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Banks fundamentally rebuild their profitability Net interest margins recover % 4.5 144% 4.0 Cost income ratios improve dramatically 150% 123% 125% 100% 88% 3.5 3.0 2.5 65% 75% 2.0 58% 52% 1.5 50% 25% 0% AIB BOI PTSB 2010 2011 2012 2013 2014 ■2015 2016 Source: Annual reports of Irish domestic banks 1.0 0.5 0.0 2003 2005 2007 2009 2011 2013 2015 Outstanding Business 2017 New Business Source: CBI, NTMA Calculations Gníomhaireacht Bainistíochta an Chisteáin Náisiúnta National Treasury Management Agency Note: Margins are derived from weighted average interest rates on loans and deposits to and from households and non-financial corporations 22 72

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