UK: Give us prime property for Ulster Bank

A British parliamentary proposal to give Ireland the loss-making Ulster Bank in return for Nama’s lucrative, London property portfolio would be rejected by the Government if it ever becomes a firm offer.

It emerged yesterday that the UK parliamentary commission on banking standards, which is looking into what to do with 82% state-owned Royal Bank of Scotland (RBS), came up with the novel proposal.

The UK treasury declined to comment because the report has not been published.