by a commercial entity, but of course I and my officials will monitor very carefully any developments in this area. Thank you, Mr. Minister. I think you are taking question 41 as well with Deputy Smith and then Deputy Mick Barry. Mr. Minister, as I said, 88 branches serving 88 communities. They are very large communities nowadays because there was a lot of rationalisation and branches closed over the years. There has been a loss of services to many communities, but any further diminution in banking competition in this country would be very concerning. Ulster Bank is the third largest bank. We lack banking competition in this country. So, Minister, you said to me previously in reply to parliamentary questions that you would expect the bank to keep its customers and its employees up to date with whatever they were planning and proposing. Minister, I would also like you as Minister for Finance to convey the concerns of communities and employees throughout the country in regard to these suggestions, this narrative that has taken place for some time. So, Minister, I am very concerned and I would like, you have no formal role, but there is nothing to stop communication being made through the central bank, through your own department, whatever, about the importance of this bank to so many communities, to so many employees. And, God forbid, the small company, the small enterprise that has been affected by COVID, where would they, that is struggling to survive through the present pandemic, where would they go to transfer to another bank if they lost their present banking arrangement? й The exact wording Deputy Barry was that I expect Ulster Bank to keep stakeholders, the government and those who depend upon them for their job or for lending, to keep them and the government informed. By virtue of Deputy Smith raising this question here this evening, it has given me the opportunity to make clear my expectation in relation to that communication and I want to, as I did earlier on in the question that is put to me, acknowledge how valuable Ulster Bank is and I believe will continue to be from an employment point of view and a lending point of view within our country. I am well aware of the value of the role that it plays in the communities that Deputy Smith is referring to and what I will be doing is continuing to monitor very, very carefully developments in this area and of course I am available to deputies that are particularly concerned about this matter for any further question or comment. I thank the Minister for his reply. In my own county we have Ulster Bank branches in Ballyconnell, Cavan, Ballyjumduff and also in Monaghan town. The Ulster Bank has been very much associated with the border region. They have had a very successful business by and large for the most of 200 years in communities right throughout our country. As the third largest bank in this country we cannot afford to lose it and my understanding from speaking to employees and from interaction with private individuals and with people with small and medium enterprises is that the Ulster Bank's business is across all sectors of our economy. So from the point of view of employees, from the point of view of business and enterprise and from the point of view of so many communities it is essential that a clear message goes to NatWest that we want to see the Ulster Bank retained in its present format with its 88 branches and its more than 2,500 employees. I think there is a concern among employees. I would like to know if the Minister has any indication if any announcement is imminent in this respect in regard to NatWest's intentions. Thank you. Thank you. Thank you. Thank you. Thank you. Barry Smith and Doherty for the questions they have raised there. I have already contacted the bank, the parent bank NatWest, to ascertain the status of the alleged reports. My contact with them is what has informed the answer that I have given to the deputies here this afternoon. Of course I will, as this process develops within NatWest, raise issues and perspectives that I have about that. I absolutely understand the concerns that employees will have at this point, not to mention the businesses that are depending on Ulster Bank for lending and investment. I have personal experience of the unsettling effect of an announcement like this for those who work for the bank. I understand the concerns they have now regarding their future, but I do have to emphasise, as was acknowledged there by Deputy Doherty, this is not a bank that the state has a shareholding within. The parent bank is located in the UK. Ulster Bank is part of their broader structure on behalf of a broader company. But notwithstanding those constraints, I have and I will contact the parent bank about this issue. Let me go toню the life of the particular family of the Chief let alone should not be taking care of folks to their own people, it's going to take care of the options. You can consider that that there is something different, and I'd piped through around the front of acendo.