IFA president Tim Cullinan
Irish Farmers’ Association (IFA) president Tim Cullinan has said NatWest must make a commitment that Ulster Bank’s loan book will go to ‘pillar’ banks that can offer a full service to customers.
It follows the announcement today (Friday, February 19) that NatWest Group will wind down Ulster Bank in the Republic of Ireland following a phased withdrawal.
It is estimated that there are 10,000 farmers with borrowings from Ulster Bank, and a further 10,000 availing of current account facilities.
An agreement for the potential sale of Ulster Bank’s commercial loan book to AIB has been reached, but is subject to approval and further negotiation.
February 18, 2021 11:58 am
The government is being called on to step in and prevent the sale of Ulster Bank’s loan book to a “vulture fund”.
Tim Cullinan, the president of the Irish Farmers’ Association (IFA), has said that some 20,000 farmers who have dealings with the bank would be “left high and dry” if the bank’s loans were sold.
“It’s estimated that there are 10,000 farmers with borrowings from Ulster Bank, and a further 10,000 availing of current account facilities,” Cullinan pointed out.
Ulster Bank must make a commitment that it will not sell its loan book to a vulture fund that would leave these farmers completely high and dry. The government must intervene and prevent this from happening.
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