Good, more write offs, paid for by our dear neighbor.
A potential IPO of Ulster Bank has been added into the mix.
RBS will do anything to end their Ulster Bank RoI exposure, by any method except closing the operation.
The most startling thing about UB wanting to exit is that it comes *after *almost €20 billion of bailouts.
Is their view on Irish banking so dire that, even after all this time and fresh capital injections, they want to run rather than stick around and chance recovering any of their money ?
I think RBS realise that there are more capital calls, for Ulster Bank, on the way and RBS want the money to come from anywhere other than their own pockets. I am sure that the zero interest rate enviornment, the cost of dealing with UB arrears and the lack of repossessions are also factors. “Can’t someone else deal with this mess”.
It’s the same as with ptsb. It’s the scale of tracker books, the two largest in ireland by far, with no end in sight for low interest rates.
Plus the ‘where’s my nama’ brigade have pushed their agenda so hard, without any challenge whatsoever, that mortgage lending in ireland now has to be priced as non recourse lending.
C’mon who outside the lunatic asylum of these shores wants to lend precious, expensive capital into that?
RBS chief hopes to make Ulster Bank decision by end of summer
The article indicates that Ulster NI will not be effected by RBS exiting in the RoI.
Ulster Bank to sell off €400m Cosgrave Group loans - -> independent.ie/business/comm … 91002.html
Richard Curran: Let’s not get too excited about RBS plans to offload Ulster Bank
RBS owns UB.
The British taxpayer owns RBS.
RBS has already sunk almost €19 billion into UB, ergo the British taxpayer has already sunk almost €19 billion into UB.
UK is having an election next year.
Does Cameron really want to be seen propping up Irish banks in an election year ?
If they think that’s bad, what would ukip or the british press make of new beginnings?
Key workers in london forced out by high rents, most others only able to afford grossly overpriced shoeboxes. While paddy doesn’t feel he needs to pay his mortgage and gets to keep the gaff. All at the taxpayers expense.
It’s not beyond the imagination that rbs see the behaviour of a hungry horde of irish politicians with the central bank baying for debt right off, and think fuck this, that will never wash back in the uk, with so many making an honest effort there to pay their bills, while paddy makes a fool of them.
Well whats wrong with writing Nigel a nice long letter ( cc some of his rancid nutjob fellow parliamentarians) thanking him profusely for the c,€20bn the UK have spent on UB (as they will inevitably reach €20bn I’ll wager) …on behalf of the Irish recipients of said Uk Exchequer largesse. It would be around 10% of annual exchequer expenditure over there.
Probably doesn’t help matters that the bank is called ‘Ulster’.
Not a noun that inspires many warm memories on the mainland.
"Ulster Says Yes!", to €20bn of English Taxpayers Money …perhaps that would strike the right note ???
Kinda problematic for the UK is that they took on Iceland about walking away from it’s banking liabilities in the UK…
… and getting away with it.
… so far!!
Not really. Default leaves a legacy - despite it’s benefits to funding new obligations…
It also leaves a lot less national debt.
Do you really think we are going to repay all of that in real terms? Nominal only…