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IL&P Group Holdings (283)

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Tuesday 30 March, 2010

IL&P Group Holdings

Statement re: Capital Positio

RNS Number : 4580J
Irish Life & Permanent Grp HldgsPLC
30 March 2010
 



Statement by Irish Life & Permanent Group Holdings plc

(Irish Life & Permanent plc is a wholly owned subsidiary of Irish Life & Permanent Group Holdings plc)

 

5.00PM Tuesday 30th March 2010.  The Financial Regulator has advised Irish Life & Permanent plc that a Prudential Capital Assessment Review will be carried out on the institution over the coming months in the context of the institution's restructuring plans. 

The Group was not included in the first wave of prudential capital assessment reviews as it has not received a government capital injection and is not taking part in NAMA.

In advance of that full review, the Group has had initial contact with the Regulator on this matter.

Based on initial discussions with the Regulator in respect of likely capital requirements for the Group as currently structured, the Group expects that its current capital resources are sufficient to withstand anticipated base case and stress test scenarios; both of which suggest loan losses substantially ahead of the Group's current models.

 

Contact details:

 

Barry Walsh, Head of Investor Relations

Tel: +353 1 704 2678

 

Ray Gordon, Gordon MRM

Tel: +353 1 6650452

 


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