Ulster bank leaving Ireland

whelan2

Supposedly being announced today. I assume it will e a long road before they actually go?

lakill Farm

good opportunity to refinance loans with other banks

lakill Farm

lakill Farm wrote: »

good opportunity to refinance loans with other banks

How so, other than at any other time?

lakill Farm

Deleted User wrote: »

How so, other than at any other time?

a lot of money was saved when Danske left

lakill Farm

lakill Farm wrote: »

a lot of money was saved when Danske left

Deals were done at the time, but that was a more disorderly exit. Bank of Scotland Ireland too. I think Natwest will sell off their loans to other banks and vulture funds in bulk. Happy to be wrong.

amacca

lakill Farm wrote: »

a lot of money was saved when Danske left

have to admit im curious too

is it just that UB are less competitive than others so you are as well moving?

i remember danske not being the cheapest


or is there something im missing?

amacca

amacca wrote: »

have to admit im curious too

is it just that UB are less competitive than others so you are as well moving?

i remember danske not being the cheapest


or is there something im missing?

I think they were/are making money, just not enough to warrant the amount of Natwest Management time being taken up.

CoBo55

What would be a decent alternative any recommendations?

maestroamado

Does anyone know why they are leaving?

visatorro

Banks in Ireland are the least profitable in Europe apparently.

amacca

visatorro wrote: »

Banks in Ireland are the least profitable in Europe apparently.

Thats surprising....given their charges etc

I was under the impression banks in europe dont put the kinds of charges on customers banks here do

is it that they have a lot more staff for in person stuff here or are they poor at investing money or making a profit on loans

is it non-performing loans that necessitate the bank charges

bit of a vicious circle type thing......cant repossess easily so interest rates have to rise, higher rates = more underperforming loans and leass loans taken out?

blue5000

visatorro wrote: »

Banks in Ireland are the least profitable in Europe apparently.

I think it's because it's so difficult to sell a family home here with arrears compared to the rest of Europe.

blue5000

blue5000 wrote: »

I think it's because it's so difficult to sell a family home here with arrears compared to the rest of Europe.

That's the reason the mortgage rates are so high, not the reason they don't make as much money.

Say my name

blue5000 wrote: »

I think it's because it's so difficult to sell a family home here with arrears compared to the rest of Europe.

Because we're such a small country (the size of a U.K. city population wise) with all these bricks and mortar branches dotted around the country.
With a parent bank that has no allegiances to this country (U.K.)
Then the crazy situation of nowadays it costing the bank money to hold money in accounts for savers.

I think the Irish section has been profitable these past few years. But with brexit and the rest and economic forecasts. Their heart is not in this country.

farawaygrass

Will saving there be safe?

Bass Reeves

From the time of the crash on a number of banks involved in Ireland have all exited. For some reason they consider us the wild west of banking.

Along with Danke, Bank of Scotland and Ravi bank have already exited. Ulster Bank ltd as always here historical but has been looking at exiting since the crash. I think it never managed to get to the scale to justify staying. It never upped it's IT network or network in general to survive in Ireland.

It took a substantial hit in it loan portfolio in the Crash. While Irish banks were rescued in a way banks were dependent on there home country for support. So it was parent banks that had to fund losses in Ulster, Rabo and Danske Bank. Bank of Scotland went broke if I remember right and was taken over by Loyads.

All the banks that lost money in Ireland because of the Crash exited. Ulster Bank is the final one. It has been downgrading it operations for the last 10 years. Remember when it had the IT glitch 6-8 years ago.

lakill Farm

farawaygrass wrote: »

Will saving there be safe?

bank guarantee up to 100k

Actually Ulster might not be in that guarantee as they didn't get an Irish state bail out as their UK parent company bailed them out in 2009/2010

davidk1394

I'm glad I didn't go with them for all the buildings. They had the best interest rate on the market when I was looking for money.

Limestone Cowboy

We got mortgage approval off them a few weeks ago, think we will have to go back to the drawing board again.

whelan2

Limestone Cowboy wrote: »

We got mortgage approval off them a few weeks ago, think we will have to go back to the drawing board again.

I'd wait and see what happens.

lakill Farm

Post the crash in 2009-2011 I worked for a large developer and then NAMA but I remember with UB if you wanted a bank statement for a €100m loan you had to email your account manager and they would do it up on excel or work for you and it could take a week to get it. I think at the time the developer had north of €1.5bn in facilities with just UB and it was the same torture for each facility, it was so far behind even then, and they had terrible security in place compared to AIB or BOI. Anglo Nationwide and BOSI were the banking sluts of the time , some of the correspondence was eye watering

Bass Reeves wrote: »

From the time of the crash on a number of banks involved in Ireland have all exited. For some reason they consider us the wild west of banking.

Along with Danke, Bank of Scotland and Ravi bank have already exited. Ulster Bank ltd as always here historical but has been looking at exiting since the crash. I think it never managed to get to the scale to justify staying. It never upped it's IT network or network in general to survive in Ireland.

It took a substantial hit in it loan portfolio in the Crash. While Irish banks were rescued in a way banks were dependent on there home country for support. So it was parent banks that had to fund losses in Ulster, Rabo and Danske Bank. Bank of Scotland went broke if I remember right and was taken over by Loyads.

All the banks that lost money in Ireland because of the Crash exited. Ulster Bank is the final one. It has been downgrading it operations for the last 10 years. Remember when it had the IT glitch 6-8 years ago.

stanflt

[Deleted User] wrote: »

Deals were done at the time, but that was a more disorderly exit. Bank of Scotland Ireland too. I think Natwest will sell off their loans to other banks and vulture funds in bulk. Happy to be wrong.

Deals were done at the time if they hadn’t got security against the loan- unfortunately we got no discount as they had deeds and only 2 years repayments left- deed were handed over to pepper finance when loan book was sold

og2k7

davidk1394 wrote: »

I'm glad I didn't go with them for all the buildings. They had the best interest rate on the market when I was looking for money.

We had them on site (a couple months before covid) in my company trying hard to get everyone switched over to them. Surely at that point someone must have known something. Good thing I didnt switch.

There will be even less competition on the market with them out.

dave 27

anyone know what is going to happen current mortgage holders?

phormium

dave 27 wrote: »

anyone know what is going to happen current mortgage holders?

You'll have to move it somewhere else whenever they notify customers of the time scale.

amacca

lakill Farm wrote: »

Anglo Nationwide and BOSI were the banking sluts of the time , some of the correspondence was eye watering

:D

Hey cowboy you want good time? Cashy cashy, me loan you long time, 5 dolla (terms and conditions apply)

Bass Reeves

If there interest rate was better it would not have worried me. I am still paying off a RABO through pepper finance. Not sure who has it actually. Terms and conditions remain completely the same.

patsy_mccabe

I've 100 yoyos in an account with them. I wonder what will happen it. :rolleyes:

patsy_mccabe

patsy_mccabe wrote: »

I've 100 yoyos in an account with them. I wonder what will happen it. :rolleyes:

There could be turbulence. You may face some ups and downs. But keep a good grip on things and you should be fine.

Chuckie_Egg

I believe the Bank will remain, it'll be packaged up into a nice profitable Bank i.e. they will close branches, pay redundancies to staff etc. (probably with the help of the Irish Tax payer) at which point they could float it on the stock market or sell to another expanding bank. Either way I can't see the Government allowing Bank of Ireland or AIB to cherry pick assets as they will have a complete an utter monopoly at that stage.
It'll be bad news for all Businesses not just farmers if they go, at that stage Bank of Ireland would then be in control of over 70% of all commercial lending in Ireland. Commercial loan rates are already saucy, they'll get a whole lot worse.

lanod2407

amacca wrote: »

have to admit im curious too

is it just that UB are less competitive than others so you are as well moving?

i remember danske not being the cheapest


or is there something im missing?

They need around €2 billion in reserves to cover their loan book, which I'd say NatWest think could be better used elsewhere in the business

lanod2407

phormium wrote: »

You'll have to move it somewhere else whenever they notify customers of the time scale.

My tracker ........ Hoping that'll be safe

dresden8

Ulster leaving Ireland. That's so 1921.

kevthegaff

All my loans are with them, I moved over 3 years ago and found d them very good as they were very helpful compared to boi. Bank manager over my accounts sound out, it's a pity guy like that losing their job. Anyway would I be mad amalgamated loans and go through milkflex

amacca

lanod2407 wrote: »

My tracker ........ Hoping that'll be safe

The terms and conditions of your loan can't be altered afaik

Packrat

Post 2008 - 2012 crash I don't have any relationship with BOI or AIB.
Ulster Bank are my everyday retail personal and business (farming) bank.
Where am I to go now?

kk.man

Terrible for ppl in the boarder counties, they have a lot of branches up there.

TBH the retail banking model that we have known is a thing of the past just like the high Street shop. The brick and mortar in the bigger centres may survive but its a costly model as it stands. I haven’t been inside a branch for over two years. I recon the local post offices will benefit from bank branch closures.

I'll still hate to see boi and aib control the market. The interest rates are a shocking indictment of their control. They are screwing us to pay for their previous sins.

Yyhhuuu

Customer service at Ulster Bank in my experience and that of my colleagues is hit and miss. In the past Ulster bank customers service staff have hung up the phone on me for no valid reason on more than one ocassion. This has never happened with Bank of Ireland customer service who have the one of most professional customer service staff answering telephone calls.I think these calls are dealt with in Belfast, certainly a very heavily accented staff. Customer care is very hit and miss at Ulster

Thank god I dont do my day to day business at Ulster Bank. My practice is with Bank of Ireland. Incidentally, many reviews on trustpilot are poor for Ulster Bank..

I have a regular saver account still paying 0.85% in which I have invested. They never bothered to reduce this "high" interest rate as other banks offering similar regular saver accounts have done in the recent past Perhaps they didnt bother as they anticipated an exit.???

Any idea how longer this high interest rate account will last with Ulster Bank. So sorry for the staff.

Yyhhuuu

Yyhhuuu wrote: »

Customer service at Ulster Bank in my experience and that of my colleagues is hit and miss. In the past Ulster bank customers service staff have hung up the phone on me for no valid reason on more than one ocassion. This has never happened with Bank of Ireland customer service who have the one of most professional customer service staff answering telephone calls.I think these calls are dealt with in Belfast, certainly a very heavily accented staff. Customer care is very hit and miss at Ulster

Thank god I dont do my day to day business at Ulster Bank. My practice is with Bank of Ireland. Incidentally, many reviews on trustpilot are poor for Ulster Bank..

I have a regular saver account still paying 0.85% in which I have invested. They never bothered to reduce this "high" interest rate as other banks offering similar regular saver accounts have done in the recent past Perhaps they didnt bother as they anticipated an exit.???

Any idea how longer this high interest rate account will last with Ulster Bank. So sorry for the staff.

Your "high interest" .85% is likely losing money in real terms.

Yyhhuuu

[Deleted User] wrote: »

Your "high interest" .85% is likely losing money in real terms.

Thanks for answering my question...
I'm told there is no inflation so this defeats your argument that its losing money. I'm saving to buy a property.

macplaxton

Yyhhuuu wrote: »

I'm told there is no inflation

I'll let you into a secret: There is inflation.

It's also higher than 0.85% per annum.

Yyhhuuu

Yyhhuuu wrote: »

Thanks for answering my question...
I'm told there is no inflation so this defeats your argument

What question? A statement doesn't get turned into a question just because you put a few ? after it.


Saving for a deposit is a valid reason to put money in a saving account, but don't be fooled into thinking it's not losing value.

Reggie.

Well its announced that Ulster bank are leaving anyways

pc7

lanod2407 wrote: »

My tracker ........ Hoping that'll be safe

Yeah same here, have tracker with them, was originally First Active, then was taken over by Ulster.

average_runner

pc7 wrote: »

Yeah same here, have tracker with them, was originally First Active, then was taken over by Ulster.

Your tracker will just be sold to another business. We had a tracker with bank of Scotland. sold to some other fund, you will notice no difference once you continue to pay

maestroamado

I remember hearing a few years ago that Dublin be big Financial Hub in EU after Brexit and London banks re-locate here.
Someone surely got it wrong?

Also what's so different that Banking so different in NI?? I assume this is to do with British Government owning shares...

Mad_maxx

maestroamado wrote: »

I remember hearing a few years ago that Dublin be big Financial Hub in EU after Brexit and London banks re-locate here.
Someone surely got it wrong?

Also what's so different that Banking so different in NI?? I assume this is to do with British Government owning shares...

that ( overly ambitious ) prediction about JPM etc relocating to Dublin referred to investment banking

no one wants anything to do with the retail banking market in this country as you cant evict rogue borrowers or at least not in a remotely comparable way to every other nation in europe

AckwelFoley

Yyhhuuu wrote: »

Thanks for answering my question...
I'm told there is no inflation so this defeats your argument that its losing money. I'm saving to buy a property.

Money on deposit costs banks money to pay the interest at the moment.

N26 will charge you to have a deposit of more than 50k

Other banks actually won't want the deposits from all the UB accounts

As for inflation is currently around 0.7% but pre covid was closer to 0.9

kk.man

Forget about inflation for a moment (I do believe that it's there). At 0.85 you must pay the crippling DIRT tax (think that's 30+%) and then you pay USC. All being right you be lucky to have 0.2% out if it. I'm not knocking savers by the way.

davidk1394

og2k7 wrote: »

We had them on site (a couple months before covid) in my company trying hard to get everyone switched over to them. Surely at that point someone must have known something. Good thing I didnt switch.

There will be even less competition on the market with them out.

Very little competition now on the agri side of things anyway. I approached the 3 banks and I stuck with BOI. They gave me a good interest rate and the people I dealt with had a better understanding of what we have done so far and what had to be done.

AckwelFoley

I've dealt with Ulster banks for about 15 years now. I have a tracker. They gave me a mortgage to build a house that I built myself from the groud up

Some banks couldn't get the concept that I could do it. They did. While other banks were offering the money I didn't appreciate their way of dealing with me. UB sat down and listened (In fairness so did AIB)

First thing the other morning on the radio RTE had a one one the radio talking about how she and her kids all bank with UB and explaining how this was all now a Nightmare

Seriously, get a bloody grip. If that's a nightmare you have lived one hell of a sheltered life

Media loves a whinger. Any wonder Joe Duffy and whineline is so popular