All going well, PTSB is to be the new home for €7.6 billion of Ulster Bank’s loans.  It’s great news for PTSB and its 75 per cent owner, the government. For Ulster Bank’s owner NatWest, maybe not so much. PTSB and Ulster Bank have signed a memorandum of understanding. PTSB is to get assets worth €7.6 billion. These include Ulster Bank’s best mortgages, the performing non-tracker ones; the performing SME loan book; Lombard asset finance, which loans to businesses; and 25 bank branches. The government is the 75 per cent owner of PTSB. It wants to sell its shares as…

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