Monthly update – appetite for destruction

  • Sectors : Banks
  • Companies : AIB Group | permanent tsb Group | Bank of Ireland


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).

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Mar 13 2018, 17:05 GMT