RNS Number : 5744K
  Irish Life & Permanent PLC
  22 December 2008
   



    
Statement re: Capital Position 

    Monday 22nd December 2008.  Irish Life & Permanent plc has noted the announcement on Sunday 21st December by the Minister for Finance
regarding the Government's recapitalisation plans for other named Irish financial institutions.  

    The Group has maintained its strong and flexible capital position throughout the current year. The Group's Tier 1 Capital Ratio was
10.1% as at the half year and is expected to be at a similar level at the year end.   The Group also confirms that it finalised the terms of
a Financial Re-insurance agreement with Swiss Re at the end of November. This agreement will be capital enhancing up to a maximum of EUR250
million over a three year period.

    In addition Irish Life & Permanent's capital requirements are based upon the retail nature of its loan book and principally upon its
residential mortgage loan book which accounts for 88% of total loans. Anticipated impairment provisions reflect the low risk nature of that
lending.  

    Irish Life & Permanent plc has submitted a detailed 3 year business plan to the Financial Regulator and is currently engaged in
reviewing that plan with the Regulator and the Department of Finance.  The Group looks forward to finalising that plan in the coming months.
 


    For Further Information Contact:

    Barry Walsh
    Investor Relations
    Ph. 00353 1 7042678

    Ray Gordon
    MKC Communications
    Ph. 00353 1 6788099
    Ph. 00353 87 2417373
    Email: ray@mkc.ie


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