Morning business news - Nov 6

ULSTER BANK 'CORE PART' OF RBS - Royal Bank of Scotland has issued a trading statement, including information about how Ulster Bank has been faring. Ulster Bank - which includes First Active - has reported a loss of €97m for the third quarter of this year, after making loan losses of €160.6m in the three months.

Asset sales were announced this week for RBS in Britain. As far as Ulster is concerned, chief executive Cormac McCarthy said it remained a core part of the Royal Bank of Scotland Group.

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SHANNON CHIEF DEFENDS AGENCY'S ROLE - 'The group does not consider there is an objective justification for the continued independent existence of Shannon Development.' That was how An Bord Snip Nua wielded the axe to the country's only regional development company in July. An Bord Snip said its job creation and support functions should be taken over by Enterprise Ireland and the IDA and its land assets sold off.

This morning, at a conference to mark its 50th anniversary, Shannon Development will be talking about the role it sees for itself in helping with an economic recovery.

Chief executive Vincent Cunnane said the agency was self-financing, and generated all of its own income. He said he did not see a financial, strategic or political imperative to scrap the agency.

Mr Cunnane said suggestions that the State could sell off Shannon Development's land assets was short-term thinking. He cited land in Tarbert in north Kerry which Shannon Development had held for 20 years before securing a €500m energy investment. Mr Cunnane said State agencies had to take a medium and long-term view.

Mr Cunnane said that for the next two years, Shannon Development's target was to increase the current 20,000 jobs under its remit by a minimum of 10%.

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CURRENCIES - On the currency markets, the euro is worth $1.4870 and 89.5p sterling.