Union calls for regulator to delay Ulster Bank closure

Central Bank could yet step in and insist that exiting bank gives more time for customers

Ulster Bank is set to shut completely on April 21.

Time is running out for the Central Bank should it wish to intervene to delay Ulster Bank from closing all accounts and its remaining 63 branches in the Republic by April, the Financial Services Union, or FSU, has warned.  

The union has again called for the regulator to push out the closure date, saying a significant number of Ulster Bank customers will struggle to complete the transfer of direct debits and other transactions to new banks by the deadline.  

Ulster Bank, which transferred 25 branches to Permanent TSB earlier this month, has committed to stop transactions at its remaining 63 branches at the end of March and shut completely on April 21. 

Ulster also said its services at at An Post counters will also cease at the end of March.   

However, the FSU said the Central Bank could yet step in and insist that Ulster Bank delay its closure to give more time for customers. 

Figures from the Central Bank on Tuesday showed that at the end of December there was almost 240,400 active current accounts — of which 152,124 were primary accounts — open at Ulster Bank and at KBC Bank, which is also closing in the Republic.         

"The recent banking review report recommended banks give six months’ notice to the Central Bank of its intention to close branches," the FSU said.

"The Central Bank needs to inform us if this recommendation, which has been adopted by Government has been implemented by the Central Bank and what notice did Ulster Bank give of its decision to close its remaining 63 branches," it said.