I will do a short presentation following which Andrew Keating will do a more detailed run through of the numbers and we will then move to Q & A.
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1 YEAR END RESULTS PRESENTATION 4 th MARCH 2013 Slide 1: Forward Looking Statement Slide 2: Blank Slide 3: Contents Slide 4: Blank Group Chief Executive s Review: Richie Boucher Group CEO Slide 5: Introduction Good morning everyone and welcome to our Preliminary Results presentation for the year ended 31 December 2012 and thank you to those of you who have joined us here in Dublin and those who are joining us by way of conference call and webcast. I will do a short presentation following which Andrew Keating will do a more detailed run through of the numbers and we will then move to Q & A. During 2012, Bank of Ireland made good progress against our strategic objectives as we enhanced our core franchises and started to rebuild profitability within a restructured, robust balance sheet, in what was another challenging year for the Group. Actions we have taken began to have a positive financial impact in the second half of 2012 giving us good momentum coming into Slide 6: Financial Highlights During 2012, we continued our progress of deleveraging the Group s balance sheet. We completed 10.6 billion of asset divestments ahead of schedule and well within the discounts assumed as part of the 2011 PCAR. In addition, redemptions and repayments remain in line with our expectations. This deleveraging along with good growth in deposits contributed to the strengthening of our loan to deposit ratio to 123%. We have completed the asset disposal component of our deleveraging initiatives, have improved our funding position and have reduced the Group s utilisation of wholesale funding by 15 billion (excluding the IBRC transaction) during In addition, we successfully re accessed funding markets across the capital structure. Our Core Tier 1 capital ratio of 14.4% remains robust reflecting the impact of the reduction in RWAs of 10 billion in We are awaiting the authorities finalisation of Basel 3 regulations. Based on our interpretation of the draft regulations, the Group s pro forma Common Equity Tier Page 1 of 16
2 1 ratio, including the 2009 Preference Shares, is estimated at 8.5% as at 31 December Andrew will give an update on how we see Basel III impacting on our regulatory capital and capital ratios. Total operating income for the year ended 31 December 2012 was 9% lower than the prior year. The reduction in operating income arose from both a 10 billion reduction in the Group s average interest earning assets and a reduction in the net interest margin, before ELG costs, from 1.33% to 1.25%. This was partially offset by a 14% reduction in ELG fees. The lower net interest margin reflected the relatively high cost of customer deposits, particularly in the first half of the year, and the continuing negative impact of historically low official interest rates on earnings from certain Group s assets. Re building the net interest margin is one of the Group s key priorities. Prior to and during 2012, the Group took a number of actions, including the re pricing of assets and liabilities, to improve the net interest margin. The benefits from these actions began to manifest themselves in an improvement in the Group s net interest margin to 1.34% in the second half of Our operating costs remain in line with Lower staff costs were offset by investments in our core franchises, higher regulatory fees and the impact of foreign exchange rates. Following agreement on revised redundancy terms with key stakeholders, we recommenced our voluntary redundancy programmes with circa 1,200 people departing the Group in 2012, primarily in the last quarter. We remain focussed on further costs reductions as we restructure the Group and regrettably the number of people we employ will continue to come down. Impairment charges on loans and advances to customers remained elevated at 1.7 billion. However, this was 0.2 billion or 11% lower than We remain focused on proactively managing the credit quality of our portfolios. Our corporate and unsecured consumer loan books and our UK mortgage books continue to perform satisfactorily. We are seeing some stabilisation in Irish commercial real estate and in the Irish SME sector, albeit our customers in those sectors correlated with consumer spending continue to face difficult trading conditions. As Andrew will outline in his financial review, every line item in the income statement and key performance metrics were all better in the second half of Slide 7: Delivering on Strategic Objectives The delivery of our strategic objectives is well on track. Page 2 of 16
3 We set a target to reduce our portfolios of loans and advances to customers to 90 billion being a quantum which we felt we could safely fund on a commercially viable basis. With the completion of our asset disposal programme and redemptions to date, we have just 3 billion of further asset deleveraging to achieve our target and the current pace of redemptions should ensure we achieve this. Despite extremely competitive deposit markets, particularly in the first half of 2012 and our successful focus on reducing deposit pay rates, the strength of our franchises and distribution enabled us to increase deposit volumes by 4.7 billion to 75 billion during In addition, in November 2012, we successfully issued 1 billion of Irish Mortgage Asset Covered Securities. Actions to deleverage the Group s balance sheet, reposition assets within the Group, increase deposit volumes at less expensive rates and accessing longer term funding markets, resulted in a decrease in the Group s loan to deposit ratio to 123% and materially reduced the Group s utilisation of Monetary Authority Funding to 15.4 billion of which 4.4 billion related to NAMA Bonds and 3.1 billion related to the Government guaranteed IBRC repo entered into in June 2012, which was redeemed on a no profit, no loss basis in February All current Monetary Authority Funding utilisation is through the ECB s Long Term Refinancing Operations (LTRO). Our balance sheet targets are being achieved ahead of schedule. Slide 8: Rebuilding Profitability Focussed on Key Levers Notwithstanding the continuing challenging economic and interest rate environment, we remain focused on implementing initiatives we can take ourselves in order to rebuild profitability. Despite the ongoing pressure from low official interest rates, the Group s Net Interest Margin troughed at 1.20% in H and in H2 was positively impacted by the actions taken by the Group to reduce pay rates on deposits and the cost of other funding and to improve charge rates on loan assets where commercially appropriate and possible. More recently, following some easing of competitive intensity in the UK deposit market, the Group has been able to reduce the rate it pays to attract new deposits in that market and to retain existing deposits on roll over. We welcome the Government s announcement of the system wide withdrawal of the exceptional liability guarantee at the end March Through a range of actions we have taken, the volume of liabilities covered by the exceptional guarantee has reduced from circa 136 billion in September 2008 to 26 billion at December 2012, We are ready for the expiry of the ELG and expect the associated costs to phase out quickly. As we restructure and reshape the Group, the number of people we need to employ is regrettably reducing. We are focussed on further cost reductions as we streamline our Page 3 of 16
4 operations and our redundancy programmes are ongoing. Engagement with key stakeholders on options to address the pension deficit has commenced. We remain focussed on credit management which continues to receive considerable attention. Our total impairment charges have reduced by 11% in We expect impairment charges to reduce further from this level, trending to a more normalised level as the Irish economy recovers. We are actively seeking new business opportunities from new and existing customers and returns on new business are in excess of the cost of capital. We continue to take all appropriate opportunities to reprice our Back Books on a basis which maintains our long term franchises and does not have a material adverse impact on credit quality. Slide 9: Capital and Funding Transactions Over recent months we have demonstrated market access across the capital structure. The Group successfully returned to the public bond markets, in November 2012, with a benchmark un guaranteed 3 year 1 billion Asset Covered Security (ACS), backed by Irish mortgage collateral. In addition, the Group issued 250 million in Tier 2 capital in December The momentum continued into 2013, with the 1 billion refinancing of the State s holding of the CoCo to private investors in January, and we have recently completed some short term unsecured issuance. Slide 10: Repaying and Rewarding the State s Investments The Group has received support and investment from the Irish taxpayers. We are grateful for this. The State s gross cash investment in the Bank is 4.8 billion. In the period January 2009 to 1 March 2013 the State has received cash of circa 3.8 billion in payments for its support, returns on its investments and repayment of investments. In addition the State holds 1.8 billion in Preference Shares in the Bank and a 15% shareholding in the Bank. Slide 11: Irish Businesses In Ireland, our absolute goal is to ensure we are the leading retail and commercial bank with strong market positions across our principal product segments providing mortgages to Irish families and credit to Irish businesses. We have retained our extensive distribution capability through the Group s branch network throughout Ireland and have continued to invest in our ebanking and mobile banking propositions as well as our payment systems. Page 4 of 16
5 70% of our personal current account holders actively use our 365 online service; We have installed 390 lodgement ATMs, generating an average of 540,000 transactions per month, since their launch in late 2012, we have 180,000 active users of our mobile phone apps; and We issued 1 million contactless Visa Debit cards in 2012 to our customers. Our businesses saw an increase in customer numbers and market shares in Our ability to achieve material reductions in deposit pay rates in a highly competitive market, whilst achieving our deposit volume targets, along with our ability to grow market share in other business lines notwithstanding revised fee and pricing structures, demonstrates the strength of our franchises and distribution, the quality of our products and the commitment of our staff. Slide 12: Investing in Irish Franchises Providing products and services to an increasing number of Irish consumers and businesses together with ongoing investment in our Irish businesses is vital for our strategic objectives and to enable us achieve sustainable returns for the Group s shareholders. We are actively seeking new customers and are strongly supporting the Irish mortgage market with 1.7 billion in new mortgage approvals and 1 billion of drawdowns in 2012 primarily for first time buyers. This represents a 40% share of new lending. In October 2012, we launched a new 2 billion mortgage fund and have seen good mortgage demand coming into We are also actively supporting our Irish small and medium sized business customers. We achieved our 3.5 billion SME lending approval target for 2012, a 16% increase on Importantly, this comprised solely of new and increased facilities for businesses and farmers. Our business support and network events are hugely popular, particularly Enterprise week which provides the opportunity for our customers to showcase their businesses. Our Corporate & Treasury business has a deep relationship with most of Ireland s major corporates and was pleased to win a number of new relationships during The Irish State is an important customer for the Group and we hold significant investments in Irish Government bonds. We were pleased to have been able to facilitate the State through the IBRC repo transaction entered into in 2012 and terminated in February 2013 on a no gain / no loss basis. Page 5 of 16
6 Slide 13: ROI Owner Occupied Mortgages Arrears / Forbearance Profile Irish Mortgages are a significant part of our business and as such is a part of our portfolio which requires considerable Group focus in its own right and it obviously receives significant external attention. In our Accounts and this presentation we give extensive detail on how we are dealing with the issue of mortgage arrears. I would like to spend a couple of minutes on the Irish owner occupied segment. Let us first of all put into context that Bank of Ireland has circa 162,000 Irish owner occupied mortgage accounts. 9 out of 10 of these accounts are fully performing. Based on Central Bank of Ireland statistics our owner occupied mortgage book arrears are running at least one third lower than the sector. We have previously advised the market and today reaffirm that, reflecting a stabilisation of economic conditions and actions we are taking, the pace of increase in new arrears cases steadily reduced from the first quarter of Accordingly, for Bank of Ireland the arrears situation is stabilising. If we look at our circa 17,000 arrears customers, circa 15% are early arrears customers with whom the engagement process was just commencing. In roughly 10% of cases some form of legal process was underway. Approximately 40% were in a formal forbearance having been re underwritten or were making informal acceptable over payments assessed as being able to bring them back to performing status. For the remaining 35% which represent circa 4% of our overall Irish owner occupied mortgage accounts, engagement is underway but a sustainable solution has yet to be put in place or else we are seeking engagement. Our focus is on moving this remaining 4% to sustainable restructures or resolution as quickly as possible and we are making inroads with a significant number of restructuring solutions being offered to owner occupied and buy to let customers every week. We have worked hard to put robust processes, procedures and solutions in place to manage mortgage arrears which are being implemented by over 500 of my colleagues with further assistance from a range of 3 rd parties. We are also putting in place sustainable restructures to support customers who are engaging with us and in other cases resolution options are being pursued. Page 6 of 16
7 We are continuing to enhance our processes, procedures, solutions and capabilities and are satisfied that while this is a very difficult situation for the Bank and a proportion of customers, it is one which the Bank can manage and is managing. Slide 14: International Businesses We have taken active steps to reconfigure and reposition our business in Northern Ireland with a focus on ensuring we can provide a compelling consumer and business banking proposition on a viable basis. In the UK we have been very pleased to strengthen, on a mutually beneficial basis, our very important relationship with our UK Post Office Partner during This partnership continues to generate strong growth in the numbers of customers to whom it is providing products and services. Our International Acquisition Finance business continues to do well and is an important source of income and profit for the Group. Slide 15: Focused on Medium Term Targets While the economic environment has improved in recent months it still remains difficult and the Group continues to face challenges. However, we are starting to see some benefits flowing from the focus we have had over the past four years on our own strategic objectives which are aimed at enhancing our core franchises and rebuilding profitability within a restructured, robust balance sheet. We are ahead of our balance sheet targets. We have protected and enhanced our core franchises. The welcome expiry of ELG should have a materially positive impact on our income. Our Net Interest Margin has been impacted by the low official interest rates, however a range of management actions, building on the strength of our franchises, has seen margins begin to recover in H and this is an area we will continue to work on. Whilst certain of the actions we have taken on costs are taking a while to flow through and costs have been impacted by certain factors outside our control, we are determined to deliver further reductions in the cost base and the necessary actions are being implemented. We have got on top of our credit risks, albeit it will continue to take a lot of work to bring them to a more normalised level. However we are confident we are on the right road with our diverse mix of portfolios. Page 7 of 16
8 My colleagues and I must, and will, continue to keep our focus on serving our customers and delivering against our strategic objectives during 2013 as we strive to reward our shareholders for their patience and for their confidence in the Group. Group Income Statement: Andrew Keating Group Chief Financial Officer Thank you Richie. Good morning everyone. I m going to pick up on what Richie talked about and provide more details on our financial performance in I ll begin by reviewing key elements of the Income Statement highlighting the progress we re making on rebuilding profitability. I ll then provide an overview of Asset Quality describing in more detail the improvement we ve seen in the pace of arrears formation. I ll recap on Funding and Capital outlining the progress we ve made on our strategic priorities. In closing I ll summarise the key headlines for Starting with the Group s Income Statement. Slide 17: Group Income Statement The Group made an operating profit on a pre impairment basis of 242 million for the twelve months ending 31 st December After taking account of impairment charges, the Group made an underlying loss before tax of 1,487 million for 2012 which compares with a loss of 1,519 million in the prior year. The underlying loss reflects a range of factors and is impacted by the interest rate environment, ELG fees, and economic conditions. Net interest income was 1,746 million, a reduction of 237 million from This reflects a reduction of 10 billion in our average interest earning assets a result of the progress we ve made on deleveraging our balance sheet. It also reflects an 8 basis points reduction in our Net Interest Margin to 1.25% for 2012 as compared with 1.33% for ELG fees were 388 million for 2012, which represents 60% of our pre provision operating profit. Other income of 522 million in 2012 was broadly in line with last year. Similarly, on a headline basis, Operating Expenses were in line with 2011.Lower staff costs in 2012 were offset by increased regulatory costs, movements in foreign exchange rates, and investments in our core franchises, customer service, and efficiencies. Page 8 of 16
9 Impairment charges of 1,770 million remain elevated, reflecting economic conditions. However, total impairment charges were 201 million or 11% lower than in Non core charges in 2012 reflect the cost of asset deleveraging of 0.3 billion and the impact of a tightening of BOI credit spreads which also gave rise to a charge of 0.3 billion. In addition, we have incurred restructuring costs of 150 million which reflect a range of initiatives that were completed in 2012 or that are currently underway. If we break the income statement into two half year periods, we can see the momentum we ve built in the second half of the year. Slide 18: Group Income Statement Every line item and every key metric in our income statement was better in the second half compared to the first. In relation to pre provision operating profit, we grew the Net Interest Margin by 14 basis points, we reduced ELG fees by 36 million, and we reduced operating costs by 46 million. These improvements helped us achieve a threefold increase in our pre provision operating profit in the second half. In addition, impairment charges reduced by 186 million in the second half such that our underlying loss improved in total by 327 million. Let me now go into more detail on the factors behind our pre provision operating profit, starting with our net interest margin. Slide 19: Rebuilding Net Interest Margin Our Net Interest Margin (before taking account of the cost of ELG) was an average of 1.25% in 2012 compared with 1.33% in Interest rates have fallen sharply since 2011 and the outlook remains for official interest rates to remain lower for longer. We believe Net Interest Margin has troughed at 1.20% in the first half of Our Net Interest Margin for the second half of 2012 was 1.34%, an increase of 14 basis points from the first half. This increase is a result of a range of actions we have successfully executed on both the asset and liability side of our balance sheet. Starting on the Asset side, we are achieving higher margins on all new lending albeit demand is currently low. We ve re priced our back books wherever possible and appropriate. For example, we increased the standard variable rate on our UK mortgages by 150 basis points during Page 9 of 16
10 We increased the standard variable rate on our Irish mortgages by a further 50 basis points. On relevant SME loans, we ve had to pass on the cost of deposits and other funding to our customers, by way of a liquidity charge. Moving to deposits, in the Irish Market, we are taking a leadership position in reducing the pay rates on Deposits. At the same time, our brand our franchise and our distribution have allowed us to maintain our deposit volumes in spite of the significant and continuing pay rate gap between the competition and ourselves. We ve also made significant reductions in the pay rate of our Corporate Deposits while volumes increased during In the UK Deposit market we ve seen a sharp reduction in pay rates in recent months and we expect to see the associated financial benefits during 2013 as our deposits roll over. These and other on going actions provide positive momentum for further increases in our Net Interest Margin in Slide 20: Exceptional Government Guarantee Another key element of our income statement are the ELG fees. ELG fees cost us 388 million in 2012 and represent over 60% of our pre provision operating profit. We welcome the Government s announcement last week that the ELG scheme will expire on a system wide basis at the end of this month. Bank of Ireland is ready for the expiry of the ELG. We expect the cost of the scheme will phase out quickly because the ELG fee is linked to the contractual maturity of the deposits and liabilities. 70% of our ELG liabilities have a contractual maturity of less than three months. The expiry of the ELG scheme will not alter our Deposit pricing strategy. Moving on to Operating Expenses. Slide 21: Operating Expenses Operating expenses for 2012 were 1.6 billion which, on a headline basis, were broadly in line with last year. Lower staff costs and the impact of disposals were offset by regulatory costs, movements in foreign exchange rates and investments. In particular, costs in 2012 include a 30 million charge for the UK FSCS scheme. In addition the year on year comparison is impacted by 20 million arising from a strengthening of the Sterling / Euro exchange rate during Page 10 of 16
11 We continue to make investments in our branch, mobile, online and payment channels, in the extension of the UK Post Office contract; and in significant programmes to support customers who are in financial difficulty. In parallel, we re taking on going actions to continue to reduce our cost base and to improve efficiency. We ve executed a range of restructuring programmes which means we have 1,200 fewer people employed today than we did at the beginning of Our redundancy programmes are on going and the cost benefits of employing fewer people will be realised during Slide 22: Loans and Advances to Customers Let me now move to asset quality. Total customer loans at December 2012 were 100 billion (before impairment provisions of 7 billion). The majority 55% of our loans are Mortgages split evenly between Ireland and the UK. In terms of geographical diversity, half of our loans are in the Republic of Ireland with the other half outside of Ireland predominantly in the UK. Slide 23: Impairment Charges Impairment charges of 1.7 billion in 2012 remain elevated, reflecting economic conditions. However, the charge in 2012 was 0.2 billion or 11% lower than the charge in In addition, the total impairment charge over each of the recent successive half year periods has been reducing. The portfolios are performing broadly in line with our expectations and looking forward, we expect impairment charges will continue to fall as the Irish economy recovers. Over the next few slides, I ll provide an update of the credit quality of each of our key loan portfolios. I m going to start with Irish Mortgages and, our portfolio of Owner Occupied mortgages. Slide 24: ROI Owner Occupied Mortgages Our Owner occupied mortgage book was 21 billion at December The vast majority of our customers continue to meet their mortgage repayments. In addition, the pace of arrears formation in Bank of Ireland has been slowing steadily since early Page 11 of 16
12 When compared to the wider Irish banking industry, our book is performing better. Based on Central Bank data, our arrears on owner occupied mortgages have consistently been around 60% of the rest of the industry. Affordability issues remain the key driver of arrears. Unemployment levels, while elevated, have remained stable. House prices have also begun to stabilise, particularly in the main urban areas. According to data from the Central Statistics Office, house prices in Ireland have fallen by an average of 50% from their peak values by December Our impairment provisions and loss forecasts allow for an average reduction of 55%. We make further adjustments to take account of any forced sale discount, disposal costs etc. Slide 25: ROI Buy to Let Mortgages Moving on to our Irish Buy to Let mortgage book, which amounted to 7 billion at year end. The significant majority of our buy to let customers continue to meet their mortgage payments. As with our owner occupied book, the pace of arrears formation has been slowing since early Rent levels during the year have remained stable and the key drivers of arrears include the impact of rising repayments as interest only periods end, affordability issues, and economic conditions. Accounts with formal forbearance or overpay arrangements have increased by 58% during We have significantly stepped up our approach to customers with unsustainable buy to let mortgages. We have 1,600 cases in the legal process, including 1,100 rent receivers. Moving next to the UK. Slide 26: UK Residential Mortgages The UK Mortgage portfolio at December 2012 was 22 billion pounds and continues to perform well. During the year, this book reduced by 2.3 billion pounds or 9%. This planned reduction reflects the sale of a portfolio of loans and on going repayments which continue in line with our expectations. Arrears continue to decline across each of the sub portfolios. Despite the absolute reduction in our overall book we have reduced the number of loans which were greater than 3 months in Page 12 of 16
13 arrears by 25 basis points when compared to last year. Our arrears position continues to be better than the industry average as per the CML data. Turning to non property SME and Corporate loans. Slide 27: Non property SME & Corporate Loans This book is diversified across geographies with 57% of the loans in the Republic of Ireland and 43% of the loans outside ROI. In line with our strategic plans and reflecting the divestment of project finance and other international corporate loans the loan book has reduced by 3.7 billion or 14%, to 23 billion at December In the Corporate Banking portfolios, the level of impaired loans at year end was 0.9 billion, a reduction of 0.2 billion since December The impairment charge during the year was 137 million and the coverage ratio at year end was 44%. For SME loans in the Republic of Ireland, pressure continues due to the current economic environment, subdued consumer spending and the current level of business insolvencies. As a consequence, the level of impaired loans increased from 2.3 billion at December 2011 to 2.8 billion at December The impairment charge of 223 million in 2012 was a reduction of 21% or 58 million, over the prior year. In relation to SME loans in the UK, economic conditions remain subdued and the level of impaired loans remained stable at 0.6 billion. The impairment charge in 2012 was 53 million, representing a reduction of 28% or 21 million from the previous year. Looking finally at the Property & Construction portfolios. Slide 28: Property & Construction Loans Our investment property portfolio is well diversified both geographically and across sectors, albeit with a bias towards the Retail sector. The Investment property loan book was 16 billion at December 2012, representing a reduction of 1.3 billion or 8% over the year. On going economic conditions have led to an increase in the level of impaired loans from 4.5 billion to 5.6 billion over the period. The impairment charge for 2012 was 437 million, a reduction of 26%, or 156 million over the 2011 charge. Our land and development portfolio is 3.6 billion. 90% of this portfolio is impaired with a coverage ratio of 60%. Page 13 of 16
14 Before I move on, let me summarise the position on asset quality. The loan portfolios are performing in line with our expectations. Our impairment charge for 2012 was 11% lower than in Looking forward we expect impairment charges will continue to fall as the Irish economy recovers. Let me now turn to funding and capital to the progress we ve made on our strategic priorities and to the strength of our capital position. Slide 29: Balance Sheet Deleveraging We re on track to meet our asset deleveraging targets. Since September 2008 we ve reduced the Group s loans and advances to customers by over a third. During 2012 we announced that we had completed our three year asset disposal target of 10 billion. These disposals were achieved ahead of schedule and well below the cost assumed in the 2011 PCAR base case. The current rate of redemptions is in line with our expectations and will ensure we achieve our targets. Slide 30: Customer Deposits On the other side of the Balance Sheet we are also delivering on our deposit targets. During 2012, customer deposits increased to 75 billion from 71 billion a year ago. As a result our loan to deposit ratio was 123% at December 2012 and is now substantially in line with our medium term target. Our joint venture with the UK Post Office continues to perform ahead of expectations with deposits up 3 billion pounds since December The extension of the Post Office contract to 2023 represents a mutual endorsement and commitment. The profile of our deposit books continues to be retail oriented which enhances their stability. At the same time, we re revising access arrangements on our products ahead of regulatory developments. And, as I noted earlier, we re continuing to reduce the pay rates on each of our Deposit portfolios. The other key aspect of our funding is the wholesale markets. Page 14 of 16
15 Slide 31: Wholesale Funding Excluding the IBRC Repo Transaction, we repaid 15 billion of wholesale funding during billion to the ECB; and a net 4 billion to Private Market sources. The IBRC repo transaction terminated in February 2012 and as a consequence, our wholesale funding today is less than 36 billion. The maturity profile of our wholesale funding has also improved. Following the termination of the IBRC repo transaction, all of our ECB drawings are now covered by the 3 year LTRO. Of our Private Market wholesale funding, 61% or 15 billion has a residual term to maturity of greater than 1 year. Our unsecured term funding maturities of 2.6 billion during 2013 are both low and manageable. Slide 32: Capital Let me now turn to capital. During 2012, with the progress on our deleveraging target, our Risk Weighted Assets reduced by 10 billion or 16% to 57 billion at December Our Core tier 1 ratio at December 2012 was 14.4% compared with a regulatory requirement of 10.5%. In December 2012 we returned to the subordinated Debt Markets when we issued 250 million of tier 2 securities. In January 2013 the CoCo securities were successfully refinanced from Government ownership to the private sector. On Basel III, we estimate that our common equity Tier 1 ratio on a fully loaded pro forma basis including the government preference shares was 8.5% at December We expect that the regulatory requirements for Bank of Ireland will be 10% and the Group would expect to maintain a buffer above this level on a transitional basis. We include on slide 38, further details of the estimated impact of Basel III on our capital ratio noting, deferred tax, pension deficit, and other items. Slide 33: Blank Slide 34: Summary Let me now summarise the key headlines of our 2012 results. Page 15 of 16
16 Firstly, we are delivering on our strategic objectives. We ve substantially achieved our loan todeposit ratio target. We ve demonstrated access to the funding markets across the Capital structure, and we ve significantly reduced our ECB drawings. In addition, our capital ratios are strong we have a 14.4% core tier 1 ratio on a Basel II basis and on a Basel III fully loaded pro forma basis our Common Equity Tier 1 ratio is estimated at 8.5%. Secondly, we are focused on the key levers to rebuild profitability. Every line item and every key metric of our income statement has improved in the second half. We re ready for the ELG expiry at the end of March, and the fees will phase out quickly. Impairment charges are reducing. We have positive momentum coming into Thirdly, we have strong franchise positions. We are expanding credit facilities for Irish businesses and consumers and we are committed to Irish economic recovery. Thank you all very much. We re now happy to take your questions. Page 16 of 16
I will do a short presentation following which John O Donovan will do a more detailed run through of the numbers and we will then move to Q & A.
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