Consumers to benefit from competition

ROYAL Bank of Scotland (RBOS), the fifth largest bank in the world, and Britain’s second largest bank, is about to inject serious competition into the Irish mortgage market.

It already owns Ulster Bank, acquired when it bought NatWest in Britain, but it attempted to play down suggestions yesterday that the takeover of First Active would lead to aggressive competition and cheaper home loans.

Royal Bank of Scotland chief executive Fred Goodwin made it clear that RBOS intended to boost market share in the Irish mortgage market, where First Active is focused.