H1 2020 Credit Presentation
Transformation Investment / Operating expenses
Transformation Investment: €1.4bn (2016-2021)
Average of €275m p.a.
€306m
€263m
€195m
€105m
Bank of Ireland H1 2020 Credit Presentation
Transformation Investment
•
•
Average annual investment of €275m from 2018-2021;
equates to CET1 capital of c.50-60bps
Investment of €109m in H1 2020 split across the income
statement (26%), balance sheet (49%) and non-core
items (25%)
Total transformation investment of €1.4bn 2016-2021
unchanged
2016
2017
2018
2019
2020
2021
H1 2019
H1 2020
Operating Expenses
Total staff costs
- Staff costs
(€m)
(€m)
414
425
350
361
- Pension costs
64
64
Other costs
277
288
Depreciation
149
131
Operating Expenses
840
844
Transformation Investment charge
63
28
Operating Expenses (before levies and
903
872
regulatory charges)
Levies and Regulatory charges
73
70
Total Operating Expenses
976
942
Average staff numbers
10,368
10,383
Cost income ratio¹
65%
66%
Bank of Ireland
1 See slide 54 for additional detail
53View entire presentation