An agreement has been reached between Permanent TSB, Ulster Bank and its parent company NatWest which could see the sale of parts of Ulster Bank's business in the Republic.

The proposed deal could see between 400 and 500 Ulster Bank staff and 25 branches transfer to Permanent TSB.

WHEN ARE THE BRANCHES THAT ARE NOT TRANSFERRING TO PTSB CLOSING?

Ulster Bank says it is sticking with its commitment not to close any branches this year, and it does not anticipate closing any branches in the first half of 2022.

It said that branches will continue to play an important role and in the second half of next year, it will begin to phase out traditional counter/ cash services to concentrate on in-person support to move bank and/ or close accounts.

I HAVE A LOAN WITH ULSTER BANK - WHAT DO I DO?

The banks say that personal and business customers, whose loans are intended to transfer as part of this planned deal, do not need to take any action now.

TRACKER MORTGAGES ARE NOT INCLUDED, SO WHAT IS HAPPENING THERE?

While performing tracker mortgages are not part of the deal, Ulster Bank and NatWest Group say they are working on a "similar pathway" for these customers with "strategic banking counterparties". The banks say they will provide an update on that in due course.

WHAT ABOUT MY ULSTER BANK CURRENT ACCOUNT?

Current account transfers are not part of the deal.

Ulster Bank says it will proactively contact customers when they need to move bank and or close accounts.

It says it understands that customers may wish to start moving to a new bank now and it is ready to help them through its branch and telephony teams.

Permanent TSB says it will offer all Ulster Bank personal customers an account opening process that will allow them to apply for a Permanent TSB personal current account in less than 15 minutes. It will be an app-based process.

I HAVE DEPOSITS WITH ULSTER BANK, WHAT ABOUT THOSE?

Again, deposit accounts are not part of the agreement struck. But Permanent TSB says it welcomes all new deposit account customers.

They can contact the bank on a new customer line on 0818 837 408 / 01 212 4022. They can also open a deposit account in one of the Bank's 76 branches nationwide.

I HAVE A BUSINESS OVERDRAFT WITH ULSTER BANK. HOW'S THAT BEING HANDLED?

Ulster Bank’s Business Direct customers will be offered the same overdraft facilities with Permanent TSB subject to these customers opening a Permanent TSB current account and meeting credit policy requirements, the banks say.

I USE OTHER ULSTER BANK PRODUCTS AND SERVICES NOT COVERED BY THE DEAL. WHAT IS HAPPENING WITH THESE?

Ulster Bank says here are other customers and customer products not covered by today’s announcement and it will update on those "as appropriate".

I RECENTLY APPLIED FOR A MORTGAGE WITH ULSTER BANK - WHAT WILL HAPPEN TO MY APPLICATION?

Ulster Bank says that mortgage applications will proceed as normal and a customer's mortgage manager or mortgage broker will support them with any questions they may have.

But the bank said it was important to understand that, should a mortgage be approved, it will transfer to a new provider in the future.

MY BRANCH LOCATION MAY BE BOUGHT BY PERMANENT TSB. WHAT DO I NEED TO DO?

Ulster Bank says that customers do not need to do anything. It says it will communicate directly with customers via email and or letter to provide advance notice of any changes or actions required.

It also assured customers that the outcome of the sale of branches to PTSB does not affect the terms and conditions of products and services with it in the short term.

IS MY MONEY PROTECTED UNDER THE DEPOSIT GUARANTEE SCHEME?

Ulster Bank says that deposits of up to €100,000 per customer are protected as per the existing Deposit Guarantee Scheme.

It says customers can be assured their funds remain safe with Ulster Bank Ireland and the lender remains regulated by the Central Bank of Ireland, which affords customers the same protections and rights as before today's announcement.