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| Ulster Bank makes 'large losses' | Ulster Bank makes 'large losses' |
| (about 1 hour later) | |
| The Ulster Bank has made a significant loss in the first three months of this year, according to new figures. | The Ulster Bank has made a significant loss in the first three months of this year, according to new figures. |
| The Royal Bank of Scotland's regional banking arm - which is made up almost exclusively of the Ulster Bank - made an operating loss of £91m in that time. | The Royal Bank of Scotland's regional banking arm - which is made up almost exclusively of the Ulster Bank - made an operating loss of £91m in that time. |
| It said the main reason was a £180m rise in impairment losses or bad debt. | It said the main reason was a £180m rise in impairment losses or bad debt. |
| Overall, the RBS, which is now 70% owned by the taxpayer, announced a pre-tax loss of £44m for the first quarter of the year. | Overall, the RBS, which is now 70% owned by the taxpayer, announced a pre-tax loss of £44m for the first quarter of the year. |
| Chief executive of the Ulster Bank Group, which operates across the island of Ireland, Cormac McCarthy said the bank's underlying business remained strong. | |
| He said the results reflected the unprecedented downturn in the Irish economy and a significant downturn in Northern Ireland. | He said the results reflected the unprecedented downturn in the Irish economy and a significant downturn in Northern Ireland. |
| Earlier this week, one of the other main banks in Northern Ireland reported its results for the first quarter of the year. | Earlier this week, one of the other main banks in Northern Ireland reported its results for the first quarter of the year. |
| The Northern Bank, which only operates in NI, said it had made an operating profit of just over £16.1m, but was setting aside £55m for possible bad debt in the year ahead. | |
| In February, the Ulster Bank said it had a "solid future" despite massive 2008 losses by the Royal Bank of Scotland (RBS). | In February, the Ulster Bank said it had a "solid future" despite massive 2008 losses by the Royal Bank of Scotland (RBS). |
| The annual loss by RBS of £24.1bn was the largest in UK corporate history. | The annual loss by RBS of £24.1bn was the largest in UK corporate history. |
| The Ulster Bank, which has more than 1.8m customers, has 145 branches in the Republic and 92 in Northern Ireland. | The Ulster Bank, which has more than 1.8m customers, has 145 branches in the Republic and 92 in Northern Ireland. |
| The bank announced in January that it planned to cut 550 jobs in the Republic, and 200 in Northern Ireland. | The bank announced in January that it planned to cut 550 jobs in the Republic, and 200 in Northern Ireland. |