The Ulster Bank Problem
Ulster Bank has fallen far since its halcyon days, but there are still hopes that it can once again become a force to be reckoned with, writes Ian Guider.
How to solve the Ulster problem? That’s the question that’s been on the mind of the Royal Bank of Scotland (RBS) for years.
Its Irish subsidiary has proved costly for the Edinburgh-headquartered bank throughout the financial crisis. Rescued from possible extinction by British taxpayers, who control about 80 per cent of RBS, it’s been forced to pour €19 billion into Ulster Bank to cover losses on the Irish property market, where it gave...
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