Ulster Bank still ‘core part of RBS’

ULSTER Bank chief executive Cormac McCarthy has stressed that the company remains a core part of parent group Royal Bank of Scotland (RBS), despite the Irish bank posting operating losses of £85 million (€97m) for the third quarter of the year.

The results — in line with expectations — were driven down by a total impairment charge, for the three months to the end of September, of £144m (€161m). The £85m loss compared to a profit of £81m (€90m) for the same quarter last year.

For the first nine months of the year Ulster posted a £93m (€104m) operating loss, compared to an operating profit of £253m (€283m) for the same period last year. The impairment charge for the nine months was £301m.