Ulster Bank reported a €275 million operating loss for the first nine months of the year, driven by €284 million of loan loss provisions as a result of the Covid-19 crisis, NatWest revealed in the statement. The Irish Times reported last month that NatWest, formerly known as Royal Bank of Scotland (RBS), is actively considering winding down Ulster Bank in the Republic. OptionsSources said at the time that the strategic review was also looking into alternative options, such as seeing Ulster Bank tie-up with another Irish lender, though this is said to be a less likely option. When asked by reporters and analysts on conference calls on Friday about Ulster Bank, Ms Rose reiterated that NatWest was continuing to review the strategy of Ulster Bank “appropriately and responsibly” as it weighs the impact of Covid-19. NatWest did not provide details on the number of Ulster Bank borrowers coming off payment breaks who require further forbearance.

Source: The Irish Times October 30, 2020 08:26 UTC