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What to do with your money if your bank is pulling out or closing
Updated / Tuesday, 11 May 2021
10:53
John Lowe of Money Doctors
There have been a lot of changes to banking in Ireland in the last few months, and it might be time to reconsider how you re saving your money.
Ulster Bank have given notice to quit Ireland, a their parent Nat West cannot see the justification for their shareholders in maintaining a business that is slowly stagnating. This isn t all their fault – onerous liquidity demands from the Central Bank, recessions, pandemics and other compliance issues did not help.
KBC Bank owned by KBC Group N.V., the second-largest bancassurer in Belgium, has signed a Memorandum of Understanding with Bank of Ireland, essentially selling off their assets (and liabilities) to this banking group.
i Please note that national forms may vary due to specific national legislation (Article 3(1a) of Directive 2004/109/EC) as for instance the applicable thresholds or information regarding capital holdings. ii Full name of the legal entity and further specification of the issuer or underlying issuer, provided it is reliable and accurate (e.g. address, LEI, domestic number identity). Indicate in the relevant section whether the issuer is a non UK issuer. iii Other reason for the notification could be voluntary notifications, changes of attribution of the nature of the holding (e.g. expiring of financial instruments) or acting in concert.