Ulster Bank has said it will start writing to customers "shortly" to give them six months' notice to choose a new provider for their current and deposit accounts, move them and close them.
The bank today held an event for a group of advocates for customers who might need additional assistance with that process, including those in vulnerable situations, at which it outlined its plans to communicate what steps customers should take and the measures that would be in place to support them.
"This session will give stakeholders the opportunity to clarify and better understand Ulster Bank’s approach to customer account closures," a spokesperson said.
"It is essential that advocates for customers who might need additional assistance are kept informed, within the bounds of competition law, so they can advocate on behalf of their members or clients; discuss concerns or challenges with us; and communicate with their members or clients about the forthcoming changes that affect them."
Last December Ulster Bank held the first of a series of industry events with organisations that will be impacted by its decision to exit the Republic of Ireland market.
Further events involving advocates for business customers as well as major direct debit originators such as utility companies are also planned to take place.
As it winds down its operations here, the bank will require customers to close or switch current and deposit accounts to other financial institutions.
The bank said it has already put in place a series of measures to help customers who need extra help, such as dedicated phone lines, proactive outreach, engagement with other financial service providers and an online portal for customers experiencing financial difficulty.
Those with loans with Ulster Bank will not need to take any action.
That's because Permanent TSB has agreed to acquire €7.6 billion worth of assets from Ulster Bank.
The deal includes Ulster Bank's €7 billion performing non-tracker residential mortgage book and its performing SME loan book - worth €230m.
It also includes the entire Lombard Asset Finance loan business - worth €400m - and 25 branches in Ulster Bank's branch network.
Separately, AIB has agreed to buy about €4.2 billion of performing corporate and commercial loans from Ulster Bank.
