20/06/2013

Ulster Bank Could Be Split In New Review

The Ulster Bank could be split into 'good and bad banks', according to Chancellor George Osborne.

Mr Osborne made the comments during his speech at the annual Mansion House address in London on Wednesday night.

He added that he had ordered a review into splitting up the bank's parent organisation, RBS, which will look at the assets in Ulster Bank and the UK commercial real estate.

The review will be submitted later this year and will be led by the Treasury.

In February, Ulster Bank posted a loss of more than £1bn for 2012 - an increase on the year before.

Mr Osborne said: "We will urgently investigate the case for taking the bad assets - those mistakes of the past - out of RBS.

"We'll look at a broad range of RBS's assets, but particularly assets in Ulster Bank and UK commercial real estate.

"We're not prepared to put more taxpayer capital into RBS as part of this process. We will establish a bad bank if it meets our three objectives: if it supports the British economy; if it's in the interests of taxpayers - and if it accelerates the return to private ownership.

"But if the review reveals that it would not achieve these things, then we won't do it."

(JP)

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