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Monday 29 November, 2010

IL&P Group Holdings

Statement re: New Capital Req

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 €100m 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
 
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