Banks, Financial

Banking app targets millennials who want help budgeting

Graduate debt, rent and high living costs have made it hard for millennials to save for a house, a pension or even a holiday. For Ollie Purdue, a 23-year-old law graduate, this was reason enough to launch Loot, a banking app targeted at tech-dependent 20-somethings who want help to manage their money and avoid falling […]

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Eurozone inflation climbs to highest since April 2014

A welcome dose of good news before next week’s big European Central Bank meeting. Year on year inflation in the eurozone has climbed to its best rate since April 2014 this month, accelerating to 0.6 per cent from 0.5 per cent on the back of the rising cost of services and the fading effect of […]

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Wealth manager Brewin Dolphin hit by restructuring costs

Profits at wealth manager Brewin Dolphin were hit by restructuring costs as the company continued to shift its focus towards portfolio management. The FTSE 250 company reported pre-tax profits of £50.1m in the year to September 30, down 17.9 per cent from £61m the previous year. Finance director Andrew Westenberger said its 2015 figure was […]

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Travis Perkins and Polymetal to lose out in FTSE 100 reshuffle

Builders’ merchant Travis Perkins and mining company Polymetal face relegation from the FTSE 100 after their recent performances were hit by political events. The share price of Travis Perkins has dropped 29 per cent since the UK voted to leave the EU in June, as economic uncertainty has sparked concerns among some investors about the […]

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RBS share drop accelerates on stress test flop

Stressed. Shares in Royal Bank of Scotland have accelerated their losses this morning, falling over 4.5 per cent after the state-backed lender came in bottom of the heap in the Bank of England’s latest stress tests. RBS failed the toughest ever stress tests carried out by the BoE, with results this morning showing the lender’s […]

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Categorized | Banks

Ulster Bank to pay RBS €1.5bn dividend

Posted on November 25, 2016

Ulster Bank will pay a dividend of €1.5bn to its parent group Royal Bank of Scotland, the first since the bank had to be rescued by its parent group during the global financial crisis.

Ulster Bank, which operates separate businesses in the Republic of Ireland and Northern Ireland, said the payment – due to be made on 30 November through National Westminster Bank, which is technically Ulster’s parent company – was evidence of its “strong capital position”.

It also suggests growing confidence among bank executives in both parts of Ireland that the worst is over after years of declining profitability and surging defaults on commercial and retail mortgages.

Ulster Bank said on Friday the payment of the dividend followed regulatory approval for the move from both the Central Bank of Ireland and the European Central Bank. The payment is from Ulster Bank’s operations in the Republic of Ireland, which were separated from its operations in Northern Ireland last year.

Gerry Mallon, Ulster Bank’s chief executive, said the bank “remains very well capitalised with a strong balance sheet and is well positioned to continue to support customers’ positions through our excellent products and services.”

Ulster Bank was among the Irish banks that nearly collapsed in 2008 when the global financial crisis hit. Along with peers such as Allied Irish Banks, it was heavily exposed to property developers on both sides of the Irish border, many of whom were forced into bankruptcy when credit disappeared and house prices collapsed.

RBS, which is still majority owned by UK taxpayers, was forced to inject £15bn to recapitalise Ulster Bank during the financial crisis.