Bank of Ireland 2020 Debt Investor Presentation
Transformation Investment / Operating expenses
Transformation Investment: €1.4bn (2016-2021)
Average of €275m p.a.
€410m
€306m
€263m
€195m
€105m
2016
2017
2018
2019
2020
2021
Bank of Ireland 2020 Debt Investor Presentation
Transformation Investment
•
Average annual investment of €275m from 2018-2021;
equates to CET1 capital of c.50-60bps
Investment of €410m in 2020 split across the income
statement (14%), balance sheet (28%) and non-core
items (58%)
Total transformation investment of €1.4bn 2016-
2021 unchanged. 2021 target for operating expenses
<€1.65bn
FY 2019
FY 2020
Operating Expenses
Total staff costs
- Staff costs
- Pension costs
(€m)
(€m)
844
826
710
725
134
101
Other costs
544
585
Depreciation and amortisation
289
253
Operating Expenses
1,677
1,664
Transformation Investment charge
108
56
Operating Expenses (before levies and
1,785
1,720
regulatory charges)
Levies and Regulatory charges
117
125
Impairment of intangibles and goodwill
12
Total Operating Expenses
1,902
1,857
Average staff numbers
10,424
10,303
Cost income ratio¹
63%
64%
Bank of Ireland
1 See slide 57 for additional detail
56View entire presentation