IAS19 Defined Benefit Pension + Mortgage Portfolio Analysis
Bank of Ireland
Property and Construction (P&C)
P&C lending (€7.9bn)¹
Development
€1.0bn
5.1%
€0.4bn
€3.9bn
€3.9bn
Investment
€7.0bn
Investment loan portfolio (€7.0bn)
Residential
30%
Other
10%
0
P&C loan staging
5.0%
€0.4bn
Retail
22%
Office
38%
•
€3.4bn
€4.2bn
Dec 22
Jun 23
■Stage 1
Stage 2
Stage 3
NPE ratio
Irish focused lending with significant equity protection
Investment (€7.0bn)
Geographical exposure¹ primarily focused on Ireland (68%) and
UK (22%), with modest US/other exposure (10%)
Portfolio primarily consists of residential, office and retail assets
Weighted average LTVS (59%) and interest coverage (2.1x)
Development (€1.0bn)
Development portfolio focused on residential projects (90% of
total development book)
No planning risk on residential projects and no speculative
exposure on commercial projects
Asset quality
•
HY23 net impairment loss of €18m
NPEs broadly stable at €0.4bn at HY23
Stage 2 volumes reduced by c.€0.6bn to €3.4bn (42% of the
book) reflecting portfolio activity case movements
c.30% of book refinancing in next 12 months; pro-active
engagement with customers yielding positive results
1 Based on location of collateral
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