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ULSTER BANK CUSTOMERS will be given at least six months notice to close their accounts before the bank exits the Irish market next year.
Ulster Bank’s chief executive told an Oireachtas committee today that the retail bank will not close any of its 88 branches during the first half of 2022.
The withdrawal from Ireland has caused headaches for customers who will have to find a new provider at some point in the next 12 months.
Jane Howard said that the financial institution will begin sending formal letters of notice of six months to customers towards the end of the first quarter of 2022.
The letters will instruct customers to choose a new bank; move to that bank; and close their Ulster Bank accounts.
“This applies to both personal and business customers. Customers don’t need to take action until they receive their letter but we are talking to them now to give as much preparation time as possible,” Howard said today.
“This ‘Choose, Move, Close’ readiness campaign is an important step in our closure, not just for customers but for the industry too and we must work together on this to ensure the safe transition of customers to their new provider,” she added.
The CEO said that there would be no bank-wide voluntary redundancies before the end of June next year.
Howard told the committee that Ulster Bank and Permanent TSB are working towards a binding agreement on the sale of performing non-tracker mortgages, performing micro-SME business loans and Ulster’s Lombard Asset Finance business, as well as 25 Ulster Bank branches, for €7.6 billion.
AIB has already agreed to take on €4.2 billion worth of Ulster Bank’s corporate and commercial loans. Almost 300 Ulster Bank staff will transfer to AIB as part of the agreement.
Howard said the bank expects to find out in January whether the agreement will require a phase two investigation by the Competition and Consumer Protection Commission.
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Some improvement from 4 days and stops/hops.
Aptly dubbed the kangaroo flight.
@Eamonn Duggan: although, just because they can fly non stop doesn’t mean they should. 17 hours stuck in a seat is almost too much to bare. I’d still break up the flight by stopping somewhere in Asia. Nice step forward all the same. I’d say in another 10 years it will be half that.
@Peter Cavey: With scram jet technology we should be able to travel from Sydney to London in 2hours. Although we might have to be fit enough to be able to withstand the G-forces involved. Looking forward to the next few years of this hypersonic test flights.
@Peter Cavey: how are they gonna half the time in 10 years ??
@Paul Power: With supersonic craft on a sub-orbital trajectory, akin to an ICBM.
@Eamonn Duggan: It is a big improvement on “4 stops”. However I’m sure you are of the Australian route these days is one of three from Ireland.
1..Dublin – Doha- Australia ( various cities)…. Qatar Airways Daily.
2…Dublin – Abu Dhabi – Australia ( various cities)…. Etihad Airways twice daily.
3…Dublin -Dubai – Australia ( various cities) .. Emirates. Twice daily.
All routes take 16 to 20 hours depending on destinations.
I would suggest also the mid-east airlines are far superior to Australian carrier Qantas in terms of comfort and service.
Brave route, but doubtful if it will last.
That’s a long time to be stuck in recirculated farts. Wouldn’t do it meself but class that it can be done! I’m also wondering how many meals are served. 3/4?
@Gareth Wogan: and tbh all the worthwhile places to see in Oz are on the east coast so….
@Gareth Wogan: lot to see in the west. Just depends what you consider ‘worthwhile’.
@Bilbo Baggins: name 5 good things to do.
@Gareth Wogan: Personally I prefer western Australia. It’s a shame most people tend to travel up and down the east coast.
@Gareth Wogan: I flew the Dubai – Auckland a couple years ago, 17.5hrs. Think we got 4 meals in economy. Surprisingly comfortable and a very modern, up to date entertainment system. Made the journey much easier than I thought.
@darren: I was there few months back. I guess what I want to say is that for all that way to travel it doesn’t really have lots going on. Lots of wine tours and went to rottnest island which is cool but east coast has way more things to do. I should say that I really don’t like Oz anyway. Asia is the spot to go
@Gareth Wogan: I went to WA via Thailand and wish I had stayed longer. WA actually made me want to return to Australia to see the east side ( I went via Japan and again wished I had stayed longer). Although I will agree the east has more to do I liked the west better. Rottnest.. beautiful walk, I did that in 45 degrees which wasn’t the smartest idea! Would love to see more of Asia but I may have to wait for the kids to grow up now.
It’s about the same length of time as waiting in A&E in the hospital (17 hrs). so I could cope with That!
@Gerry Fallon: Very true, the A&E seats are not so comffortable and no food or drink provided.
17 hours is a long time to be stuck on a plane…I hope they show plenty of movies.
@CharlotteFrench.ie: They have are normal long haul flights
Time in the air comfort is down to the plane and the carrier.
787 Dreamliner is the quietest, most comfortable plane I’ve been on to date.
Qantas air cabin crew are quite cheery too.
If travelling for that length of time one would frequently get up and walk around. The 787
has a load of space at the back, larger than any other plane I’ve seen. This feeds in to a happier crew
and good exercise room for a passenger to ward off DVT.
Tesla time to step up your game…
@Karl Doran: Putin has this sorted. Just need to strap yourself to one of his missiles
I’d hate to be stuck on a plane for that length of time
A complete mare. 17 hours in cattle class on Quaintarse. Why would you do it. Insane!!!
@Alex Carroll: The novelty is the same as Concorde, without cconsidering the waiting time in airports.
Give us a break!
It’s not the first time, there were scheduled services before I believe using a B777-200LR (which to this day is still the longest range passenger aircraft excluding military tankers) Not sure which airline but I think it was quantas. They stopped it for a few reasons, as it was discovered that there’s only so long you can put people in economy. Then there was a brief period of business class only flights and in the end the fuel burn just made the whole thing uneconomic.. 787 fuel burn is probably what’s making this viable again.. anyone know if the 787-9 has longer legs than the triple?
Fair play, great to see this and will hopefully get faster in a few years time
It is a big improvement on “4 stops”. However I’m sure you are of the Australian route these days is one of three from Ireland.
1..Dublin – Doha- Australia ( various cities)…. Qatar Airways Daily.
2…Dublin – Abu Dhabi – Australia ( various cities)…. Etihad Airways twice daily.
3…Dublin -Dubai – Australia ( various cities) .. Emirates. Twice daily.
All routes take 16 to 20 hours depending on destinations.
I would suggest also the mid-east airlines are far superior to Australian carrier Qantas in terms of comfort and service.
Brave route, but doubtful if it will last for reasons above
have your say