Bank of Ireland(Governor&Co) Acquisition of Performing Resi Mortgage Portfolio (6965Z)
December 12 2014 - 11:31AM
UK Regulatory
TIDMBKIR
RNS Number : 6965Z
Bank of Ireland(Governor&Co)
12 December 2014
The Governor and Company of the Bank of Ireland ('Bank of
Ireland' or the 'Group')
Acquisition of Performing Residential Mortgage Portfolio
12 December 2014
Bank of Ireland has today agreed terms to acquire a portfolio of
performing residential mortgages from Kieran Wallace and Eamonn
Richardson, the Special Liquidators to Irish Bank Resolution
Corporation Ltd (in Special Liquidation) ("IBRC"). Consideration of
EUR253m is payable in cash on completion. The acquisition is
consistent with the Bank's plan to grow its lending volumes. The
transaction is expected to close shortly.
Mr Gavin Kelly, Director, Bank of Ireland Consumer Banking
commented: "We are pleased to announce this transaction which is a
positive development for our business and look forward to welcoming
a new group of customers to Bank of Ireland."
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
Note:
Bank of Ireland and IBRC have a common shareholder in the form
of the Irish State and for the purposes of the Financial Conduct
Authority Listing Rules, Bank of Ireland is a related party to the
Irish State. This announcement is being made, inter alia, to
satisfy the notification requirements of the Financial Conduct
Authority Listing Rules pertaining to smaller related party
transactions (LR 11.1.10 R) and the Irish Stock Exchange Listing
Rules pertaining to Class 3 transactions (LR 7.3.2).
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 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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