It’s hard being a small bank. Just existing as a bank costs a lot of money. Compliance and IT costs are big and they’re growing. Those things cost approximately as much whether a bank is big or small. That’s why Ulster Bank leaving the market was a shot in the arm for PTSB. Adding Ulster Bank’s loan book allowed PTSB to get some much-needed scale. Adding customers allowed PTSB to spread those fixed costs over a greater number of people. This was true of PTSB and of the other Irish banks too. Even Bank of Ireland and AIB are, arguably,…

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