Minister Donohoe responds to announcement by KBC and Bank of Ireland
The Minister for Finance, Paschal Donohoe TD, has said, in reaction to the KBC Ireland’s announcement this morning (Friday), that the decision taken by the bank to leave the Irish market is regrettable, particularly as it comes so soon after NatWest’s decision to withdraw Ulster Bank Ireland DAC from the Irish banking sector.
KBC first entered the Irish market in 1978 through the majority acquisition of Irish Intercontinental Bank.
The Minister noted the announcement states that a Memorandum of Understanding has been agreed between KBC and Bank of Ireland, which covers substantially all of KBC’s performing loan assets and liabilities and that KBC is reviewing its options to divest its remaining non-performing mortgage loan book.
KBC Bank looks to exit Irish market with loan sale to Bank of Ireland
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High Court gives green light to Ulster Bank parent company transfer
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The transfer of Ulster Bankâs Northern Ireland business to parent company NatWest has been approved at the High Court in Belfast.
A judge gave permission for the scheme after confirming all legal requirements were met and identifying no adverse impact on the few objectors.
Mr Justice McFarland confirmed: âI will therefore sanction the transfer scheme.â
Ulster Bank made the court application in advance of the planned May 3rd switchover date. The transfer of the Northern Ireland business to NatWest is aimed at simplifying its structures.
Customers will not see any changes to everyday services, with Ulster Bankâs branding and branch network being maintained.
Ulster Bank fine brings total tracker penalties against lenders to €82m
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