REG - Bank of Ireland Grp - Update on 2024 ECB SREP

Bank of IrelandAnnouncement

11/12/2024 17:00

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RNS Number : 7499P  Bank of Ireland Group PLC  11 December 2024

Bank of Ireland Group plc (the "Group")

Update on ECB Supervisory Review and Evaluation Process

 

11 December 2024

 

The Group has been notified of the European Central Bank's final decision on
the Group's own funds requirements applicable from 1 January 2025 following
the 2024 Supervisory Review and Evaluation Process (''SREP'').

 

The Group's Total Capital Requirement for 2025 will be 15.90% (CET1
requirement of 11.35%, excluding Pillar 2 Guidance)(1). This reflects an
increase of 5 basis points in the Group's Pillar 2 Requirement, resulting in a
3 basis point increase in CET1 requirements.

 

The Group's CET1 guidance of >14% is unchanged.

 

(1) Based on weighted RoI, UK and other CCyBs at 30 September 2024.

 

Ends

 

For further information please contact:

 

Bank of Ireland

 

 Mark Spain, Group Chief Financial Officer                                +353 1 2508900 ext 43291
 Eamonn Hughes, Chief Sustainability & Investor Relations Officer         +353 (0)87 2026325
 Darach O'Leary, Head of Group Investor Relations                         +353 (0)87 9480650
 Damien Garvey, Head of Group External Communications and Public Affairs  +353 (0)86 8314435

 

 

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, future payment of dividends,  future
share buybacks, 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, plans and objectives for
future operations, and the continued impact of Russia's invasion of Ukraine
and the Israeli-Palestinian conflict particularly on certain of the above
issues and generally on the global and domestic economies. 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.

 

Such risks and uncertainties include, but are not limited to, those as set out
in the 'Principal Risks and Uncertainties' section on page 26 of the Group's
2024 Interim Report and also the discussion of risk in the Risk Management
Report in the Group's Annual Report for the year ended 31 December 2023.

 

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

 

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