ULSTER BANK HAS introduced that it’s going to sell a €6 billion portfolio of tracker and linked mortgages to AIB because it prepares to exit the Irish market.
Current clients of Ulster Bank might be contacted within the coming weeks and months and don’t want to take any motion now.
The portfolio includes round 47,000 clients. The identical, which is topic to acquiring related regulatory approvals, is anticipated to happen within the second quarter of 2023.
Ulster Bank Chief Executive Jane Howard mentioned: “Today’s announcement is one other vital step in Ulster Bank’s orderly, phased withdrawal from the market. I’m happy that AIB might be buying this portfolio, topic to any related regulatory approvals.
“The most essential message right now is to affirm to doubtlessly impacted Ulster Bank tracker mortgage clients that their tracker mortgage product and their authorized and regulatory protections don’t change as a consequence of this transaction. We need to reassure clients that they may proceed to retain their tracker mortgage in keeping with their mortgage documentation.
“Following any relevant approvals, we will work closely with AIB to ensure that the transfer of the portfolio is as smooth as possible.”
Ulster Bank, which is owned by NatWest, has beforehand instructed clients that they may have to repay any overdrafts in full earlier than it exits Ireland.
Officials from Ulster Bank and KBC Bank Ireland, the 2 banks which have introduced plans to go away the Irish market over the approaching yr or so, didn’t rule out the likelihood that unpaid overdrafts may ultimately be bought on to debt assortment companies.
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Answering questions from TDs and senators at a gathering of the Oireachtas Committee on Finance, Public Expenditure and Reform, Ulster Bank chief government Jane Howard urged anybody having problem paying their overdraft to contact the financial institution instantly.
After the six-month discover interval has lapsed, if the client has not opened a brand new account with one other financial institution, Ulster Bank will shut their outdated account and provides them a cheque for any cash left in it.
Howard mentioned the financial institution had about 70,000 overdraft clients and appealed to them to make contact with the financial institution to focus on their choices.
But in a testy alternate with Sinn Féin finance spokesperson Pearse Doherty — who requested what is going to occur to these clients who haven’t been ready to pay their overdraft inside the six-month window — Howard mentioned the financial institution will help clients on a case-by-case foundation.
Ulster Bank to sell €6 billion mortgage portfolio to AIB & More Latest News Update
Ulster Bank to sell €6 billion mortgage portfolio to AIB & More Live News
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