EBA欧洲银行-IE039_11页_708kb

报告摘要

Summary of the 2011 EBA EU-wide Stress Test Results for Irish Life & Permanent plc

Core Content Overview

The 2011 EBA EU-wide stress test evaluated the financial resilience of Irish Life & Permanent plc under two scenarios: the baseline and the adverse. The results are based on the EBA common methodology, which assumes a static balance sheet and incorporates regulatory transitional floors. The test also accounts for mitigating measures taken or planned between 31 December 2010 and 30 April 2011, which significantly improved the bank's capital position.

Key Financial Metrics

Actual Results at 31 December 2010

Operating profit before impairments: 76 million EUR
Impairment losses on financial and non-financial assets: -421 million EUR
Risk weighted assets (RWA): 15,792 million EUR
Core Tier 1 capital: 1,681 million EUR
Core Tier 1 capital ratio: 10.6%
Additional capital needed to reach a 5% Core Tier 1 capital benchmark: 0 million EUR

Outcomes of the Adverse Scenario at 31 December 2012

Core Tier 1 capital ratio (excluding mitigating actions): -1.9%
Core Tier 1 capital ratio (including mitigating actions): 20.4%
Additional capital needed to reach a 5% Core Tier 1 capital benchmark: 0 million EUR

Impact of Mitigating Measures

Recognised Mitigating Measures (31 December 2010 to 30 April 2011)

Equity raisings fully committed: 3,600 million EUR
Government support impact on Core Tier 1 ratio: +22.8 percentage points
Mandatory restructuring impact on Core Tier 1 ratio: -2.4 percentage points
Core Tier 1 capital after measures: 2,968 million EUR
Core Tier 1 capital ratio after measures: 20.4%

Capital Adequacy in the Adverse Scenario

Capital Elements

Risk weighted assets (RWA): 14,525 million EUR
Core Tier 1 capital: 2,968 million EUR
Core Tier 1 capital ratio: 20.4%

Profit and Loss Outcomes

2-year cumulative operating profit before impairments: -185 million EUR
2-year cumulative impairment losses: -2,076 million EUR
Operating profit after impairments and losses: -955 million EUR
Net profit after tax: -1,216 million EUR

Provisions and Loss Coverage

Stock of Provisions

Total stock of provisions: 2,965 million EUR
Stock of provisions for non-defaulted assets: 128 million EUR
Stock of provisions for defaulted assets: 2,837 million EUR

Coverage Ratios

Corporate (excluding commercial real estate): 38.0%
Retail (excluding commercial real estate): 33.8%
Commercial real estate: 53.2%

Loss Rates

Corporate (excluding commercial real estate): 0.4%
Retail (excluding commercial real estate): 2.3%
Commercial real estate: 6.3%

Additional Mitigating Measures (as of 31 December 2012)

Measure	RWA Impact (million EUR)	Capital Impact (million EUR)	Capital Ratio Impact (%)
Use of provisions	0	0	0
Divestments and management actions	0	0	0
Other disinvestments and restructuring	-3,325	-1,127	-4.0
Future private equity issuances	0	0	0
Future government subscriptions	0	0	0
Other back-stop measures	400	1,207	2.8

Supervisory Recognised Capital Ratio (after all measures): 20.0%

Notes and Definitions

The stress test is based on the EBA common methodology, which uses static balance sheet assumptions and includes regulatory transitional floors.
Core Tier 1 capital is defined according to the EBA methodology, which may differ from national supervisory definitions.
The results are not forecasts and should not be compared to the bank's other published information.
RWA for credit risk was calculated using EBA benchmark risk parameters.
Other operating income and Other income are defined in the document, with Other income representing the loss from deleveraging the UK mortgage portfolio and offset by part sale of the Life Company.
Countercyclical provisions are reported in Section D for the years 2011–2012.
Deferred tax assets are included in the capital calculation and refer to the BCBS 2010 framework.
Stock of provisions includes collective, specific, and countercyclical provisions.
Provisions for non-defaulted sovereigns and institutions are based on hypothetical rating downgrades.
Loss rate is calculated as total impairment flow / total EAD (excluding securitisation and counterparty exposures).
All elements are reported net of tax effects.
Supervisory capital ratio may include non-EBA-recognised measures approved by national authorities.

Capital Composition at 31 December 2010

Common equity before deductions: 3,744 million EUR (23.7% of RWA)
Deductions from common equity: -2,063 million EUR (-13.1% of RWA)
Common equity (Core Tier 1): 1,681 million EUR (10.6% of RWA)
Core Tier 1 including government support: 1,681 million EUR (10.6% of RWA)
Tier 1 capital: 1,681 million EUR (10.6% of RWA)
Tier 2 capital: 0 million EUR
Tier 3 capital: 0 million EUR
Total capital: 1,681 million EUR (10.6% of RWA)

Main Points and Key Information

Without mitigating actions, the bank's Core Tier 1 capital ratio under the adverse scenario would drop to -1.9% by 2012, indicating severe insolvency risk.
With mitigating actions (including equity raisings and government support), the Core Tier 1 capital ratio improved to 20.4%, well above the 5% minimum benchmark.
The bank's capital ratio was significantly boosted by government support, which contributed +22.8 percentage points.
Mandatory restructuring reduced the capital ratio by -2.4 percentage points, but this was offset by other measures.
Additional mitigating measures (e.g., divestments, restructuring, and future capital raisings) further supported the capital ratio, leading to a supervisory recognised capital ratio of 20.0%.
Provisions and loss coverage were used to absorb stress-related losses, with commercial real estate showing the highest coverage ratio at 53.2%.
The EBA methodology was applied, but national supervisory authorities may have considered additional measures not included in the EBA framework.