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Protection of jobs and consumer choice test of Ulster Bank announcement: Doherty

1 November, 2013 - by Pearse Doherty TD

Sinn Féin Finance Spokesperson Pearse Doherty TD has said that the protection of jobs and of choice in the market for consumers will be the test by which Ulster Bank’s parent RBS’s announcement on a “bad bank” should be measured.

Deputy Doherty said:

“I welcome that today’s announcement indicates that Ulster Bank will be a player in the Irish market for the foreseeable future. It is a very important part of the all-Ireland economy and a major employer on this island. We have seen twice this week that unfortunately the banking sector is still in a period of crisis with over 300 jobs being lost at ACC and Danske Bank. Ireland can ill-afford to lose another personal banking provider at this point.

“The real test of whether Ulster Bank is a sustainable bank is if they can protect their employee’s jobs and provide a real choice in the Irish market. I am reassured by the bank that mortgage holders will be unaffected by this move.

“Sinn Féin has engaged with Ulster Bank, north and south, challenging them on their lacklustre record in dealing with the mortgage crisis and providing credit to SMEs. We will continue to hold them to account and push them to provide a reliable and responsive service fit for 2013 and beyond.

“I will be meeting Ulster Bank in the coming weeks to examine the detail of this announcement and what it means for customers and for the financial sector more generally.”

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