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Friday 27 May 2022
Here’s your round-up of what made the headlines today.
But bank officials said the lender will remain flexible and urged customers having difficulties to come forward immediately.
The investigation will determine whether the proposed acquisition could lead to a substantial lessening of competition in the State.
Stakeholders say the industry is staring down the barrel of one of the biggest logistical challenges in its history.
The original timeframe was 90 days.
Ulster Bank is set to withdraw all of its banking services from Ireland.
Both Ulster Bank and KBC Bank are winding down their operations in Ireland.
Separately, KBC Bank announced yesterday that from June, customers will get 90 days’ notice to move their accounts.
It’s part of the NatWest-owned bank’s phased withdrawal from the market in the Republic of Ireland, announced in February 2021.
The CPCC has decided to investigate whether the deal could substantially lessen competition in Ireland
The bank will also acquire Business Direct and Lombard Asset Finance loan business under the deal.
The bank’s CEO said today that none of its 88 branches will close during the first half of next year.
The bank has committed to giving up to six months notice of its departure in 2022.
The CCPC said an in-depth investigation was required to determine whether the deal would weaken competition.
Ulster Bank has over one million customers, along with 2,800 staff and 88 branches across the country.
The move will see 280 Ulster Bank employees move over to AIB as part of the deal.
Finance minister Paschal Donohoe announced the six-month sale process yesterday.
The watchdog also received 492 new complaints about tracker mortgages in 2020.
It’s the largest fine the Central Bank of Ireland has ever handed out.
The 75% State-owned bank took a loan impairment charge of €155 million.
Ulster Bank and NatWest were heavily criticised by TDs for its treatment of staff.
The Government’s priority is to protect the 2,800 workers affected by the decision, Micheál Martin said.
The bank will be wound down gradually over the next few years.
Ulster Bank’s long goodbye creates major headaches for policymakers.
A formal announcement is expected on Ulster Bank’s operations in the Republic of Ireland tomorrow.
The threat of the bank closing “is growing”, the Financial Services Union said.
The Minister for Finance met with representatives from Ulster Bank today.
The Financial Services Union has responded to reports that UK parent company NatWest is considering closing Ulster Bank in the Republic.
The bank suffered a loss of €276 million in the first six months of the year.
Bank of Ireland redundancies ‘surprised’ the general secretary of the Financial Services Union.
Developments in recent days have undermined the banks’ positions.
Italy announced plans to suspend mortgage payments across the country earlier today.
Last week, KBC dropped its fixed mortgage rates from 2.85% to 2.55%.
The problem did not affect ATM, debit/credit cards or in-person purchases.
The bank said today it had fixed the problem and that all outstanding credits had been processed.
There are 2,800 home loans and 375 buy-to-let loans included in the portfolio.
90% of the loans due to be sold are family homes – about 3,200 accounts.
A quarter of children make over €800 on their Communion day.
THE GREAT AND the good from the world of spuds will be converging on Ireland next week when the World Potato Congress rolls into town.
The Irish Potato Federation is hosting the 11th meeting of the event, which is set to attract delegates from over 60 countries.
The focus of the congress is to bring the global potato community together and its overarching theme this year is the “changing world of the potato”.
The spud industry is keen to highlight that potatoes are the world’s third most important crop, after wheat and rice.
There are over 300 million tonnes of potatoes produced annually, consumed by over one billion people worldwide.
So, today we’re asking: What’s your favourite way to eat potatoes?
Poll Results:
Share your story: voices@thejournal.ie
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