Ulster Bank takes €87m loss over legal and redress costs

Ulster Bank’s operating profit in Ireland fell by 338m last year as a result of costs paid to thousands of its customers affected by the tracker mortgage scandal. The bank posted a profit of.

Ulster Bank will fork out close to 30m in compensation to thousands of its business customers over the next nine months as the lender grapples with another fee blunder in what marks the latest in a long line of scandals for the sector.

So Ulster Bank were to write to customers in March regarding the redress process. As my account was not immediately restored upon being noted as an impacted customer, because the account is currently with an alternative bank, I wrote to their head of remediation in early March.

Ulster Bank has been hit with the biggest penalty imposed by Irish financial regulators for the month-long failure of its technology and payments system in the Republic of Ireland in the summer of.

While I also respect the right of families if they wish to seek legal redress there remains a huge onus on the two. in prison for raping and sexually assaulting an 11-year-old boy over the period.

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Ulster Bank has reported a loss of just under 1.5bn for 2013 which compares to a loss of 1bn in 2012. It came as the bank’s parent group, Royal Bank of Scotland (RBS), confirmed losses of more.

Operating expenses, however, increased by a third to 188m over the past year due to legal costs relating to customer remediation stemming from the tracker mortgage scandal. Ulster Bank recorded a loss of 87m during the third quarter. Pic: Sasko Lazarov/Photocall Ireland

A cumulative charge of 1.5 billion has been recognised, of which 1.1 billion relates to redress and 0.4 billion relates to administrative expenses. We continue to monitor the level of provision given the remaining uncertainties over the eventual cost of redress, including the cost of consequential loss claims. Regulatory and legal actions

Asked about a redress. to take a legal course of action in relation to it then. Then it will be up to the courts to adjudicate on that matter." Denise Calnan Forecasters have issued a thunder.

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