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Ulster Bank could join NAMA - 23-Nov-2009

Ulster Bank could join NAMA with E7bn

RBS, the UK parent of Ulster Bank, may move to place E7 billion of bad loans into NAMA, following comments made by CEO Stephen Hester in the recent conference call for the group. According to reports, RBS is expected to lodge an application to NAMA within weeks. This comes as merger of the EBS and Irish Nationwide appears to be gathering pace with several weekend reports suggesting that it will mark the first stage in the creation of the "third force".
According to reports the remainder of the Irish Nationwide book of lending of E2 billion, following the E8 billion transfer to NAMA and the E5 billion deposit book would be moved into the EBS.
However, this appears to suggest that the Nationwide would be left with little or no business after the move, something which is a departure from the current soundings, according to a Note from stockbrokers, Bloxham this morning.
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