Irish Nationwide Building Society Deposits (9970C)

TIDMIPM

RNS Number : 9970C

Irish Life & Permanent Grp HldgsPLC

15 March 2011

Irish Life & Permanent Group Holdings plc

Further statement on the Transfer of selected assets and liabilities from Irish Nationwide Building Society 15 March 2011

This announcement provides further details regarding the transfer of selected assets and liabilities from Irish Nationwide Building Society following the statement by Irish Life & Permanent Group Holdings plc (the "Group") on 25 February 2011 As a result of the announcement, the Group received INBS deposit balances (as at 24 February 2011) of approximately: -- Irish Retail deposits of EUR2.7bn; -- Irish Corporate deposits of EUR0.5bn; and -- Isle of Man deposits of EUR0.4bn. The Group also received assets supporting these deposits which comprise: -- Senior NAMA bonds with a nominal value of EUR2.9bn; and -- Irish Government and Irish financial institutions Government guaranteed bonds with a nominal value of approximately EUR0.7bn. Consideration paid by the Group in respect of the Transfer is approximately EUR2.3m, which will be satisfied from existing resources of the Group. Under the Transfer of Undertakings Protection of Employees ("TUPE") legislation 237 employees of INBS have transferred to the Group with the selected INBS deposits. No branches of INBS were acquired. The acquisition by the Group of the selected deposits and associated assets of INBS improves the Group's loan to deposit ratio and liquidity position. As of 31 December 2010 the loan to deposit ratio of the Group banking business was 249%. The addition of EUR3.6bn of deposits at that date would have reduced the loan to deposit ratio to approximately 200%. The addition of approximately 160,000 primarily retail deposit customers will also strengthen the Group's banking franchise. The earnings and capital impact on the Group is expected to be marginally negative.

Contact details:

Customers

Help desk: 1850 522 522

Investor Relations

Barry Walsh, Head of Investor Relations

Tel: +353 1 704 2678

Orla Brannigan, Investor Relations

Tel: +353 1 704 1345

Media

Ray Gordon, Gordon MRM

Tel: +353 1 665 0450

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