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Ulster Bank records £93m loss

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Ulster Bank records £93m loss
Ulster Bank have made a loss of £93m for the nine months to September.

The figures are contained in a report from its parent bank Royal Bank of Scotland which has announced an operating loss of just over £1.5b for the third quarter of this year.

Earlier this week, RBS agreed a deal for more taxpayers' money taking the public stake in the company to 84%.

The bank's cost-cutting programme has also delivered further efficiencies but RBS warned that this would mean more job losses on the way as it adapts to "changed market realities". The company announced another 3,700 job losses this week.

The company lent £15.2b to businesses under loan commitments during the third quarter, although demand for lending is "muted" and customers still have access to £27b in undrawn facilities.

RBS is placing £282b in toxic debts into a taxpayer-backed insurance scheme but is being forced to sell off its Churchill and Direct Line insurance business, more than 300 branches and parts of its investment banking business in return for state support.

The businesses on the block generated around £1.1b in operating profits for RBS last year.

© Press Association

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