Competition watchdog 'faces Catch-22 over Ulster Bank mortgage loans'

The regulator "is in a difficult position, because clearly there is no alternative buyer," says Ronan Dunne of Philip Lee LLP.

Ronan Dunne, partner and head of competition, regulated markets and EU Law at Philip Lee LLC.

The competition watchdog faces "a real Catch-22" as it considers the plans by the two major banks to take on billions worth of mortgage loans from Ulster Bank and KBC Bank, a leading EU law expert has said. 

Ronan Dunne, head of competition and EU law at Philip Lee LLP, said the decision by the Competition and Consumer Protection Commission, or CCPC, to approve plans by AIB to acquire €3.7bn in commercial and corporate loans from Ulster Bank while at the same time highlighting its concerns, showed that the watchdog was "in a difficult position".