Workers in Ulster Bank who are in line to move to Permanent TSB and Pepper Finance as part of deals involving the three organisations have voted to accept the proposed terms of transfer.

It follows a ballot of the members of the Financial Services Union (FSU) in Ulster Bank who are set to move.

Permanent TSB is buying €7.6 billion of assets from the departing Ulster Bank, including mortgages, other loans and 25 branches.

The plan will see Permanent TSB partner with loan management firm Pepper Finance which will support the servicing of the Ulster Bank mortgage book being acquired.

Under the deal, between 400 and 450 Ulster Bank staff are set to transfer to PTSB and Pepper.

Under so-called TUPE legislation, the terms and conditions of employment of those moving are protected.

"Over the last number of months, the FSU negotiating team have worked hard to protect existing terms and conditions of Ulster Bank union members who are due to transfer to PTSB and Pepper Finance," said Gareth Murphy, Head of Industrial Relations and Campaigns with the FSU.

The FSU said that under the deal, in some cases the terms and conditions of those moving are actually enhanced.

Transfers will begin later this year.

"Over the last number of months, the FSU negotiating team have worked hard to protect existing terms and conditions of Ulster Bank union members who are due to transfer to PTSB and Pepper Finance," said Gareth Murphy, Head of Industrial Relations and Campaigns with the FSU.

Ger Mitchell, Permanent TSB's Chief HR Officer & Corporate Development Director, said the move was a significant step in the completion of the "transformative" deal with Ulster Bank.

"Following extensive and constructive engagement with Employee Representative Bodies over the past several months, this is a very significant and welcome outcome from Ulster Bank employees," he said.

"We are looking forward to welcoming our new colleagues and working closely with them to ensure they have a positive experience as they transfer over the coming months."

By the end of next year there will be only three retail banks operating in Ireland - AIB, Bank of Ireland and Permanent TSB. This compared to 12 banks just 14 years ago.

General Secretary of the Financial Services Union John O'Connell has said that 450 people will transfer with the latest agreement as well as another 290 to transfer into AIB.

He told RTÉ's Morning Ireland that this is positive in terms of the number of jobs saved so far and the union will continue to negotiate with the banks to retain as many staff as possible.

He said there will be some changes for staff - significantly around pension issues - but generally it is a good day for jobs.

Under the terms of the deal, 25 branches of Ulster Bank will transfer to PTSB.

We need your consent to load this rte-player contentWe use rte-player to manage extra content that can set cookies on your device and collect data about your activity. Please review their details and accept them to load the content.Manage Preferences

"But unfortunately, the remaining 53 branches will close at some point in the future. The bank at the moment is signalling March," Mr O'Connell said.

"We argue that that's too soon in terms of a transition of this scale, but we will see in terms of when the figures are published in the autumn," he said.

"I understand the Central Bank is going to publish figures in terms of number of accounts opened and how that transition is going with the first tranche of Ulster Bank customers in September," he stated.

Mr O'Connell said there has been radical change in terms of consumer choice and employment in banking in Ireland in recent years saying the reduction in banks "is quite severe".

"The positives are that the Government has initiated a banking review, which will feed into policy and then follow through with regulation. That's the real opportunity for Government to make changes that benefit consumers in the first instance but protects our banking structure going forward," he said.

He said that in terms of a full banking service, there is going to be just three full banking services available In Ireland.

"Both the competition issues and particularly the regulatory issues around consumer protection, are things that there is a real need to focus on", he cautioned.

He said the Central Bank's Consumer Code is 10 years out of date and urgently needs updating, adding that it is from another era - pre-banking apps - and it really needs to reflect the reality of banking today.

Detailed information from the Central Bank is expected in the next few weeks about the number of accounts that have transferred but getting correct figures "is quite a challenge".

"It's a change of the scale that we haven't seen since probably the euro transition and so from that point of view it does need direct focus from both the policymakers in the Department of Finance, the regulators, the banks and ourselves as stakeholders," he said.