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Banking Sector

Dáil Éireann Debate, Wednesday - 21 October 2020

Wednesday, 21 October 2020

Questions (63, 66)

John Lahart


63. Deputy John Lahart asked the Minister for Finance if he will work with a bank (details supplied) to prevent job losses and a loss of competition to the banking market here; and if he will make a statement on the matter. [31941/20]

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Brendan Smith


66. Deputy Brendan Smith asked the Minister for Finance further to Parliamentary Question No. 65 of 23 September 2020, the further contact that has been made with a financial institution (details supplied); the progress made to secure existing employment and retain the services provided by this financial institution nationally; and if he will make a statement on the matter. [32040/20]

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Written answers (Question to Finance)

I propose to take Questions Nos. 63 and 66 together.

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. The Government has no formal role in such a review or any commercial decisions that result, as these are a matter for the Board and Management of the Bank and its parent company, NatWest.

However, following these media 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.

With regard to further contact, I am meeting with representatives of Ulster Bank today.