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Ulster Bank to put €22bn into bailout scheme

ULSTER Bank, led by Cormac McCarthy (above), is to place close to €22bn worth of its assets into the British bank bailout scheme known as the asset protection scheme.

Details of the Ulster Bank assets were contained in an RBS circular sent out to shareholders last week.

RBS, which owns Ulster Bank, has already injected close to €2bn into the Irish bank this year.

Ulster Bank lent money to a number of high-profile developers at the height of the boom. It helped bankroll Sean Dunne's €380m landgrab in Ballsbridge.

Sunday Independent