Mortgage crisis hits home at Ulster as loan losses soar

The worsening mortgage crisis is the most dominant feature of the Ulster Bank's third-quarter results, the bank has almost doubled the domestic credit damage.

The trend showed a sharp mortgage regulatory reports of the parent company RBS, which showed beleaguered Ulster operating losses soared 24pc £ 219m (€ 254mm).

The dismal results, commentary, RBS noted that the performance of Ulster 'remains overshadowed by the challenging economic environment in Ireland. " The bank tries to cover the rising costs of reducing losses in the review. Larry Broderick, head of the bank workers' union the IBOA, said yesterday that job "now seems to be on the agenda."

Yesterday's results show, Ulster staff costs increased by £ 1m £ 55m in the third quarter of 2010, the third quarter of 2011, a small amount, as the scale of bank losses. Mortgage was the worst culprit, as the disability Ulster books from £ 20.7bn to £ 69m in 2010 during the quarter to September £ 126mm. The last time the damage is in some 60pc in three months indicate a significant deterioration at the end of June.

Other banks also noted a deterioration in the mortgage books during the summer months, the Bank of Ireland and an interim management statement next week will be closely observed signs of this.

Beyond mortgage, "other companies" suffered accelerated deterioration of £ 111mm provisions contained in the September quarter to 100 pounds a year earlier.

Property damage was £ 78 m lower than the level of 107mm pounds a year earlier but higher than the pounds 69m in the third quarter, the 2010th

The worse performance Ulster's main business is in sharp contrast to the improved damage EUR 15 billion in "non-core" assets in a separate unit is being wound down.

This book recorded impairments of just £ 283m in the three months September live better than a £ 689m loss a year earlier, and a £ 982m hit a three-month in June. The biggest improvement is the £ 8.7bn development book, £ 810m from where the damage in the second quarter just £ 162mm in the most recent period.

"Progress has been made to identify opportunities for growth in the Irish market over the medium term," RBS noted.

While many foreign lenders, mainly owned Lloyds Bank of Scotland (Ireland), pulled to the Irish market, Ulster insisted that in the long run.

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article source :-http://www.independent.ie/business/irish/mortgage-crisis-hits-home-at-ulster-as-loan-losses-soar-2926637.html