Dáil Éireann Debate, Wednesday - 31 March 2021
377. Deputy Pearse Doherty asked the Minister for Finance the engagement he has had with a bank and its parent company (details supplied) and his UK counterpart on the future of the bank in the Irish market; and if he will make a statement on the matter. [3389/21]
Amharc ar fhreagraThe decision by NatWest to wind down its Ulster Bank business is regrettable, particularly for their customers and staff and they represent unfavourable developments for the Irish banking market.
Decisions in regards to operational and strategic matters are the sole responsibility of the boards and management of the individual banks, which are run on an independent and commercial basis. I have had no role in the strategic review of Ulster Bank and decisions that have been made in this regard. These are entirely matters for the Board and Management of the Ulster Bank and its parent company, NatWest.
Notwithstanding the fact that I have no role in the commercial decisions of banks, I have raised this issue on a number of different levels. I engaged with representatives from both Ulster Bank and its parent company, NatWest in advance of its announcement and again on the 19th of February. In these engagements, I strongly emphasised the importance of timely communication with customers, staff and other stakeholders in relation to strategic decisions regarding Ulster Bank. I also engaged with representatives of the Financial Services Union during the review and again on the 19th of February.
I also raised this issue in an engagement that I have had with the British Government, by means of a phone call I had with the Chancellor of the Exchequer, Mr Rishi Sunak.
I am open to engaging further on this issue with all interested parties to bring about an outcome that is good for Ulster Bank’s customers, staff and the Irish economy generally.
