Following the announcement that NatWest will wind down Ulster Bank following a phased withdrawal, IFA president Tim Cullinan said NatWest must make a commitment that it will not sell any of its loan book to so-called vulture funds.
It is estimated that there are 10,000 farmers with borrowings from Ulster Bank, and a further 10,000 availing of current account facilities.
Martin Murphy, Galway.
ADVERTISEMENT
“This withdrawal has significant consequences for competition in the sector, but the first priority must be to ensure that the loan book ends up with a bank that provides a full banking service and not a faceless fund. NatWest has a moral responsibility to their customers to ensure this does not happen,” he said.
Tom O Keeffe, Cork.
IFA farm business chair Rose Mary McDonagh welcomed NatWest’s intention to facilitate existing customers to move to another full-service lender.
“NatWest/Ulster Bank must support its customers in moving to one of the other pillar banks in the State. IFA has repeatedly highlighted that it’s neither appropriate, nor suitable, to transfer loans to faceless funds,” said Ms McDonagh.
Jack Mills, Westmeath.
She added that Ulster Bank’s exit will further erode the diminishing competition in the sector. “Ulster Bank’s departure would be another crippling blow to competition in the sector. The lack of choice for borrowers will further drive up the cost of borrowing in Ireland.”
Register for free to read this story and our free stories.
This content is available to digital subscribers and loyalty code users only. Sign in to your account, use the code or subscribe to get unlimited access.
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
CODE ACCEPTED
You have full access to the site until next Wednesday at 9pm.
CODE NOT VALID
Please try again or contact support.
Following the announcement that NatWest will wind down Ulster Bank following a phased withdrawal, IFA president Tim Cullinan said NatWest must make a commitment that it will not sell any of its loan book to so-called vulture funds.
It is estimated that there are 10,000 farmers with borrowings from Ulster Bank, and a further 10,000 availing of current account facilities.
Martin Murphy, Galway.
“This withdrawal has significant consequences for competition in the sector, but the first priority must be to ensure that the loan book ends up with a bank that provides a full banking service and not a faceless fund. NatWest has a moral responsibility to their customers to ensure this does not happen,” he said.
Tom O Keeffe, Cork.
IFA farm business chair Rose Mary McDonagh welcomed NatWest’s intention to facilitate existing customers to move to another full-service lender.
“NatWest/Ulster Bank must support its customers in moving to one of the other pillar banks in the State. IFA has repeatedly highlighted that it’s neither appropriate, nor suitable, to transfer loans to faceless funds,” said Ms McDonagh.
Jack Mills, Westmeath.
She added that Ulster Bank’s exit will further erode the diminishing competition in the sector. “Ulster Bank’s departure would be another crippling blow to competition in the sector. The lack of choice for borrowers will further drive up the cost of borrowing in Ireland.”
If you would like to speak to a member of our team, please call us on 01-4199525.
Link sent to your email address
We have sent an email to your address. Please click on the link in this email to reset your password. If you can't find it in your inbox, please check your spam folder. If you can't find the email, please call us on 01-4199525.
ENTER YOUR LOYALTY CODE:
The reader loyalty code gives you full access to the site from when you enter it until the following Wednesday at 9pm. Find your unique code on the back page of Irish Country Living every week.
SHARING OPTIONS