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State Aid N 546/2009 – Restructuring of Bank of Ireland

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State Aid N 546/2009 – Restructuring of Bank of Ireland EUROPEAN COMMISSION Brussels, 15.7.2010 C(2010) 4963 final Subject: State aid N 546/2009 – Restructuring of Bank of Ireland Sir, 1 PROCEDURE (1) By decision of 26 March 20091 (State Aid case N 149/2009), the Commission authorised a capital injection of EUR 3.5 billion into Bank of Ireland Group (hereafter also "BOI" or "the bank"), on the basis of several commitments including the submission of a restructuring plan within six months following the recapitalisation. (2) By letter of 30 September 2009 the Irish authorities submitted a restructuring plan for BOI. (3) The Commission requested information with regard to the restructuring plan on 28 September 2009, 28 October 2009, 6 November 2009, 18 December 2009, 13 and 27 January 2010, 2, 8, 24 and 25 February 2010, 23 March 2010, 7, 8, 9, 10 and 14 April 2010, 21 May 2010 and 3 June 2010. Those requests for information were answered by the Irish authorities on 5, 19, 24, 26 November 2009, 1, 9, 10, 11 December 2009, 8, 9, 14, 15, 26 and 27 January 2010, 3 and 17 February 2010, 23 and 29 March 2010, 7, 8, 9, 10, 14, 15, 28, 29 and 30 April 2010, 27 and 28 May 2010 and 11 June 2010. Further information regarding commitments on the State measures were submitted on 21, 22 and 30 June 2010, 2 and 5 July 2010. (4) In addition, the Commission services met with the Irish authorities on 24 February 2010 and 31 March 2010. 2 DESCRIPTION OF THE MEASURE 2.1 The beneficiary (5) BOI is the oldest Irish bank, having been established in 1783. It is currently one of the two largest financial services groups in Ireland with a total balance sheet of EUR 1 Commission Decision in Case N149/2009, Recapitalisation of Bank of Ireland, OJ C 234, 29.09.2009, p. 4. Mr Micheál MARTIN, Minister for Foreign Affairs, Department of Foreign Affairs 80, St. Stephen's Green, Dublin 2, Ireland Commission européenne, B-1049 Bruxelles – Belgique Europese Commissie, B-1049 Brussel – België Telephone: 00-32 (0) 2 299 11.11. ∗ [170-180] billion as at 31 March 2010, which represents almost 100% of Ireland's GDP. Risk weighted assets (hereinafter "RWA") amounted to EUR [90-100] billion as at March 2010. BOI operates 276 branches in Ireland and has approximately 13,500 staff. It has approximately 1.3 million retail depositors in Ireland, as well as about 584,000 in the UK. Table 1 provides further information on BOI's key financial metrics for the period 2007-2010. Table 1: BOI key metrics – 31 March 2009 – Euros March March March March Metrics/year € billion 2007 2008 2009 2010 Group profitability ([1,000- Profit (loss) before tax 1.958 1.933 (0.007) 2.500]) Underlying earnings/share ([120- (cent) 172.2 c 174.6 c 5.9 c 220]) c Group performance Cost/income ratio 54% 51% 52.3% [50-60]% Return on equity 23% 21% 6.5% [negative] Balance sheet Balance sheet 188.8 197.4 194 [170-180] [150- Loan/deposit ratio 180.6% 157% 160% 170]% Capital ratios RWA 112.9 117 105.3 [90-100] Core Tier 1 ratio 5.2% 5.7% 9.5% [8-10]% Tier 1 ratio 8.2% 8.1% 12% [9-11]% Total Capital ratio 11.8% 11.1% 15.2% [12-15]% Source: BOI - Annual accounts, Preliminary Results Announcements and BOI restructuring plan (6) BOI is a diversified financial services group whose operations are essentially focused on Ireland with the vast majority of its revenue being generated there. It is also active in the UK. Outside of Ireland and the UK, BOI has limited itself to niche lending operations in the US, France and Germany. (7) It operates mainly in retail banking and corporate banking, but is also active in areas such as investment banking, insurance and pension products. The bank’s principal business activities are divided between the residential mortgage sector (44%), lending to the property and construction sector (26%), corporate lending and lending to small- and medium-sized enterprises (25%) and consumer lending, including credit cards, personal loans and motors loans (4%). BOI is mainly exposed to its home market and the UK market, which account for almost 90% of its loan book. (8) According to its preliminary results for the year ended 31 December 2009, which were published on 31 March 20102, BOI had total liabilities of approximately EUR 169 billon, which consisted of EUR 85 billion of customer deposits (50%), EUR 61 billion of wholesale funding (36%), EUR 12 billion of capital/subordinated debt (8%) and EUR 11 billion of other funding (6%). As of the same date, BOI's loan book was approximately EUR 135 billion, while its loan to deposit ratio was 152%. (9) BOI's loan book, according to the preliminary results, was made up of EUR 61 billion of residential mortgages (45%), EUR 34 billion of non-property corporate and SME loans (25%), EUR 36 billion of property and construction loans (27%) and EUR 4 ∗ Confidential information 2 Source: http://www.bankofireland.com/investor/releases_and_presentations/presentation/index.html billion of consumer loans (3%). According to the preliminary results, impaired loans constituted 9.9% of the loan book. (10) BOI shares are quoted on the Dublin, London and New York stock exchange. Its head office is located in Dublin and the Irish Financial Regulator is the lead regulator. As regards its ratings, BOI current ratings are: Moody's A1 and S&P A-, both with a 'Stable' outlook. 2.1.1 Business Activity (11) BOI banking products and services fall into four divisions: Retail Ireland, Capital Market, UK Financial Services and Group Manufacturing. BOI provides life insurance and pensions in Ireland through New Ireland Assurance Company plc, operating through the branch banking network. 2.1.1.1 Retail Ireland (12) Retail Ireland includes all the branch operations in Ireland, i.e. 248 full-time branches. The products offered are: deposit, lending, current account, other money transmission services, instalment credit and leasing business, credit card operations, commercial finance/factoring, the domestic and US foreign exchange operations of First Rate Enterprises (foreign currency notes and travelers' cheques and foreign currency-related products and services), and the direct telephone and online banking services. It also includes the ICS building society (collection of deposits and making of loans secured by residential properties). (13) The life insurance business, New Ireland, provides investments (single premium and regular premium), pension (individual and group) and protection (life, illness, protection). (14) Table 2 shows that at March/June 2009, BOI had the following market shares: Table 2: BOI market shares 2009 – Ireland Market share Product/market share 2009 Retail Current accounts [30-40]% Unsecured personal loans [15-25]% Residential mortgages* [15-25]% Credit cards [30-40]% Deposits [20-30]% Commercial Current accounts [30-40]% Loans [20-40]% Credit cards [30-40]% Asset Finance [20-30% Insurance Life insurance and pensions [15-20]% * Includes ICS Source: BOI Restructuring plan (15) Together with Allied Irish Banks (AIB), BOI is the leading retail bank in Ireland. The Irish retail banking sector has a limited number of players, leading to high concentration levels in some markets. Those two largest banks account for more than [60-80]% of market share in the current account product market (personal and business), more than [40-52]% in the deposit market, [60-80]% in the business lending market, [30-40]% in the personal loan market and around [20-30]% in the residential mortgage market. (16) Nevertheless before the crises the Irish retail market was considered to be open and competitive: entry barriers were considered very low, switching rates reasonable and market shares contestable. 2.1.1.2 UK Financial Services (17) BOI's UK Financial Services unit consists of the retail business in Northern Ireland, the Business Banking unit, the joint venture with the Post Office and its UK mortgage operations called Personal Lending UK (hereinafter "PLUK"), which combine the mortgage books of BOI Home Mortgages and Bristol and West building society. (18) The retail business in Northern Ireland (hereinafter "Banking NI") has a branch network of 44 branches and offers deposit, lending, current account and other money transmission services traditionally offered by banks. Banking NI has approximately [150,000-250,000] retail customers and 10,000-15,000 commercial clients (i.e. businesses). BOI's market share in Northern Ireland is estimated at [10-20]% for business and [5-12]% for personal current accounts. (19) The Business Banking unit primarily focuses on property development, lending to large and mid-corporate clients and deposit gathering, while also providing international banking, treasury, current account, asset financing, leasing and electronic banking services. The Business Banking unit has approximately [30,000-40,000] clients and an estimated market share of around [0-3]% in Great Britain. (20) BOI's joint venture with the Post Office, called Post Office Financial Services (hereinafter "POFS"), sells banking and insurance products directly and through the UK Post Office branch network. The joint between BOI and the Post Office is next due for review in 2020. The banking products and services offered include: ATM services (currently approximately 1,800 machines), foreign exchange cash, deposit products, credit cards, mortgages and motor, home and life insurance. […] to the Post Office's customers. In Great Britain BOI has around 580,000 credit card customers, 160,000 home insurance customers, 863,000 savings customers, and 440,000 motor insurance customers. Its market share for motor insurance is [1-5]%, for credit cards [0-3]% and for home insurance [0-3]%. BOI has a market share of [5-10]% of savings flows.3 (21) PLUK used to be a monoline mortgage business with distribution through intermediaries.
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