It's been long rumoured but confirmation has finally come that Ulster Bank, the third largest in the State, will be closing over the next couple of years. The bank, which has been in Ireland for 160 years, currently employees around 2800 staff in the Republic, has 88 branches and around 1.1 million customers.

While those in charge at Ulster Bank immediately reassured customers that nothing would be changing in the immediate, there's still a lot of very anxious people who have mortgages, loans or savings with them.

Ian Curran, reporter with TheJournal.ie, joined Dermot and Dave to explain how we've gotten to this point, what the closure will mean and the greater implications for the Irish banking industry.

You can listen to the full chat below: