9 December 1999 Edition
Ulster (must have its) Bank
BY ROBBIE MacGABHANN
There has been an exceptional amount of media coverage on the two Sinn Féin ministers taking up their posts last week. As Minister for Education Martin McGuinness took up office promising to be ``meticulous and even handed'' with everybody, there was still considerable speculation on Sinn Féin's bona fides to be in Government.
Not much focus though has been put on how the Ulster Unionist ministers will perform. How meticulous and even handed will they be?
A possible guide to the shape of things to come can be found in the attitude of the Ulster Unionists to the possible sell off of Ulster Bank, currently Ireland's third-largest financial institution.
Ulster Bank is owned by British bank Nat West, which is trying to fend off hostile takeovers led by the Royal Bank of Scotland. Financial analysts believe that no matter what the outcome of the takeover battle, Ulster Bank will be sold off to recoup costs for the eventual victors.
Enter Bank of Ireland, as well as Irish Life & Permanent, who want to buy the Ulster Bank branch network. Not a single account comes the cry from the Ulster Unionists, who are unanimously opposed to any sell off of Ulster Bank to an Irish company.
They fear that the head office of the new bank will be centralised in Dublin and that, quite realistically, there will be job losses. UUP MP and Assembly member John Taylor has led the UUP opposition to any sale.
The UUP want the sale referred to the Department of Trade, Enterprise and Employment, whose new minister is no other than fellow UUP Assembly member Reg Empey. How meticulous and evenhanded will Reg be is the real question?
The possible sale of Ulster Bank highlights the need of the whole UUP to take a reality check. They would prefer Ulster Bank to be owned by a larger British or European bank. Do they honestly think that a British or European transnational financial concern would be any less likely to asset strip the company than an Irish one? Are Fenian Multinationals really more venomous, profiteering and exploitative than British ones?
In fact, the only really feasible way to save the jobs at Ulster Bank is to take a leaf out of Sinn Féin policy and seek the nationalisation of Ulster Bank. That way jobs could be protected.
It seems that little has changed since the days when the Northern Bank was sold off to National Australia Bank. It became National Irish Bank in the 26 Counties but remained Northern Bank in the Six Counties and the union was safe for another day.
Prepare yourself for the next UUP financial fairytale. It's the one about the importance of maintaining a link with Sterling... you have been warned.
There has been an exceptional amount of media coverage on the two Sinn Féin ministers taking up their posts last week. As Minister for Education Martin McGuinness took up office promising to be ``meticulous and even handed'' with everybody, there was still considerable speculation on Sinn Féin's bona fides to be in Government.
Not much focus though has been put on how the Ulster Unionist ministers will perform. How meticulous and even handed will they be?
A possible guide to the shape of things to come can be found in the attitude of the Ulster Unionists to the possible sell off of Ulster Bank, currently Ireland's third-largest financial institution.
Ulster Bank is owned by British bank Nat West, which is trying to fend off hostile takeovers led by the Royal Bank of Scotland. Financial analysts believe that no matter what the outcome of the takeover battle, Ulster Bank will be sold off to recoup costs for the eventual victors.
Enter Bank of Ireland, as well as Irish Life & Permanent, who want to buy the Ulster Bank branch network. Not a single account comes the cry from the Ulster Unionists, who are unanimously opposed to any sell off of Ulster Bank to an Irish company.
They fear that the head office of the new bank will be centralised in Dublin and that, quite realistically, there will be job losses. UUP MP and Assembly member John Taylor has led the UUP opposition to any sale.
The UUP want the sale referred to the Department of Trade, Enterprise and Employment, whose new minister is no other than fellow UUP Assembly member Reg Empey. How meticulous and evenhanded will Reg be is the real question?
The possible sale of Ulster Bank highlights the need of the whole UUP to take a reality check. They would prefer Ulster Bank to be owned by a larger British or European bank. Do they honestly think that a British or European transnational financial concern would be any less likely to asset strip the company than an Irish one? Are Fenian Multinationals really more venomous, profiteering and exploitative than British ones?
In fact, the only really feasible way to save the jobs at Ulster Bank is to take a leaf out of Sinn Féin policy and seek the nationalisation of Ulster Bank. That way jobs could be protected.
It seems that little has changed since the days when the Northern Bank was sold off to National Australia Bank. It became National Irish Bank in the 26 Counties but remained Northern Bank in the Six Counties and the union was safe for another day.
Prepare yourself for the next UUP financial fairytale. It's the one about the importance of maintaining a link with Sterling... you have been warned.