Lender sets aside a provision to deal with potential compensation costs following loss of tracker cases
Ulster Bank deposits had fallen to £400 million by the end of June, according to its UK parent NatWest, following a period of frantic activity by customers to find other providers to take care of their banking needs as the UK-owned lender hastened a retreat from the Irish market.
The figure was down from about €2 billion in March and €21 billion at the end of 2021, 10 months after Ulster Bank’s parent, said that it was winding down its operation in the Republic. The end-June figure was contained in NatWest’s first-half results statement. NatWest also disclosed that Ulster Bank has set aside a provision this year to deal with potential customer redress costs, after it lost a High Court appeal against findings that two borrowers were entitled to tracker mortgage refunds and compensation.
Lawyers for the bank had told the court last year the case, stemming from decisions made by the Financial Services and Pensions Ombudsman , could have an impact on “thousands” of customers and trigger “enormous financial” consequences for the lender.
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
12.15pm Markets Update: ISEQ at its highest level since Celtic TigerEuronext Dublin up 1.28 per cent with Kingspan and Bank of Ireland benefiting from big gains
Read more »
12.15pm Markets Update: ISEQ at its highest level since Celtic TigerEuronext Dublin up 1.28 per cent with Kingspan and Bank of Ireland benefiting from big gains
Read more »
Bank of Ireland pre-empts ECB interest hike, raises mortgage rates againLender raised mortgage interest rates by 0.25 per cent for new and existing customers
Read more »
Bank of Ireland launches two-year deposit offer at 2% rateMove comes ahead of ECB rates decision on Thursday and Bank of Ireland’s interim results next week
Read more »
Bank of Ireland increases fixed mortgage rates for fourth time in less than a yearBank of Ireland said the increase follows 'cumulative increases of 4% in European Central Bank rates since July 2022'.
Read more »
NatWest CEO resigns over Nigel Farage bank account closure rowNatWest boss Alison Rose has resigned from her position after admitting to being the source of an inaccurate story about Nigel Farage’s finances.
Read more »