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RBS’s Ulster Leads Irish Releasing Reserves as Home Prices Rise

Royal Bank of Scotland Group Plc’s Ulster Bank unit is taking a more optimistic view than other Irish lenders that a house-price rebound will stick as it prepares to free up money set aside to absorb bad-loan losses.

“Rising Irish residential property prices combined with pro-active debt management has resulted in lower arrears in Ulster,” Edinburgh-based RBS said in a statement today. “As a result, we expect Ulster to record net provision releases in the region of 300 million pounds” ($487 million) in the third quarter, it said, adding that there’s potential for further releases if the market continues to improve.