News & Media

Nash expresses concern at Ulster Bank Loan sales report

16 October 2020

Statement by Ged Nash TD
Spokesperson on Finance, Public Expenditure and Reform
  • Minister confirms plans to meet UIster Bank management

Ged Nash TD has expressed his concerns over reports in today’s Irish Times that Cerberus Capital Management is considering making a bid for Ulster Bank’s €20.5 billion loan book.

Labour’s Finance spokesperson Ged Nash TD said:

“Today, the Minister for Finance confirmed to me in a reply to a parliamentary question that he plans to meet with Ulster Bank in relation to NatWest’s strategic review of the bank’s operations in Ireland.

“In light of today’s report that this vulture fund is circling Ulster Bank’s loan book, added urgency has been brought to the situation and this meeting must now be expedited. The parent company NatWest’s management must be pulled into that meeting too.

“The leadership of the bank must clarify this situation as matter of urgency. Given the scarring experience of Irish home and business owners at the hands of such funds in recent years, the Minister for Finance must issue a hands-off warning to the likes of Cerberus.

Deputy Nash continued;

“The announcement last month of NatWest’s review alarmed staff, the Financial Services Union and Ulster Bank’s customers across the country.

“Jobs in Ulster Bank and the services provided from local branches across Ireland are vital to the national and local economy.

“The possibility of the bank pulling out of Ireland will impact on competition too and is not a good vista for the SME sector and everything that can be done should be done to protect the future of the bank here.”

ENDS

SEE PQ REPLY BELOW

______________________________________________
For Written Answer on : 15/10/2020
Question Number(s): 130 Question Reference(s): 30815/20
Department: Finance
Asked by: Ged Nash T.D.
______________________________________________


QUESTION


To ask the Minister for Finance outcome of his recent meeting with a bank (details supplied) in particular the outcome of his conversation with the bank in relation to the recent statement by its parent company that it was reviewing the position of the bank in the market here; if he has seen the terms of reference for the review; and if he has further meetings planned. (Details Supplied) Ulster Bank, parent company: NatWest

REPLY

 

I am aware that NatWest is engaged in a strategic review of its operations, including those of its subsidiary, Ulster Bank, thanks to media reports published last month.

Following these reports, officials from my Department contacted Ulster Bank and NatWest. Both Ulster Bank and NatWest highlighted that work on the review is ongoing and no decisions have yet been made.  

Furthermore, NatWest 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.
 

My office is currently working on scheduling a meeting with Ulster Bank. I expect it will take place soon.