The parent company of Ulster Bank says it is committed to the Irish market.

However in a statement released with their annual results today, Royal Bank of Scotland (RBS) says it is continuing to review the business in the Republic with a view to being a challenger to the systemic banks.

It has reported losses of stg8.2 billion (€9.9 billion) last year - a figure its boss is calling 'huge and sobering'.

This is its biggest loss since the year it was bailed out by the British taxpayer.

RBS CEO Ross McEwan has promised reform would turn around not only its financial fortunes but also its treatment of the customer.

Its share price fell 4% when the FTSE 100 opened for business in London.

The bank confirmed new cost-savings of stg£5 billion (€6.09 billion) over the next four years with its focus shifting further away from investment banking.

It was its investment arm that accounted for most of its bonus pool for 2013, which had shrunk by 15%, though the scene was set for further reductions in later years as RBS said it would concentrate on serving personal and business customers.

The bank also announced it was lifting its proportion of UK assets to 80% of its business from 60% under pressure from the British government, which still holds a stake of over 80% in the lender, to concentrate on supporting economic recovery.

Mr. McEwan said his revival plan would make the bank "smaller, simpler and smarter," shrinking from seven divisions to three.

But Newstalk's Business Editor Ian Guider told Breakfast their comments today have not addressed the fears over Irish jobs.