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Annual Report 2018

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Annual Report 2018 ANNUAL REPORT 2018 Group Holdings plc FINAL annual report cover 2018.indd 8-9 25/02/2019 09:45 This document contains certain forward-looking statements with respect to certain of the Permanent TSB plc’s (PTSB) intentions, beliefs, current goals and expectations concerning, among other things, PTSB’s results of operations, financial condition, performance, liquidity, prospects, growth, strategies, the banking industry and future capital requirements. The words “expect”, “anticipate”, “intend”, “plan”, “estimate”, “aim”, “forecast”, “project”, “target”, “goal”, “believe”, “may”, “could”, “will”, “seek”, “would”, “should”, “continue”, “assume” and similar expressions (or their negative) identify certain of these forward-looking statements but their absence does not mean that a statement is not forward looking. The forward-looking statements in this document are based on numerous assumptions regarding PTSB’s present and future business strategies and the environment in which PTSB will operate in the future. Forward-looking statements involve inherent known and unknown risks, uncertainties and contingencies because they relate to events and depend on circumstances that may or may not occur in the future and may cause the actual results, performance or achievements of PTSB to be materially different from those expressed or implied by such forward looking statements. Many of these risks and uncertainties relate to factors that are beyond PTSB’s ability to control or estimate precisely, such as future global, national and regional economic conditions, levels of market interest rates, credit or other risks of lending and investment activities, competition and the behaviour of other market participants, the actions of regulators and other factors such as changes in the political, social and regulatory framework in which PTSB operates or in economic or technological trends or conditions. Past performance should not be taken as an indication or guarantee of future results, and no representation or warranty, express or implied, is made regarding future performance. Nothing in this document should be considered to be a forecast of future profitability or financial position and none of the information in this document is intended to be a profit forecast or profit estimate. PTSB expressly disclaims any obligation or undertaking to release any updates or revisions to these forward-looking statements to reflect any change in PTSB’s expectations with regard thereto or any change in events, assumptions, conditions or circumstances on which any statement is based after the date of this document or to update or to keep current any other information contained in this document. Accordingly, undue reliance should not be placed on the forward-looking statements, which speak only as of the date of this document. Investor and shareholder information and services including these Annual Reports, are available on-line at www.permanenttsbgroup.ie. Strategic Report Market and Regulatory Context 2 Our Strategy, Business Model and Culture 3 Corporate Social Responsibility 7 Strategic ReportStrategic Financial Review 19 Risk Management 32 Corporate Governance Directors’ Report 54 Corporate Governance Statement 60 Directors’ Report on Remuneration 94 Consolidated Financial Statements Governance Statement of Directors’ Responsibilities 97 Independent Auditor’s Report 98 Consolidated Financial Statements 105 Notes to the Consolidated Financial Statements 111 Notes to Company Financial Statements 212 Company Financial Statements 213 General Information Statements Financial Abbreviations 244 Definitions 245 Other information Permanent TSB plc - Annual Report 2018 1 Market And Regulatory Context Irish Economic Outlook Customers are changing how they interact with their bank Ireland continued to show strong, sustainable growth during on a day-to-day basis, with an expectation that it should be 2018. GDP growth of 4.2% in 2019 is expected following an in a position to deliver services at the time and location of estimated 8.2% growth in 2018. the customer’s choosing. Channel evolution is resulting in increased engagement on digital channels, with usage of the House price inflation moderated during 2018 with prices rising mobile channel, in particular, becoming much more widespread; by 8.4% in the 12 month period to October 2018 compared to however, Irish customers still value face-to-face relationships, 11.7% one year earlier. Although housing output has increased and the branch network will continue to play an important role in materially, housing supply continues to lag demand. Irish banking over the medium term. Total unemployment has decreased over the year, marking the PSD2 and the ‘open banking’ environment are likely to increase twenty-fifth quarter in succession where unemployment has the levels of collaboration and co-operation between traditional declined on an annual basis. The unemployment rate continued financial services providers and other market participants to fall with a projected decline to 5.1% in 2019. (from both financial and non-financial sectors). The use of APIs – which some traditional banks have already opened up, Consumer Price inflation remains modest with 0.9% expected in or are committed to opening up in the near-term – will lead 2019, in part due to a weakness in Sterling reducing consumer to further engagement with third party providers, resulting in import prices. Average earnings are expected to rise by 2.9% in a more innovative, dynamic market with improved customer 2019 with pre-tax household incomes and disposable incomes experiences. showing growth in 2018. Customers are establishing relationships with non-traditional Mortgage drawdowns increased 21% over the 12 month period financial services providers in increasing numbers. These ending Q3 2018. Despite this, the total amount of mortgage competitors are providing customers with high quality, digitally- credit outstanding continues to decline as the net growth in led propositions, which are setting a new standard in the principal dwelling house (PDH) mortgages was exceeded by the banking sector. In order to stay relevant, traditional providers net repayment of buy-to-let mortgages. Irish household deposits must capitalise on their pre-existing customer relationships – continue to grow strongly for the fourth successive year. which are, in itself, a competitive advantage versus new entrants – and ensure that they are adapting and innovating fast enough The risk of a ‘no-deal’ Brexit continues to impact the Irish to continue to compete effectively in the retail banking market. economy with a significant impact on GDP predicted. In conclusion, increasingly high consumer expectations and Regulatory Developments a shift in competitive dynamics continue to drive change in At a European level, there are proposals for changes to CRD IV, the Irish retail and SME banking sector. Traditional providers the Capital Requirements Regulations and, the Bank Recovery are under renewed pressure from customers and regulators and Resolution Directive. These include changes to the Net to ensure that their propositions and culture are of a suitable Stable Funding Ratio (NSFR); counterparty risk; market risk; large standard to meet the changing needs of their customer base. exposures; reporting; and, disclosures. The proposed changes are expected to be implemented in the period from 2020 to SME Banking Trends In Ireland 2022 and may impact bank’s capital requirements, liquidity From a business banking perspective, the economy has management and market disclosures. Additionally, there are displayed solid growth with a strong labour market and positive proposals to introduce minimum coverage levels for future non- domestic demand evident. Having said that, some headwinds performing exposures. weigh heavily on investment decisions and borrowing appetite, including cost competitiveness, global trade developments and, The Payments Services Directive 2 (PSD2) became law on 13 of course, Brexit. January 2018. It requires banks to allow customers to choose to share their banking data with regulated Third Party Providers Over recent months, these factors have begun to impact (PISPs and AISPs), and enables Fintech firms to compete directly consumer sentiment, retail sales and, by definition the SME with banks in the provision of payment services. The final ecosystem. It is important to remember that many business implementation date for the Regulatory Technical Standards for indicators continue to trend favourably as the Brexit deadline PSD2 is 13 September 2019 by which date banks will be required approaches and that small businesses in Ireland have shown to have a dedicated interface (open Application Programming high capacity in the past to adapt to external events. However, Interfaces (APIs)) for PISPs and AISPs. there is a sense of caution when it comes to long-term investments as business owners are increasingly aware of the During 2018 Regulators continued to emphasise the importance threat from an acute Brexit shock or even more chronic impacts of culture, conduct risk and diversity practices. This will continue depending on the outcome of final negotiations. We will continue to be an important area of regulatory focus in 2019 and beyond. to work closely with our SME customers as events unfold. Retail Banking Trends In Ireland Technological developments continue to drive change in the Irish retail banking sector, with PSD2 set to accelerate this evolution in 2019 and beyond. The impact of these
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