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RBS 'to commit to Ulster Bank' after Treasury review RBS to commit to Ulster Bank after Treasury review
(35 minutes later)
Royal Bank of Scotland, the parent company of Ulster Bank, is expected to reaffirm its commitment to operating across the island of Ireland after a Treasury review is published later. RBS, the parent company of Ulster Bank, has reaffirmed its commitment to operating across the island of Ireland.
The review has been looking at whether RBS should be broken up into separate "good and bad banks". A Treasury review had been looking at whether RBS should be broken up into separate "good and bad banks".
There had been speculation that Ulster Bank would be radically reshaped. Instead it will create an internal "bad bank" ring-fencing £38bn of bad assets like loans not expected to be repaid.
However, both the Treasury and RBS will emphasise Ulster Bank has an important role in the Northern Ireland economy. Ulster Bank also revealed it lost a further £132m in the third quarter of this year as it continues to suffer from the impacts of the property crash.
The bank's operating profit of £72m was wiped out by bad loan charges of £204m, it announced on Friday.
The performance was an improvement on the same period in 2012 when it lost £242m.
Ulster is the largest bank in Northern Ireland and the third biggest in the Republic of Ireland.
There had been speculation that it would be radically reshaped.
However, the bank said a Treasury review had confirmed it was "a core business for RBS and acknowledges the importance of Ulster Bank to the whole island of Ireland".
Despite this, Ulster Bank will be involved in a further internal review looking at its size and shape in the future.Despite this, Ulster Bank will be involved in a further internal review looking at its size and shape in the future.
An Ulster Bank source said this "draws a line" on speculation around RBS's commitment to Northern Ireland and the Republic of Ireland.An Ulster Bank source said this "draws a line" on speculation around RBS's commitment to Northern Ireland and the Republic of Ireland.
It is expected that, overall, RBS will create an internal bad bank ring-fencing about £40bn of bad assets - such as loans it does not expect to have repaid. RBS remains 81% owned by the government following a massive bailout at the height of the financial crisis.
The bank remains 81% owned by the government following a massive bailout at the height of the financial crisis.