Statement re: New Capital Requirements (9316W)
29 November 2010 - 8:00AM
UK Regulatory
TIDMIPM TIDM74SV
RNS Number : 9316W
Irish Life & Permanent Grp HldgsPLC
29 November 2010
Statement by Irish Life & Permanent Group Holdings plc.
New 12% Capital Requirement for permanent tsb bank to have
modest impact on Group.
Group confirms that it will meet new capital requirement from
its own resources.
Embargo: 07.00am Monday 29th November 2010. The Irish Central
Bank has completed a review of the capital requirements of all
Irish banks as part of its response to recent events in the Irish
market. As part of this review the Central Bank has set a new
Capital Ratio requirement for Irish banks of 12% Core Tier 1.
The Central Bank has confirmed that in the case of Group's
banking business, permanent tsb bank, the 12% target will require
the Group to raise approximately EUR100m in new Capital above and
beyond current commitments.
The Group confirms that it will raise the additional amount from
its own resources .
Speaking today, Kevin Murphy, Group Chief Executive of Irish
Life & Permanent Group Holdings plc said that this further
review confirmed the capital strength at the Group and its unique
position in the Irish financial marketplace.
Murphy also expressed confidence that this strengthening of the
capital position of the Irish banks would reassure international
investors as to the ability of the Irish banks to withstand the
impact of the current recession.
For further information contact:
Ray Gordon, Gordon MRM
Ph: +353 1 6650452
Ph: +353 87 2417373
Orla Brannigan, Investor Relations
Ph: +353 1 704 2933 / +353 1 704 1345
PH: +353 87 2041326
This information is provided by RNS
The company news service from the London Stock Exchange
END
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