Press release
Minister Donohoe welcomes AIB announcement in relation to Ulster Bank’s tracker mortgages and CCPC clearance of corporate loan transaction
Published on
Last updated on
Published on
Last updated on
The Minister for Finance Paschal Donohoe welcomes today’s announcement by Allied Irish Banks p.l.c. (”AIB”) that they are in exclusive discussions with NatWest Group to acquire Ulster Bank’s tracker mortgage book.
Commenting on the announcement from AIB, the Minister stated:
“The successful conclusion of this transaction by AIB would be very positive in providing a significant number of Ulster Bank customers with certainty as to the destination of their mortgages. I am hopeful that these discussions will lead to a successful outcome, however, I do appreciate that the conclusion of this transaction is subject to normal due diligence, agreement of final terms, as well as obtaining appropriate approvals."
The Minister also notes the further announcement by AIB today that the Competition and Consumer Protection Commission (“CCPC”) has completed its investigation into AIB’s acquisition of Ulster Bank’s corporate and commercial loan book. Commenting on this, the Minister stated:
“I would also like to take this opportunity to note that the CCPC has given its clearance to AIB to complete its acquisition of Ulster Bank’s corporate and commercial loan book from NatWest Group. Again, this is a very positive development for Ulster Bank customers whose loans will be transferring to AIB and also, for the Ulster Bank staff who will be moving to AIB as part of the transaction."