2019 Interim Results Credit Presentation
Capital/MREL
Summary Highlights
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Ratings
•
2019 Interim Results Credit Presentation
BOIG (HoldCo) investment grade ratings with positive outlook from S&P and Moody's
The key ratings driver across all agencies is continued delivery of the Group's NPE reduction
strategies
Economy
Continued economic growth in core markets; supporting strong organic capital generation
of 90 bps in H1 2019
.
Regulatory
Ratios
.
The Group expects to maintain a CET1 ratio in excess of 13% on a regulatory basis and on a fully
loaded basis by the end of the O-SII phase-in period'
Robust regulatory ratios provide significant buffer to credit investors (c.400bps buffer to MDA)
•
The Group's MREL position at 30 June 2019 is 21.1% (22.3% pro forma including €600m senior
debt issued in July 2019)
MREL
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Based on current MREL ratio and SRB MREL Policy, modest MREL issuance of c. €1bn-€2bn p.a.
anticipated
1 The Other Systemically Important Institution (O-SII) buffer was introduced at 0.5% in July 2019, increasing to 1.0% in July 2020 and 1.5% in July 2021
Bank of Ireland
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