Bank of Ireland(Governor&Co) Update on the Resolution Strategy for the Group (9614V)
February 03 2017 - 2:00AM
UK Regulatory
TIDMBKIR
RNS Number : 9614V
Bank of Ireland(Governor&Co)
03 February 2017
The Governor and Company of the Bank of Ireland (the
"Group")
Update on the resolution strategy for the Group
3 February 2017
The Single Resolution Board, acting as the Group Level
Resolution Authority, and the Bank of England, working together
within the Resolution College, have reached a Joint Decision on the
group resolution plan for the Group and have advised the Group that
their preferred resolution strategy for the Group consists of a
single point of entry bail-in strategy through a group holding
company. Pursuant to this strategy, the Group expects to establish
a holding company ("HoldCo") which would become the parent company
of the Group.
While it is not expected to impact on the Group's reported CET1
ratios, a HoldCo structure may adversely impact the consolidated
Group's reported Total Capital and Tier 1 capital ratios. This
would arise due to the required de-recognition under Articles 85
and 87 of the Capital Requirements Regulation of a proportion of
existing subordinated debt. The impact would depend on the timing
of a HoldCo establishment, absolute capital levels and the capital
structure at the time of establishment, and any mitigating actions
the Group may take. Any impact arising would be eliminated as the
relevant subordinated debt is redeemed.
Further details on the expected establishment of a HoldCo, which
would require shareholder approval, will be announced in due
course.
Ends.
For further information please contact:
Bank of Ireland
Andrew Keating Group Chief Financial Officer +353 (0)766 23
5141
Alan Hartley 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 with
respect to certain of 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, 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.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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