Permanent TSB Group Holdings PLC 2016 Supervisory Review and Evaluation Process (7366R)
December 13 2016 - 9:30AM
UK Regulatory
TIDMIL0A TIDM73HR
RNS Number : 7366R
Permanent TSB Group Holdings PLC
13 December 2016
13 December 2016
PERMANENT TSB GROUP HOLDINGS PLC
2016 Supervisory Review and Evaluation Process
The Group has been notified by the European Central Bank of the
outcome of its 2016 Supervisory Review and Evaluation Process
("SREP") which will be effective from 1 January 2017.
The decision requires that the Group maintains a Common Equity
Tier 1 ("CET 1") ratio of 9.2% and a Total Capital ratio of 12.7%
until 31 December 2017 on a transitional basis.
The CET 1 ratio of 9.2% consists of a Pillar 1 Capital
Requirements Regulation ("CRR") requirement of 4.50%, a Pillar 2
Requirement ("P2R") of 3.45% and a Capital Conservation Buffer
("CCB") of 1.25%.
The Total Capital ratio of 12.7% consists of a Minimum Own Funds
CET1 requirement of 9.2% and a Minimum Own Funds Tier 1 and Tier 2
CRR requirement of 3.5%.
Pillar 2 Guidance ("P2G") is not publicly disclosed under the
advice of the European Central Bank.
The 2016 SREP requirement compares to the Group's transitional
CET1 ratio of 17.1% and a Total Capital ratio of 18.8% at 30
September 2016 after adjusting for the effect of the sale of
residual non-core UK assets completed in November 2016.
The Maximum Distributable Amount threshold has been set at 9.2%
on a CET1 basis.
In addition, the 2016 SREP decision advises that the Group is
prohibited from paying out dividends to shareholders.
Separately, the Group has recently been designated as an Other
Systemically Important Institution ("O-SII") by the Central Bank of
Ireland. As a result, the Group's capital requirement will increase
by 0.25% in 2019 and 0.50% in 2020 to be held in the form of CET1
capital.
Both the SREP capital requirements (including the prohibition on
payment of dividends) and O-SII buffers are subject to annual
review.
Ends
For further information, please
contact:
Patricia Carroll Rajesh Manirajan Ray Gordon
Interim Group Head of Investor Gordon MRM
Chief Financial Relations ptsb@gordonmrm.ie
Officer rajesh.manirajan@permanenttsb.ie +353 87 241
patricia.carroll@permanenttsb.ie +353 1 669 5622 7373
+353 1 669 5354
Note on forward-looking information:
This Announcement contains forward-looking statements, which are
subject to risks and uncertainties because they relate to
expectations, beliefs, projections, future plans and strategies,
anticipated events or trends, and similar expressions concerning
matters that are not historical facts. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors, which may cause the actual results, performance or
achievements of the Group or the industry in which it operates, to
be materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. The forward-looking statements referred to in this
paragraph speak only as at the date of this Announcement. The Group
undertakes no obligation to release publicly any revision or
updates to these forward-looking statements to reflect future
events, circumstances, unanticipated events, new information or
otherwise except as required by law or by any appropriate
regulatory authority.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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