Bank of Ireland Group PLC 2017 Supervisory Review and Evaluation Process (7719Z)
December 19 2017 - 4:45AM
UK Regulatory
TIDMBIRG
RNS Number : 7719Z
Bank of Ireland Group PLC
19 December 2017
Bank of Ireland Group plc (together with its subsidiaries, the
"Group")
Update on ECB Supervisory Review and Evaluation Process
19 December 2017
The Group has been notified of the European Central Bank's final
decision on the Group's own funds requirements applicable from 1
January 2018 following the 2017 Supervisory Review and Evaluation
Process ("SREP") and the overall outcome is in line with the
current year.
The Group is required to maintain a Common Equity Tier 1 ("CET
1") ratio of 8.625% on a transitional basis from 1 January 2018.
This includes a Pillar 1 Requirement of 4.50%, an unchanged Pillar
2 Requirement of 2.25%, and an increase of 0.625% in the Capital
Conservation Buffer to 1.875% (reflecting a further year's
phase-in). The Group's Pillar 2 Guidance, which is not disclosed,
has been adjusted such that the overall capital requirement from
the ECB (i.e. inclusive of the Pillar 2 Guidance) is in line with
the current year. The Pillar 2 Guidance is not relevant for the
Maximum Distributable Amount (MDA).
This requirement compares to the Group's reported transitional
CET 1 ratio of 14.7% at the end of September 2017.
Ends
For further information please contact:
Bank of Ireland
Andrew Keating Group Chief Financial Officer +353 (0)766 23
5141
Alan Hartley Director of Group Investor Relations +353 (0)766 23
4850
Pat Farrell Head of Group Communications +353 (0)766 23 4770
Appendix - Additional Information
ECB SREP Requirements for 2018
-------------------------------- --------
Pillar 1 - CET1 4.50%
Pillar 2 Requirement (P2R) 2.25%
Capital Conservation Buffer
(CCB) 1.875%
Total CET1(i) (ii) (iii) / MDA
Trigger (ii) (iii) 8.625%
-------------------------------- --------
Pillar 1 - Tier 1 1.5%
Total Tier 1 10.125%
-------------------------------- --------
Pillar 1 - Tier 2 2.0%
Total Capital 12.125%
-------------------------------- --------
(i) Does not include Pillar 2 Guidance, which is not disclosed
in accordance with regulatory preference
(ii) Excludes Other Systemically Important Institutions Buffer
(O-SII) which commences phase-in at 0.5% per annum from July 2019
(increasing to 1.5% by July 2021)
(iii) Excludes the expected impact of the UK Countercyclical
Buffer (CCyB) of c.0.15% applicable from 27 June 2018, rising to
c.0.3% from 28 November 2018. The expected impact reflects the
phase-in of the UK CCyB to UK exposures as announced by the
Financial Policy Committee on 28 November 2017 and applied in
proportion to UK risk weighted assets (RWA) in the Group's balance
sheet.
Forward Looking Statement
This announcement contains certain forward-looking statements
with respect to certain of the Group's plans and its current goals
and expectations relating to its future financial condition and
performance, the markets in which it operates, and its future
capital requirements. These forward-looking statements often can be
identified by the fact that they do not relate only to historical
or current facts. Generally, but not always, words such as 'may,'
'could,' 'should,' 'will,' 'expect,' 'intend,' 'estimate,'
'anticipate,' 'assume,' 'believe,' 'plan,' 'seek,' 'continue,'
'target,' 'goal', 'would,' or their negative variations or similar
expressions identify forward-looking statements, but their absence
does not mean that a statement is not forward looking. Examples of
forward-looking statements include among others, statements
regarding the Group's near term and longer term future capital
requirements and ratios, loan to deposit ratios, expected
impairment charges, the level of the Group's assets, the Group's
financial position, future income, business strategy, projected
costs, margins, estimates of capital expenditures, discussions with
Irish, United Kingdom, European and other regulators and plans and
objectives for future operations.
Nothing in this announcement should be considered to be a
forecast of future profitability, dividends or financial position
and none of the information in this document is or is intended to
be a profit forecast, profit estimate or dividend forecast. Any
forward-looking statement speaks only as at the date it is made.
The Group does not undertake to release publicly any revision to
these forward-looking statements to reflect events, circumstances
or unanticipated events occurring after the date hereof.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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