21 Dec 2016 15:00
21 December 2016
PERMANENT TSB GROUP HOLDINGS PLC
2016 Supervisory Review and Evaluation Process - Update
The Group announced the outcome of the 2016 Supervisory Review and Evaluation Process ("SREP") on 13 December 2016. The announcement detailed the Group's SREP capital requirement set by the European Central Bank which will be effective from 1 January 2017.
The Group disclosed that the CET 1 ratio of 9.2% consisted 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%. Pillar 2 Guidance ("P2G") was not publicly disclosed at that time under the advice of the European Central Bank.
However, noting the disclosure of P2G by another European bank recently, the Group feels obliged to disclose its P2G for the benefit of shareholders. In that context, P2G for the Group is set at 2.25% effective from 1 January 2017 to be held in the form of Common Equity Tier 1 capital.
Along with the SREP capital requirements, Pillar 2 Guidance is also subject to annual review.
Ends
For further information, please contact:
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Patricia Carroll Interim Group Chief Financial Officer patricia.carroll@permanenttsb.ie +353 1 669 5354 | Rajesh ManirajanHead of Investor Relationsrajesh.manirajan@permanenttsb.ie+353 1 669 5622 | Ray GordonGordon MRMptsb@gordonmrm.ie+353 87 241 7373
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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.