Ulster moves €5bn of home loans to UK toxic scheme

Ulster Bank chief executive Cormac McCarthy has included nearly €5 billion of First Active and Ulster Bank mortgages in the stg£27.5 billion (€30.5 billion) of dodgy loans he has transferred to the British Asset Protect ion Scheme (APS).

12th December, 2009

Ulster Bank chief executive Cormac McCarthy has included nearly €5 billion of First Active and Ulster Bank mortgages in the stg£27.5 billion (€30.5 billion) of dodgy loans he has transferred to the British Asset Protect ion Scheme (APS).

McCarthy has been responsible for RBS Europe and Middle East (EME) , which encompasses Ulster Bank and operations in Romania, Kazakhstan and the United Arab Emi rates. But it appears McCarthy’s division did most of the...

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