Pearse Doherty
Ceist:54. Deputy Pearse Doherty asked the Minister for Finance the input he had into the review of the Royal Bank of Scotland; and if he will make a statement on the matter. [11358/14]
Amharc ar fhreagraThursday, 6 March 2014
Ceisteanna (54, 55)
Pearse Doherty
Ceist:55. Deputy Pearse Doherty asked the Minister for Finance the input he will have into a future review of Ulster Bank’s operations. [11359/14]
Amharc ar fhreagraFreagraí scríofa
I propose to take Questions Nos. 54 and 55 together.
The Deputy will be aware that, following the review by the UK Treasury in Autumn 2013, RBS reaffirmed its commitment to the Irish market. As part of that process, Treasury officals engaged with officials from my Department. RBS is currently reviewing the operations of Ulster Bank in Ireland with a view to creating a sustainable business model and on 27 February 2014, RBS re-iterated its commitment to the Irish market. RBS also stated its intention to build on Ulster Bank's current position to be a compelling challenger bank to the domestic pillar banks and focus firmly on the customer. It is good news that the bank has committed so firmly to the Irish market.
From a domestic banking perspective, the continued presence of a viable and active Ulster bank in the Irish market will be important in fostering competition for banking services. It is vital that businesses and consumers have a range of banking options available when using financial services and accessing credit - all of which will become increasingly important as the economy recovers. Officials in the Department of Finance have been in contact with both RBS and Ulster bank officials and this will continue as the bank finalises its plans for the future. I also met with RBS executives to ascertain their outlook for the bank both here and in the UK.