The Irish Banking Culture Board has said that while it acknowledged the commercial nature of Ulster Bank's decision to leave Ireland, it was disappointed at the decision, its effect on customers and staff and its significance on the overall banking market in Ireland.

The Irish Banking Culture Board said it discussed the issue of Ulster Bank's departure from the Irish banking market at its board meeting yesterday.

It said that Ulster Bank, through its chief executive Jane Howard, will remain on the Board until the completion of its phased withdrawal from the Irish market.

Ulster Bank has agreed to provide regular briefings throughout the process and listen to feedback and challenge from members, it added. 

The IBCB said it will work with Ulster Bank to ensure that its exit from the market and its treatment of customers and staff is managed in line with the core purpose and principles of good culture that are central to the work of the IBCB.

The IBCB said it has commissioned research which will benchmark the progress of the Irish banking market from the perspective of staff and customers, the results of which will inform the work of the Board.

In a statement, the IBCB said it also recognises the important implications of the Ulster Bank decision on the wider banking market and the economy and will also be considering this as part of its focus on the Irish banking market and the societal role of banks.