If you are currently using Import or Export Documentary Collections or Import or Export Documentary Letters of Credit as a method of payment, Ulster Bank Ireland DAC will notify you of the date after which we will not accept any further Collections or Letters of Credit. Any instruments that have been received up to that point will be processed as per usual. If you wish to continue to use this method of payment in the future, we suggest that you contact another Bank with a view to having them provide these services to you. You should also advise your counter parties that Ulster Bank Ireland DAC will no longer be in a position to handle Documentary Collections or Documentary Letters of Credit for you and you should provide them with details of an alternative Bank, if this is possible.
If Ulster Bank Ireland DAC has issued any Performance Bonds, Bank Guarantees or Standby Letters of Credit in favour of third parties at your request, we will be contacting the Beneficiaries of any such instruments to seek their written agreement to cancellation. On receipt of this confirmation of cancellation, we shall notify you that you are released from all liabilities and if there is any security held by Ulster Bank Ireland DAC, we shall release such security provided that it is no longer required by the Bank to support any other facilities that may have been granted to you. We recommend that you contact any relevant Beneficiaries of such Bonds, Guarantees or Standby L/Cs to advise that the Ulster Bank Ireland DAC will be seeking cancellation from them. We also recommend that you engage with other Banks or Financial Providers with a view to have replacement instruments issued by them, subject to their usual terms and conditions.