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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