What the loss of Ulster Bank would mean for consumers

Ireland's banking sector has already lost Bank of Scotland, Danske Bank, Rabobank, Anglo Irish Bank and Irish Nationwide

'If we are to lose a bank established in 1836 which opened its first office in Dublin in the 1860s, the impact will be negative for our economy.' Picture: Sasko Lazarov

When news broke on Friday that NatWest, parent of Ulster Bank was considering the winding down of the Bank, the market was surprised. 

It had announced the week previous that it was cutting 266 of its 2,800 workforce in an attempt to cut costs but this exercise was also being undertaken by AIB, who are culling 1,500 jobs and Bank of Ireland who are seeking 1,400 redundancies. KBC are seeking 20 redundancies.