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AIB HAS BEEN cleared to acquire Ulster Bank’s commercial loans portfolio worth €4.2 billion as the latter bank pulls out of Ireland.
Ulster Bank is set to withdraw all of its banking services from Ireland, which – along with the planned departure of KBC Bank – is creating gaps in the financial landscape.
The Competition and Consumer Protection Commission (CCPC) has cleared the proposed aquisition of Ulster Bank’s loans to businesses by AIB.
Additionally, some Ulster Bank employees will transfer to AIB.
AIB agreed the €4.2 billion deal with Ulster Bank to take over its performing corporate and commercial loans last June, a few months after its parent company announced plans to wind down Ulster Bank’s operations in Ireland.
After reviewing the available evidence, the CCPC has accepted an argument by both banks that Ulster Bank will cease providing the relevent loans to businesses in Ireland regardless of whether the sale to AIB proceeds.
In a statement, the CCPC said that international evidence shows higher concentration in banking services is likely to have a detrimental effect on competition, which in turn leads to poorer pricing, innovation and service for business borrowers.
“This is substantiated by some of the business customers contacted by the CCPC, who indicated that they had concerns with the exit of Ulster Bank from the State,” the commission said.
It said that “while the CCPC does not have a role in approving or reversing the decision of a company to exit the State, it does have a duty to highlight competition issues which arise as a result of the exit and which are likely to harm business customers and the wider Irish economy”.
“The CCPC notes that the retail banking review currently being conducted by the Department of Finance will consider (amongst other things) the structure of the banking industry, competition in the market for banking services, and the availability of credit for SMEs.
“The CCPC considers that its concerns regarding the competitive landscape of the Irish banking services market are highly relevant to all of these issues and will continue to work with all stakeholders to consider how to ensure the market is open and competitive to the benefit of everyone.”
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You love me. You really, really love me…
No!
I love you..
Have to say OU182 that was a mighty fine comment.. Ireland could do with you in the department of tourism!
In fact, (my partner and I were just discussing your movie idea – which is fantastic, just think Tír na n’Óg, Children of Lír, Ireland is stuffed to the gills with fantasy ripe for the cinema, its been huge in recent years) as Ireland was on Peter Jacksons short list of locations when he thought he might not be able to film the Hobbit in New Zealand, we should be promoting the hell out of our landscape to filmakers for fantasy films, hopefully the success of Game of Thrones in the north may tempt a few more directors to take a look around this little island of ours! (There have been a few but sadly they didn’t do so well.. The classical Irish myths and legends would be big hits with audiences all over the world who have embraced them already).
It’s amazing they haven’t been done already.
Peter Jackson would be top choice for me.
Part funding is a great idea.
There’s so much fantasy stuff which could be internationally cast (they don’t all have to be Irish, we just need people who would look & sound Irish). The stories are amazing. Update them to match the current fantasy driven releases & there’s no reason they wouldn’t be hits. The tourism board & the film board could partially fund it with the remaining coming from the studio that makes it
Guillermo del Toro who was supposed to direct The Hobbit, filmed part of Hellboy II in Ireland – (from wikipedia & spoilers ahead for anyone who hasn’t seen it: “Nuada kidnaps his sister and critically wounds Hellboy with his spear. Unable to remove the spear shard, Liz, Abe and Krauss take Hellboy to the location of the Golden Army in The Giants Causeway County Antrim, Northern Ireland. They encounter a Bethmoora goblin, and he brings them before the Angel of Death, who has been awaiting their arrival. ”
It looks amazing on screen & is instantly recognisable. The old Irish tales are fantastic in depth & history & fantasy. A slight modernisation, a decent cast & a director who knows what to do with a good story & there’s huge potential, both in terms of box office revenue & tourism boosts (proven in the past).
Would probably be crucified for this, but if you had the likes of Chris Helmsworth or a beefed up Robert Pattinson playing CuChulain (Michael Fasbender was linked to the role a year ago but nothing happened), that would bring girls in to see it, the fantasy would bring the guys in & the quality of the stories would bring everyone else.
I should do a kickstarter to raise the funds for a proof of concept start.
Can’t beat the Táin for an epic ending – strapped dying to a rock, facing the horde. Mind you, we’d have to change the whole ‘going to war for cows’ thing a bit…
Perhaps sacred cows …. pro life pro choice
I think the funniest comments of the week are happening right now on the “Plane shot over runway into the sea” article
Ohhh we are a funny lot ;)
“THIS IS (!) A CATHOLIC COUNTRY!” lol
Exactly. Gas :)
Where’s my one about taking a shite,a good 1,000 on that baby,haha.not that I care like :-)
And the past few weeks, Christine?
Oh no, he’s kicking off again.
That’s right, Little Jim, you bow down to the Man (or in this case Woman).
That’s what she said last night!
Be nice to eachother and I’m not going to tell ye again.Now behave.
Wehey!!!!!!!!!
So I take it ya you took on my suggestion from last week Christine, or is it a coincidence? :)
have your say