Minister for Finance Paschal Donohoe said he believes a successful delivery of a transaction on the scale described in the announcement would be a very positive development for both PTSB and the staff and customers of Ulster Bank. Mr Crowley was not in a position to tell reporters on Friday whether any of the moving staff benefit from variable pay deals at a time when bonuses remain banned across Irish bailed-out banks. While Ms Howard has ruled out a widescale redundancy scheme this year, the bank may target voluntary severance in certain areas, she said. Ulster Bank will have up to 2,000 employees after the AIB and PTSB transfers. The bank expects to start closing branches that are not transferring to PTSB from the second half of next year. Still, customers who do not move their accounts within the timeframe they are given face the prospect of having their account closed and their money returned by cheque. But we will give customers notice, and plenty of notice, beyond the regulatory minimum.” “Customers don’t need to take action until we let them know. “We are trying to withdraw safely, in a customer-focused way,” she said. However, she declined to specify exact timeframes that will be given. Or if you prefer, visit a branch or call us on 03. Apply online today for a personalised quote without impacting your credit score. To find out more about other lending options, read our Borrow Well guide. Ms Howard told The Irish Times that current account customers and deposit holders will be given more than the three-month minimum notice period required under the Central Bank’s code of conduct rules to move their accounts. View your loan online with our mobile app or Internet Banking. Ulster Bank, led by CEO Jane Howard, said that over the coming months it will make a series of changes for customers as it implements its phased withdrawal. “We see this as a once in a generation opportunity to fast-track the growth of an Irish bank with a strong community and customer service ethos that has evolved over its 200-year history.” Customer notice periods “This potential transaction complements our growth strategy and will accelerate the delivery of Permanent TSB’s ambition of becoming Ireland’s best personal and small business bank,” said Mr Crowley. PTSB said that it will offer all Ulster Bank personal customers, an easy-to-use account opening process that will allow customers to apply for a current account in less than 15 minutes. Separately, sources said on Friday that AIB is also in talks to acquire Ulster Bank’s portfolio of about €6.5 billion tracker mortgages, where interest rates are linked to the main European Central Bank (ECB) rate. About 280 of these are set to transfer to AIB as it takes over Ulster Bank’s €4.2 billion corporate and commercial loan book, under a deal agreed last month. It plans close two of these, on Eyre Square in Galway and Bishopstown in Cork, and move customers to nearby Ulster Bank offices it is acquiring. The transaction, which is not expected to be legally agreed until the last three months of 2021, will involve PTSB taking over Ulster Bank’s performing non-tracker mortgages and micro-business loans, the UK-owned group’s Lombard Asset Finance loan business and 25 of its 88 branches in the Republic.
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