NatWest reported customer deposits had fallen to £430.5bn on March 31 from £450.3bn on December 31. Excluding deposits linked its exit from Ulster Bank in the Republic of Ireland, deposits fell by 2.6% or £11.1bn. The bank said the fall reflected around £8bn of customer tax payments, competition for deposits, and an overall market liquidity contraction. Speaking to reporters, Ms Rose signalled NatWest was taking the fall in deposits in its stride. We continue our strategic withdrawal from Ulster [Bank], so that was a planned reduction, and [we saw] a little bit more increased competition.

Source: The Herald April 29, 2023 03:39 UTC