Saturday, November 02, 2013

Is that east or west of the Bann?

The UK Treasury report into the options for RBS introduces a new phrase that is sure to catch on:: "Core Ulster." This is the least bad part of Ulster Bank, which apparently is still bad enough that more of it will get dumped into a new internal bad bank. As usual of course, the term "Ulster" is prone to mislead, since a huge part of the bank's overall problems are in the Republic of Ireland.