Ulster Bank to withdraw from the Irish Market- Property Law Update.
Ulster Bank, the third biggest lender in the State, has announced today that they intend to withdraw from the Irish market and wind-up their operations, in the state.
This represents a seismic shift in the Irish banking sector in Ireland and indeed is most unfortunate for its employees, whose future is uncertain, as it is unclear as to how this process will effect its employees and over what period of time.
Ulster Bank, employ some 2800 people in Ireland.
In addition, there have been initial discussions, around AIB and PTSB acquiring much of the lenders Loan Books, however it is unclear presently , whether any of the so called “vulture funds”, will be in the market for portions of Ulster Banks loan book.
Borrowers, both of a private and business capacity should however not alarm themselves unduly, as to these matters, as whomever acquire their loans, be it a fund or any of the pillar banks, said parties, are contractually bound, to the existing terms and agreements, which are in place concerning any loans with Ulster Bank.
That said, it is important and as would normally be the case that customers of Ulster Bank, engage with them as to the transition, in respect of any loans and ensure that their agreements (and in the event of any re-structures) , with the lender are clearly recorded, to ensure that there is no room for any ambiguity on any new lenders acquiring these loans.
If you are concerned about any of these issues or wish to take some initial advice, feel free to contact us in the office.
Hudson Solicitors- Dun Laoghaire.