Ulster Bank departure a big blow to Tipperary towns

Noel Dundon

Reporter:

Noel Dundon

Email:

nd@tipperarystar.ie

Ulster Bank

Ulster Bank has announced that it is to close its branches in the Republic of Ireland

“I am urging the Minister to ensure the retail banking network isn’t lost because it will have a huge impact on our community.” - Alan Kelly.

Ulster Banks plans to withdraw from Ireland is a major blow to the staff and customers in the Thurles, Nenagh and Clonmel branches of the bank in Tipperary with jobs to be lost in the process.


All three branches are located in key settings and their closure represents a big blow to town centre business which is under pressure in the three major towns of The Premier County.


And, Labour Party leader Alan Kelly has called for the government to intervene to ensure that jobs are saved, and that the local branch network is protected through the creation of a third banking force.


The Tipperary TD told tipperarylive.ie that the devastating news is a hammer blow for the 2,800 Ulster Bank staff, for their customers and for businesses across Ireland, but especially for the towns of Nenagh, Thurles and Clonmel where the bank is a central part of those communities.


Deputy Alan Kelly

“My immediate thoughts and concerns are with the bank’s dedicated staff whose future is uncertain. Any sale or potential merger must respect the right of staff to have their existing terms and conditions transferred with them and compulsory redundancies should be off the table.


“The Minister for Finance has repeatedly said that any decision by NatWest on the future of Ulster Bank is for them to make. Now that decision has been made there is an onus on the Minister to take on the responsibility to chart a way forward in the interests of staff, customers and competition.


"What we need to avoid is the piecemeal dismantling of the bank and its operations by vulture funds and other Irish banks which will damage any effort to create a real third force. It is incumbent on the government and the Minister for Finance to drive such an outcome rather than acting as commentators.


“The bank and its assets are now vulnerable and any fire sale of assets to vulture funds must be categorically ruled out. This challenge for the banking sector represents an opportunity if the Minister for Finance is willing to grasp it.


“The State is the majority shareholder in Permanent TSB and has behaved like a sleeping partner and not a majority owner. With some imagination from government the long hoped for third banking force could be formed out of the ashes of this crisis for Irish banking.


“The Labour Party and other stakeholders are prepared to be constructive and engage with government to secure as many jobs as possible and to help reframe the Irish banking sector in a way that will provide choice for consumers and support our economic recovery.


“I am urging the Minister to ensure the retail banking network isn’t lost because it will have a huge impact on our community.”