SME loan portfolio sale

Frequently Asked Questions

• What does this mean for my loan?

  You need to continue to make payments on your loan. Please do not cancel your Direct Debit or other payment arrangements for any loans or other credit arrangements you have with us.

  Your repayments and the terms and conditions of your loan(s) will remain the same. The day-to-day management of your loan(s) will remain with us until it is transferred to the Purchaser. In line with the terms and conditions of your loan(s) you may wish to repay your loan(s) in full before 1 March 2023. This is the date we expect loan(s) to start transferring to ‘the Purchaser’.

  In the meantime, we may pass your information to the Purchaser. If your contact information has changed, please let us know as soon as possible. We have explained more below about what will happen to your information as part of any transfer.

• When will this sale happen?

  We expect the transfer will happen from 1 March 2023. We will write to customers again, closer to the date to provide further information about the transfer.

• What will happen to my information?

  In order to complete the transfer to the Purchaser, we will need to send them information about customers, which may include personal data such as individual contact information and information we may have collected about individuals in connection with the granting and ongoing management of your banking products.  Our legal basis for sharing this information is that we have a legitimate interest in completing our withdrawal from the GB commercial banking market.  More detail about how we use your personal data, including your data protection rights, is available at: aibgb.co.uk/Data-protection

  In this context, when the Purchaser receives this personal data, it will be a separate controller of this personal data.  More detail about how the Purchaser will use any personal data we share with it as a separate data controller is available at www.promontoria.nl/privacy-policy/.

• What does this mean for my BBL (Bounce Back Loan)?

  If you have a Bounce Back Loan with us, it will not be transferred. Nothing will change with this loan and you should continue to make payments in line with your terms and conditions.

• What does this mean for your banking?

  The table below details the products and services that are being withdrawn. If you hold one or more of these products there is action you need to take by 1 May 2023.

   

  Account / Service Type being withdrawn	Product Names
  Business Current Accounts This includes any Business Current Account with an overdraft.	Business Current Account, Client Account, Cheque Standard Account and Excluded Business Current Account
  Deposit Accounts	Demand Deposit Account
  Fixed Term Deposit Accounts	Fixed Term Deposit
  Business Credit Cards	Visa Business Card and Visa Business Gold Card
  Currency Account	Currency Account
  Post Office	Post Office Facilities (cash/lodgements)
  BACS Services	Direct Debit Direct Credit

• What action do I need to take regarding my bank accounts?

  You will now need to take action to transfer your banking to another financial provider. This needs to be completed by 1 May 2023

  In the table below, you’ll find detailed information on how this notice affects your accounts and what you need to do to close your accounts.  Once we have your written instructions we can then transfer to your new financial provider. This needs to be completed by 1 May 2023.

  Notice of account closure – what you need to do now

  If you have any of the accounts listed below, there is action you need to take.

  Account types	Actions you need to take
  Business Current Accounts	As soon as possible and before 1 May 2023 you will need to open a business current account with an alternative banking provider. If you wish to use the Current Account Switch Service: If you have fewer than 50 employees and an annual turnover not exceeding £6.5 million then your new bank will be able to use the Current Account Switch Service https://www.currentaccountswitch.co.uk, which will ensure the smooth transfer of your current account with Allied Irish Bank (GB)  to them. Your balance and your incoming and outgoing payments, including any direct debits and standing orders, will be automatically transferred to your new bank account.   If you use the partial Current Account Switch Service, your AIB account will remain open. To close your account, you will need to send us a written instruction signed in line with the AIB signing instructions on your account and should include your Allied Irish Bank (GB) sort code and account number. Please email your instructions (in pdf format) to our Customer Support Team customerservice.fsguk@aib.ie or post to the Customer Support Team, AIB, 92 Ann Street, Belfast BT1 3HH.   If you do not wish to use the Current Account Switch Service: If you don’t wish to use the Current Account Switch Service, or if you are not eligible to use it, then you will need to send us a written instruction before 1 May 2023 telling us where to transfer your account balance to. This instruction needs to be signed in line with the AIB signing instructions on your account and should include your Allied Irish Bank (GB) sort code and account number as well as the sort code and account number of the nominated account you want us to transfer the balance of your Allied Irish Bank (GB) account to. Please email your instructions (in pdf format) to our Customer Support Team customerservice.fsguk@aib.ie or post to the Customer Support Team, AIB, 92 Ann Street, Belfast BT1 3HH.   On receipt of your written instruction, we will transfer the balance of your Allied Irish Bank (GB) current account to your nominated account.  We will also provide you with a closing statement after we have closed your account. Once your account is closed all direct debits/standing orders will cease to be paid from the date of closure.
  Business Credit Card Accounts	You should open a Credit Card account with an alternative banking provider before 1 May 2023.   If you only hold a Business Credit Card with Allied Irish Bank (GB) and no other business accounts, you will need to provide a written instruction to us requesting the card to be closed. Please send this instruction to: Business Cards, Card Operations, AIB, 92 Ann Street, Belfast BT1 3HH. If you are due a partial refund of any annual fees relating to your Business Credit Card, we will refund these to your Business Credit Card Account following closure. Please do not cancel the monthly Direct Debit that is used to pay off the balance of your Allied Irish Bank (GB) Business Credit Card Account until 1 May 2023.   All cardholders on your Business Credit Card Accounts should be advised that the account will be closed, and they will no longer be able to use the associated credit cards once the card has been closed.   Any benefits associated with your Business Credit Card, including for example AA Membership, Priority Pass will be automatically removed when the Business Credit Card Account. If you pay regular bills through your Business Credit Card (for example, utilities, phone, or TV subscriptions) you will need to contact these companies to arrange an alternative way to pay before your Credit Card Account is closed.
  Demand Deposit Accounts	As soon as possible and before 1 May 2023 you will need to send us a written instruction telling us where to transfer your account balance to.   This instruction needs to be signed in line with the AIB signing instructions on your account and should include your Allied Irish Bank (GB) sort code and account number as well as the sort code and account number of the nominated account you want us to transfer the balance of your Allied Irish Bank (GB) account to. Please email your instructions (in pdf format) to our Customer Service Team customerservice.fsguk@aib.ie CST@aib.ie or post to the Customer Service Team, AIB, 92 Ann Street, Belfast BT1 3HH.   If you wish to close your deposit account before 1 May 2023 please include the date that you wish the account to be closed in your instructions to us and we will close your account. We will transfer the balance of your account, along with any interest up to the original maturity date of your Demand Deposit account, to your nominated account, soon after 1 May 2023 or at an earlier date if instructed by you.   We will provide you with a closing statement after your account has been closed.
  Fixed Term Deposit Accounts	As soon as possible and before 1 May 2023 you will need to send us a written instruction telling us where to transfer your account balance to.   This instruction needs to be signed in line with the AIB signing instructions on your account and should include your Allied Irish Bank (GB) sort code and account number as well as the sort code and account number of the nominated account you want us to transfer the balance of your Allied Irish Bank (GB) account to. Please email your instructions (in pdf format) to our Customer Service Team customerservice.fsguk@aib.ie or post to the Customer Service Team, AIB, 92 Ann Street, Belfast BT1 3HH.   If you wish to close your deposit account before 1 May 2023 please include the date that you wish the account to be closed in your instructions to us and we will close your account. We will transfer the balance of your account, along with any interest up to the original maturity date of your Fixed Term Deposit account, to your nominated account, soon after 1 May 2023 or at an earlier date if instructed by you.   We will provide you with a closing statement after your account has been closed.
  Currency Account	You will need to send us a completed PAYLINK form to close this account. You can find this on our website under aibgb.co.uk/withdraw Please download, print, complete and sign. Please email your instructions (in pdf format) to our Customer Service Team customerservice.fsguk@aib.ie  or post to the Customer Service Team, AIB, 92 Ann Street, Belfast BT1 3HH.
  Any Business Current Account, Demand Deposit Account or Fixed Term Deposit Account with a zero balance	All Current, Demand Deposit or Fixed Term Deposit accounts, which have a zero balance, will be closed soon after 1 May 2023. We will provide you with a closing statement after we have closed your account. There is no requirement for you to take any action if you hold one of these account types with a zero balance.
  Post Office Facilities	You should arrange this facility with an alternative banking provider before 1 May 2023.
  BACS Facilities	You should arrange this facility with an alternative banking provider before 1 May 2023.
  Direct Debit Facilities	You should arrange this facility with an alternative banking provider before 1 May 2023.