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Friday 3 February 2023 Dublin: 11°C

# Ulster Bank

This week
29th January 2023 - 3rd February 2023
# Finance committee
Ulster Bank to freeze 2,000 active accounts after 'last attempt' to engage with customers
Ulster Bank and KBC appeared before the Oireachtas finance committee today.
Last week
22nd January 2023 - 28th January 2023
# Withdrawal
Ulster Bank announces final closure dates for 63 branches across Ireland
Ulster Bank Chief Executive Jane Howard described the withdrawal of their services from communities as “poignant”.
Last month
January 2023
# Banking
One in eight Ulster Bank and KBC customers are yet to open a new account elsewhere - survey
68% of customers have either opened a new account or plan to use an existing account in another bank.
# Ulster Bank
12 Ulster Bank branches to close today
A further 13 branches will close next week before becoming branches of Permanent TSB.
Last year
2022
# Interest Rate
Ulster Bank increases fixed mortgage rates for some customers by 0.75%
The rate increase applies to two, four and seven year fixed rate mortgages, as well as four year fixed Green mortgages.
# Redundancy
Ulster Bank opens redundancy programmes that will see 600 staff leave from March
Further redundancy programmes are expected to open next year and beyond.
# Banking
Ulster Bank to begin freezing current and deposit accounts from today
The bank announced its withdrawal from the Irish market in February.
# Banks
Over 20 Ulster Bank branches to switch to Permanent TSB in January
The bank is exiting the Irish market.
# CCPC
Sixty per cent of Ulster Bank and KBC customers report 'challenges' when switching providers
Transferring direct debits and payments continues to be the most significant issue.
# Banking
Finance Committee hears update from KBC and Ulster Bank ahead of market withdrawal
Ulster Bank told the committee that around 1,000 accounts are currently on track to be frozen from 11 November.
# Ulster Bank
Ulster Bank extends first account closure deadline until 4 November
The bank announced its withdrawal from the Irish market in February.
# switching account
New dedicated phonelines set up to help vulnerable customers switch bank accounts
It comes as Ulster Bank and KBC prepare to leave the Irish market.
# Banking
Ulster Bank to write to personal credit card holders to remind them to close accounts
Ulster Bank credit cards will no longer work from March 2023.
# Irish Banking
Almost 300,000 new current accounts have been opened this year, figures show
The figures indicated that Ulster Bank and KBC current account customers are heeding advice to switch banks.
# The Big Bank Switch
Competition watchdog green lights Permanent TSB's €7.6 billion deal with Ulster Bank
The deal includes 25 of Ulster Bank’s branches.
# Withdraw
Under half of polled customers have moved KBC and Ulster Bank accounts ahead of closures
Ulster Bank and KBC are leaving the Irish market.
# Ulster Bank
Ulster Bank to sell €6 billion mortgage portfolio to AIB
Ulster Bank and KBC are both in the process of exiting the Irish market.
# The Fix
Here's What Happened Today: Wednesday
Here’s your round-up of what made the headlines today.
# The Banks
Exiting Ulster Bank gives customers six-month 'deadline' to repay their overdrafts
But bank officials said the lender will remain flexible and urged customers having difficulties to come forward immediately.
# The Banks
Competition authority launches full probe into Permanent TSB's €7.6 billion Ulster Bank deal
The investigation will determine whether the proposed acquisition could lead to a substantial lessening of competition in the State.
# The Banks
Flurry of announcements caps off noteworthy week for Irish banks and their customers
Stakeholders say the industry is staring down the barrel of one of the biggest logistical challenges in its history.
# KBC Bank
KBC Bank extends its account closure notice to six months
The original timeframe was 90 days.
# Green Light
AIB cleared to acquire €4.2 billion Ulster Bank loan porfolio
Ulster Bank is set to withdraw all of its banking services from Ireland.
# Account Switch
Central Bank tells sector 'more needs to be done' for customers hit by KBC and Ulster Bank closures
Both Ulster Bank and KBC Bank are winding down their operations in Ireland.
THE MORNING LEAD
Is your bank exiting the market? Take action soon, experts say. Here's what you need to know
A report by
Ian Curran
Ulster Bank and KBC Bank are in the process of winding down their Irish operations as announced last year.
Ulster Bank and KBC Bank are in the process of winding down their Irish operations as announced last year.
Concerns have been raised in recent months about the scale of the logistical challenges involved.
Consumer experts say customers have time to sort out new arrangements but they should "take action" soon.
# The Banks
Ulster Bank gives current and deposit account customers six months' notice to switch providers
Separately, KBC Bank announced yesterday that from June, customers will get 90 days’ notice to move their accounts.
# The Banks
Ulster Bank to write to customers, giving them six months to close current and deposit accounts
It’s part of the NatWest-owned bank’s phased withdrawal from the market in the Republic of Ireland, announced in February 2021.
All time
# Business
Competition watchdog to fully investigate AIB and Ulster Bank loan book deal
The CPCC has decided to investigate whether the deal could substantially lessen competition in Ireland
# PTSB
Permanent TSB signs agreement to buy €7 billion of Ulster Bank mortgages and 25 branches
The bank will also acquire Business Direct and Lombard Asset Finance loan business under the deal.
# Withdrawal
Ulster Bank customers will be given six months notice to close their accounts
The bank’s CEO said today that none of its 88 branches will close during the first half of next year.
# Withdrawal
Ulster Bank urges customers not to switch banks 'at last minute'
The bank has committed to giving up to six months notice of its departure in 2022.
# The Banks
Competition watchdog launches full probe of Bank of Ireland proposal to buy KBC Bank loans
The CCPC said an in-depth investigation was required to determine whether the deal would weaken competition.
# Banking
Permanent TSB plans to take over €7.6 billion of Ulster Bank loans and 25 branches
Ulster Bank has over one million customers, along with 2,800 staff and 88 branches across the country.
# Banking
AIB to take on €4.2 billion worth of Ulster Bank's corporate and commercial loan book
The move will see 280 Ulster Bank employees move over to AIB as part of the deal.
# The Banks
Banking on the short-term — The government is selling 'part' of its 13.9% stake in Bank of Ireland. But why now?
Finance minister Paschal Donohoe announced the six-month sale process yesterday.
# The Banks
Ulster Bank topped the Financial Ombudsman's complaints table in 2020 for the second year in a row
The watchdog also received 492 new complaints about tracker mortgages in 2020.
# The Banks
Ulster Bank fined €37.8 million for its 'unacceptable' handling of tracker mortgage scandal
It’s the largest fine the Central Bank of Ireland has ever handed out.
# The Banks
Permanent TSB reports a pre-tax loss of €166 million in 2020 as Covid hits new lending
The 75% State-owned bank took a loan impairment charge of €155 million.
# Ulster Bank
Ulster Bank boss apologises to staff following months of uncertainty about future of jobs
Ulster Bank and NatWest were heavily criticised by TDs for its treatment of staff.
# The Banks
Central Bank to ensure Ulster Bank customers are treated fairly, as it moves to pull out of Ireland
The bank is already in discussions with PTSB over the sale of Irish assets.
Ulster Bank said this morning that the move won’t mean an immediate change for customers
Staff are "deeply disappointed" by the decision to wind down Ulster Bank in Ireland
Minister for Finance Paschal Donohoe called it a "difficult day" from an Irish banking perspective and for Ulster Bank staff