Royal Bank of Scotland, Britain’s biggest government-owned lender, has injected about €1.1 billion into its Ulster Bank unit.
The bank pumped €280 million into Ulster Bank Ireland on July 31st, according to filings at Ireland’s Companies’ Registration Office in Dublin.
Almost €500 million was sent on February 27th and €300 million at June 30th, the filings show.
Ulster Bank spokeswoman Orla Bird confirmed the figures in the filings, though she wouldn’t comment further. RBS was unable to offer immediate comment.
Ulster Bank reported a first-half operating loss of €8 million after a nine-fold surge in bad loans following the collapse of the country’s property market. Ulster Bank is shedding jobs and closing its First Active mortgage lending unit to stem the losses.
Lloyd’s Banking Group has shored up its Bank of Scotland Ireland division with €1.4 billion.
Bloomberg