Deputy Fleming is asking the Central Bank, as regulator, to examine whether this announcement will affect Ulster Bank's ability to meet its obligations in dealing with mortgage arrears cases.
As a result of the move, 110 jobs will be lost at its mortgage unit in Sandyford.
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Deputy Fleming said: "We are in a very difficult period where tens of thousands of cases must be dealt with by the banks as part of the mortgage arrears resolution targets programme. This is affecting thousands of families across the country.
"Ulster Bank represents a large proportion of the cases involved. It is crucial that these cases are dealt with efficiently as well as sympathetically and in line with the targets set down.
"I am concerned that there will be a loss of expertise and in particular valuable local knowledge as a result of this move. This could mean there will be unnecessary delays in dealing with cases and further distress for customers. It will certainly break a personal link that exists in the process for borrowers at the moment."
(CD/JP)
