Bank of Ireland(Governor&Co) BOI passes ECB Comprehensive Assessment (3338V)
October 27 2014 - 3:00AM
UK Regulatory
TIDMBKIR
RNS Number : 3338V
Bank of Ireland(Governor&Co)
27 October 2014
The Governor and Company of the Bank of Ireland (the "Group",
"BOI")
BOI passes the ECB Comprehensive Assessment with substantial
capital buffers
26 October 2014
The ECB has announced the results of its comprehensive
assessment, which covers 130 European banks, including the
Group.
The overall result for Bank of Ireland confirms that the Group
has passed the ECB Comprehensive Assessment, with substantial
capital buffers over the threshold capital ratios in both the
baseline and adverse stress test scenarios* as follows:
BOI Threshold Buffer
Baseline scenario 12.43% 8% 4.43%
Adverse scenario 9.31% 5.5% 3.81%
Detailed results of the comprehensive assessment are published
on the ECB website and further detailed disclosures in relation to
the EU-wide stress tests are published on the EBA's website. The
relevant disclosure templates in relation to Bank of Ireland are
also available on the Group's website at
http://www.bankofireland.com/about-bank-of-ireland/investor-relations/financial-information/financial-information
The Group continues to expect to maintain a buffer over a Common
Equity Tier 1 ratio of 10 per cent on a Basel III transitional
basis. The Group will issue its Interim Management Statement on
Friday, 31 October 2014.
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
Brian Kealy Head of Capital Management +353 (0)766 23 4719
Pat Farrell Head of Group Communications +353 (0)766 23 4770
*The 'BOI' Column in the table shows the Group's lowest Basel
III transitiional CET1 ratio in the 3 year period 2014 to 2016, in
both baseline and adverse scenarios, as projected under the ECB's
comprehensive assessment process. The 'threshold' column shows the
capital ratios required to pass the ECB's comprehensive assessment.
The 'buffer' column shows the difference between the first 2
columns.
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;
the effects of extensive asset quality review and stress tests
being conducted in advance of the European Central Bank assuming
responsibility for supervision and any further 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 NPRFC) 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 and
the conduct and outcomes of asset quality reviews and stress tests;
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 implications of the continuing obligations
components of the Group's revised EU Commission restructuring plan
and 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, the United Kingdom
and the Isle of Man 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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