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Dublin: 10 °C Thursday 20 February, 2020

#Royal Bank of Scotland

# royal-bank-of-scotland - Tuesday 12 October, 2010

Liverpool's day in the dock as second bidder emerges

Liverpool's day in the dock as second bidder emerges

Singapore billionaire Peter Lim comes forward with a revised offer – as RBS and Tom Hicks go to court.

# royal-bank-of-scotland - Monday 11 October, 2010

From The42 Liverpool ownership hearing scheduled for tomorrow morning

Liverpool ownership hearing scheduled for tomorrow morning

Royal Bank of Scotland PLC v Hicks & others’, to be heard tomorrow, will decide whether the club will be sold.

# royal-bank-of-scotland - Tuesday 28 September, 2010

From The42 Liverpool fans' group gears up for takeover bid Spirit Of Shankly

Liverpool fans' group gears up for takeover bid

The Spirit of Shankly sets up a credit union to allow supporters save up for a mutual investment in the club.

# royal-bank-of-scotland - Tuesday 10 August, 2010

TAXPAYERS IN BRITAIN AND IRELAND have taken majority control of the Arnotts department store after the European Commission gave its approval to the proposed takeover of the store.

Arnotts owes approximately €300m to Anglo Irish Bank and Ulster Bank, with state-owned Anglo claiming about 55% of the debt – meaning that the store owes about €37 to every man, woman and child in the state.

With Ulster Bank owned by Royal Bank of Scotland, which in itself is in public ownership in Britain, the remaining 45% of the company is now under British state control, with the company owing about €2.19 to each person resident within the UK.

The Commission yesterday gave the takeover its approval, saying the takeover would not impede fair retail competition.

Leading retail specialist Mark Schwartz, chief executive of Palladin Capital Group, is expected to be appointed chairman of the store’s new board, having worked closely with both the banks and the store in the last months.

The banks will likely make their appointments to the board in the coming weeks.

In a statement issued by Anglo last night the banks said they were “committed to Arnotts” and that they would not meddle in the day-to-day management of the store.

“They will not be involved in the management of the company but are taking the necessary steps to ensure that the company will be run by experienced professionals in the best long term interests of the staff, suppliers and importantly, its customers,” they said.

The trade union Mandate says it looks forward to working with the store’s new management.

# royal-bank-of-scotland - Friday 6 August, 2010

THE BRITISH OWNER of Ulster Bank, Royal Bank of Scotland, has recorded a pre-tax profit of €1.37 billion for the first six months of the year – but has seen losses in its Irish operations rise massively.

Ulster Bank reported operating profits of €223m for the first six months of the year but wrote off a massive €601m in impaired loans to record an operating loss of  €378m for the combined first and second quarters.

By comparison, its operating losses for the same six months were €9.6m while its provision for impaired loans was €189m.

Although the day-to-day business is still in significant profit, the bank’s earnings are obliterated by the volume of its loans which it believes it won’t ever receive back.

The results come just two days after AIB announced similarly impaired results, having lost €963m in loans transferred to NAMA and seeing massive losses on loans written off as it posted a €2bn pre-tax loss for the first six months.

They also come a week after the bank – along with Anglo Irish Bank – moved to take control of the Arnotts department store, which is believed to owe Ulster Bank up to €144m.

Releasing the results, the bank said that economic conditions remained challenging with its customers’ credit quality being hit by the continued pressure on property prices.