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News

Bank of Ireland swings to USD 261 mln loss amid COVID-19 pandemic

Monday 11 May 2020 14:20 CET | News

Bank of Ireland has reported a USD 261 million loss after taking an impairment charge related to loan repayment breaks for customers in Ireland and Britain.

The Ireland-based bank expects increased impairment charges and loan losses over the course of 2020, with new lending potentially 50% to 70% of 2019 volumes. After accepting 86,000 loan repayment breaks for its customers, Bank of Ireland took a EUR 266 million impairment charge.

In a range of scenarios, its core Tier 1 capital ratio would remain above its previous minimum regulatory capital requirement of 11.45%. Its CET1 ratio – a key measure of financial strength – fell to 13.5% at the end of March 2020, from 13.8% at the end of 2019, according to reuters.com.

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Keywords: Bank of Ireland, impairment charge, Ireland, Britain, COVID19, pandemic, loan repayment breaks, Tier 1 capital ratio, CET1 ratio, Ireland, Europe
Categories: Banking & Fintech
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Countries: Ireland
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