Joint Committee on Finance, Public Expenditure and Reform launch a Report entitled ‘Interim report on banking - Ulster Bank’

The Joint Committee is preparing a wide-ranging report on banking matters as part of its general scrutiny role in this area.

However, the Joint Committee understands that an announcement on the outcome of the strategic review being undertaken by NatWest of Ulster Bank DAC’s operations in Ireland may be imminent. 

The Joint Committee was made aware of concerns about the strategic review being undertaken of Ulster Bank DAC’s operations in Ireland in November 2020, following media reports and representations from the Irish Financial Services Union (FSU) regarding the lack of engagement with staff and the union about the nature of the review and the possibility that the withdrawal of Ulster Bank from the market was being considered.

Ulster Bank and NatWest have declined all invitations to meet with the Committee to date, citing commercial sensitivities and indicating that as the review is still ongoing and no decisions have been made, they were not in a position to meet with the Joint Committee.

The Joint Committee makes this report with a view to seeking an urgent Dáil debate and again reiterates its request that Ulster Bank and NatWest engage with it at the earliest opportunity.

For more information about the work of the Committee on Finance, Public Expenditure and Reform, and Taoiseach, and to read the Interim report, please see ‘Recent Reports’ on the Committee webpage