Bank of Ireland Group PLC ECB Supervisory Review and Evaluation Process (2638W)
December 09 2019 - 11:00AM
UK Regulatory
TIDMBIRG
RNS Number : 2638W
Bank of Ireland Group PLC
09 December 2019
Bank of Ireland Group plc (together with its subsidiaries the
"Group")
Update on ECB Supervisory Review and Evaluation Process
9 December 2019
The Group has been notified of the European Central Bank's final
decision on the Group's own funds requirements applicable from 1
January 2020 following the 2019 Supervisory Review and Evaluation
Process ("SREP"). The overall outcome is unchanged from the
previous SREP requirement.
The Group is required to maintain a Common Equity Tier 1 ("CET
1") ratio of 10.65% on a regulatory basis. This includes a Pillar 1
Requirement of 4.5%, an unchanged Pillar 2 Requirement of 2.25%, a
Capital Conservation Buffer of 2.5%, a ROI Countercyclical Buffer
of 0.6%, a UK Countercyclical Buffer of 0.3% and an O-SII Buffer of
0.5%. As previously disclosed, the Group's O-SII buffer will
phase-in to 1.0% in July 2020 and 1.5% in July 2021.
The Group is also required to maintain a Pillar 2 Guidance
buffer which is not disclosed in accordance with regulatory
preference.
This requirement compares to the Group's reported transitional
CET 1 ratio of 14.9% at the end of September 2019.
Ends
For further information please contact:
Bank of Ireland
Myles O'Grady, Group Chief Financial Officer* +353 (0)766 23
4714
Darach O'Leary, Head of Group Investor Relations +353 (0)766 24
4224
Damien Garvey, Head of Group External Communications and Public
Affairs +353 (0)766 24 6716
*Subject to regulatory approval
Appendix - Additional Information
Regulatory Capital Requirements 2020
Pillar 1 - CET1 4.50%
Pillar 2 Requirement (P2R) 2.25%
Capital Conservation Buffer (CCB) 2.50%
Countercyclical buffer (CCyB) 0.90%
O-SII buffer (i) 0.50%
Total CET1(ii) / MDA Trigger 10.65%
----------------------------------- -----------
Pillar 1 - Tier 1 1.50%
Total Tier 1 12.15%
----------------------------------- -----------
Pillar 1 - Tier 2 2.00%
Total Capital 14.15%
----------------------------------- -----------
(i) The Other Systemically Important Institution (O-SII) buffer
was introduced at 0.5% in July 2019, increasing to 1.0% in July
2020 and 1.5% in July 2021
(ii) Does not include Pillar 2 Guidance, which is not disclosed
in accordance with regulatory preference
Forward Looking Statement
This announcement contains forward-looking statements with
respect to certain of Bank of Ireland Group plc ('BOIG plc') and
its subsidiaries' (collectively the 'Group') 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, level of ownership by the Irish
Government, loan to deposit ratios, expected impairment losses, the
level of the Group's assets, the Group's financial position, future
income, business strategy, projected costs, margins, future payment
of dividends, the implementation of changes in respect of certain
of the Group's pension schemes, estimates of capital expenditures,
discussions with Irish, United Kingdom, European and other
regulators and plans and objectives for future operations. Such
forward-looking statements are inherently subject to risks and
uncertainties, and hence actual results may differ materially from
those expressed or implied by such forward-looking statements.
Nothing in this announcement should be considered to be a
forecast of future profitability, dividends or financial position
of the Group and none of the information in this announcement is or
is intended to be a profit forecast, dividend forecast or profit
estimate. 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.
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END
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