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Bank Of Ireland Group plc ( (DE:BIRG) ) has provided an update.
Bank of Ireland Group plc has assessed the potential financial impact of the Financial Conduct Authority’s proposed industry-wide redress scheme on UK motor finance commissions. The Group’s provision for potential redress and compensation may increase from £143 million to approximately £350 million due to a higher number of eligible cases and the proposed redress methodology. This increase could reduce the Group’s capital ratio by 35 basis points, although the Group remains capital generative. The Group plans to engage with the FCA, as it believes the proposed methodology does not reflect actual customer losses or align with recent legal judgments.
More about Bank Of Ireland Group plc
Bank of Ireland Group plc operates in the financial services industry, focusing on providing banking and financial solutions. The Group offers a range of products and services including personal and business banking, mortgages, loans, and investment services, with a market focus primarily in Ireland and the UK.
Find detailed analytics on BIRG stock on TipRanks’ Stock Analysis page.