Press release: Statement on Ulster Bank Ireland closure
Published by Peter Armstrong on February 19th, 2021
Spiral Hosting, one of Ireland’s leading web hosting companies has issued the following statement in relation to the decision of NatWest to close Ulster Bank Ireland.
“As a business customer with Ulster Bank, both North and South, since 2007, we have seen a significant deterioration in service under the ownership of NatWest/RBS.
“Sadly, today’s announcement did not come as a shock as it has been evident for some time that NatWest was seeking ways to exit the Irish market.
“What is not known widely is that NatWest is actively seeking to minimise their presence in Northern Ireland. In November 2020, NatWest sought permission at Belfast’s High Court to transfer legal ownership of Ulster Bank NI from NI with its headquarters set to be located in London.
“Ulster Bank NI will for, all intents and purposes, be only a trading name of NatWest in NI. There will be no significant management structure based in Northern Ireland; there will be no accountability to local politicians or Assembly committees, and it will result in job losses.
“Last year, our Managing Director, Peter Armstrong wrote to members of the Oireachtas Committee on Finance and the NI Assembly Committee for Finance expressing concerns over how NatWest’s review will impact customers, mortgages, and jobs in Ireland.
“As a business operating on an all island basis, today’s announcement is of major concern. There must be a review of the banking sector in the Republic; a 3rd banking force is needed to support businesses and to ensure competition.
“Never waste a crisis is something the Irish Government should be mindful of. Use today’s announcement as a starting point in reforming and modernising the banking industry with a view to growing our fin-tech sector and providing competition to consumers.”