Bank group confirms it can meet new capital requirements

The 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.

Irish Life & Permanent Group Holdings plc has confirmed 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 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.