Ulster Bank may negotiate equity stakes with developers

Ulster Bank may take equity stakes in property development projects it has funded if developers do not have the cash to service the loans they took out, according to the bank’s chief executive.

9th August, 2008

Ulster Bank may take equity stakes in property development projects it has funded if developers do not have the cash to service the loans they took out, according to the bank’s chief executive.

Speaking after Ulster reported half-year profits of €486 million last week, Cormac McCarthy told The Sunday Business Post that the bank was open to negotiating deals with stressed developers ‘‘in certain cases’’, if the current standoff in the property market...

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