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18/08/2008
UK Banks Head South For The Economic Winter
Two major UK financial institutions have announced plans to open in the Republic despite the despondent economy.
Ulster Bank has said it plans to create around 24 jobs when it opens three new branches this month in Sandyford, south Co Dublin, Loughrea, Co Galway and Wicklow Town.
Meanwhile, it has emerged the Nationwide building society is seeking permission from the UK's Financial Services Authority (FSA) and its Irish equivalent, to offer savings accounts to customers through the internet, post and telephone.
The unexpected announcements come amid uncertain times in the cold Irish economic climate.
Richard Donnan, Managing Director of Ulster Bank Personal Banking said:"We are continuing to invest heavily in our branch and business centre network throughout Ireland.
"Notwithstanding the current challenging market conditions, Ulster Bank is very much open for business and these latest openings demonstrate our growth ambition and confidence in the future."
Mr Donnan added the bank plans to roll-out a €73m expansion drive over the past year-and-a-half was part of its plan to become the country's biggest bank.
Ulster Bank has opened 12 new branches and business centres in the past 18 months, including new premises in Inchicore and George's Quay in Dublin (pictured).
Nationwide is the biggest of the UK's remaining 59 building societies and has more than 800 branches.
However, it has no immediate plans to open a branch in the Republic and it does not intend to offer mortgages to potential customers.
(DW)
Ulster Bank has said it plans to create around 24 jobs when it opens three new branches this month in Sandyford, south Co Dublin, Loughrea, Co Galway and Wicklow Town.
Meanwhile, it has emerged the Nationwide building society is seeking permission from the UK's Financial Services Authority (FSA) and its Irish equivalent, to offer savings accounts to customers through the internet, post and telephone.
The unexpected announcements come amid uncertain times in the cold Irish economic climate.
Richard Donnan, Managing Director of Ulster Bank Personal Banking said:"We are continuing to invest heavily in our branch and business centre network throughout Ireland.
"Notwithstanding the current challenging market conditions, Ulster Bank is very much open for business and these latest openings demonstrate our growth ambition and confidence in the future."
Mr Donnan added the bank plans to roll-out a €73m expansion drive over the past year-and-a-half was part of its plan to become the country's biggest bank.
Ulster Bank has opened 12 new branches and business centres in the past 18 months, including new premises in Inchicore and George's Quay in Dublin (pictured).
Nationwide is the biggest of the UK's remaining 59 building societies and has more than 800 branches.
However, it has no immediate plans to open a branch in the Republic and it does not intend to offer mortgages to potential customers.
(DW)
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Protected Banks To Submit Risk Reduction Plans
The banks recently bailed out by protection from the state are starting to pay the price as the Financial Regulator demands business plans on how they will reduce risk.
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Ireland WeatherToday:Gale, coastal severe gale, northwest winds ease from late afternoon. Scattered showers will fall as snow over the hills at first, becoming isolated from mid-afternoon. Maximum temperature 7 °C.Tonight:Showers, scattered in the evening, will clear by midnight leaving the night dry with clear spells. Cloud will spread east towards morning. Minimum temperature 2 °C.
