2010 Results & Impairment Provisions (5132B)
February 18 2011 - 9:30AM
UK Regulatory
TIDMIPM
RNS Number : 5132B
Irish Life & Permanent Grp HldgsPLC
18 February 2011
Irish Life & Permanent Group Holdings plc
18(th) February 2011
2010 Results & Impairment Provisions
It is the Group's intention to proceed with the preliminary
announcement of its 2010 results on March 2(nd) ahead of the
completion of the Prudential Capital Assessment Review (PCAR) and
Prudential Liquidity Assessment Review (PLAR) exercises, which are
currently being carried out by the Central Bank / Financial
Regulator. The PCAR and PLAR outcomes are not scheduled to be
available until the end of March 2011.
Since the issue of the Group's trading update in its Interim
Management Statement (Nov 17(th) ) the economic outlook for Ireland
has deteriorated. The Irish government requested and obtained
external financial support from the EU-IMF and has implemented an
austerity Budget in support of the agreed EU-IMF programme.
Consensus expectations are now for a delayed recovery with modest
economic growth in 2011.
The impact of these developments is reflected in reductions in
year end property valuations. We have accordingly reviewed our end
2010 provisioning assumptions for the peak to trough fall in
residential property prices and for commercial property valuations.
As a consequence impairment provisions for 2010 are expected to
increase by between EUR80m and EUR100m versus the guidance in our
IMS. Full details will be given in our results announcement on
March 2(nd) .
Contact details
Barry Walsh, Head of Investor Relations
Tel: +353 1 704 2678
Orla Brannigan, Investor Relations
Tel: +353 1 704 1345
Ray Gordon, Gordon MRM
Tel: +353 1 665 0450
This information is provided by RNS
The company news service from the London Stock Exchange
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