Losses worsen at Ulster Bank

Ulster Bank, which is owned by Royal Bank of Scotland, has announced a significant first-quarter loss this morning.

The bank said losses for the first three months of 2011 were £377m (€441m), compared to €154m a year ago.

The bank said that it set aside €540m for losses. Half of that was for losses on its mortgage book.

It said that it has re-arranged about 4,000 mortgages for customers who are struggling to meet their repayments.