ULSTER BANK HAS opened the two redundancy programmes as part of its phased withdrawal from the Irish market.

Around 600 staff will leave the bank through these redundancy programmes from March of next year.

Ulster Bank has described it as a “significant milestone” in its withdrawal and adds that it expects further redundancy programmes to open next year and beyond.

Both schemes open today, with a two week window for staff to apply.

The “At Risk” redundancy programme will be open for around 450 staff in Ulster Bank’s remaining 63 branches who are not transferring to Permanent TSB.

It’s also available for a small number of staff in Personal Banking.

Under this programme, staff will have the option to apply for Voluntary Redundancy or enter a period of redeployment, where they can look for another role on a temporary or longer-term basis.

The second scheme is called the “Business Led Voluntary Redundancy Scheme”.

It’s open to around 350 staff across Services, Functions and Personal Banking Divisions where Ulster Bank anticipates that work will “cease or significantly diminish during the first half of 2023”.

In a statement, Ulster Bank said: “These programmes are opening following a period of consultation with our employee representative bodies and the consultation process will continue over the coming weeks.”

While Ulster Bank has not yet announced a firm date for branch closures, 25 branches will close in January and will reopen as PTSB branches.

Ulster Bank said it expects to be in a position to provide further updates for the remaining branches the New Year.

The bank’s Chief Executive Jane Howard said: “Today is a hugely significant moment for our colleagues as we progress our phased withdrawal. 

“Our colleagues continue to be dedicated to our customers and each other as they work to support customers through all elements of the phased withdrawal, and I remain very thankful for this.”