Ulster Bank likely to peg tracker cost at €211m

Ulster Bank looks set to keep the costs of provisions pegged at €211m for its part in the industry-wide tracker mortgage scandal.

In an earnings release of its parent RBS, the lender gave no hint that it would increase its provision for ‘legacy’ issues it established some time ago. Ulster Bank had said that it had identified 3,500 customers whom it had wrongly moved from tracker rates, and had so far compensated 100 customers.

According to the RBS figures, Ulster Bank in the Republic generated income of £150m (€168.6m) in the three months to the end of September and earned an adjusted operating profit of £41m.