Exit of Ulster Bank a blow for Meath West - Guirke

The news that Ulster Bank that it is to wind down their operations in Ireland is a huge blow to the workers in the branches of Meath, as well as to businesses, mortgage holders and local communities, according to Deputy Johnny Guirke.

“It is down to the Government to take a coordinated approach to minimise the damage caused by Ulster Bank’s withdrawal," he said.

‘’I have constituency offices in Navan and Trim and both towns are serviced by Ulster Bank branches. The uncertainty that the workers and their families must be going through after hearing this news from their employer must be devastating.

‘’We must make sure that the worker’s rights are protected, as there are 2,800 people across the state employed with Ulster Bank.

‘’The news that the withdrawal will happen over the next few years with no voluntary redundancies to take place this year is welcome, as fear and anxiety set in for staff members in the 88 branches across communities.

‘’We must also make sure that the one million customers and mortgage holders don’t rush any decisions during these uncertain times, and those on tracker mortgages should continue with their current arrangements."

Deputy Guirke welcomed the news that Ulster Bank have opened discussions with both AIB and Permanent TSB, highlighted the growing need for a third banking force.

“Sinn Fein will monitor this closely and it should be said that the mortgage loan book should not be sold to vulture funds as they have no real interest in homeowners or Ireland."

He said the Sinn Fein finance spokesperson, Pearse Doherty, had called for the establishment of a Future of Banking Forum, involving key stakeholders, to assess the current state of the Irish banking market and its long-term future.