Anglo redundancies pose loan threat to Ulster Bank

Ulster Bank could face multimillion euro losses on preferential loans it gave to Anglo Irish Bank employees, when the nationalised bank unveils plans to make hundreds of its staff redundant in the coming weeks.

31st October, 2009

Ulster Bank could face multimillion euro losses on preferential loans it gave to Anglo Irish Bank employees, when the nationalised bank unveils plans to make hundreds of its staff redundant in the coming weeks.

Ulster Bank, which is headed by Cormac McCarthy, provided mortgages and other consumer loans to Anglo’s 1,700 staff, under a deal it struck prior to Anglo’s nationalisation which provided special terms to Anglo staff if they conducted their personal business with...

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