Ulster Bank Ireland DAC Important Customer Update
Today, Ulster Bank Ireland DAC (“Ulster Bank”) announces an update of its phased withdrawal process, as confirmed on 19th February 2021.
As part of this phased withdrawal, Ulster Bank and its parent NatWest Group have entered into a legally binding agreement to sell a c.€6bn performing tracker and linked mortgage portfolio to Allied Irish Banks, p.l.c.
The portfolio comprises c47,000 customers. The average remaining term duration is approximately 13 years. 90% of the mortgages relate to private dwelling houses with 10% related to buy to let properties.
Completion of this sale remains subject to obtaining any relevant regulatory approvals, which may take a number of months. Customers can be assured that this announcement does not affect their legal and regulatory protections. We want to reassure customers that they will continue to retain their tracker mortgage in line with their mortgage documentation.
Customers do not need to take any action on the back of today’s announcement, and we will be in contact with potentially impacted customers in the coming weeks and months.