Permanent TSB Group Holdings PLC 2017 Supervisory Review and Evaluation Process (9912Z)
December 21 2017 - 1:00AM
UK Regulatory
TIDMIL0A TIDM73HR
RNS Number : 9912Z
Permanent TSB Group Holdings PLC
21 December 2017
21 December 2017
PERMANENT TSB GROUP HOLDINGS PLC (the "Bank")
2017 Supervisory Review and Evaluation Process
The Bank has been notified by the European Central Bank of the
outcome of its 2017 Supervisory Review and Evaluation Process
("SREP") which will be effective from 1 January 2018.
The decision requires that the Bank maintains a Common Equity
Tier 1 ("CET 1") ratio of 9.825% and a Total Capital ratio of
13.325% until 31 December 2018 on a transitional basis.
The CET 1 ratio of 9.825% consists of a Pillar 1 Capital
Requirements Regulation ("CRR") requirement of 4.50%, a Pillar 2
Requirement ("P2R") of 3.45% (unchanged from the current year) and
a Capital Conservation Buffer ("CCB") of 1.875% (reflecting a
further year's phase-in).
The Total Capital ratio of 13.325% consists of a Minimum Own
Funds CET1 requirement of 9.825% and a Minimum Own Funds Tier 1 and
Tier 2 requirement of 3.50%.
The 2017 SREP requirement compares to the Bank's transitional
CET1 ratio of 17.5%([1]) and a Total Capital ratio of 18.7%(1) at
30 September 2017.
In addition, the 2017 SREP decision advises that the Bank is
prohibited from paying out dividends to shareholders.
Separately, the Bank has recently been de-designated as an Other
Systemically Important Institution ("O-SII") by the Central Bank of
Ireland. As a result, the previously guided O-SII capital
requirement of 0.50% by 2020 does not apply to the Bank.
Both the SREP capital requirements (including the prohibition on
payment of dividends) and O-SII buffers are subject to annual
review.
Capital Requirements Effective Effective
From From
1.1.2018 1.1.2017
to 31.12.2018 to
31.12.2017
----------------------------------- --------------- ------------
Pillar 1 CET 1 4.50% 4.50%
----------------------------------- --------------- ------------
Pillar 2 Requirement (P2R) 3.45% 3.45%
----------------------------------- --------------- ------------
Capital Conservation Buffer 1.875% 1.25%
----------------------------------- --------------- ------------
Total CET 1 Requirement / Maximum
Distributable Amount Trigger 9.825% 9.20%
----------------------------------- --------------- ------------
Tier 1 1.50% 1.50%
----------------------------------- --------------- ------------
Tier 2 2.00% 2.00%
----------------------------------- --------------- ------------
Total Capital Requirement 13.325% 12.70%
----------------------------------- --------------- ------------
Ends
For further information, please
contact:
Eamonn Crowley Rajesh Manirajan Ray Gordon
Chief Financial Head of Investor Gordon MRM
Officer Relations ptsb@gordonmrm.ie
eamonn.crowley@permanenttsb.ie rajesh.manirajan@permanenttsb.ie +353 87 241
+353 1 669 5354 +353 1 669 5622 7373
Note on forward-looking information:
This Announcement contains forward-looking statements, which are
subject to risks and uncertainties because they relate to
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends, and similar expressions concerning
matters that are not historical facts. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors, which may cause the actual results, performance or
achievements of the Group or the industry in which it operates, to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. The forward-looking statements referred to in this
paragraph speak only as at the date of this Announcement. The Group
undertakes no obligation to release publicly any revision or
updates to these forward-looking statements to reflect future
events, circumstances, unanticipated events, new information or
otherwise except as required by law or by any appropriate
regulatory authority.
([1]) Includes profits earned in Q3 2017 which is subject to
regulatory approval.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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