The bank that liked to say yes too much
From abetting Sean Dunne’s doomed Ballsbridge project to offering 100 per cent mortgages to homebuyers, Ulster Bank racked up losses of €15 billion on its property loans. Now it is bidding farewell to the Irish market
In 2006, the developer Sean Dunne pulled off what seemed like the greatest deal of the Celtic Tiger years, by outbidding some of the biggest names in the property industry to secure the Jurys Hotel site in Ballsbridge, Dublin 4.
Dunne’s plan was to rebuild it as the Knightsbridge of Dublin – and to fund the development, he needed cash. Like most developers, he existed by borrowing from the banks and for the Ballsbridge site he would...
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Aidan Regan: We need to break down banking borders to attract the competition here
If the Balkanised nature of national banking is removed with the creation of an integrated European system, competitive banks will be incentivised to enter the Irish market
Ulster Bank’s exit means idea of a third banking force must be put back on the table
The state needs to turn from silent owner to activist shareholder and support PTSB in acquiring Ulster Bank as a single entity
Permanent TSB may require €500 million from state to take on Ulster Bank loans
Minister for Finance claims that a beefed up Permanent TSB would prevent a duopoly of AIB and Bank of Ireland emerging
Colin Murphy: Beating Drumm ignores how crash not just the fault of a cartoon villain bank
As the former Anglo boss walked free from prison last week, it became apparent that every time we focus on the sins of his bank, we lose sight of where else to lay blame