Latest news with #UlsterBank
Irish Daily Mirror
7 days ago
- Health
- Irish Daily Mirror
Irishman heading for 500 golf courses but found calling for very important cause
Rory Fitzgerald, who has notched up 483 golf courses and is planning his next round, reflects on his journey from a 37-year tenure at Ulster Bank to providing vital emotional support with Samaritans Ireland since his retirement in 2010. Golf Ireland recently named the charity as their new community partner for mental wellbeing, a move that Fitzgerald, an avid golfer and supporter of mental health initiatives, finds particularly fulfilling. "I would have two passions, it ticks two boxes for me so I'm very hopeful that we can make this a very strong and worthwhile relationship," said Fitzgerald. "When I retired from the bank at the young enough age of 54 I was looking around and I wanted to do something because through my working life I couldn't give time to things like that. "I saw an ad for Samaritans in the local paper and it appealed to me, it was a large organisation, you were part of a group of people again which I had been all my working life in the bank, and I joined as a volunteer. "I have no regrets, I've got a lot out of it; it's a fantastic organisation, the people in it are great. I ended up being the Regional Director for the Republic of Ireland in 2020, which was a full-time unpaid job for two years, but very engaging. "It's a great organisation and we've a lot of volunteers who work full-time and they still give their time to do duties every week and it is important that we're there for people who need us. "Particularly at the dark of night, I think we're the only organisation that's available 24/7. At nighttime people are at a low ebb. It's dark, there's nobody around and they can pick the phone up and talk to us. "That's very helpful for them." Limerick-born Fitzgerald, who was introduced to golf by his mother Claire, an accomplished player herself with a single-figure handicap, started swinging clubs at the tender age of seven. It wasn't until he was about 10 or 11, when a group of four other lads took up the sport, that golf really became his passion. "My mother used to bring me out when I was younger and then that grew and at around 10 or 11, there was four other lads who started at the same time and that helped," Fitzgerald recalled. He noted how back in the day, golf wasn't as popular: "Because golf wasn't a popular sport in those days, you wouldn't be seen walking down the street with a set of golf clubs, people would look as if you had three heads. Whereas now golf is all-encompassing, which is great." Fitzgerald's education at Crescent College included playing rugby, but a bizarre injury on the golf course ended his rugby pursuits. The incident occurred in 1976 during the Thurles Scratch Cup when Fitzgerald, then 19, suffered a collapsed lung right on the green. "I missed a short putt on the tenth, and I said to the guy: 'I'm dying of a pain in my chest,' and he thought I was just overreacting to missing a short putt," Fitzgerald recounted. "I was tall and thin, and it's tall, thin athletic people when they're young they can get that. It was all good afterwards but you wouldn't be playing physical contact sport after having something like that happen." Despite this setback, Fitzgerald went on to shine on the golf course, with his amateur career peaking when he reached the quarter-finals of the AIG Irish Men's Amateur Close at Royal Portrush, defeating future Ryder Cup star Paul McGinley in the process. His golfing career also saw him represent six different clubs in the AIG Barton Shield and Senior Cup, including Clonmel, Wexford, Mallow, Limerick, Tramore and West Waterford. Fitzgerald even had the chance to play alongside a young Seamus Power for West Waterford during the 2006 AIG Barton Shield. "I got dropped from Tramore and I went and joined West Waterford and played a couple of years with them with Senior Cup and Barton Shield," said Fitzgerald. "We played a match which we unfortunately lost in Tipperary on the 18th, but Seamus is a fantastic guy and he was a seriously good player. He used to go around West Watford regularly at -6, -7, -8. "It's always hard to know if they will make it. I mean, what defines how a player will make the grade? You just don't know. He was a very good player at that level and obviously he went to the States then to college and developed from there but it's very hard to pick a guy at a young age and say he's going to be very good. "They're ten a penny when they get out and on the mini tours but he's done well. It's great to see." Fitzgerald now plays off 6.8 and while his quest to play 500 different golf clubs continues he can look forward to celebrating his 45th wedding anniversary with his wife, Anne, next month. And while, she and his three children Ruth, Jody and Lisa are his greatest achievements, he knows that volunteering for Samaritans Ireland has also provided him with some of the most rewarding years of his life. "We're very privileged when people pick up the phone to us because they're telling us their innermost thoughts and what's going on in their lives and it gives you a very broad picture of what goes on in Irish society," said Fitzgerald. With 24 locations Samaritans answers over 1,500 calls for help every day across Ireland and Northern Ireland. Golf has more than just physical benefits, with golfers able to avail of reduced stress, improved concentration and meaningful social connections. Golf clubs can also provide a sense of belonging, offering a welcoming and supportive environment. This is a natural fit with Samaritans' mission to ensure people have somewhere to turn to and for support. The collaboration with Golf Ireland also helps to raise further awareness around the 24-hour helpline, 116 123. "You're not going to get everyone right and if the caller doesn't like the sound of your voice or they don't feel like there's a bit of chemistry they can hang up and ring again," said Fitzgerald. "We're privileged to take that call. My experience and all the volunteers' experience are that we certainly do help people, and you might start off a call with somebody who's in a very, very bad place, and by the end of the call, they might say to you, look, I feel better now, thanks for being there and listening. I'm okay."
Irish Examiner
26-05-2025
- Business
- Irish Examiner
The evolving landscape of farm lending in Ireland: Regulation, Risk and Resilience
By Dave Sheane, Area Manager of FDC Financial Services Ltd, based in Midleton, Co Cork. Dave Sheane, Area Manager of FDC Group's Midleton Office. Access to financial advice is essential for Irish farmers, but securing funding has become increasingly difficult. At FDC Group, we're here to help you navigate the regulation and risk to create a resilient future. The number of lenders supporting farms in Ireland has significantly reduced over the past decade due to a combination of market exits, consolidation and regulatory changes following the financial crisis and subsequent restructuring of the Irish banking system. The exit of foreign owned institutions such as Ulster Bank, KBC, Danske Bank and Rabobank has left AIB, Bank of Ireland and Permanent TSB as the dominant players in support of Irish Farming particularly in the provision of long-term borrowing requirements. Less competition has made accessing borrowing more difficult and has also led to higher interest rates compared to the Eurozone average. Increased capital requirements and tighter supervision from the Central Bank of Ireland and the European Central Bank have made the Irish market less attractive for some foreign banks/new entrants. Positively, there has been an increase in 'Alternative lenders' to Irish farms including private lenders, credit unions, specialized agri-finance providers, asset finance & leasing companies and government-backed or EU-supported loan schemes. However, the majority of these do not offer long-term secured borrowing for capital projects and are typically more expensive than the traditional banks. Here are some notable options: Government & EU-Supported Schemes: SBCI (Strategic Banking Corporation of Ireland) Microfinance Ireland. Credit Unions: Many credit unions across Ireland offer agricultural loans. 'Cultivate' is a loan product offered by a network of credit unions, specifically designed for farmers. Asset Finance & Leasing Companies used to finance equipment, machinery or vehicles. Private & Non-Bank Lenders: Finance Ireland Agri offers HP & leasing for agricultural machinery and Milk Flex for Dairy Farmers Online lending platforms that connect investors directly with borrowers (Linked Finance / Flender / Rebuild Capital) Loan Application Process: The loan application landscape for Irish farmers has also evolved over the last decade. Typically, it's dictated by loan size with smaller loans processed through an online processing center. Larger farm loan applications (typically over €500,000) continue to be assessed through a dedicated account manager with the assistance of the bank's specialist agri advisors. The loan application process may take longer than it used to as the banks look to understand and assess an increasing number of factors and variables in their decision-making process. The key underwriting criteria for farm lending are typically: A detailed position statement for the farm: Personal details of the applicants (DOB, Dependents, experience etc) Banking history Loan Structure (Personal borrowing or to a Limited Company) Current stock, current infrastructure, current labour, current off farm income etc. A detailed business plan which clearly outlines the loan's purpose, expected outcomes and associated financial projections. Explain how the loan funds will be applied. Confirmation of any necessary planning permissions Financial Documentation: Usually the last three years accounts current account and loan statements (usually the last 12 months) Tax clearance certificates Notice of Assessment or Form 11 for the last 2 years Repayment Capacity: Historic analysis of historic farm performance projections for the next three years. Debt Service Coverage Ratio: Measures surplus cash available to cover debt obligations using a stressed interest rate. Equity Contribution: Farmers to contribute 15–30% of the total investment (cash or existing assets). A factor that is often overlooked in terms of input is capital expenditure over the last five years from cashflow. Security and Collateral for larger loans, lenders may require security interests in: Land (valued at 130% of the loan amount) Buildings Personal guarantees Loan duration aligns with the asset's useful life: Working capital: Up to 1 year Breeding stock: 5–7 years Farm development (e.g., buildings): Up to 15 years Land purchase: Up to 20 years New risks being assessed: Banks and providers of finance now need to comprehensively assess how regulation and compliance factors will influence the future repayment capacity of a farming enterprise. Typical area requiring assessment or comment: EU Common Agricultural Policy (CAP) Reforms (Eco-schemes) Climate Action Plan (greenhouse gas reduction / improved slurry management, afforestation etc). Water Framework Directive & Nitrates Directive Climate Risk and Resilience Sustainability Credentials (ESG Standards Carbon Footprinting and Emissions Reporting) Access to Green Finance Land Use and Biodiversity (Pressure to reduce livestock numbers and increase tree planting or set-aside land for biodiversity. Reputational Risk (Lenders may avoid farms with a history of pollution, animal welfare issues, or poor environmental compliance Access to finance remains a problematic issue for Irish farms. Over the past decade in particular, the sources of finance and the application processes have undergone significant changes brought about and influenced by policy initiatives, market dynamics, evolving financial products and a more forensic approach to the assessment process by lenders. The lack of banking competition has also contributed to Irish farmers paying higher interest rates compared to European counterparts. With these changes, farmers often require the assistance of specialist financial advisors particularly with larger propositions. We can help you here at FDC Group. Contact us today here. FDC Financial Services is regulated by the Central Bank of Ireland.
Irish Times
21-05-2025
- Business
- Irish Times
Landmark O'Connell Street bank building guiding at €2.75m
Having already offered some 100 properties from across Ulster Bank's former branch network to the market in several tranches in late 2023, agent Cushman & Wakefield is seeking a buyer for the bank's landmark premises at 2-4 Lower O'Connell Street in Dublin city centre. The building, which occupies a high-profile position opposite the O'Connell monument and next to O'Connell Bridge, is guiding at a price of €2.75 million. The property, a protected structure, comprises two retail units at ground-floor level with offices and staff facilities overhead. It extends to 1,938sq m (20,862sq ft) over four floors and basement level, and features attractive bay windows along with a dome on its roof. The building is being sold with vacant possession following the withdrawal of Ulster Bank from the Irish market. The proposed sale of 2-4 Lower O'Connell Street follows the phased launch in 2023 of Ulster Bank's entire branch portfolio. The disposal process included the sale of 45 freehold/long leasehold properties across Ireland as well several high-profile buildings in the capital, including, most notably, the bank's former headquarters at 33 College Green. Commenting on the sale of 2-4 Lower O'Connell Street, Peter Love of Cushman & Wakefield said: 'This is an opportunity to acquire a very prominent property in the heart of Dublin city centre with full vacant possession. The building is suitable for a variety of uses including retail, office, hotel, hostel, student and residential accommodation, subject to planning permission.'
Daily Mirror
20-05-2025
- Business
- Daily Mirror
Brits issued urgent 50p warning and told to act now to save £1,100 for summer
Brits still grappling with the financial wrath of 'Awful April' have been urged to start a new money-saving challenge as soon as possible - and you only need 50p to begin Cash-strapped Brits are being encouraged to start a new savings challenge, allowing them to stash away more than £1,000 in two months. With soaring energy bills, increased council tax, higher road tax, and even a more expensive TV Licence fee - households up and down the nation are struggling more than ever. In fact, the wrath of ' Awful April ' has thought to have cost Brits £360 more in bill hikes, something that is set to unravel over the next 12 months. Earlier in May - the Bank of England also announced its decision to cut the base rate (the interest rate that it charges other banks and lenders when they borrow money_ from 4.5 per cent to 4.25 per cent. The move might have been received by those with a tracker mortgage but may sting those who have managed to put money away in their savings account. Several banks have already confirmed upcoming cuts to their interest rates following the announcement - including Monzo and Ulster Bank. However, savings are essential to deal with those unpredicted circumstances life throws at you. If your washing machine breaks, or car fails its MOT - being able to dip into your savings can help alleviate the worry. And sometimes, savings are purely for joy - allowing us to finally book that dream trip during the summer holidays, or to splash out on a new bag we've been window shopping for. In a statement sent to the Mirror, Rajan Lakhani, a personal finance expert over at Plum, recommends starting the 50p challenge. "You might think a 50p challenge won't do much for your savings, but this savings challenge can easily rack up £1,189.50 in just two months," he said. Naturally, to start the challenge you just need to save 50p. Then, each day you need to increase the amount you save by 50p (so, day two would require you to save £1, and day three would be £1.50). Over two months (roughly 60 days) you will have saved £1,189.50 if you don't miss a single day. "Obviously, this challenge requires you to put aside a lot of money towards the end," Rajan added. "But to make this savings goal more attainable, you could take part with your partner (so you can divide the contributions between you) and put funds in a joint account, or even take it in turns to contribute with friends for a joint holiday fund." Get the best deals and tips from Mirror Money WHATSAPP GROUP: Get money news and top deals straight to your phone by joining our Money WhatsApp group here. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice. If you're looking for a more long-term strategy, it might be worth checking whether you're eligible for to open a Help to Save Account. Backed by the government, this offers savers a 'jaw-dropping' 50 per cent boost - but isn't available for everyone. "In a nutshell, you have to be on Universal Credit, working, and have earned at least £1 in the last month," money-saving guru Martin Lewis explained. "Crucially, that's the situation you have to be in to open the account - if things change, you can keep the product." For example, if you match the criteria for a Help To Save account and open one - but then end up coming off Universal Credit or stop earning at least £1 from work, you will not have to close the account. As previously reported, Help to Save offers Brits to earn a 50p bonus for every £1 they manage to save over four years. However, there are limits on how much you can stash away every month. "You can save between £1 and £50 each calendar month [but] you do not have to pay money in every month," GOV UK states. "You can pay money into your Help to Save account by debit card, standing order or bank transfer and can pay in as many times as you like, but the most you can pay in each calendar month is £50." If you save the maximum amount every single month, you will have saved £2,400 over four years - plus a generous £1,200 in interest. After four years, your Help to Save account will close, and you will not be able to reopen the account (even if you remain eligible)
Daily Mirror
19-05-2025
- Business
- Daily Mirror
Major UK bank issues huge blow to 1.9 million customers after BoE update
Brits may want to take swift action following the BoE's decision to cut the base rate to 4.25% - which has resulted in several banks including Ulster and Monzo slashing their interest rates Swathes of savings Brits have been dealt a major blow, after the Bank of England (BoE) announced it had cut the base rate from 4.5 per cent to 4.25 per cent. This is the interest rate that the bank charges other lenders when they borrow money, and in theory, means Brits will be charged less for lending. The move will be a relief for households with a tracker mortgage, with experts predicting monthly payments should decrease by around £29. However, a lower base rate is bad news for savers - who have been cashing in on lucrative interest rates exceeding five per cent. Ulster Bank, which is part of the NatWest Group, has consequently slashed its interest rates on a slew of its Non Payment and Payment accounts. It means Brits may want to transfer their money into a different account, or risk missing out on accrued interest. In email correspondence viewed by the Mirror, Ulster Bank said: "We want to let you know we're changing the interest rate on your account(s). You may have heard the news that the BoE has decided to reduce the based rate. We've been looking at our rates too, as well as what's on offer from other savings providers right now, and we've decided to reduce some of our interest rates." The shake-up does not impact Ulster Bank's Cash ISA account. This currently offers 1.4 per cent interest for balances between £1 and £24,999 and a 2.70 per cent AER for balances above £25,000. (Remember, you can only save £20,000 in a Cash ISA per tax year). The Help to Buy ISA is however impacted, with interest rates slated to drop from 2.20% / 2.18% to 2.05% / 2.03% on May 30. This type of account is no longer available to open - and is different to the Lifetime ISA (LISA) which offers £1,000 bonuses every tax year. Get the best deals and tips from Mirror Money WHATSAPP GROUP: Get money news and top deals straight to your phone by joining our Money WhatsApp group here. We also treat our community members to special offers, promotions, and adverts from us and our partners. If you don't like our community, you can check out any time you like. If you're curious, you can read our Privacy Notice. NEWSLETTER: Or sign up to the Mirror's Money newsletter here for all the best advice and shopping deals straight to your inbox. Ulster Bank's interest rate changes - full list The following accounts will keep their AER/ Gross p.a. (variable) until July 14, 2025. The decreased interest rate will come into effect on July 15. Loyalty Saver Balance £1-£4,999: decreasing from 1.50% - 1.25% Balance £5,000+: decreasing from 4.25% to 4.00% Private Reserve Balance £1 - £9,999: decreasing from 1.50%/ 1.49% to 1.25%/ 1.24% Balance £10,000+: decreasing from 4.25% / 4.17% to 4.00%/ 3.93% urfirst Balance £1+: decreasing from 2.25% to 2.05% Easy Access Savings Account Balance £1+: decreasing from 1.50% to 1.25% Special Interest Deposit Balance £1-£15,000: decreasing from 1.00% to 1.75% Balance over £15,000: decreasing from 1.50% to 1.25% Adapt Account Balance £1: decreasing from 2.25% / 2.23% to 2.05% / 2.03% Article continues below Ulster isn't the only bank that will be making changes to its savings accounts following the BoE announcement. Monzo has already confirmed it is lowering its Instant Access savings from 3.50% AER (variable) to 3.25% AER (variable) on May 27. Moneybox, an app-only bank that is popular for ISA products, is also lower Moneybox Lifetime ISA from 3.55% AER (variable) to 3.30% AER (variable) on May 29. *This article does not constitute financial advice. Always read the full terms and conditions before opening or closing a savings account.
