Ulster Bank has launched "Euroland", a new two-year tracker bond that will be linked to the Eurostoxx 50 Index. The index measures the performance of the top 50 companies across European stock exchanges. Irrespective of the performance of the index over the period, "Euroland" provides 90 per cent capital protection at the end of two years, which is a shorter term than most investment products linked to stock markets.

Investors can earn up to 15 per cent gross each year on a minimum investment of £5,000. Early withdrawals are not permitted.

At the end of the term, growth is calculated on the basis of the sum of the annual percentage return of the index over the two years, subject to a maximum of 30 per cent. In the event of the sum of the annual index returns being negative, the maximum loss that will apply will be 10 per cent.