CEO says Ulster Bank committed to staying in Ireland despite performance

Ulster Bank may have recorded another €1bn-plus euro loss, but it is committed to staying in the country and playing its role in the economic recovery, according to chief executive Jim Brown.

The pledge will come as welcome news to Finance Minister Michael Noonan. There has already been an exodus of foreign-owned banks over the past 18 months, which leaves a shrinking pool of domestic banks. Bank of Ireland is well on the way to full fitness and is actively lending. Market sources say AIB is gradually becoming more engaged, although it is still struggling with high levels of non-performing loans.

However, unless the European Commission agrees to Permanent tsb’s restructuring plan, and the ECB or some other institution steps in to write a cheque for its proposed asset management unit, it is hard to know what future, if any, the company has.