AIB Group PLC AIB Group plc -Tracker Mortgage Provision Update (8736B)
04 Febbraio 2020 - 8:01AM
UK Regulatory
TIDMAIBG
RNS Number : 8736B
AIB Group PLC
04 February 2020
4 FEBRUARY 2020
AIB Group plc - Tracker Mortgage PROVISION UPDATE
AIB Group plc ("AIB") advises that following a preliminary
decision issued by the Financial Services and Pensions Ombudsman,
the Board understands that redress may be due to a previously
identified group of customers who had an option of a prevailing
tracker rate.
The Board recognises that there is a range of possible outcomes
and has created a provision of EUR300 million which will be taken
in full year 2019 financial results. The Board also recognises it
is in the interests of the Group, our customers and our other
stakeholders to bring this matter to a resolution and discussions
are ongoing with the Central Bank of Ireland with regard to
potential appropriate treatment of this group of customers.
The Board expects to propose an ordinary dividend in line with
our approach of between 40-60% of attributable earnings, subject to
regulatory approval. The Group maintains a capital position above
regulatory capital requirements and will record a CET1 ratio in
excess of 16% at 31 December 2019.
AIB Group plc will announce full year 2019 financial results on
6 March 2020 and will also update the market with our medium term
targets and capital plans.
This announcement contains inside information.
-ENDS-
Contact details:
Niamh Hore / Janet McConkey Paddy McDonnell
Investor Relations Media Relations
AIB Group AIB Group
Dublin Dublin
Tel: +353-1-6411817 / +353-1-6418974 Tel: +353-87-7390743
email: niamh.a.hore@aib.ie email: paddy.x.mcdonnell@aib.ie
janet.e.mcconkey@aib.ie
Forward Looking Statements
This announcement contains certain forward looking statements
with respect to the financial condition, results of operations and
business of AIB Group and certain of the plans and objectives of
the Group. These forward looking statements can be identified by
the fact that they do not relate only to historical or current
facts. Forward looking statements sometimes use words such as
'aim', 'anticipate', 'target', 'expect', 'estimate', 'intend',
'plan', 'goal', 'believe', 'may', 'could', 'will', 'seek',
'continue', 'should', 'assume', or other words of similar meaning.
Examples of forward looking statements include, among others,
statements regarding the Group's future financial position, capital
structure, Government shareholding in the Group, income growth,
loan losses, business strategy, projected costs, capital ratios,
estimates of capital expenditures, and plans and objectives for
future operations. Because such statements are inherently subject
to risks and uncertainties, actual results may differ materially
from those expressed or implied by such forward looking
information. By their nature, forward looking statements involve
risk and uncertainty because they relate to events and depend on
circumstances that will occur in the future. There are a number of
factors that could cause actual results and developments to differ
materially from those expressed or implied by these forward looking
statements. These are set out in the Principal risks and
uncertainties on pages 62 to 68 in the 2018 Annual Financial
Report. In addition to matters relating to the Group's business,
future performance will be impacted by Irish, UK and wider European
and global economic and financial market considerations. Any
forward looking statements made by or on behalf of the Group speak
only as of the date they are made. The Group cautions that the list
of important factors on pages 62 to 68 of the 2018 Annual Financial
Report is not exhaustive. Investors and others should carefully
consider the foregoing factors and other uncertainties and events
when making an investment decision based on any forward looking
statement.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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