Ulster Bank to cease sponsorship

ULSTER BANK is ceasing its sponsorship of the Ernst & Young Entrepreneur of the Year award due to SEC rules regarding auditor independence arising from RBS Group’s acquisition of ABN AMRO.

Ulster Bank is a subsidiary of the Royal Bank of Scotland Group.

RBS was part of a consortium that purchased ABN AMRO which is audited by Ernst & Young.

Following the take over by RBS of ABN AMRO, it was agreed Ernst & Young would remain for the 2007 audit of ABN AMRO.

The Securities and Exchange Commission requirements state that no sponsorship arrangements between an auditor and its client company may occur.