Bank of Ireland Group plc ... Bank of Ireland Group plc Annual Report for the year ended 31 December

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  • Bank of Ireland Group plc Annual Report 2017

    HoldCo Annual Report 2017 - Front.qxp_Layout 1 23/02/2018 23:57 Page i

  • HoldCo Annual Report 2017 - Front.qxp_Layout 1 23/02/2018 23:57 Page ii

  • Bank of Ireland Group plc

    Annual Report for the year ended 31 December 2017

    HoldCo Annual Report 2017 - Front.qxp_Layout 1 23/02/2018 23:57 Page 1

  • 2 Annual Report - year ended 31 December 2017

    Forward-looking statement

    This document contains forward-looking statements with respect to certain of the Bank of Ireland Group plc (the ‘Company’ or ‘BOIG plc’) and its subsidiaries’ (collectively the ‘Group’ or ‘BOIG plc Group’) plans and its current goals and expectations relating to its future financial condition and performance, the markets in which it operates and its future capital requirements. These forward-looking statements often can be identified by the fact that they do not relate only to historical or current facts. Generally, but not always, words such as ‘may,’ ‘could,’ ‘should,’ ‘will,’ ‘expect,’ ‘intend,’ ‘estimate,’ ‘anticipate,’ ‘assume,’ ‘believe,’ ‘plan,’ ‘seek,’ ‘continue,’ ‘target,’ ‘goal,’ ‘would,’ or their negative variations or similar expressions identify forward-looking statements, but their absence does not mean that a statement is not forward-looking.

    Examples of forward-looking statements include, among others: statements regarding the Group’s near term and longer term future capital requirements and ratios, level of ownership by the Irish Government, loan to deposit ratios, expected impairment charges, the level of the Group’s assets, the Group’s financial position, future income, business strategy, projected costs, margins, future payment of dividends, the implementation of changes in respect of certain of the Group’s pension schemes, estimates of capital expenditures, discussions with Irish, United Kingdom, European and other regulators and plans and objectives for future operations. Such forward-looking statements are inherently subject to risks and uncertainties, and hence actual results may differ materially from those expressed or implied by such forward-looking statements.

    Such risks and uncertainties include, but are not limited to, those as set out in the Risk Management Report. Investors should read ‘Principal Risks and Uncertainties’ in this document beginning on page 43.

    Nothing in this document should be considered to be a forecast of future profitability or financial position of the Group and none of the information in this document is or is intended to be a profit forecast or profit estimate. Any forward-looking statement speaks only as at the date it is made. The Group does not undertake to release publicly any revision to these forward-looking statements to reflect events, circumstances or unanticipated events occurring after the date hereof.

    For further information please contact:

    Andrew Keating Alan Hartley Pat Farrell Group Chief Financial Officer Director of Group Investor Relations Head of Group Communications Tel: +353 76 623 5141 Tel: +353 76 623 4850 Tel: +353 76 623 4770

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  • 3Annual Report - year ended 31 December 2017

    Business Review 4

    Key highlights 4

    Performance summary 4

    Chairman’s review 6

    Group Chief Executive’s review 8

    Operating and financial review 12

    Risk Management Report 42

    Governance 88

    Corporate Governance Statement 88

    Report of the Directors 113

    Schedule to the Report of the Directors 115

    Remuneration Report 118

    Financial statements 124

    Statement of Directors’ Responsibilities 124

    Independent Auditors’ Report 125

    Consolidated financial statements 137

    Company financial statements 232

    Other Information 240

    Group exposures to selected countries 240

    Supplementary asset quality and forbearance disclosures 242

    Consolidated average balance sheet and interest rates 278

    Shareholder information 279

    Other disclosures 280

    Contents

    View this report online This Annual Report and other information relating to Bank of Ireland is available at:

    www.bankofireland.com

    These are the consolidated results of the BOIG plc Group. See note 46 on page 203 for details of the Group’s corporate reorganisation in July 2017.

    Following this reorganisation, predecessor accounting has been applied, such that the consolidated financial statements of the BOIG plc Group incorporate the assets and liabilities of the pre-existing group (before 7 July 2017, being the Bank and its subsidiaries) at their existing consolidated carrying values as at the date of the scheme of arrangement, and include the full year's results of the pre-existing group, including comparatives.

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  • 4 Annual Report - year ended 31 December 2017

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    Business Review

    Key highlights

    Performance summary

    For further information on measures referred to in the key highlights and performance summary see page 283.

    Profitability

    Restated1

    2017 2016 €m €m

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