Ulster Bank ready to get back to business

Significant losses on home loans contributed to another bad year for Ulster Bank, but it hopes that more cost-cutting will give it an edge over its competitors, writes Jon Ihle.

26th February, 2012
Ulster Bank ready to get back to business
Jim Brown, chief executive, Ulster Bank: 'The issue is around making sure the rights of any secured lender are still whole'. Photo: Tony O'Shea

Mortgages are turning out to be the most stubborn problem in Irish banking. Four years into the financial crisis and losses on home loans keep piling up, even as the more dramatic catastrophe in commercial property and development lending recedes into memory.

Ulster Bank's mortgage impairments doubled last year to €570 million after a tough second half seemed to catch the bank, Ireland's third-largest, by surprise. The losses contributed to another bad year for the...

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