Ulster Bank Group announces the retirement of chief economist, Pat McArdle

12 May 2009

Ulster Bank Group Chief Economist, Pat McArdle, today announced that he intends to step down soon, having reached normal retirement age.

Declan Fitzgerald, Managing Director, Business Banking Republic of Ireland, Ulster Bank said; "We would like to thank Pat for the work he has done over the last number of years in providing us with invaluable information and foresight into the economic issues of the day."

Pat McArdle said: "I have been privileged to work in an environment where I was given the freedom to express my views without fear or favour. It is important that Irish economists provide informed and balanced comment and I am confident that the Ulster Bank economists will remain in the vanguard in this respect".

Since his arrival at Ulster Bank in 1996, Pat has provided focused research and commentary on key economic trends and forecasts for the benefit of the bank, the business community and consumers across the island of Ireland. In this, he was supported by a strong economics team, which has expanded significantly in recent years to include Simon Barry, Richard Ramsey and Lynsey Clemenger. Following Pat's departure, Simon will become the lead economist for Ulster Bank Group in the Republic of Ireland, with Richard Ramsey filling the same role in Northern Ireland.

Prior to his role at Ulster Bank, Pat was Chief Economist at NCB Stockbrokers and he also served as a public servant in the Department of Finance and the European Commission. During his tenure at Ulster Bank, he was a director of RBS Asset Management (Dublin) Ltd and a Trustee of the Ulster Bank Pension Fund. He has represented Ireland internationally at the IMF, the OECD and the EBF and was heavily involved in the introduction of the euro.

Pat is a Fellow of the Institute of Bankers, Member of the Foundation for Fiscal Studies and the Financial Regulator's Consultative Industry Panel. He is also a QFA.