Ulster Bank: Hundreds of Belfast jobs 'could be saved'

Hundreds of Belfast-based jobs threatened by the withdrawal of Ulster Bank in the Republic of Ireland could be saved if the right measures are put in place by its parent company, a banking union has said.

The Financial Services Union (FSU) said NatWest could protect 600 posts.

The roles are mostly involved with directly servicing Ulster Bank operations south of the border.

The union has been giving evidence to Stormont's Economy Committee.

The FSU is now calling for a forum on both sides of the border to examine the type of future banking model that is needed in the face of increasing bank closures and job losses.

John O'Connell, from the FSU, accused some banks in Northern Ireland of "ignoring the advice of the UK regulator", which had advised that there should be a pause on bank closures during the Covid-19 pandemic.

He said there was a lack of adequate regulation of banks here and no strategic plan for the future of banking.

In February, NatWest announced it is to close down its Ulster Bank business in the Republic of Ireland over the next few years.

Ulster Bank is the third largest bank in the Republic, but has struggled to be profitable.

Last month, Bank of Ireland announced it will close 15 branches in Northern Ireland, which is more than half of its 28 branches currently operating in Northern Ireland.

Danske Bank, AIB and Ulster Bank have already closed a significant number of branches across Northern Ireland.

The FSU told MLAs on Wednesday that bank closures would badly hit small businesses trying to rebuild as the economy emerged from lockdown, and had a major impact on vulnerable people living in rural areas.

"People are being left to fend for themselves," said Mr O'Connell.

He said the 600 Ulster Bank jobs based in Belfast were "salvageable".

"They can be saved with the right efforts. We have time on our side, because the wind down will take a considerable amount of time," said Mr O'Connell.

"We really believe that in a group as big as NatWest, they are potentially saveable... all it requires is a decision in NatWest to transfer work, to replace work, as it evaporates, as the Republic of Ireland is wound down."

In January, the Financial Conduct Authority said banks should pause branch closures during the pandemic, especially if vulnerable customers would be badly affected.