Bank of Ireland Group PLC Sale of mortgage non-performing exposures (4248C)
June 18 2021 - 7:55AM
UK Regulatory
TIDMBIRG
RNS Number : 4248C
Bank of Ireland Group PLC
18 June 2021
Bank of Ireland Group plc (together with its subsidiaries the
"Group")
Sale of mortgage non-performing exposures ("NPE")
18 June 2021
The Group has entered into the sale (via securitisation) of a
portfolio of non-performing ROI mortgages predominantly secured on
owner occupied and buy-to-let investment properties.
The portfolio has a gross carrying value of c.EUR344 million,
and upon completion due 25 June 2021, the transaction is expected
to result in a 31 March 2021 pro-forma reduction in the Group's NPE
ratio from c.5.7% to c.5.3%. The transaction will increase the
Group's regulatory CET1 ratio by c.15bps with net interest income
reducing by c.EUR5 million on a full year basis.
The mortgages and related customer relationships will continue
to be maintained by the Group, however the assets will be
derecognised from the Group's balance sheet.
This transaction, in conjunction with ongoing forbearance
support for our customers, has enabled the Group to continue to
accelerate progress in reducing its NPE ratio. Our NPE reduction
strategies continue to be kept under review in response to the
associated and evolving regulatory framework.
Additional information for customers
Any restructuring arrangements agreed between Bank of Ireland
and a customer including any alternative repayment arrangements,
are unchanged by the transaction. There is no change to the
protections currently afforded to customers under the relevant
Central Bank of Ireland statutory codes of conduct, including the
Code of Conduct on Mortgage Arrears and Consumer Protection
Code.
Customers do not need to take any action arising from this
announcement. However, any customer seeking more information can
contact our dedicated customer phone line on 01-6115307. This phone
line is available 9:00am to 5:00pm, Monday to Friday, excluding
Bank Holidays.
Ends
For further information please contact:
Bank of Ireland
Myles O'Grady, Group Chief Financial Officer +353 (1)250 8900
ext. 43291
Darach O'Leary, Head of Group Investor Relations +353 (0)87
9480650
Damien Garvey, Head of Group External Communications and Public Affairs +353 (0)86 8314435
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'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, level of ownership by the Irish
Government, loan to deposit ratios, expected impairment charges,
the level of the Group's assets, the Group's financial position,
future income, business strategy, business model, projected costs,
margins, future payment of dividends, 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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