RBS is ‘standing behind’ Ulster Bank

ROYAL Bank of Scotland Group told London investors that it “stands behind” its Ulster Bank unit, and that “Ireland will be okay” in the medium to long-term.

RBS chief executive officer for UK Retail, Wealth and Ulster, Brian Hartzer, told London financiers: “RBS stands behind Ulster Bank. RBS has already made a significant increase in provisions for bad loans.”

Mr Hartzer said that RBS’s £35bn (€41bn) holdings of Irish loans and sovereign debt are “no more than a modest challenge” for the British government-backed bank, according to research by UBS yesterday.