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Mar 13 2018, 17:05 GMT
Ratings and price correct at time of issue
|Company||Rating||Date||Previous Rating||Date||Closing Price|
|AIB Group||NEUTRAL||03/08/17||Under Review||28/10/16||489c|
|Bank of Ireland||OUTPERFORM||11/03/13||Neutral||14/08/12||729c|
|permanent tsb Group||NEUTRAL||03/08/17||Outperform||03/10/16||196c|
Q4 bank earnings have been largely overshadowed by the political cloud surrounding mortgage non-performing loans (NPLs) resolution. Opposition to NPL sales and repossessions challenge the necessary sustainable work-out of long-term arrears. The role of the unique personal insolvency arrangement (PIA) resolution tool is largely absent from the public debate. Unsurprisingly, Irish banks have underperformed against this backdrop; with further pain now caused by a politically damaging opposition initiative as the public accounts committee (PAC) contests banks’ deferred tax assets (DTAs).