Excluding deposits linked to its exit from Ulster Bank in the Republic of Ireland, deposits fell by 2.6% or £11.1bn. NatWest said the fall reflected around £8bn of customer tax payments, competition for deposits, and an overall market liquidity contraction. She told reporters: “What you see with our deposits, we have always said that seasonality would affect them in Q1. Obviously, we continue our strategic withdrawal from Ulster [Bank], so that was a planned reduction, and [saw] a little bit more increased competition. Then there is a little bit more competition for deposits, which we are comfortable we are competing effectively for and have all the right products.

Source: The Herald April 28, 2023 22:40 UTC