Today, Ulster Bank announced it’s pulling out of the Republic of Ireland after 165 years. It announced plan to sell off its loan book, and begin the process of winding the business down in an “orderly and considered manner”.  Ulster Bank’s €20 billion worth loans might be bought by Ireland’s pillar banks, or a smaller rival like PTSB. They could be sliced up and packaged into securities. Or they could be sold to vulture funds like Cerberus or Lone Star Capital. Ulster Bank has said yesterday, “Our preference is to continue to focus our discussions with counterparties who can provide…

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