Ulster Bank will have up to 2,000 employees after the AIB and PTSB transfers. The bank expects to start closing branches that are not transferring to PTSB from the second half of next year. Still, customers who do not move their accounts within the timeframe they are given face the prospect of having their account closed and their money returned by cheque. But we will give customers notice, and plenty of notice, beyond the regulatory minimum.” “Customers don’t need to take action until we let them know. “We are trying to withdraw safely, in a customer-focused way,” she said. However, she declined to specify exact timeframes that will be given.
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Ms Howard told The Irish Times that current account customers and deposit holders will be given more than the three-month minimum notice period required under the Central Bank’s code of conduct rules to move their accounts.
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Ulster Bank, led by CEO Jane Howard, said that over the coming months it will make a series of changes for customers as it implements its phased withdrawal. “We see this as a once in a generation opportunity to fast-track the growth of an Irish bank with a strong community and customer service ethos that has evolved over its 200-year history.” Customer notice periods “This potential transaction complements our growth strategy and will accelerate the delivery of Permanent TSB’s ambition of becoming Ireland’s best personal and small business bank,” said Mr Crowley. PTSB said that it will offer all Ulster Bank personal customers, an easy-to-use account opening process that will allow customers to apply for a current account in less than 15 minutes. Separately, sources said on Friday that AIB is also in talks to acquire Ulster Bank’s portfolio of about €6.5 billion tracker mortgages, where interest rates are linked to the main European Central Bank (ECB) rate.
About 280 of these are set to transfer to AIB as it takes over Ulster Bank’s €4.2 billion corporate and commercial loan book, under a deal agreed last month. It plans close two of these, on Eyre Square in Galway and Bishopstown in Cork, and move customers to nearby Ulster Bank offices it is acquiring.
Crucially, Minister for Finance Michael Noonan said the Central Bank had agreed to include any rebate under the scheme in calculating the deposit require for a mortgage under the regulator's home-loan restrictions, introduced last year.The transaction, which is not expected to be legally agreed until the last three months of 2021, will involve PTSB taking over Ulster Bank’s performing non-tracker mortgages and micro-business loans, the UK-owned group’s Lombard Asset Finance loan business and 25 of its 88 branches in the Republic. Under the plan unveiled in the budget on Tuesday, first-time buyers of new homes will receive a rebate of income tax paid over the previous four years, up to 5 per cent of the purchase price of a new home valued at up to €400,000. The 75 per cent State-owned bank’s stock rose as much as 6.15 per cent in early trading on Wednesday to €2.33, though it is currently changing hands at almost half the €4.50 price at which PTSB and the Government sold shares in the group last year.īank of Ireland shares were also in demand, rising as much as 1.7 per cent to 17.6p, as the focus moved, for the moment at least, off the 40 per cent exposure of its loan book to the UK. Shares in Permanent TSB surged to a fresh five-month high on Wednesday morning as analysts concluded the lender would be the main beneficiary from the Government's help-to-buy scheme aimed at first-time buyers.
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