‘Sit tight’ on Ulster accounts is advice
“SIT tight and bide your time” – that’s the advice to farmer customers of Ulster Bank – following confirmation last week from the bank’s parent company NatWest that operations in the Republic of Ireland will be wound up over the next few years.
Headford’s Rose Mary McDonagh – the IFA’s National Farm Business Chairperson – told the Farming Tribune that the last thing any customer should do was to leave the bank and try and work out their own deal.
It is estimated that there are 10,000 farmers across the country with borrowings from Ulster Bank and a further 10,000 with current accounts – in Galway, the bank has branches in the city, Tuam and Athenry as well as in Claremorris, Athlone and Ennis.
“Customers who have tracker mortgages or terms loans with Ulster Bank will be entitled to exactly the same terms and conditions when their loans are transferred to what we hope will be one of the pillar banks here in Ireland.
“Effectively there should be three options open to Ulster Bank in terms of their loan book transfer – to Bank of Ireland, AIB or Permanent TSB. Under no circumstances do we want to hear of any vulture fund involvement,” said Rose Mary McDonagh.
She said that IFA would be keeping a ‘very close watch’ to ensure that the Minister for Finance, Paschal Donohoe, and the Central Bank, would not take their eyes off the ball in terms of the Ulster Bank wind down in the Republic.
For more, read this week’s Connacht Tribune.
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