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Ulster Bank still holding £200m in Irish deposits

Ulster Bank is currently withdrawing from the Irish market
Ulster Bank is currently withdrawing from the Irish market

Ulster Bank customers in the Republic of Ireland continued to hold deposits totalling £200m in the third quarter of the year.

The bank, which is currently in the process of withdrawing from the Irish market, made an operating loss of £54m during the three months, down from a £136m loss in the previous quarter.

Operating expenses for the remaining Republic of Ireland operations were £43m, according to results published by the bank's parent NatWest.

The quarter also saw the migration of €500m in balances connected to the Lombard Asset Finance business transfer over to PTSB as part of the acquisition deal.

Remaining staff who were eligible to move to PTSB as part of that agreement also transferred.

"This was the final phase of the transaction with PTSB, which also included c.€6.3 billion of gross performing non-tracker mortgage and micro-SME balances as well as 25 Ulster Bank branches," NatWest said.

The bank said it also completed the sale of commercial loans to AIB, with a cumulative €3.1 billion of gross performing loans being fully migrated during the three months.

The migration of €4 billion of performing tracker and linked mortgages to AIB was also completed.

The third quarter also saw Ulster Bank agree the sale of a portfolio of performing and non-performing loans to CarVal.

The bundle of non-performing mortgages, unsecured personal loans and commercial facilities had a gross value of €690m.

The bank said the majority of the migrations are expected to occur before the end of the year, with Pepper Finance set to become the legal owner and servicer of the loans.