Brown Group Regulatory News (BWNG)

8th May 2018

UPDATE ON IFRS9

In our recent full year results announcement on 26th April, as part of our disclosures on the expected impact of the introduction of IFRS9, we stated that one of the final aspects of the modelling and analysis still underway related to whether or not undrawn credit balances should be included or excluded from the calculation of the provision.

We have now agreed with our auditors that these balances should be excluded from the provision. As previously indicated, the exclusion of undrawn credit balances will materially reduce the IFRS9 provision, by approximately half the previously announced potential increase of £120m. The exact quantification of the IFRS9 provision is still being finalised with our auditors. We will provide a further update as part of our Q1 trading statement on the 14th June.

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