DBRS: Irish Life unchanged

DBRS commented that the non-guaranteed ratings of Irish Life & Permanent plc, including its non-guaranteed long-term deposits and non-guaranteed long-term debt ratings of BB (low), are not impacted by Irish life & Permanent's recent earnings release for the first half year.

The group reported a pretax profit of €414 million, the agency said, noting that these results included an exceptional gain of €763 million from the tier 2 liability management exercise.

Excluding this gain, the bank would have reported a loss before tax of €349 million, largely driven by significantly higher impairment charges totalling €333 million, DBRS said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.