Donohoe ‘deeply concerned’ by reports that Ulster Bank could be liquidated ahead of today’s meeting

FINANCE MINISTER Paschal Donohoe has said he is “deeply concerned” by reports that Ulster Bank’s parent company is considering closing its operations in Ireland.

Speaking to RTÉ Radio 1′s Morning Ireland before a meeting with senior bank officials today, Donohoe said his first step would be to “establish exactly what is going on.”

“I am aware that there is a process underway,” he said. “I need to know more than what has appeared in the public reports.”

Before their meeting with the Ulster Bank later, the Financial Services Union said there were a number of questions that the union must answer when they meet with Minister Donohoe.

Its general secretary, John O’Connell, said: “This lack of clarity is causing great anxiety among the bank’s employees and customers in the Republic of Ireland, as well as many employees in Northern Ireland who directly support the Ulster operation. Bank in the Republic.

[Parent company] NatWest presents itself as a people-centered bank. On its website, it describes itself as having a ‘purpose-based strategy’ and sets its key ambitions, which include being ‘the best bank for everyone in the UK and Ireland’.

It says its purpose is to ‘uphold the potential of individuals, families and businesses’ and stresses that it’ must deliver ‘for’ clients, colleagues and communities across the UK and RoI to help build a cleaner, fairer life. and inclusive economy ‘. This document was published in July 2020. Do we want to know what has changed between then and now?

The FSU has joined other unions and other parties in calling on NatWest to guarantee the future of Ulster Bank in Ireland. Ulster Bank has 2,400 employees across the country.

Donohoe said an update would be provided after this meeting with the bank.

However, he did not comment on reports that Ulster Bank was considering selling a portfolio of loans to a vulture fund.

In the same interview, the minister said he was aware of “how difficult” it would be today for companies across the country that are closing their doors before the closing of Level 5 that will take effect at midnight tonight.

Donohoe said enhanced supports would be provided for businesses through the new year, admitting that a return to Tier 3 is the likely scenario in December.

“Our country will get through this,” he said. “We will support our economy through this. We will support them during this period and take the country to a better place. “