Cuts better than exit

The decision by the Ulster Bank to shrink its branch network and significantly reduce job numbers was widely seen as another negative development.

It wasn’t. In fact, there is a strong case that the announcement of the outcome of the strategic review of the bank was good news for customers, the wider banking market, and the economy.

Ulster’s parent bank, RBS, had reasons for finally walking away from a market place that, over the last five years, has seen them writing off well over €15bn — a period which saw RBS itself effectively nationalised and shipping serious losses. In 2012, Ulster Bank lost €1bn, albeit that the Irish pillar banks also made very significant losses.