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| Ulster Bank to lay off 750 staff | Ulster Bank to lay off 750 staff |
| (19 minutes later) | |
| More that 700 jobs are to go at the Ulster Bank in Northern Ireland and the Republic of Ireland, the bank has said. | More that 700 jobs are to go at the Ulster Bank in Northern Ireland and the Republic of Ireland, the bank has said. |
| The lay-offs will be rolled out on a voluntary basis, according to the bank. It plans to cut 550 jobs in the Republic, and 200 in Northern Ireland. | The lay-offs will be rolled out on a voluntary basis, according to the bank. It plans to cut 550 jobs in the Republic, and 200 in Northern Ireland. |
| Ulster Bank said the First Active brand of mortgage and investment business will close as part of the scheme. | Ulster Bank said the First Active brand of mortgage and investment business will close as part of the scheme. |
| Steve Tweed of the bank officials' union said it would have "intensive negotiations" with the bank. | Steve Tweed of the bank officials' union said it would have "intensive negotiations" with the bank. |
| "We haven't seen the detail behind their decision so it would be our objective to have that number reduced," he said. | "We haven't seen the detail behind their decision so it would be our objective to have that number reduced," he said. |
| "But we also need to sit down the bank and negotiate a voluntary severance package which is attractive, especially in the current economic climate." | "But we also need to sit down the bank and negotiate a voluntary severance package which is attractive, especially in the current economic climate." |
| The Ulster Bank Group, part of Royal Bank of Scotland, said that it had to "adapt to prevailing market conditions, while strengthening the organisation and its all island reach". | The Ulster Bank Group, part of Royal Bank of Scotland, said that it had to "adapt to prevailing market conditions, while strengthening the organisation and its all island reach". |
| Debt | Debt |
| The plan includes making the business a single brand in the Republic, with the merger of its specialist mortgage and investment arm, First Active, into the main Ulster Bank. | The plan includes making the business a single brand in the Republic, with the merger of its specialist mortgage and investment arm, First Active, into the main Ulster Bank. |
| The bank said it would be holding meetings with employees and employee representatives to discuss details of the severance package. | The bank said it would be holding meetings with employees and employee representatives to discuss details of the severance package. |
| The Ulster Bank, which has more than 1.8m customers, has 145 branches in the Republic and 92 in Northern Ireland. | The Ulster Bank, which has more than 1.8m customers, has 145 branches in the Republic and 92 in Northern Ireland. |
| The bank, founded in Belfast in 1836, said its plans in Northern Ireland included measures to support customers, experiencing financial difficulties. | |
| The plan includes funding for the provision of debt advice, staff secondment for debt agency work and a six month postponement on house repossession after a customer first goes into arrears. | The plan includes funding for the provision of debt advice, staff secondment for debt agency work and a six month postponement on house repossession after a customer first goes into arrears. |