Dáil Éireann Debate, Thursday - 22 October 2020
63. Deputy Catherine Murphy asked the Minister for Finance if he or his officials have engaged with and or corresponded with a bank (details supplied) and or a service in relation to the possibility of the bank withdrawing from the Irish banking market [32207/20]
View answer65. Deputy Pearse Doherty asked the Minister for Finance the discussions he has had with a bank (details supplied) regarding the reported closure of its branches and operations; and if he will make a statement on the matter. [32250/20]
View answerI propose to take Questions Nos. 63 and 65 together.
I became 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 media reports, officials from my Department contacted Ulster Bank and NatWest.
Yesterday, I met with representatives of Ulster Bank. I outlined that I expected that staff, customers and other stakeholders would be informed promptly about any decisions being made. In particular, I asked that staff representatives will be consulted and kept informed of developments. I also emphasised the importance of Ulster Bank to the Irish financial services market, to the wider economy and to the communities it serves.
Ulster Bank confirmed that the strategic review is ongoing and that no decision has yet been taken. Ulster Bank also 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.
While I will have further engagement with the bank as the review process continues, I would like to emphasise that I have no role in the review or any commercial decisions arising from it.
