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The lack of certainty surrounding Ulster Bank’s future is a cause for concern among farmers, IFA national farm business committee chair Rose Mary McDonagh told the Irish Farmers Journal.
“Ulster Bank has developed a strong relationship with its agri-customers throughout the country and reports in the media [of potential closure]is unsettling news for farmers,” she said. “Moreover, the bank’s departure would have a devastating impact on the level of competition in the sector.”
The lender has a large number of farmer customers, accounting for an estimated 15% of the €1bn market in new lending issued to farmers every year.
We continue to evaluate the impact of COVID-19 and the challenges to the economy
The IFA has urged the bank to ensure farmers are not disadvantaged in any way by the ongoing strategic review within the bank.
Ulster Bank’s parent company, UK lender NatWest, told the Irish Farmers Journal that its strategy to grow the Ulster Bank business in the Republic of Ireland organically and safely remains unchanged.
“We continue to evaluate the impact of COVID-19 and the challenges to the economy. We are reviewing our strategy appropriately and responsibly in light of these events,” a NatWest spokesperson said.
“In the event of any changes being made to our strategy, these would be undertaken with full consideration of any impact on customers, colleagues and shareholders in the first instance.
“Our priority now is to continue to remain focused on supporting our colleagues in serving our customers in these difficult times.”
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