will they be required to provide a switcher service?
There's already an existing service provided among the domestic banks
Pros and cons of using Revolute, N26 etc?
Pros for these are they are cheaper/easier than bricks and mortar banks. Could be looked at regardless of Ulster banks decisions
Con no good if you use cheques. Not sure of Revoluts banking status. If it's not licenced it's not covered by a deposit guarantee scheme. ... Open to classification on that one as I know they were looking for one in Latvia(?)
What happens to credit card accounts, couldn't they be kept on?
Yes they could but it would defeat the point of closing down in the first place. Alternatively the credit card book could be sold. MBNA did this with it's credit card business, now known as avantcard.
What will be the impact on competition?
Unlikely to be good. Really depends on how any wind down is carried out (if there is to be one) and who buys the loan books
They have a sizable corporate loan book so were providers of credit to businesses. When the economy reopens being down a business lender won't do anyone any favours.
On the household front that were reasonably competitive on fixed rate mortgages and their flexibility on overpaying was a nice addition to the market.
Deposit market - having €20 billion looking for a new home won't help already closed to zero rates
It may all be easier in these fintech times but it's one of the biggest bank closures in this countries history I think
In fairness to us we've weathered banking closures before. I've had the pleasure of (opening and) closing accounts with danske, Halifax, nationwide (IE & UK) and a few others. But it's definitely one of the more established names and branch networks.