1 Dec 2016 07:00
The Governor and Company of the Bank of Ireland (the ''Group'')
2016 Supervisory Review and Evaluation Process
1 December 2016
The Group has been notified by the European Central Bank of the outcome of the 2016 Supervisory Review and Evaluation Process (SREP).
The decision requires that the Group maintains a Common Equity Tier 1 ("CET 1") ratio of 8.0% on a transitional basis from 1 January 2017; this includes the Pillar 2 requirement (P2R) but excludes the Pillar 2 guidance (P2G). This requirement of 8% includes a Pillar 1 requirement of 4.5%, a Pillar 2 requirement of 2.25% and a capital conservation buffer for 2017 of 1.25%.
This requirement compares to the Group's latest reported transitional CET 1 ratio of 13.0% at the end of September 2016.
Under the Maximum Distributable Amount ("MDA") framework, the MDA trigger level will be 8.0% from 1 January 2017.
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 Communications +353 (0)766 23 4770
Forward-Looking Statement
This document contains certain forward-looking statements 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.
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.