Controversies
Controversies tied to this brand in public sources. A listing is not a finding of fault.
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2021
Tracker-mortgage regulatory breaches
The Central Bank of Ireland found that Ulster Bank Ireland DAC had failed customers entitled to tracker mortgage rates and had committed 49 regulatory breaches. The bank was fined €37.774 million and 5,940 customers were identified as directly affected.
2021
Ulster Bank fined €38m for mortgage customer handling
Fine or penalty
Ireland's Central Bank fined Ulster Bank €38m for regulatory breaches in its handling of some mortgage customers. The Central Bank described serious failings, including a deliberate strategy not to provide certain customers with their correct tracker mortgage entitlement unless they complained. Ulster Bank's chief executive said she was deeply sorry for the impact on customers and their families.
Company response
Apology — Ulster Bank
In a statement, Ulster Bank's chief executive Jane Howard said she was deeply sorry for the impact the bank's handling of the tracker mortgage issue had on customers and their families.
Source excerpt
The fine on Ulster Bank is the largest ever imposed by Ireland's Central Bank.
NatWest's business in the Republic of Ireland has been fined Ulster Bank fined €38m for regulatory breaches in its handling of some mortgage customers.
The Central Bank said some customers suffered serious harm: 'At the most serious end 43 properties were lost, 29 of which were family homes, as a direct consequence of Ulster Bank's actions.'
2020
Union accuses NatWest Group of using Covid-19 to manufacture a crisis around Ulster Bank
Issue disclosure
At an Oireachtas committee hearing on December 8, 2020, the Financial Services Union accused NatWest Group of using Covid-19 as cover to manufacture a crisis around the future of its Ulster Bank subsidiary in Ireland. The union's accusation was made during the committee hearing, according to the source report.
Source excerpt
Addressing the Oireachtas Committee on Finance, Public Expenditure and Reform and Taoiseach today, general secretary John O'Connell also said it was regretful that Ulster Bank had declined an invitation to attend the committee hearing.
The Financial Services Union has accused the NatWest Group of using Covid-19 as cover to manufacture a crisis around the future of its Ulster Bank subsidiary here.
They all have something in common. They are all looking to close branches and cut staffing levels.
2020
Central Bank fines Ulster Bank €4.6 million
Fine or penalty
The Central Bank fined Ulster Bank €4.6 million for governance failings relating to regulatory returns on mortgage arrears. Ulster Bank admitted the breaches, which took place from 2013 until 2015.
Source excerpt
Ulster Bank has been fined a total of €4.6m by the Central Bank for governance failings relating to targets the regulator set in 2013 to tackle deep mortgage arrears across the banking sector.
Ulster Bank has admitted the breaches, which took place from 2013 until 2015.
Today's fine is the first levied by the Central Bank for such breaches.
2012
Banking technology failure
A major systems failure across the RBS, NatWest and Ulster Bank infrastructure left customers unable to access accounts and caused prolonged disruption. The incident resulted in compensation, public criticism and regulatory attention.
2002
Cash-centre banknote theft
Three Ulster Bank employees were accused of stealing used banknotes intended for destruction. They were later convicted and imprisoned. During the trial, the bank’s security controls were criticised.