Ulster Bank closing in the RoI

[seafoid]

https://www.irishtimes.com/business/financial-services/ulster-bank-set-to-exit-irish-market-after-more-than-160-years-1.4487912

The board of NatWest is set to decide on Thursday evening on a proposal to wind down Ulster Bank in the Republic after more than 160 years in the market, setting the stage for a likely break-up of the lender's €20.5 billion loan book, according to sources.

[trailer]

Won't be missed. Absolute stain of a bank. Pushed loans especially in Farming and Agriculture then sold them good loans along with a pile of shit from the construction industry to vulture funds. Caused unknown stress across the country. Was run by absolute morons.

[five points]

It was a great bank in the 80s and 90s but went downhill fast in the 2000s after RBS took over.

[armaghniac]

It was a great bank in the 80s and 90s but went downhill fast in the 2000s after RBS took over.

Knowing a few people who worked there I think it was doing good work then.


However, we have a financial institution that spanned both parts of Ireland for 100 years of partition and which is being truncated at a time when all Ireland business is becoming more important. As the British government own it, then it is another kick in the teeth.

[Cunny Funt]

What's the position on savings if closed? A cheque posted out or will have to withdraw the money before it closes.

[Jeepers Creepers]

What's the position on savings if closed? A cheque posted out or will have to withdraw the money before it closes.

I'm sure everyone will have advance notice and time to switch to another bank.

[johnnycool]

https://www.bbc.co.uk/news/uk-northern-ireland-23527615

Turns out the 26 Co Ulster Bank were bolloxed due to tracker mortgages from back in the Celtic tiger days. See above.

[WT4E]

What happens outstanding personal loans?

[screenexile]

What happens outstanding personal loans?

I'd say they'll be sold off to someone else.

[WT4E]

Ah here's me thinking they might let me off! 

[sid waddell]

It was a great bank in the 80s and 90s but went downhill fast in the 2000s after RBS took over.

Henri the Hippo was the real brains of the operation, and when they got rid of him they were fecked

[seafoid]

https://www.irishtimes.com/business/financial-services/bank-of-ireland-to-close-103-branches-on-island-1.4497885Bank of Ireland to close 103 branches on island
Bank will publish full list of branches later on Monday; new arrangement with An Post to protect local services

Joe Brennan

Bank of Ireland confirmed on Monday it is closing 103 branches on the island of Ireland, reducing its network in the Republic by about a third and its locations in the North by more than half, as Covid-19 has accelerated a shift in the industry towards digital banking.

The bank, which stands out among Irish banks as not having carried out a large cull on locations in the wake of the financial crash, said that it will be publishing the full list of branches later in the morning, once staff have been informed.

Bank of Ireland, led by chief executive Francesca McDonagh, reported an underlying loss of €374 million for 2020, after setting aside €1.1 billion of provisions for an expected surge in losses resulting from the Covid-19 pandemic. Still, the charge was at the lower end of the € 1.1 billion to € 1.3 billion range it had predicted in the middle of 2020, and the bank forecast that its provisions for this year will be "materially lower".

"For many years, the trend to digital banking has been evident, with customers using branches less and less. Covid-19 has accelerated this changing behaviour, and we've seen a seismic shift towards digital banking over the past 12 months," Ms McDonagh said.

"We've now reached a tipping point in customer preferences between online and offline banking. That's why we've also announced changes to our branch network in Ireland and Northern Ireland today, while protecting access to local banking services though a new arrangement with An Post. "

Bank of Ireland announced in August that it was seeking to eliminate the equivalent of 1,400 full-time jobs - or 13.5 per cent of its workforce - in the coming years. It confirmed in November that 1,450 roles will be cut by the end of 2021 - with a total of 1,700 full- and part-time staff taking up a voluntary-redundancy offer. The programme has cost €189 million, within a €250 million restructuring budget set in 2018 and will cut its annual staff bill by €114 million when completed.

[armaghniac]

The BOI branches to close in Northern Ireland are: Ballymena, Banbridge, Belfast (Lisburn Road), Belfast (Ormeau Road), Belfast (University Road), Crossmaglen, Derry (Strand Road), Downpatrick, Dungannon, Keady, Limavady, Lisburn, Lisnakea, Portadown, Strabane.

[trailer]

The BOI branches to close in Northern Ireland are: Ballymena, Banbridge, Belfast (Lisburn Road), Belfast (Ormeau Road), Belfast (University Road), Crossmaglen, Derry (Strand Road), Downpatrick, Dungannon, Keady, Limavady, Lisburn, Lisnakea, Portadown, Strabane.

They're all big towns. But the drift is away from in person banking. I'm never in the bank myself, everything is centralised. The days of the Bank Manager knowing everyone in the town and being able to vouch for loans etc is long long gone. It's disappointing for those who will lose their jobs but it is to be expected and more and more Banks will follow suit and continue to close branches.

[general_lee]

It's nothing new but still a real shame. Where are elderly people in rural communities meant to go? I know the banks claim it's because of lower footfall but this is because banks have been forcing their customers to use online banking for almost a decade.