Jun 21 2022
Financials
Recent Research
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AIB Group
Further progress on NPE front
AIB continues to make good progress on non-performing exposure (NPE) resolution in a capital-accretive manner. The sale announced this morning puts AIB in touching distance of its 3%...
Harworth Group
CMD highlights company’s ability to add value
Harworth is continuing to deliver admirably against both a challenging backdrop and ambitious targets. On a 25% discount to our year-end NDV, the stock is cheap at these levels and we...
Banks
Uncertainty remains on regulatory capital levels
The Central Bank of Ireland’s (CBI) clarity on levels of Countercyclical Capital Buffers (CCyB) and confirmation that the Systemic Risk Buffer (SyRB) will not be proceeded with should...
Banks
Hawkish ECB: further upside to Irish bank NII guidance
While it may be well understood, it is worthwhile repeating — Irish banks are highly levered to rate rises and the pace at which rises are now being forecast will likely result in higher...
FBD Holdings
Challenge to personal injuries guidelines rejected
The rejection of the challenge to the personal injuries guidelines is a positive development given the importance of the change in the guidelines to the overall industry reform....
AIB Group
Accretive tracker mortgage acquisition confirmed
The binding agreement with NatWest confirms an earnings and returns accretive transaction, utilising surplus capital and liquidity and acquired at an attractive price. Following the...
Bank of Ireland
Completion of Davy acquisition
The completion of the Davy acquisition marks further execution of Bank of Ireland’s (BOI) strategy and provides a material increase in wealth assets under management and a leading...
Irish banks and housebuilders
Housing: rate rises less impactful to Ireland
Lending for house purchase in Ireland is likely to perform significantly better than other European countries as mortgage rates rise due to the conservative macroprudential rules in...
Banks
Non-bank lenders importance in mortgage market
The Central Bank of Ireland’s (CBI) report on the impact of non-bank lenders in the mortgage market is consistent with our findings across a number of reports. Non-bank lenders have...
FBD Holdings
Material re-rating opportunity awaits
We believe that FBD is now moving to a position where it can return material value to shareholders in the coming years through a combination of a release of surplus capital and balance...
