Banking Inquiry week 15: How Ulster Bank was saved by the British taxpayer

Banking Inquiry week 15: How Ulster Bank was saved by the British taxpayer View Gallery
Cormac McCarthy, former chief executive of Ulster BankCollins

It was the champion of the 100 per cent mortgage and sought to challenge the pillar banks. Yet the rise and fall of Ulster Bank has largely gone under the radar

It was the costliest bank bailout Irish taxpayers didn’t have to pay for. The Royal Bank of Scotland needed £46 billion from British taxpayers in 2008 to keep afloat. In the end, a third of that cash, £14.9 billion (€20.9 billion at today’s exchange rates), was required to prop up Ulster Bank, an astonishing sum for a bank that at its peak in 2007 was still half the size of AIB and Bank of Ireland.

The rise and...

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