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Ulster Bank reduces losses in Q2
Friday, 3rd August 2012 09.32am

Ulster Bank made an overall operating loss of 245m (E311.5m) representing an improvement of 65m (E82.65m) in the second quarter of 2012, it was announced today.

The decrease was primarily driven by a reduction in mortgage impairment losses. This is a significant improvement both for Ulster Bank and more generally for banking in Ireland if it is replicated in the other banks.

Operating profit before impairment is 78m (E99.2m).

A total of 28m has been set aside for costs arising from IT failings which left many customers in financial difficulties.

Payments were not processed properly because of the technical glitch across the Royal Bank of Scotland (RBS) group but Ulster Bank customers were particularly hard hit.

The bank has promised to compensate those who lost out.

Ulster Bank chief executive Jim Brown said: "A provision of 28m (E35.6m) has been made at a group level for Ulster Bank costs arising from the recent group technology incident.

"Given the scale of the impact on our customers, we expect that there will be additional costs over the coming months as we continue the process of putting things right." He added: "We continue to work with our customers who are in financial difficulty on an individual basis to offer them appropriate support initiatives. "Our forbearance arrangements are tailored to reflect individual circumstances and we continue to actively encourage our customers to contact us if they have any concerns about their financial health or are experiencing financial difficulty" according to the chief executive.

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