Ulster Bank Ireland DAC presence in the Republic of Ireland

From 20th November 2023, we are writing to all customers whose Commercial debt has transferred to Pepper to confirm the completion of the transfer. 

The letter will also contain important information about the transfer of your Commercial debt and detail any action you may need to take.

Pepper is now your point of contact for your Commercial Debt. They will send a Welcome Letter to you within two weeks of the date of transfer providing you with further detail about  the transfer of your Mortgage Loan.

Our Commercial debt transfers to Pepper are happening on a phased basis, if you did not receive a recent letter confirming the transfer then your Commercial debt should transfer in the next phase of Commercial debt transfers to Pepper expected to take place in early 2024.  We will write to you closer to that time to confirm your transfer. 

Our Commercial debt transfers to Pepper are happening on a phased basis and some have recently taken place. The next phase of Commercial debt transfers to Pepper is now expected to take place in early 2024 and your Commercial debt should transfer at this stage. 

Pepper is now your point of contact for your Commercial debt. They will send a Welcome Letter to you within two weeks of the date of transfer providing you with further detail about  the transfer of your Commercial debt.

In the meantime, you can find more information about the transfer of your Commercial debt in the Frequently Asked Questions available on Pepper's website at www.pepper-advantage.ie/get-in-touch. Alternatively you can contact Pepper on 0818 882 241, 09:00am to 17:00pm, Monday to Friday (excluding Bank Holidays).

Pepper has an Information Hub available on their website for customers whose Commercial debt has transferred from Ulster Bank at www.pepper-advantage.ie/get-in-touch. This contains Frequently Asked Questions that provide more  information about the transfer of your Commercial debt.  

You can also contact Pepper on  0818 882 241, 09:00am to 17:00pm, Monday to Friday (excluding Bank Holidays

No, once your current account has been closed you will no longer be able to access your Commercial debt balances on Anytime Banking or Banking OnLine.  If you have any queries regarding your Commercial debt please get in touch with Pepper on 0818 882 241, 09:00am to 17:00pm, Monday to Friday (excluding Bank Holidays).  If you have not received confirmation from Ulster Bank that your commercial debt has transferred to Pepper and you need to find out your outstanding balance please contact your Relationship Manager/Case Manager. 

We have sent you a Commercial debt statement separately by post covering all transactions for the year 2023 up to the date of transfer to Pepper. This will confirm the Commercial debt balance which has transferred to Pepper. Any transaction data from after the date of transfer can be obtained from Pepper. 

No, if you pay your Commercial debt exclusively by direct debit there is no action required by you to update your payment arrangement. The direct debit in place  with Ulster Bank on the Transfer Date will continue to be used to make payments to your Commercial debt with Pepper. In due course, Pepper will amend the direct debit name that appears on your bank statement (the ‘creditor identifier’) to refer to ‘Pepper Asset’ rather than to Ulster Bank.

Yes, if you pay your Commercial debt by an alternative payment method (e.g., standing order, electronic funds transfer or card payment) you will need to take action to redirect these payments to Pepper and they will write to you within two weeks to provide the details you require to complete this. In the meantime, details on how these types of payments can be made to Pepper can be found on the Pepper website at www.pepper-advantage.ie/get-in-touch.

Ulster Bank cannot accept repayments by cheque after 17th November 2023 and any cheques received will be returned to the issuer with an instruction to redirect the payment to Pepper.

Where a payment is provided to Ulster Bank electronically up to 31st January 2024 (e.g., standing order or electronic funds transfer), we will forward it on to Pepper on your behalf. After this date, these payments will not be forwarded to Pepper and you will need to make these directly to Pepper.

If you have submitted a request to make an amendment to your Commercial debt, such as updating payment details, address, statement requests, redemptions or any other request, prior to 17th November 2023, this will be passed to Pepper for processing. Pepper will see to it that these changes are made as soon as possible, and will attempt to avoid any unnecessary delays. 

Further information about how you can update your Commercial Debt details can be found in the Frequently Asked Questions available on Pepper's website at www.pepper-advantage.ie/get-in-touch. Alternatively you can contact Pepper on 0818 882 241, 09:00am to 17:00pm, Monday to Friday (excluding Bank Holidays).

As part of the transfer of your Commercial debt, Ulster Bank’s interest in the life assurance policies associated with your Commercial debt has been reassigned to Pepper. This reassignment of Ulster Bank's interest does not in any way change the policy itself.

You will need to take action to ensure the reassignment of these policies is recorded with your insurance provider by contacting them directly. It is important you take this action to prevent you encountering any unnecessary delays if you need to claim on your policy in the future.

No, the reassignment of Ulster Bank's interest does not in any way change the policy itself. It is important you maintain payments on your life policy as normal to ensure no lapse in your cover. Please contact Pepper on 0818 882 241 (Open Monday-Friday, 9am-5pm) if you have any queries relating to your life assurance.

If you were being supported by the Ulster Bank Strategic Debt Solutions unit, now that your Commercial debt has been transferred, you will continue to receive support from Pepper's Commercial Real Estate's Servicing Team. If you need to contact them to discuss your Commercial debt, you can do so using the following contact details.

Telephone : 0818 882 241 (Open Monday-Friday, 9am-5pm)

Postal Address : Pepper Commercial Real Estate Servicing Team , PO Box 13663, Shannon, Co. Clare

If you have an in-progress application such as an Alternative Repayment Arrangement request, this will be passed to Pepper for processing.  

If you have an unresolved complaint with Ulster Bank at or after the date of your Commercial Debt transfer, the handling and resolution of this complaint will remain with Ulster Bank. Pepper will not be able to support or advise on this. Ulster Bank will be in touch with you to follow-up on this complaint but if you have any queries specifically about the complaint or any outstanding issues with previous complaints (e.g. outstanding redress payments) you can contact Ulster Bank directly on 1800200162 or on 00353 1 7092042 if calling from abroad. If you have a complaint with the Financial Services and Pensions Ombudsman (FSPO)- they will continue to investigate and you need to take no action.

Yes, please visit the complaints page of our website  here.

Any existing complaints which you have raised prior to the Transfer Date, or any complaint you may wish to raise after the Transfer Date relating to an Ulster Bank issue, will continue to be managed by Ulster Bank Ireland DAC. If the complaint relates to a non Ulster Bank issue that occured after the Transfer Date, you will need to raise this directly with Pepper.

On 20th November 2023, we transferred your Commercial debt and your Commercial debt documents i.e., your loan agreement(s)and guarantees (if any) to Pepper. Any property deeds that we are in possession of as security for your Commercial debt would also have transferred to Pepper.

Pepper can help you with any queries you have about your property deeds and can be contacted using the following details.

Telephone : 0818 882 241 (Open Monday-Friday, 9am-5pm)

Postal Address : Pepper Commercial Real Estate Servicing Team, PO Box 13663, Shannon, Co. Clare

No, you will not incur any legal costs as a result of your Commercial debt transferring to Pepper.  

If you require a commercial debt  statement for any period up to 17th November 2023, you can request this from Ulster Bank by contacting our Telephony team on 0818 211690 (Open Monday- Friday 9am – 5pm).

If you require a statement showing transactions after 17th November 2023, Pepper will be able to facilitate that request. You can contact Pepper on 0818 882 241 (Open Monday-Friday, 9am-5pm).

If you have submitted a request for a redemption quote in the week ending 17th November 2023 and your Commercial debt has transferred to Pepper, this request will be passed to Pepper for processing. Pepper will see to it that your request is completed as soon as possible, and will attempt to avoid any unnecessary delays. 

Yes, you need to take action. Any instructions you provided to us to engage with third parties in relation to your Commercial debt did not transfer to Pepper. 

If you still require this type of support, Pepper will provide you with the relevant form to complete and return  within the welcome letter they send you within 2 weeks of transferring. If you need any further information , you can contact Pepper on 0818 882 241, 09:00am to 17:00pm, Monday to Friday (excluding Bank Holidays).

It is anticipated that the majority of commercial debt will transfer in late 2023. The remaining commercial debt will transfer in the final phase planned for early 2024.  We will write to impacted customers again within a week after the transfer has taken place to confirm its completion..

On the Transfer Date, all of the rights and obligations of Ulster Bank under your outstanding commercial debt(s) and your facility document(s) will be transferred to Pepper Finance Corporation DAC (Pepper). Your facility document(s) are your commercial debt agreement(s), related security, and guarantee(s) (if any).  This means that, from the Transfer Date, your obligations under your outstanding commercial debt(s) and the associated facility document(s) will be owed to Pepper rather than to Ulster Bank Ireland DAC.

Your existing terms and conditions continue to apply until expiry of your loan as long as you remain compliant with your terms and conditions.     Your outstanding commercial debt(s) will continue to be governed by the provisions of the Central Bank of Ireland’s Consumer Protection Code and the Lending to Small and Medium-Sized Enterprises Regulations 2015, as applicable

Your existing terms and conditions continue to apply, however, if you are on a variable rate product your repayments may increase or decrease in line with interest rate movements.

If you hold multiple loans with us, you will receive a separate communication for each loan being included within this loan sale.   We will write to you a minimum of 2 months in advance of any transfer of your loan to provide you with formal confirmation of the inclusion of your loan.  

On the Transfer Date, all of the rights and obligations of Ulster Bank under your outstanding commercial debt(s) and your facility document(s) will be transferred to Pepper. Your facility document(s) are your commercial debt agreement(s), related security, and guarantee(s) (if any).   This means that, from the Transfer Date, your obligations under your outstanding commercial debt(s) and the associated facility document(s) will be owed to Pepper rather than to Ulster Bank Ireland DAC.

If your commercial debt is currently on a variable rate, the rate on the day that your loan migrates to Pepper will apply. Following the loan transfer, any future changes to this rate will be for Pepper to determine and communicate to you.

You will receive advance notice prior to your rate expiring, informing you of the rate options available to you.

You will receive advance notice from Pepper prior to your rate expiring, informing you of the rate options available to you.

A breakage cost may be applied if your loan is repaid whilst on a fixed rate – please refer to the fixed rate agreement  and your terms and conditions for more details, or contact your Relationship Manager.

No, you will not incur any legal costs as a result of this transfer.  

If you are experiencing financial difficulties, you should contact your Relationship Manger as soon as possible.  He or She will work with you to understand your financial difficulties and work with you to put appropriate supports in place.

Please contact your Relationship Manager who will work with you on this.

The decision to sell this portfolio of Commercial debt has been taken after a period of careful consideration as part of UBIDAC’s phased withdrawal from the Republic of Ireland. Please be assured that your legal and regulatory protections are not affected.

If you do not wish to be included in the loan sale you may repay in full the outstanding commercial debt from (a) your own resources or (b) a refinance with another financial institution.   

If you want to repay your commercial debt in full, please contact your Relationship Manager for further assistance.

The   beneficial interest in your outstanding commercial debt(s) will transfer to Elmscott Property Finance DAC (the Buyer). The legal ownership and servicing of your commercial debt(s) will transfer to Pepper Finance Corporation (Ireland) DAC. The date of the transfer will be a minimum of two months from the date of your CPC letter which you have received.   We anticipate that the majority of customers will transfer in late 2023.   We will write to you again a week after the transfer has taken place to confirm its completion.

Until the Transfer Date you should continue to engage in any ongoing discussions with your Relationship Manager about your debt.

Any existing complaints or complaints relating to Ulster Bank’s products or services will be investigated and responded to by Ulster Bank.

Effective the 28 April 2023 you will no longer be able to place funds in a new Money Market Contract fixed term deposit.  When your existing account reaches its maturity date your balance will be returned per your settlement instruction.

On the 2nd September 2022 UBIDAC confirmed that it would be ceasing the sale of certain Commercial Banking products to all customers. After the 2nd  November 2022 we will not be accepting applications from any customers for the following:

• Current Accounts
• Deposit Accounts
• Commercial Cards
• Additional Bankline Services i.e., SEPA Money Transfer, Direct Debit Origination
• Bankline Direct
• SWIFT Network MT940 reporting
• Trade Finance products for our Micro-SME customers

For existing customers who already have these products, there is no immediate change on foot of this announcement. 

There is no immediate change for customers currently holding these products on foot of this announcement.

• Current Accounts
• Deposit Accounts
• Commercial Cards
• Additional Bankline Services i.e., SEPA Money Transfer, Direct Debit Origination
• Bankline Direct
• SWIFT Network MT940 reporting
• Trade Finance products for our Micro-SME customers

We have commenced writing to all customers about the need to choose a new banking provider for these products. If you want to start acting now you do not need to wait for our letter. You can contact your Relationship Manager or our team on 1800 818 375 for assistance. 

We have written to all customers who are included in either the AIB or PTSB transactions.

For customers subject to the transaction with AIB, we will continue to support their debt product needs (loans, overdrafts, trade finance and invoice finance) until they transfer to AIB.

For customers subject to the transaction with PTSB, we will continue to support their requirements for loans and overdrafts until they transfer to PTSB.

After the 2nd  November 2022, our online application channels will close with the exception of our U-Connect platform which will remain available to support Small Business Loan applications. You should contact your Relationship Manager or our team on 0818 211 690 with any queries. Lombard customers should continue to call their Relationship Manager or 0818 211 000.

No. Lombard will continue to accept new business applications from both existing and new customers beyond 2nd September 2022.

Application received on or before 1st November 2022 - If you have applied for a product or service with us on or before 1st November 2022, we will continue to process your application in the normal manner. A member of our team will contact you regarding any further action that may be required to finalise your application.

Application received between 2nd of September – 1st of November 2022 – You will have a maximum 60-day application completion timeframe. If the application has not completed within 60 days of receipt, the application will be automatically returned to you. We will support you with your application through this time.

Applications received after 2nd November 2022– these applications will not be accepted. Our online application channels will close with the exception of our U-Connect platform which will remain available to support Small Business Loan applications.

If you have any immediate queries regarding the status of your application then please contact your Relationship Manager or alternatively, you can call us on:

Business Customers: 0818 211 690 or Lombard Customers: 0818 211 000 

If you think you may need one of these products, you should contact us immediately. Contact your Relationship Manager or our team on 0818 211 690 for assistance.

If you have an urgent need for one of these products after the 2nd November 2022, appeals will be processed, and you should contact your Relationship Manager or our team on 0818 211 690 for assistance. 

For assistance with your business accounts, you can find more information online here.

For assistance with any personal products, you may have you can find more information online here

There is no immediate change for customers currently holding these products on foot of this announcement. We have already started to write to our Micro SME customers with loans or overdrafts about the next steps relating to those. If you have any questions about your existing loan or overdraft, please contact our team on 0818 211690. 

What we announced on 2nd November is that we will no longer accept applications for new or increased loans or overdrafts from Micro SME customers from the 4th January 2023.

• Application received on or before 2nd November 2022 - If you have applied for a loan or overdraft on or before 2nd November, we will continue to process your application in the normal manner. A member of our team will contact you regarding any further action that may be required to finalise your application.
• Application received between 2nd November 2022 and 4th January 2023 – It is important that you complete this application as quickly as possible and engage with us to progress your request. We will support you with your application through this time.
• Applications received after 4th January 2023 – these applications will not be accepted. If you have any queries in this regard and can call us on 0818 211 690