Brits want to sell UB to Paddy


Big week for Ulster Bank Ireland next week so.

Do you think they would contemplate fully pulling out of Ireland?


Seems unlikely if all the leaks are to be believed.

Seems like debt functions and other functions are moving to the UK and there will be yet more branch closures.


Ulster Bank NI have tied up with the UK Post Office for cash services. This might be a precursor to their bank branches going cashless.

No similar announcement here. … up-1338034


Does AIB still have a contract with An Post ?
Is it an exclusive contract ?


Yes, AIB have an agreement with An Post.

It is not an exclusive agreement. An Post have also held prior agreements with Danske Bank and PostBank (which they part owned).


Looks like this is might happen now
RBS want to sell and Noonan is making noises about a 3rd Pillar Bank … -1.1710188 … GM20140301


Is that a flippin’ joke or what ?



Is noonan trying to sell the irish taxpayer another pup?

Why does it need another artificial rival to boi and aib? What does this mean for any chance of repayment of the taxpers funds buried in aib and bank of ireland? We need full accountability and tracking of what is being negotiated here and who it benefits. Mr noonan is answerable to the taxpayers being asked to pay for this.

We should have learned from the events of sept 2008 by now.


Only reason I can see to keep Ulster bank running is to prevent it from foreclosing on and releasing a lot of property on to the market which would mess up NAMA’s, AIB’s and BOI’s fantasy world of property valuations.
RBS might actually be able to squeeze more out of Ulster if they hold a gun to the Government’s head and force them to buy it. It might be the only play available to them for a bank which nobody wants which is worth nothing.


After the spin from RBS, at the end of February, some truths are starting to come out as to what is happening … … -1.1724401

1,000 jobs to go.
39 branches to be shut.
The strategic review, the one ‘announced’ in February, has not been complete and won’t be complete for months.
Talking about merging with Permo or KBC but RBS are clearly not convinced that such a move would be viable.
The city centre HQ may close / mover to their Leopardstown office.


Their future plans may be slightly revealed when we see how big a premises they go looking for in Leopardstown.


Rbs aren’t looking for premises in leopardstown. They already have a mortgage centre in central park. Presume this is the building referred to.


5,000 Ulster Bank mortgage holders now out of arrears - Donal O’Donovan -> … 40258.html


Seen & Heard: RBS courts investors for Ulster Bank - Ciaran Hancock -> … -1.1775584


RBS want to sell UB. That’s big news. If I was in the bank I would be looking at jobs elsewhere if I hadn’t already.

They want out of Ireland, probably because of the lack of ability to reposse in default situations. I wonder if this is the first instance of Irish jobs to be lost because of people defaulting on their business and home mortgages?


I would hazzard a guess that tens of thousands of jobs have been lost due to peoples inability to settle their debts. Anglo? BoSi? Danske? - or the local plumbing contractor.


If RBS really wanted to a acquire PTSB they would find the funds to do it. “Lack of funds” is a scapegoat for wanting out of Ireland.

The article talks about hundreds of millions, while, we, the taxpayer, poured billions into Permo. Further confirmation that taxpayers money was a sunk cost.

So much for the Permo CEO saying they are not up for sale.

Permo and Ulster have till late October to get fresh capital or face Draghi’s whip.


It would be nice to see the media link the lost jobs to people not paying back debt. Its something never mentioned in the mainstream.

@ Fungus - RBS want to get rid of their government ownership because they think they can survive without Government and central bank help, unlike our disasters…

Not sure if these banks will be whipped into shape. UB have some support of their parent, so they will be fine, but Draghi knows that we can’t afford more bank bailouts so will be hesitant to force PTSB to recap.


I know RBS want rid of government ownership. The interesting fact here is greater evidence that RBS want to dispose of Ulster Bank despite saying that they are comitted to Ulster Bank.

Draghi can let Permo and Ulster Bank fail the stress tests. This allows the government to give the green light to allow private equity to ‘buy’ a stake in the combined Ulster Bank and PTSB. This recapitalises Permo and Ulster Bank via private money and not public money.


The Irish Examiner reports today:

  • Discussions have already started to sell some / all of Ulster Bank to private equity.
  • There is apparently a lot of interest.
  • Announcement in July or August.
  • A complete exit of Ireland by RBS is possible.
  • There are 3 options: (1) Status quo - seems unlikely, (2) merger with KBC and/or PTSB and/or Dankse or (3) private equity takes a stake / all equity in Ulster Bank - seems most likely.

The Sunday Times were reporting that (2) and (3) can occur concurrently but The Irish Examiner seem to be reporting that they are separate options.

I don’t understand why Danske is still being mentioned in some of these reports unless Danske are trying to offload the remains of their mortgage book.

So it is looking increasingly likely that RBS will exit Ireland in a matter of months leaving the vulture funds in charge.