Ulster Bank has a 'solid future', chief reassures customers

The head of the Ulster Bank has expressed his confidence that the institution has a "solid future".

Coming as solicitors in Northern Ireland deal with a massive rise in cases involving worried mortgage holders and even homeowners facing the threat of repossession, the bank's chief executive Cormac McCarthy has moved to reassure customers that their savings are safe from the global economic downturn.

Indeed, new figures released this week show that Ulster Bank recorded profits of £117 million in 2008, making it a 'core part' of its parent, the Royal Bank of Scotland, which recently reported an annual loss of £24.1 billion.

"We've got a very good franchise and customers, and in the long run our business will be solid," Mr McCarthy told the BBC.

He added that the "big changes" are likely for the RBS Group over the coming weeks.

These positive comments come just days after Ulster Bank announced that it plans to cut around 500 jobs in Northern Ireland, where it currently boasts 145 branches and more than 1.8 million customers.
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