Bank of Ireland Group MREL requirement

RNS Number : 9980N

Bank of Ireland Group PLC

14 May 2018

 

Bank of Ireland Group plc (together with its subsidiaries, the ''Group'')

Bank of Ireland Group MREL requirement

14 May 2018

The Group has been advised of the decision by the Single Resolution Board and the Bank of England of its binding minimum requirement for own funds and eligible liabilities (''MREL'') to be met by 1 January 2021. This has been set at a level of 12.86% of total liabilities and own funds as at December 2016 (equivalent to 26.39% of risk weighted assets). This decision may be subject to ongoing review.

The MREL requirement set is in line with our expectations and consistent with our funding plans.

Ends

For further information please contact:

Bank of Ireland

Andrew Keating                    Group Chief Financial Officer                          [phone]

Alan Hartley                         Director of Group Investor Relations              [phone]

Pat Farrell                             Head of Group Communications                      [phone]

Forward-Looking Statement

This announcement contains forward-looking statements with respect to certain of the Bank of Ireland Group plc (the 'Company' or 'BOIG plc') and its subsidiaries' (collectively the 'Group' or 'BOIG plc 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, 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, 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.

Nothing in this announcement should be considered to be a forecast of future profitability, dividends or financial position and none of the information in this announcement is or is intended to be a profit forecast, profit estimate or dividend forecast. 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.

 

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