BOIGBroadcast Operations Integration Group
BOIGBasic Order of Issue Guidance
BOIGBook of Implementation Guidelines
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BOI is the main operating bank of BOIG. The Positive Outlook on BOI's Long-Term IDRs and senior debt ratings reflects the large volumes of debt issued so far by both BOIG and BOI, which includes additional Tier 1 (AT1) instruments, Tier 2 debt and senior debt received by BOI from its parent holding company.
In case of failure, we have assumed that the intervention for BOIG would be around its current minimum common equity Tier 1 (CET1) requirement of 6.75%.
The 'F2' Short-Term IDRs of BOIG and BOI are at the higher of the two possible Short-Term ratings mapped to a Long-Term IDR of 'BBB'.
BOIG's ratings reflect its role as the group holding company and are aligned with those of its main operating subsidiary, BOI.
BOI's, and therefore BOIG's, VRs are driven by improving asset quality, a strong domestic retail and corporate banking franchise, a diversified business model, sound profitability, improved capitalisation and a stable funding profile.
Net interest margins remain healthy at both banks (AIB: 2.58%; BOIG: 2.29%), while their fully loaded common equity Tier 1 ratios continue to improve (AIB: 17.5%; BOIG: 13.8%) and remain comfortably above regulatory requirements.
Boig, a tricky winger who is back after six months out through injury, once had a spell with East Stirling when Billy Little was the manager.
The IDRs of BOIG and BOI UK reflect their standalone strength as reflected in their respective VRs, which Fitch has today upgraded.
A full list of today's rating actions, which also include rating actions on BOIG's rated subsidiaries, is available at the end of this rating action commentary.
The ratings of BOIG reflect its role as the holding company of the Bank of Ireland group and are aligned with those of its main operating subsidiary, BOI.
The equalisation of BOIG's VR and IDRs with BOI's reflects the continued absence of double leverage at the holding company level and no material restrictions to the transfer of capital and liquidity across the group, subject to the operating companies meeting regulatory capital and liquidity requirements.
Rating upside on BOI's and BOIG's ratings is limited in the medium term given the still high proportion of legacy problem assets (including forborne, past due but not impaired and low-yielding loans).