Bank of Ireland(Governor&Co) Acquisition of Commercial Loan Portfolio (1428E)
February 05 2015 - 5:30AM
UK Regulatory
TIDMBKIR
RNS Number : 1428E
Bank of Ireland(Governor&Co)
05 February 2015
The Governor and Company of the Bank of Ireland ('Bank of
Ireland')
Acquisition of Performing Commercial Loan Portfolio
___________________________________________________________________________
Bank of Ireland and Goldman Sachs have agreed terms to acquire a
commercial loan portfolio of face value EUR540m from Danske Bank
A/S. As part of the transaction, Bank of Ireland will acquire a
EUR274m portfolio of performing commercial loans, comprising over
1,000 customers in the SME, Agriculture and CRE sectors. Goldman
Sachs in conjunction with Pepper Asset Servicing, as servicer, will
acquire the balance of the portfolio. The transaction is expected
to close shortly.
Mr Mark Cunningham, Director of Bank of Ireland Business Banking
commented "Bank of Ireland is pleased to have been able to avail of
this opportunity to demonstrate our ongoing focus on further
growing and developing our strong position in serving the business
and agri sectors in Ireland. We look forward to welcoming these new
customers to Bank of Ireland and working with them as they seek to
develop and grow their own businesses and enterprises".
Ends.
For further information please contact:
Bank of Ireland
Andrew Keating Group Chief Financial Officer +353 (0)766 23 5141
Mark Spain Director of Group Investor Relations +353 (0)766 23 4850
Pat Farrell Head of Group Communications +353 (0)766 23 4770
Forward Looking Statement
This document contains certain forward-looking statements within
the meaning of Section 21E of the US Securities Exchange Act of
1934 and Section 27A of the US Securities Act of 1933 with respect
to certain of the Bank of Ireland Group's (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
charges, 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.
Such risks and uncertainties include, but are not limited to, the
following: geopolitical risks, such as those associated with crises
in the Middle East and increasing political tensions in respect of
the Ukraine, which could potentially adversely impact the markets
in which the Group operates; concerns on sovereign debt and
financial uncertainties in the EU and in member countries and the
potential effects of those uncertainties on the Group; general and
sector specific economic conditions in Ireland, the United Kingdom
and the other markets in which the Group operates; the ability of
the Group to generate additional liquidity and capital as required;
any capital or other assessments undertaken by regulators; property
market conditions in Ireland and the United Kingdom; the potential
exposure of the Group to various types of market risks, such as
interest rate risk, foreign exchange rate risk, credit risk and
commodity price risk; deterioration in the credit quality of the
Group's borrowers and counterparties, as well as increased
difficulties in relation to the recoverability of loans and other
amounts due from such borrowers and counterparties, have resulted
in significant increases, and could result in further significant
increases, in the Group's impaired loans and impairment provisions;
implications of the Personal Insolvency Act 2012 and measures
introduced by the Central Bank of Ireland to address mortgage
arrears on the Group's distressed debt recovery and impairment
provisions; the impact on lending and other activity arising from
the emerging macro prudential policies; the performance and
volatility of international capital markets; the effects of the
Irish Government's stockholding in the Group (through the Ireland
Strategic Investment Fund) and possible changes in the level of
such stockholding; the impact of downgrades in the Group's or the
Irish Government's credit ratings or outlook; the stability of the
Eurozone; changes in the Irish and United Kingdom banking systems;
changes in applicable laws, regulations and taxes in jurisdictions
in which the Group operates particularly banking regulation by the
Irish and United Kingdom Governments together with implementation
of the Single Supervisory Mechanism and establishment of the Single
Resolution Mechanism; the exercise by regulators of powers of
regulation and oversight in Ireland and the United Kingdom; the
introduction of new government policies or the amendment of
existing policies in Ireland or the United Kingdom; the outcome of
any legal claims brought against the Group by third parties or
legal or regulatory proceedings or any Irish banking inquiry more
generally, that may have implications for the Group; the
development and implementation of the Group's strategy, including
the Group's ability to achieve net interest margin increases and
cost reductions; the responsibility of the Group for contributing
to compensation schemes in respect of banks and other authorised
financial services firms in Ireland and the United Kingdom that may
be unable to meet their obligations to customers; the inherent risk
within the Group's life assurance business involving claims, as
well as market conditions generally; potential further
contributions to the Group sponsored pension schemes if the value
of pension fund assets is not sufficient to cover potential
obligations; the exposure of the Group to NAMA losses in the event
that NAMA has an underlying loss at the conclusion of its
operations, which could adversely impact the Group's capital and
results of operations; the impact of the continuing implementation
of significant regulatory developments such as Basel III, Capital
Requirements Directive (CRD) IV, Solvency II and the Recovery and
Resolution Directive; and the Group's ability to address weaknesses
or failures in its internal processes and procedures including
information technology issues and equipment failures and other
operational risks.
Nothing in this document should be considered to be a forecast
of future profitability or financial position and none of the
information in this document is or is intended to be a profit
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. The reader should however, consult any
additional disclosures that the Group has made or may make in
documents filed or submitted or may file or submit to the US
Securities and Exchange Commission.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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