Donohoe thrusts Permanent TSB centre stage to alleviate crisis as Ulster Bank bows out

Members of the Oireachtas finance committee expressed concern about vulture funds buying loans from Ulster Bank which is departing the Republic. Picture: Dan Linehan

The owner of Ulster Bank — Britain’s NatWest Group — has confirmed it plans to wind down its operations in the Republic, a decision that will dramatically reduce competition and puts at risk around 3,000 jobs.

NatWest came to the decision after unexpectedly launching a review last year into the future of its 88 branches and €20bn in home loans and corporate lending in the Republic.