News & Statements

Statement by Minister Donohoe following NatWest’s annual results and decision taken on the future of Ulster Bank in Ireland

Speaking this morning (Friday) following the announcement by National Westminster Bank plc (NatWest) that Ulster Bank Ireland DAC (Ulster Bank) is to withdraw from the Irish market, the Minister for Finance, Paschal Donohoe TD, said it is a difficult day from an Irish banking perspective, and also for the Ulster Bank staff who are receiving news of this development.

Deficit of €19 billion expected in 2020: Taxes down €2.1 billion & expenditure up €17.9 billion on 2019 – Donohoe & McGrath

An Exchequer deficit of €12,316 million was recorded to end-December 2020. This compares to a surplus of €647 million in 2019. The €12,963 million year-on-year deterioration in the Exchequer balance is primarily driven by increases in voted expenditure. Cumulative tax receipts of €57,165 million at the end of the year were down by 3.6 per cent or €2,149 million on last year. Receipts in 2020 benefitted from a strong performance in January and February, as well as solid income and corporate tax receipts, which have compensated — to an extent — for sharp declines in other tax heads, notably VAT and excise receipts.