RBS chairman concerned by performance of Ulster Bank

Thrugelmir

While focus is on Spain. Woes for UK banks continue.

The chairman of RBS has said the disastrous performance of the bank's Irish division is his biggest worry.

The bank, which is 82% owned by the UK taxpayer, trades as Ulster Bank in Ireland.

During his interview, Sir Philip said the impairment charges run up by Ulster had been "huge", amounting to £12bn.

On top of that RBS has had to pump a further £6bn of new capital into Ulster.

Recent research by the Republic's Central Bank suggests about one in 10 residential mortgages are now in arrears of more than 90-days.

http://www.bbc.co.uk/news/uk-northern-ireland-18378580

oldvicar

Ulster Bank pioneered the 100% mortgage in the Irish Republic and also lent heavily to developers

As a consequence, you could almost blame Sir Fred for all of Irelands current economic woes.

Thrugelmir

oldvicar wrote: »

As a consequence, you could almost blame Sir Fred for all of Irelands current economic woes.

Rather harsh. All the main banks in Eire lent in the UK mortgage market as well.

Generali

Thrugelmir wrote: »

Rather harsh. All the main banks in Eire lent in the UK mortgage market as well.

I blame Jedward.:mad:

Fella

Did you mean to say EdGord?

Joe_Bloggs

I blame El Gordo (Eric Pickles) where there is family dysfunction.
J_B..