RBS Irish Unit to Start Returning Capital to Parent This Year
- Ulster Bank Ireland is `significantly overcapitalized'
- Release of unneeded provisions fuels 262 million-pound profit
This article is for subscribers only.
Royal Bank of Scotland Group Plc’s Irish bank plans to start returning a “significant” amount of capital to its parent company this year, following multiple bailouts during the financial crisis, according to the unit’s top executive.
Ulster Bank’s Republic of Ireland division aims to complete a series of one-time returns of capital by next year, Paul Stanley, interim chief executive officer of the unit, said in a phone interview. Any paybacks would be subject to regulatory approval, he said.