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RBS plan 'good for Ulster Bank'

ROYAL Bank of Scotland (RBS), the parent bank of Ulster Bank, is to create an internal "bad bank" of almost €45bn worth of problem assets.

Ulster Bank has welcomed the announcement, which was described as "good news" for Irish customers and that it's business as usual.

"We welcome today's announcement regarding the outcome of the UK Government's Good Bank Bad Bank Review which confirms Ulster Bank as a core business for RBS and acknowledges the importance of Ulster Bank to the whole island of Ireland," a spokesperson said.

Ulster Bank will also be participating in a group-wide review of the business to be complete in February 2014 and the bank's toxic assets will be ring-fenced with its parent bank's debts.