Statement following meeting between Minister Donohoe and Ulster Bank

21st October, 2020

This morning (Wednesday) the Minister for Finance, Paschal Donohoe TD, had a virtual meeting with the Chair of the Board of Ulster Bank, Ruairí O’Flynn; the Bank’s CEO, Jane Howard; and the CFO, Paul Stanley.


Minister Donohoe expressed concern about the ongoing speculation about the Bank’s future here in Ireland. He emphasised the importance of Ulster Bank to the Irish financial services market, to the wider economy and to the communities it serves. He pointed to Ulster Bank’s long history and important heritage here in Ireland.


The Minister outlined that staff, customers and other stakeholders must be informed promptly about any decisions being made. In particular, he expects that staff representatives will be consulted and kept informed of developments. 


Ulster Bank confirmed that the strategic review is ongoing and assured the Minister that no decision has yet been taken. Ulster Bank also confirmed that there is no set timetable for this review and that it is fully aware of the strategically important role that Ulster Bank plays in the provision of financial services to the Irish market.


The Irish Government has no formal role in the commercial decisions of Ulster Bank, these are a matter for the Board and Management of the Bank and its parent company, NatWest.


Minister Donohoe committed to further engagement with the bank as the review process continues.