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Remuneration Report
At a glance
2025 Changes to Remuneration
Current remuneration policy
The current directors' remuneration policy was approved by
shareholders at the 2025 AGM in an advisory vote. We were
delighted that the policy received overwhelming support at\u00a0
AGM, with over 98% of shareholders being supportive of our
proposals.
As outlined in the Group's 2024 Annual Report, the following
changes were made to the remuneration of the Executive
directors in 2025 for implementation from July 2025:
\u2022 Fixed Share Allowance (FSA)
\u25aa The FSA was increased from 50% of salary to 100% of
salary with the retention period extended to 5 years.
\u25aa Shareholding requirement
\u25aa The shareholding requirement was increased from
100% of salary to 200% of salary.
Continuing remuneration restrictions
The Group maintains an ongoing dialogue with the
Department of Finance in relation to the remaining
remuneration restrictions. Notwithstanding the introduction of
a FSA for Executive directors in 2024, and the approved
increase in FSA to 100% of salary, the variable pay restrictions
applicable for BoI (which caps variable pay to a maximum of
\u20ac20,000) continues to:
\u2022 Limit the opportunity to create and maintain strong
alignment between the interest of our Executive directors,
our long-term performance and the achievement and
delivery of our strategic objectives; and
\u2022 Restrict us from providing the same fixed and variable pay
mix as our peers and therefore, the total remuneration
opportunity of our Executive directors continues to remain
below the median of our peers.
Other remuneration changes for the wider workforce
An annual salary review budget for 2025 of 4% was set with
effect from 1 January 2025. The actual colleague level of salary
increase was based on each colleague's 2024 individual
performance evaluation.
Remuneration Report (continued)
Summary Executive directors' remuneration and alignment to wider workforce
A summary of the remuneration structures for the Executive directors, including how this aligns with the approach for all colleagues,
is set out below and is provided for information only. The full policy, including recruitment and leaver provisions, can be found on
pages 234 to 245 of the 2024 Annual Report and on the Group website at Financial Information.
Pay element
Operation
Executive Directors
Alignment with wider
workforce
Salary
Reflecting skills and
experience required for role,
with reference to market
benchmarking.
Base salaries are set at a level to re\ufb02ect the skills
and experience required, supporting recruitment
and retention.
Salary levels are reviewed on an annual basis and
may increase with reference to a number of factors
including individual performance, market rates of
pay and Group performance.
Paid 100% in cash.
Reviewed on a regular basis versus market information.
Fixed share allowance
Enabling the Group to align
total pay closer to market,
reflecting the cap on variable
pay, without the need to
increase salary.
It aligns the interest of our
senior management with long-
term shareholder interests.
Shares are typically granted in four tranches over
the year, with each grant being subject to a
restricted period (or periods) during which the
participant may not sell or transfer their shares.
The allowance is set for each participant based on a
number of factors, including market pay for the
role and skills. The FSA is not subject to any
performance conditions.
Effective 1 July 2025, the
Executive directors receive a
FSA of 100% of Salary.
The restricted period for
Executive directors\u2019 FSA
shares granted from 1 July
2025, is at least five years
commencing on the date of
grant. For grants prior to 1
July 2025 FSA shares are
released pro-rata over the
three years following each
grant date subject to the
Shareholding Requirement
below.
For those senior colleagues
who participate in the FSA
the scale of the allowance is
set by the Committee and
expressed as a % of salary.
FSA shares are released pro-
rata over the three years
following each grant date.
Pension
To encourage planning for
retirement and provide
retirement benefits that are
appropriately competitive in
the market.
The Group operates a Defined Contribution (DC)
scheme (RetireWell) for all new hires. The current
base employer contribution rate to RetireWell is
11%, with additional matching contributions of up
to 6% available depending on scheme rules.
Employees hired prior to September 2014 are
members of the Group\u2019s legacy defined benefit or
hybrid pension schemes, with terms consistent
across the eligible populations.
All employees, including Executive directors, are offered the
option to participate in a pension scheme.
The employer pension contribution is paid to the relevant
pension scheme and are made on the same basis to all
colleagues participating in the same pension scheme.
A Pension Cash alternative is available to colleagues who
meet certain Revenue thresholds.
Benefits
Provision of market
competitive benefits that
support colleagues in carrying
out their duties.
Access to benefits and benefit levels can vary based
on seniority. Benefit provision is kept under regular
review to ensure the benefits provided are valued
by employees, competitive versus the market, and
cost effective.
Life Assurance and health benefits are provided to all eligible
employees.
Other benefits are typically dependent on role and may
include; mobile phone; and car cash allowance.
All employee share plans
Not currently in place, but if implemented, will be
designed to promote share ownership.
If implemented, all Directors and employees will participate
on the same basis.
Remuneration Report (continued)
Pay element
Operation
Executive Directors
Alignment with wider
workforce
Group Performance
Scheme (GPS)
A discretionary incentive plan
to provide all employees1 an
opportunity to receive a
variable award which is
determined based on the
performance of the Group and
individual performance during
the year.
All employees of participating Group entities, who
meet certain criteria, will be eligible for a Group
Performance Scheme award.\u00a0 The award will
consider individual and Group performance over
the year.
Executive directors and the wider workforce participate in the
GPS.
For all employees, including Executive directors award
outcomes consider individual performance and overall
Group performance.
The appropriateness of the end of year pool is assessed
against a mix of financial and non-financial criteria, including
profit, a key measure of financial success of the Group, and
achievement of its strategic objectives of developing strong
customer relationships and operating a simpler and
sustainable business.
Awards are subject to the relevant regulatory requirements,
including Malus (where deferred2) & Clawback, and risk
adjustment.
Awards are limited to \u20ac20,000 in line with current
remuneration restrictions or tax rules and can be reduced
down to nil at the Committee\u2019s discretion.
A standard individual performance assessment process
applies to all colleagues across the Group, including
Executive directors, with Colleagues\u2019 personal performance
rating informing the award, subject to available funding.
Shareholding requirement
To provide long term
alignment between the
experience of Executive
directors and Bank of Ireland
shareholders during and post-
employment.
In-employment of 200% of salary.
Post-employment requirement will be the
minimum of the in-employment level or actual
shareholding at time of departure and the shares
will need to be held for 2 years post departure from
the Group.
Executive directors are
subject to a shareholding
requirement.
n/a
1 With the exception of Davy colleagues who are not in scope for GPS and participate in Davy variable pay schemes.
2 Deferral is not currently applied due to the remuneration restrictions which cap awards at \u20ac20,000.
To help ensure there are no conflicts of interest, no individual, including directors, are involved in the determination of the
remuneration policy of remuneration outcomes applicable to them.
2025 Group Performance Scheme outcome
The Committee reviewed and agreed the GPS pool based on
an assessment of the Group\u2019s profit performance relative to
expectations set at the start of the financial year and
performance against a range of financial and non-financial
measures, including affordability, customer and ESG (Green
lending, customer satisfaction and employee engagement).
The qualitative metrics and targets are reviewed annually and
approved by the Group Remuneration Committee. GOV-3 /
E1.GOV-3
In making this assessment, the Committee took into
consideration the following;
\u2022 Strong financial results;
\u2022 2025 CET1 ratio of 15.1%;
\u2022 continued progress on customer satisfaction;
\u2022 employee engagement and culture scores;
\u2022 strong progress against our climate initiatives of increasing
green / sustainable financing; and
\u2022 the performance of the Group in terms of risk
management.
Based on the above assessment, the Committee approved a
profit share pool for 2025. In setting this pool, the Committee
considered the Group\u2019s risk profile and risk events which
occurred during 2025. Approximately 10,700 eligible
employees, including Executive directors, are participating in
the GPS with individual awards informed by individual
performance ratings.
Remuneration Report (continued)
Remuneration outcomes in 2025 for the Executive directors
Single total figure of Remuneration for Executive directors in 2025
The information below forms an integral part of the audited financial statements as described in the basis of preparation in note 1 to the
financial statements.
Executive directors
Reported
year
Gross
salary
\u20ac\u2019000
Fixed share
allowance1
\u20ac\u2019000
Benefits 2,4
\u20ac\u2019000
Pension 3
\u20ac\u2019000
Total
fixed pay
\u20ac\u2019000
Annual
bonus
\u20ac\u2019000
Total
\u20ac\u2019000
M O\u2019Grady
2025
950
713
16
162
1,841
17
1,858
2024
950
238
\u2013
162
1,350
20
1,370
M Spain
2025
600
450
2
107
1,159
17
1,176
2024
600
150
2
107
859
20
879
1\u00a0 The total number of shares awarded under the FSA in 2025 was \u20ac713,000 (2024: \u20ac238,000) for the Group CEO and \u20ac450,000 (2024: \u20ac150,000) for the Group CFO. Details of Executive
director shareholding including FSA, can be found in the Directors' and Secretary's interests in shares section on page 110.
2\u00a0 The figure includes health allowances, and where applicable, benefits in kind.
3\u00a0 All pension amounts have been determined by Willis Towers Watson, the Group's actuarial advisors. The Bank rate of contribution with effect in respect of M O\u2019Grady for 2025 was 17% of
pensionable salary, resulting in an amount of \u20ac162,000. This percentage rate can be broken down as an employer base contribution rate of 11%, plus an additional employer matching
contribution rate of 6%. M Spain participates in a legacy Bank defined benefit pension scheme and the supplementary section of the defined contribution scheme.\u00a0 (see table on page 106 in
relation to pension for M Spain).
4 Benefits for M O'Grady, includes health allowance of \u20ac8,000 covering 2024 (but only claimed in 2025) and 2025, also claimed in 2025.
Details of Executive Director shareholding including
Myles O'Grady
(Group Chief Executive Officer)
Mark Spain
(Group Chief Financial Officer)
\u2022 Successful delivery on
financial, commercial, ESG
and customer outcomes,
resulting in strong
shareholder returns.
\u2022 Completed build of
leadership team.
\u2022 Effectively embedded the
Group's purpose and values,
building the Group's culture.
\u2022 Successful execution of the
Group's three year strategy.
\u2022 Setting the long-term vision
and organisational strategy
to 2030+.
\u2022 Successful financial management,
including strategic and financial
planning.
\u2022 Delivered key financial outcomes.
\u2022 Effective management of Group's
cost base and balance sheet.
Fixed Share Allowance can be found in the Directors\u2019
and Secretary\u2019s interests in shares section on page
110.
In line with the variable pay restrictions applicable to
the Group the maximum award for the Group CEO
and Group CFO for 2024 was capped at \u20ac20,000.
Taking into account 2025 Group performance versus
a mix of financial and non-financial criteria, including
profit and risk assessment and their individual
performance, the Committee has determined that
they both should receive a Group Performance
Scheme award of \u20ac17,400. This award reflects an
adjustment which was applied to Executive director
Group Performance Scheme awards (which would
otherwise have been capped at \u20ac20,000) in
recognition of the final GPS pool outcome.
Decisions for 2026
The intention is that both Executive directors will receive a salary increase in 2026. Engagement through collective bargaining is not
concluded in respect of the increases which will apply to the wider workforce from 1 January 2026. Any increase in salary for our
Executive directors will be applied from the same date and will be no higher than the average increase applied to the wider workforce.
The Committee will determine the applicable increase for our Executive directors and we will disclose the applicable increase in our
2026 annual report.
Remuneration Report (continued)
Remuneration outcomes in 2025 (for the Non-Executive Directors)
Remuneration for Chair and Non-Executive Directors
Non-Executive directors
Reported
Year
Fees
\u20ac\u2019000
Benefits
\u20ac\u2019000
Total
\u20ac\u2019000
A Bhargava 1 (Chair)
(appointed 1 January 2025)
2025
525
\u2013
525
2024
94
\u2013
94
P Kennedy
(retired 31 December 2024)
2025
\u2013
\u2013
\u2013
2024
394
\u2013
394
M Greene (Deputy Chair)
2025
241
\u2013
241
2024
207
\u2013
207
G Andrews
2025
147
\u2013
147
2024
129
\u2013
129
E Bourke 2
(resigned 31 December 2024)
2025
\u2013
\u2013
\u2013
2024
118
\u2013
118
I Buchanan
2025
118
\u2013
118
2024
185
\u2013
185
E Finnan 3
(appointed 9 July 2025)
2025
48
\u2013
48
2024
\u2013
\u2013
\u2013
E Fitzpatrick2
(resigned 22 May 2025)
2025
91
\u2013
91
2024
199
\u2013
199
R Goulding
2025
241
\u2013
241
2024
237
\u2013
237
N Marshall 3
(appointed 23 June 2025)
2025
53
\u2013
53
2024
\u2013
\u2013
\u2013
H van der Noordaa 3
(appointed 10 October 2025)
2025
23
\u2013
23
2024
\u2013
\u2013
\u2013
S Pateman
2025
340
\u2013
340
2024
151
\u2013
151
M Sweeney
2025
195
\u2013
195
2024
98
\u2013
98
1\u00a0 A Bhargava joined the board on 12 January 2024, took up role as Chairman on 1 January 2025.
2 E Bourke held the role of Independent NED until 31 December 2024 and E Fitzpatrick held the role of Independent NED until 22 May 2025.
3 N Marshall was appointed independent NED on the 23 June 2025, E Finnan was appointed independent NED on the 9 July 2025 & H van der Noordaa was appointed independent NED on
10 October 2025.
Remuneration Report (continued)
Wider workforce remuneration ethos and
principles
Our approach to remuneration is consistent for all employees. Our
ethos is to reward employees fairly and competitively for their
contribution to the Group. Reward structures are reviewed on a
regular basis to assess the competitiveness of the total reward
arrangements against market norms and ensure compliance with the
prevailing regulatory requirements and remuneration restrictions.
With \u2018Sustainable Company\u2019 a core strategic pillar, ESG is
mainstreamed into our performance management system. This puts it
on every colleagues 'to do' list. GOV-3
The following remuneration principles apply; however, their
application is impacted/negated for senior role holders by the \u20ac20,000
cap on variable pay.
Employee
focused
Risk
aligned
The Group\u2019s Reward approach
supports and complements the
Group\u2019s Employee Value
Proposition, which includes,
learning, development and career
progression. This seeks to reward
all employees fairly and
transparently, promoting the
concept of \u2018equal pay for equal
work\u2019 by operating a consistent
approach to remuneration for
colleagues. Reward structures are
designed to attract, retain, and
engage high calibre employees.
The Remuneration Policy is
designed to promote high
performance and a strong risk
management culture where risk-
taking is aligned to the Group Risk
Appetite Statement. All employees
are required to have a risk priority
in their Thrive performance
development plan. Increases in
remuneration and the potential
awarding of variable remuneration
is subject to the Group\u2019s ability to
pay and on maintaining strong
capital and liquidity levels.
Performance
aligned
Simple, flexible
& cost
effective
Externally
aligned
Values &
Culture
Performance development plays a
key role in aligning individual
objectives with the Group\u2019s overall
strategy, financial and non-
financial goals and values.
Performance outcomes, using a
simple combination of \u201cWhat\u201d
objectives and \u201cHow\u201d behaviours,
inform individual remuneration
and provide a clear link between
performance and remuneration.
Reward is simple to operate and
aims to be transparent and easy
for colleagues to understand their
own reward package and how
reward is determined, Reward
(fixed and variable) at BoI is cost
effective and flexes to reflect
company performance.
The Group uses recognised
external benchmarks to
understand the remuneration
levels of industry peers and
remuneration offered by other
industries who compete with the
Group for talent in each of the
Group\u2019s geographical locations.\u00a0
Supports the Group Values and
aims to be a fair approach for all
colleagues to enable participation
in Group success. Risk review and
minimum performance (and
therefore conduct) gateways align
to these aspects of BoI values.
Inclusive
basis
Motivating
Collective
incentive
ESG
aligned
The Policy is designed and
implemented on an inclusive basis,
including gender-neutrality, with
pay for male and female
colleagues monitored on an
annual basis.
Colleagues are motivated to
deliver in the best interest of
Customers, Colleagues,
Community and wider Group
stakeholders, with variable pay
aligned to shareholder experience.
Supports the Group Value of
Better Together, with variable pay
acting as an incentivisation tool for
achieving BoI strategic priorities
with the ability to tailor to
individual contribution.
Reward is determined taking into
account the Group\u2019s performance
against its environmental
objectives and its customer and
employee goals.
Workforce engagement
The Group continues to place a strong emphasis on workforce
engagement. The Workforce Engagement Director (WED), who
was a member of the Group Remuneration Committee during
part of the year, conducted a series of colleague interactions
during 2025 to obtain feedback directly from colleagues in the
form of \u2018Open Door\u2019 sessions, covering over 100 colleagues
from various businesses and divisional teams. Colleagues also
provided their views through the \u2018Open View\u2019 survey. While
colleague engagement scores declined in 2025, our focus in
2026 will be on overseeing the effective implementation of
actions to address the concerns raised. The Group
Remuneration Committee would like to thank all colleagues
who participated in the engagement survey for sharing their
views on what is working well, as well as highlighting areas
where improvement is needed.
External benchmarking indicates that periods of significant
change can negatively impact colleague sentiment. Factors
such as changes to the hybrid working model and the pace of
organisational change have contributed to this environment.
While these changes are necessary, the Committee recognises
that more can be done to support colleagues through this
period of transition.
Colleagues discussed a variety of issues with the WED, which
were shared with the Board during 2025, including positive
sentiment around internal career mobility opportunities, the
shift to agile ways of working and the opportunity around data
and AI.\u00a0 Areas for improvement were also identified through
these WED engagements, including complex processes,
decision-making, and governance structures.\u00a0
Remuneration Report (continued)
Shareholder Rights Directive year on year change in remuneration
The table below is required under the Companies Regulations
2019 (Directors\u2019 Remuneration Policy and Directors\u2019
Remuneration Report), which implement Articles 9a and 9b of
European Directive 2017/828/EC1 (commonly known as the
Revised Shareholder Rights Directive or SRD). The following
table shows the year on year change and percentage change in
Directors\u2019 remuneration and the year on year change and
percentage change in the average remuneration of employees
during the year ended 31 December 2025 compared to the
year ended 31 December 2024, 31 December 2023, 31
December 2022, 31 December 2021 and 31 December 2020.
The total remuneration package for Executive directors
increased in accordance with the Directors\u2019 Remuneration
policy, approved by shareholders in May 2025. There was no
change to the core salary of the Executive directors. The FSA
for Executive directors increased to 100% of salary in July 2025.
The FSA is paid in 4 instalments during the year.
NED fees are annualised. Changes to NED fees reflect
additional responsibilities associated with membership of
additional committees or appointment as Chair of committees,
or as Workforce Director, or to boards of subsidiaries.
Unaudited:
Year on year (YoY) change in remuneration
of Directors compared to employee average
2025 vs 2024
2024 vs 2023
2023 vs 2022
2022 vs 2021
2021 vs 2020
\u20ac\u2019000
%
\u20ac\u2019000
%
\u20ac\u2019000
%
\u20ac\u2019000
%
\u20ac\u2019000
%
Executive Directors
M O'Grady (appointed CEO in 2022)
488
36%
299
28%
802
298%
(283)
(51%)
2
\u2013
F McDonagh (stood down as CEO in 2022)
n/a
n/a
n/a
n/a
n/a
n/a
(293)
(31%)
(1)
\u2013
M Spain (appointed CFO in 2022)
297
34%
238
37%
174
37%
467
n/a
n/a
n/a
Non-Executive Directors
A Bhargava (appointed NED in January 2024)
431
459%
94
100%
n/a
n/a
n/a
n/a
n/a
n/a
P Kennedy (stood down in December 2024)
(394)
(100%)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
M Greene
34
16%
51
33%
33
27%
44
55%
\u2013
\u2013
G Andrews (appointed NED in 2020)
18
14%
25
24%
10
11%
7
8%
\u2013
\u2013
E Bourke (stood down in December 2024 )
(118)
(100%)
1
1%
7
6%
8
7%
24
30%
I Buchanan
(67)
(36%)
25
16%
(9)
(5%)
3
2%
6
4%
E Finnan (appointed NED in July 2025)
48
\u2013%
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
E Fitzpatrick (stood down in May 2025)
(108)
(54%)
24
14%
36
26%
37
36%
16
18%
R Goulding
4
2%
31
15%
26
14%
35
24%
27
23%
N Marshall (appointed NED in June 2025)
53
\u2013
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
F Muldoon (stood down in September 2023)
\u2013
\u2013
(132)
(100%)
(42)
(24%)
38
28%
62
66%
H van der Noordaa (appointed NED in October 2025)
23
\u2013
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
S Pateman
189
125%
53
54%
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
M Sweeney (appointed NED in October 2023)
97
99%
78
390%
20
100%
n/a
n/a
n/a
n/a
Change in average employee remuneration
year on year
4
4%
4
4%
3
4%
1
1%
1
1%
Group profit after tax (\u20acm)
1,201
1,531
1,601
897
1,055
Percentage change in Group result after tax (%)
(22%)
(4%)
78%
(15%)
249%
Executive share options held by Directors and Secretary
No share options were granted or exercised during 2025 and there were no options to subscribe for ordinary shares outstanding in
favour of the Executive Directors or Secretary at 31 December 2025.
Remuneration Report (continued)
Directors\u2019 pension benefits
Set out below are details of the change in accrued pension benefits for the Directors during the year ended 31 December 2025.
(a) Additional
inflation-adjusted
accrued DB pension
in the year
\u20ac
(b) Increase /
(decrease) in DB
transfer value
\u20ac
(c) Accrued DB
Pension Benefits at
31 December 2025
\u20ac
(d) Group DC
contributions
\u20ac
Executive Directors
M Spain
1,953
20,633
230,172
19,325
Column (a) represents the inflation-adjusted increase in each
individual's accrued defined benefit (DB) pension during the
year. Increases are shown after the opening position has been
adjusted for statutory revaluation, and comprise allowance for
additional pensionable service, any increases in pensionable
earnings and any agreed adjustment in the individual's
pension accrual. This is in line with the requirements of the
Listing Rules and the related actuarial professional guidance.
Column (b) is the additional / (reduced) capital value, less each
Director's contributions, of Column (a) which could arise if the
DB pension were to be transferred to another pension plan on
the Director leaving the Group and is calculated using factors
supplied by the actuary in accordance with actuarial guidance
notes ASP PEN-2, and is based on leaving service pension
benefits becoming payable at normal retirement date, age 60.
Column (c) is the aggregate DB pension benefit payable at
normal retirement age based on each Director's pensionable
service with the Group at 31 December 2025.
Column (d) is the Group's contributions to the supplementary
section of its RetireWell (DC) arrangement.
Directors\u2019 and Secretary\u2019s interests in
shares
A shareholding of a minimum of 34 shares is required by each
Director within two months of their appointment to the Board.
The beneficial interests of the Directors and Secretary in
shares issued by the Group as disclosed to the Group are
detailed below in accordance with the Euronext Dublin Listing
Rules.
The information below forms an integral part of the audited
financial statements as described in the basis of preparation in
note 1 to the financial statements.
Executive Directors\u2019 interests in BOIG plc shares
Under the shareholding requirements, the Group CEO and
Group CFO need to build up and maintain shares to the value
of 200% of salary. The requirements apply both during
employment and for two years after leaving, in line with best
practice. Procedures are in place to enforce the shareholding
requirements and you can find further details on page 105.
Myles
O'Grady
Mark
Spain
Shares held (as part of FSA)
49,931
31,530
Shares held in personal capacity1
5,000
3,563
Total shares held
54,931
35,093
Shareholding requirement (as a % of
salary)
200%
200%
Current Shareholding (as a % of salary)
87%
88%
1\u00a0 For shareholding requirement calculation purposes, only shares held by the Executive
Director in a personal capacity are included in the table above.
Number of \u20ac1.00
ordinary shares
in BoIG plc at
31 December
2025
Number of \u20ac1.00
ordinary shares in
BoIG plc at 1 January
2025 or at date of
appointment
Directors
M O\u2019Grady
54,931
18,293
M Spain
35,530
12,394
A Bhargava
4,000
4,000
M Greene
4,000
4,000
G Andrews
20,000
20,000
I Buchanan
5,034
5,034
E Finnan
(Appointed 9 July 2025)
4,000
\u2013
E Fitzpatrick
(Resigned 22 May 2025)
n/a
5,000
R Goulding
25,000
25,000
N Marshall\u00a0
(Appointed 23 June 2025)
4,241
4,241
H van der Noordaa
(Appointed 10 October
2025)
4,000
4,000
S Pateman
4,000
4,000
M Sweeney
6,060
6,060
Secretary
S McLaughlin
7,774
4,012
Remuneration Report (continued)
Apart from the interests set out above, the Directors and
Secretary had no other interests in the shares / securities of
the Company or its Group undertakings at 31 December 2025.
There has been no change in the interests of each Director
disclosed to the Company under the provisions of article 19 of
the Market Abuse Regulation occurring between the end of the
period under review 27 February 2026.
Advice to the Committee
The Committee was assisted in its considerations by PwC UK.\u00a0
PwC UK was formally reappointed by the Committee as its
remuneration adviser in 2024 following a tender process
comprising a review of potential advisors, and an assessment
of the service provided by PwC and its performance. PwC UK
had originally been appointed adviser in 2020.\u00a0 The Committee
confirmed that the information and support received from
PwC enabled its work.
PwC UK is a signatory to the voluntary Code of Conduct in
relation to remuneration consulting in the UK.
PwC UK and its network firms, provide professional services in
the ordinary course of business including assurance, advisory
and tax advice to Bank of Ireland. The Committee is satisfied
that the advice received is independent and objective and
receives an annual statement setting out protocols that have
been followed by PwC UK to maintain independence. There are
no connections between PwC and individual Directors to be
disclosed.
The Group Chair, the Group CEO, Group Chief People Officer,
Group Chief Risk Officer, and the Director of Reward also
attend meetings as appropriate at the invitation of the
Committee Chair.
Key management personnel - loans and deposits
(IAS 24)
For the purposes of IAS 24 \u2018Related party disclosures\u2019, the
Group has 24 KMP (2024: 26) which comprise the Directors, the
members of the GEC and any past KMP who was a KMP during
the relevant period.
In addition to Executive Directors, during 2025 the GEC
comprised:
\u2022 Group Secretary and Head of Corporate Governance;
\u2022 Chief of Staff and Head of Group Corporate Affairs;
\u2022 Chief Operating Officer;
\u2022 Chief People Officer;
\u2022 Chief Executive Officer - Retail Ireland;
\u2022 Chief Executive Officer - Davy and Wealth;
\u2022 Chief Executive Officer - Bank of Ireland (UK);
\u2022 Chief Executive Officer - Corporate and Commercial;
\u2022 Chief Risk Officer;
\u2022 Chief Customer Officer; and
\u2022 Chief Strategy Officer.
KMP, including Directors, hold products with Group companies
in the ordinary course of business. Other than as indicated, all
loans to NEDs are made in the ordinary course of business on
substantially the same terms, including interest rates and
collateral, as those prevailing at the time for similar
transactions with other persons unconnected to the Group
and do not involve more than the normal risk of collectability.
Loans to KMP other than NEDs are made on terms similar to
those available to staff generally and / or in the ordinary
course of business on normal commercial terms.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-2": { "value": "
3.2\u00a0 Capital adequacy risk
Definition (audited)
The risk that the Group does not hold sufficient capital to i)
remain compliant with regulatory capital requirements; ii)
support its business and medium-term strategic objectives;
and iii) absorb losses should unexpected events occur.
Capital adequacy risk includes pension risk and recovery and
resolution requirements.
Capital management objectives and policies (audited)
The objectives of the Group\u2019s capital management policy are to
ensure that the Group has sufficient capital to cover the risks
of its business and support its strategy and, at all times, to
comply with regulatory capital requirements. It seeks to
minimise refinancing risk by managing the maturity profile of
non-equity capital while the currency mix of capital is managed
to ensure that the sensitivity of capital ratios to currency
movements is minimised. The capital adequacy requirements
set by the regulatory authorities and economic capital based
on internal models are used by the Group as the basis for its
capital management. The Group seeks to maintain sufficient
capital to ensure that these requirements are met. The current
status of capital adequacy risk, including risk dashboards and
risk appetite compliance, is reported through the Board Risk
Report on a monthly basis.
ICAAP (unaudited)
The ICAAP facilitates the Board and senior management in
adequately identifying, measuring, and monitoring the Group\u2019s
risk profile to ensure the Group holds sufficient capital to cover
these risks and support its strategy. Underpinning the ICAAP,
the Group prepares detailed financial projections. The central
scenario macroeconomic variables are produced by the
Economic Research Unit (ERU) and benchmarked to external
official forecasters and the stress case is prepared based on a
severe but plausible stress economic scenario.
The ICAAP demonstrates that the Group has sufficient capital
under both the base and stress case scenarios to support its
business and achieve its objectives having regard to Board
approved risk appetite and strategy and to meet its regulatory
capital, leverage, and liquidity requirements.
The Board approved Capital Adequacy Statement, ICAAP
Report and supporting documentation is submitted to the ECB
and CBI on an annual basis and is subject to regulatory review
as part of the SREP.
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.2\u00a0 Capital adequacy risk (continued)
CRD IV - 2024
(unaudited)1
CRD IV - 2025
(unaudited)2
Regulatory
\u20acm
Regulatory
\u20acm
Capital Base
13,009
Total equity
12,920
(868)
less foreseeable distribution deduction3
(958)
(1,069)
less AT1 capital
(1,200)
11,072
Total equity less foreseeable dividend deduction and
equity instruments not qualifying as common equity tier 1
10,762
(574)
Regulatory adjustments being phased in / out under CRD IV
(418)
(574)
Deferred tax assets4
(418)
(2,443)
Other regulatory adjustments
(1,903)
(66)
Expected loss deduction
(64)
(1,113)
Intangible assets and goodwill
(985)
(846)
Pension asset deduction
(714)
(418)
Other adjustments5
(140)
8,055
Common equity tier 1
8,441
Additional tier 1
1,068
AT1 instruments (issued by parent entity BoIG plc)6
1,199
9,123
Total tier 1 capital
9,640
Tier 2
1,856
Tier 2 instruments (issued by parent entity BoIG plc)
1,839
(160)
Regulatory adjustments
(160)
1,696
Total tier 2 capital
1,679
10,819
Total capital
11,319
55.3
Total risk weighted assets (\u20acbn)
55.8
Capital ratios1
14.6%
Common equity tier 1
15.1%
16.5%
Tier 1
17.3%
19.6%
Total capital
20.3%
6.7%
Leverage ratio
6.9%
1\u00a0 Capital ratios have been presented including the benefit of the retained profit in the year. Under Article 26 (2) of the Capital Requirements Regulation, financial institutions may include
independently verified interim profits in their regulatory capital only with the prior permission of the competent authority, namely the ECB, and such permission has been obtained. The
capital ratios are calculated using unrounded risk weighted asset amounts.
2\u00a0 Capital ratios have been presented on the basis that the Group has distributed 100% of its profits for the year, and therefore no retained profit has been included in regulatory capital.
3\u00a0 A foreseeable distribution of \u20ac958 million representing ordinary dividend of \u20ac428 million (subject to ordinary shareholder approval) and share buyback of \u20ac530 million (31 December 2024:
\u20ac868 million representing ordinary dividend of \u20ac278 million and share buyback of \u20ac590 million) has been deducted as required under Article 2 of European Union Regulation No. 241/2014.
An interim ordinary dividend of \u20ac239 million was paid on 30 October 2025.
4\u00a0 Deduction relates to deferred tax assets on losses carried forward, net of certain deferred tax liabilities.
5\u00a0 Includes technical items such as non-qualifying Common equity tier 1 items, prudential valuation adjustment, calendar provisioning, cash flow hedge reserve, own credit spread adjustment
(net of tax), coupon expected on Additional Tier 1 (AT1) instrument and securitisation deduction.
6\u00a0 Net of capital deduction in relation to instruments held by Group companies.
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.2\u00a0 Capital adequacy risk (continued)
CRD IV - 2024
(unaudited)
CRD IV - 2025
(unaudited)
Regulatory
\u20acbn
Regulatory
\u20acbn
Risk weighted assets
0.5
Article 3 Adjustment1
3.9
40.6
Credit risk
36.9
0.8
Counterparty credit risk
0.7
1.9
Securitisation
1.5
0.3
Market risk
0.3
6.7
Operational risk
7.2
4.5
Other assets / 10% / 15% threshold deduction1
5.3
55.3
Total RWA
55.8
Risk weighted assets (unaudited)
RWAs were \u20ac55.8 billion at 31 December 2025 (2024: \u20ac55.3
billion). The increase of \u20ac0.5 billion in RWA is primarily due to
loan book movements, IRB model scalars, an increase in
operational risk RWA as a result of higher operating income
offset by FX and the implementation of CRR3. RWAs in the
table above reflect the application of regulatory Balance Sheet
Assessment adjustments and the updated treatments of
expected loss. Further details on RWA can be found in the
Group\u2019s Pillar 3 disclosures which are available on the Group\u2019s
website.
Capital Requirements Directive IV (unaudited)
The ratios outlined in this section reflect the Group\u2019s
interpretation of the CRD IV rules as published on 27 June 2013
and subsequent amendments, including EU Regulation
2019/876 Capital Requirements Regulation (CRR II) and EU
Directive 2019/878 (CRD V) published on 7 June 2019 and EU
Regulation 2020/873 published on 26 June 2020 (COVID-19
Quick Fix).
Regulatory capital developments (unaudited)
On 19 June 2024, Regulation (EU) 2024/1623 amending
Regulation (EU) No 575/2013 (the Capital Requirements
Regulation) and Directive (EU) 2024/1619 amending Directive
2013/36/EU (the Capital Requirements Directive (CRD VI)) were
published in the Official Journal of the European Union.
The revisions to the regulations focus on the standardised and
internal ratings-based approaches to measuring credit risk.
These include the introduction of an aggregate output floor to
ensure banks\u2019 RWAs calculated via internal models are no
lower than 72.5% of RWAs calculated under the standardised
approach.
The majority of the provisions contained in this regulation are
applicable from 1 January 2025 however transitional provisions
are applicable to certain elements of the regulations including
the application of the output floor up to 2033. The impact on
the Group's CET1 at 1 January 2025 was a benefit of c.115bps.
The EU Commission has delayed the implementation of the
elements of the regulation relating to market risk (the
Fundamental Review of the Trading Book) to 1 January 2027.
CET1 ratio (unaudited)
The Group\u2019s CET1 ratio is 15.1% at 31 December 2025 (2024:
14.6%). The increase of 50 basis points since 31 December
2024 is primarily due to organic capital generation (c.+270
basis points), the implementation of Capital Requirements
Regulation 3 (c.+115 basis points), partially offset by a
foreseeable distribution deduction (c.-225 basis points), RWA
growth (c.-65 basis points) and IRB model scalars (c.-40 basis
points).
Leverage ratio (unaudited)
The leverage ratio at 31 December 2025 is 6.9% (2024: 6.7%). A
binding leverage requirement of 3% is applicable. The Group
expects to remain well in excess of this requirement.
Capital requirements / buffers (unaudited)
The following table sets out the Group\u2019s CET1 capital
requirements for 2025 and the authorities responsible for
setting those requirements.
The Group is required to maintain a CET1 ratio of 11.38% on a
regulatory basis at 31 December 2025. This includes a Pillar 1
requirement of 4.5%, a CET1 P2R of 1.35%, a CCB of 2.5%, an
O-SII Buffer of 1.5% and a Countercyclical Buffer of 1.53%.
The Group was notified of the ECB's final decision on the
Group's Own Funds Requirements applicable from 1 January
2026 following the 2025 SREP on 30 October 2025. P2R of 2.4%
for Total Capital and 1.35% remained unchanged vs. 2025
requirement.
Countercyclical Capital Buffers (CCyBs) are independently set
in each country by the relevant designated authority. The CCyB
on Irish exposures is set at 1.5%. Due to changes in the mix of
the book in 2025, with a higher concentration in RoI, the RoI
CCyB is 1.05%. The UK CCyB is set at 2% resulting in a 0.43%
requirement for the Group at 31 December 2025.
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.2\u00a0 Capital adequacy risk (continued)
The CBI has advised that the Group is required to maintain an
O-SII buffer of 1.5% subject to annual review by the CBI.
The Group expects to maintain both capital ratios significantly
in excess of minimum regulatory requirements.
Minimum requirement for own funds and eligible
liabilities (unaudited)
The MREL RWA requirement consists of a Single Resolution
Board (SRB) requirement of 23.03% and the Group\u2019s Combined
Buffer Requirement (CBR) of 5.53% on 31 December 2025
(comprising the Capital Conservation Buffer of 2.5%, and an O-
SII buffer of 1.5% and a Countercyclical Buffer of 1.53%).
The Group\u2019s requirements at 31 December 2025 are c.28.56%
on a RWA basis and 7.56% on a leverage basis, reflecting a
decrease in the SRB requirement of c.4bps.
The SRB target is subject to annual review; while the CBR is
dynamic, updating as changes in capital requirements become
effective.
The Group\u2019s MREL position at 31 December 2025 is 31.6% on
an RWA basis and 6.9% on a leverage basis. The Group expects
to maintain a buffer over its MREL requirements. The Group
issued \u20ac1.5 billion of MREL eligible senior debt in 2025, offset
by \u20ac1.9 billion senior issuance redeemed in the year.
Pro forma CET1 Regulatory Capital Requirements (unaudited)
Set by
2024
2025
2026
Pillar 1 - CET1
CRR
4.50%
4.50%
4.50%
Pillar 2 Requirement
SSM
1.32%
1.35%
1.35%
Capital Conservation Bu\ufb00er
CRD
2.50%
2.50%
2.50%
Countercyclical bu\ufb00er
Ireland (c.70% of RWA)
CBI
0.99%
1.05%
1.05%
UK (c.21% of RWA)
BoE
0.46%
0.43%
0.43%
US and other (c.9% of RWA)
Fed / Various
0.04%
0.05%
0.05%
O-SII Bu\ufb00er
CBI
1.50%
1.50%
1.50%
Pro forma Minimum CET1 Regulatory Requirements (excluding Pillar 2 Guidance)
11.31%
11.38%
11.38%
Distribution policy (unaudited)
Over the next strategic cycle, the Group's objective is to
maintain a progressive dividend per share supported by an
ordinary dividend payout ratio of c.50% of attributable profits.
The Board will also consider the distribution of surplus capital
on at least an annual basis. The distribution level will reflect,
amongst other things, the strength of the Group\u2019s capital and
capital generation, the Board\u2019s assessment of the growth and
investment opportunities available, any capital the Group
retains to cover uncertainties (e.g. related to the economic
outlook) and any impact from the evolving regulatory and
accounting environments.
In respect of the 2025 financial year, the Board have proposed
a distribution of \u20ac1,197 million, including an approved interim
ordinary dividend of 25 cents per share (\u20ac239 million) in
respect of H125 (which was paid to shareholders on 30
October 2025) and a final ordinary dividend of \u20ac428 million,
equivalent to 45 cents per share, subject to ordinary
shareholder approval, and a share buyback of \u20ac530 million
which has been approved by the ECB. The final ordinary
dividend of 45 cents per share will be paid on 9 June 2026 to
ordinary shareholders who appear on the Company\u2019s register
on 24 April 2026, the record date for the dividend, subject to
shareholder approval. The combination of the ordinary
dividend and the share buyback represents a distribution
payout ratio of 100% for 2025.
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.2\u00a0 Capital adequacy risk (continued)
Share buyback (unaudited)
The Group completed the \u20ac590 million buyback programme in
relation to 2024 on 21 October 2025, repurchasing 50,742,039
ordinary shares for cancellation at a weighted average price of
\u20ac11.6098 per share.
Distributable items (unaudited)
At 31 December 2025, the Company had reserves available for
distribution of \u20ac5.6 billion (2024: \u20ac5.8 billion). Further
information on the Company\u2019s equity is provided on page 431.
Individual consolidation (unaudited)
The regulatory CET1 ratio of the Governor and Company of
Bank of Ireland calculated on an individual consolidated basis
as referred to in Article 9 of the CRR is 18.3% at 31 December
2025 (2024: 17.2%).
Impediments to the transfer of funds (unaudited)
There is a requirement to disclose any impediment to the
prompt transfer of funds within the Group. In respect of the
Group\u2019s licensed subsidiaries, the Group is obliged to meet
certain license conditions in respect of capital and / or liquidity.
These requirements may include meeting or exceeding
appropriate capital and liquidity ratios and obtaining
appropriate regulatory approvals for the transfer of capital or,
in certain circumstances, liquidity.
The Group\u2019s licensed subsidiaries would be unable to remit
funds to the parent when to do so would result in such ratios
or other regulatory permissions being breached. Apart from
this requirement, there is no restriction on the prompt transfer
of own funds or the repayment of liabilities between the
subsidiary companies and the parent.
At 31 December 2025, own funds were in excess of the
required minimum requirement.
3.6\u00a0 Life insurance risk
De\ufb01nition (audited)
Life insurance risk is the risk of unexpected variation in the
amount and timing of claims associated with insurance
benefits.
This variation, arising from changing customer mortality, life
expectancy, health, or behavioural characteristics, may be
short or long term in nature.
Risk management (audited)
The Group manages life insurance risk under its RMF. Life
insurance risk is underwritten and managed by NIAC, a wholly
owned subsidiary of the Group. The management of life
insurance risk is the responsibility of the NIAC Board which is
delegated through internal governance structures. Aggregate
life insurance risk exposure and exposure to the sub-
categories of life insurance risk are monitored through a suite
of management reporting metrics.
The risks that arise as a result of writing life insurance business
are also managed by a number of governance for a as well as
senior management. The minimum standards required when
managing these risks are set out in a suite of NIAC Board
approved policies.
The Group transfers some life insurance risk to reinsurance
companies who then meet an agreed share of the claims that
arise on a book of business in return for a premium. This
creates a credit exposure to these reinsurance companies
which is managed within the NIAC RMF with responsibilities
delegated through the Reinsurance Risk Policy. A review of the
panel of reinsurers that may be used and the structure of
reinsurance arrangements is carried out at least annually.
Senior members of the management team with actuarial and
underwriting expertise, contribute to the effective oversight of
this risk.
Risk measurement (audited)
Risk experience is monitored regularly with actual claims
experience being compared to the underlying risk
assumptions. The results of this analysis are used to inform
management of the appropriateness of those assumptions for
use in pricing, capital management, and new product design.
Exposure to life insurance risk is measured by means of
sensitivity and scenario testing. Risk capital is calculated for
each individual risk type by stressing the best estimate
assumptions of future experience by extreme, but plausible,
factors. The stress factors are pre-defined by regulation and
are set at a level with an expected frequency of occurrence of
one year in every 200. NIAC also carries out an ORSA annually
which is overseen by the NIAC Board. Within the ORSA, NIAC\u2019s
risk profile is considered, both quantitatively and qualitatively,
in a holistic manner with potential areas of risk identified along
with conclusions in respect of how those risks will be
mitigated. Further details can be found in note 19.
Risk mitigation (audited)
The Group mitigates the potential impact of life insurance risk
through a number of measures. Capital is held against
exposure to life insurance risk. Exposure to this risk is also
managed and controlled by the use of medical and financial
underwriting, risk mitigating contract design features and
reinsurance, as detailed in risk management policies.
Risk reporting (audited)
The current status of life insurance risk, including risk
dashboards and risk appetite compliance, is reported through
the Board Risk Report on a monthly basis. NIAC\u2019s ORSA report
in respect of the NIAC annual assessment is also presented to
the ALCO on an annual basis.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-3": { "value": "
3.4\u00a0 Credit risk
Definition (audited)
Credit risk is the risk of loss resulting from a counterparty
being unable to meet its contractual obligations to the Group
in respect of loans or other financial transactions, or any other
deterioration in a counterparty\u2019s creditworthiness.
This risk includes debt underwriting risk, loan origination risk,
credit concentration risk, cross-border transfer risk, credit
quality deterioration risk, default risk, and collateral valuation
risk. At portfolio level, credit risk is assessed in relation to the
degree of name, product, industry and geographic
concentration, to inform the setting of appropriate risk
mitigation and transfer mechanisms, and to assess risk capital
requirements. Risk appetite measures for credit risk are set by
the Board.
Credit risk arises from loans and advances to customers and
from certain other financial transactions such as those entered
into by the Group with financial institutions, sovereigns and
state institutions.
Credit facilities can be largely grouped into the following
categories:
\u2022 cash advances (e.g. loans, overdrafts, Revolving Credit
Facilities (RCFs) and bonds), including associated
commitments and letters of offer;
\u2022 credit related contingent facilities (issuing of guarantees /
performance bonds / letters of credit);
\u2022 derivative instruments; and
\u2022 settlement / clearing lines.
The manner in which the Group\u2019s exposure to credit risk arises,
its policies and processes for managing it and the methods
used to measure and monitor it are set out below.
Debt underwriting risk
Debt underwriting risk is the risk of loss arising from
movements in credit spreads or other changes in market
conditions in respect of debt underwriting transactions.
Loan origination risk
Loan origination risk is the risk of loss from originating credit
exposures where asset quality is outside risk appetite.
Credit concentration risk
Credit concentration risk is the risk of loss due to excessive
exposures to a single entity, or group of entities with similar
activities and similar economic characteristics, which would
cause their ability to meet contractual obligations to be
similarly affected by changes in economic or other conditions.
Cross-border transfer risk
Cross-border transfer risk is the risk that sovereign or other
counterparties within a country may be unable, unwilling, or
precluded from fulfilling their cross-border obligations due to
changing political, financial, or economic circumstances such
that a loss to the Group may arise.
Credit quality deterioration risk
Credit quality deterioration risk is the risk for potential
financial loss due to a ratings downgrade (e.g. Probability of
Default (PD) or IFRS 9 staging migration).
Default risk
Default risk is the risk that companies or individuals
(counterparties) will be unable to meet the required payments
on their debt obligations.
Collateral valuation risk
Collateral valuation risk is the risk of loss arising from a change
in the value or enforceability of security held due to errors in
the nature, quantity, pricing, or characteristics of security held
in respect of a transaction with credit risk.
Credit risk management (audited)
Credit risk statement
The Group actively seeks opportunities to provide credit
facilities to borrowers who are assessed as having the capacity
to service and discharge their obligations, to allow growth in
the volume of loan assets in line with the Group\u2019s risk appetite
and to provide a solid foundation for sustainable earnings
growth and shareholder value.
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.4\u00a0 Credit risk (continued)
The Group takes credit risk, consistent with the Group\u2019s Risk
Identity, designed to deliver an appropriate return on capital,
while ensuring credit exposures do not exceed levels which
would produce unacceptable earnings and capital volatility
under both stress and non-stress conditions. Concentrations
are generally avoided except when they are necessary and
consistent with the Group\u2019s risk identity.
The Group\u2019s credit strategy is to underwrite credit risk within a
clearly defined Board-approved risk appetite. This is done
through the extension of credit to customers and financial
counterparties in a manner that results in an appropriate
return for the risks taken and on the capital deployed, while
operating within Board-approved risk parameters.
Credit risk management
Within the Group\u2019s lending divisions the approach to the
management of credit risk is focused on a detailed credit
analysis at origination followed by early intervention and active
management of accounts where creditworthiness has
deteriorated.
Through its ongoing credit review processes, the Group seeks
early identification of deteriorating loans with a view to taking
corrective action to prevent loans becoming credit-impaired.
Typically, loans that are at risk of becoming credit-impaired are
managed by dedicated specialist units / debt collection teams
focused on working out loans, separate Customer Loan
Solutions teams provide experienced and dedicated
management of challenged assets. For loans that become
credit-impaired, the focus is to minimise the loss that the
Group will incur. This may involve implementing forbearance
solutions, entering into restructuring arrangements, enforcing
security, pursuing asset / portfolio disposals or securitisations.
The Group Credit Risk function has responsibility for the
independent oversight of credit risk and for overall risk
reporting to the Group Credit Risk Committee (GCRC), ERC, the
BRC, and the Board on developments in credit risk and
compliance with specific risk limits. It is led by the Group Chief
Credit Officer who reports directly to the Group Chief Risk
Officer. The function provides independent oversight of the
Group\u2019s credit risk strategy, credit risk management
information and credit risk underwriting.
Credit policy
The core values and principles governing the provision of
credit are contained in the Group Credit Risk Policy which is
approved by the Board. The Group Credit Risk Policy is
supported by the following additional credit risk related
policies; i) Group Impairment Policy; ii) Group Forbearance
Policy; iii) Group Property Collateral Valuation Policy; iv) Group
Country Risk Policy; v) Group Policy on Definition of Default;
and vi) Group Bank Risk Policy. In addition, individual business
unit Loan Origination Standards (LOS) set out key loan
acceptance criteria at product, sector, or portfolio level.
Business unit credit risk procedures are also required for each
portfolio or business unit involved in lending and credit related
activities. These documents describe the end-to-end credit risk
lifecycle and how the risk mitigation requirements, as set out
in the Group Credit Risk Policy, are implemented. These
standards and procedures are aligned with, and have regard
to, the Group\u2019s Risk Appetite Statement and applicable credit
limits, the lessons learned from the Group\u2019s loss history, the
markets in which the business units operate and the products
which they provide.
Lending authorisation
The Group\u2019s credit risk management systems operate through
a hierarchy of credit authorities which are related to internal
loan ratings. All exposures above certain levels require
approval by the Group Credit Transactions Committee (GCTC).
Other exposures are approved according to a system of tiered
individual credit authorities, which reflect credit competence,
proven judgement, and experience. Material lending proposals
are referred to credit underwriting units for independent
assessment / approval or formulation of a recommendation
for subsequent adjudication by the applicable approval
authority. Certain retail loan applications may be approved
automatically where they meet both approved policy rules and
minimum credit score thresholds produced by internal credit
scoring tools.
Controls and limits
The Group imposes credit risk control limits and country risk
exposure guide points to mitigate significant concentration
risk. These limits and guide points are informed by the Group\u2019s
Risk Appetite Statement which is approved annually by the
Board. It includes specific limits for each category and
maximum exposure limits to a customer or a group of
connected customers.
The Board approves a framework of country risk exposure
guide points which act as boundaries for the setting of
individual country limits, which are approved by the GCRC. The
Board may also approve individual country limits outside of
the country exposure guide points. A maximum exposure limit
framework for exposures to banks is also approved by the
GCRC for each rating category. Limits are set and monitored
for countries, sovereign obligors, and banks in accordance with
these frameworks.
Credit risk measurement (audited)
All credit transactions are assessed at origination for credit
quality and the borrower is assigned a credit rating based on a
pre-defined credit rating scale. The risk and consequently the
credit rating, is reassessed periodically. The use of internal
credit rating models and scoring tools, which measure the
degree of risk inherent in lending to specific counterparties, is
central to the credit risk assessment and ongoing management
processes within the Group.
Loan impairment
Under IFRS 9, essentially all credit risk exposures not
measured at fair value through profit or loss (FVTPL) are
subject to recognition of an impairment loss allowance for ECL.
The Group\u2019s impairment modelling methodologies are
approved by MRC and / or RMC and the quantum of the
Group\u2019s impairment gain or loss, NPEs and impairment loss
allowances are reviewed by the GCRC and by the ERC in
advance of providing a recommendation to the GAC.
The Group\u2019s credit risk rating systems and impairment models
and methodologies play a key role in quantifying the
appropriate level of impairment loss allowance. Further details
are provided in the section on credit risk methodologies
beginning on page 251. An analysis of the Group\u2019s impairment
loss allowances at 31 December 2025 is set out in note 26.
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.4\u00a0 Credit risk (continued)
Credit risk mitigation (audited)
An assessment of the borrower\u2019s ability to service and repay
the proposed level of debt (principal repayment source) is
undertaken for credit requests and is a key element in the
Group\u2019s approach to mitigating risk.
In addition, the Group mitigates credit risk through the
adoption of both proactive preventative measures (e.g.
controls and limits) and the development and implementation
of strategies to assess and reduce the impact of particular risks
should these materialise, including hedging, securitisation, the
taking of collateral (which acts as a secondary repayment
source) and selective asset / portfolio disposals.
Risk transfer
The objective of risk mitigation / transfer is to keep risk
exposure within acceptable limits. At portfolio level, credit risk
is assessed in relation to the degree of name, sector, and
geographic concentration. Where emerging risk concentrations
are identified, the risk capital implications are assessed and,
where appropriate, risk transfer and mitigation options (e.g.
disposals, securitisations, hedging strategies) are explored.
Collateral
Credit risk mitigation includes the requirement to obtain
collateral, depending on the nature of the product and local
market practice, as set out in the Group\u2019s policies and
procedures. The Group takes collateral as a secondary
repayment source, which can be called upon if the borrower is
unable or unwilling to service and repay debt as originally
envisaged. Various types of collateral are accepted, including
property, securities, cash, guarantees and insurance.
The nature and level of collateral required depends on a
number of factors including, but not limited to, the amount of
the exposure, the type of facility made available, the term of
the facility, the amount of the borrower\u2019s own cash input and
an evaluation of the level of risk or PD.
The Group\u2019s requirements around completion, valuation and
management of collateral are set out in appropriate Group
policies, business unit LOS and credit risk procedures. The
extent to which collateral and other credit enhancements
mitigate credit risk in respect of the Group\u2019s residential
mortgage portfolio is set out in the tables on pages 262 to 265.
Counterparty credit risk arising from derivatives
Trading in over-the-counter (OTC) derivatives is governed by
the European Market Infrastructure Regulation. The Group has
executed standard internationally recognised documents such
as International Swaps and Derivatives Association (ISDA)
agreements and Credit Support Annexes (CSAs) with all of its
derivative financial counterparties. In addition, the Group has
Cleared Derivatives Execution Agreements (CDEAs) with its
principal interbank derivative counterparties enabling the
Group to clear eligible derivatives through an EU approved and
regulated central counterparty. If a derivative contract cannot
be cleared through a central counterparty, a CSA serves to limit
the potential cost of replacing that contract at market price in
the event of a default by the financial counterparty. All of the
Group\u2019s financial counterparty derivatives are covered by
CDEAs or CSAs and are hence collateralised.
Credit risk reporting / monitoring (audited)
Credit risk at a Group, divisional and significant operating unit /
product type level is reported on a monthly / quarterly basis to
senior management. Reporting includes information on loan
book composition and asset quality (PD profiles, impairment
loss allowances and RWAs).
The current status of credit risk, including risk dashboards and
risk appetite compliance, is reported through the Board Risk
Report on a monthly basis. A report on exceptions to LOS is
reviewed by GCRC members on a quarterly basis.
On a monthly / quarterly basis the GCRC considers credit
concentration reports which track changes in portfolio,
product / sectoral and single name concentrations measured
under agreed parameters. In addition, other reports are
submitted to senior management and the Board as required.
The Group maintains an independent Credit Review function
which provides ongoing assessment of the Group's credit risk
management processes. Using a risk based approach, Credit
Review carries out periodic reviews of Group lending
portfolios, lending units and credit underwriting units. The
results of reviews carried out by the Credit Review function are
communicated to the Board and senior management.
Management of challenged assets (audited)
The Group has in place a range of initiatives to manage
challenged and non-performing exposures. These include:
\u2022 enhanced collections and recoveries processes;
\u2022 specialist work-out teams to ensure early intervention for
borrowers in or potentially in financial difficulty;
\u2022 intensive review cycles for \u2018at risk\u2019 exposures and the
management of arrears and excess positions; and
\u2022 support from central teams in managing \u2018at risk\u2019 portfolios
at a business unit level.
Group forbearance strategies
A forbearance measure is a concession to a borrower for
reasons relating to the actual or apparent financial difficulties
of that borrower. A concession is any change to the terms and
conditions of a credit agreement (e.g. term extension, margin
change, release of security, covenant waiver) or a total or
partial refinancing of a credit facility. If the concession to a
borrower is not related to the actual or apparent financial
difficulty of that borrower, forbearance has not occurred. The
key objective of granting forbearance measures is to ensure a
sustainable repayment situation can be achieved. This includes
paving the way for non-performing borrowers to return to
performing status and reducing the likelihood of performing
borrowers reaching a non-performing status.
Forbearance strategies adopted by the Group seek to
maximise recoveries and minimise losses arising from non-
repayment of debt, while providing suitable and sustainable
restructure options that are supportive of customers in actual
or apparent financial difficulties. Such strategies may include,
where appropriate, one or a combination of measures such as
a temporary reduction in contractual repayments, a term
extension, capitalisation of arrears, adjustment, or non-
enforcement of covenants and / or more permanent
restructuring measures.
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.4\u00a0 Credit risk (continued)
Forbearance requests are assessed on a case by case basis,
taking due consideration of the individual circumstances and
risk profile of the borrower.
A request for forbearance will always be a trigger event for the
Group to undertake an assessment of the customer\u2019s financial
circumstances and ability to repay prior to any decision to
grant a forbearance treatment. This assessment may result in
a deterioration in the credit rating assigned to the loan,
potentially impacting how frequently the loan must be formally
reviewed. This assessment may also result in a loan being
considered to have experienced a \u2018significant increase in credit
risk\u2019 or becoming classified as credit-impaired.
The Group Forbearance Policy outlines the core principles and
parameters underpinning the Group\u2019s approach to
forbearance with individual business unit forbearance
procedures in place for each key portfolio which set out in
more detail the approach to and the application of
forbearance.
Borrower compliance with revised terms and conditions may
not be achieved in all cases. Non-compliance could, for
example, arise because the individual circumstances and risk
profile of the borrower continue to deteriorate, or fail to show
an expected improvement, to the extent that an agreed
reduced level of repayment can no longer be met.
In the event of non-compliance, a request for further
forbearance may be considered. It is possible that the Group,
by virtue of having granted forbearance to a borrower, could
suffer a loss that might otherwise have been avoided had
enforcement action instead been taken. This could, for
example, arise where the value of security held in respect of a
loan diminishes over the period of a forbearance arrangement
which ultimately proves unsustainable.
It is the Group\u2019s policy to measure the effectiveness of
forbearance arrangements over the lifetime of those
arrangements. A forbearance arrangement is considered to be
effective where the risk profile of the affected borrower
stabilises or improves over the measured time period,
resulting in an improved outcome for the Group and the
borrower. The measurement of effectiveness takes account of
the nature and intended outcome of the forbearance
arrangement and the period over which it applies.
Asset quality - Loans and advances to customers (audited
except where denoted unaudited)
Asset quality methodology
The Group has allocated financial instruments into one of the
following categories at the reporting date:
\u2022 Stage 1 - 12 month expected credit losses (not credit-
impaired)
Financial instruments which have not experienced a
significant increase in credit risk since initial recognition
and are not credit-impaired. An impairment loss allowance
equal to 12-month ECL is recognised, which is the portion
of lifetime ECL resulting from default events that are
estimated within the next 12 months.
\u2022 Stage 2 - Lifetime expected credit losses (not credit-
impaired)
Financial instruments which have experienced a \u2018significant
increase in credit risk since initial recognition\u2019 and are not
credit-impaired. An impairment loss allowance equal to
lifetime ECL is recognised, being the ECL resulting from all
estimated default events over the expected life of the
financial instrument. \u2018Credit risk\u2019 in this context refers to
the change in the risk of a default occurring over the
expected life of the financial instrument.
\u2022 Stage 3 - Lifetime expected credit losses (credit-impaired)
Credit-impaired financial instruments, other than POCI
financial assets. An impairment loss allowance equal to
lifetime ECL is recognised. The Group\u2019s approach to
identifying credit-impaired assets is consistent with the
Group\u2019s definition of default (in accordance with regulatory
guidelines including EBA Guidelines on the application of
the definition of default under Article 178 of the Capital
Requirements Regulation (CRR)). This encompasses loans
where: i) the borrower is considered unlikely to pay in full
without recourse by the Group to actions such as realising
security; and / or ii) the borrower is greater than 90 days
past due and the arrears amount is material.
\u2022 POCI \ufb01nancial assets
Financial assets that were credit-impaired at initial
recognition. A POCI is not subject to any initial impairment
loss allowance but an impairment loss allowance is
subsequently recognised for the cumulative changes in
lifetime ECL since initial recognition. A POCI remains
classified as such until it is derecognised, even if assessed
as no longer credit-impaired at a subsequent reporting
date. POCI obligations remain outside of the normal stage
allocation process for the lifetime of the obligation.
Further information on the approaches to identifying
\u2018significant increase in credit risk since initial recognition\u2019 and
credit-impaired assets are outlined in the following section on
'credit risk methodologies'.
The Group continued to apply the following classifications at
the reporting date.
Forborne loans
Loans where a forbearance measure has been granted and
where the criteria to exit a forborne classification, in line with
EBA guidance, are not yet met. Loans that have never been
forborne or loans that are no longer required to be reported
as \u2018forborne\u2019 are classified as 'non-forborne\u2019.
Non-performing exposures
These are:
\u2022 credit-impaired loans which includes loans where the
borrower is considered unlikely to pay in full without
recourse by the Group to actions such as realising security,
and / or loans where the borrower is greater than 90 days
past due and the arrears amount is material; and
\u2022 other loans meeting NPE criteria as aligned with regulatory
requirements.
Credit risk methodologies (audited)
The Group\u2019s credit risk methodologies encompass internal
credit rating models, scoring tools and impairment models.
This is set out on the following pages.
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.4\u00a0 Credit risk (continued)
Internal credit rating models
The use of internal credit rating models and scoring tools,
which measure the degree of risk inherent in lending to
specific counterparties, is central to the credit risk assessment
and ongoing management processes within the Group.
The primary model measures used are:
\u2022 PD: the probability that a given counterparty will default on
any of its credit obligations to the Group within the next
twelve months;
\u2022 Exposure at Default (EAD): the total amount the Group is
owed by the borrower at the point of default;
\u2022 LGD: the loss incurred (after the realisation of any
collateral) on a specific transaction should the borrower
default, expressed as a percentage of EAD; and
\u2022 Expected Loss Best Estimate (ELBE): the expected loss
incurred (after the realisation of any collateral) on a specific
transaction given the borrower's default expressed as a
percentage of EAD based on current economic conditions.
These measures are used to calculate regulatory RWA and are
fully embedded in and form an essential component of the
Group\u2019s operational and strategic credit risk management and
credit pricing practices.
The structure of internal rating systems
The Group divides its internal rating systems into non-retail
and retail approaches. For the Group\u2019s retail consumer and
smaller business portfolios, the credit risk assessment is
grounded on application and behavioural scoring tools. For
larger commercial and corporate customers, the risk
assessment is underpinned by statistical risk rating models
which incorporate quantitative information from the customer
(e.g. financial statements) together with a qualitative
assessment of non-financial risk factors such as management
quality and market / trading outlook. Lending to financial
institutions is assigned an internal rating supported by
external ratings of the major rating agencies.
PD calculation
For the purposes of internal credit rating models, the Group
estimates PD using a hybrid PD approach based on the
following components:
\u2022 Through-the-Cycle (TtC) component which captures the
average PD for a borrower over a long run time series with
a mix of good and bad years, expressed on a twelve-month
basis; and
\u2022 Cyclical component based on the scorecard risk drivers
used to reflect estimates that are sensitive to economic
conditions, typically increasing during downturns and
decreasing during upturns but not necessarily to the same
degree as default rates change in the economy.
Non-retail internal rating systems
The Group has adopted the Foundation Internal Ratings Based
(FIRB) approach for most of its non-retail portfolios. Under this
approach, the Group calculates its own estimates for PD and
uses supervisory estimates of LGD and credit conversion
factors.
To calculate PD under the FIRB approach, the Group assesses
the credit quality of borrowers based on borrower specific
characteristics. Scorecards are developed for each significant
portfolio or type of lending, with outputs used to assign a PD
grade to each borrower. For exposures other than financial
institutions, external ratings, when available for borrowers,
play a role in the independent validation of internal estimates.
For non-retail exposures, the Group calculates its own
estimates of PDs based on internal default experience, or
where default data is limited, statistical model estimates
combined with available data to reflect the average default
rate over the course of an economic cycle. The PDs vary, to an
extent, with the economic cycle and are used to calculate risk
weighted exposure amounts and to determine minimum
regulatory capital requirements. The PD estimates capture a
change in borrower risk over the economic cycle and are used
for internal credit management purposes.
Retail internal rating systems
The Group has adopted the Advanced rating systems. Under
the Retail IRB approach, scorecards based on internal
behavioural data and, where relevant, transaction-specific
characteristics are developed for specific portfolios or product
types. The output from the scorecard is used to determine the
PD estimate.
The Group calculates retail PDs on a hybrid basis depending
on the portfolio. A cyclical rating philosophy that is sensitive to
changes in economic conditions is calibrated to a TtC long run
average default rate resulting in model estimates that vary to
an extent with the economic cycle but are not fully cyclical.
These retail PDs are used for both the calculation of risk
weighted exposure amounts and for internal credit
management purposes.
LGD estimates are based on historic loss experience and
associated costs for all observed defaults. Loss estimates are
adjusted upwards to ensure LGD estimates are representative
of economic downturn conditions. Some portfolios have an
ELBE LGD modelling component for stock default accounts. For
revolving credit facilities, estimates of credit conversion factors
(which determine the extent to which a currently undrawn
amount is assumed to be drawn and outstanding at point of
default) are similarly derived based on historic experience
from observed defaults and are calibrated to produce
estimates of behaviour characteristic of an economic
downturn if those are more conservative than the long run
average.
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.4\u00a0 Credit risk (continued)
Uses of internal estimates
Internal estimates play an essential role in risk management
and decision-making processes as well as the credit approval
functions, the internal capital allocation function and the
corporate governance functions of the Group. The specific
uses of internal estimates differ from portfolio to portfolio, and
for retail and non-retail approaches, but typically include:
\u2022 credit decisioning / automated credit decisioning and
borrower credit approval;
\u2022 credit management;
\u2022 calculation of Risk Adjusted Return metrics e.g. (RoTE);
\u2022 internal reporting; and
\u2022 internal capital allocation between businesses of the
Group.
Control mechanisms for credit rating and impairment
models
The Group Model Risk Policy, as approved by RMC and the
BRC, sets out the Group\u2019s overall approach to model risk
management. Supporting standards set out more detailed
requirements with respect to development, monitoring and
validation of credit rating and impairment models. These
standards are approved by the RMC and / or the MRC. Model
development and redevelopments for credit rating and
impairment models are approved by the RMC and the results
of model performance monitoring are reported to the MRC
with onward reporting at the RMC on a regular basis.
The Group mitigates model risk for credit rating and
impairment models as follows:
\u2022 model development standards: the Group adopts
centralised standards and methodologies over the
operation and development of models. This ensures a
common approach in key areas such as documentation,
data quality and management and model testing;
\u2022 model governance: the Group adopts a uniform approach
to the governance of all risk rating model related activities
and impairment model related activities, ensuring the
appropriate involvement of relevant stakeholders;
\u2022 model performance monitoring: credit risk rating and
impairment models are subject to testing on a quarterly
basis which is reported to the relevant committee. This
includes assessment of model performance against
observed outcomes, including:
\u2013 rank order of borrowers;
\u2013 accuracy of parameter estimates (including actual vs.
expected testing);
\u2013 the stability of the rating;
\u2013 the quality of data; and
\u2013 the appropriateness of model use.
\u2022 independent validation: models are subject to in-depth
analysis on a periodic basis, which includes an assessment
of model performance against observed outcomes,
including: rank order of borrowers; accuracy of parameter
estimates; the stability of the rating population; the quality
of data; and the appropriateness of model use. This
analysis is carried out by a dedicated unit the \u2018Independent
Validation Unit\u2019 (IVU) which is independent of credit
origination and management functions.
When issues are raised on risk rating or impairment models,
plans are developed to remediate or replace such models
within an agreed timeframe.
In addition, GIA regularly reviews the risk control framework,
including policies and standards, to ensure that these are
being adhered to, meet industry good practices and are
compliant with regulatory requirements.
Methodology for loan loss provisioning under IFRS 9
Approach to measurement of impairment loss allowances
Impairment is measured in a way that reflects: (a) an unbiased
and probability-weighted amount that is determined by
evaluating a range of possible outcomes; (b) the time value of
money; and (c) reasonable and supportable information that is
available without undue cost or effort at the reporting date
about past events, current conditions, and forecasts of future
economic conditions. Impairment is measured through the use
of impairment models, individual discounted cash flow (DCF)
analysis and modelled loss rates, supplemented where
necessary by management overlays.
A loss allowance is recognised for all financial instruments in
scope for the impairment requirements of IFRS 9. There have
been no significant changes in the quality of collateral or credit
enhancements as a result of changes in the Group\u2019s collateral
policies during the year.
The Group\u2019s methodologies for the valuation of property
collateral are set out on page 256, noting further that FLI (page
313) is applied as appropriate to RoI and UK property collateral
values in measuring impairment loss allowances under IFRS 9.
The Group\u2019s critical accounting estimates and judgements,
including those with respect to impairment of financial
instruments, are set out in note 2 to the consolidated financial
statements. An analysis of the Group\u2019s net impairment losses
on financial instruments and impairment loss allowances is set
out in notes 14, 25 and 26 of the consolidated financial
statements.
Impairment models
The Group has in place a suite of IFRS 9 compliant impairment
models which are executed on a monthly basis. The Group's
ECL framework allocates financial instruments to Stage 1, 2 or
3 and measures the applicable 12 month or lifetime ECL. The
characteristics of an exposure determine which impairment
model is applied, with influencing factors including product
type (e.g. residential mortgage, unsecured personal loan,
business loan) and market segment (e.g. owner occupier, Buy
to Let (BTL), general corporate lending, general business
lending). ECLs are calculated as the sum of the marginal losses
for each time period from the reporting date. The key
components of the ECL calculation are PD, EAD and LGD and
are described on the following page. Other components
include discount rate and maturity. The current contractual
interest rate is generally used as the discount rate as it is
considered a suitable approximation of the effective interest
rate determined at initial recognition. For term lending
including committed RCFs, contractual maturity is used in the
ECL calculation. For other revolving facilities, behavioural life is
generally used.
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens\u00a0 (continued)
3.4\u00a0 Credit risk (continued)
IFRS 9 Probability of Default
Where available, the ratings or underlying scores from internal
credit rating models are used as a starting point for IFRS 9 PD
calibration. While calibration techniques are similar to those
used for regulatory purposes, the IFRS 9 PD differs from
regulatory capital PDs as it is a point-in-time PD measure
based on current conditions adjusted to reflect FLI under a
range of scenarios. A current point-in-time IFRS 9 PD
represents the expected default rate over the next twelve
months. It is used to calculate the 12-month ECL and as the
starting point for lifetime PD estimation. Future point-in-time
PDs are projected for each year from year two to the
instrument\u2019s maturity. Transition matrices are used to model
how exposures migrate across PD bands over time.
Together, the current point-in-time IFRS 9 PD and future point-
in-time IFRS 9 PDs are used to calculate an IFRS 9 lifetime PD
expectation for each FLI scenario. The scenario-weighted
averages determine an overall IFRS 9 lifetime PD expectation.
At origination, these expectations, along with any relevant
prepayment estimates, are stored to enable future
comparisons to assess whether a \u2018significant increase in credit
risk\u2019 has occurred. As lifetime PD was not calculated
historically, the Group used reasonable and supportable
information available without undue cost or effort to
approximate the residual IFRS 9 lifetime PD expectations at
initial recognition for most financial instruments originated
prior to the adoption of IFRS 9 on 1 January 2018.
In 2025, four new IRB PD models were implemented for the
Property Investment, Leverage Acquisition Finance, RoI
General Industries, and Project Finance segments of the Non-
Retail portfolio. The ECL model framework was also updated to
incorporate the newly implemented models.
The IFRS 9 PD models for the Property Investment and
Development portfolio were redeveloped during 2025. The
redevelopment resulted in an increase of c.\u20ac3 million in
impairment loss allowance. Consequently, the Investment
Property PMA that had been held at 31 December 2024 and 30
June 2025 in anticipation of this model update is no longer
required.
RoI GDP and RoI Gross National Product (GNP) were removed
as primary risk drivers from PD macroeconomic regression
models in H1 2025 due to the inherent volatility and risk of
restatement for these macroeconomic indicators. The
impairment models now include less volatile factors such as
Modified Domestic Demand (MDD).
Further details are provided in note 2 critical accounting
estimates and judgements.
IFRS 9 Exposure at Default
Current point-in-time EAD represents the expected exposure if
the borrower defaults within the next 12 months. Future point-
in-time EAD incorporates expected contractual cash flows. IFRS
9 EAD differs from regulatory EAD in that it incorporates
expected contractual cash flows.
The EAD component of the Non-Retail impairment model was
enhanced to include greater risk differentiation by
incorporating repayment profile specific segmentation in 2025
to address model weaknesses. The model updates resulted in
an c.\u20ac8 million increase in impairment loss allowance.
IFRS 9 Loss Given Default
Current point-in-time LGD represents the loss expected if
default occurs within the next 12 months. To calculate lifetime
ECL, future point-in-time LGDs are calculated for each year
from the start of year 2 to maturity of the exposure. These
calculations are based on historical data, with cure rates
incorporated where relevant, to reflect the likelihood of
borrowers returning to performing status. FLI is also reflected
for example through changes in collateral, cure rates, time to
sale and loss on portfolio sales applied where collateral is held
in RoI or UK property markets.
The LGD component of the Non-Retail impairment model was
enhanced to include greater sensitivity to macro-economic
factors and address model weaknesses. The updates resulted
in a c.\u20ac25 million increase in impairment loss allowance.
Consequently, the Investment Property PMA that had been
held at 31 December 2024 and 30 June 2025 in anticipation of
this model update is no longer required.
Further details are provided in note 2 critical accounting
estimates and judgements.
Individual discounted cash flow analysis
For credit-impaired financial instruments in Corporate and
Commercial Banking and certain other relationship-managed
portfolios, the impairment loss allowance is primarily
determined by an individual DCF analysis completed by
lenders in business units and subject to review, challenge and,
potentially, revision by independent credit professionals in
underwriting units. The expected future cash flows are based
on an assessment of future recoveries and resolution scenario
outcomes (where applicable) and include forecasted principal
and interest payments (not necessarily contractual amounts
due) and expected cash flows, if any, from the realisation of
collateral / security held, less realisation costs.
Modelled loss rates
For some smaller and / or lower risk portfolios, (primarily RoI
asset finance portfolios) impairment loss allowances are
measured by applying modelled loss rates to exposure
amounts. Modelled loss rates are generally determined on a
component basis considering factors such as the nature and
credit quality of the exposures and past default and recovery
experience on the portfolio or on portfolios with similar risk
characteristics. Generally, a number of different loss rates will
be set for a portfolio to allow differentiation of individual
financial instruments within the portfolio based on their credit
quality.
Identifying a signi\ufb01cant increase in credit risk
The Group\u2019s standard criteria to identify financial instruments
which have had a \u2018significant increase in credit risk since initial
recognition\u2019 are applied to the vast majority of loans and
advances to customers. \u2018Credit risk\u2019 in this context refers to the
change in the risk of a default occurring over the expected life
of the financial instrument. Unless credit-impaired or a POCI, a
financial instrument is generally allocated to Stage 2 if any of
the following criteria are met at the reporting date:
\u2022 remaining lifetime PD at the reporting date is more than
double and more than 50 basis points higher than the
remaining lifetime PD at initial recognition as estimated
based on facts and circumstances (adjusted where relevant
for changes in prepayment expectations);
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.4\u00a0 Credit risk (continued)
\u2022 a contractual payment is greater than 30 days past due;
\u2022 the PD risk rating for individually assessed / relationship
managed assets is above a defined risk threshold;
\u2022 the exposure has been placed on a watchlist or meets
definition of challenged for relationship managed
exposures;
\u2022 the exposure is a forborne loan;
\u2022 the exposure has exited default / Stage 3 in the previous 3
months; and
\u2022 a related credit facility or asset has been classified as Stage
2 (applicable to certain portfolios only).
The above criteria are automatically applied as part of the
monthly execution of the Group\u2019s impairment models. In
addition, the Group considers other reasonable and
supportable information that would not otherwise be
considered that would indicate that a significant increase in
credit risk had occurred. In this regard, the Group assessed the
impact of elevated affordability risk, including impacts on UK
residential mortgage interest only loans nearing scheduled
maturity and the possible lag effect of higher interest rate pass
through on both RoI and UK residential mortgage customers
rolling off fixed rate contracts.
In line with 2024, credit risk assessments were implemented
across the residential mortgage portfolio and the outputs have
been utilised to identify significant increases in credit risk and
the reclassification of Stage 1 assets as Stage 2. These credit
risk assessments, which leveraged qualitative information not
already captured in impairment models, resulted in a credit
management decision to classify \u20ac1.2 billion of Stage 1 assets
as Stage 2 at the reporting date, and a corresponding \u20ac11
million increase in impairment loss allowance.
Where a financial asset has been modified but not
derecognised, the quantitative assessment of \u2018significant
increase in credit risk\u2019 continues to be based on the remaining
lifetime PD at initial recognition.
The Group assesses the effectiveness of its staging criteria
semi-annually, taking into account considerations such as the
extent to which: i) exposures have moved directly from Stage 1
to Stage 3; ii) exposures have moved to Stage 3, having spent
only a short period in Stage 2; and iii) there is potential over-
reliance on backstop or qualitative criteria in identifying Stage
2 exposures.
The Group applies the low credit risk expedient to all debt
securities in scope for the impairment requirements of IFRS 9
(with the exception of a small amount of debt securities
associated with corporate banking relationships) and similarly
to loans and advances to banks, central banks, and investment
firms. \u2018Low credit risk\u2019 encompasses PD grades 1 to 5 on the
Group\u2019s internal PD rating system, which broadly aligns with
ratings of AAA to BBB- for the external major rating agencies.
Such financial instruments are allocated to Stage 1.
For some smaller and / or low risk portfolios, the Group
identifies a \u2018significant increase in credit risk since initial
recognition\u2019 solely by reference to whether a contractual
payment is greater than 30 days past due.
Identifying defaulted assets and credit-impaired assets
The Group aligns the definition of Default with Credit Impaired
and NPE definitions, so that any exposure classified as Credit
Impaired or NPE is classified as Defaulted. Where default
criteria are no longer met, the credit facility (obligor for non-
retail exposures) exits credit-impaired (Stage 3), subject to
meeting defined probation criteria, in line with regulatory
requirements.
Under the definition of default the Group considers certain
events as resulting in mandatory default and credit-impaired
classification without further assessment. These include:
\u2022 greater than 90 days past due and the past due amount is
material;
\u2022 more than 3 full monthly payments past due (retail credit
facilities only);
\u2022 a forbearance arrangement is put in place and that
arrangement involves debt forgiveness or reduction in
interest rate / margin;
\u2022 legal action is underway by the Group to enforce
repayment or realise security;
\u2022 the Group or a receiver takes security into possession;
\u2022 the Group has formally sought an insolvency arrangement
in respect of the borrower;
\u2022 the exposure is classified as non-performing forborne for
supervisory reporting purposes;
\u2022 residential mortgages where default has occurred on
another credit facility secured on the same property
collateral, or more than 20% of overall balance sheet
exposure to the customer in the mortgage portfolio is in
default; and
\u2022 the borrower has been granted multiple forbearance
arrangements over a period of three years.
Certain other events necessitate a lender assessment and, if
the outcome of the lender assessment is that the contractual
amount of principal, interest and fees will not be fully repaid in
what is assessed to be the most likely cash flow scenario or will
be repaid only via recourse by the Group to actions such as
realising security, when this was not originally envisaged,
default and credit-impaired classification is mandatory. For
larger value commercial lending cases (typically greater than
\u20ac1 million or \u00a3850,000), the lender assessment involves
production of an individual discounted cash flow analysis. The
events differ by portfolio and include those set out below.
All portfolios:
\u2022 a forbearance measure has been requested by a borrower
and formally assessed;
\u2022 the non-payment of interest (e.g. via interest roll-up,
arrears capitalisation etc.) as a result of the terms of
modification of loans, including refinancing and
renegotiation of facilities where during the renegotiation
process, the lender becomes aware that the borrower is
under actual or apparent financial distress;
\u2022 there are justified concerns about a borrower\u2019s future
ability to generate stable and sufficient cash flows;
\u2022 a borrower\u2019s sources of recurring income are no longer
available to meet regular loan repayments;
\u2022 evidence of fraudulent activity by the borrower or another
party connected with the loan;
\u2022 the contractual maturity date has passed without
repayment in full;
\u2022 repayment of a credit obligation is suspended because of a
law allowing this option or other legal restrictions; and
\u2022 a material third-party creditor is known to have sought an
insolvency arrangement in respect of the borrower.
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.4\u00a0 Credit risk (continued)
Residential mortgage portfolios:
\u2022 offer of voluntary surrender of security or sale of security
at a possible shortfall; or
\u2022 it becomes known that the borrower has become
unemployed with no comparable new employment
secured.
Larger Small and Medium Enterprise / corporate and
property loans:
\u2022 the borrower has breached the covenants of a credit
contract with the Group;
\u2022 there is a crisis in the sector in which the counterparty
operates combined with a weak position of the
counterparty in this sector;
\u2022 external credit rating has been downgraded below a
certain level in conjunction with other evidence of a
deterioration in credit risk;
\u2022 financial analysis indicates an inability of the borrower to
meet debt service obligations as they fall due and / or a
negative net assets position;
\u2022 the borrower has ceased trading;
\u2022 a material decrease in collateral value has occurred on a
CRE transaction, such that the value of the collateral
reduces by a certain level in the previous 12 months, or
LTV ratio increases to more than a specified level;
\u2022 a fall in net rent such that it is inadequate to cover interest
with little / no other income to support debt service
capacity (investment property exposures only);
\u2022 a fall in the assessed gross development value such that
sale proceeds are no longer expected to fully repay debt
(development exposures only); and
\u2022 the term debt exposure of a borrower has a maturity date
in less than 3 months\u2019 time, and no credit approved and
customer agreed refinance arrangement is in place.
Review of credit-impaired loans
It is Group policy to review credit-impaired loans above agreed
thresholds at a minimum annually or on receipt of material
new information, with the review including a reassessment of
the recovery strategy and the continued appropriateness of a
credit-impaired classification.
The minimum requirements for a credit-impaired loan to
return to non credit-impaired status are that:
\u2022 the borrower must not be greater than 90 days past due
on a material amount;
\u2022 the borrower must be considered likely to pay in full
without recourse by the Group to actions such as realising
security and there must be no forbearance arrangement in
place where future reliance on realisation of collateral is
expected for repayment in full when this was not originally
envisaged (i.e. no Unlikeliness To Pay (UTP) trigger
persists);
\u2022 and have observed any probation period requirements.
An updated assessment of the borrower\u2019s current financial
condition and repayment prospects is typically required, with
evidence of regular, satisfactory repayments under the original
or modified agreement for a reasonable period of time.
Methodologies for valuation of property collateral
The Group\u2019s approach to the determination of the market
value of property collateral is set out in the Group Property
Collateral Valuation Policy, supported by related Group
Property Collateral Valuation Guidelines, and is summarised
below. The Group\u2019s approach to applying FLI to those values
for the purposes of measuring impairment loss allowance for
the year ended 31 December 2025 is described below.
Retail Ireland mortgage loan book property values are
determined by reference to the original or latest property
valuations held indexed to the Central Statistics Office (CSO)
Residential Property Price Index (RPPI). Retail UK mortgage
loan book property values are determined by reference to the
original or latest property valuations held indexed to the
Nationwide UK house price index.
Commercial property valuations may include formal written
valuations from external or internal professionals, or \u2018internally
assessed valuations\u2019 completed by business units. Internally
assessed valuations are informed by the most appropriate
sources available for the assets in question. This may include
property specific information / characteristics, local market
knowledge, comparable transactions, professional advice (e.g.
asset management reports) or a combination thereof, in line
with more detailed guidance approved by the GCRC. This
guidance is informed by both internal and externally sourced
market data / valuation information, including input from the
Group\u2019s Real Estate Advisory Unit (REAU). Internally assessed
valuations are subject to review, challenge and, potentially,
revision by independent credit professionals in underwriting
units and are approved as part of the normal credit process.
Typically, more frequent valuations are required for properties
held as security for NPEs with an annual valuation required for
NPEs in excess of \u20ac300,000 / \u00a3250,000.
Credit risk associated with geopolitical risk, economic
uncertainty, and affordability rates
The impact of heightened geopolitical uncertainty has been
integrated into individual credit assessments across the
relationship-managed commercial portfolios during 2025.
Targeted evaluations of tariff related risks were conducted in
2025 within relevant corporate and SME lending portfolios.
Where exposures were identified as high risk, appropriate
credit downgrades were applied, resulting in reclassification to
Stage 2 or, where required, Stage 3.
A new PMA of \u20ac40 million has been applied at 31 December
2025 to reflect the potential second order economic impacts
arising from the recent elevation in geopolitical risk globally.
This adjustment reflects the increased credit risk that may
arise within internationally focused Corporate Non-Property
lending portfolios as a result of broader macroeconomic
uncertainty.
Additionally, in 2025 the Group conducted a number of
assessments in relation to credit risk associated with the
impact of elevated affordability risk including impacts on UK
residential mortgage interest only loans nearing scheduled
maturity and the possible lag effect of higher interest rate pass
through on both RoI and UK residential mortgage customers
rolling off fixed rate contracts.
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.4\u00a0 Credit risk (continued)
In line with 2024, credit risk assessments were implemented
across the residential mortgage portfolio and the outputs have
been utilised to identify significant increases in credit risk and
the reclassification of Stage 1 assets as Stage 2. These credit
risk assessments, which leveraged qualitative information not
already captured in impairment models, resulted in a credit
management decision to classify \u20ac1.2 billion of Stage 1 assets
as Stage 2 at the reporting date (31 December 2024: c.\u20ac0.9
billion), with a corresponding \u20ac11 million increase in
impairment loss allowance (31 December 2024: \u20ac9 million).
Furthermore, the final set of probability weightings applied to
FLI scenarios utilised in the Group\u2019s impairment models
incorporated the application of management judgement to
initial modelled probability weightings to reflect economic
uncertainty associated with factors including geopolitical risk
and tariff policy uncertainty. The estimated impact of this
judgement was a c.\u20ac12 million increase in impairment loss
allowance (31 December 2024: c.\u20ac7 million).
Further details on the selected FLI scenarios for the reporting
period, Group management adjustments and management
judgement incorporated into impairment model parameters
are provided in note 2 critical accounting estimates and
judgements. Quantitative information about credit risk within
\ufb01nancial instruments held by the Group can be found in note
26 credit risk exposures.
Forward-Looking Information
Changes in estimates
FLI refers to probability-weighted future macroeconomic
scenarios used in the measurement of impairment loss
allowances under IFRS 9, and is approved semi-annually by the
ERC. At 31 December 2025 the Group applied four FLI
scenarios , comprised of a central scenario, an upside scenario,
and two downside scenarios, including one severe downside
scenario.
Each scenario spans a five year forecast period, with reversion
to long run averages for property price growth thereafter. The
Group keeps under review the number of FLI scenarios and
the need to produce jurisdiction specific projections. The
central FLI scenario for the year ending 31 December 2025 was
developed internally by the Group\u2019s ERU in collaboration with
the Group\u2019s REAU.
To incorporate available, reasonable and supportable
information and apply meaningful upside and downside FLI
scenarios, three alternative scenarios (one upside and two
downside) were also constructed by the Group's ERU and the
REAU. Each scenario was constructed around narratives
reflecting varying levels of geopolitical tensions, trade
disruption, energy price, volatility, inflationary pressures,
transition related climate risks, the depth of downturn in the
RoI, UK and global economies; and the pace of economic
recovery.
The alternative scenarios were assessed relative to the
historical distribution of key macroeconomic factors to derive
an initial set of relative probabilities. Weightings were assigned
based on each scenario\u2019s relative position within the historical
distribution, with lower probabilities representing more
extreme outcomes. The final weightings were also informed by
other qualitative factors and expert judgment.
The overall ECL for an exposure is determined as a probability
weighted average of the ECL calculated for each scenario,
weighted by the probability of each scenario occurring. Beyond
the forecast period, default rates are assumed to revert over
time to an observed long run average and the value of
property collateral for LGD purposes is assumed to grow at an
observed long run rate. Typically, one or two macroeconomic
variables are incorporated into each impairment model, as
determined through linear regression techniques to be most
relevant for forecasting default of the credit risk exposures
flowing through that model.
Macroeconomic factors used in expected credit loss modelling
vary by portfolio. Within the PD models, unemployment
represents the primary economic driver, reflecting its strong
empirical relationship with default behaviour. Additional
macroeconomic variables are incorporated where relevant and
include MDD, UK employment, UK GDP, RoI residential
property prices, RoI GNP and interest rates. The lifetime PD
expectation for an exposure generated under each of the
scenarios, weighted by the probability of each scenario
occurring, is used to generate the lifetime PD expectations
used for the assessment of 'significant increase in credit risk'.
LGD estimates reflect portfolio specific recovery expectations
and are primarily driven by collateral values, recovery costs
and the timing of recoveries. Forward-looking macroeconomic
information is incorporated where relevant, with property
prices representing the principal macroeconomic drivers for
collateralised lending.
The application of property price growth forecasts for the
estimation of Stage 3 impairment loss allowances ensures that
the property collateral value at the point of liquidation does
not incorporate an improvement on the current market
condition. FLI is also considered in relation to the estimation of
impairment loss allowances for individually assessed
Corporate and Commercial banking portfolios where recovery
values are dependent on non-property cash flows and / or
collateral. For further information, see note 2 critical
accounting estimates and judgements. The application of
updated macroeconomic variables and FLI scenario weights
used in ECL models during 2025 resulted in a c.\u20ac50 million
increase in impairment loss allowance. Further information on
the forecast values for the key macroeconomic variables under
each scenario for the forecast period 2026 to 2030, together
with the scenario weightings for both the RoI and the UK, are
outlined in note 2 critical accounting estimates and
judgements.
The development of climate risk modelling capabilities is a key
objective of the Group's Climate Risk Action Plan. Methodology
development is in the early stages across the industry. Initial
implementation has focused on development of scenario
analysis capabilities which is expected to be followed by
integration into impairment models and internal credit ratings
models in the medium term. At 31 December 2025 the Group
assessed climate-related physical and transition risks
impacting asset valuations in residential mortgage portfolios
and PD impacts in residential mortgage portfolios alongside
RoI SME non-property portfolios. Resultantly the Group has
recognised a \u20ac12 million PMA. For further information, see
note 2 critical accounting estimates and judgements.
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.4\u00a0 Credit risk (continued)
Composition and impairment
The tables below summarise the composition, credit-impaired volumes and related impairment loss allowance of the Group's loans
and advances to customers at amortised cost at 31 December 2025. These tables exclude \u20ac166 million of loans and advances to
customers at 31 December 2025 (2024: \u20ac185 million) that are measured at FVTPL and are therefore not subject to impairment under
IFRS 9. Credit-impaired includes Stage 3 and POCI assets of \u20ac67 million (2024: \u20ac78 million). \u20ac57 million of POCI assets (2024: \u20ac55
million) were no longer credit-impaired at the reporting date due to improvement in credit risk since purchase or origination. These
loans will remain classified as POCI loans until derecognition.
2025
Credit-impaired loans and advances to customers -
Composition and impairment (audited)
Advances (pre-
impairment loss
allowance)
\u20acm
Credit-
impaired loans
\u20acm
Credit-
impaired loans
as % of
advances
%
Credit-
impaired
Impairment
loss allowance
\u20acm
Impairment
loss allowance
as % of credit-
impaired loans
%
Residential mortgages
52,076
518
1.0%
116
22%
Retail Ireland
37,281
356
0.9%
90
25%
Retail UK
14,795
162
1.1%
26
16%
Non-property SME and corporate
18,399
771
4.2%
364
47%
Republic of Ireland SME
7,145
217
3.0%
89
41%
UK SME
1,314
55
4.2%
14
25%
Corporate
9,940
499
5.0%
261
52%
Property and construction
7,138
325
4.6%
74
23%
Investment
6,423
252
3.9%
50
20%
Development
715
73
10.3%
24
33%
Consumer
5,724
117
2.0%
58
50%
Total
83,337
1,731
2.1%
612
35%
Purchased / originated credit-impaired
124
67
54.0%
23
34%
Total
83,461
1,798
2.2%
635
35%
Advances (pre-
impairment loss
allowance)
\u20acm
Credit-
impaired loans
\u20acm
Credit-
impaired loans
as % of
advances
%
Credit-
impaired
Impairment
loss allowance
\u20acm
Impairment
loss allowance
as % of credit-
impaired loans
%
2024
Credit-impaired loans and advances to customers -
Composition and impairment (audited)
Residential mortgages
50,326
748
1.5%
120
16%
Retail Ireland
34,225
394
1.2%
75
19%
Retail UK
16,101
354
2.2%
45
13%
Non-property SME and corporate
20,358
632
3.1%
257
41%
Republic of Ireland SME
7,249
236
3.3%
94
40%
UK SME
1,531
78
5.1%
17
22%
Corporate
11,578
318
2.7%
146
46%
Property and construction
7,448
269
3.6%
88
33%
Investment
6,840
227
3.3%
75
33%
Development
608
42
6.9%
13
31%
Consumer
5,116
106
2.1%
49
46%
Total
83,248
1,755
2.1%
514
29%
Purchased / originated credit-impaired
133
78
58.6%
1
1%
Total
83,381
1,833
2.2%
515
28%
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.4\u00a0 Credit risk (continued)
At 31 December 2025, loans and advances to customers (pre-
impairment loss allowance) of \u20ac83.5 billion were \u20ac0.1 billion
higher than 31 December 2024, primarily driven by positive net
new lending in the period, particularly within the RoI mortgage
portfolios, offset by the combined impacts of NPE disposals,
utilisation of impairment loss allowances and net redemptions
in the period.
Credit-impaired loans of \u20ac1.8 billion or 2.2% of customer loans
at 31 December 2025 were unchanged from 31 December
2024, with the emergence of new defaults in corporate
portfolios, primarily the US Acquisition Finance portfolio, offset
by the execution of resolution strategies including the disposal
of a pool of UK Mortgage non-performing loans and resolution
activity within the corporate portfolio.
Resolution strategies include the disposal of non-performing
portfolios, realisation of cash proceeds from property sales
activity and, where appropriate, have given rise to utilisation of
impairment loss allowance against loan amounts for which
there is no reasonable expectation of recovery.
In the second half of the year, the Group completed the
disposal of a pool of non-performing loans with a gross
carrying value of \u20ac0.2 billion in the year, with an associated \u20ac2
million net impairment loss.
There was a net reduction of \u20ac1.6 billion loans from Stage 2
(i.e. cases that are no longer identified as having experienced a
significant increase in credit risk) in the year. The primary
driver of this reduction was the net impact of portfolio activity
(including net repayments / redemptions) which offset
increases from the application of updated FLI, credit risk
assessments and impairment model methodology updates.
The stock of impairment loss allowance on credit-impaired
loans was \u20ac0.6 billion at 31 December 2025, which was \u20ac0.1
billion higher than the stock at 31 December 2024. The net
increase incorporates the impact of the gross impairment loss
on credit-impaired loans of \u20ac0.3 billion. This was partly offset
by impairment loss allowance utilisation and the impact of
currency translation and other movements.
The total impairment loss allowance at 31 December 2025
includes a total Group management adjustment of \u20ac106
million (2024: \u20ac57 million), all of which was recognised against
loans and advances to customers. Details on the Group
management adjustment are provided in note 2 on pages 319
to 321.
Impairment loss allowance cover for credit-impaired loans
increased to 35% compared to 28% at 31 December 2024. This
primarily reflects changes in the underlying asset / portfolio
mix of the Stage 3 population with higher than average
impairment requirements for assets migrating to Stage 3 in the
period, primarily emerging from corporate portfolios,
combined with assets with lower coverage exiting from Stage 3
(i.e. the disposal of a pool of UK Mortgage non-performing
loans) and the application of the Retail Ireland residential
mortgages PMA for long dated NPEs.
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.4\u00a0 Credit risk (continued)
Risk profile of forborne loans and advances to customers
The Group\u2019s total risk profile of loans and advances to customers at amortised cost at 31 December 2025 of \u20ac83.5 billion (2024: \u20ac83.4
billion) is available in note 25. The tables below exclude \u20ac166 million of loans and advances to customers at 31 December 2025 (2024:
\u20ac185 million) that are measured at FVTPL and are therefore not subject to impairment under IFRS 9. Exposures are before impairment
loss allowance.
2025
Loans and advances to customers
at amortised cost - Composition (audited)
Stage 1
(not credit-
impaired)
\u20acm
Stage 2
(not credit-
impaired)
\u20acm
Stage 3
(credit-
impaired)
\u20acm
Purchased /
originated
credit-
impaired
\u20acm
Total
\u20acm
Non-forborne loans and advances to customers
Residential mortgages
48,955
2,382
296
86
51,719
Retail Ireland
35,775
1,001
181
86
37,043
Retail UK
13,180
1,381
115
\u2013
14,676
Non-property SME and corporate
13,194
3,708
253
\u2013
17,155
Republic of Ireland SME
5,470
1,368
135
\u2013
6,973
UK SME
1,008
234
36
\u2013
1,278
Corporate
6,716
2,106
82
\u2013
8,904
Property and construction
5,114
1,172
60
\u2013
6,346
Investment
4,606
1,038
60
\u2013
5,704
Development
508
134
\u2013
\u2013
642
Consumer
5,409
197
114
\u2013
5,720
Total non-forborne loans and advances to customers
72,672
7,459
723
86
80,940
Forborne loans and advances to customers
Residential mortgages
4
217
222
38
481
Retail Ireland
3
146
175
38
362
Retail UK
1
71
47
\u2013
119
Non-property SME and corporate
\u2013
726
518
\u2013
1,244
Republic of Ireland SME
\u2013
90
82
\u2013
172
UK SME
\u2013
17
19
\u2013
36
Corporate
\u2013
619
417
\u2013
1,036
Property and construction
\u2013
527
265
\u2013
792
Investment
\u2013
527
192
\u2013
719
Development
\u2013
\u2013
73
\u2013
73
Consumer
\u2013
1
3
\u2013
4
Total forborne loans and advances to customers
4
1,471
1,008
38
2,521
At 31 December 2025, forborne POCI loans included \u20ac10 million (2024: \u20ac4 million) of loans which, while credit-impaired upon
purchase or origination, were no longer credit-impaired at the reporting date due to improvement in credit risk. These loans will
remain classified as POCI loans until derecognition.
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.4\u00a0 Credit risk (continued)
Stage 1
(not credit-
impaired)
\u20acm
Stage 2
(not credit-
impaired)
\u20acm
Stage 3
(credit-
impaired)
\u20acm
Purchased /
originated
credit-
impaired
\u20acm
Total
\u20acm
2024
Loans and advances to customers
at amortised cost - Composition (audited)
Non-forborne loans and advances to customers
Residential mortgages
47,165
2,202
489
103
49,959
Retail Ireland
32,497
1,201
230
103
34,031
Retail UK
14,668
1,001
259
\u2013
15,928
Non-property SME and corporate
14,644
3,864
246
\u2013
18,754
Republic of Ireland SME
5,475
1,403
155
\u2013
7,033
UK SME
1,243
168
54
\u2013
1,465
Corporate
7,926
2,293
37
\u2013
10,256
Property and construction
4,442
1,818
23
\u2013
6,283
Investment
4,108
1,622
23
\u2013
5,753
Development
334
196
\u2013
\u2013
530
Consumer
4,698
311
104
\u2013
5,113
Total non-forborne loans and advances to customers
70,949
8,195
862
103
80,109
Forborne loans and advances to customers
Residential mortgages
4
207
259
30
500
Retail Ireland
4
129
164
30
327
Retail UK
\u2013
78
95
\u2013
173
Non-property SME and corporate
\u2013
1,218
386
\u2013
1,604
Republic of Ireland SME
\u2013
135
81
\u2013
216
UK SME
\u2013
42
24
\u2013
66
Corporate
\u2013
1,041
281
\u2013
1,322
Property and construction
\u2013
919
246
\u2013
1,165
Investment
\u2013
883
204
\u2013
1,087
Development
\u2013
36
42
\u2013
78
Consumer
\u2013
1
2
\u2013
3
Total forborne loans and advances to customers
4
2,345
893
30
3,272
Loan to value profiles - total Retail Ireland mortgages (audited)
The tables below set out the weighted average indexed loan to value (LTV) for the total Retail Ireland mortgage loan book. The tables include POCI loans of \u20ac124 million (2024: \u20ac133
million).
2025
Loan to value ratio of total
Retail Ireland mortgages
Owner occupied
Buy to let
Total
Stage 1
\u20acm
Stage 2
\u20acm
Stage 3
\u20acm
POCIs
\u20acm
Total
\u20acm
Stage 1
\u20acm
Stage 2
\u20acm
Stage 3
\u20acm
POCIs
\u20acm
Total
\u20acm
Stage 1
\u20acm
Stage 2
\u20acm
Stage 3
\u20acm
POCIs
\u20acm
Total
\u20acm
Less than 50%
15,505
453
183
65
16,206
718
17
22
4
761
16,223
470
205
69
16,967
51% to 70%
9,815
504
82
25
10,426
142
6
3
1
152
9,957
510
85
26
10,578
71% to 80%
4,985
128
19
7
5,139
15
2
1
\u2013
18
5,000
130
20
7
5,157
81% to 90%
4,190
32
6
4
4,232
17
4
2
\u2013
23
4,207
36
8
4
4,255
91% to 100%
373
\u2013
7
4
384
2
\u2013
\u2013
\u2013
2
375
\u2013
7
4
386
Subtotal
34,868
1,117
297
105
36,387
894
29
28
5
956
35,762
1,146
325
110
37,343
101% to 120%
8
\u2013
4
6
18
\u2013
\u2013
3
1
4
8
\u2013
7
7
22
121% to 150%
5
\u2013
6
3
14
1
\u2013
3
1
5
6
\u2013
9
4
19
Greater than 151%
1
1
3
3
8
1
\u2013
12
\u2013
13
2
1
15
3
21
Subtotal
14
1
13
12
40
2
\u2013
18
2
22
16
1
31
14
62
Total
34,882
1,118
310
117
36,427
896
29
46
7
978
35,778
1,147
356
124
37,405
Weighted average LTV
Stock of Retail Ireland mortgages at year end
53%
36%
53%
New Retail Ireland mortgages during the year
77%
50%
76%
Weighted average loan to value ratios are calculated at a property level and reflect the average property value in proportion to the outstanding mortgage. Property values are
determined by reference to the property valuations held, indexed to the CSO RPPI. The indexed LTV profile of the Retail Ireland mortgage loan book is based on the CSO RPPI at
October 2025. The CSO RPPI for October 2025 reported that average national residential property prices were 23.7% above peak (October 2024: 15.2% above peak), with Dublin
residential prices 8.9% above peak and outside of Dublin residential prices 26.2% above peak (October 2024: 3.4% above peak and 15.8% above peak respectively). In the ten months
to October 2025, residential property prices at a national level increased by 5.8% (October 2024: 7.2% increase).
At 31 December 2025, \u20ac37.3 billion or 99.8% of Retail Ireland mortgages were classified as being in positive equity, 99.9% for Owner occupied mortgages and 97.8% for BTL
mortgages.
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.4\u00a0 Credit risk (continued)
2024
Loan to value ratio of total
Retail Ireland mortgages
Owner occupied
Buy to let
Total
Stage 1
\u20acm
Stage 2
\u20acm
Stage 3
\u20acm
POCIs
\u20acm
Total
\u20acm
Stage 1
\u20acm
Stage 2
\u20acm
Stage 3
\u20acm
POCIs
\u20acm
Total
\u20acm
Stage 1
\u20acm
Stage 2
\u20acm
Stage 3
\u20acm
POCIs
\u20acm
Total
\u20acm
Less than 50%
14,325
425
180
60
14,990
807
21
29
5
862
15,132
446
209
65
15,852
51% to 70%
9,541
639
101
33
10,314
150
9
6
2
167
9,691
648
107
35
10,481
71% to 80%
4,274
192
21
8
4,495
18
1
1
1
21
4,292
193
22
9
4,516
81% to 90%
3,047
36
12
5
3,100
25
1
4
\u2013
30
3,072
37
16
5
3,130
91% to 100%
285
1
8
5
299
2
\u2013
\u2013
\u2013
2
287
1
8
5
301
Subtotal
31,472
1,293
322
111
33,198
1,002
32
40
8
1,082
32,474
1,325
362
119
34,280
101% to 120%
14
\u2013
5
5
24
2
\u2013
1
\u2013
3
16
\u2013
6
5
27
121% to 150%
6
3
3
4
16
2
\u2013
6
1
9
8
3
9
5
25
Greater than 151%
1
\u2013
5
4
10
2
2
12
\u2013
16
3
2
17
4
26
Subtotal
21
3
13
13
50
6
2
19
1
28
27
5
32
14
78
Total
31,493
1,296
335
124
33,248
1,008
34
59
9
1,110
32,501
1,330
394
133
34,358
Weighted average LTV
Stock of Retail Ireland mortgages at year end
53%
38%
52%
New Retail Ireland mortgages during the year
75%
50%
75%
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.4\u00a0 Credit risk (continued)
Loan to value profiles - total Retail UK mortgages (audited)
The tables below set out the weighted average indexed LTV for the total Retail UK mortgage loan book. Weighted average loan to value ratios are calculated at a property level and
reflect the average of property values in proportion to the outstanding mortgage. Property values are determined by reference to the original or latest property valuations held,
indexed to the published \u2018Nationwide UK House Price Index\u2019 .
2025
Loan to value ratio of total
Retail UK mortgages
Standard
Buy to let
Self-certified
Total
Stage 1
\u00a3m
Stage 2
\u00a3m
Stage 3
\u00a3m
Total
\u00a3m
Stage 1
\u00a3m
Stage 2
\u00a3m
Stage 3
\u00a3m
Total
\u00a3m
Stage 1
\u00a3m
Stage 2
\u00a3m
Stage 3
\u00a3m
Total
\u00a3m
Stage 1
\u00a3m
Stage 2
\u00a3m
Stage 3
\u00a3m
Total
\u00a3m
Less than 50%
1,491
195
13
1,699
1,252
318
20
1,590
197
110
12
319
2,940
623
45
3,608
51% to 70%
2,188
181
17
2,386
1,058
236
34
1,328
95
67
10
172
3,341
484
61
3,886
71% to 80%
2,168
70
6
2,244
198
10
7
215
2
3
2
7
2,368
83
15
2,466
81% to 90%
2,511
69
8
2,588
2
\u2013
2
4
\u2013
\u2013
2
2
2,513
69
12
2,594
91% to 100%
337
6
3
346
\u2013
\u2013
1
1
1
1
\u2013
2
338
7
4
349
Subtotal
8,695
521
47
9,263
2,510
564
64
3,138
295
181
26
502
11,500
1,266
137
12,903
101% to 120%
1
\u2013
1
2
\u2013
\u2013
1
1
\u2013
\u2013
\u2013
\u2013
1
\u2013
2
3
121% to 150%
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1
1
\u2013
\u2013
1
1
\u2013
\u2013
2
2
Greater than 150%
\u2013
\u2013
\u2013
\u2013
\u2013
1
\u2013
1
\u2013
\u2013
\u2013
\u2013
\u2013
1
\u2013
1
Subtotal
1
\u2013
1
2
\u2013
1
2
3
\u2013
\u2013
1
1
1
1
4
6
Total
8,696
521
48
9,265
2,510
565
66
3,141
295
181
27
503
11,501
1,267
141
12,909
Weighted average LTV
Stock of Retail UK mortgages
at year end
68%
49%
44%
62%
New Retail UK mortgages
during the year
81%
63%
38%
80%
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.4\u00a0 Credit risk (continued)
2024
Loan to value ratio of total
Retail UK mortgages
Standard
Buy to let
Self-certified
Total
Stage 1
\u00a3m
Stage 2
\u00a3m
Stage 3
\u00a3m
Total
\u00a3m
Stage 1
\u00a3m
Stage 2
\u00a3m
Stage 3
\u00a3m
Total
\u00a3m
Stage 1
\u00a3m
Stage 2
\u00a3m
Stage 3
\u00a3m
Total
\u00a3m
Stage 1
\u00a3m
Stage 2
\u00a3m
Stage 3
\u00a3m
Total
\u00a3m
Less than 50%
1,845
138
36
2,019
1,636
221
55
1,912
298
58
24
380
3,779
417
115
4,311
51% to 70%
2,730
128
28
2,886
1,423
210
82
1,715
161
44
23
228
4,314
382
133
4,829
71% to 80%
1,740
42
13
1,795
201
14
14
229
6
2
3
11
1,947
58
30
2,035
81% to 90%
1,903
28
5
1,936
1
2
2
5
\u2013
1
1
2
1,904
31
8
1,943
91% to 100%
216
5
2
223
1
\u2013
1
2
\u2013
1
\u2013
1
217
6
3
226
Subtotal
8,434
341
84
8,859
3,262
447
154
3,863
465
106
51
622
12,161
894
289
13,344
101% to 120%
1
\u2013
\u2013
1
\u2013
\u2013
\u2013
\u2013
1
\u2013
\u2013
1
2
\u2013
\u2013
2
121% to 150%
\u2013
\u2013
1
1
\u2013
\u2013
2
2
\u2013
\u2013
1
1
\u2013
\u2013
4
4
Greater than 150%
\u2013
\u2013
1
1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
1
1
Subtotal
1
\u2013
2
3
\u2013
\u2013
2
2
1
\u2013
1
2
2
\u2013
5
7
Total
8,435
341
86
8,862
3,262
447
156
3,865
466
106
52
624
12,163
894
294
13,351
Weighted average LTV
Stock of Retail UK mortgages
at year end
64%
50%
45%
59%
New Retail UK mortgages
during the year
77%
59%
47%
76%
26\u00a0 \u00a0 Credit risk exposures
The following disclosures provide quantitative information
about credit risk within financial instruments held by the
Group. Details of the credit risk methodologies are set out on
pages 251 to 257.
In addition to credit risk, the primary risks affecting the Group
through its use of financial instruments are: funding and
liquidity risk, market risk and life insurance risk. The Group\u2019s
approach to the management of these risks, together with its
approach to Capital management, are set out in sections 3.2
(capital adequacy risk), 3.4 (credit risk), 3.5 (funding and
liquidity risk), 3.6 (life insurance risk) and 3.7 (market risk) of
the Risk Management Report.
The table below illustrates the relationship between the
Group\u2019s internal credit risk rating grades and PD percentages
as used for reporting. The table further illustrates the
indicative relationship with credit risk ratings used by external
rating agencies. Following the introduction of new credit risk
rating models during 2025 the Group is migrating towards an
updated PD mapping table on a phased basis during 2026.
Internal credit risk ratings
Indicative S&P type
external ratings
PD Grade
PD %
1-4
0% \u2264 PD < 0.26%
AAA, AA+, AA, AA-, A+, A, A-, BBB+, BBB
5-7
0.26% \u2264 PD < 1.45%
BBB-, BB+, BB, BB-
8-9
1.45% \u2264 PD < 3.60%
B+
10-11
3.60% \u2264 PD < 100%
B, Below B
12 (credit-impaired)
100%
n/a
26\u00a0 \u00a0 Credit risk exposures (continued)
Financial assets
Composition and risk pro\ufb01le
The tables below summarise the composition and risk profile
of the Group\u2019s financial assets subject to impairment and the
impairment loss allowances on these financial assets. The
tables exclude loan commitments, guarantees and letters of
credit of \u20ac18,133 million at 31 December 2025 (2024: \u20ac18,316
million) that are subject to impairment (note 41 ).
Loans and advances to customers excludes \u20ac166 million (2024:
\u20ac185 million) of loans mandatorily measured at FVTPL at 31
December 2025 which are not subject to impairment under
IFRS 9 and are therefore excluded from impairment related
tables.
At 31 December 2025, POCI assets of \u20ac124 million (2024: \u20ac133
million) included \u20ac67 million (2024: \u20ac78 million) of credit-
impaired POCI assets and \u20ac57 million of assets (2024: \u20ac55
million) which, while credit-impaired upon purchase or
origination were no longer credit-impaired at the reporting
date due to improvements in credit risk. These assets will
remain classified as POCI until derecognition.
At 31 December 2025, other financial assets (before
impairment loss allowance) includes cash and balances at
central banks of \u20ac22,967 million (2024: \u20ac32,441 million) and
items in the course of collection from other banks of \u20ac139
million (2024: \u20ac114 million).
2025
Financial assets exposure by stage
(before impairment loss allowance)
Stage 1 -
12 month ECL
(not credit-
impaired)
\u20acm
Stage 2 -
Lifetime ECL
(not credit-
impaired)
\u20acm
Stage 3 -
Lifetime ECL
(credit-
impaired)
\u20acm
Purchased /
originated
credit-
impaired
\u20acm
Total
\u20acm
Financial assets measured at amortised cost
Loans and advances to customers
72,676
8,930
1,731
124
83,461
Loans and advances to banks
1,572
\u2013
\u2013
\u2013
1,572
Debt securities
18,375
1
\u2013
\u2013
18,376
Other \ufb01nancial assets
23,106
\u2013
\u2013
\u2013
23,106
Total \ufb01nancial assets measured at amortised cost
115,729
8,931
1,731
124
126,515
Debt instruments at FVOCI
2,990
\u2013
\u2013
\u2013
2,990
Total
118,719
8,931
1,731
124
129,505
2025
Impairment loss allowance
on \ufb01nancial assets
Stage 1 -
12 month ECL
(not credit-
impaired)
\u20acm
Stage 2 -
Lifetime ECL
(not credit-
impaired)
\u20acm
Stage 3 -
Lifetime ECL
(credit-
impaired)
\u20acm
Purchased /
originated
credit-
impaired
\u20acm
Total
\u20acm
Financial assets measured at amortised cost
Loans and advances to customers
169
357
612
11
1,149
Loans and advances to banks
\u2013
\u2013
\u2013
\u2013
\u2013
Debt securities
4
\u2013
\u2013
\u2013
4
Other \ufb01nancial assets
4
\u2013
\u2013
\u2013
4
Total \ufb01nancial assets measured at amortised cost
177
357
612
11
1,157
Debt instruments at FVOCI
1
\u2013
\u2013
\u2013
1
Total
178
357
612
11
1,158
Stage 1 -
12 month ECL
(not credit-
impaired)
\u20acm
Stage 2 -
Lifetime ECL
(not credit-
impaired)
\u20acm
Stage 3 -
Lifetime ECL
(credit-
impaired)
\u20acm
Purchased /
originated
credit-
impaired
\u20acm
Total
\u20acm
2024
Financial assets exposure by stage
(before impairment loss allowance)
Financial assets measured at amortised cost
Loans and advances to customers
70,953
10,540
1,755
133
83,381
Loans and advances to banks
1,683
\u2013
\u2013
\u2013
1,683
Debt securities
6,388
\u2013
\u2013
\u2013
6,388
Other \ufb01nancial assets
32,555
\u2013
\u2013
\u2013
32,555
Total \ufb01nancial assets measured at amortised cost
111,579
10,540
1,755
133
124,007
Debt instruments at FVOCI
3,384
\u2013
\u2013
\u2013
3,384
Total
114,963
10,540
1,755
133
127,391
26\u00a0 \u00a0 Credit risk exposures (continued)
2024
Impairment loss allowance
on \ufb01nancial assets
Stage 1 -
12 month ECL
(not credit-
impaired)
\u20acm
Stage 2 -
Lifetime ECL
(not credit-
impaired)
\u20acm
Stage 3 -
Lifetime ECL
(credit-
impaired)
\u20acm
Purchased /
originated
credit-
impaired
\u20acm
Total
\u20acm
Financial assets measured at amortised cost
Loans and advances to customers
168
355
514
(9)
1,028
Loans and advances to banks
\u2013
\u2013
\u2013
\u2013
\u2013
Debt securities
1
\u2013
\u2013
\u2013
1
Other \ufb01nancial assets
5
\u2013
\u2013
\u2013
5
Total \ufb01nancial assets measured at amortised cost
174
355
514
(9)
1,034
Debt instruments at FVOCI
1
\u2013
\u2013
\u2013
1
Total
175
355
514
(9)
1,035
Loans and advances to customers at amortised cost
Composition and risk pro\ufb01le
The table below summarises the composition and risk profile of the Group\u2019s loans and advances to customers at amortised cost,
including POCI assets of \u20ac124 million ( 2024: \u20ac133 million). Credit-impaired includes Stage 3 and POCI assets of \u20ac67 million ( 2024: \u20ac78
million). \u20ac57 million of POCI assets (2024: \u20ac55 million) were no longer credit-impaired at the reporting date due to improvement in
credit risk since purchase or origination. These loans will remain classified as POCI loans until derecognition.
2025
2024
Loans and advances to customers
Composition and risk pro\ufb01le (before
impairment loss allowance)
Not credit-
impaired
\u20acm
Credit-
impaired
\u20acm
Total
Not credit-
impaired
\u20acm
Credit-
impaired
\u20acm
Total
\u20acm
%
\u20acm
%
Residential mortgages
51,558
518
52,076
62%
49,578
748
50,326
60%
Retail Ireland
36,925
356
37,281
44%
33,831
394
34,225
41%
Retail UK
14,633
162
14,795
18%
15,747
354
16,101
19%
Non-property SME and corporate
17,628
771
18,399
22%
19,726
632
20,358
25%
Republic of Ireland SME
6,928
217
7,145
8%
7,013
236
7,249
9%
UK SME
1,259
55
1,314
2%
1,453
78
1,531
2%
Corporate
9,441
499
9,940
12%
11,260
318
11,578
14%
Property and construction
6,813
325
7,138
9%
7,179
269
7,448
9%
Investment
6,171
252
6,423
8%
6,613
227
6,840
8%
Development
642
73
715
1%
566
42
608
1%
Consumer
5,607
117
5,724
7%
5,010
106
5,116
6%
Total
81,606
1,731
83,337
100%
81,493
1,755
83,248
100%
Purchased / originated credit-impaired
57
67
124
\u2013
55
78
133
\u2013
Total
81,663
1,798
83,461
100%
81,548
1,833
83,381
100%
ILA on loans and advances to
customers (including POCIs)
514
635
1,149
1.4%
513
515
1,028
1.2%
26\u00a0 \u00a0 Credit risk exposures (continued)
Asset quality - not credit-impaired
The tables below summarise the composition and impairment loss allowance of the Group\u2019s loans and advances to customers at
amortised cost that are not credit-impaired. Excluded from the tables below are POCI assets of \u20ac57 million (2024: \u20ac55 million) which
were no longer credit-impaired at the reporting date due to improvement in credit risk since purchase or origination. These assets will
remain classified as POCI until derecognition.
2025
Not credit-impaired loans
and advances to customers
Composition and impairment
loss allowance
Stage 1
Stage 2
Stage 1
Loans
\u20acm
Loans as
% of
advances 1
%
Stage 1
ILA
\u20acm
ILA % of
Stage 1
loans
%
Stage 2
Loans
\u20acm
Loans as
% of
advances 1
%
Stage 2
ILA
\u20acm
ILA % of
Stage 2
loans
%
Residential mortgages
48,959
94.0%
43
0.09%
2,599
5.0%
56
2.15%
Retail Ireland
35,778
96.0%
29
0.08%
1,147
3.1%
31
2.70%
Retail UK
13,181
89.1%
14
0.11%
1,452
9.8%
25
1.72%
Non-property SME and corporate
13,194
71.7%
64
0.49%
4,434
24.1%
234
5.28%
Republic of Ireland SME
5,470
76.6%
45
0.82%
1,458
20.4%
81
5.56%
UK SME
1,008
76.7%
4
0.40%
251
19.1%
15
5.98%
Corporate
6,716
67.6%
15
0.22%
2,725
27.4%
138
5.06%
Property and construction
5,114
71.6%
27
0.53%
1,699
23.8%
50
2.94%
Investment
4,606
71.7%
17
0.37%
1,565
24.4%
46
2.94%
Development
508
71.0%
10
1.97%
134
18.7%
4
2.99%
Consumer
5,409
94.5%
35
0.65%
198
3.5%
17
8.59%
Total
72,676
87.2%
169
0.23%
8,930
10.7%
357
4.00%
2024
Not credit-impaired loans
and advances to customers
Composition and impairment
loss allowance
Stage 1
Stage 2
Stage 1
Loans
\u20acm
Loans as
% of
advances 1
%
Stage 1
ILA
\u20acm
ILA % of
Stage 1
loans
%
Stage 2
Loans
\u20acm
Loans as
% of
advances 1
%
Stage 2
ILA
\u20acm
ILA % of
Stage 2
loans
%
Residential mortgages
47,169
93.7%
32
0.07%
2,409
4.8%
47
1.95%
Retail Ireland
32,501
94.9%
21
0.06%
1,330
3.9%
29
2.18%
Retail UK
14,668
91.1%
11
0.07%
1,079
6.7%
18
1.67%
Non-property SME and corporate
14,644
71.9%
78
0.53%
5,082
25.0%
180
3.54%
Republic of Ireland SME
5,475
75.5%
48
0.88%
1,538
21.2%
69
4.49%
UK SME
1,243
81.2%
5
0.40%
210
13.7%
10
4.76%
Corporate
7,926
68.5%
25
0.32%
3,334
28.8%
101
3.03%
Property and construction
4,442
59.7%
24
0.54%
2,737
36.7%
103
3.76%
Investment
4,108
60.1%
20
0.49%
2,505
36.6%
97
3.87%
Development
334
54.9%
4
1.20%
232
38.2%
6
2.59%
Consumer
4,698
91.8%
34
0.72%
312
6.1%
25
8.01%
Total
70,953
85.2%
168
0.24%
10,540
12.7%
355
3.37%
1\u00a0 'Advances' refers to the portfolio loan balance (pre-impairment loss allowance) excluding POCI assets.
26\u00a0 \u00a0 Credit risk exposures (continued)
Asset quality - credit-impaired
Credit-impaired loans include loans where the borrower is considered unlikely to pay in full without recourse by the Group to actions
such as realising security, and loans where the borrower is greater than 90 days past due and the arrears amount is material. All
credit-impaired loans and advances to customers are risk rated PD grade 12.
The table below summarises the composition and impairment loss allowance of the Group credit-impaired loans and advances to
customers at amortised cost. Credit-impaired includes Stage 3 and POCI assets of \u20ac67 million (2024: \u20ac78 million). \u20ac57 million of POCI
assets (2024: \u20ac55 million) were no longer credit-impaired at the reporting date due to improvement in credit risk since purchase or
origination. These loans will remain classified as POCI loans until derecognition.
Credit-impaired (CI) loans
and advances to
customers Composition
and impairment loss
allowance (ILA)
2025
2024
CI Loans
\u20acm
CI Loans as
% of
advances 1
%
CI
Impairment
loss
allowance
\u20acm
CI ILA as
% of CI
loans
%
CI Loans
\u20acm
CI Loans as
% of
advances 1
%
CI
Impairment
loss
allowance
\u20acm
CI ILA as
% of CI
loans
%
Residential mortgages
518
1.0%
116
22%
748
1.5%
120
16%
Retail Ireland
356
0.9%
90
25%
394
1.2%
75
19%
Retail UK
162
1.1%
26
16%
354
2.2%
45
13%
Non-property SME and
corporate
771
4.2%
364
47%
632
3.1%
257
41%
Republic of Ireland SME
217
3.0%
89
41%
236
3.3%
94
40%
UK SME
55
4.2%
14
25%
78
5.1%
17
22%
Corporate
499
5.0%
261
52%
318
2.7%
146
46%
Property and construction
325
4.6%
74
23%
269
3.6%
88
33%
Investment
252
3.9%
50
20%
227
3.3%
75
33%
Development
73
10.3%
24
33%
42
6.9%
13
31%
Consumer
117
2.0%
58
50%
106
2.1%
49
46%
Total credit-impaired
1,731
2.1%
612
35%
1,755
2.1%
514
29%
Purchased / originated
credit-impaired
67
54.0%
23
34%
78
58.6%
1
1%
Total credit-impaired
including POCIs
1,798
2.2%
635
35%
1,833
2.2%
515
28%
1\u00a0 'Advances' refers to the portfolio loan balance (pre-impairment loss allowance) excluding POCI assets.
26\u00a0 \u00a0 Credit risk exposures (continued)
Asset quality - PD Grade of loans and advances to customers
The table below provides analysis of the asset quality of loans and advances to customers at amortised cost based on mapping the
IFRS 9 twelve month PD of each loan to a PD grade based on the table provided on page 367. Credit-impaired includes Stage 3 and
POCI assets of \u20ac67 million (2024: \u20ac78 million). Not credit-impaired includes Stage 1 & 2 and POCI assets of \u20ac57 million (2024: \u20ac55
million), which were no longer credit-impaired at the reporting date due to improvement in credit risk since purchase or origination.
These assets will remain classified as POCI until derecognition.
2025
Loans and advances to customers
Asset quality - PD grade
Residential
mortgages
Non-property
SME and
corporate
Property and
construction
Consumer
Total
\u20acm
%
\u20acm
%
\u20acm
%
\u20acm
%
\u20acm
%
Stage 1
1-4
9,195
18%
2,545
14%
91
1%
6
\u2013
11,837
14%
5-7
36,060
69%
5,558
30%
3,556
50%
464
8%
45,638
55%
8-9
2,689
5%
3,533
19%
1,406
19%
4,641
82%
12,269
15%
10-11
1,015
2%
1,558
9%
61
1%
298
5%
2,932
3%
Total Stage 1
48,959
94%
13,194
72%
5,114
71%
5,409
95%
72,676
87%
Stage 2
1-4
41
\u2013
456
3%
29
\u2013
\u2013
\u2013
526
1%
5-7
1,039
2%
1,355
7%
563
8%
2
\u2013
2,959
3%
8-9
512
1%
1,173
6%
679
10%
15
\u2013
2,379
3%
10-11
1,007
2%
1,450
8%
428
6%
181
3%
3,066
4%
Total Stage 2
2,599
5%
4,434
24%
1,699
24%
198
3%
8,930
11%
Not credit-impaired
1-4
9,236
18%
3,001
17%
120
1%
6
\u2013
12,363
15%
5-7
37,099
71%
6,913
37%
4,119
58%
466
8%
48,597
58%
8-9
3,201
6%
4,706
25%
2,085
29%
4,656
82%
14,648
18%
10-11
2,022
4%
3,008
17%
489
7%
479
8%
5,998
7%
Purchased / originated not credit-impaired
57
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
57
\u2013
Total not credit-impaired
51,615
99%
17,628
96%
6,813
95%
5,607
98%
81,663
98%
Credit-impaired
12
518
1%
771
4%
325
5%
117
2%
1,731
2%
Purchased / originated credit-impaired
67
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
67
\u2013
Total-credit-impaired
585
1%
771
4%
325
5%
117
2%
1,798
2%
Total
52,200
100%
18,399
100%
7,138
100%
5,724
100%
83,461
100%
26\u00a0 \u00a0 Credit risk exposures (continued)
Residential
mortgages
Non-property
SME and
corporate
Property and
construction
Consumer
Total
2024
Loans and advances to customers
Asset quality - PD grade
\u20acm
%
\u20acm
%
\u20acm
%
\u20acm
%
\u20acm
%
Stage 1
1-4
12,686
25%
1,438
7%
34
\u2013
7
\u2013
14,165
17%
5-7
31,340
62%
6,727
32%
2,168
29%
2,786
55%
43,021
51%
8-9
1,809
4%
5,284
26%
2,130
29%
1,585
31%
10,808
13%
10-11
1,334
3%
1,195
6%
110
1%
320
6%
2,959
4%
Total Stage 1
47,169
94%
14,644
71%
4,442
59%
4,698
92%
70,953
85%
Stage 2
1-4
101
\u2013
112
1%
\u2013
\u2013
\u2013
\u2013
213
\u2013
5-7
1,074
2%
1,370
7%
664
9%
5
\u2013
3,113
4%
8-9
376
1%
2,013
10%
1,285
17%
90
2%
3,764
5%
10-11
858
2%
1,587
8%
788
11%
217
4%
3,450
4%
Total Stage 2
2,409
5%
5,082
26%
2,737
37%
312
6%
10,540
13%
Not credit-impaired
1-4
12,787
25%
1,550
8%
34
\u2013
7
\u2013
14,378
17%
5-7
32,414
64%
8,097
39%
2,832
38%
2,791
55%
46,134
55%
8-9
2,185
5%
7,297
36%
3,415
46%
1,675
33%
14,572
18%
10-11
2,192
5%
2,782
14%
898
12%
537
10%
6,409
8%
Purchased / originated not credit-impaired
55
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
55
\u2013
Total not credit-impaired
49,633
99%
19,726
97%
7,179
96%
5,010
98%
81,548
98%
Credit-impaired
12
748
1%
632
3%
269
4%
106
2%
1,755
2%
Purchased / originated credit-impaired
78
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
78
\u2013
Total credit-impaired
826
1%
632
3%
269
4%
106
2%
1,833
2%
Total
50,459
100%
20,358
100%
7,448
100%
5,116
100%
83,381
100%
26\u00a0 \u00a0 Credit risk exposures (continued)
Loans and advances to customers - other credit risk information
Segmental analysis
The tables below provide an analysis of the risk profile of loans and advances to customers at amortised cost by division. Credit-
impaired loans include Stage 3 and POCI assets which remain credit-impaired at the reporting period. Not credit-impaired figures
include forborne loans that had yet to satisfy exit criteria in line with EBA guidance to return to performing.
2025
Risk pro\ufb01le of loans and advances to customers
(before impairment loss allowance)
Retail
Ireland
\u20acm
Retail
UK
\u20acm
Corporate
and
Commercial
\u20acm
Total
Group
\u20acm
Stage 1 - 12 month ECL (not credit-impaired)
39,571
17,275
15,830
72,676
Stage 2 - Lifetime ECL (not credit-impaired)
1,547
1,899
5,484
8,930
Stage 3 - Lifetime ECL (credit-impaired)
522
278
931
1,731
Purchased / originated credit-impaired
124
\u2013
\u2013
124
Gross carrying amount at 31 December 2025
41,764
19,452
22,245
83,461
Restated1
2024
Risk pro\ufb01le of loans and advances to customers
(before impairment loss allowance)
Retail
Ireland 1
\u20acm
Retail
UK
\u20acm
Corporate
and
Commercial 1
\u20acm
Total
Group
\u20acm
Stage 1 - 12 month ECL (not credit-impaired)
35,967
18,531
16,455
70,953
Stage 2 - Lifetime ECL (not credit-impaired)
1,963
1,510
7,067
10,540
Stage 3 - Lifetime ECL (credit-impaired)
576
488
691
1,755
Purchased / originated credit-impaired
133
\u2013
\u2013
133
Gross carrying amount at 31 December 2024
38,639
20,529
24,213
83,381
1 Comparative figures have been restated to reflect the SB&A transfer from Corporate and Commercial to Retail Ireland. As a result comparative figures have been restated to reflect an
increase of \u20ac2,630 million in Retail Ireland and corresponding decrease in Corporate and Commercial.
26\u00a0 \u00a0 Credit risk exposures (continued)
Geographical and industry analysis of loans and advances to customers
The following tables provide a geographical and industry breakdown of loans and advances to customers at amortised cost, and the
associated impairment loss allowances. The geographical breakdown is primarily based on the location of the business unit where the
asset is booked. The Non-property SME & corporate portfolio is analysed by NACE code. The NACE code classification system is a pan-
European classification system that groups organisations according to their business activities. Exposures to NACE codes totalling less
than \u20ac400 million are grouped together as 'Other sectors'. The NACE codes reported in the table below can therefore differ period on
period.
Gross carrying amount
(before impairment loss allowance)
Impairment loss allowance
2025
Geographical / industry analysis
RoI
\u20acm
UK
\u20acm
Rest of
World
\u20acm
Total
\u20acm
RoI
\u20acm
UK
\u20acm
Rest of
World
\u20acm
Total
\u20acm
Personal
40,053
17,871
\u2013
57,924
240
96
\u2013
336
Residential mortgages
37,405
14,795
\u2013
52,200
161
65
\u2013
226
Other consumer lending
2,648
3,076
\u2013
5,724
79
31
\u2013
110
Property and construction
6,854
284
\u2013
7,138
146
5
\u2013
151
Investment
6,161
262
\u2013
6,423
110
3
\u2013
113
Development
693
22
\u2013
715
36
2
\u2013
38
Non-property SME & corporate
16,312
1,465
622
18,399
523
39
100
662
Manufacturing
3,147
223
394
3,764
166
9
35
210
Administrative and support service activities
2,369
195
92
2,656
78
6
26
110
Wholesale and retail trade
2,076
131
17
2,224
43
1
1
45
Agriculture, forestry and fishing
1,544
177
\u2013
1,721
40
4
\u2013
44
Accommodation and food service activities
1,350
71
\u2013
1,421
19
4
\u2013
23
Human health services and social work activities
969
95
31
1,095
21
4
1
26
Transport and storage
649
81
43
773
9
1
33
43
Professional, scientific and technical activities
719
24
3
746
19
1
2
22
Electricity, gas, steam and air conditioning supply
678
17
\u2013
695
16
\u2013
\u2013
16
Real estate activities
555
137
\u2013
692
21
4
\u2013
25
Other services
515
28
23
566
46
1
2
49
Education
422
5
19
446
3
\u2013
\u2013
3
Information and communication
430
3
\u2013
433
28
\u2013
\u2013
28
Construction
265
158
\u2013
423
7
2
\u2013
9
Other sectors
624
120
\u2013
744
7
2
\u2013
9
Total
63,219
19,620
622
83,461
909
140
100
1,149
Analysed by stage:
Stage 1
55,051
17,404
221
72,676
138
29
2
169
Stage 2
6,725
1,937
268
8,930
291
49
17
357
Stage 3
1,319
279
133
1,731
469
62
81
612
Purchased / originated credit-impaired
124
\u2013
\u2013
124
11
\u2013
\u2013
11
Total
63,219
19,620
622
83,461
909
140
100
1,149
26\u00a0 \u00a0 Credit risk exposures (continued)
Gross carrying amount
(before impairment loss allowance)
Impairment loss allowance
2024
Geographical / industry analysis
RoI
\u20acm
UK
\u20acm
Rest of
World
\u20acm
Total
\u20acm
RoI
\u20acm
UK
\u20acm
Rest of
World
\u20acm
Total
\u20acm
Personal
36,869
18,706
\u2013
55,575
196
102
\u2013
298
Residential mortgages
34,358
16,101
\u2013
50,459
116
74
\u2013
190
Other consumer lending
2,511
2,605
\u2013
5,116
80
28
\u2013
108
Property and construction
7,124
324
\u2013
7,448
206
9
\u2013
215
Investment
6,547
293
\u2013
6,840
184
8
\u2013
192
Development
577
31
\u2013
608
22
1
\u2013
23
Non-property SME & corporate
17,751
1,695
912
20,358
415
37
63
515
Manufacturing
3,467
269
479
4,215
114
6
16
136
Administrative and support service activities
2,627
229
164
3,020
57
6
3
66
Wholesale and retail trade
2,124
166
20
2,310
41
2
\u2013
43
Agriculture, forestry and fishing
1,577
200
\u2013
1,777
37
4
\u2013
41
Accommodation and food service activities
1,442
80
39
1,561
19
2
1
22
Human health services and social work activities
1,171
109
45
1,325
21
4
1
26
Transport and storage
680
88
71
839
17
1
23
41
Professional, scientific and technical activities
695
29
28
752
12
\u2013
18
30
Electricity, gas, steam and air conditioning supply
504
15
\u2013
519
14
\u2013
\u2013
14
Real estate activities
535
134
\u2013
669
25
4
\u2013
29
Other services
681
34
41
756
12
1
1
14
Education
369
7
25
401
7
\u2013
\u2013
7
Construction
279
186
\u2013
465
7
2
\u2013
9
Financial and Insurance activities
728
75
\u2013
803
4
1
\u2013
5
Other sectors
872
74
\u2013
946
28
4
\u2013
32
Total
61,744
20,725
912
83,381
817
148
63
1,028
Analysed by stage:
Stage 1
51,788
18,628
537
70,953
140
25
3
168
Stage 2
8,671
1,608
261
10,540
302
43
10
355
Stage 3
1,152
489
114
1,755
384
80
50
514
Purchased / originated credit-impaired
133
\u2013
\u2013
133
(9)
\u2013
\u2013
(9)
Total
61,744
20,725
912
83,381
817
148
63
1,028
26\u00a0 \u00a0 Credit risk exposures (continued)
Sectoral analysis of loans and advances to customers
The following tables provide an analysis of loans and advances to customers at amortised cost, and the associated impairment loss
allowances, by portfolio, sub-sector and stage. The Non-property SME & corporate portfolio is analysed by NACE code. The NACE code
classification system is a pan-European classification system that groups organisations according to their business activities.
Exposures to NACE codes totalling less than \u20ac400 million are grouped together as 'Other sectors'. The NACE codes reported in the
tables below can therefore differ year on year.
2025
Sectoral analysis by stage
Gross carrying amount
(before impairment loss allowance)
Impairment loss allowance
Stage 1
\u20acm
Stage 2
\u20acm
Stage 3
\u20acm
POCI
\u20acm
Total
\u20acm
Stage 1
\u20acm
Stage 2
\u20acm
Stage 3
\u20acm
POCI
\u20acm
Total
\u20acm
Personal
Residential mortgages
48,959
2,599
518
124
52,200
43
56
116
11
226
Other consumer
5,409
198
117
\u2013
5,724
35
17
58
\u2013
110
Motor lending UK
2,898
125
53
\u2013
3,076
8
4
19
\u2013
31
Loans RoI
1,048
44
44
\u2013
1,136
16
8
29
\u2013
53
Motor lending RoI
877
2
9
\u2013
888
6
\u2013
4
\u2013
10
Credit cards RoI
586
27
11
\u2013
624
5
5
6
\u2013
16
54,368
2,797
635
124
57,924
78
73
174
11
336
Property and construction
5,114
1,699
325
\u2013
7,138
27
50
74
\u2013
151
Investment
4,606
1,565
252
\u2013
6,423
17
46
50
\u2013
113
Development
508
134
73
\u2013
715
10
4
24
\u2013
38
Non-property SME &
corporate
13,194
4,434
771
\u2013
18,399
64
234
364
\u2013
662
Manufacturing
2,155
1,359
250
\u2013
3,764
8
100
102
\u2013
210
Administrative and support
service activities
1,999
517
140
\u2013
2,656
13
16
81
\u2013
110
Wholesale and retail trade
1,703
470
51
\u2013
2,224
8
22
15
\u2013
45
Agriculture, forestry and fishing
1,414
256
51
\u2013
1,721
10
15
19
\u2013
44
Accommodation and food
service activities
1,157
243
21
\u2013
1,421
4
13
6
\u2013
23
Human health services and
social work activities
712
360
23
\u2013
1,095
3
15
8
\u2013
26
Transport and storage
541
185
47
\u2013
773
2
7
34
\u2013
43
Professional, scientific and
technical activities
402
332
12
\u2013
746
2
14
6
\u2013
22
Electricity, gas, steam and air
conditioning supply
609
65
21
\u2013
695
2
4
10
\u2013
16
Real estate activities
486
172
34
\u2013
692
5
7
13
\u2013
25
Other services
337
164
65
\u2013
566
1
8
40
\u2013
49
Education
367
79
\u2013
\u2013
446
1
2
\u2013
\u2013
3
Information and
communication
295
98
40
\u2013
433
1
3
24
\u2013
28
Construction
384
28
11
\u2013
423
2
2
5
\u2013
9
Other sectors
633
106
5
\u2013
744
2
6
1
\u2013
9
Total
72,676
8,930
1,731
124
83,461
169
357
612
11
1,149
26\u00a0 \u00a0 Credit risk exposures (continued)
Gross carrying amount
(before impairment loss allowance)
Impairment loss allowance
2024
Sectoral analysis by stage
Stage 1
\u20acm
Stage 2
\u20acm
Stage 3
\u20acm
POCI
\u20acm
Total
\u20acm
Stage 1
\u20acm
Stage 2
\u20acm
Stage 3
\u20acm
POCI
\u20acm
Total
\u20acm
Personal
Residential mortgages
47,169
2,409
748
133
50,459
32
47
120
(9)
190
Other consumer
4,698
312
106
\u2013
5,116
34
25
49
\u2013
108
Motor lending UK
2,452
102
50
\u2013
2,604
6
4
18
\u2013
28
Loans RoI
833
175
34
\u2013
1,042
15
16
19
\u2013
50
Motor lending RoI
846
2
10
\u2013
858
10
\u2013
5
\u2013
15
Credit cards RoI
567
33
12
\u2013
612
3
5
7
\u2013
15
51,867
2,721
854
133
55,575
66
72
169
(9)
298
Property and construction
4,442
2,737
269
\u2013
7,448
24
103
88
\u2013
215
Investment
4,108
2,505
227
\u2013
6,840
20
97
75
\u2013
192
Development
334
232
42
\u2013
608
4
6
13
\u2013
23
Non-property SME &
corporate
14,644
5,082
632
\u2013
20,358
78
180
257
\u2013
515
Manufacturing
2,851
1,148
216
\u2013
4,215
12
35
89
\u2013
136
Administrative and support
service activities
2,241
729
50
\u2013
3,020
15
24
27
\u2013
66
Wholesale and retail trade
1,755
515
40
\u2013
2,310
11
18
14
\u2013
43
Agriculture, forestry and fishing
1,374
350
53
\u2013
1,777
11
13
17
\u2013
41
Accommodation and food
service activities
1,025
513
23
\u2013
1,561
4
11
7
\u2013
22
Human health services and
social work activities
782
520
23
\u2013
1,325
4
18
4
\u2013
26
Transport and storage
592
176
71
\u2013
839
3
6
32
\u2013
41
Professional, scientific and
technical activities
457
256
39
\u2013
752
2
6
22
\u2013
30
Electricity, gas, steam and air
conditioning supply
375
143
1
\u2013
519
1
13
\u2013
\u2013
14
Real estate activities
433
188
48
\u2013
669
4
8
17
\u2013
29
Other services
571
169
16
\u2013
756
3
7
4
\u2013
14
Education
351
50
\u2013
\u2013
401
1
6
\u2013
\u2013
7
Construction
425
26
14
\u2013
465
2
2
5
\u2013
9
Financial and Insurance
activities
704
98
1
\u2013
803
2
2
1
\u2013
5
Other sectors
708
201
37
\u2013
946
3
11
18
\u2013
32
Total
70,953
10,540
1,755
133
83,381
168
355
514
(9)
1,028
Repossessed collateral
Repossessed collateral is sold as soon as practicable, with the
proceeds applied against outstanding indebtedness. At 31
December 2025, the Group held collateral as set out in the
table opposite.
Repossessed collateral
2025
\u20acm
2024
\u20acm
Residential properties
Ireland
7
5
UK and other
8
3
15
8
Non-residential properties
Other
3
1
Total
18
9
26\u00a0 \u00a0 Credit risk exposures (continued)
Asset quality - other \ufb01nancial assets
The tables below summarise the asset quality of debt instruments at FVOCI, debt securities at amortised cost and loans and advances
to banks at amortised cost by IFRS 9 twelve month PD grade.
Debt instruments at
FVOCI Asset quality
2025
2024
Stage 1
Stage 2
Total
Stage 1
Stage 2
Total
\u20acm
%
\u20acm
%
\u20acm
%
\u20acm
%
\u20acm
%
\u20acm
%
PD Grade
1-4
2,990
100%
\u2013
\u2013
2,990
100%
3,353
99%
\u2013
\u2013
3,353
99%
5-7
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
31
1%
\u2013
\u2013
31
1%
8-9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
10-11
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
2,990
100%
\u2013
\u2013
2,990
100%
3,384
100%
\u2013
\u2013
3,384
100%
Debt securities at
amortised cost
(before impairment
loss allowance)
Asset quality
2025
2024
Stage 1
Stage 2
Total
Stage 1
Stage 2
Total
\u20acm
%
\u20acm
%
\u20acm
%
\u20acm
%
\u20acm
%
\u20acm
%
PD Grade
1-4
18,375
100%
1
100%
18,376
100%
6,388
100%
\u2013
\u2013
6,388
100%
5-7
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
8-9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
10-11
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
18,375
100%
1
100%
18,376
100%
6,388
100%
\u2013
\u2013
6,388
100%
Loans and advances
to banks at amortised
cost (before
impairment loss
allowance)
Asset quality
2025
2024
Stage 1
Stage 2
Total
Stage 1
Stage 2
Total
\u20acm
%
\u20acm
%
\u20acm
%
\u20acm
%
\u20acm
%
\u20acm
%
PD Grade
1-4
1,572
100%
\u2013
\u2013
1,572
100%
1,676
100%
\u2013
\u2013
1,676
100%
5-7
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
7
\u2013
\u2013
\u2013
7
\u2013
8-9
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
10-11
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
1,572
100%
\u2013
\u2013
1,572
100%
1,683
100%
\u2013
\u2013
1,683
100%
26\u00a0 \u00a0 Credit risk exposures (continued)
Asset quality: other \ufb01nancial instruments
Other financial instruments as set out in the table below include instruments that are not within the scope of IFRS 9 or are not subject
to impairment under IFRS 9. These include trading securities (excluding equity trading securities), derivative financial instruments,
loans and advances to banks at fair value, loans and advances to customers at fair value and other financial instruments at FVTPL
(excluding equity instruments). Reinsurance contract assets are excluded from this table as they are included in a separate table
below under IFRS 17. The table summarises the asset quality of these financial instruments by equivalent external risk ratings.
Other \ufb01nancial instruments with ratings equivalent to:
2025
2024
\u20acm
%
\u20acm
%
AAA to AA-
4,845
55%
4,936
50%
A+ to A-
3,337
38%
4,031
41%
BBB+ to BBB-
438
5%
499
5%
BB+ to BB-
74
1%
64
1%
B+ to B-
129
1%
166
2%
Lower than B-
34
\u2013
62
1%
Total
8,857
100%
9,758
100%
Credit risk for reinsurance contract assets
The Group has no significant credit risk exposures for
insurance contracts issued as credit risk is spread across all
policyholders and brokers. Credit risk for reinsurance contracts
held arises as a result of exposure to a smaller group of
reinsurance counterparties across insured product lines, with
limits set for collateralised and non-collateralised credit
exposure taking account of credit rating of reinsurer,
protections such as collateral and other factors. This risk is
mitigated by spreading exposures across a range of pre-
approved counterparties. The table opposite provides
information relating to the reinsurance contract assets with
reinsurance counterparties split by credit ratings:
Reinsurance contract assets with
ratings equivalent to:
2025
\u20acm
2024
\u20acm
AA- or higher
895
961
A / A+
433
492
Total
1,328
1,453
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-4": { "value": "
3.5\u00a0 Funding and liquidity risk
Definition (audited)
Funding and liquidity risk is the risk that the Group will
experience difficulty in financing its assets and / or meeting its
contractual payment obligations as they fall due or will only be
able to do so at substantially above the prevailing market cost
of funds.
Liquidity risk arises from the differences in timing between
cash inflows and outflows. Cash inflows are driven by, amongst
other things, the maturity structure of loans and investments
held by the Group, while cash outflows are driven by items
such as the term maturity of debt issued by the Group and
outflows from customer deposit accounts. The liquidity risk of
the Group may also be impacted by external events which
could result in a sudden withdrawal of deposits or the
potential changes in customer behaviour.
Funding risk can occur where there is an over-reliance on a
particular type of funding, a funding gap, or a concentration of
wholesale funding (including securitisations) maturities.
The Group\u2019s ability to access funding markets at a sustainable
cost and in a sufficient volume can be negatively impacted by a
disruption to wholesale and / or currency funding markets,
credit rating downgrade(s), or deterioration in market
sentiment which in turn could impact the financial position of
the Group.
Liquidity risk statement (audited)
Funding and liquidity risk arises from a fundamental part of
the Group\u2019s business model, the maturity transformation of
primarily short-term deposits into longer-term loans. The
Group\u2019s funding and liquidity strategy is to maintain a stable
funding base with loan portfolios substantially funded by retail
originated customer deposit portfolios.
Liquidity risk framework (audited)
The Group has established a Funding and Liquidity Risk
Governance Framework documented in the Funding and
Liquidity Risk Policy, which includes policies, procedures and
methodologies in place to ensure that the Group is positioned
to address its daily liquidity obligations and to withstand a
period of liquidity stress. Principal components of this
framework are the Group\u2019s Risk Appetite Statement and
associated limits and the Group\u2019s Funding and Liquidity Risk
Policy, both of which are approved by the Board on the
recommendation of ALCO.
The Group Funding and Liquidity Risk Policy outlines the
Group\u2019s governance process with respect to funding and
liquidity risk and sets out the core principles that govern the
manner in which the risk is mitigated, monitored and
managed.
These principal components are supported by further liquidity,
procedures, and methodologies which the Group has to
manage funding and liquidity risk.
Liquidity risk management (audited)
Liquidity risk management within the Group focuses on the
control, within prudent limits, of risk arising from the
mismatch in contracted maturities of assets and liabilities and
the risks arising from undrawn commitments and other
contingent liabilities. The Group manages its liquidity by
jurisdiction with liquid assets predominantly held in the
currency of each jurisdiction.
The Group\u2019s treasury function within Group Finance provides
top down centralised management of the Group\u2019s funding and
liquidity position including overall responsibility for the
management of the Group\u2019s liquidity position and funding
strategy. This ensures a coordinated approach to balance
sheet management and is accomplished through the
incorporation of funding and liquidity risk appetite metrics into
risk appetite at a consolidated level, monitoring liquidity
metrics for each jurisdiction and compliance by the business
units with the Group\u2019s funds transfer pricing methodology.
The Group Capital and Liquidity Risk function provides
independent oversight of funding and liquidity risk and is
responsible for proposing and maintaining the Group\u2019s
Funding and Liquidity Risk Governance Framework and
associated risk appetite metrics.
Liquidity risk management consists of two main activities:
\u2022 structural liquidity management focuses on the balance
sheet structure, the funding mix, the expected maturity
profile of assets and liabilities and the Group\u2019s debt
issuance strategy; and
\u2022 tactical liquidity management focuses on monitoring
current and expected daily cash flows to ensure that the
Group\u2019s liquidity needs can be met.
The Group is required to comply with the regulatory liquidity
requirements of the SSM and the requirements of local
regulators in those jurisdictions where such requirements
apply to the Group. SSM requirements include compliance with
CRR / CRD IV and associated Delegated Acts. The Group has
fully complied with minimum regulatory requirements
throughout 2025 and at 31 December 2025 maintained a
buffer significantly in excess of regulatory liquidity
requirements.
BoI (UK) plc is authorised by the PRA and is subject to the
regulatory liquidity regime of the PRA. BoI (UK) plc has fully
complied with the minimum regulatory requirements
throughout 2025 and at 31 December 2025 maintained a
buffer significantly in excess of regulatory liquidity
requirements.
The annual ILAAP enables the Board to assess the adequacy of
the Group\u2019s Funding and Liquidity RMF, to assess the key
liquidity and funding risks to which it is exposed; and details
the Group\u2019s approach to determining the level of liquid assets
and contingent liquidity that is required to be maintained
under both business as usual and severe stress scenarios.
A key part of this assessment is cash flow forecasting that
includes assumptions on the likely behavioural cash flows of
certain customer products. Estimating these behavioural cash
flows allows the Group to assess the stability of its funding
sources and potential liquidity requirements in both business
as usual and stressed scenarios. The stressed scenarios
incorporate Group specific and systemic risks and are run at
different levels of possible, even if unlikely, severity. Actions
and strategies available to mitigate the impacts of the stress
scenarios are evaluated as to their appropriateness. Stress test
results are reported to ALCO, the BRC and the Board.
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.5\u00a0 Funding and liquidity risk (continued)
The Group also monitors a suite of Recovery Indicators and
Early Warning Signals in order to identify the potential
emergence of a liquidity stress. As part of its contingency and
recovery planning, the Group has identified a suite of potential
funding and liquidity options, which could be exercised to help
the Group to restore its liquidity position on the occurrence of
a major stress event.
Liquidity risk reporting (audited)
The Group\u2019s liquidity risk appetite is defined by the Board to
ensure that funding and liquidity are managed in a prudent
manner. The current status of funding and liquidity risk,
including risk dashboards and risk appetite compliance, is
reported through the Board Risk Report on a monthly basis,
including any significant changes.
The Board Risk Report includes the results of the Group\u2019s
liquidity stress testing. This estimates the potential impact of a
range of stress scenarios on the Group\u2019s liquidity position
including its available liquid assets and contingent liquidity.
Management reviews funding and liquidity reports and stress
testing results on a daily, weekly, and monthly basis against
the Group\u2019s Risk Appetite Statement. It is the responsibility of
ALCO to ensure that the measuring, monitoring, and reporting
of funding and liquidity is adequately performed and complies
with the governance framework.
Liquidity risk measurement (audited)
The Group\u2019s cash flow and liquidity reporting processes
provide management with daily liquidity risk information by
designated cash flow categories.
These processes capture the cash flows from both on-balance
sheet and off-balance sheet transactions.
The tables below summarise the maturity profile of the
Group\u2019s financial assets and liabilities, excluding those arising
from insurance and participating investment contracts at 31
December 2025 and 31 December 2024. These maturity
profiles are based on the remaining contractual maturity
period at the reporting date (discounted). The Group measures
liquidity risk by adjusting the contractual cash flows on deposit
books to reflect their behavioural stability.
Unit-linked investment liabilities and unit-linked insurance
liabilities with a carrying value of \u20ac10,179 million and \u20ac17,197
million respectively (2024: \u20ac9,203 million and \u20ac16,685 million
respectively) are excluded from this analysis as their
repayment is linked directly to the financial assets backing
these contracts.
Customer accounts include a number of term accounts that
contain access features. These allow the customer to access a
portion or all of their deposits notwithstanding that this
withdrawal could result in a financial penalty being paid by the
customer. For such accounts, the portion subject to the
potential early access has been classified in the \u2018Demand\u2019
category in the following table.
Other financial assets at FVTPL and trading securities exclude
equity shares which have no contractual maturity (note 21).
For information on movements in the Group's liquid assets,
see page 36 of the OFR.
2025
Maturities of \ufb01nancial assets and liabilities (audited)
Demand
\u20acm
Up to 3
months
\u20acm
3-12
months
\u20acm
1-5 years
\u20acm
Over
5 years
\u20acm
Total
\u20acm
Assets
Cash and balances at central banks
22,963
\u2013
\u2013
\u2013
\u2013
22,963
Trading securities
\u2013
\u2013
\u2013
110
129
239
Derivative \ufb01nancial instruments
647
37
175
1,305
497
2,661
Other \ufb01nancial assets at FVTPL
2,005
181
509
1,962
1,050
5,707
Loans and advances to banks
426
1,230
\u2013
\u2013
\u2013
1,656
Debt securities at amortised cost
\u2013
50
932
5,336
12,054
18,372
Financial assets at FVOCI
\u2013
526
413
1,674
377
2,990
Loans and advances to customers
(before impairment loss allowance)
1,336
4,036
7,249
28,849
42,157
83,627
Total
27,377
6,060
9,278
39,236
56,264
138,215
Liabilities
Deposits from banks
132
689
\u2013
\u2013
\u2013
821
Monetary authorities secured funding
\u2013
287
150
113
\u2013
550
Customer accounts
94,918
5,702
5,325
1,542
\u2013
107,487
Derivative financial instruments
658
28
173
1,205
300
2,364
Debt securities in issue
\u2013
\u2013
\u2013
4,674
3,120
7,794
Subordinated liabilities
\u2013
\u2013
\u2013
\u2013
1,848
1,848
Lease liabilities
\u2013
11
35
139
139
324
Short positions in trading securities
1
\u2013
\u2013
174
185
360
Total
95,709
6,717
5,683
7,847
5,592
121,548
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.5\u00a0 Funding and liquidity risk (continued)
2024
Maturities of \ufb01nancial assets and liabilities (audited)
Demand
\u20acm
Up to 3
months
\u20acm
3-12
months
\u20acm
1-5 years
\u20acm
Over 5
years
\u20acm
Total
\u20acm
Assets
Cash and balances at central banks
32,436
\u2013
\u2013
\u2013
\u2013
32,436
Trading securities
\u2013
\u2013
\u2013
39
121
160
Derivative \ufb01nancial instruments
746
65
237
1,270
1,159
3,477
Other \ufb01nancial assets at FVTPL
2,148
31
42
461
3,199
5,881
Loans and advances to banks
328
1,410
\u2013
\u2013
\u2013
1,738
Debt securities at amortised cost
\u2013
52
32
3,771
2,532
6,387
Financial assets at FVOCI
\u2013
121
498
2,398
367
3,384
Loans and advances to customers
(before impairment loss allowance)
1,411
4,360
7,556
31,037
39,202
83,566
Total
37,069
6,039
8,365
38,976
46,580
137,029
Liabilities
Deposits from banks
205
478
\u2013
\u2013
\u2013
683
Monetary authorities secured funding
\u2013
362
482
278
\u2013
1,122
Customer accounts
91,305
5,873
3,341
2,550
\u2013
103,069
Derivative financial instruments
662
73
261
2,173
506
3,675
Debt securities in issue
\u2013
747
11
5,746
2,626
9,130
Subordinated liabilities
\u2013
\u2013
\u2013
\u2013
1,853
1,853
Lease liabilities
\u2013
11
37
146
172
366
Short positions in trading securities
2
\u2013
\u2013
91
61
154
Total
92,174
7,544
4,132
10,984
5,218
120,052
Funding strategy (unaudited)
The Group seeks to maintain a stable funding base with loan
portfolios funded substantially by granular retail originated
deposits with any residual funding requirements principally
met through term wholesale funding and equity.
Customer deposits (unaudited)
The Group\u2019s customer deposit strategy is to:
\u2022 maintain and grow its stable retail customer deposit base
in line with balance sheet requirements;
\u2022 prudently manage deposit pricing and margins; and
\u2022 optimise stable funding levels in line with regulatory
liquidity requirements.
As per the table on page 37 of the OFR, overall Group
customer deposit volumes of \u20ac107.5 billion were \u20ac4.4 billion
higher than 31 December 2024, predominantly driven by an
increase in Retail Ireland volumes of \u20ac4.4 billion and an
increase in Corporate and Commercial volumes of \u20ac0.1 billion,
offset by a decrease in Retail UK balances of \u20ac0.1 billion due to
sterling weakening against the euro. The Group's LDR at 31
December 2025 was 77% (2024: 80%).
Customer deposits do not include \u20ac0.6 billion (2024: \u20ac0.7
billion) of savings and investment products sold by Wealth and
Insurance. These products have fixed terms (typically five to
seven years) and consequently are an additional source of
stable funding for the Group.
Wholesale funding (unaudited)
The Group in the normal course aims to maintain funding
diversification, minimise concentrations across funding
sources and minimise refinancing maturity concentrations.
The Group issued c.\u20ac1.5 billion of MREL eligible senior debt
and downstreamed it to the Bank in 2025 (2024: \u20ac1.0 billion).
Foreign exchange funding mismatch (unaudited)
The Group\u2019s strategy is to originate all new retail lending in the
UK through BoI (UK) plc which is funded primarily via sterling
deposits.
The Group also provides banking services in the UK through its
UK branch. This comprises corporate and business banking
activities and the management of certain residential mortgage
contracts which have been retained by the UK branch and
which are funded primarily via cross currency derivatives.
At 31 December 2025, the stock of sterling denominated assets
funded by cross currency derivatives was c.\u00a36.7 billion (2024: c.
\u00a36.7 billion) of which c.\u00a32.0 billion relates to funding provided
to BoI (UK) plc.
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.5\u00a0 Funding and liquidity risk (continued)
Wholesale funding expected
maturity analysis
(unaudited)
2025
2024
Unsecured
funding
\u20acbn
Secured
funding from
Monetary
Authorities
\u20acbn
Secured
funding
private
sources
\u20acbn
Total
wholesale
funding
\u20acbn
Unsecured
funding
\u20acbn
Secured
funding from
Monetary
Authorities
\u20acbn
Secured
funding
private
sources
\u20acbn
Total
wholesale
funding
\u20acbn
Less than three months
1
\u2013
\u2013
1
\u2013
1
1
2
Three months to one year
\u2013
1
\u2013
1
\u2013
\u2013
\u2013
\u2013
One to \ufb01ve years
5
\u2013
\u2013
5
7
\u2013
\u2013
7
More than \ufb01ve years
1
\u2013
1
2
1
\u2013
1
2
Wholesale funding
7
1
1
9
8
1
2
11
Funding and liquidity position (unaudited)
During 2025, Standard & Poor\u2019s (S&P), Moody\u2019s and Fitch upgraded the BoIG plc senior debt rating to BBB+ (from BBB), A2 (from A3)
and A- (from BBB+), respectively. The Governor and Company of the Bank of Ireland (GovCo) senior debt ratings were also upgraded
to A+ (from A), Aa3 (from A1) and A (from A-), respectively. All outlooks were revised to Stable (from Positive).
2025
2024
BoIG plc - Senior debt (unaudited)
Standard & Poor's
BBB+ (Stable)
BBB (Positive)
Moody\u2019s
A2 (Stable)
A3 (Positive)
Fitch
A- (Stable)
BBB+ (Positive)
The Governor and Company of the Bank of Ireland (GovCo) - Senior debt (unaudited)
Standard & Poor's
A+ (Stable)
A (Positive)
Moody\u2019s
Aa3 (Stable)
A1 (Positive)
Fitch
A (Stable)
A- (Positive)
Balance sheet encumbrance (audited)
It is Group policy to ensure that the level of encumbrance of
the balance sheet is consistent and supportive of the Group\u2019s
unsecured funding issuance plans.
As part of managing its funding requirements, the Group from
time to time encumbers assets as collateral to support
wholesale funding initiatives. This would include covered
bonds, asset backed securities, securities repurchase
agreements, and other structures that are secured over
customer loans. At 31 December 2025, \u20ac5 billion (2024: \u20ac7
billion) of the Group\u2019s assets and collateral received were
encumbered, primarily through these structures. The Group's
overall encumbrance level was 3% (2024: 5%).
The Group\u2019s overall encumbrance is prepared on a regulatory
group basis, in accordance with the CRD IV, which comprises
banking and other relevant financial institutions within the BoI
Group, but excludes non-banking related institutions such as
insurance entities. For further information, see the Group\u2019s
Pillar 3 disclosures (tab 1.3), available on the Group\u2019s website.
Covered bonds, a key element of the Group\u2019s long-term
funding strategy are issued through its subsidiary BoIMB.
BoIMB is registered as a designated mortgage credit institution
to issue Irish Asset Covered Securities in accordance with
relevant legislative requirements. BoIMB is required to
maintain minimum contractual overcollateralisation of 5% and
minimum legislative overcollateralisation of 3% (both on a
prudent market value basis). This is monitored by the Covered
Asset Monitor on behalf of the CBI.
53\u00a0 \u00a0 Liquidity risk and profile
The following tables summarise the maturity profile of the
Group\u2019s financial liabilities (excluding those arising from
insurance and investment contracts in the Wealth and
Insurance division) at 31 December 2025 and 31 December
2024 based on contractual undiscounted repayment
obligations. The Group does not manage liquidity risk on the
basis of contractual maturity. Instead the Group manages
liquidity risk based on expected cash flows. The Group\u2019s
approach to liquidity risk management is set out in section 3.5
of the Risk Management Report.
Unit-linked investment liabilities and unit-linked insurance
liabilities with a carrying value of \u20ac10,179 million and \u20ac17,197
million respectively ( 2024: \u20ac9,203 million and \u20ac16,685 million
respectively) are excluded from this analysis as their
repayment is linked to the financial assets backing these
contracts.
Customer accounts include a number of term accounts that
contain easy access features. These allow the customer to
access a portion or all of their deposit notwithstanding that
this repayment could result in financial penalty being paid by
the customer. For such accounts, the portion subject to the
potential early access has been classified in the \u2018Demand\u2019
category in the table below.
The balances in the table below will not agree directly to the
consolidated balance sheet as the table incorporates all cash
flows, on an undiscounted basis, related to both principal and
interest payments.
2025
Contractual maturity
Demand
\u20acm
Up to 3
months
\u20acm
3-12
months
\u20acm
1-5
years
\u20acm
Over 5
years
\u20acm
Total
\u20acm
Deposits from banks
132
689
\u2013
\u2013
\u2013
821
Monetary Authorities secured funding
\u2013
298
156
130
\u2013
584
Customer accounts
95,091
5,748
5,484
1,633
\u2013
107,956
Debt securities in issue
\u2013
78
259
5,131
5,008
10,476
Subordinated liabilities
\u2013
34
57
425
2,110
2,626
Lease liabilities
\u2013
13
41
163
171
388
Contingent liabilities
777
90
24
118
50
1,059
Commitments
16,568
51
822
25
\u2013
17,466
Short positions in trading securities
1
\u2013
\u2013
174
185
360
Total
112,569
7,001
6,843
7,799
7,524
141,736
53\u00a0 \u00a0 Liquidity risk and profile (continued)
Demand
\u20acm
Up to 3
months
\u20acm
3-12
months
\u20acm
1-5
years
\u20acm
Over 5
years
\u20acm
Total
\u20acm
2024
Contractual maturity
Deposits from banks
205
478
\u2013
\u2013
\u2013
683
Monetary Authorities secured funding
\u2013
388
493
288
\u2013
1,169
Customer accounts
91,458
5,913
3,445
2,713
\u2013
103,529
Debt securities in issue
\u2013
855
239
6,353
4,083
11,530
Subordinated liabilities
\u2013
34
58
414
2,229
2,735
Lease liabilities
\u2013
13
44
173
206
436
Contingent liabilities
756
59
42
185
11
1,053
Commitments
16,231
67
1,312
75
\u2013
17,685
Short positions in trading securities
2
\u2013
\u2013
91
61
154
Total
108,652
7,807
5,633
10,292
6,590
138,974
The following tables present the estimated amount and timing
of the remaining contractual undiscounted cash flows arising
from portfolios of insurance contract liabilities and associated
reinsurance contract assets and matched investment assets.
Unit-linked contracts payable on demand are \u20ac14,654 million
(2024: \u20ac13,957 million) and do not present a liquidity risk due
to backing unit funds.
Liquidity risk is managed through matching assets of varying
maturities, sufficient to meet current and near term liabilities
and in compliance with all regulatory capital and liquidity
requirements.
2025
Insurance contract cash flows
Year 1
\u20acm
Year 2
\u20acm
Year 3
\u20acm
Year 4
\u20acm
Years 5-9
\u20acm
Years 10+
\u20acm
Insurance contract liabilities
(150)
(144)
(146)
(149)
(712)
(1,694)
Reinsurance contract assets
83
81
81
82
395
773
Net insurance contract cash flows
(67)
(63)
(65)
(67)
(317)
(921)
Matched assets
92
95
104
86
468
1,325
Net cash flows
25
32
39
19
151
404
2024
Insurance contract cash flows
Year 1
\u20acm
Year 2
\u20acm
Year 3
\u20acm
Year 4
\u20acm
Years 5-9
\u20acm
Years 10+
\u20acm
Insurance contract liabilities
(135)
(137)
(142)
(152)
(750)
(1,784)
Reinsurance contract assets
81
81
82
82
406
851
Net insurance contract cash flows
(54)
(56)
(60)
(70)
(344)
(933)
Matched assets
99
83
91
89
425
1,258
Net cash flows
45
27
31
19
81
325
As set out in note 20, derivatives held for trading comprise
derivatives entered into with trading intent as well as
derivatives entered into with economic hedging intent to which
the Group does not apply hedge accounting. Derivatives held
with hedging intent include all derivatives to which the Group
applies hedge accounting.
The following tables summarise the maturity profile of the
Group\u2019s derivative liabilities.
The Group manages liquidity risk based on expected cash
flows, therefore the undiscounted cash flows payable on
derivatives liabilities held with hedging intent are classified
according to their contractual maturity, while derivatives held
with trading intent have been included at fair value in the
\u2018Demand\u2019 time bucket.
53\u00a0 \u00a0 Liquidity risk and profile (continued)
2025
Derivative \ufb01nancial instruments
Demand
\u20acm
Up to 3
months
\u20acm
3-12
months
\u20acm
1-5
years
\u20acm
Over 5
years
\u20acm
Total
\u20acm
Derivatives held with hedging intent
Gross settled derivative liabilities - out\ufb02ows
\u2013
479
1,434
4,031
\u2013
5,944
Gross settled derivative liabilities - in\ufb02ows
\u2013
(459)
(1,389)
(3,886)
\u2013
(5,734)
Gross settled derivative liabilities - net \ufb02ows
\u2013
20
45
145
\u2013
210
Net settled derivative liabilities
\u2013
221
249
769
154
1,393
Total derivatives held with hedging intent
\u2013
241
294
914
154
1,603
Derivative liabilities held with trading intent
308
\u2013
\u2013
\u2013
\u2013
308
Total derivative cash \ufb02ows
308
241
294
914
154
1,911
2024
Derivative \ufb01nancial instruments
Demand
\u20acm
Up to 3
months
\u20acm
3-12
months
\u20acm
1-5
years
\u20acm
Over 5
years
\u20acm
Total
\u20acm
Derivatives held with hedging intent
Gross settled derivative liabilities - out\ufb02ows
\u2013
622
1,697
6,764
83
9,166
Gross settled derivative liabilities - in\ufb02ows
\u2013
(561)
(1,497)
(6,272)
(62)
(8,392)
Gross settled derivative liabilities - net \ufb02ows
\u2013
61
200
492
21
774
Net settled derivative liabilities
\u2013
349
757
1,699
124
2,929
Total derivatives held with hedging intent
\u2013
410
957
2,191
145
3,703
Derivative liabilities held with trading intent
490
\u2013
\u2013
\u2013
\u2013
490
Total derivative cash \ufb02ows
490
410
957
2,191
145
4,193
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-5": { "value": "
3.7\u00a0 Market risk
De\ufb01nition and background (audited)
Market risk is the risk of loss arising from movements in
interest rates, FX rates, equity, credit spreads or other market
prices.
Market risk arises from the structure of the balance sheet, the
Group\u2019s business mix and includes discretionary risk-taking.
Additionally, market risk arises through the conduct of
customer business, particularly in respect to fixed-rate lending
and the execution of derivatives and foreign exchange
business. The market risk profile of the Group may, in addition
to the above risks which arise in the usual course of a business
cycle, be impacted by shifts in market volatility as a result of
external factors. Earnings for NIAC are also indirectly exposed
to changes in equity and property markets through fee income
generated on unit-linked customer investments.
Risk management, measurement, and reporting (audited)
The management of market risk in the Group is governed by
the Group\u2019s Risk Appetite Statement and by the Group Market
Risk Policy, both of which are approved by the Board. These
are supplemented by a range of CRO approved limits and
controls. The Group has an established governance structure
for market risk that involves the Board, its risk committees
(BRC and ERC) and ALCO, which has primary responsibility for
the oversight of market risk in the Group.
The current status of market risk, including risk dashboards
and risk appetite compliance, is reported through the Board
Risk Report on a monthly basis.
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.7\u00a0 Market risk (continued)
Group Market, Capital & Liquidity Risk (GMCLR) provides 2LOD
oversight of the Group\u2019s exposure to market risk, ensuring that
the Group correctly identifies and assesses the market risks to
which it is exposed. GMCLR is a part of the Group Risk Function
reporting to the Group CRO.
It is Group policy to minimise exposure to market risk, subject
to defined limits. Nonetheless, certain structural market risks
remain and, in some cases, are difficult to eliminate fully. In
addition, the Group bears economic exposure to adverse
movements in the credit spreads of bonds held as liquid
assets, or held as matching assets in NIAC in the matching
assets portfolio. The latter is the predominant economic
exposure arising on the NIAC fixed interest portfolio.
Market risks are managed by the Group Treasury Execution
Desk which handles treasury execution for the Group. These
market risks are typically hedged as part of the Group\u2019s overall
risk management strategy, including the use of external
markets where necessary.
Similarly, market risks in the Group\u2019s life assurance business,
NIAC, are managed within defined tolerances. However,
certain residual risks are inherent in this business, notably
exposure to credit spreads on assets held to match
policyholder liabilities and indirect exposure to equity markets
through changes in the discounted value of fees applied to
equity assets held by policyholders in insurance contracts. This
is outlined in greater detail below.
Classi\ufb01cation of market risk (unaudited)
In accordance with regulatory requirements and guidance the
Group classifies market risk as follows:
\u2022 Market risk in the Trading Book: Market risk on positions
which are required to be booked in the Trading Book as set
out in the CRR. The risk arises primarily as a result of
discretionary risk taking or underwriting business in Davy
or through the transaction of customer derivative or FX
transactions.
\u2022 Market risk in the Banking Book: Market risk on positions
which are booked in the Banking Book. This risk is
predominately made up of Credit Spread risk which arises
primarily from the Group's bond holdings in its liquid asset
portfolio, structural IRRBB which is intrinsic to a bank\u2019s
balance sheet or arises from its franchise or business mix
and structural FX risk which is the exposure of the Group\u2019s
principal capital ratios to changes in exchange rates.
\u2022 Market risks in the Life Business: Market risk on positions
held in the life business. These risks arise naturally from
the non unit-linked life business (interest rate risk),
securities holdings (credit spread risk) and unit-linked
business (equity risk and other market risks).
Balance sheet linkage (audited)
The table below classifies the balance sheet in terms of
banking book, trading book (as defined above) and Insurance
assets and liabilities. The principal risk factors which drive
changes in earnings or value in relation to each line item are
also outlined.
Trading book assets and liabilities were a small proportion of
the balance sheet at 31 December 2025 and this is
representative of the position throughout the year. Interest
rates are the most significant risk factor.
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.7\u00a0 Market risk (continued)
Market risk linkage to the
balance sheet 2025 (audited)
Total
\u20acm
Trading
\u20acm
Non-
trading
\u20acm
Insurance
\u20acm
Primary Risk Sensitivity
Assets
Cash and balances at central banks
22,963
\u2013
22,963
\u2013
Interest Rate
Trading securities
244
244
\u2013
\u2013
Interest Rate, Credit Spread, Equity
Derivative \ufb01nancial instruments
2,661
339
2,322
\u2013
Interest Rate, FX, Credit Spread, Equity
Other \ufb01nancial assets at FVTPL
25,586
\u2013
121
25,465
Interest Rate, FX, Credit Spread, Equity
Loans and advances to banks
1,656
\u2013
1,572
84
Interest Rate
Loans and advances to customers
82,478
\u2013
82,478
\u2013
Interest Rate
Fair value changes due to interest rate risk of
the hedged items in portfolio hedges
112
\u2013
112
\u2013
Interest Rate
Debt securities at amortised cost
18,372
\u2013
18,372
\u2013
Interest Rate
Financial assets at FVOCI
2,990
\u2013
2,990
\u2013
Interest Rate, FX, Credit Spread
Reinsurance contract assets
1,328
\u2013
\u2013
1,328
Interest Rate
Other assets
6,409
\u2013
5,310
1,099
Interest Rate
Total assets
164,799
583
136,240
27,976
Liabilities
Deposits from banks
1,371
\u2013
1,371
\u2013
Interest Rate
Customer deposits
107,487
\u2013
107,487
\u2013
Interest Rate
Fair value changes due to interest rate risk of
the hedged items in portfolio hedges
(472)
\u2013
(472)
\u2013
Interest Rate, Credit Spread, Equity
Derivative \ufb01nancial instruments
2,364
318
2,046
\u2013
Interest Rate, FX, Credit Spread, Equity
Debt securities in issue
7,794
\u2013
7,794
\u2013
Interest Rate
Liabilities to customers under investment
contracts
10,179
\u2013
\u2013
10,179
Interest Rate, FX, Credit Spread, Equity
Insurance contract liabilities
17,197
\u2013
\u2013
17,197
Interest Rate, FX, Credit Spread, Equity
Loss allowance provision on loan
commitments and \ufb01nancial guarantees
92
\u2013
92
\u2013
Interest Rate
Leasing liabilities
324
\u2013
324
\u2013
Interest Rate, FX
Other liabilities
3,695
\u2013
3,383
312
Interest Rate, FX
Subordinated liabilities
1,848
\u2013
1,848
\u2013
Interest Rate
Total liabilities
151,879
318
123,873
27,688
Discretionary and residual market risk (audited)
Discretionary risk is a risk that is carried in the expectation of
gain from near-term movements in liquid financial markets.
Davy is the Group's only business unit permitted to run
discretionary market risk.
Residual gap risk arises when hedging is completed on a
portfolio basis rather than with back-to-back trades (micro-
hedge). It is Group practice to hedge IRRBB to de minimis
levels wherever possible but as these hedges may not be
perfectly matched this can result in small residual hedging
gaps.
Discretionary and residual market risk is subject to strict
controls which set out the markets and instruments in which
risk can be assumed, the types of positions which can be taken
and the limits which must be complied with. These risks are
managed by an approved framework of limits and controls,
based on VaR (see below), scenario stress tests and
sensitivities.
Equity risk, interest rate risk, and credit spread risk arises
within Davy Capital Markets market making business from the
potential impact of changes in equity prices, interest rates, and
credit spreads. Davy Institutional Equities is responsible for the
underwriting, distribution and trading of Irish, UK, and
European equities. At 31 December 2025, Davy Capital Markets
held a net long position of \u20ac4 million (2024: \u20ac3 million) in listed
equities.
Davy Fixed Income team is responsible for the underwriting,
distribution, and trading of Irish Sovereign Bonds and Irish
Corporate Bonds, having resumed its role as a primary dealer
in Irish Government Bonds in February 2025. At 31 December
2025, Davy Capital Markets held a net long position of \u20ac13
million (2024: \u20ac10 million net long) in the Fixed Income book,
which are funded via repurchase agreements.
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.7\u00a0 Market risk (continued)
Value at Risk (VaR) (audited)
The Group employs a VaR approach to measure and set limits
on discretionary and residual market risk. The Group utilises a
Monte-Carlo simulation model approach for the calculation of
the interest rate risk component at a 99% (two tailed)
confidence level, using a one day holding period and based on
one year of historic data. The volatilities and correlations which
are used to generate these VaR numbers are estimated using
the exponentially weighted moving average approach which
gives more weight to recent data and responds quickly to
changes in market volatility. Davy employs a historical VaR
simulation model to calculate VaR for both the equity and fixed
income desks. The model uses a 99% confidence level and a
one day holding period, based on one year of historical market
data.
For the nature of risks assumed by the Group, VaR remains a
reliable basis of risk measurement, supplemented by stress
testing. The Group recognises that VaR is subject to certain
inherent limitations and therefore VaR limits are
supplemented by scenario-based stress tests. These are
particularly important in periods of low market volatility when
VaR numbers can understate the risks of loss from large
adverse market moves.
Total Davy VaR (audited)
2025
\u20acm
2024
\u20acm
Total
0.6
0.3
The Group\u2019s year end VaR numbers for the trading book and
banking book are shown in the \u2018VaR\u2019 table below at 31
December 2025 and 2024.
Total Interest Rate VaR (audited)
2025
\u20acm
2024
\u20acm
Trading book
0.1
0.1
Banking book
\u2013
\u2013
Group VaR
0.1
0.1
Structural and other risks (audited)
Notwithstanding the overriding objective of running minimal
levels of market risk, certain structural market risks remain
and are managed centrally as part of the Group\u2019s asset and
liability management process.
Structural interest rate risk (unaudited)
Structural interest rate risk is predominantly the exposure of
Group earnings to interest rate changes arising from the
presence of non-interest bearing or behaviourally fixed rate
assets and liabilities on the balance sheet or variable rate
deposits that are deemed insensitive to changes in market
rates. The principal non-interest bearing liabilities are equity
and non-interest bearing current accounts. It is Group policy to
hedge its non-interest bearing current accounts in a portfolio
of swaps with a similar average life of 3.5 years and a
maximum life of seven years.
The Group also has in place a hedge of deposits that are
deemed insensitive to changes in market rates. This has the
effect of helping to mitigate the impact of the interest rate
changes on interest income. The table outlines the Group\u2019s
average volumes of structural hedges and contribution to
interest income.
Structural hedge (unaudited)
2025
2024
Average structural hedge volume (\u20acbn)
66.3
64.2
Interest income from structural hedge (\u20acm)
1,253.0
1,110.4
Other structural risks arise from credit-impaired loans and
floored loans and deposits. The Group also has a portfolio of
swaps which hedge fixed rate assets (including fixed rate
lending) on the balance sheet. These swaps partially offset the
Group\u2019s structural hedge.
Net interest income sensitivity analysis (unaudited)
The Group uses net interest income sensitivity analysis to
measure the responsiveness of earnings to scenarios for short
and long-term rates.
The following table shows the estimated sensitivity of the
Group\u2019s net interest income (before tax) to an instantaneous
and sustained 1% parallel movement in interest rates. The
estimates are based on management assumptions primarily
related to the repricing of customer transactions; the
relationship between key official interest rates set by Monetary
Authorities and market determined interest rates; and the
assumption of a constant balance sheet by size and
composition. The sensitivities should not be considered a
forecast of future performance in these rate scenarios as they
do not capture potential management action in response to
unexpected changes in the interest rate environment.
Estimated sensitivity of Group income
(1 year horizon) (unaudited)
2025
\u20acm
2024
\u20acm
100bps higher
c.245
c.255
100bps lower
(c.280)
(c.280)
Basis risk (unaudited)
Basis risk is the exposure of the Group\u2019s earnings to sustained
changes in the differentials between the floating market
related benchmark rates to which the Group\u2019s assets, liabilities
and derivative hedges are linked. In the Group\u2019s case, the
principal rates used for product and derivative repricing are
one, three, and six month Euro Inter Bank Offered Rate
(EURIBOR), Sterling Overnight Index Average (SONIA), EUR
short-term rate, the ECB refinancing rate, and the BoE base
rate.
3\u00a0 \u00a0 \u00a0 Management of Principal Risks and ESG Risk Lens (continued)
3.7\u00a0 Market risk (continued)
In addition, the Group funds an element of its sterling balance
sheet in part from euro which creates a structural exposure to
the cost of this hedging. The Group applies notional limits and
stress scenario analysis to its basis positions.
Credit spread risk (unaudited)
Credit spread risk arises from the potential impact of changes
to the spread between the bond yield and swap rates. The
credit spread risk sensitivity primarily manifests within the
portfolio of bonds purchased as liquid assets and classified as
at fair value through other comprehensive income (FVOCI),
which are held at fair value on the balance sheet. Movements
in the credit spreads can result in adverse impacts on the fair
value of these holdings. The Group also considers bonds in the
liquid assets portfolio that are classified as amortised cost in
consideration of Credit Spread Risk in the Banking Book.
At 31 December 2025, the Group held \u20ac3.0 billion par value in
securities classified as FVOCI (2024: \u20ac3.4 billion) and held \u20ac19.1
billion par value in securities classified as amortised cost (2024:
\u20ac6.4 billion). A 1% increase in the average credit spread of the
book in 2025 would have reduced its value by \u20ac61 million
(2024: \u20ac87 million) for bonds held at FVOCI and reduced the
value by \u20ac1.1 billion (2024: \u20ac258 million) for bonds held at
amortised cost.
An analogous economic risk exists in relation to securities held
by NIAC to match policyholder liabilities and to invest its
capital. At 31 December 2025, NIAC\u2019s bond portfolio had a
market value of \u20ac1.9 billion (2024: \u20ac1.9 billion). At 31
December 2025, a 1% widening of all credit spreads (measured
as bond yields minus the corresponding swap rate) would have
had an impact on profit before tax of \u20ac92 million negative,
while a 1% tightening would have a positive impact of \u20ac114
million (2024: \u20ac92 million negative and \u20ac108 million positive
impact respectively).
The Group also models the spread risk for both the FVOCI and
NIAC portfolios over a one-year horizon using a delta-normal
VaR model and deterministic spread stress model respectively.
They approximate a potential one-year loss in portfolio value
due to changes in credit spreads.
Interest rate risk in New Ireland Assurance
Company plc (unaudited)
In managing the interest rate risk in its business, NIAC has
regard to the sensitivity of its capital position, as well as its
profit before tax, to market movements. NIAC follows a policy
of asset / liability matching to ensure that the exposure of its
capital position to interest rate movements remains within
tolerances, while also managing the impact on IFRS profits. At
31 December 2025, a 1% increase in swap and yield rates
would have reduced its excess own funds (own funds less
solvency capital requirement (SCR)) by \u20ac9 million and reduced
its IFRS profit by \u20ac43 million (2024: \u20ac4 million negative and \u20ac36
million negative respectively).
Equity risk (unaudited)
NIAC\u2019s profit before tax is also indirectly exposed to changes in
equity markets. This arises because a management fee is
charged on the value of \u20ac8.6 billion (2024: \u20ac8.1 billion) of
equities held for policyholders in insurance contracts in its
unit-linked book. As equity markets move up and down, this
gives rise to a change in current and discounted future
streams of equity-related fees which is reflected in NIAC\u2019s
profits. Every 1% fall in equity markets applied to positions at
31 December 2025 would have reduced its IFRS profit by \u20ac1
million (2024: \u20ac1 million reduction). Every 1% increase in equity
markets would have had a broadly equal and opposite impact.
Structural FX (unaudited)
The Group defines structural FX risk as the exposure of its key
capital ratios to changes in exchange rates. Changes in
exchange rates can increase or decrease the overall euro
equivalent level of RWAs.
It is Group policy to manage structural FX risk by ensuring that
the currency composition of its RWAs and its structural net
asset position by currency are broadly similar. This is designed
to minimise the impact of exchange rate movements on the
principal capital ratios.
At 31 December 2025, the estimated sensitivity of the Group\u2019s
CET1 ratio to a 10% depreciation of sterling and dollar
combined against the euro was less than 1 basis point.
Use of derivatives in the management of market risk
(audited)
The activities set out above involve, in many instances,
transactions in a range of derivative instruments. The Group
makes extensive use of derivatives to hedge its balance sheet and
service its customer needs. The Group\u2019s participation in derivatives
markets is subject to the requirements of the Group Market Risk
Policy which is approved by the Board. The Group makes a clear
distinction between derivatives which must be transacted on a
perfectly hedged basis and those whose risks can be managed
within broader interest rate or FX books.
The approach to hedging and managing market risk is
governed by policies explicitly designed to ensure that all
hedging activities are risk reducing. Interest rate risk arising on
customer lending and term deposit-taking is centralised by
way of internal hedging transactions with Bank of Ireland
Global Markets (BoIGM) or Group Treasury. This exposure is, in
turn, substantially eliminated through external hedges.
Structural risk is managed by way of selective and strategic
hedging initiatives which are executed under ALCO\u2019s authority.
Policy requires that, where behavioural optionality hedging
relies on assumptions about uncertain customer behaviour
and where material, it is subject to limits or other controls.
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"iso4217:EUR" } }, "f-749": { "value": "595000000.0", "decimals": -6, "dimensions": { "concept": "boigroupplc:IssuanceOfOtherEquityInterests", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-750": { "value": "595000000.0", "decimals": -6, "dimensions": { "concept": "boigroupplc:IssuanceOfOtherEquityInterests", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-751": { "value": "589000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-752": { "value": "520000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:PaymentsToAcquireOrRedeemEntitysShares", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": 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"unit": "iso4217:EUR" } }, "f-764": { "value": "10000000.0", "decimals": -6, "dimensions": { "concept": "boigroupplc:InterestPaidOnLeaseLiabilityClassifiedAsFinancingActivities", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-765": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "boigroupplc:RepurchaseOfOtherEquityInterests", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-766": { "value": "-518000000.0", "decimals": -6, "dimensions": { "concept": "boigroupplc:RepurchaseOfOtherEquityInterests", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-767": { "value": "0.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:ProceedsFromIssueOfSubordinatedLiabilities", "entity": "scheme:635400C8EK6DRI12LJ39", "period": 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"2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-772": { "value": "-1483000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashFlowsFromUsedInFinancingActivities", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-773": { "value": "5556000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-774": { "value": "6969000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestReceivedClassifiedAsOperatingActivities", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-775": { "value": "1824000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-776": { "value": "3112000000.0", "decimals": -6, "dimensions": { "concept": "ifrs-full:InterestPaidClassifiedAsOperatingActivities", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:EUR" } }, "f-777": { "value": "
1\u00a0 \u00a0 Group accounting policies
Basis of preparation
These consolidated financial statements are the financial
statements of the Bank of Ireland Group plc (\u2018BoIG plc\u2019 or the
\u2018Company\u2019) and its subsidiaries (collectively the \u2018BoIG plc Group\u2019
or the \u2018Group\u2019).
The financial statements comprise the Consolidated income
statement, the Consolidated statement of comprehensive
income, the Consolidated and Company balance sheets, the
Consolidated and Company statements of changes in equity,
the Consolidated cash flow statement, the notes to the
consolidated financial statements on pages 296 to 428 and the
notes to the Company financial statements on pages 432 to
435 .
The financial statements include the information that is
described as being an integral part of the audited financial
statements contained in:
\u2022 sections 3.2 , 3.4, 3.5, 3.6 and 3.7 of the Risk Management
Report as described further on the bottom of page 223; and
\u2022 the Remuneration Report as described further on page 103.
The amounts presented in the financial statements are
rounded to millions.
The consolidated financial statements of the Group are
prepared in accordance with IFRS as adopted by the EU and
with those parts of the Companies Act 2014 applicable to
companies reporting under IFRS and with the EU (Credit
Institutions: Financial Statements) Regulations 2015 and the
Asset Covered Securities Acts 2001 and 2007.
The financial statements have been prepared under the
historical cost convention as modified to include the fair
valuation of certain financial instruments and land and
buildings.
The preparation of the financial statements in conformity with
IFRS requires the use of estimates and assumptions that affect
the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of revenues
and expenses during the reporting period. Although these
estimates are based on management\u2019s best knowledge of the
amount, event or actions, actual results ultimately may differ
from those estimates. A description of the critical estimates
and judgements applied in the consolidated financial
statements is set out in note 2.
The accounting policies and critical accounting estimates
applied by the Company are included in note a to the
Company financial statements.
FX rates used during the year are as follows:
2025
2024
Average
Closing
Average
Closing
\u20ac / Stg\u00a3
0.8568
0.8726
0.8466
0.8292
\u20ac / US$
1.1300
1.1750
1.0824
1.0389
References to the \u2018State\u2019 throughout this document should be
taken to refer to the Republic of Ireland (RoI), its Government
and, where and if relevant, Government departments, agencies
and local Government bodies.
Going concern
The time period that the Directors have considered in
evaluating the appropriateness of the going concern basis in
preparing the financial statements for 2025 is a period of
twelve months from the date of approval of these financial
statements (the \u2018period of assessment\u2019).
In making this assessment, the Directors considered the
Group\u2019s business, profitability projections, funding and capital
plans, together with a range of other factors such as the
economic outlook for the Irish economy and the current global
macroeconomic and geopolitical environment.
The matters of primary consideration by the Directors are set
out below:
Capital
The Group has developed capital plans under base and stress
scenarios and the Directors believe that the Group has
sufficient capital to meet its regulatory capital requirements
throughout the period of assessment.
Funding and liquidity
The Directors have considered the Group\u2019s funding and
liquidity position and are satisfied that the Group has sufficient
funding and liquidity throughout the period of assessment.
Conclusion
On the basis of the above, the Directors consider it appropriate
to prepare the financial statements on a going concern basis
having concluded that there are no material uncertainties
related to events or conditions that may cast significant doubt
on the Group\u2019s ability to continue as a going concern over the
period of assessment.
Comparatives
Comparative figures have been restated where necessary, to
conform with changes in presentation or where additional
analysis has been provided in the current period. Any
adjustments to comparatives are disclosed in the relevant
note.
Adoption of new and amended accounting standards
There have been no new standards or amendments to
standards, adopted by the Group during the year ended 31
December 2025 which have had a material impact on the
Group.
The accounting policies set out below are the Group's
material accounting policies:
Interest income and expense
Interest income and expense are recognised in the income
statement using the effective interest method for financial
instruments measured at amortised cost and financial assets
which are debt instruments measured at FVOCI, in accordance
with IFRS 9.
1\u00a0 \u00a0 Group accounting policies (continued)
The Group presents interest resulting from negative effective
interest rates on financial liabilities as interest income. The
Group presents interest resulting from negative effective
interest rates on financial assets as interest expense.
The effective interest method is the method that is used in the
calculation of the amortised cost of a financial asset or liability
and in the allocation and recognition of interest revenue or
interest expense in profit or loss over the relevant period. The
effective interest rate is the rate that exactly discounts
estimated future cash payments or receipts through the
expected life of the financial asset or financial liability to the
gross carrying amount of a financial asset or to the amortised
cost of a financial liability. When calculating the effective
interest rate, the Group estimates the expected cash flows by
considering all the contractual terms of the financial
instrument (for example, prepayment, extension, call and
similar options) but does not consider the ECL (except, in
accordance with IFRS 9 in the case of POCI financial assets
where ECL is included in the calculation of a \u2018credit-adjusted
effective interest rate\u2019). The calculation includes all fees and
points paid or received between parties to the contract that
are an integral part of the effective interest rate, transaction
costs and all other premiums or discounts.
In the case of a financial asset that is neither credit-impaired
nor a POCI financial asset, interest revenue is calculated by
applying the effective interest rate to the gross carrying
amount.
In the case of a financial asset that is not a POCI financial asset
but is credit-impaired at the reporting date, interest revenue is
calculated by applying the effective interest rate to the
amortised cost, which is the gross carrying amount adjusted
for any impairment loss allowance.
In the case of a POCI financial asset, interest revenue is
recognised by applying the credit-adjusted effective interest
rate to the amortised cost.
Where the Group revises its estimates of payments or receipts
on a financial instrument (excluding modifications of a
financial asset and changes in ECL), it recalculates the gross
carrying amount of the financial asset or amortised cost of the
financial liability as the present value of the estimated future
contractual cash flows that are discounted at the financial
instrument\u2019s original effective interest rate (or credit-adjusted
effective interest rate for POCI financial assets). The
adjustment is recognised as interest income or expense.
Interest income or expense on derivatives designated as
hedging instruments are presented in net interest income, in
line with the underlying hedged asset or liability.
For portfolio fair value hedges of financial liabilities and
portfolio fair value hedges and cash flow hedges of financial
assets, the Group aggregates the interest income or expense
on the hedged assets or liabilities with the interest income or
expense on the related derivatives designated as hedging
instruments. Where the resulting total is an expense, the
amount is presented as interest expense on the assets or
liabilities. Where the resulting total is income, it is presented as
interest income on the assets or liabilities.
For micro fair value hedges of financial assets or liabilities, the
Group aggregates, for each hedged asset or liability separately,
the interest income or expense on the asset or liability with the
interest income or expense on the related derivative or
derivatives designated as hedging instruments. Where the
resulting total for an asset or liability is an expense, the
amount is presented as interest expense on the asset or
liability. Where the resulting total is income, it is presented as
interest income on the asset or liability.
Interest income or expense on derivatives that are held with
hedging intent, but for which hedge accounting is not applied
(economic hedges) is included in other interest income or
expense. Interest income or expense on derivatives held with
trading intent is included in trading income.
Interest income on debt financial assets measured at FVTPL,
excluding assets held for trading and those within the Group\u2019s
life assurance operations, is recognised when earned and
presented within other interest income.
Interest expense on debt financial liabilities measured at
FVTPL, excluding liabilities held for trading, is recognised when
incurred and presented in other interest expense.
Modifications
Where the contractual cash flows of a financial asset are
modified and the modification does not result in derecognition
of the financial asset, the Group recalculates the gross carrying
amount of the financial asset as the present value of the
modified contractual cash flows that are discounted at the
financial asset\u2019s original effective interest rate and recognises a
modification gain or loss in the income statement. Where a
modification is a forbearance measure which does not result in
derecognition, the modification gain or loss is included in the
income statement within net impairment gains or losses.
Otherwise, the modification gain or loss is included within
interest income.
As a result of the Interest Rate Benchmark Reform (BMR), on
transition to an alternative benchmark rate, changes in the
basis of determining the contractual cash flows of a financial
instrument are treated in the same way as changes to market
rates for a floating rate instrument by updating the effective
interest rate, without the recognition of a modification gain or
loss. This practical expedient was only applied where:
\u2022 the change to the contractual cash flows was necessary as
a direct consequence of the BMR reform; and
\u2022 the new basis for determining the contractual cash flows
was economically equivalent to the previous basis.
Where additional changes to the basis for determining the
contractual cash flows of a financial instrument were made at
the same time as changes required by the BMR reform, the
Group first applied the practical expedient noted above to the
changes arising as a direct consequence of the BMR reform
and then applied its existing policy to account for the
additional modifications.
Financial assets
Recognition, classification and measurement
A financial asset is recognised in the balance sheet when and
only when, the Group becomes a party to its contractual
provisions.
At initial recognition, a financial asset is measured at fair value
(plus, in the case of a financial asset not at FVTPL, directly
attributable transaction costs) and is assigned one of the
following classifications for the purposes of subsequent
measurement:
\u2022 financial assets at amortised cost;
\u2022 financial assets at FVOCI; or
\u2022 financial assets at FVTPL.
1\u00a0 \u00a0 Group accounting policies (continued)
The Group determines the appropriate classification based on
the contractual cash flow characteristics of the financial asset
and the objective of the business model within which the
financial asset is held.
In determining the business model for a group of financial
assets, the Group considers factors such as how performance
is evaluated and reported to key management personnel
(KMP); the risks that affect performance and how they are
managed; how managers are compensated; and the expected
frequency, value and timing of sales of financial assets.
In considering the contractual cash flow characteristics of a
financial asset, the Group determines whether the contractual
terms give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount
outstanding. In this context, \u2018principal\u2019 is the fair value of the
financial asset on initial recognition and \u2018interest\u2019 is
consideration for the time value of money and for the credit
risk associated with the principal amount outstanding during a
particular period of time and for other basic lending risks and
costs (e.g. liquidity risk and administrative costs), as well as
profit margin.
In making the determination, the Group assesses whether the
financial asset contains a contractual term that could change
the timing or amount of contractual cash flows such that it
would not meet this condition.
In making this assessment, the Group considers contingent
events, leverage features, prepayment and term extensions,
terms which limit the Group\u2019s recourse to specific assets and
features that modify consideration of the time value of money.
Financial assets at amortised cost
Debt instruments
A debt instrument is measured, subsequent to initial
recognition, at amortised cost where it meets both of the
following conditions and has not been designated as
measured at FVTPL:
\u2022 the financial asset has contractual terms that give rise on
specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding;
and
\u2022 the financial asset is held within a business model whose
objective is achieved by holding financial assets to collect
contractual cash flows.
Purchases and sales of debt securities at amortised cost are
recognised on trade date: the date on which the Group
commits to purchase or sell the asset.
Loans measured at amortised cost are recognised when cash
is advanced to the borrowers.
Interest revenue using the effective interest method is
recognised in the income statement. An impairment loss
allowance is recognised for ECL with corresponding
impairment gains or losses recognised in the income
statement.
Debt instruments at fair value through other comprehensive
income
A debt instrument is measured, subsequent to initial
recognition, at FVOCI where it meets both of the following
conditions and has not been designated as measured at FVTPL:
\u2022 the financial asset has contractual terms that give rise on
specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding;
and
\u2022 the financial asset is held within a business model whose
objective is achieved by both collecting contractual cash
flows and selling financial assets.
Purchases and sales of debt instruments at FVOCI are
recognised on trade date. Gains and losses arising from
changes in fair value are included in other comprehensive
income (OCI). Interest revenue using the effective interest
method and FX gains and losses on the amortised cost of the
financial asset are recognised in the income statement.
The impairment loss allowance for ECL does not reduce the
carrying amount but an amount equal to the allowance is
recognised in OCI as an accumulated impairment amount, with
corresponding impairment gains or losses recognised in the
income statement. On derecognition, the cumulative gain or
loss previously recognised in OCI is reclassified to the income
statement.
Regular way purchases and sales of financial assets measured
at FVOCI are recognised on trade date.
Financial assets at fair value through profit or loss
All other financial assets are measured, subsequent to initial
recognition, at FVTPL. Financial assets at FVTPL comprise:
Financial assets mandatorily measured at fair value through
profit or loss
Financial assets meeting either of the conditions below are
mandatorily measured at FVTPL:
\u2022 financial assets with contractual terms that do not give rise
on specified dates to cash flows that are solely payments
of principal and interest on the principal amount
outstanding; and
\u2022 financial assets held within a business model whose
objective is achieved neither by collecting contractual cash
flows nor both collecting contractual cash flows and selling
financial assets. This includes financial assets held within a
portfolio that is managed and whose performance is
evaluated on a fair value basis, such as investments held
by the Group\u2019s life assurance business. It further includes
portfolios of financial assets which are \u2018held for trading\u2019,
which includes financial assets acquired principally for the
purpose of selling in the near term and financial assets
that on initial recognition are part of an identified portfolio
where there is evidence of a recent pattern of short-term
profit-taking.
Financial assets designated as measured at fair value through
profit or loss
A financial asset may be designated at FVTPL only if doing so
eliminates or significantly reduces measurement or
recognition inconsistencies (an \u2018accounting mismatch\u2019) that
would otherwise arise from measuring financial assets or
liabilities or recognising gains and losses on them on different
bases.
The Group designates certain investments in associates at
FVTPL as set out in note 28.
Regular way purchases and sales of financial assets at FVTPL
are recognised on trade date. They are carried on the balance
sheet at fair value, with all changes in fair value included in the
income statement.
1\u00a0 \u00a0 Group accounting policies (continued)
Reclassification
When and only when, the Group changes its business model
for managing financial assets, it reclassifies all affected
financial assets. Reclassification is applied prospectively.
Derecognition
A financial asset is derecognised when the contractual rights to
the cash flows from the financial asset expire or the Group has
transferred substantially all the risks and rewards of
ownership. Where the Group retains the obligation to service
the transferred financial asset, the transferred asset is
derecognised if it meets the derecognition criteria and an asset
or liability is recognised for the servicing contract if the
servicing fee is more than adequate (an asset) or is less than
adequate (a liability) for performing the servicing.
Where a modification results in a substantial change on a
quantitative or qualitative basis, to the contractual cash flows
of a financial asset, it may be considered to represent expiry of
the contractual cash flows, resulting in derecognition of the
original financial asset and recognition of a new financial asset
at fair value.
The Group reduces the gross carrying amount of a financial
asset and the associated impairment loss allowance when it
has no reasonable expectations of recovering a financial asset
in its entirety or a portion thereof.
Impairment of financial instruments
Scope
The Group recognises impairment loss allowances for ECL on
the following categories of financial instruments unless
measured at FVTPL:
\u2022 financial assets that are debt instruments;
\u2022 loan commitments;
\u2022 lease receivables recognised under IFRS 16 \u2018Leases\u2019;
\u2022 financial guarantee contracts issued and not accounted for
under IFRS 4 \u2018Insurance Contracts\u2019; and
\u2022 receivables and contract assets recognised under IFRS 15
\u2018Revenue from Contracts with Customers\u2019.
Basis for measuring impairment
The Group allocates financial instruments into the following
categories at each reporting date to determine the appropriate
accounting treatment.
Stage 1: 12-month expected credit losses (not credit-impaired)
These are financial instruments where there has not been a
significant increase in credit risk since initial recognition. An
impairment loss allowance equal to 12-month ECL is
recognised.
This is the portion of lifetime ECL resulting from default events
that are possible within the next 12 months.
Stage 2: Lifetime expected credit losses (not credit-impaired)
These are financial instruments where there has been a
significant increase in credit risk since initial recognition, but
which are not credit-impaired. An impairment loss allowance
equal to lifetime ECL is recognised. Lifetime ECL are the ECL
resulting from all possible default events over the expected life
of the financial instrument.
Stage 3: Lifetime expected credit losses (credit-impaired)
These are financial instruments which are credit-impaired at
the reporting date but were not credit-impaired at initial
recognition. An impairment loss allowance equal to lifetime
ECL is recognised.
Purchased or Originated Credit-impaired financial assets
These are financial assets that were credit-impaired at initial
recognition. They are not subject to any initial impairment loss
allowance but an impairment loss allowance is subsequently
recognised for the cumulative changes in lifetime ECL since
initial recognition. A POCI financial asset remains classified as
such until it is derecognised, even if assessed as no longer
credit-impaired at a subsequent reporting date.
With the exception of POCI financial assets, a financial
instrument may migrate between stages from one reporting
date to the next.
Significant increase in credit risk
In determining if a financial instrument has experienced a
significant increase in credit risk since initial recognition, the
Group assesses whether the risk of default over the remaining
expected life of the financial instrument is significantly higher
than had been anticipated at initial recognition, taking into
account changes in prepayment expectations where relevant.
The Group uses reasonable and supportable information
available without undue cost or effort at the reporting date,
including forward-looking information. A combination of
quantitative, qualitative and backstop indicators are generally
applied in making the determination. For certain portfolios, the
Group assumes that no significant increase in credit risk has
occurred if credit risk is \u2018low\u2019 at the reporting date.
Credit-impaired
A financial asset is credit-impaired when one or more events
that have a detrimental impact on the estimated future cash
flows have occurred. Evidence that a financial asset is credit-
impaired includes observable data about the following events:
\u2022 significant financial difficulty of the issuer or the borrower;
\u2022 a breach of contract, such as a default or past due event;
\u2022 the lender(s) of the borrower, for economic or contractual
reasons relating to the borrower\u2019s financial difficulty,
having granted to the borrower a concession(s) that the
lender(s) would not otherwise consider;
\u2022 it is becoming probable that the borrower will enter
bankruptcy or other financial reorganisation;
\u2022 the disappearance of an active market for that financial
asset because of financial difficulties; or
\u2022 the purchase or origination of a financial asset at a deep
discount that reflects the incurred credit losses.
It may not be possible to identify a single discrete event -
instead, the combined effect of several events may have
caused financial assets to become credit-impaired.
Measurement of expected credit losses and presentation of
impairment loss allowances
ECL are measured in a way that reflects:
\u2022 an unbiased and probability-weighted amount that is
determined by evaluating a range of possible outcomes;
\u2022 the time value of money; and
\u2022 reasonable and supportable information that is available
without undue cost or effort at the reporting date about
past events, current conditions and forecasts of future
economic conditions.
ECL are measured as follows:
\u2022 financial assets that are not credit-impaired at the
reporting date: the present value of the difference between
all contractual cash flows due to the Group in accordance
with the contract and all the cash flows the Group expects
to receive;
1\u00a0 \u00a0 Group accounting policies (continued)
\u2022 financial assets that are credit-impaired at the reporting
date: the difference between the gross carrying amount
and the present value of estimated future cash flows;
\u2022 undrawn loan commitments: the present value difference
between the contractual cash flows that are due to the
Group if the commitment is drawn and the cash flows that
the Group expects to receive; and
\u2022 financial guarantee contracts: the expected payments to
reimburse the holder less any amounts that the Group
expects to recover, discounted at an appropriate risk-free
rate.
Expected cash flows arising from the sale on default of a loan
are included in the measurement of expected credit losses
under IFRS 9 where the following conditions are met:
\u2022 selling the loan is one of the recovery methods that the
Group expects to pursue in a default scenario;
\u2022 the Group is neither legally nor practically prevented from
realising the loan using that recovery method; and
\u2022 the Group has reasonable and supportable information
upon which to base its expectations and assumptions.
For financial assets, the discount rate used in measuring ECL is
the effective interest rate (or \u2018credit-adjusted effective interest
rate\u2019 for a POCI financial asset) or an approximation thereof.
For undrawn loan commitments, it is the effective interest rate,
or an approximation thereof, that will be applied when
recognising the financial asset resulting from the loan
commitment.
Impairment loss allowances for ECL are presented in the
financial statements as follows:
Financial assets at amortised cost: as a deduction from the
gross carrying amount in the balance sheet.
Loan commitments and financial guarantee contracts:
generally, as a provision in the balance sheet.
Debt instruments at fair value through other comprehensive
income: an amount equal to the allowance is recognised in OCI
as an accumulated impairment amount.
Utilisation of impairment loss allowances
The Group reduces the gross carrying amount of a financial
asset and the associated impairment loss allowance when it
has no reasonable expectations of recovering a financial asset
in its entirety or a portion thereof. Indicators that there is no
reasonable expectation of recovery include the collection
process having been exhausted or it becoming clear during the
collection process that recovery will fall short of the amount
due to the Group.
The Group considers, on a case-by-case basis, whether
enforcement action in respect of an amount that has been
written off from an accounting perspective is or remains
appropriate. Any subsequent recoveries are included in the
income statement as an impairment gain.
Forbearance
Forbearance occurs when a borrower is granted a concession
or agreed change to a loan (\u2018forbearance measure\u2019) for reasons
relating to the actual or apparent financial stress or distress of
that borrower. Forbearance has not occurred if the concession
or agreed change to a loan granted to a borrower is not
related to the actual or apparent financial stress or distress of
that borrower.
Prior to any decision to grant forbearance, the Group performs
an assessment of a customer\u2019s financial circumstances and
ability to repay and assesses whether the loan is credit-
impaired. Where the loan is credit-impaired, it is allocated to
Stage 3 (unless a POCI financial asset). If a forborne loan has a
variable interest rate, the discount rate for measuring ECL is
the current effective interest rate determined under the
contract before the modification of terms.
Financial assets to which forbearance has been applied
continue to be reported as forborne until such time as they
satisfy conditions to exit forbearance in line with EBA guidance
on non-performing and forborne classifications. Forborne
financial assets which are not credit-impaired are generally
classified as Stage 2. A financial asset can only be reclassified
from Stage 3 when certain conditions are met over a pre-
defined period of time or probation period, in line with
regulatory requirements.
Where the cash flows from a forborne loan are considered to
have expired, due to the loan being restructured in such a way
that results in a substantial modification, the original financial
asset is derecognised and a new financial asset is recognised,
initially measured at fair value. Any difference between the
carrying value of the original financial asset and the fair value
of the new financial asset on initial recognition are recognised
in the income statement. The new financial asset may be
initially allocated to Stage 1 or, if credit-impaired, be
categorised as a POCI financial asset.
Where a forbearance measure represents a modification of
the contractual cash flows of a financial asset and does not
result in its derecognition, the Group recalculates the gross
carrying amount of the financial asset as the present value of
the modified contractual cash flows that are discounted at the
financial asset\u2019s original effective interest rate (before any
modification of terms) and a modification gain or loss is
included in the income statement within net impairment gains
or losses.
Financial liabilities
The Group classifies its financial liabilities as being measured
at amortised cost unless it has designated liabilities at FVTPL or
is required to measure liabilities mandatorily at FVTPL, such as
derivative liabilities. Financial liabilities are initially recognised
at fair value, (normally the issue proceeds i.e. the fair value of
consideration received) less, in the case of financial liabilities
subsequently carried at amortised cost, transaction costs. For
financial liabilities carried at amortised cost, any difference
between the proceeds, net of transaction costs and the
redemption value is recognised in the income statement using
the effective interest method.
When a financial liability that is measured at amortised cost is
modified without resulting in derecognition, a gain or loss is
recognised in profit or loss. The gain or loss is calculated as the
difference between the original contractual cash flows and the
modified contractual cash flows discounted at the original
effective interest rate.
Preference shares which carry a mandatory coupon are
classified as financial liabilities. The dividends on these
preference shares are recognised in the income statement as
interest expense using the effective interest method.
1\u00a0 \u00a0 Group accounting policies (continued)
A financial liability may be designated as at FVTPL only when:
\u2022 it eliminates or significantly reduces a measurement or
recognition inconsistency (an \u2018accounting mismatch\u2019) that
would otherwise arise from measuring assets or liabilities
or recognising the gains and losses on them on different
bases; or
\u2022 a group of financial assets, financial liabilities or both is
managed and its performance is evaluated on a fair value
basis in accordance with documented risk management or
investment strategy; or
\u2022 a contract contains one or more embedded derivatives
that significantly changes the cash flows of the contract
and the separation of the embedded derivative(s) is not
prohibited.
The Group designates certain financial liabilities at FVTPL as set
out in note 54 to the financial statements.
The movement in own credit risk related to financial liabilities
designated at FVTPL is recorded in OCI unless this would
create or enlarge an accounting mismatch in profit or loss for
the Group (in which case all gains or losses are recognised in
profit or loss).
Financial liabilities are derecognised when they are
extinguished, that is when the obligation is discharged,
cancelled or expires.
Sale and repurchase agreements and lending of assets
Assets sold subject to repurchase agreements (\u2018repos\u2019) are
retained on the balance sheet and reclassified as pledged
assets when the transferee has the right by contract or custom
to sell or repledge the collateral; the counterparty liability is
included in deposits from banks or customer accounts, as
appropriate.
Securities purchased under agreements to resell (\u2018reverse
repos\u2019) are treated as collateralised loans and recorded as
loans and advances to banks or customers, as appropriate.
The difference between sale and repurchase price is treated as
interest and recognised in the income statement over the life
of the agreement using the effective interest method.
Securities lent to counterparties are also retained on the
balance sheet. Securities borrowed are not recognised in the
financial statements, unless these are sold to third parties, in
which case the purchase and sale are recorded with the gain
or loss included in trading income. The obligation to return the
securities is recorded at fair value as a trading liability.
Issued debt and equity securities
The classification of instruments as a financial liability or an
equity instrument is dependent upon the substance of the
contractual arrangement. Instruments which carry a
contractual obligation to deliver cash or another financial asset
to another entity are classified as financial liabilities. The
coupons on these instruments are recognised in the income
statement as interest expense using the effective interest
method.
Where the Group has absolute discretion in relation to the
payment of coupons and repayment of principal, the
instrument is classified as equity and any coupon payments
are classified as distributions in the period in which they are
made.
If the Group purchases its own debt, it is removed from the
balance sheet and the difference between the carrying amount
of the liability and the consideration paid is included in other
operating income, net of any costs or fees incurred.
Derivative financial instruments and hedge accounting
The Group has made the accounting policy choice allowed
under IFRS 9 to continue to apply the hedge accounting
requirements of IAS 39.
Derivatives are initially recognised at fair value on the date on
which the contract is entered into and are subsequently
remeasured at their fair value at each reporting date. All
derivatives are carried as assets when their fair value is
positive and as liabilities when their fair value is negative.
Certain derivatives embedded in other financial instruments
that are not financial assets are separated from the host
contract and accounted for as derivatives, when their
economic characteristics and risks are not closely related to
those of the host contract and the entire host contract is not
carried at FVTPL.
Fair value gains or losses on derivatives are normally
recognised in the income statement. However where they are
designated as hedging instruments, the treatment of the fair
value gains and losses depends on the nature of the hedging
relationship.
The Group designates certain derivatives as either:
\u2022 hedges of the exposure to changes in the fair value of
recognised assets or liabilities that is attributable to a
particular risk (fair value hedge); or
\u2022 hedges of highly probable future cash flows attributable to
a recognised asset or liability, or a forecast transaction
(cash flow hedge).
Hedge accounting is applied to these derivatives provided
certain criteria are met. The Group documents, at the
inception of the transaction, the relationship between hedging
instruments and hedged items, as well as its risk management
objective and strategy for undertaking various hedge
transactions. The Group also documents its assessment, both
at hedge inception and on an ongoing basis, of whether the
derivatives that are used in hedging transactions are highly
effective in offsetting changes in fair values or cash flows of
hedged items. Hedge relationships are concluded to be
effective if the hedging instruments that are used in hedging
transactions offset the changes in fair value or cash flow of the
hedged items within a range of 80% to 125%.
Where a hedging instrument is novated to a clearing
counterparty, the Group does not discontinue hedge
accounting where the following criteria are met:
\u2022 the novation arises due to laws or regulations, or the
introduction of laws and regulations;
\u2022 the parties to the hedging instrument agree that one or
more clearing counterparties replace their original
counterparty to become the new counterparty to each of
the parties; and
\u2022 the novation does not result in changes to the terms of the
original instrument except for those changes necessary to
effect the change in counterparty.
1\u00a0 \u00a0 Group accounting policies (continued)
Hedges directly affected by the BMR reform
All hedge accounting relationships subject to BMR reform were
transitioned before 30 June 2023.
Fair value hedge
Changes in the fair value of derivatives that are designated and
qualify as fair value hedges are recorded in the income
statement, together with any changes in the fair value of the
hedged asset or liability that are attributable to the hedged
risk.
The hedged item in a micro fair value hedge is a single
specified item e.g. a fixed rate commercial loan or a FVOCI
bond.
The hedged item in a portfolio fair value hedge is a pool of
assets or liabilities with similar risk characteristics and profiles,
such as a pool of fixed rate mortgages. Unlike micro fair value
hedge accounting, portfolio fair value hedge accounting is not
discontinued if an individual asset or liability within the pool of
hedged items is sold, so long as the overall pool of hedged
items retains its characteristics as documented at inception of
the hedge.
In addition, hedge effectiveness testing is performed on a
portfolio basis rather than on an individual hedge relationship
by hedge relationship basis.
For micro fair value hedges, the hedge adjustment is
presented as an adjustment to the carrying amount of the
hedged item.
For portfolio fair value hedges, the hedge adjustment is
presented on the balance sheet as a separate line item \"Fair
value changes due to interest rate risk of the hedged items in
portfolio hedges.\" Where the underlying hedged item is an
asset, the portfolio hedge adjustment is presented separately
within assets. Where the underlying hedged item is a liability,
the portfolio hedge adjustment is presented separately within
liabilities.
The Group also avails of the relaxed hedge accounting
provisions permitted by IAS 39 'Financial Instruments:
recognition and measurement' as adopted by the EU. The
Group applies these relaxed provisions to portfolio fair value
hedges of interest rate risk on its demand deposit and
mortgage lending books. The Group resets portfolio fair value
hedges of its demand deposit book on a weekly basis and
other portfolio fair value hedges are reset either fortnightly or
on a monthly basis.
If the criteria for hedge accounting cease to be met, no further
adjustments are made to the hedged item for fair value
changes attributable to the hedged risk. The cumulative
adjustment to the carrying amount of a hedged item is
amortised to profit or loss over the period to maturity using
the straight line method for macro hedges and the effective
interest method for micro hedges.
When a hedged item held at amortised cost that is designated
in a micro fair value hedge or included in a repricing time
period of a portfolio hedge is derecognised, the unamortised
fair value adjustment included in the carrying value of that
hedged item is immediately reclassified to the income
statement.
Cash flow hedge
The effective portion of changes in the fair value of derivatives
that are designated and qualify as cash flow hedges is
recognised in OCI. The gain or loss relating to the ineffective
portion is recognised immediately in the income statement.
Amounts accumulated in OCI are reclassified to the income
statement in the periods in which the hedged item affects
profit or loss.
When a hedging instrument expires or is sold, or when a
hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in OCI at that time remains in
OCI and is recognised in the income statement when the
forecast transaction occurs. When a forecast transaction is no
longer expected to occur, the cumulative gain or loss that was
reported in OCI is immediately reclassified to the income
statement.
Embedded derivatives
An embedded derivative is a component of a hybrid contract
that also includes a non-derivative host, with the effect that
some of the cash flows of the combined instrument vary in a
way similar to a stand-alone derivative.
If a hybrid contract contains a host that is not a financial asset
within the scope of IFRS 9, an embedded derivative is
separated from the host and accounted for as a derivative if
and only if, its economic characteristics and risks are not
closely related to those of the host, a separate instrument with
the same terms as the embedded derivative would meet the
definition of a derivative and the hybrid contract is not
measured at FVTPL.
Financial guarantees
Financial guarantees are contracts that require the issuer to
make specified payments to reimburse the holder for a loss
that it incurs because a specified debtor fails to make payment
when it is due in accordance with the original or modified
terms of a debt instrument.
Financial guarantees held by the Group
A financial guarantee contract requires the issuer to make
specified payments to reimburse the holder for a loss it incurs
because a specified debtor fails to make payment when due.
Where the Group is the holder of such a guarantee and it is
considered integral to the contractual terms of the guaranteed
debt instrument(s), the guarantee is not accounted for
separately but is considered in the determination of the
impairment loss allowance for ECL of the guaranteed
instrument(s). Where the Group is the holder of such a
guarantee and it is not considered integral to the contractual
terms of\u00a0 the guaranteed debt instrument(s), the Group
recognises a reimbursement asset when it recognises the
expected credit losses (ECLs) on the guaranteed instrument, if
it is considered virtually certain that a reimbursement would
be received if the specified debtor fails to make payment when
due in accordance with the terms of the debt instrument.
Gains and losses on such reimbursement assets are presented
in the income statement, within net impairment gains/losses
on financial instruments.
Where the Group issues a financial liability in the form of a
credit-linked note, which contains an embedded financial
guarantee held by the Group, the Group considers that there
are two units of account, with the host financial liability
measured initially at fair value and subsequently at amortised
cost, and the financial guarantee measured as set out above.
1\u00a0 \u00a0 Group accounting policies (continued)
Financial guarantees issued by the Group
The Group issues financial guarantees to banks, financial
institutions and other bodies on behalf of customers to secure
loans, overdrafts and other banking facilities and in connection
with the performance of customers under payment obligations
related to contracts and the payment of import duties. The
Group\u2019s liability under an issued financial guarantee contract is
initially measured at fair value.
The liability is subsequently measured at the higher of the
amount of the impairment loss allowance for ECL determined
in accordance with the requirements of IFRS 9 and the initial
measurement less the cumulative amount of income
recognised in accordance with the principles of IFRS 15.
Any change in the liability is taken to the income statement
and recognised on the balance sheet within provisions. Where
the Group issues a financial liability which contains a financial
guarantee, the liability is measured at amortised cost using the
effective interest method.
Offsetting
Financial assets and liabilities are offset and the net amount
reported in the balance sheet when there is currently a legally
enforceable right of set off and there is an intention to settle
on a net basis, or realise the asset and settle the liability
simultaneously. No impairment loss allowance for ECL is
recognised on a financial asset, or portion thereof, which has
been offset.
Valuation of financial instruments
The Group recognises trading securities, other financial assets
and liabilities designated at FVTPL, derivatives and financial
assets at FVOCI at fair value in the balance sheet. Fair value is
the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market
participants at the measurement date in the principal, or in its
absence, the most advantageous market to which the Group
has access at that date.
The fair values of financial assets and liabilities traded in active
markets are based on unadjusted bid and offer prices
respectively. If an active market does not exist, the Group
establishes fair value using valuation techniques. These
include the use of recent arm\u2019s length transactions, DCF
analysis, option pricing models and other valuation techniques
commonly used by market participants. To the extent possible,
these valuation techniques use observable market data. Where
observable data does not exist, the Group uses estimates
based on the best information available.
The best evidence of the fair value of a financial instrument at
initial recognition is the transaction price in an arm\u2019s length
transaction, unless the fair value of that instrument is
evidenced by comparison with other observable current
market transactions in the same instrument (i.e. without
modification or repackaging) or based on a valuation
technique which uses only observable market inputs. When
such evidence exists, the initial valuation of the instrument
may result in the Group recognising a profit on initial
recognition. In the absence of such evidence, the instrument is
initially valued at the transaction price. Any day one profit is
deferred and recognised in the income statement to the extent
that it arises from a change in a factor that market participants
would consider in setting a price. Straight line amortisation is
used where it approximates to that amount. Subsequent
changes in fair value are recognised immediately in the income
statement without the reversal of deferred day one profits or
losses.
Where a transaction price in an arm\u2019s length transaction is not
available, the fair value of the instrument at initial recognition
is measured using a valuation technique.
For liabilities designated at FVTPL, the fair values reflect
changes in the Group\u2019s own credit spread.
Transfers between levels of the fair value hierarchy
The Group recognises transfers between levels of the fair value
hierarchy at the end of the reporting period during which the
change occurred.
Group accounts
Subsidiaries
Subsidiary undertakings are investees controlled by the Group.
The Group controls an investee when it has power over the
investee, is exposed, or has rights, to variable returns from its
involvement with the investee and has the ability to affect
those returns through its power over the investee. The Group
reassesses whether it controls an investee when facts and
circumstances indicate that there are changes to one or more
elements of control. The existence and effect of potential
voting rights are considered when assessing whether the
Group controls an investee only if the rights are substantive.
A structured entity is an entity designed so that its activities are
not governed by way of voting rights. The Group assesses
whether it has control over such entities by considering factors
such as: the purpose and design of the entity; the nature of its
relationship with the entity; and the size of its exposure to the
variability of returns from the entity.
Assets, liabilities and results of all Group undertakings have
been included in the Group financial statements on the basis
of financial statements or, where relevant, additional financial
information, made up to the end of the financial year.
Business combinations
Except for where predecessor accounting applies, subsidiaries
are consolidated from the date on which control is transferred
to the Group and are no longer consolidated from the date
that control ceases. The Group uses the acquisition method of
accounting to account for business combinations. The
consideration transferred for the acquisition of a subsidiary is
the fair value of the assets transferred, the liabilities incurred
and the equity interests issued by the Group. The
consideration transferred includes the fair value of any asset
or liability resulting from a contingent consideration
arrangement. Acquisition-related costs are expensed as
incurred. Identifiable assets acquired and liabilities and
contingent liabilities assumed in a business combination are
measured initially at their fair values at the acquisition date.
The excess of the sum of the consideration transferred, the
amount of any non-controlling interest in the acquiree and the
acquisition date fair value of any previous equity interest in the
acquiree, over the fair value of the Group\u2019s share of the
identifiable net assets acquired, is recorded as goodwill.
Intercompany transactions, balances and unrealised gains on
transactions between Group companies are eliminated.
Unrealised losses are also eliminated unless the transaction
provides evidence of impairment of the asset transferred. In
addition, FX gains and losses which arise on the retranslation
to functional currency of intercompany monetary assets and
liabilities are not eliminated.
1\u00a0 \u00a0 Group accounting policies (continued)
Accounting policies of subsidiaries have been changed, where
necessary, to ensure consistency with the policies adopted by
the Group.
Associates and Joint Ventures
Associates are all entities over which the Group has significant
influence, but not control, over the entity\u2019s financial and
operating decisions, generally accompanying a shareholding of
between 20% and 50% of the voting rights.
A joint arrangement is an arrangement of which two or more
parties have joint control. A joint venture is a joint
arrangement whereby the parties that have joint control of the
arrangement have rights to the net assets of the arrangement.
Those parties are called joint ventures.
Investments in associates and joint ventures are accounted for
using the equity method of accounting and are initially
recognised at cost.
The Group utilises the venture capital exemption for
investments where significant influence is present and the
business operates as a venture capital business. These
investments are designated at initial recognition at FVTPL.
A joint operation is a joint arrangement whereby the parties
that have joint control of the arrangement have rights to the
assets and obligations for the liabilities, relating to the
arrangement. Those parties are called joint operators.
The Group accounts for the assets, liabilities, revenues and
expenses relating to its interest in joint operations in
accordance with the IFRSs applicable to the particular assets,
liabilities, revenues and expenses.
Accounting policies of associates and joint ventures have been
changed, where necessary, to ensure consistency with the
policies adopted by the Group.
Non-controlling interests
Non-controlling interests comprise equity in a subsidiary that
is not directly or indirectly attributable to the Parent.
Transactions with non-controlling interests where the Group
has control over the entity are accounted for using the
Economic entity model. This accounting model requires that
any surplus or deficit that arises on any transaction(s) with
non-controlling interests to dispose of or to acquire additional
interests in the entity that does not result in loss of control is
recognised in equity.
Securitisations
Certain Group undertakings have entered into securitisation
transactions in order to finance specific loans and advances to
customers.
All financial assets continue to be held on the Group balance
sheet and a liability recognised for the proceeds of the funding
transaction, unless:
\u2022 the rights to the cash flows have expired or been
transferred;
\u2022 substantially all the risks and rewards associated with the
financial instruments have been transferred outside the
Group, in which case the assets are derecognised in full; or
\u2022 a significant portion, but not all, of the risks and rewards
have been transferred outside the Group. In this case the
asset is derecognised entirely if the transferee has the
ability to sell the financial asset. Otherwise the asset
continues to be recognised only to the extent of the
Group\u2019s continuing involvement.
Where the above conditions apply to a fully proportionate
share of all or specifically identified cash flows, the relevant
accounting treatment is applied to that proportion of the asset.
Foreign currency translation
Items included in the financial statements of each entity of the
Group are measured using the currency of the primary
economic environment in which the entity operates (the
\u2018functional currency\u2019). The consolidated financial statements of
the Group and the financial statements of the Company are
presented in euro.
Foreign currency transactions are translated into functional
currency at the exchange rates prevailing at the dates of the
transactions.
FX gains and losses resulting from the settlement of such
transactions and from the translation at year end exchange
rates of monetary assets and liabilities denominated in foreign
currencies are recognised in the income statement. Non-
monetary assets and liabilities denominated in foreign
currencies that are measured at historical cost are translated
into the appropriate functional currency using the exchange
rate at the transaction date and those measured at fair value
are translated at the exchange rate at the date the fair value
was determined. Exchange rate differences on non-monetary
items are recognised based on the classification of the
underlying items.
Assets, liabilities and equity of all the Group entities that have
a functional currency different from the presentation currency
(\u2018foreign operations\u2019) are translated at the closing rate at the
reporting date and items of income and expense are
translated at average exchange rates (unless this average is
not a reasonable approximation of the cumulative effect of the
rates prevailing on the transaction dates, in which case income
and expenses are translated at the dates of the transactions).
All resulting exchange differences are recognised in OCI and
accumulated in a separate component of equity.
On disposal of a foreign operation the amount accumulated in
the separate component of equity is reclassified from equity to
profit or loss. The Group may dispose of its interest in a
foreign operation through sale, liquidation, repayment of
share capital, abandonment or through loss of control or
significant influence.
Goodwill and fair value adjustments arising on the acquisition
of a foreign entity are treated as assets and liabilities of the
foreign entity and translated at the closing rate.
Fee and commission income
The Group accounts for fee and commission income when the
contract with the customer is agreed and each party\u2019s rights
under the contract, together with the payment terms, are
identified. In addition it must be probable that the Group will
collect the consideration to which it is entitled. Fee and
commission income is measured based on the consideration
specified in a contract with a customer and excludes amounts
collected on behalf of third parties. The Group recognises
revenue when it transfers control of a product or service to a
customer. Fee income on the provision of current accounts to
customers is recognised as the service is provided. Portfolio
and other management advisory and service fees are
recognised based on the applicable service contracts usually
on a time apportioned basis.
1\u00a0 \u00a0 Group accounting policies (continued)
Asset management fees related to investment funds are
recognised rateably over the period the service is provided.
The same principle is applied for wealth management,
financial planning and custody services that are continuously
provided over an extended period of time.
Loan syndication and arrangement fees are recognised at a
point in time when the performance obligation is completed.
Stockbroking commission income arising from the Davy
Stockbroking business is recognised as earned in the period in
which the related deals are executed on behalf of clients and
the performance obligation is satisfied. Other fees including
interchange income, ATM fees and FX fees are recognised on
completion of the transaction and once the Group has
completed its performance obligations under the contract.
Leases
Identifying a lease
Under IFRS 16, a contract is, or contains, a lease if the contract
conveys the right to control the use of an identified asset for a
period of time in exchange for consideration.
A Group company is the lessee
The Group recognises a Right of Use (RoU) asset and lease
liability at the lease commencement date. RoU assets are
initially measured at cost and subsequently measured at cost
less any accumulated depreciation and impairment losses and
adjusted for certain remeasurement of lease liabilities. The
recognised RoU assets are depreciated on a straight-line basis
over the shorter of their estimated useful lives and the lease
term. RoU assets are subject to impairment under IAS 36
\u2018Impairment of Assets\u2019.
The Group has elected not to recognise RoU assets and lease
liabilities for leases of low-value assets and short-term leases.
The Group recognises the lease payments associated with
these leases as an expense on a straight-line basis over the
lease term.
RoU assets, comprised of leases of buildings which do not
meet the definition of investment properties and computer
equipment, are presented in property, plant and equipment.
RoU assets which meet the definition of investment properties
are presented within investment properties.
Lease liabilities are initially measured at the present value of
lease payments that are not paid at the commencement date,
discounted using the Incremental Borrowing Rate (IBR) if the
interest rate implicit in the lease is not readily determinable.
Lease payments include fixed rental payments. Generally, the
Group uses its IBR as the discount rate. The lease liability is
subsequently increased by the interest cost on the lease
liability and decreased by lease payments made.
It is remeasured if there is a change in future lease payments,
a change in the lease term, or as appropriate, a change in the
assessment of whether an extension option is reasonably
certain to be exercised or a termination option is reasonably
certain not to be exercised.
When the lease liability is remeasured a corresponding
adjustment is made to the RoU asset and / or profit or loss, as
appropriate.
The Group has applied judgement in determining the lease
term as the non-cancellable term of the lease, together with
any periods covered by an option to extend the lease if it is
reasonably certain to be exercised, or any periods covered by
an option to terminate the lease, if it is reasonably certain not
to be exercised. The assessment of whether the Group is
reasonably certain to exercise such options impacts the lease
term, which significantly affects the amount of lease liabilities
and RoU assets recognised.
The Group has a number of leases which contain break
options and applies judgement in evaluating whether it is
reasonably certain not to exercise the option. That is, on
commencement of a lease the Group considers all relevant
factors that create an incentive for it to exercise the option.
After the commencement date, the Group reassesses the lease
term if there is a significant event or change in circumstances
that is within its control and affects its ability to exercise (or not
to exercise) the option.
Under IFRS 16, where the Group is an intermediate lessor the
subleases are classified with reference to the RoU asset arising
from the head lease, not with reference to the underlying
asset. Where the Group continues to retain the risks and
rewards of ownership as the intermediate lessor, it retains the
lease liability and the RoU asset relating to the head lease in its
balance sheet. If the Group does not retain the risks and
rewards of ownership as the intermediate lessor, these
subleases are deemed finance leases. During the term of the
sublease, the Group recognises both finance lease income on
the sublease and interest expense on the head lease.
A Group company is the lessor
When the Group acts as a lessor, it determines at lease
inception whether each lease is a finance lease or an operating
lease.
To classify each lease, the Group makes an overall assessment
of whether the lease transfers substantially all the risks and
rewards incidental to ownership of the underlying asset. If this
is the case, then the lease is a finance lease; if not, then it is an
operating lease.
When assets are held under a finance lease, the present value
of the lease payments is recognised as a receivable. The
difference between the gross receivable and the present value
of the receivable is recognised as unearned finance income.
Lease income is included within net interest income and is
recognised over the term of the lease reflecting a constant
periodic rate of return on the net investment in the lease.
Assets leased to customers under operating leases are
included within property, plant and equipment on the
statement of financial position and depreciation is provided on
the depreciable amount of these assets on a systematic basis
over their estimated useful lives. Depreciation on assets
acquired for the purpose of leasing under operating leases is
recognised in other leasing expense. Lease income is
recognised on a straight line basis over the period of the lease
unless another systematic basis is more appropriate.
Property, plant and equipment
Freehold land and buildings are initially recognised at cost and
subsequently are revalued annually to fair value by
independent external valuers. Revaluations are made with
sufficient regularity to ensure that the carrying amount does
not differ materially from the open market value at the
reporting date.
RoU assets recognised as property, plant and equipment are
measured at cost less any accumulated depreciation and
impairment losses and adjusted for certain remeasurement of
lease liabilities.
1\u00a0 \u00a0 Group accounting policies (continued)
All other property, plant and equipment, including freehold
and leasehold adaptations, are stated at historical cost less
accumulated depreciation.
Increases in the carrying amount arising on the revaluation of
land and buildings, are recognised in OCI. Decreases that
offset previous increases on the same asset are recognised in
OCI: all other decreases are charged to the income statement.
The Directors consider that residual values of freehold and
long leasehold property based on prices prevailing at the time
of acquisition or subsequent valuation are such that
depreciation is not material.
Depreciation is calculated on the straight line method to write
down the carrying value of other items of property, plant and
equipment to their residual values over their estimated useful
lives as follows:
\u2022 adaptation works on freehold and leasehold property -
fifteen years, or the remaining period of the lease;
\u2022 computer and other equipment - maximum of ten years;
and
\u2022 the recognised RoU assets are depreciated on a straight-
line basis over the earlier of the end of the useful life of the
RoU asset or the end of the lease term.
The assets\u2019 residual values and useful lives are reviewed and
adjusted if appropriate, at each reporting date. Property, plant
and equipment are reviewed for impairment whenever events
or changes in circumstances indicate that the carrying amount
may not be recoverable.
An asset\u2019s carrying amount is written down immediately to its
recoverable amount if its carrying amount is greater than its
estimated recoverable amount. The estimated recoverable
amount is the higher of the asset\u2019s fair value less costs to sell
or its Value in Use (VIU).
Gains and losses on the disposal of property, plant and
equipment are determined by reference to their carrying
amount and are taken into account in determining profit
before tax. If the asset being disposed of had previously been
revalued then any amount in OCI relating to that asset is
reclassified directly to retained earnings on disposal rather
than the income statement.
Investment property
Property held for long-term rental yields and capital
appreciation is classified as investment property, except where
the property is used by the Group for administrative purposes
or the supply of services, in which case it is classified as owner
occupied property. Investment property comprises freehold
and long leasehold land and buildings.
It is carried at fair value in the balance sheet based on annual
revaluations at open market value as determined by external
qualified property surveyors and is not depreciated. Changes
in fair values are recorded in the income statement. Rental
income from investment properties is recognised as it
becomes receivable over the term of the lease.
Intangible assets
Computer software
Acquired computer software licences are capitalised on the
basis of the costs incurred to acquire and bring to use the
specific software. These costs are amortised on the basis of the
expected useful lives, which is normally five years.
Costs associated with research activities or maintaining
computer software programmes are recognised as an expense
as incurred. Costs that are directly associated with the
production of identifiable and unique software products
controlled by the Group and which will probably generate
economic benefits exceeding costs beyond one year, are
recognised as intangible assets. Direct costs include software
development, employee costs and an appropriate portion of
relevant overheads. Computer software development costs
recognised as assets are amortised using the straight line
method over their useful lives, which is normally between five
and ten years.
Other intangible assets
Other intangible assets are carried at cost less amortisation
and impairment, if any and are amortised on a straight line
basis over their useful lives, which range from five years to
twenty years.
Computer software and other intangible assets are assessed
for impairment indicators annually or whenever events or
changes in circumstances indicate that the carrying amount
may not be recoverable. If such indicators exist, the asset\u2019s
recoverable amount is estimated. An asset\u2019s carrying amount is
written down immediately to its recoverable amount if its
carrying amount is greater than its estimated recoverable
amount. The estimated recoverable amount is the higher of
the asset\u2019s fair value less costs to sell and its VIU.
Goodwill
Goodwill represents the excess of consideration transferred,
the amount of any non-controlling interest in the acquiree and
the acquisition date fair value of any previous equity interest in
the acquiree, over the fair value of the Group\u2019s share of
identifiable net assets acquired. Goodwill on acquisition of
subsidiaries is included in intangible assets. Goodwill is tested
annually for impairment or more frequently if there is any
indication that it may be impaired and carried at cost less
accumulated impairment losses.
Goodwill is allocated to cash generating units (CGU) for the
purpose of impairment testing. An impairment loss arises if
the carrying value of the CGU exceeds the recoverable
amount.
The recoverable amount of a CGU is the higher of its fair value
less costs to sell and its VIU, where the VIU is the present value
of the future cash flows expected to be derived from the CGU.
Client property
In the normal course of business, the Group (through Davy)
provides the following services to certain of its clients:
\u2022 investment of funds at the sole discretion of the Group in
securities and the placing of deposits in separately
designated accounts with recognised banks and building
societies, the income from which accrues for the benefit of
these clients, and
\u2022 custodianship of securities held on behalf of clients.
Client property placed with third parties is not recognised on
the Group\u2019s balance sheet as the Group does not have any
rights to the benefits from this property nor have any control
over the property and therefore the property is not considered
an asset of the Group.
1\u00a0 \u00a0 Group accounting policies (continued)
Where the client property is placed on deposit with the Group,
these are considered liabilities of the Group and are
recognised in customer accounts
Provisions
Provisions are recognised when the Group has a present legal
or constructive obligation as a result of past events, it is
probable that an outflow of resources embodying economic
benefits will be required to settle the obligation and a reliable
estimate of the amount of the obligation can be made.
Provision is made for the anticipated costs of restructuring,
including related redundancy costs, when an obligation exists.
An obligation exists when the Group has a detailed formal plan
for restructuring a business and has raised valid expectations
in those affected by the restructuring by starting to implement
the plan or announcing its main features. A levy payable to a
Government is provided for on the occurrence of the event
identified by the legislation that triggers the obligation to pay
the levy.
Contingent liabilities are not recognised but are disclosed
unless the probability of their occurrence is remote.
Employee benefits
Pension obligations
The Group operates both defined contribution and defined
benefit plans. A defined benefit plan is a pension plan that
defines an amount of pension benefit to be provided, usually
as a function of one or more factors such as age, years of
service or compensation. A defined contribution plan is a
pension plan under which the Group pays fixed contributions
into a separate entity (a fund) and will have no legal or
constructive obligations to pay further contributions if the fund
does not hold sufficient assets to pay all employees\u2019 benefits
relating to employee service in the current and prior periods.
The asset or liability recognised in the balance sheet in respect
of defined benefit pension plans is the present value of the
defined benefit obligation at the reporting date minus the fair
value of plan assets. The defined benefit obligation is
calculated annually by independent actuaries using the
projected unit credit method.
The present value of the defined benefit obligation is
determined by discounting the estimated future cash outflows
using interest rates on high quality corporate bonds that are
denominated in the currency in which the benefits will be paid
and that have terms to maturity approximating the terms of
the related pension liability. Plans in surplus are shown as
assets and plans in deficit are shown as liabilities. A surplus is
only recognised as an asset to the extent that it is recoverable
through a refund from the plan or through reduced
contributions in the future.
Where a plan amendment, curtailment or settlement occurs
and the net defined benefit liability is remeasured to
determine past service cost or the gain or loss on settlement,
the current service cost and net interest for the remainder of
the period are remeasured using the same assumptions.
Service cost and net interest on the net defined benefit
liability / (asset) are recognised in profit or loss, within
operating expenses. Remeasurements of the net defined
benefit liability / (asset) that are recognised in OCI include:
\u2022 actuarial gains and losses arising from experience
adjustments and changes in actuarial assumptions; and
\u2022 the return on plan assets, excluding amounts included in
net interest on the net defined benefit liability / (asset).
A settlement is a transaction that eliminates all further legal
and constructive obligations for part or all of the benefits
provided under a defined benefit plan, other than a payment
of benefits to, or on behalf of, employees that is set out in the
terms of the plan and included in the actuarial assumptions.
For defined contribution plans, contributions are recognised as
employee benefit expense when they are due.
Short-term employee benefits
Short-term employee benefits, such as salaries and other
benefits, are accounted for on an accruals basis over the
period in which the employees\u2019 service is rendered.
Termination payments
Termination payments are recognised as an expense at the
earlier of:
\u2022 when the Group can no longer withdraw the offer of those
benefits; and
\u2022 when the Group recognises costs for a restructuring that is
within the scope of IAS 37 and involves the payment of
termination benefits.
For this purpose, in relation to termination benefits for
voluntary redundancies, the Group is considered to be no
longer able to withdraw the offer on the earlier of the following
dates:
\u2022 when the employee accepts the offer; and
\u2022 when a restriction (e.g. a legal, regulatory or contractual
requirement) on the Group\u2019s ability to withdraw the offer
takes effect.
Income taxes
Current income tax
Income tax payable on profits, using the tax rates (and tax
laws) that have been enacted or substantively enacted by the
reporting date, is recognised as an expense in the period in
which profits arise.
Tax provisions are provided on a transaction by transaction
basis using either the \u2018most likely amount\u2019 method or the
\u2018expected value\u2019 method as appropriate for the particular
uncertainty and by management assessing the relative merits
and risks of tax treatments assumed, taking into account
statutory, judicial and regulatory guidance and, where
appropriate, external advice.
A current tax provision is recognised when the Group has a
present obligation as a result of a past event and it is probable
that there will be a future outflow of funds to a fiscal authority
to settle the obligation. Interest on tax liabilities is recognised
as interest expense.
The Group has determined that the global minimum top-up
tax - which it is required to pay under Pillar 2 legislation - is an
income tax in the scope of IAS 12. The Group has applied a
temporary mandatory relief from deferred tax accounting for
the impacts of the top-up tax and accounts for it as a current
tax when it is incurred.
Deferred income tax
Deferred income tax is provided in full, using the liability
method, on temporary differences arising between the tax
bases of assets and liabilities and their carrying amounts in the
financial statements.
1\u00a0 \u00a0 Group accounting policies (continued)
Deferred income tax is determined using tax rates (and tax
laws) that have been enacted or substantively enacted by the
reporting date and are expected to apply when the related
deferred income tax asset is realised or the deferred income
tax liability is settled.
Deferred income tax is not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a
business combination that at the time of the transaction
affects neither accounting nor taxable profit or loss.
The tax effects of income tax losses available for carry forward
are recognised as DTAs to the extent that it is probable that
future taxable profit will be available against which the
temporary differences can be utilised and by reference to the
expiry dates (if any) of the relevant unused tax losses or tax
credits. DTAs and deferred tax liabilities are not discounted.
Deferred income tax is provided on temporary differences
arising from investments in subsidiaries, associates and joint
ventures, except where the timing of the reversal of the
temporary difference is controlled by the Group and it is
probable that the difference will not reverse in the foreseeable
future.
Deferred tax on items taken to OCI is also recognised in OCI
and is subsequently reclassified to the income statement
together with the deferred gain or loss. Income tax on items
recognised directly in equity is recognised directly in equity,
except for the income tax consequences of dividends on a
financial instrument classified as equity, which are recognised
according to where the previous transactions or events that
generated distributable profits were recognised.
Uncertain tax positions
The Group considers uncertain tax positions together or
separately depending on which approach better predicts how
the uncertainties will be resolved. Where the Group concludes
it is not probable that a tax authority will accept its assessment
of an uncertain tax position, it reflects the effect of the
uncertainty using either the \u2018most likely amount\u2019 method or the
\u2018expected value\u2019 method, as appropriate for the particular
uncertainty.
Where the Group concludes it is probable that a tax authority
will accept its assessment of an uncertain tax position, the
taxable profit or loss, the tax bases, unused tax losses, unused
tax credits and the tax rates are determined consistently with
the tax treatment used or planned to be used in the income
tax filing.
Life Insurance operations
An insurance contract is a contract under which one party (the
issuer) accepts significant insurance risk from another party
(the policy holder) by agreeing to compensate the policyholder
if a specified uncertain future event (the insured event)
adversely affects the policyholder.
The Group issues insurance contracts through its subsidiary
NIAC, which forms part of the Wealth and Insurance operating
segment.
On transition to IFRS 17, the Group applied the fully
retrospective approach (FRA) to contracts issued on or after 1
January 2019. The fair value approach has been applied to
contracts which were issued before 1 January 2019, as it was
considered impracticable to apply the FRA prior to this date as
a result of material changes to cash flow models due to data
limitations. Under the fair value approach, the CSM or loss
component is calculated as the difference between the fair
value of a group of insurance contracts, applying IFRS 13
(income approach) and the present value of the fulfilment cash
flows (best estimate plus risk adjustment) , applying IFRS 17, at
the transition date.
Contracts within the scope of IFRS 17 must apply the
prescribed measurement models. IFRS 17 permits three
possible measurement models: the General Measurement
Model (GMM), the Premium Allocation Approach (PAA) and the
Variable Fee Approach (VFA). The GMM is the default
measurement model in IFRS 17 and the PAA is a simplified
approach which may be applied where certain eligibility criteria
are met. The VFA must be applied to contracts with direct
participation features. On transition to IFRS 17, the Group has
measured insurance contracts issued and reinsurance
contracts held using the GMM, except where the VFA is
applied. The Group applies the VFA to insurance contracts in
the unit-linked life and pension portfolio. Further detail is
provided below as to how a portfolio is defined.
The Group has elected to apply the following accounting
policies on first time adoption of IFRS 17:
\u2022 changes in the risk adjustment for non-financial risk have
been disaggregated between the insurance services result
and the insurance finance income or expenses (IFIE);
\u2022 the IFIE has not been disaggregated between amounts
included in profit or loss and amounts included in other
comprehensive income; and
\u2022 the financial performance of groups of reinsurance
contracts held is presented on a net basis in net income /
(expense) from reinsurance contracts held.
Investment components
IFRS 17 requires the identification and separation of distinct
investment components from contracts within the scope of
IFRS 17, unless it is an investment contract with discretionary
participation features.
For contracts that include both insurance coverage and
investment-related service the Group has separated distinct
investment components that are not highly inter-related to the
insurance component. The distinct investment components
are measured in accordance with IFRS 9 and presented as
financial instruments.
Contract boundary
The measurement of a group of insurance contracts includes
all of the future cash flows within the boundary of each
contract in the group. Cash flows are within the boundary of
an insurance contract if they arise from substantive rights and
obligations that exist during the reporting period in which the
Group can compel the policyholder to pay the premiums, or in
which the Group has a substantive obligation to provide the
policyholder with services. The Group has determined that
expected future single premium injections and regular
premium increases for unit-linked life and pensions contracts,
even though at the discretion of policyholders, are within the
contract boundaries as the Group may not adjust the terms
and conditions for such increases.
Level of aggregation (LoA)
IFRS 17 requires an entity to determine the LoA for applying its
requirements. The LoA for the Group has been determined
firstly by dividing the business written into portfolios.
Portfolios as described by IFRS 17 comprise groups of
contracts with similar risks which are managed together.
1\u00a0 \u00a0 Group accounting policies (continued)
Portfolios have been further divided based on expected
profitability at inception into three categories: onerous
contracts, contracts with no significant possibility of becoming
onerous, and the remainder.
Contracts issued more than one year apart have not been
allocated to the same group, except for contracts measured
using the fair value approach at transition to IFRS 17.
Measurement
Under IFRS 17 the carrying value of insurance contracts
comprises the present value of future cash flows (separated
into liability for remaining coverage (LRC) and liability for
incurred claims (LIC), a risk adjustment for non-financial risk,
and the CSM, which is calculated retrospectively and
represents expected future profits to be recognised over the
lifetime of contracts. In estimating future cash flows, the Group
has incorporated, in an unbiased way, all reasonable and
supportable information that is available at the reporting date.
This information includes both internal and external historical
data about claims and other experience, updated to reflect
current expectations of future events. The estimates of future
cash flows reflects the Group's view of current conditions at
the reporting date, as long as the estimates of any relevant
market variables are consistent with observable market prices.
GMM
Changes in LIC and LRC are reflected in insurance revenue,
insurance service expense, IFIE, or by adjusting the CSM. The
amount of CSM recognised in profit or loss for services in the
period is determined by the allocation of the CSM remaining at
the end of the reporting period over the current and remaining
expected coverage period of the group of insurance contracts
based on coverage units. Services provided are estimated
using coverage units, which reflect the quantity of benefits and
the coverage duration.
VFA
For insurance contracts under the VFA there are adjustments
that relate to future service which change the CSM. These
include changes in the Group's share of the fair value of
underlying items and changes in the fulfilment cash flows that
would not vary based on the returns of underlying items and
relate to future service. Other changes in cash flows are
reflected in profit or loss.
Coverage units
The Group determines coverage units applying equal weight to
the expected benefits resulting from insurance coverage to
which policyholders may become entitled, investment-return
service and investment-related service. Coverage units for
future years are discounted at rates determined at the
inception of a group of contacts (locked-in rates), except for
the unit-linked life and pensions portfolio, where current
discount rates are used.
Reinsurance
The measurement of reinsurance contracts held follows the
same principles as those for insurance contracts issued, with
the exception of the following:
\u2022 measurement of the cash flows\u00a0 includes an allowance on
a probability-weighted basis for the effect of any non-
performance by the reinsurers, including allowing for the
effects of collateral and losses from disputes;
\u2022 the Group determines the risk adjustment for non-financial
risk so that it represents the amount of risk being
transferred to the reinsurer;
\u2022 the Group recognises both day 1 gains and day 1 losses at
initial recognition in the balance sheet as a CSM and this is
released to profit or loss as the reinsurer renders services,
except for any portion of a day 1 loss that relates to events
before initial recognition. The amount of the CSM
recognised in profit or loss for services in the period is
determined by the allocation of the CSM remaining at the
end of the reporting period over the current and remaining
expected coverage period of the group of insurance
contracts based on coverage units, representing the
proportion of insurance coverage and investment gains
and losses of underlying contracts that is reinsured. Equal
weights are applied to insurance coverage and investment-
return service;
\u2022 changes in the fulfilment cash flows are recognised in
profit or loss if the related changes arising from the
underlying ceded contracts have been recognised in profit
or loss. Alternatively, changes in the fulfilment cash flows
adjust the CSM; and
\u2022 the VFA does not apply to reinsurance contracts.
Risk adjustment for non-financial risk
The risk adjustment reflects the compensation that the Group
requires to compensate for the risk in the level and timing of
future cash flows arising from non-financial risks. The Group
determines the risk adjustment for non-financial risk as
follows:
\u2022 a value at risk approach (also referred to as a confidence
interval approach) is applied at a confidence interval of
90% over one year, which reflects the Group's risk appetite
for insurance business. In addition to the disclosure of the
one year confidence interval of 90% the Group discloses
the approximate confidence interval over the run-off of the
in force business (ultimate confidence interval of 70.7%);
\u2022 the effect of assumed adverse experience is determined as
a one-off sensitivity at the reporting date that persists for
the duration of contracts;
\u2022 the Group allows for diversification of non-financial risks
with financial risks and with investment contracts, based
on the Solvency II (the prudential regime for insurance and
reinsurance undertakings in the EU) standard formula
diversification factors;
\u2022 the risk adjustment for contracts issued allows for the
effect of sensitivities net of reinsurance plus the expected
cost of reinsurance; and
\u2022 the risk adjustment for reinsurance contracts held is based
on the reinsured proportions of risks included in the risk
adjustment for contracts issued.
Discount rates
Discount rates are based on market information where
available and are determined using the top-down approach for
the annuity portfolios and the bottom-up approach for other
contracts. For long durations where there is no observable
market information interest rates are estimated applying a
small excess return of between 0.5% and 1% above expected
long-term inflation rates, based on the excess return above
expected long-term inflation rates at long durations where the
market is liquid. An illiquidity premium, depending on the
nature of contracts, is included in discount rates except for
contracts in the unit-linked life and pensions portfolio, as these
contracts are considered to be liquid. The reference portfolios
for the top down approach are based on assets backing the
liabilities with characteristics similar to the liabilities.
1\u00a0 \u00a0 Group accounting policies (continued)
The implied investment gains and losses on these assets are
adjusted to allow for credit risk based on Solvency II
fundamental spreads. The bottom-up risk-free discount rate
curve is based on a similar methodology as the Solvency II risk-
free curve, but non-market constraints are removed and the
ultimate forward rate reduced.
Directly Attributable Expenses
Directly Attributable Expenses (DAE), which include both
acquisition and maintenance costs, are incorporated in actual
and estimated future cash flows and recognised in the result of
insurance services. Acquisition costs are amortised, and for
contracts not measured under the PAA, this amortisation is
equal to the amount of insurance revenue recognised in the
year that relates to recovering insurance acquisition cash
flows. Costs that are not directly attributable remain in
operating expenses.
DAE, in accordance with IFRS 17, are incorporated in the CSM
and recognised in the result of insurance services as a
reduction in reported revenue, as profit is recognised over the
duration of insurance contracts. Costs that are not directly
attributable remain in operating expenses.
Difference between IFRS and Solvency II
Solvency II is NIAC's capital and regulatory framework and the
Solvency II ratio of NIAC is unchanged as a result of the
Group's transition to IFRS 17. NIAC's ability to pay dividends to
its parent company within the Group will therefore not be
affected. As a general principle the Solvency II cash flows and
IFRS 17 best estimate of future cash flows are aligned to the
extent appropriate. IFRS 17 best estimate of future cash flows
deviate from Solvency II best estimate mainly due to the
following key differences:
\u2022 level of aggregation of projected cash flows;
\u2022 contract boundaries; and
\u2022 directly attributable and non-directly attributable
expenses.
Share capital and reserves
Equity transaction costs
Incremental external costs directly attributable to equity
transactions, including the issue of new equity shares or
options, are shown as a deduction from the component of
equity in which the equity transaction is recognised, net of tax.
Dividends on ordinary shares
Final dividends on ordinary shares are recognised in equity in
the period in which they are approved by the Company\u2019s
shareholders on the recommendation of the Board of
Directors, or approved by the Board of Directors, as
appropriate. Interim dividends are recognised in equity in the
period in which they are paid.
Treasury shares
Where the Company or its subsidiaries purchase the
Company\u2019s equity share capital, the consideration paid is
deducted from total shareholders\u2019 equity as treasury shares
until they are cancelled. Where such shares are subsequently
sold or reissued, any consideration received is included in
shareholders\u2019 equity. Any changes in the value of treasury
shares held are recognised in equity at the time of the disposal
and dividends are not recognised as income or distributions.
Capital reserve
The capital reserve represents transfers from share capital,
retained earnings and other reserves in accordance with
relevant legislation. The capital reserve is not distributable.
Foreign exchange reserve
The FX reserve represents the cumulative gains and losses on
the translation of the Group's net investment in its foreign
operations since the date of transition to IFRS (1 April 2004).
Gains and losses accumulated in this reserve are reclassified to
the income statement when the Group loses control, joint
control or significant influence over the foreign operation or on
disposal or partial disposal of the operation.
Revaluation reserve
The revaluation reserve represents the cumulative gains and
losses on the revaluation of property occupied by Group
businesses, included within property, plant and equipment
and non-financial assets classified as held for sale. The
revaluation reserve is not distributable.
Share premium account
Where the Company issues shares at a premium, a sum equal
to the aggregate amount or value of the premiums on those
shares is transferred to the share premium account.
Where, pursuant to Section 84 of the Companies Act 2014,
there has been a reduction of the Company\u2019s share capital by
the cancellation of share premium, the resulting profits
available for distribution, as defined by Section 117 of the
Companies Act 2014, are reclassified from the share premium
account to retained earnings.
Cash flow hedge reserve
The cash flow hedge reserve represents the cumulative
changes in fair value, excluding any ineffectiveness, of cash
flow hedging derivatives. These are transferred to the income
statement when hedged transactions impact the Group\u2019s profit
or loss.
Merger reserve
In the Company balance sheet, the merger reserve represents
the difference between the carrying value of the Company\u2019s
initial investment in the Bank arising from the corporate
reorganisation in 2017 and the nominal value of the shares
issued as part of that reorganisation, less amounts capitalised
as share premium. In the Consolidated balance sheet, the
merger reserve also includes an adjustment to eliminate the
capital stock, share premium, capital reserve and retained
earnings of the Bank at the date of corporate reorganisation,
which do not carry forward to the balance sheet of the Group.
Debt instruments at fair value through other comprehensive
income reserve
The debt instruments at FVOCI reserve comprises the
cumulative net change in the fair value of debt securities
measured at FVOCI together with the impact of fair value
hedge accounting, less the ECL allowance recognised in profit
or loss.
Liability credit reserve
The liability credit reserve represents the cumulative changes
in the fair value of financial liabilities designated as at FVTPL
that are attributable to changes in the credit risk of those
liabilities, other than those recognised in profit or loss.
Collateral
The Group enters into master agreements with counterparties,
to ensure that if an event of default occurs, all amounts
outstanding with those counterparties will be settled on a net
basis. The Group obtains collateral in respect of customer
liabilities where this is considered appropriate.
1\u00a0 \u00a0 Group accounting policies (continued)
The collateral normally takes the form of a lien over the
customers\u2019 assets and gives the Group a claim on these assets
for both existing and future liabilities. The collateral is, in
general, not recorded on the Group balance sheet.
The Group also receives collateral in the form of cash or
securities in respect of other credit instruments, such as stock
borrowing contracts and derivative contracts, in order to
reduce credit risk. Collateral received in the form of securities
is not recorded on the balance sheet. Collateral received in the
form of cash is recorded on the balance sheet, with a
corresponding liability recognised within deposits from banks
or deposits from customers. Any interest payable arising is
recorded as interest expense.
In certain circumstances, the Group pledges collateral in
respect of liabilities or borrowings. Collateral pledged in the
form of securities or loans and advances continues to be
recorded on the balance sheet. Collateral placed in the form of
cash is recorded in loans and advances to banks or customers.
Any interest receivable arising is recorded as interest income.
Operating segments
The Group\u2019s reportable operating segments have been
identified on the basis that the chief operating decision maker
uses information based on these segments to make decisions
about assessing performance and allocating resources. The
analysis of results by operating segment is based on
management accounts information.
Impact of new accounting standards not yet adopted
The following standards will be relevant to the Group but were
not effective at 31 December 2025 and have not been applied
in preparing these financial statements.
There are no other standards that are not yet effective and
that would have a material impact on the Group in future
reporting periods. The Group\u2019s current view of the impact of
these standards is outlined below.
Pronouncement: IFRS 9 Financial Instruments and
IFRS 7 Financial Instruments: Disclosures.
Amendments to the Classification and Measurement of
Financial Instruments
Nature of change
The amendments clarify the date of recognition and
derecognition of some financial assets and liabilities with a
new exception for some financial liabilities settled through an
electronic cash transfer system. In addition, they clarify and
add further guidance for assessing whether a financial asset
meets the solely payments of principal and interest (SPPI)
criterion. New disclosures are added for certain instruments
with contractual terms that can change cash flows (such as
some instruments with features linked to the achievement of
environment, social and governance (ESG) targets) and the
amendment updates disclosures for equity instruments
designated at fair value through other comprehensive income
(FVOCI).
The amendments were endorsed on 27 May 2025.
Effective date
The effective date is for financial periods beginning on or after
1 January 2026, with early application permitted.
Impact
The amendments are not expected to have a significant impact
on the Group.
Pronouncement:\u00a0 IFRS 18 'Presentation and Disclosure
in Financial Statements'
Nature of change
IFRS 18 aims to give users of financial statements more
transparent and comparable information about an entity's
financial performance. The new standard will replace IAS 1
'Presentation of Financial Statements' but will retain many of
the requirements from that standard. The key new concepts
introduced in IFRS 18 relate to:
\u2022 the structure of Income Statement;
\u2022 required disclosures in the financial statements for certain
profit or loss performance measures that are reported
outside an entity's financial statements (management-
defined performance measures); and
\u2022 enhance principles on aggregation and disaggregation
which apply to the primary statements and notes.
The amendments were endorsed on 13 February 2026.
Effective date
The effective date is for financial periods beginning on or after
1 January 2027.
Impact
While IFRS 18 will not change recognition criteria or
measurement basis, it may have a significant impact on
presenting information in the financial statements. The Group
is currently assessing any impact.
Pronouncement: Amendments to IFRS 19 'Subsidiaries
without Public Accountability: Disclosures'
Nature of change
The objective of IFRS 19 is to allow eligible entities to apply the
reduced disclosure requirements set out in the standard, while
still applying the recognition, measurement and presentation
requirements in other IFRS accounting standards to its
financial records for group reporting.
The amendments are subject to endorsement by the EU
Effective date
The effective date is for financial periods beginning on or after
1 January 2027.
Impact
The amendments are not expected to have a significant impact
on the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-778": { "value": "
Basis of preparation
These consolidated financial statements are the financial
statements of the Bank of Ireland Group plc (\u2018BoIG plc\u2019 or the
\u2018Company\u2019) and its subsidiaries (collectively the \u2018BoIG plc Group\u2019
or the \u2018Group\u2019).
The financial statements comprise the Consolidated income
statement, the Consolidated statement of comprehensive
income, the Consolidated and Company balance sheets, the
Consolidated and Company statements of changes in equity,
the Consolidated cash flow statement, the notes to the
consolidated financial statements on pages 296 to 428 and the
notes to the Company financial statements on pages 432 to
435 .
The financial statements include the information that is
described as being an integral part of the audited financial
statements contained in:
\u2022 sections 3.2 , 3.4, 3.5, 3.6 and 3.7 of the Risk Management
Report as described further on the bottom of page 223; and
\u2022 the Remuneration Report as described further on page 103.
The amounts presented in the financial statements are
rounded to millions.
The consolidated financial statements of the Group are
prepared in accordance with IFRS as adopted by the EU and
with those parts of the Companies Act 2014 applicable to
companies reporting under IFRS and with the EU (Credit
Institutions: Financial Statements) Regulations 2015 and the
Asset Covered Securities Acts 2001 and 2007.
The financial statements have been prepared under the
historical cost convention as modified to include the fair
valuation of certain financial instruments and land and
buildings.
The preparation of the financial statements in conformity with
IFRS requires the use of estimates and assumptions that affect
the reported amounts of assets and liabilities at the date of the
financial statements and the reported amounts of revenues
and expenses during the reporting period. Although these
estimates are based on management\u2019s best knowledge of the
amount, event or actions, actual results ultimately may differ
from those estimates. A description of the critical estimates
and judgements applied in the consolidated financial
statements is set out in note 2.
The accounting policies and critical accounting estimates
applied by the Company are included in note a to the
Company financial statements.
FX rates used during the year are as follows:
2025
2024
Average
Closing
Average
Closing
\u20ac / Stg\u00a3
0.8568
0.8726
0.8466
0.8292
\u20ac / US$
1.1300
1.1750
1.0824
1.0389
References to the \u2018State\u2019 throughout this document should be
taken to refer to the Republic of Ireland (RoI), its Government
and, where and if relevant, Government departments, agencies
and local Government bodies.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-779": { "value": "Bank of Ireland Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-780": { "value": "Ireland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-781": { "value": "Ireland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-782": { "value": "
The consolidated financial statements of the Group are
prepared in accordance with IFRS as adopted by the EU and
with those parts of the Companies Act 2014 applicable to
companies reporting under IFRS and with the EU (Credit
Institutions: Financial Statements) Regulations 2015 and the
Asset Covered Securities Acts 2001 and 2007.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-783": { "value": "
Going concern
The time period that the Directors have considered in
evaluating the appropriateness of the going concern basis in
preparing the financial statements for 2025 is a period of
twelve months from the date of approval of these financial
statements (the \u2018period of assessment\u2019).
In making this assessment, the Directors considered the
Group\u2019s business, profitability projections, funding and capital
plans, together with a range of other factors such as the
economic outlook for the Irish economy and the current global
macroeconomic and geopolitical environment.
The matters of primary consideration by the Directors are set
out below:
Capital
The Group has developed capital plans under base and stress
scenarios and the Directors believe that the Group has
sufficient capital to meet its regulatory capital requirements
throughout the period of assessment.
Funding and liquidity
The Directors have considered the Group\u2019s funding and
liquidity position and are satisfied that the Group has sufficient
funding and liquidity throughout the period of assessment.
Conclusion
On the basis of the above, the Directors consider it appropriate
to prepare the financial statements on a going concern basis
having concluded that there are no material uncertainties
related to events or conditions that may cast significant doubt
on the Group\u2019s ability to continue as a going concern over the
period of assessment.
Comparatives
Comparative figures have been restated where necessary, to
conform with changes in presentation or where additional
analysis has been provided in the current period. Any
adjustments to comparatives are disclosed in the relevant
note.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-784": { "value": "
Adoption of new and amended accounting standards
There have been no new standards or amendments to
standards, adopted by the Group during the year ended 31
December 2025 which have had a material impact on the
Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFirstTimeAdoptionExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-785": { "value": "
Interest income and expense
Interest income and expense are recognised in the income
statement using the effective interest method for financial
instruments measured at amortised cost and financial assets
which are debt instruments measured at FVOCI, in accordance
with IFRS 9.
1\u00a0 \u00a0 Group accounting policies (continued)
The Group presents interest resulting from negative effective
interest rates on financial liabilities as interest income. The
Group presents interest resulting from negative effective
interest rates on financial assets as interest expense.
The effective interest method is the method that is used in the
calculation of the amortised cost of a financial asset or liability
and in the allocation and recognition of interest revenue or
interest expense in profit or loss over the relevant period. The
effective interest rate is the rate that exactly discounts
estimated future cash payments or receipts through the
expected life of the financial asset or financial liability to the
gross carrying amount of a financial asset or to the amortised
cost of a financial liability. When calculating the effective
interest rate, the Group estimates the expected cash flows by
considering all the contractual terms of the financial
instrument (for example, prepayment, extension, call and
similar options) but does not consider the ECL (except, in
accordance with IFRS 9 in the case of POCI financial assets
where ECL is included in the calculation of a \u2018credit-adjusted
effective interest rate\u2019). The calculation includes all fees and
points paid or received between parties to the contract that
are an integral part of the effective interest rate, transaction
costs and all other premiums or discounts.
In the case of a financial asset that is neither credit-impaired
nor a POCI financial asset, interest revenue is calculated by
applying the effective interest rate to the gross carrying
amount.
In the case of a financial asset that is not a POCI financial asset
but is credit-impaired at the reporting date, interest revenue is
calculated by applying the effective interest rate to the
amortised cost, which is the gross carrying amount adjusted
for any impairment loss allowance.
In the case of a POCI financial asset, interest revenue is
recognised by applying the credit-adjusted effective interest
rate to the amortised cost.
Where the Group revises its estimates of payments or receipts
on a financial instrument (excluding modifications of a
financial asset and changes in ECL), it recalculates the gross
carrying amount of the financial asset or amortised cost of the
financial liability as the present value of the estimated future
contractual cash flows that are discounted at the financial
instrument\u2019s original effective interest rate (or credit-adjusted
effective interest rate for POCI financial assets). The
adjustment is recognised as interest income or expense.
Interest income or expense on derivatives designated as
hedging instruments are presented in net interest income, in
line with the underlying hedged asset or liability.
For portfolio fair value hedges of financial liabilities and
portfolio fair value hedges and cash flow hedges of financial
assets, the Group aggregates the interest income or expense
on the hedged assets or liabilities with the interest income or
expense on the related derivatives designated as hedging
instruments. Where the resulting total is an expense, the
amount is presented as interest expense on the assets or
liabilities. Where the resulting total is income, it is presented as
interest income on the assets or liabilities.
For micro fair value hedges of financial assets or liabilities, the
Group aggregates, for each hedged asset or liability separately,
the interest income or expense on the asset or liability with the
interest income or expense on the related derivative or
derivatives designated as hedging instruments. Where the
resulting total for an asset or liability is an expense, the
amount is presented as interest expense on the asset or
liability. Where the resulting total is income, it is presented as
interest income on the asset or liability.
Interest income or expense on derivatives that are held with
hedging intent, but for which hedge accounting is not applied
(economic hedges) is included in other interest income or
expense. Interest income or expense on derivatives held with
trading intent is included in trading income.
Interest income on debt financial assets measured at FVTPL,
excluding assets held for trading and those within the Group\u2019s
life assurance operations, is recognised when earned and
presented within other interest income.
Interest expense on debt financial liabilities measured at
FVTPL, excluding liabilities held for trading, is recognised when
incurred and presented in other interest expense.
Modifications
Where the contractual cash flows of a financial asset are
modified and the modification does not result in derecognition
of the financial asset, the Group recalculates the gross carrying
amount of the financial asset as the present value of the
modified contractual cash flows that are discounted at the
financial asset\u2019s original effective interest rate and recognises a
modification gain or loss in the income statement. Where a
modification is a forbearance measure which does not result in
derecognition, the modification gain or loss is included in the
income statement within net impairment gains or losses.
Otherwise, the modification gain or loss is included within
interest income.
As a result of the Interest Rate Benchmark Reform (BMR), on
transition to an alternative benchmark rate, changes in the
basis of determining the contractual cash flows of a financial
instrument are treated in the same way as changes to market
rates for a floating rate instrument by updating the effective
interest rate, without the recognition of a modification gain or
loss. This practical expedient was only applied where:
\u2022 the change to the contractual cash flows was necessary as
a direct consequence of the BMR reform; and
\u2022 the new basis for determining the contractual cash flows
was economically equivalent to the previous basis.
Where additional changes to the basis for determining the
contractual cash flows of a financial instrument were made at
the same time as changes required by the BMR reform, the
Group first applied the practical expedient noted above to the
changes arising as a direct consequence of the BMR reform
and then applied its existing policy to account for the
additional modifications.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-787": { "value": "
Financial assets
Recognition, classification and measurement
A financial asset is recognised in the balance sheet when and
only when, the Group becomes a party to its contractual
provisions.
At initial recognition, a financial asset is measured at fair value
(plus, in the case of a financial asset not at FVTPL, directly
attributable transaction costs) and is assigned one of the
following classifications for the purposes of subsequent
measurement:
\u2022 financial assets at amortised cost;
\u2022 financial assets at FVOCI; or
\u2022 financial assets at FVTPL.
1\u00a0 \u00a0 Group accounting policies (continued)
The Group determines the appropriate classification based on
the contractual cash flow characteristics of the financial asset
and the objective of the business model within which the
financial asset is held.
In determining the business model for a group of financial
assets, the Group considers factors such as how performance
is evaluated and reported to key management personnel
(KMP); the risks that affect performance and how they are
managed; how managers are compensated; and the expected
frequency, value and timing of sales of financial assets.
In considering the contractual cash flow characteristics of a
financial asset, the Group determines whether the contractual
terms give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount
outstanding. In this context, \u2018principal\u2019 is the fair value of the
financial asset on initial recognition and \u2018interest\u2019 is
consideration for the time value of money and for the credit
risk associated with the principal amount outstanding during a
particular period of time and for other basic lending risks and
costs (e.g. liquidity risk and administrative costs), as well as
profit margin.
In making the determination, the Group assesses whether the
financial asset contains a contractual term that could change
the timing or amount of contractual cash flows such that it
would not meet this condition.
In making this assessment, the Group considers contingent
events, leverage features, prepayment and term extensions,
terms which limit the Group\u2019s recourse to specific assets and
features that modify consideration of the time value of money.
Financial assets at amortised cost
Debt instruments
A debt instrument is measured, subsequent to initial
recognition, at amortised cost where it meets both of the
following conditions and has not been designated as
measured at FVTPL:
\u2022 the financial asset has contractual terms that give rise on
specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding;
and
\u2022 the financial asset is held within a business model whose
objective is achieved by holding financial assets to collect
contractual cash flows.
Purchases and sales of debt securities at amortised cost are
recognised on trade date: the date on which the Group
commits to purchase or sell the asset.
Loans measured at amortised cost are recognised when cash
is advanced to the borrowers.
Interest revenue using the effective interest method is
recognised in the income statement. An impairment loss
allowance is recognised for ECL with corresponding
impairment gains or losses recognised in the income
statement.
Debt instruments at fair value through other comprehensive
income
A debt instrument is measured, subsequent to initial
recognition, at FVOCI where it meets both of the following
conditions and has not been designated as measured at FVTPL:
\u2022 the financial asset has contractual terms that give rise on
specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding;
and
\u2022 the financial asset is held within a business model whose
objective is achieved by both collecting contractual cash
flows and selling financial assets.
Purchases and sales of debt instruments at FVOCI are
recognised on trade date. Gains and losses arising from
changes in fair value are included in other comprehensive
income (OCI). Interest revenue using the effective interest
method and FX gains and losses on the amortised cost of the
financial asset are recognised in the income statement.
The impairment loss allowance for ECL does not reduce the
carrying amount but an amount equal to the allowance is
recognised in OCI as an accumulated impairment amount, with
corresponding impairment gains or losses recognised in the
income statement. On derecognition, the cumulative gain or
loss previously recognised in OCI is reclassified to the income
statement.
Regular way purchases and sales of financial assets measured
at FVOCI are recognised on trade date.
Financial assets at fair value through profit or loss
All other financial assets are measured, subsequent to initial
recognition, at FVTPL. Financial assets at FVTPL comprise:
Financial assets mandatorily measured at fair value through
profit or loss
Financial assets meeting either of the conditions below are
mandatorily measured at FVTPL:
\u2022 financial assets with contractual terms that do not give rise
on specified dates to cash flows that are solely payments
of principal and interest on the principal amount
outstanding; and
\u2022 financial assets held within a business model whose
objective is achieved neither by collecting contractual cash
flows nor both collecting contractual cash flows and selling
financial assets. This includes financial assets held within a
portfolio that is managed and whose performance is
evaluated on a fair value basis, such as investments held
by the Group\u2019s life assurance business. It further includes
portfolios of financial assets which are \u2018held for trading\u2019,
which includes financial assets acquired principally for the
purpose of selling in the near term and financial assets
that on initial recognition are part of an identified portfolio
where there is evidence of a recent pattern of short-term
profit-taking.
Financial assets designated as measured at fair value through
profit or loss
A financial asset may be designated at FVTPL only if doing so
eliminates or significantly reduces measurement or
recognition inconsistencies (an \u2018accounting mismatch\u2019) that
would otherwise arise from measuring financial assets or
liabilities or recognising gains and losses on them on different
bases.
The Group designates certain investments in associates at
FVTPL as set out in note 28.
Regular way purchases and sales of financial assets at FVTPL
are recognised on trade date. They are carried on the balance
sheet at fair value, with all changes in fair value included in the
income statement.
1\u00a0 \u00a0 Group accounting policies (continued)
Reclassification
When and only when, the Group changes its business model
for managing financial assets, it reclassifies all affected
financial assets. Reclassification is applied prospectively.
Derecognition
A financial asset is derecognised when the contractual rights to
the cash flows from the financial asset expire or the Group has
transferred substantially all the risks and rewards of
ownership. Where the Group retains the obligation to service
the transferred financial asset, the transferred asset is
derecognised if it meets the derecognition criteria and an asset
or liability is recognised for the servicing contract if the
servicing fee is more than adequate (an asset) or is less than
adequate (a liability) for performing the servicing.
Where a modification results in a substantial change on a
quantitative or qualitative basis, to the contractual cash flows
of a financial asset, it may be considered to represent expiry of
the contractual cash flows, resulting in derecognition of the
original financial asset and recognition of a new financial asset
at fair value.
The Group reduces the gross carrying amount of a financial
asset and the associated impairment loss allowance when it
has no reasonable expectations of recovering a financial asset
in its entirety or a portion thereof.
Impairment of financial instruments
Scope
The Group recognises impairment loss allowances for ECL on
the following categories of financial instruments unless
measured at FVTPL:
\u2022 financial assets that are debt instruments;
\u2022 loan commitments;
\u2022 lease receivables recognised under IFRS 16 \u2018Leases\u2019;
\u2022 financial guarantee contracts issued and not accounted for
under IFRS 4 \u2018Insurance Contracts\u2019; and
\u2022 receivables and contract assets recognised under IFRS 15
\u2018Revenue from Contracts with Customers\u2019.
Basis for measuring impairment
The Group allocates financial instruments into the following
categories at each reporting date to determine the appropriate
accounting treatment.
Stage 1: 12-month expected credit losses (not credit-impaired)
These are financial instruments where there has not been a
significant increase in credit risk since initial recognition. An
impairment loss allowance equal to 12-month ECL is
recognised.
This is the portion of lifetime ECL resulting from default events
that are possible within the next 12 months.
Stage 2: Lifetime expected credit losses (not credit-impaired)
These are financial instruments where there has been a
significant increase in credit risk since initial recognition, but
which are not credit-impaired. An impairment loss allowance
equal to lifetime ECL is recognised. Lifetime ECL are the ECL
resulting from all possible default events over the expected life
of the financial instrument.
Stage 3: Lifetime expected credit losses (credit-impaired)
These are financial instruments which are credit-impaired at
the reporting date but were not credit-impaired at initial
recognition. An impairment loss allowance equal to lifetime
ECL is recognised.
Purchased or Originated Credit-impaired financial assets
These are financial assets that were credit-impaired at initial
recognition. They are not subject to any initial impairment loss
allowance but an impairment loss allowance is subsequently
recognised for the cumulative changes in lifetime ECL since
initial recognition. A POCI financial asset remains classified as
such until it is derecognised, even if assessed as no longer
credit-impaired at a subsequent reporting date.
With the exception of POCI financial assets, a financial
instrument may migrate between stages from one reporting
date to the next.
Significant increase in credit risk
In determining if a financial instrument has experienced a
significant increase in credit risk since initial recognition, the
Group assesses whether the risk of default over the remaining
expected life of the financial instrument is significantly higher
than had been anticipated at initial recognition, taking into
account changes in prepayment expectations where relevant.
The Group uses reasonable and supportable information
available without undue cost or effort at the reporting date,
including forward-looking information. A combination of
quantitative, qualitative and backstop indicators are generally
applied in making the determination. For certain portfolios, the
Group assumes that no significant increase in credit risk has
occurred if credit risk is \u2018low\u2019 at the reporting date.
Credit-impaired
A financial asset is credit-impaired when one or more events
that have a detrimental impact on the estimated future cash
flows have occurred. Evidence that a financial asset is credit-
impaired includes observable data about the following events:
\u2022 significant financial difficulty of the issuer or the borrower;
\u2022 a breach of contract, such as a default or past due event;
\u2022 the lender(s) of the borrower, for economic or contractual
reasons relating to the borrower\u2019s financial difficulty,
having granted to the borrower a concession(s) that the
lender(s) would not otherwise consider;
\u2022 it is becoming probable that the borrower will enter
bankruptcy or other financial reorganisation;
\u2022 the disappearance of an active market for that financial
asset because of financial difficulties; or
\u2022 the purchase or origination of a financial asset at a deep
discount that reflects the incurred credit losses.
It may not be possible to identify a single discrete event -
instead, the combined effect of several events may have
caused financial assets to become credit-impaired.
Measurement of expected credit losses and presentation of
impairment loss allowances
ECL are measured in a way that reflects:
\u2022 an unbiased and probability-weighted amount that is
determined by evaluating a range of possible outcomes;
\u2022 the time value of money; and
\u2022 reasonable and supportable information that is available
without undue cost or effort at the reporting date about
past events, current conditions and forecasts of future
economic conditions.
ECL are measured as follows:
\u2022 financial assets that are not credit-impaired at the
reporting date: the present value of the difference between
all contractual cash flows due to the Group in accordance
with the contract and all the cash flows the Group expects
to receive;
1\u00a0 \u00a0 Group accounting policies (continued)
\u2022 financial assets that are credit-impaired at the reporting
date: the difference between the gross carrying amount
and the present value of estimated future cash flows;
\u2022 undrawn loan commitments: the present value difference
between the contractual cash flows that are due to the
Group if the commitment is drawn and the cash flows that
the Group expects to receive; and
\u2022 financial guarantee contracts: the expected payments to
reimburse the holder less any amounts that the Group
expects to recover, discounted at an appropriate risk-free
rate.
Expected cash flows arising from the sale on default of a loan
are included in the measurement of expected credit losses
under IFRS 9 where the following conditions are met:
\u2022 selling the loan is one of the recovery methods that the
Group expects to pursue in a default scenario;
\u2022 the Group is neither legally nor practically prevented from
realising the loan using that recovery method; and
\u2022 the Group has reasonable and supportable information
upon which to base its expectations and assumptions.
For financial assets, the discount rate used in measuring ECL is
the effective interest rate (or \u2018credit-adjusted effective interest
rate\u2019 for a POCI financial asset) or an approximation thereof.
For undrawn loan commitments, it is the effective interest rate,
or an approximation thereof, that will be applied when
recognising the financial asset resulting from the loan
commitment.
Impairment loss allowances for ECL are presented in the
financial statements as follows:
Financial assets at amortised cost: as a deduction from the
gross carrying amount in the balance sheet.
Loan commitments and financial guarantee contracts:
generally, as a provision in the balance sheet.
Debt instruments at fair value through other comprehensive
income: an amount equal to the allowance is recognised in OCI
as an accumulated impairment amount.
Utilisation of impairment loss allowances
The Group reduces the gross carrying amount of a financial
asset and the associated impairment loss allowance when it
has no reasonable expectations of recovering a financial asset
in its entirety or a portion thereof. Indicators that there is no
reasonable expectation of recovery include the collection
process having been exhausted or it becoming clear during the
collection process that recovery will fall short of the amount
due to the Group.
The Group considers, on a case-by-case basis, whether
enforcement action in respect of an amount that has been
written off from an accounting perspective is or remains
appropriate. Any subsequent recoveries are included in the
income statement as an impairment gain.
Forbearance
Forbearance occurs when a borrower is granted a concession
or agreed change to a loan (\u2018forbearance measure\u2019) for reasons
relating to the actual or apparent financial stress or distress of
that borrower. Forbearance has not occurred if the concession
or agreed change to a loan granted to a borrower is not
related to the actual or apparent financial stress or distress of
that borrower.
Prior to any decision to grant forbearance, the Group performs
an assessment of a customer\u2019s financial circumstances and
ability to repay and assesses whether the loan is credit-
impaired. Where the loan is credit-impaired, it is allocated to
Stage 3 (unless a POCI financial asset). If a forborne loan has a
variable interest rate, the discount rate for measuring ECL is
the current effective interest rate determined under the
contract before the modification of terms.
Financial assets to which forbearance has been applied
continue to be reported as forborne until such time as they
satisfy conditions to exit forbearance in line with EBA guidance
on non-performing and forborne classifications. Forborne
financial assets which are not credit-impaired are generally
classified as Stage 2. A financial asset can only be reclassified
from Stage 3 when certain conditions are met over a pre-
defined period of time or probation period, in line with
regulatory requirements.
Where the cash flows from a forborne loan are considered to
have expired, due to the loan being restructured in such a way
that results in a substantial modification, the original financial
asset is derecognised and a new financial asset is recognised,
initially measured at fair value. Any difference between the
carrying value of the original financial asset and the fair value
of the new financial asset on initial recognition are recognised
in the income statement. The new financial asset may be
initially allocated to Stage 1 or, if credit-impaired, be
categorised as a POCI financial asset.
Where a forbearance measure represents a modification of
the contractual cash flows of a financial asset and does not
result in its derecognition, the Group recalculates the gross
carrying amount of the financial asset as the present value of
the modified contractual cash flows that are discounted at the
financial asset\u2019s original effective interest rate (before any
modification of terms) and a modification gain or loss is
included in the income statement within net impairment gains
or losses.
Financial liabilities
The Group classifies its financial liabilities as being measured
at amortised cost unless it has designated liabilities at FVTPL or
is required to measure liabilities mandatorily at FVTPL, such as
derivative liabilities. Financial liabilities are initially recognised
at fair value, (normally the issue proceeds i.e. the fair value of
consideration received) less, in the case of financial liabilities
subsequently carried at amortised cost, transaction costs. For
financial liabilities carried at amortised cost, any difference
between the proceeds, net of transaction costs and the
redemption value is recognised in the income statement using
the effective interest method.
When a financial liability that is measured at amortised cost is
modified without resulting in derecognition, a gain or loss is
recognised in profit or loss. The gain or loss is calculated as the
difference between the original contractual cash flows and the
modified contractual cash flows discounted at the original
effective interest rate.
Preference shares which carry a mandatory coupon are
classified as financial liabilities. The dividends on these
preference shares are recognised in the income statement as
interest expense using the effective interest method.
1\u00a0 \u00a0 Group accounting policies (continued)
A financial liability may be designated as at FVTPL only when:
\u2022 it eliminates or significantly reduces a measurement or
recognition inconsistency (an \u2018accounting mismatch\u2019) that
would otherwise arise from measuring assets or liabilities
or recognising the gains and losses on them on different
bases; or
\u2022 a group of financial assets, financial liabilities or both is
managed and its performance is evaluated on a fair value
basis in accordance with documented risk management or
investment strategy; or
\u2022 a contract contains one or more embedded derivatives
that significantly changes the cash flows of the contract
and the separation of the embedded derivative(s) is not
prohibited.
The Group designates certain financial liabilities at FVTPL as set
out in note 54 to the financial statements.
The movement in own credit risk related to financial liabilities
designated at FVTPL is recorded in OCI unless this would
create or enlarge an accounting mismatch in profit or loss for
the Group (in which case all gains or losses are recognised in
profit or loss).
Financial liabilities are derecognised when they are
extinguished, that is when the obligation is discharged,
cancelled or expires.
Sale and repurchase agreements and lending of assets
Assets sold subject to repurchase agreements (\u2018repos\u2019) are
retained on the balance sheet and reclassified as pledged
assets when the transferee has the right by contract or custom
to sell or repledge the collateral; the counterparty liability is
included in deposits from banks or customer accounts, as
appropriate.
Securities purchased under agreements to resell (\u2018reverse
repos\u2019) are treated as collateralised loans and recorded as
loans and advances to banks or customers, as appropriate.
The difference between sale and repurchase price is treated as
interest and recognised in the income statement over the life
of the agreement using the effective interest method.
Securities lent to counterparties are also retained on the
balance sheet. Securities borrowed are not recognised in the
financial statements, unless these are sold to third parties, in
which case the purchase and sale are recorded with the gain
or loss included in trading income. The obligation to return the
securities is recorded at fair value as a trading liability.
Issued debt and equity securities
The classification of instruments as a financial liability or an
equity instrument is dependent upon the substance of the
contractual arrangement. Instruments which carry a
contractual obligation to deliver cash or another financial asset
to another entity are classified as financial liabilities. The
coupons on these instruments are recognised in the income
statement as interest expense using the effective interest
method.
Where the Group has absolute discretion in relation to the
payment of coupons and repayment of principal, the
instrument is classified as equity and any coupon payments
are classified as distributions in the period in which they are
made.
If the Group purchases its own debt, it is removed from the
balance sheet and the difference between the carrying amount
of the liability and the consideration paid is included in other
operating income, net of any costs or fees incurred.
Derivative financial instruments and hedge accounting
The Group has made the accounting policy choice allowed
under IFRS 9 to continue to apply the hedge accounting
requirements of IAS 39.
Derivatives are initially recognised at fair value on the date on
which the contract is entered into and are subsequently
remeasured at their fair value at each reporting date. All
derivatives are carried as assets when their fair value is
positive and as liabilities when their fair value is negative.
Certain derivatives embedded in other financial instruments
that are not financial assets are separated from the host
contract and accounted for as derivatives, when their
economic characteristics and risks are not closely related to
those of the host contract and the entire host contract is not
carried at FVTPL.
Fair value gains or losses on derivatives are normally
recognised in the income statement. However where they are
designated as hedging instruments, the treatment of the fair
value gains and losses depends on the nature of the hedging
relationship.
The Group designates certain derivatives as either:
\u2022 hedges of the exposure to changes in the fair value of
recognised assets or liabilities that is attributable to a
particular risk (fair value hedge); or
\u2022 hedges of highly probable future cash flows attributable to
a recognised asset or liability, or a forecast transaction
(cash flow hedge).
Hedge accounting is applied to these derivatives provided
certain criteria are met. The Group documents, at the
inception of the transaction, the relationship between hedging
instruments and hedged items, as well as its risk management
objective and strategy for undertaking various hedge
transactions. The Group also documents its assessment, both
at hedge inception and on an ongoing basis, of whether the
derivatives that are used in hedging transactions are highly
effective in offsetting changes in fair values or cash flows of
hedged items. Hedge relationships are concluded to be
effective if the hedging instruments that are used in hedging
transactions offset the changes in fair value or cash flow of the
hedged items within a range of 80% to 125%.
Where a hedging instrument is novated to a clearing
counterparty, the Group does not discontinue hedge
accounting where the following criteria are met:
\u2022 the novation arises due to laws or regulations, or the
introduction of laws and regulations;
\u2022 the parties to the hedging instrument agree that one or
more clearing counterparties replace their original
counterparty to become the new counterparty to each of
the parties; and
\u2022 the novation does not result in changes to the terms of the
original instrument except for those changes necessary to
effect the change in counterparty.
1\u00a0 \u00a0 Group accounting policies (continued)
Hedges directly affected by the BMR reform
All hedge accounting relationships subject to BMR reform were
transitioned before 30 June 2023.
Fair value hedge
Changes in the fair value of derivatives that are designated and
qualify as fair value hedges are recorded in the income
statement, together with any changes in the fair value of the
hedged asset or liability that are attributable to the hedged
risk.
The hedged item in a micro fair value hedge is a single
specified item e.g. a fixed rate commercial loan or a FVOCI
bond.
The hedged item in a portfolio fair value hedge is a pool of
assets or liabilities with similar risk characteristics and profiles,
such as a pool of fixed rate mortgages. Unlike micro fair value
hedge accounting, portfolio fair value hedge accounting is not
discontinued if an individual asset or liability within the pool of
hedged items is sold, so long as the overall pool of hedged
items retains its characteristics as documented at inception of
the hedge.
In addition, hedge effectiveness testing is performed on a
portfolio basis rather than on an individual hedge relationship
by hedge relationship basis.
For micro fair value hedges, the hedge adjustment is
presented as an adjustment to the carrying amount of the
hedged item.
For portfolio fair value hedges, the hedge adjustment is
presented on the balance sheet as a separate line item \"Fair
value changes due to interest rate risk of the hedged items in
portfolio hedges.\" Where the underlying hedged item is an
asset, the portfolio hedge adjustment is presented separately
within assets. Where the underlying hedged item is a liability,
the portfolio hedge adjustment is presented separately within
liabilities.
The Group also avails of the relaxed hedge accounting
provisions permitted by IAS 39 'Financial Instruments:
recognition and measurement' as adopted by the EU. The
Group applies these relaxed provisions to portfolio fair value
hedges of interest rate risk on its demand deposit and
mortgage lending books. The Group resets portfolio fair value
hedges of its demand deposit book on a weekly basis and
other portfolio fair value hedges are reset either fortnightly or
on a monthly basis.
If the criteria for hedge accounting cease to be met, no further
adjustments are made to the hedged item for fair value
changes attributable to the hedged risk. The cumulative
adjustment to the carrying amount of a hedged item is
amortised to profit or loss over the period to maturity using
the straight line method for macro hedges and the effective
interest method for micro hedges.
When a hedged item held at amortised cost that is designated
in a micro fair value hedge or included in a repricing time
period of a portfolio hedge is derecognised, the unamortised
fair value adjustment included in the carrying value of that
hedged item is immediately reclassified to the income
statement.
Cash flow hedge
The effective portion of changes in the fair value of derivatives
that are designated and qualify as cash flow hedges is
recognised in OCI. The gain or loss relating to the ineffective
portion is recognised immediately in the income statement.
Amounts accumulated in OCI are reclassified to the income
statement in the periods in which the hedged item affects
profit or loss.
When a hedging instrument expires or is sold, or when a
hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in OCI at that time remains in
OCI and is recognised in the income statement when the
forecast transaction occurs. When a forecast transaction is no
longer expected to occur, the cumulative gain or loss that was
reported in OCI is immediately reclassified to the income
statement.
Embedded derivatives
An embedded derivative is a component of a hybrid contract
that also includes a non-derivative host, with the effect that
some of the cash flows of the combined instrument vary in a
way similar to a stand-alone derivative.
If a hybrid contract contains a host that is not a financial asset
within the scope of IFRS 9, an embedded derivative is
separated from the host and accounted for as a derivative if
and only if, its economic characteristics and risks are not
closely related to those of the host, a separate instrument with
the same terms as the embedded derivative would meet the
definition of a derivative and the hybrid contract is not
measured at FVTPL.
Financial guarantees
Financial guarantees are contracts that require the issuer to
make specified payments to reimburse the holder for a loss
that it incurs because a specified debtor fails to make payment
when it is due in accordance with the original or modified
terms of a debt instrument.
Financial guarantees held by the Group
A financial guarantee contract requires the issuer to make
specified payments to reimburse the holder for a loss it incurs
because a specified debtor fails to make payment when due.
Where the Group is the holder of such a guarantee and it is
considered integral to the contractual terms of the guaranteed
debt instrument(s), the guarantee is not accounted for
separately but is considered in the determination of the
impairment loss allowance for ECL of the guaranteed
instrument(s). Where the Group is the holder of such a
guarantee and it is not considered integral to the contractual
terms of\u00a0 the guaranteed debt instrument(s), the Group
recognises a reimbursement asset when it recognises the
expected credit losses (ECLs) on the guaranteed instrument, if
it is considered virtually certain that a reimbursement would
be received if the specified debtor fails to make payment when
due in accordance with the terms of the debt instrument.
Gains and losses on such reimbursement assets are presented
in the income statement, within net impairment gains/losses
on financial instruments.
Where the Group issues a financial liability in the form of a
credit-linked note, which contains an embedded financial
guarantee held by the Group, the Group considers that there
are two units of account, with the host financial liability
measured initially at fair value and subsequently at amortised
cost, and the financial guarantee measured as set out above.
1\u00a0 \u00a0 Group accounting policies (continued)
Financial guarantees issued by the Group
The Group issues financial guarantees to banks, financial
institutions and other bodies on behalf of customers to secure
loans, overdrafts and other banking facilities and in connection
with the performance of customers under payment obligations
related to contracts and the payment of import duties. The
Group\u2019s liability under an issued financial guarantee contract is
initially measured at fair value.
The liability is subsequently measured at the higher of the
amount of the impairment loss allowance for ECL determined
in accordance with the requirements of IFRS 9 and the initial
measurement less the cumulative amount of income
recognised in accordance with the principles of IFRS 15.
Any change in the liability is taken to the income statement
and recognised on the balance sheet within provisions. Where
the Group issues a financial liability which contains a financial
guarantee, the liability is measured at amortised cost using the
effective interest method.
Offsetting
Financial assets and liabilities are offset and the net amount
reported in the balance sheet when there is currently a legally
enforceable right of set off and there is an intention to settle
on a net basis, or realise the asset and settle the liability
simultaneously. No impairment loss allowance for ECL is
recognised on a financial asset, or portion thereof, which has
been offset.
Valuation of financial instruments
The Group recognises trading securities, other financial assets
and liabilities designated at FVTPL, derivatives and financial
assets at FVOCI at fair value in the balance sheet. Fair value is
the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market
participants at the measurement date in the principal, or in its
absence, the most advantageous market to which the Group
has access at that date.
The fair values of financial assets and liabilities traded in active
markets are based on unadjusted bid and offer prices
respectively. If an active market does not exist, the Group
establishes fair value using valuation techniques. These
include the use of recent arm\u2019s length transactions, DCF
analysis, option pricing models and other valuation techniques
commonly used by market participants. To the extent possible,
these valuation techniques use observable market data. Where
observable data does not exist, the Group uses estimates
based on the best information available.
The best evidence of the fair value of a financial instrument at
initial recognition is the transaction price in an arm\u2019s length
transaction, unless the fair value of that instrument is
evidenced by comparison with other observable current
market transactions in the same instrument (i.e. without
modification or repackaging) or based on a valuation
technique which uses only observable market inputs. When
such evidence exists, the initial valuation of the instrument
may result in the Group recognising a profit on initial
recognition. In the absence of such evidence, the instrument is
initially valued at the transaction price. Any day one profit is
deferred and recognised in the income statement to the extent
that it arises from a change in a factor that market participants
would consider in setting a price. Straight line amortisation is
used where it approximates to that amount. Subsequent
changes in fair value are recognised immediately in the income
statement without the reversal of deferred day one profits or
losses.
Where a transaction price in an arm\u2019s length transaction is not
available, the fair value of the instrument at initial recognition
is measured using a valuation technique.
For liabilities designated at FVTPL, the fair values reflect
changes in the Group\u2019s own credit spread.
Transfers between levels of the fair value hierarchy
The Group recognises transfers between levels of the fair value
hierarchy at the end of the reporting period during which the
change occurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-786": { "value": "
Financial assets
Recognition, classification and measurement
A financial asset is recognised in the balance sheet when and
only when, the Group becomes a party to its contractual
provisions.
At initial recognition, a financial asset is measured at fair value
(plus, in the case of a financial asset not at FVTPL, directly
attributable transaction costs) and is assigned one of the
following classifications for the purposes of subsequent
measurement:
\u2022 financial assets at amortised cost;
\u2022 financial assets at FVOCI; or
\u2022 financial assets at FVTPL.
1\u00a0 \u00a0 Group accounting policies (continued)
The Group determines the appropriate classification based on
the contractual cash flow characteristics of the financial asset
and the objective of the business model within which the
financial asset is held.
In determining the business model for a group of financial
assets, the Group considers factors such as how performance
is evaluated and reported to key management personnel
(KMP); the risks that affect performance and how they are
managed; how managers are compensated; and the expected
frequency, value and timing of sales of financial assets.
In considering the contractual cash flow characteristics of a
financial asset, the Group determines whether the contractual
terms give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount
outstanding. In this context, \u2018principal\u2019 is the fair value of the
financial asset on initial recognition and \u2018interest\u2019 is
consideration for the time value of money and for the credit
risk associated with the principal amount outstanding during a
particular period of time and for other basic lending risks and
costs (e.g. liquidity risk and administrative costs), as well as
profit margin.
In making the determination, the Group assesses whether the
financial asset contains a contractual term that could change
the timing or amount of contractual cash flows such that it
would not meet this condition.
In making this assessment, the Group considers contingent
events, leverage features, prepayment and term extensions,
terms which limit the Group\u2019s recourse to specific assets and
features that modify consideration of the time value of money.
Financial assets at amortised cost
Debt instruments
A debt instrument is measured, subsequent to initial
recognition, at amortised cost where it meets both of the
following conditions and has not been designated as
measured at FVTPL:
\u2022 the financial asset has contractual terms that give rise on
specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding;
and
\u2022 the financial asset is held within a business model whose
objective is achieved by holding financial assets to collect
contractual cash flows.
Purchases and sales of debt securities at amortised cost are
recognised on trade date: the date on which the Group
commits to purchase or sell the asset.
Loans measured at amortised cost are recognised when cash
is advanced to the borrowers.
Interest revenue using the effective interest method is
recognised in the income statement. An impairment loss
allowance is recognised for ECL with corresponding
impairment gains or losses recognised in the income
statement.
Debt instruments at fair value through other comprehensive
income
A debt instrument is measured, subsequent to initial
recognition, at FVOCI where it meets both of the following
conditions and has not been designated as measured at FVTPL:
\u2022 the financial asset has contractual terms that give rise on
specified dates to cash flows that are solely payments of
principal and interest on the principal amount outstanding;
and
\u2022 the financial asset is held within a business model whose
objective is achieved by both collecting contractual cash
flows and selling financial assets.
Purchases and sales of debt instruments at FVOCI are
recognised on trade date. Gains and losses arising from
changes in fair value are included in other comprehensive
income (OCI). Interest revenue using the effective interest
method and FX gains and losses on the amortised cost of the
financial asset are recognised in the income statement.
The impairment loss allowance for ECL does not reduce the
carrying amount but an amount equal to the allowance is
recognised in OCI as an accumulated impairment amount, with
corresponding impairment gains or losses recognised in the
income statement. On derecognition, the cumulative gain or
loss previously recognised in OCI is reclassified to the income
statement.
Regular way purchases and sales of financial assets measured
at FVOCI are recognised on trade date.
Financial assets at fair value through profit or loss
All other financial assets are measured, subsequent to initial
recognition, at FVTPL. Financial assets at FVTPL comprise:
Financial assets mandatorily measured at fair value through
profit or loss
Financial assets meeting either of the conditions below are
mandatorily measured at FVTPL:
\u2022 financial assets with contractual terms that do not give rise
on specified dates to cash flows that are solely payments
of principal and interest on the principal amount
outstanding; and
\u2022 financial assets held within a business model whose
objective is achieved neither by collecting contractual cash
flows nor both collecting contractual cash flows and selling
financial assets. This includes financial assets held within a
portfolio that is managed and whose performance is
evaluated on a fair value basis, such as investments held
by the Group\u2019s life assurance business. It further includes
portfolios of financial assets which are \u2018held for trading\u2019,
which includes financial assets acquired principally for the
purpose of selling in the near term and financial assets
that on initial recognition are part of an identified portfolio
where there is evidence of a recent pattern of short-term
profit-taking.
Financial assets designated as measured at fair value through
profit or loss
A financial asset may be designated at FVTPL only if doing so
eliminates or significantly reduces measurement or
recognition inconsistencies (an \u2018accounting mismatch\u2019) that
would otherwise arise from measuring financial assets or
liabilities or recognising gains and losses on them on different
bases.
The Group designates certain investments in associates at
FVTPL as set out in note 28.
Regular way purchases and sales of financial assets at FVTPL
are recognised on trade date. They are carried on the balance
sheet at fair value, with all changes in fair value included in the
income statement.
1\u00a0 \u00a0 Group accounting policies (continued)
Reclassification
When and only when, the Group changes its business model
for managing financial assets, it reclassifies all affected
financial assets. Reclassification is applied prospectively.
Derecognition
A financial asset is derecognised when the contractual rights to
the cash flows from the financial asset expire or the Group has
transferred substantially all the risks and rewards of
ownership. Where the Group retains the obligation to service
the transferred financial asset, the transferred asset is
derecognised if it meets the derecognition criteria and an asset
or liability is recognised for the servicing contract if the
servicing fee is more than adequate (an asset) or is less than
adequate (a liability) for performing the servicing.
Where a modification results in a substantial change on a
quantitative or qualitative basis, to the contractual cash flows
of a financial asset, it may be considered to represent expiry of
the contractual cash flows, resulting in derecognition of the
original financial asset and recognition of a new financial asset
at fair value.
The Group reduces the gross carrying amount of a financial
asset and the associated impairment loss allowance when it
has no reasonable expectations of recovering a financial asset
in its entirety or a portion thereof.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-788": { "value": "
Financial assets at fair value through profit or loss
All other financial assets are measured, subsequent to initial
recognition, at FVTPL. Financial assets at FVTPL comprise:
Financial assets mandatorily measured at fair value through
profit or loss
Financial assets meeting either of the conditions below are
mandatorily measured at FVTPL:
\u2022 financial assets with contractual terms that do not give rise
on specified dates to cash flows that are solely payments
of principal and interest on the principal amount
outstanding; and
\u2022 financial assets held within a business model whose
objective is achieved neither by collecting contractual cash
flows nor both collecting contractual cash flows and selling
financial assets. This includes financial assets held within a
portfolio that is managed and whose performance is
evaluated on a fair value basis, such as investments held
by the Group\u2019s life assurance business. It further includes
portfolios of financial assets which are \u2018held for trading\u2019,
which includes financial assets acquired principally for the
purpose of selling in the near term and financial assets
that on initial recognition are part of an identified portfolio
where there is evidence of a recent pattern of short-term
profit-taking.
Financial assets designated as measured at fair value through
profit or loss
A financial asset may be designated at FVTPL only if doing so
eliminates or significantly reduces measurement or
recognition inconsistencies (an \u2018accounting mismatch\u2019) that
would otherwise arise from measuring financial assets or
liabilities or recognising gains and losses on them on different
bases.
The Group designates certain investments in associates at
FVTPL as set out in note 28.
Regular way purchases and sales of financial assets at FVTPL
are recognised on trade date. They are carried on the balance
sheet at fair value, with all changes in fair value included in the
income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-789": { "value": "
Reclassification
When and only when, the Group changes its business model
for managing financial assets, it reclassifies all affected
financial assets. Reclassification is applied prospectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-790": { "value": "
Derecognition
A financial asset is derecognised when the contractual rights to
the cash flows from the financial asset expire or the Group has
transferred substantially all the risks and rewards of
ownership. Where the Group retains the obligation to service
the transferred financial asset, the transferred asset is
derecognised if it meets the derecognition criteria and an asset
or liability is recognised for the servicing contract if the
servicing fee is more than adequate (an asset) or is less than
adequate (a liability) for performing the servicing.
Where a modification results in a substantial change on a
quantitative or qualitative basis, to the contractual cash flows
of a financial asset, it may be considered to represent expiry of
the contractual cash flows, resulting in derecognition of the
original financial asset and recognition of a new financial asset
at fair value.
The Group reduces the gross carrying amount of a financial
asset and the associated impairment loss allowance when it
has no reasonable expectations of recovering a financial asset
in its entirety or a portion thereof.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-791": { "value": "
Impairment of financial instruments
Scope
The Group recognises impairment loss allowances for ECL on
the following categories of financial instruments unless
measured at FVTPL:
\u2022 financial assets that are debt instruments;
\u2022 loan commitments;
\u2022 lease receivables recognised under IFRS 16 \u2018Leases\u2019;
\u2022 financial guarantee contracts issued and not accounted for
under IFRS 4 \u2018Insurance Contracts\u2019; and
\u2022 receivables and contract assets recognised under IFRS 15
\u2018Revenue from Contracts with Customers\u2019.
Basis for measuring impairment
The Group allocates financial instruments into the following
categories at each reporting date to determine the appropriate
accounting treatment.
Stage 1: 12-month expected credit losses (not credit-impaired)
These are financial instruments where there has not been a
significant increase in credit risk since initial recognition. An
impairment loss allowance equal to 12-month ECL is
recognised.
This is the portion of lifetime ECL resulting from default events
that are possible within the next 12 months.
Stage 2: Lifetime expected credit losses (not credit-impaired)
These are financial instruments where there has been a
significant increase in credit risk since initial recognition, but
which are not credit-impaired. An impairment loss allowance
equal to lifetime ECL is recognised. Lifetime ECL are the ECL
resulting from all possible default events over the expected life
of the financial instrument.
Stage 3: Lifetime expected credit losses (credit-impaired)
These are financial instruments which are credit-impaired at
the reporting date but were not credit-impaired at initial
recognition. An impairment loss allowance equal to lifetime
ECL is recognised.
Purchased or Originated Credit-impaired financial assets
These are financial assets that were credit-impaired at initial
recognition. They are not subject to any initial impairment loss
allowance but an impairment loss allowance is subsequently
recognised for the cumulative changes in lifetime ECL since
initial recognition. A POCI financial asset remains classified as
such until it is derecognised, even if assessed as no longer
credit-impaired at a subsequent reporting date.
With the exception of POCI financial assets, a financial
instrument may migrate between stages from one reporting
date to the next.
Significant increase in credit risk
In determining if a financial instrument has experienced a
significant increase in credit risk since initial recognition, the
Group assesses whether the risk of default over the remaining
expected life of the financial instrument is significantly higher
than had been anticipated at initial recognition, taking into
account changes in prepayment expectations where relevant.
The Group uses reasonable and supportable information
available without undue cost or effort at the reporting date,
including forward-looking information. A combination of
quantitative, qualitative and backstop indicators are generally
applied in making the determination. For certain portfolios, the
Group assumes that no significant increase in credit risk has
occurred if credit risk is \u2018low\u2019 at the reporting date.
Credit-impaired
A financial asset is credit-impaired when one or more events
that have a detrimental impact on the estimated future cash
flows have occurred. Evidence that a financial asset is credit-
impaired includes observable data about the following events:
\u2022 significant financial difficulty of the issuer or the borrower;
\u2022 a breach of contract, such as a default or past due event;
\u2022 the lender(s) of the borrower, for economic or contractual
reasons relating to the borrower\u2019s financial difficulty,
having granted to the borrower a concession(s) that the
lender(s) would not otherwise consider;
\u2022 it is becoming probable that the borrower will enter
bankruptcy or other financial reorganisation;
\u2022 the disappearance of an active market for that financial
asset because of financial difficulties; or
\u2022 the purchase or origination of a financial asset at a deep
discount that reflects the incurred credit losses.
It may not be possible to identify a single discrete event -
instead, the combined effect of several events may have
caused financial assets to become credit-impaired.
Measurement of expected credit losses and presentation of
impairment loss allowances
ECL are measured in a way that reflects:
\u2022 an unbiased and probability-weighted amount that is
determined by evaluating a range of possible outcomes;
\u2022 the time value of money; and
\u2022 reasonable and supportable information that is available
without undue cost or effort at the reporting date about
past events, current conditions and forecasts of future
economic conditions.
ECL are measured as follows:
\u2022 financial assets that are not credit-impaired at the
reporting date: the present value of the difference between
all contractual cash flows due to the Group in accordance
with the contract and all the cash flows the Group expects
to receive;
1\u00a0 \u00a0 Group accounting policies (continued)
\u2022 financial assets that are credit-impaired at the reporting
date: the difference between the gross carrying amount
and the present value of estimated future cash flows;
\u2022 undrawn loan commitments: the present value difference
between the contractual cash flows that are due to the
Group if the commitment is drawn and the cash flows that
the Group expects to receive; and
\u2022 financial guarantee contracts: the expected payments to
reimburse the holder less any amounts that the Group
expects to recover, discounted at an appropriate risk-free
rate.
Expected cash flows arising from the sale on default of a loan
are included in the measurement of expected credit losses
under IFRS 9 where the following conditions are met:
\u2022 selling the loan is one of the recovery methods that the
Group expects to pursue in a default scenario;
\u2022 the Group is neither legally nor practically prevented from
realising the loan using that recovery method; and
\u2022 the Group has reasonable and supportable information
upon which to base its expectations and assumptions.
For financial assets, the discount rate used in measuring ECL is
the effective interest rate (or \u2018credit-adjusted effective interest
rate\u2019 for a POCI financial asset) or an approximation thereof.
For undrawn loan commitments, it is the effective interest rate,
or an approximation thereof, that will be applied when
recognising the financial asset resulting from the loan
commitment.
Impairment loss allowances for ECL are presented in the
financial statements as follows:
Financial assets at amortised cost: as a deduction from the
gross carrying amount in the balance sheet.
Loan commitments and financial guarantee contracts:
generally, as a provision in the balance sheet.
Debt instruments at fair value through other comprehensive
income: an amount equal to the allowance is recognised in OCI
as an accumulated impairment amount.
Utilisation of impairment loss allowances
The Group reduces the gross carrying amount of a financial
asset and the associated impairment loss allowance when it
has no reasonable expectations of recovering a financial asset
in its entirety or a portion thereof. Indicators that there is no
reasonable expectation of recovery include the collection
process having been exhausted or it becoming clear during the
collection process that recovery will fall short of the amount
due to the Group.
The Group considers, on a case-by-case basis, whether
enforcement action in respect of an amount that has been
written off from an accounting perspective is or remains
appropriate. Any subsequent recoveries are included in the
income statement as an impairment gain.
Forbearance
Forbearance occurs when a borrower is granted a concession
or agreed change to a loan (\u2018forbearance measure\u2019) for reasons
relating to the actual or apparent financial stress or distress of
that borrower. Forbearance has not occurred if the concession
or agreed change to a loan granted to a borrower is not
related to the actual or apparent financial stress or distress of
that borrower.
Prior to any decision to grant forbearance, the Group performs
an assessment of a customer\u2019s financial circumstances and
ability to repay and assesses whether the loan is credit-
impaired. Where the loan is credit-impaired, it is allocated to
Stage 3 (unless a POCI financial asset). If a forborne loan has a
variable interest rate, the discount rate for measuring ECL is
the current effective interest rate determined under the
contract before the modification of terms.
Financial assets to which forbearance has been applied
continue to be reported as forborne until such time as they
satisfy conditions to exit forbearance in line with EBA guidance
on non-performing and forborne classifications. Forborne
financial assets which are not credit-impaired are generally
classified as Stage 2. A financial asset can only be reclassified
from Stage 3 when certain conditions are met over a pre-
defined period of time or probation period, in line with
regulatory requirements.
Where the cash flows from a forborne loan are considered to
have expired, due to the loan being restructured in such a way
that results in a substantial modification, the original financial
asset is derecognised and a new financial asset is recognised,
initially measured at fair value. Any difference between the
carrying value of the original financial asset and the fair value
of the new financial asset on initial recognition are recognised
in the income statement. The new financial asset may be
initially allocated to Stage 1 or, if credit-impaired, be
categorised as a POCI financial asset.
Where a forbearance measure represents a modification of
the contractual cash flows of a financial asset and does not
result in its derecognition, the Group recalculates the gross
carrying amount of the financial asset as the present value of
the modified contractual cash flows that are discounted at the
financial asset\u2019s original effective interest rate (before any
modification of terms) and a modification gain or loss is
included in the income statement within net impairment gains
or losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-792": { "value": "
Financial liabilities
The Group classifies its financial liabilities as being measured
at amortised cost unless it has designated liabilities at FVTPL or
is required to measure liabilities mandatorily at FVTPL, such as
derivative liabilities. Financial liabilities are initially recognised
at fair value, (normally the issue proceeds i.e. the fair value of
consideration received) less, in the case of financial liabilities
subsequently carried at amortised cost, transaction costs. For
financial liabilities carried at amortised cost, any difference
between the proceeds, net of transaction costs and the
redemption value is recognised in the income statement using
the effective interest method.
When a financial liability that is measured at amortised cost is
modified without resulting in derecognition, a gain or loss is
recognised in profit or loss. The gain or loss is calculated as the
difference between the original contractual cash flows and the
modified contractual cash flows discounted at the original
effective interest rate.
Preference shares which carry a mandatory coupon are
classified as financial liabilities. The dividends on these
preference shares are recognised in the income statement as
interest expense using the effective interest method.
1\u00a0 \u00a0 Group accounting policies (continued)
A financial liability may be designated as at FVTPL only when:
\u2022 it eliminates or significantly reduces a measurement or
recognition inconsistency (an \u2018accounting mismatch\u2019) that
would otherwise arise from measuring assets or liabilities
or recognising the gains and losses on them on different
bases; or
\u2022 a group of financial assets, financial liabilities or both is
managed and its performance is evaluated on a fair value
basis in accordance with documented risk management or
investment strategy; or
\u2022 a contract contains one or more embedded derivatives
that significantly changes the cash flows of the contract
and the separation of the embedded derivative(s) is not
prohibited.
The Group designates certain financial liabilities at FVTPL as set
out in note 54 to the financial statements.
The movement in own credit risk related to financial liabilities
designated at FVTPL is recorded in OCI unless this would
create or enlarge an accounting mismatch in profit or loss for
the Group (in which case all gains or losses are recognised in
profit or loss).
Financial liabilities are derecognised when they are
extinguished, that is when the obligation is discharged,
cancelled or expires.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-793": { "value": "
Sale and repurchase agreements and lending of assets
Assets sold subject to repurchase agreements (\u2018repos\u2019) are
retained on the balance sheet and reclassified as pledged
assets when the transferee has the right by contract or custom
to sell or repledge the collateral; the counterparty liability is
included in deposits from banks or customer accounts, as
appropriate.
Securities purchased under agreements to resell (\u2018reverse
repos\u2019) are treated as collateralised loans and recorded as
loans and advances to banks or customers, as appropriate.
The difference between sale and repurchase price is treated as
interest and recognised in the income statement over the life
of the agreement using the effective interest method.
Securities lent to counterparties are also retained on the
balance sheet. Securities borrowed are not recognised in the
financial statements, unless these are sold to third parties, in
which case the purchase and sale are recorded with the gain
or loss included in trading income. The obligation to return the
securities is recorded at fair value as a trading liability.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-794": { "value": "
Derivative financial instruments and hedge accounting
The Group has made the accounting policy choice allowed
under IFRS 9 to continue to apply the hedge accounting
requirements of IAS 39.
Derivatives are initially recognised at fair value on the date on
which the contract is entered into and are subsequently
remeasured at their fair value at each reporting date. All
derivatives are carried as assets when their fair value is
positive and as liabilities when their fair value is negative.
Certain derivatives embedded in other financial instruments
that are not financial assets are separated from the host
contract and accounted for as derivatives, when their
economic characteristics and risks are not closely related to
those of the host contract and the entire host contract is not
carried at FVTPL.
Fair value gains or losses on derivatives are normally
recognised in the income statement. However where they are
designated as hedging instruments, the treatment of the fair
value gains and losses depends on the nature of the hedging
relationship.
The Group designates certain derivatives as either:
\u2022 hedges of the exposure to changes in the fair value of
recognised assets or liabilities that is attributable to a
particular risk (fair value hedge); or
\u2022 hedges of highly probable future cash flows attributable to
a recognised asset or liability, or a forecast transaction
(cash flow hedge).
Hedge accounting is applied to these derivatives provided
certain criteria are met. The Group documents, at the
inception of the transaction, the relationship between hedging
instruments and hedged items, as well as its risk management
objective and strategy for undertaking various hedge
transactions. The Group also documents its assessment, both
at hedge inception and on an ongoing basis, of whether the
derivatives that are used in hedging transactions are highly
effective in offsetting changes in fair values or cash flows of
hedged items. Hedge relationships are concluded to be
effective if the hedging instruments that are used in hedging
transactions offset the changes in fair value or cash flow of the
hedged items within a range of 80% to 125%.
Where a hedging instrument is novated to a clearing
counterparty, the Group does not discontinue hedge
accounting where the following criteria are met:
\u2022 the novation arises due to laws or regulations, or the
introduction of laws and regulations;
\u2022 the parties to the hedging instrument agree that one or
more clearing counterparties replace their original
counterparty to become the new counterparty to each of
the parties; and
\u2022 the novation does not result in changes to the terms of the
original instrument except for those changes necessary to
effect the change in counterparty.
1\u00a0 \u00a0 Group accounting policies (continued)
Hedges directly affected by the BMR reform
All hedge accounting relationships subject to BMR reform were
transitioned before 30 June 2023.
Fair value hedge
Changes in the fair value of derivatives that are designated and
qualify as fair value hedges are recorded in the income
statement, together with any changes in the fair value of the
hedged asset or liability that are attributable to the hedged
risk.
The hedged item in a micro fair value hedge is a single
specified item e.g. a fixed rate commercial loan or a FVOCI
bond.
The hedged item in a portfolio fair value hedge is a pool of
assets or liabilities with similar risk characteristics and profiles,
such as a pool of fixed rate mortgages. Unlike micro fair value
hedge accounting, portfolio fair value hedge accounting is not
discontinued if an individual asset or liability within the pool of
hedged items is sold, so long as the overall pool of hedged
items retains its characteristics as documented at inception of
the hedge.
In addition, hedge effectiveness testing is performed on a
portfolio basis rather than on an individual hedge relationship
by hedge relationship basis.
For micro fair value hedges, the hedge adjustment is
presented as an adjustment to the carrying amount of the
hedged item.
For portfolio fair value hedges, the hedge adjustment is
presented on the balance sheet as a separate line item \"Fair
value changes due to interest rate risk of the hedged items in
portfolio hedges.\" Where the underlying hedged item is an
asset, the portfolio hedge adjustment is presented separately
within assets. Where the underlying hedged item is a liability,
the portfolio hedge adjustment is presented separately within
liabilities.
The Group also avails of the relaxed hedge accounting
provisions permitted by IAS 39 'Financial Instruments:
recognition and measurement' as adopted by the EU. The
Group applies these relaxed provisions to portfolio fair value
hedges of interest rate risk on its demand deposit and
mortgage lending books. The Group resets portfolio fair value
hedges of its demand deposit book on a weekly basis and
other portfolio fair value hedges are reset either fortnightly or
on a monthly basis.
If the criteria for hedge accounting cease to be met, no further
adjustments are made to the hedged item for fair value
changes attributable to the hedged risk. The cumulative
adjustment to the carrying amount of a hedged item is
amortised to profit or loss over the period to maturity using
the straight line method for macro hedges and the effective
interest method for micro hedges.
When a hedged item held at amortised cost that is designated
in a micro fair value hedge or included in a repricing time
period of a portfolio hedge is derecognised, the unamortised
fair value adjustment included in the carrying value of that
hedged item is immediately reclassified to the income
statement.
Cash flow hedge
The effective portion of changes in the fair value of derivatives
that are designated and qualify as cash flow hedges is
recognised in OCI. The gain or loss relating to the ineffective
portion is recognised immediately in the income statement.
Amounts accumulated in OCI are reclassified to the income
statement in the periods in which the hedged item affects
profit or loss.
When a hedging instrument expires or is sold, or when a
hedge no longer meets the criteria for hedge accounting, any
cumulative gain or loss existing in OCI at that time remains in
OCI and is recognised in the income statement when the
forecast transaction occurs. When a forecast transaction is no
longer expected to occur, the cumulative gain or loss that was
reported in OCI is immediately reclassified to the income
statement.
Embedded derivatives
An embedded derivative is a component of a hybrid contract
that also includes a non-derivative host, with the effect that
some of the cash flows of the combined instrument vary in a
way similar to a stand-alone derivative.
If a hybrid contract contains a host that is not a financial asset
within the scope of IFRS 9, an embedded derivative is
separated from the host and accounted for as a derivative if
and only if, its economic characteristics and risks are not
closely related to those of the host, a separate instrument with
the same terms as the embedded derivative would meet the
definition of a derivative and the hybrid contract is not
measured at FVTPL.
Financial guarantees
Financial guarantees are contracts that require the issuer to
make specified payments to reimburse the holder for a loss
that it incurs because a specified debtor fails to make payment
when it is due in accordance with the original or modified
terms of a debt instrument.
Financial guarantees held by the Group
A financial guarantee contract requires the issuer to make
specified payments to reimburse the holder for a loss it incurs
because a specified debtor fails to make payment when due.
Where the Group is the holder of such a guarantee and it is
considered integral to the contractual terms of the guaranteed
debt instrument(s), the guarantee is not accounted for
separately but is considered in the determination of the
impairment loss allowance for ECL of the guaranteed
instrument(s). Where the Group is the holder of such a
guarantee and it is not considered integral to the contractual
terms of\u00a0 the guaranteed debt instrument(s), the Group
recognises a reimbursement asset when it recognises the
expected credit losses (ECLs) on the guaranteed instrument, if
it is considered virtually certain that a reimbursement would
be received if the specified debtor fails to make payment when
due in accordance with the terms of the debt instrument.
Gains and losses on such reimbursement assets are presented
in the income statement, within net impairment gains/losses
on financial instruments.
Where the Group issues a financial liability in the form of a
credit-linked note, which contains an embedded financial
guarantee held by the Group, the Group considers that there
are two units of account, with the host financial liability
measured initially at fair value and subsequently at amortised
cost, and the financial guarantee measured as set out above.
1\u00a0 \u00a0 Group accounting policies (continued)
Financial guarantees issued by the Group
The Group issues financial guarantees to banks, financial
institutions and other bodies on behalf of customers to secure
loans, overdrafts and other banking facilities and in connection
with the performance of customers under payment obligations
related to contracts and the payment of import duties. The
Group\u2019s liability under an issued financial guarantee contract is
initially measured at fair value.
The liability is subsequently measured at the higher of the
amount of the impairment loss allowance for ECL determined
in accordance with the requirements of IFRS 9 and the initial
measurement less the cumulative amount of income
recognised in accordance with the principles of IFRS 15.
Any change in the liability is taken to the income statement
and recognised on the balance sheet within provisions. Where
the Group issues a financial liability which contains a financial
guarantee, the liability is measured at amortised cost using the
effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-795": { "value": "
Financial guarantees
Financial guarantees are contracts that require the issuer to
make specified payments to reimburse the holder for a loss
that it incurs because a specified debtor fails to make payment
when it is due in accordance with the original or modified
terms of a debt instrument.
Financial guarantees held by the Group
A financial guarantee contract requires the issuer to make
specified payments to reimburse the holder for a loss it incurs
because a specified debtor fails to make payment when due.
Where the Group is the holder of such a guarantee and it is
considered integral to the contractual terms of the guaranteed
debt instrument(s), the guarantee is not accounted for
separately but is considered in the determination of the
impairment loss allowance for ECL of the guaranteed
instrument(s). Where the Group is the holder of such a
guarantee and it is not considered integral to the contractual
terms of\u00a0 the guaranteed debt instrument(s), the Group
recognises a reimbursement asset when it recognises the
expected credit losses (ECLs) on the guaranteed instrument, if
it is considered virtually certain that a reimbursement would
be received if the specified debtor fails to make payment when
due in accordance with the terms of the debt instrument.
Gains and losses on such reimbursement assets are presented
in the income statement, within net impairment gains/losses
on financial instruments.
Where the Group issues a financial liability in the form of a
credit-linked note, which contains an embedded financial
guarantee held by the Group, the Group considers that there
are two units of account, with the host financial liability
measured initially at fair value and subsequently at amortised
cost, and the financial guarantee measured as set out above.
1\u00a0 \u00a0 Group accounting policies (continued)
Financial guarantees issued by the Group
The Group issues financial guarantees to banks, financial
institutions and other bodies on behalf of customers to secure
loans, overdrafts and other banking facilities and in connection
with the performance of customers under payment obligations
related to contracts and the payment of import duties. The
Group\u2019s liability under an issued financial guarantee contract is
initially measured at fair value.
The liability is subsequently measured at the higher of the
amount of the impairment loss allowance for ECL determined
in accordance with the requirements of IFRS 9 and the initial
measurement less the cumulative amount of income
recognised in accordance with the principles of IFRS 15.
Any change in the liability is taken to the income statement
and recognised on the balance sheet within provisions. Where
the Group issues a financial liability which contains a financial
guarantee, the liability is measured at amortised cost using the
effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-796": { "value": "
Offsetting
Financial assets and liabilities are offset and the net amount
reported in the balance sheet when there is currently a legally
enforceable right of set off and there is an intention to settle
on a net basis, or realise the asset and settle the liability
simultaneously. No impairment loss allowance for ECL is
recognised on a financial asset, or portion thereof, which has
been offset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-797": { "value": "
Valuation of financial instruments
The Group recognises trading securities, other financial assets
and liabilities designated at FVTPL, derivatives and financial
assets at FVOCI at fair value in the balance sheet. Fair value is
the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market
participants at the measurement date in the principal, or in its
absence, the most advantageous market to which the Group
has access at that date.
The fair values of financial assets and liabilities traded in active
markets are based on unadjusted bid and offer prices
respectively. If an active market does not exist, the Group
establishes fair value using valuation techniques. These
include the use of recent arm\u2019s length transactions, DCF
analysis, option pricing models and other valuation techniques
commonly used by market participants. To the extent possible,
these valuation techniques use observable market data. Where
observable data does not exist, the Group uses estimates
based on the best information available.
The best evidence of the fair value of a financial instrument at
initial recognition is the transaction price in an arm\u2019s length
transaction, unless the fair value of that instrument is
evidenced by comparison with other observable current
market transactions in the same instrument (i.e. without
modification or repackaging) or based on a valuation
technique which uses only observable market inputs. When
such evidence exists, the initial valuation of the instrument
may result in the Group recognising a profit on initial
recognition. In the absence of such evidence, the instrument is
initially valued at the transaction price. Any day one profit is
deferred and recognised in the income statement to the extent
that it arises from a change in a factor that market participants
would consider in setting a price. Straight line amortisation is
used where it approximates to that amount. Subsequent
changes in fair value are recognised immediately in the income
statement without the reversal of deferred day one profits or
losses.
Where a transaction price in an arm\u2019s length transaction is not
available, the fair value of the instrument at initial recognition
is measured using a valuation technique.
For liabilities designated at FVTPL, the fair values reflect
changes in the Group\u2019s own credit spread.
Transfers between levels of the fair value hierarchy
The Group recognises transfers between levels of the fair value
hierarchy at the end of the reporting period during which the
change occurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-798": { "value": "
Group accounts
Subsidiaries
Subsidiary undertakings are investees controlled by the Group.
The Group controls an investee when it has power over the
investee, is exposed, or has rights, to variable returns from its
involvement with the investee and has the ability to affect
those returns through its power over the investee. The Group
reassesses whether it controls an investee when facts and
circumstances indicate that there are changes to one or more
elements of control. The existence and effect of potential
voting rights are considered when assessing whether the
Group controls an investee only if the rights are substantive.
A structured entity is an entity designed so that its activities are
not governed by way of voting rights. The Group assesses
whether it has control over such entities by considering factors
such as: the purpose and design of the entity; the nature of its
relationship with the entity; and the size of its exposure to the
variability of returns from the entity.
Assets, liabilities and results of all Group undertakings have
been included in the Group financial statements on the basis
of financial statements or, where relevant, additional financial
information, made up to the end of the financial year.
Business combinations
Except for where predecessor accounting applies, subsidiaries
are consolidated from the date on which control is transferred
to the Group and are no longer consolidated from the date
that control ceases. The Group uses the acquisition method of
accounting to account for business combinations. The
consideration transferred for the acquisition of a subsidiary is
the fair value of the assets transferred, the liabilities incurred
and the equity interests issued by the Group. The
consideration transferred includes the fair value of any asset
or liability resulting from a contingent consideration
arrangement. Acquisition-related costs are expensed as
incurred. Identifiable assets acquired and liabilities and
contingent liabilities assumed in a business combination are
measured initially at their fair values at the acquisition date.
The excess of the sum of the consideration transferred, the
amount of any non-controlling interest in the acquiree and the
acquisition date fair value of any previous equity interest in the
acquiree, over the fair value of the Group\u2019s share of the
identifiable net assets acquired, is recorded as goodwill.
Intercompany transactions, balances and unrealised gains on
transactions between Group companies are eliminated.
Unrealised losses are also eliminated unless the transaction
provides evidence of impairment of the asset transferred. In
addition, FX gains and losses which arise on the retranslation
to functional currency of intercompany monetary assets and
liabilities are not eliminated.
1\u00a0 \u00a0 Group accounting policies (continued)
Accounting policies of subsidiaries have been changed, where
necessary, to ensure consistency with the policies adopted by
the Group.
Associates and Joint Ventures
Associates are all entities over which the Group has significant
influence, but not control, over the entity\u2019s financial and
operating decisions, generally accompanying a shareholding of
between 20% and 50% of the voting rights.
A joint arrangement is an arrangement of which two or more
parties have joint control. A joint venture is a joint
arrangement whereby the parties that have joint control of the
arrangement have rights to the net assets of the arrangement.
Those parties are called joint ventures.
Investments in associates and joint ventures are accounted for
using the equity method of accounting and are initially
recognised at cost.
The Group utilises the venture capital exemption for
investments where significant influence is present and the
business operates as a venture capital business. These
investments are designated at initial recognition at FVTPL.
A joint operation is a joint arrangement whereby the parties
that have joint control of the arrangement have rights to the
assets and obligations for the liabilities, relating to the
arrangement. Those parties are called joint operators.
The Group accounts for the assets, liabilities, revenues and
expenses relating to its interest in joint operations in
accordance with the IFRSs applicable to the particular assets,
liabilities, revenues and expenses.
Accounting policies of associates and joint ventures have been
changed, where necessary, to ensure consistency with the
policies adopted by the Group.
Non-controlling interests
Non-controlling interests comprise equity in a subsidiary that
is not directly or indirectly attributable to the Parent.
Transactions with non-controlling interests where the Group
has control over the entity are accounted for using the
Economic entity model. This accounting model requires that
any surplus or deficit that arises on any transaction(s) with
non-controlling interests to dispose of or to acquire additional
interests in the entity that does not result in loss of control is
recognised in equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-799": { "value": "
Subsidiaries
Subsidiary undertakings are investees controlled by the Group.
The Group controls an investee when it has power over the
investee, is exposed, or has rights, to variable returns from its
involvement with the investee and has the ability to affect
those returns through its power over the investee. The Group
reassesses whether it controls an investee when facts and
circumstances indicate that there are changes to one or more
elements of control. The existence and effect of potential
voting rights are considered when assessing whether the
Group controls an investee only if the rights are substantive.
A structured entity is an entity designed so that its activities are
not governed by way of voting rights. The Group assesses
whether it has control over such entities by considering factors
such as: the purpose and design of the entity; the nature of its
relationship with the entity; and the size of its exposure to the
variability of returns from the entity.
Assets, liabilities and results of all Group undertakings have
been included in the Group financial statements on the basis
of financial statements or, where relevant, additional financial
information, made up to the end of the financial year.
Business combinations
Except for where predecessor accounting applies, subsidiaries
are consolidated from the date on which control is transferred
to the Group and are no longer consolidated from the date
that control ceases. The Group uses the acquisition method of
accounting to account for business combinations. The
consideration transferred for the acquisition of a subsidiary is
the fair value of the assets transferred, the liabilities incurred
and the equity interests issued by the Group. The
consideration transferred includes the fair value of any asset
or liability resulting from a contingent consideration
arrangement. Acquisition-related costs are expensed as
incurred. Identifiable assets acquired and liabilities and
contingent liabilities assumed in a business combination are
measured initially at their fair values at the acquisition date.
The excess of the sum of the consideration transferred, the
amount of any non-controlling interest in the acquiree and the
acquisition date fair value of any previous equity interest in the
acquiree, over the fair value of the Group\u2019s share of the
identifiable net assets acquired, is recorded as goodwill.
Intercompany transactions, balances and unrealised gains on
transactions between Group companies are eliminated.
Unrealised losses are also eliminated unless the transaction
provides evidence of impairment of the asset transferred. In
addition, FX gains and losses which arise on the retranslation
to functional currency of intercompany monetary assets and
liabilities are not eliminated.
1\u00a0 \u00a0 Group accounting policies (continued)
Accounting policies of subsidiaries have been changed, where
necessary, to ensure consistency with the policies adopted by
the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-800": { "value": "
Business combinations
Except for where predecessor accounting applies, subsidiaries
are consolidated from the date on which control is transferred
to the Group and are no longer consolidated from the date
that control ceases. The Group uses the acquisition method of
accounting to account for business combinations. The
consideration transferred for the acquisition of a subsidiary is
the fair value of the assets transferred, the liabilities incurred
and the equity interests issued by the Group. The
consideration transferred includes the fair value of any asset
or liability resulting from a contingent consideration
arrangement. Acquisition-related costs are expensed as
incurred. Identifiable assets acquired and liabilities and
contingent liabilities assumed in a business combination are
measured initially at their fair values at the acquisition date.
The excess of the sum of the consideration transferred, the
amount of any non-controlling interest in the acquiree and the
acquisition date fair value of any previous equity interest in the
acquiree, over the fair value of the Group\u2019s share of the
identifiable net assets acquired, is recorded as goodwill.
Intercompany transactions, balances and unrealised gains on
transactions between Group companies are eliminated.
Unrealised losses are also eliminated unless the transaction
provides evidence of impairment of the asset transferred. In
addition, FX gains and losses which arise on the retranslation
to functional currency of intercompany monetary assets and
liabilities are not eliminated.
1\u00a0 \u00a0 Group accounting policies (continued)
Accounting policies of subsidiaries have been changed, where
necessary, to ensure consistency with the policies adopted by
the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-801": { "value": "
Associates and Joint Ventures
Associates are all entities over which the Group has significant
influence, but not control, over the entity\u2019s financial and
operating decisions, generally accompanying a shareholding of
between 20% and 50% of the voting rights.
A joint arrangement is an arrangement of which two or more
parties have joint control. A joint venture is a joint
arrangement whereby the parties that have joint control of the
arrangement have rights to the net assets of the arrangement.
Those parties are called joint ventures.
Investments in associates and joint ventures are accounted for
using the equity method of accounting and are initially
recognised at cost.
The Group utilises the venture capital exemption for
investments where significant influence is present and the
business operates as a venture capital business. These
investments are designated at initial recognition at FVTPL.
A joint operation is a joint arrangement whereby the parties
that have joint control of the arrangement have rights to the
assets and obligations for the liabilities, relating to the
arrangement. Those parties are called joint operators.
The Group accounts for the assets, liabilities, revenues and
expenses relating to its interest in joint operations in
accordance with the IFRSs applicable to the particular assets,
liabilities, revenues and expenses.
Accounting policies of associates and joint ventures have been
changed, where necessary, to ensure consistency with the
policies adopted by the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-802": { "value": "
Non-controlling interests
Non-controlling interests comprise equity in a subsidiary that
is not directly or indirectly attributable to the Parent.
Transactions with non-controlling interests where the Group
has control over the entity are accounted for using the
Economic entity model. This accounting model requires that
any surplus or deficit that arises on any transaction(s) with
non-controlling interests to dispose of or to acquire additional
interests in the entity that does not result in loss of control is
recognised in equity", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-804": { "value": "
Foreign currency translation
Items included in the financial statements of each entity of the
Group are measured using the currency of the primary
economic environment in which the entity operates (the
\u2018functional currency\u2019). The consolidated financial statements of
the Group and the financial statements of the Company are
presented in euro.
Foreign currency transactions are translated into functional
currency at the exchange rates prevailing at the dates of the
transactions.
FX gains and losses resulting from the settlement of such
transactions and from the translation at year end exchange
rates of monetary assets and liabilities denominated in foreign
currencies are recognised in the income statement. Non-
monetary assets and liabilities denominated in foreign
currencies that are measured at historical cost are translated
into the appropriate functional currency using the exchange
rate at the transaction date and those measured at fair value
are translated at the exchange rate at the date the fair value
was determined. Exchange rate differences on non-monetary
items are recognised based on the classification of the
underlying items.
Assets, liabilities and equity of all the Group entities that have
a functional currency different from the presentation currency
(\u2018foreign operations\u2019) are translated at the closing rate at the
reporting date and items of income and expense are
translated at average exchange rates (unless this average is
not a reasonable approximation of the cumulative effect of the
rates prevailing on the transaction dates, in which case income
and expenses are translated at the dates of the transactions).
All resulting exchange differences are recognised in OCI and
accumulated in a separate component of equity.
On disposal of a foreign operation the amount accumulated in
the separate component of equity is reclassified from equity to
profit or loss. The Group may dispose of its interest in a
foreign operation through sale, liquidation, repayment of
share capital, abandonment or through loss of control or
significant influence.
Goodwill and fair value adjustments arising on the acquisition
of a foreign entity are treated as assets and liabilities of the
foreign entity and translated at the closing rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-803": { "value": "
Foreign currency translation
Items included in the financial statements of each entity of the
Group are measured using the currency of the primary
economic environment in which the entity operates (the
\u2018functional currency\u2019). The consolidated financial statements of
the Group and the financial statements of the Company are
presented in euro.
Foreign currency transactions are translated into functional
currency at the exchange rates prevailing at the dates of the
transactions.
FX gains and losses resulting from the settlement of such
transactions and from the translation at year end exchange
rates of monetary assets and liabilities denominated in foreign
currencies are recognised in the income statement. Non-
monetary assets and liabilities denominated in foreign
currencies that are measured at historical cost are translated
into the appropriate functional currency using the exchange
rate at the transaction date and those measured at fair value
are translated at the exchange rate at the date the fair value
was determined. Exchange rate differences on non-monetary
items are recognised based on the classification of the
underlying items.
Assets, liabilities and equity of all the Group entities that have
a functional currency different from the presentation currency
(\u2018foreign operations\u2019) are translated at the closing rate at the
reporting date and items of income and expense are
translated at average exchange rates (unless this average is
not a reasonable approximation of the cumulative effect of the
rates prevailing on the transaction dates, in which case income
and expenses are translated at the dates of the transactions).
All resulting exchange differences are recognised in OCI and
accumulated in a separate component of equity.
On disposal of a foreign operation the amount accumulated in
the separate component of equity is reclassified from equity to
profit or loss. The Group may dispose of its interest in a
foreign operation through sale, liquidation, repayment of
share capital, abandonment or through loss of control or
significant influence.
Goodwill and fair value adjustments arising on the acquisition
of a foreign entity are treated as assets and liabilities of the
foreign entity and translated at the closing rate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-805": { "value": "
Fee and commission income
The Group accounts for fee and commission income when the
contract with the customer is agreed and each party\u2019s rights
under the contract, together with the payment terms, are
identified. In addition it must be probable that the Group will
collect the consideration to which it is entitled. Fee and
commission income is measured based on the consideration
specified in a contract with a customer and excludes amounts
collected on behalf of third parties. The Group recognises
revenue when it transfers control of a product or service to a
customer. Fee income on the provision of current accounts to
customers is recognised as the service is provided. Portfolio
and other management advisory and service fees are
recognised based on the applicable service contracts usually
on a time apportioned basis.
1\u00a0 \u00a0 Group accounting policies (continued)
Asset management fees related to investment funds are
recognised rateably over the period the service is provided.
The same principle is applied for wealth management,
financial planning and custody services that are continuously
provided over an extended period of time.
Loan syndication and arrangement fees are recognised at a
point in time when the performance obligation is completed.
Stockbroking commission income arising from the Davy
Stockbroking business is recognised as earned in the period in
which the related deals are executed on behalf of clients and
the performance obligation is satisfied. Other fees including
interchange income, ATM fees and FX fees are recognised on
completion of the transaction and once the Group has
completed its performance obligations under the contract.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-806": { "value": "
Leases
Identifying a lease
Under IFRS 16, a contract is, or contains, a lease if the contract
conveys the right to control the use of an identified asset for a
period of time in exchange for consideration.
A Group company is the lessee
The Group recognises a Right of Use (RoU) asset and lease
liability at the lease commencement date. RoU assets are
initially measured at cost and subsequently measured at cost
less any accumulated depreciation and impairment losses and
adjusted for certain remeasurement of lease liabilities. The
recognised RoU assets are depreciated on a straight-line basis
over the shorter of their estimated useful lives and the lease
term. RoU assets are subject to impairment under IAS 36
\u2018Impairment of Assets\u2019.
The Group has elected not to recognise RoU assets and lease
liabilities for leases of low-value assets and short-term leases.
The Group recognises the lease payments associated with
these leases as an expense on a straight-line basis over the
lease term.
RoU assets, comprised of leases of buildings which do not
meet the definition of investment properties and computer
equipment, are presented in property, plant and equipment.
RoU assets which meet the definition of investment properties
are presented within investment properties.
Lease liabilities are initially measured at the present value of
lease payments that are not paid at the commencement date,
discounted using the Incremental Borrowing Rate (IBR) if the
interest rate implicit in the lease is not readily determinable.
Lease payments include fixed rental payments. Generally, the
Group uses its IBR as the discount rate. The lease liability is
subsequently increased by the interest cost on the lease
liability and decreased by lease payments made.
It is remeasured if there is a change in future lease payments,
a change in the lease term, or as appropriate, a change in the
assessment of whether an extension option is reasonably
certain to be exercised or a termination option is reasonably
certain not to be exercised.
When the lease liability is remeasured a corresponding
adjustment is made to the RoU asset and / or profit or loss, as
appropriate.
The Group has applied judgement in determining the lease
term as the non-cancellable term of the lease, together with
any periods covered by an option to extend the lease if it is
reasonably certain to be exercised, or any periods covered by
an option to terminate the lease, if it is reasonably certain not
to be exercised. The assessment of whether the Group is
reasonably certain to exercise such options impacts the lease
term, which significantly affects the amount of lease liabilities
and RoU assets recognised.
The Group has a number of leases which contain break
options and applies judgement in evaluating whether it is
reasonably certain not to exercise the option. That is, on
commencement of a lease the Group considers all relevant
factors that create an incentive for it to exercise the option.
After the commencement date, the Group reassesses the lease
term if there is a significant event or change in circumstances
that is within its control and affects its ability to exercise (or not
to exercise) the option.
Under IFRS 16, where the Group is an intermediate lessor the
subleases are classified with reference to the RoU asset arising
from the head lease, not with reference to the underlying
asset. Where the Group continues to retain the risks and
rewards of ownership as the intermediate lessor, it retains the
lease liability and the RoU asset relating to the head lease in its
balance sheet. If the Group does not retain the risks and
rewards of ownership as the intermediate lessor, these
subleases are deemed finance leases. During the term of the
sublease, the Group recognises both finance lease income on
the sublease and interest expense on the head lease.
A Group company is the lessor
When the Group acts as a lessor, it determines at lease
inception whether each lease is a finance lease or an operating
lease.
To classify each lease, the Group makes an overall assessment
of whether the lease transfers substantially all the risks and
rewards incidental to ownership of the underlying asset. If this
is the case, then the lease is a finance lease; if not, then it is an
operating lease.
When assets are held under a finance lease, the present value
of the lease payments is recognised as a receivable. The
difference between the gross receivable and the present value
of the receivable is recognised as unearned finance income.
Lease income is included within net interest income and is
recognised over the term of the lease reflecting a constant
periodic rate of return on the net investment in the lease.
Assets leased to customers under operating leases are
included within property, plant and equipment on the
statement of financial position and depreciation is provided on
the depreciable amount of these assets on a systematic basis
over their estimated useful lives. Depreciation on assets
acquired for the purpose of leasing under operating leases is
recognised in other leasing expense. Lease income is
recognised on a straight line basis over the period of the lease
unless another systematic basis is more appropriate.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-807": { "value": "
Property, plant and equipment
Freehold land and buildings are initially recognised at cost and
subsequently are revalued annually to fair value by
independent external valuers. Revaluations are made with
sufficient regularity to ensure that the carrying amount does
not differ materially from the open market value at the
reporting date.
RoU assets recognised as property, plant and equipment are
measured at cost less any accumulated depreciation and
impairment losses and adjusted for certain remeasurement of
lease liabilities.
1\u00a0 \u00a0 Group accounting policies (continued)
All other property, plant and equipment, including freehold
and leasehold adaptations, are stated at historical cost less
accumulated depreciation.
Increases in the carrying amount arising on the revaluation of
land and buildings, are recognised in OCI. Decreases that
offset previous increases on the same asset are recognised in
OCI: all other decreases are charged to the income statement.
The Directors consider that residual values of freehold and
long leasehold property based on prices prevailing at the time
of acquisition or subsequent valuation are such that
depreciation is not material.
Depreciation is calculated on the straight line method to write
down the carrying value of other items of property, plant and
equipment to their residual values over their estimated useful
lives as follows:
\u2022 adaptation works on freehold and leasehold property -
fifteen years, or the remaining period of the lease;
\u2022 computer and other equipment - maximum of ten years;
and
\u2022 the recognised RoU assets are depreciated on a straight-
line basis over the earlier of the end of the useful life of the
RoU asset or the end of the lease term.
The assets\u2019 residual values and useful lives are reviewed and
adjusted if appropriate, at each reporting date. Property, plant
and equipment are reviewed for impairment whenever events
or changes in circumstances indicate that the carrying amount
may not be recoverable.
An asset\u2019s carrying amount is written down immediately to its
recoverable amount if its carrying amount is greater than its
estimated recoverable amount. The estimated recoverable
amount is the higher of the asset\u2019s fair value less costs to sell
or its Value in Use (VIU).
Gains and losses on the disposal of property, plant and
equipment are determined by reference to their carrying
amount and are taken into account in determining profit
before tax. If the asset being disposed of had previously been
revalued then any amount in OCI relating to that asset is
reclassified directly to retained earnings on disposal rather
than the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-808": { "value": "
Depreciation is calculated on the straight line method to write
down the carrying value of other items of property, plant and
equipment to their residual values over their estimated useful
lives as follows:
\u2022 adaptation works on freehold and leasehold property -
fifteen years, or the remaining period of the lease;
\u2022 computer and other equipment - maximum of ten years;
and
\u2022 the recognised RoU assets are depreciated on a straight-
line basis over the earlier of the end of the useful life of the
RoU asset or the end of the lease term.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-809": { "value": "
Investment property
Property held for long-term rental yields and capital
appreciation is classified as investment property, except where
the property is used by the Group for administrative purposes
or the supply of services, in which case it is classified as owner
occupied property. Investment property comprises freehold
and long leasehold land and buildings.
It is carried at fair value in the balance sheet based on annual
revaluations at open market value as determined by external
qualified property surveyors and is not depreciated. Changes
in fair values are recorded in the income statement. Rental
income from investment properties is recognised as it
becomes receivable over the term of the lease.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-810": { "value": "
Intangible assets
Computer software
Acquired computer software licences are capitalised on the
basis of the costs incurred to acquire and bring to use the
specific software. These costs are amortised on the basis of the
expected useful lives, which is normally five years.
Costs associated with research activities or maintaining
computer software programmes are recognised as an expense
as incurred. Costs that are directly associated with the
production of identifiable and unique software products
controlled by the Group and which will probably generate
economic benefits exceeding costs beyond one year, are
recognised as intangible assets. Direct costs include software
development, employee costs and an appropriate portion of
relevant overheads. Computer software development costs
recognised as assets are amortised using the straight line
method over their useful lives, which is normally between five
and ten years.
Other intangible assets
Other intangible assets are carried at cost less amortisation
and impairment, if any and are amortised on a straight line
basis over their useful lives, which range from five years to
twenty years.
Computer software and other intangible assets are assessed
for impairment indicators annually or whenever events or
changes in circumstances indicate that the carrying amount
may not be recoverable. If such indicators exist, the asset\u2019s
recoverable amount is estimated. An asset\u2019s carrying amount is
written down immediately to its recoverable amount if its
carrying amount is greater than its estimated recoverable
amount. The estimated recoverable amount is the higher of
the asset\u2019s fair value less costs to sell and its VIU.
Goodwill
Goodwill represents the excess of consideration transferred,
the amount of any non-controlling interest in the acquiree and
the acquisition date fair value of any previous equity interest in
the acquiree, over the fair value of the Group\u2019s share of
identifiable net assets acquired. Goodwill on acquisition of
subsidiaries is included in intangible assets. Goodwill is tested
annually for impairment or more frequently if there is any
indication that it may be impaired and carried at cost less
accumulated impairment losses.
Goodwill is allocated to cash generating units (CGU) for the
purpose of impairment testing. An impairment loss arises if
the carrying value of the CGU exceeds the recoverable
amount.
The recoverable amount of a CGU is the higher of its fair value
less costs to sell and its VIU, where the VIU is the present value
of the future cash flows expected to be derived from the CGU.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-811": { "value": "
Computer software
Acquired computer software licences are capitalised on the
basis of the costs incurred to acquire and bring to use the
specific software. These costs are amortised on the basis of the
expected useful lives, which is normally five years.
Costs associated with research activities or maintaining
computer software programmes are recognised as an expense
as incurred. Costs that are directly associated with the
production of identifiable and unique software products
controlled by the Group and which will probably generate
economic benefits exceeding costs beyond one year, are
recognised as intangible assets. Direct costs include software
development, employee costs and an appropriate portion of
relevant overheads. Computer software development costs
recognised as assets are amortised using the straight line
method over their useful lives, which is normally between five
and ten years.
Other intangible assets
Other intangible assets are carried at cost less amortisation
and impairment, if any and are amortised on a straight line
basis over their useful lives, which range from five years to
twenty years.
Computer software and other intangible assets are assessed
for impairment indicators annually or whenever events or
changes in circumstances indicate that the carrying amount
may not be recoverable. If such indicators exist, the asset\u2019s
recoverable amount is estimated. An asset\u2019s carrying amount is
written down immediately to its recoverable amount if its
carrying amount is greater than its estimated recoverable
amount. The estimated recoverable amount is the higher of
the asset\u2019s fair value less costs to sell and its VIU.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-812": { "value": "
Goodwill
Goodwill represents the excess of consideration transferred,
the amount of any non-controlling interest in the acquiree and
the acquisition date fair value of any previous equity interest in
the acquiree, over the fair value of the Group\u2019s share of
identifiable net assets acquired. Goodwill on acquisition of
subsidiaries is included in intangible assets. Goodwill is tested
annually for impairment or more frequently if there is any
indication that it may be impaired and carried at cost less
accumulated impairment losses.
Goodwill is allocated to cash generating units (CGU) for the
purpose of impairment testing. An impairment loss arises if
the carrying value of the CGU exceeds the recoverable
amount.
The recoverable amount of a CGU is the higher of its fair value
less costs to sell and its VIU, where the VIU is the present value
of the future cash flows expected to be derived from the CGU.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-813": { "value": "
Provisions
Provisions are recognised when the Group has a present legal
or constructive obligation as a result of past events, it is
probable that an outflow of resources embodying economic
benefits will be required to settle the obligation and a reliable
estimate of the amount of the obligation can be made.
Provision is made for the anticipated costs of restructuring,
including related redundancy costs, when an obligation exists.
An obligation exists when the Group has a detailed formal plan
for restructuring a business and has raised valid expectations
in those affected by the restructuring by starting to implement
the plan or announcing its main features. A levy payable to a
Government is provided for on the occurrence of the event
identified by the legislation that triggers the obligation to pay
the levy.
Contingent liabilities are not recognised but are disclosed
unless the probability of their occurrence is remote.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-814": { "value": "
Contingent liabilities are not recognised but are disclosed
unless the probability of their occurrence is remote.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-815": { "value": "
Employee benefits
Pension obligations
The Group operates both defined contribution and defined
benefit plans. A defined benefit plan is a pension plan that
defines an amount of pension benefit to be provided, usually
as a function of one or more factors such as age, years of
service or compensation. A defined contribution plan is a
pension plan under which the Group pays fixed contributions
into a separate entity (a fund) and will have no legal or
constructive obligations to pay further contributions if the fund
does not hold sufficient assets to pay all employees\u2019 benefits
relating to employee service in the current and prior periods.
The asset or liability recognised in the balance sheet in respect
of defined benefit pension plans is the present value of the
defined benefit obligation at the reporting date minus the fair
value of plan assets. The defined benefit obligation is
calculated annually by independent actuaries using the
projected unit credit method.
The present value of the defined benefit obligation is
determined by discounting the estimated future cash outflows
using interest rates on high quality corporate bonds that are
denominated in the currency in which the benefits will be paid
and that have terms to maturity approximating the terms of
the related pension liability. Plans in surplus are shown as
assets and plans in deficit are shown as liabilities. A surplus is
only recognised as an asset to the extent that it is recoverable
through a refund from the plan or through reduced
contributions in the future.
Where a plan amendment, curtailment or settlement occurs
and the net defined benefit liability is remeasured to
determine past service cost or the gain or loss on settlement,
the current service cost and net interest for the remainder of
the period are remeasured using the same assumptions.
Service cost and net interest on the net defined benefit
liability / (asset) are recognised in profit or loss, within
operating expenses. Remeasurements of the net defined
benefit liability / (asset) that are recognised in OCI include:
\u2022 actuarial gains and losses arising from experience
adjustments and changes in actuarial assumptions; and
\u2022 the return on plan assets, excluding amounts included in
net interest on the net defined benefit liability / (asset).
A settlement is a transaction that eliminates all further legal
and constructive obligations for part or all of the benefits
provided under a defined benefit plan, other than a payment
of benefits to, or on behalf of, employees that is set out in the
terms of the plan and included in the actuarial assumptions.
For defined contribution plans, contributions are recognised as
employee benefit expense when they are due.
Short-term employee benefits
Short-term employee benefits, such as salaries and other
benefits, are accounted for on an accruals basis over the
period in which the employees\u2019 service is rendered.
Termination payments
Termination payments are recognised as an expense at the
earlier of:
\u2022 when the Group can no longer withdraw the offer of those
benefits; and
\u2022 when the Group recognises costs for a restructuring that is
within the scope of IAS 37 and involves the payment of
termination benefits.
For this purpose, in relation to termination benefits for
voluntary redundancies, the Group is considered to be no
longer able to withdraw the offer on the earlier of the following
dates:
\u2022 when the employee accepts the offer; and
\u2022 when a restriction (e.g. a legal, regulatory or contractual
requirement) on the Group\u2019s ability to withdraw the offer
takes effect.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-816": { "value": "
Termination payments
Termination payments are recognised as an expense at the
earlier of:
\u2022 when the Group can no longer withdraw the offer of those
benefits; and
\u2022 when the Group recognises costs for a restructuring that is
within the scope of IAS 37 and involves the payment of
termination benefits.
For this purpose, in relation to termination benefits for
voluntary redundancies, the Group is considered to be no
longer able to withdraw the offer on the earlier of the following
dates:
\u2022 when the employee accepts the offer; and
\u2022 when a restriction (e.g. a legal, regulatory or contractual
requirement) on the Group\u2019s ability to withdraw the offer
takes effect.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-817": { "value": "
Income taxes
Current income tax
Income tax payable on profits, using the tax rates (and tax
laws) that have been enacted or substantively enacted by the
reporting date, is recognised as an expense in the period in
which profits arise.
Tax provisions are provided on a transaction by transaction
basis using either the \u2018most likely amount\u2019 method or the
\u2018expected value\u2019 method as appropriate for the particular
uncertainty and by management assessing the relative merits
and risks of tax treatments assumed, taking into account
statutory, judicial and regulatory guidance and, where
appropriate, external advice.
A current tax provision is recognised when the Group has a
present obligation as a result of a past event and it is probable
that there will be a future outflow of funds to a fiscal authority
to settle the obligation. Interest on tax liabilities is recognised
as interest expense.
The Group has determined that the global minimum top-up
tax - which it is required to pay under Pillar 2 legislation - is an
income tax in the scope of IAS 12. The Group has applied a
temporary mandatory relief from deferred tax accounting for
the impacts of the top-up tax and accounts for it as a current
tax when it is incurred.
Deferred income tax
Deferred income tax is provided in full, using the liability
method, on temporary differences arising between the tax
bases of assets and liabilities and their carrying amounts in the
financial statements.
1\u00a0 \u00a0 Group accounting policies (continued)
Deferred income tax is determined using tax rates (and tax
laws) that have been enacted or substantively enacted by the
reporting date and are expected to apply when the related
deferred income tax asset is realised or the deferred income
tax liability is settled.
Deferred income tax is not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a
business combination that at the time of the transaction
affects neither accounting nor taxable profit or loss.
The tax effects of income tax losses available for carry forward
are recognised as DTAs to the extent that it is probable that
future taxable profit will be available against which the
temporary differences can be utilised and by reference to the
expiry dates (if any) of the relevant unused tax losses or tax
credits. DTAs and deferred tax liabilities are not discounted.
Deferred income tax is provided on temporary differences
arising from investments in subsidiaries, associates and joint
ventures, except where the timing of the reversal of the
temporary difference is controlled by the Group and it is
probable that the difference will not reverse in the foreseeable
future.
Deferred tax on items taken to OCI is also recognised in OCI
and is subsequently reclassified to the income statement
together with the deferred gain or loss. Income tax on items
recognised directly in equity is recognised directly in equity,
except for the income tax consequences of dividends on a
financial instrument classified as equity, which are recognised
according to where the previous transactions or events that
generated distributable profits were recognised.
Uncertain tax positions
The Group considers uncertain tax positions together or
separately depending on which approach better predicts how
the uncertainties will be resolved. Where the Group concludes
it is not probable that a tax authority will accept its assessment
of an uncertain tax position, it reflects the effect of the
uncertainty using either the \u2018most likely amount\u2019 method or the
\u2018expected value\u2019 method, as appropriate for the particular
uncertainty.
Where the Group concludes it is probable that a tax authority
will accept its assessment of an uncertain tax position, the
taxable profit or loss, the tax bases, unused tax losses, unused
tax credits and the tax rates are determined consistently with
the tax treatment used or planned to be used in the income
tax filing.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-818": { "value": "
Deferred income tax
Deferred income tax is provided in full, using the liability
method, on temporary differences arising between the tax
bases of assets and liabilities and their carrying amounts in the
financial statements.
1\u00a0 \u00a0 Group accounting policies (continued)
Deferred income tax is determined using tax rates (and tax
laws) that have been enacted or substantively enacted by the
reporting date and are expected to apply when the related
deferred income tax asset is realised or the deferred income
tax liability is settled.
Deferred income tax is not accounted for if it arises from initial
recognition of an asset or liability in a transaction other than a
business combination that at the time of the transaction
affects neither accounting nor taxable profit or loss.
The tax effects of income tax losses available for carry forward
are recognised as DTAs to the extent that it is probable that
future taxable profit will be available against which the
temporary differences can be utilised and by reference to the
expiry dates (if any) of the relevant unused tax losses or tax
credits. DTAs and deferred tax liabilities are not discounted.
Deferred income tax is provided on temporary differences
arising from investments in subsidiaries, associates and joint
ventures, except where the timing of the reversal of the
temporary difference is controlled by the Group and it is
probable that the difference will not reverse in the foreseeable
future.
Deferred tax on items taken to OCI is also recognised in OCI
and is subsequently reclassified to the income statement
together with the deferred gain or loss. Income tax on items
recognised directly in equity is recognised directly in equity,
except for the income tax consequences of dividends on a
financial instrument classified as equity, which are recognised
according to where the previous transactions or events that
generated distributable profits were recognised.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-819": { "value": "
Life Insurance operations
An insurance contract is a contract under which one party (the
issuer) accepts significant insurance risk from another party
(the policy holder) by agreeing to compensate the policyholder
if a specified uncertain future event (the insured event)
adversely affects the policyholder.
The Group issues insurance contracts through its subsidiary
NIAC, which forms part of the Wealth and Insurance operating
segment.
On transition to IFRS 17, the Group applied the fully
retrospective approach (FRA) to contracts issued on or after 1
January 2019. The fair value approach has been applied to
contracts which were issued before 1 January 2019, as it was
considered impracticable to apply the FRA prior to this date as
a result of material changes to cash flow models due to data
limitations. Under the fair value approach, the CSM or loss
component is calculated as the difference between the fair
value of a group of insurance contracts, applying IFRS 13
(income approach) and the present value of the fulfilment cash
flows (best estimate plus risk adjustment) , applying IFRS 17, at
the transition date.
Contracts within the scope of IFRS 17 must apply the
prescribed measurement models. IFRS 17 permits three
possible measurement models: the General Measurement
Model (GMM), the Premium Allocation Approach (PAA) and the
Variable Fee Approach (VFA). The GMM is the default
measurement model in IFRS 17 and the PAA is a simplified
approach which may be applied where certain eligibility criteria
are met. The VFA must be applied to contracts with direct
participation features. On transition to IFRS 17, the Group has
measured insurance contracts issued and reinsurance
contracts held using the GMM, except where the VFA is
applied. The Group applies the VFA to insurance contracts in
the unit-linked life and pension portfolio. Further detail is
provided below as to how a portfolio is defined.
The Group has elected to apply the following accounting
policies on first time adoption of IFRS 17:
\u2022 changes in the risk adjustment for non-financial risk have
been disaggregated between the insurance services result
and the insurance finance income or expenses (IFIE);
\u2022 the IFIE has not been disaggregated between amounts
included in profit or loss and amounts included in other
comprehensive income; and
\u2022 the financial performance of groups of reinsurance
contracts held is presented on a net basis in net income /
(expense) from reinsurance contracts held.
Investment components
IFRS 17 requires the identification and separation of distinct
investment components from contracts within the scope of
IFRS 17, unless it is an investment contract with discretionary
participation features.
For contracts that include both insurance coverage and
investment-related service the Group has separated distinct
investment components that are not highly inter-related to the
insurance component. The distinct investment components
are measured in accordance with IFRS 9 and presented as
financial instruments.
Contract boundary
The measurement of a group of insurance contracts includes
all of the future cash flows within the boundary of each
contract in the group. Cash flows are within the boundary of
an insurance contract if they arise from substantive rights and
obligations that exist during the reporting period in which the
Group can compel the policyholder to pay the premiums, or in
which the Group has a substantive obligation to provide the
policyholder with services. The Group has determined that
expected future single premium injections and regular
premium increases for unit-linked life and pensions contracts,
even though at the discretion of policyholders, are within the
contract boundaries as the Group may not adjust the terms
and conditions for such increases.
Level of aggregation (LoA)
IFRS 17 requires an entity to determine the LoA for applying its
requirements. The LoA for the Group has been determined
firstly by dividing the business written into portfolios.
Portfolios as described by IFRS 17 comprise groups of
contracts with similar risks which are managed together.
1\u00a0 \u00a0 Group accounting policies (continued)
Portfolios have been further divided based on expected
profitability at inception into three categories: onerous
contracts, contracts with no significant possibility of becoming
onerous, and the remainder.
Contracts issued more than one year apart have not been
allocated to the same group, except for contracts measured
using the fair value approach at transition to IFRS 17.
Measurement
Under IFRS 17 the carrying value of insurance contracts
comprises the present value of future cash flows (separated
into liability for remaining coverage (LRC) and liability for
incurred claims (LIC), a risk adjustment for non-financial risk,
and the CSM, which is calculated retrospectively and
represents expected future profits to be recognised over the
lifetime of contracts. In estimating future cash flows, the Group
has incorporated, in an unbiased way, all reasonable and
supportable information that is available at the reporting date.
This information includes both internal and external historical
data about claims and other experience, updated to reflect
current expectations of future events. The estimates of future
cash flows reflects the Group's view of current conditions at
the reporting date, as long as the estimates of any relevant
market variables are consistent with observable market prices.
GMM
Changes in LIC and LRC are reflected in insurance revenue,
insurance service expense, IFIE, or by adjusting the CSM. The
amount of CSM recognised in profit or loss for services in the
period is determined by the allocation of the CSM remaining at
the end of the reporting period over the current and remaining
expected coverage period of the group of insurance contracts
based on coverage units. Services provided are estimated
using coverage units, which reflect the quantity of benefits and
the coverage duration.
VFA
For insurance contracts under the VFA there are adjustments
that relate to future service which change the CSM. These
include changes in the Group's share of the fair value of
underlying items and changes in the fulfilment cash flows that
would not vary based on the returns of underlying items and
relate to future service. Other changes in cash flows are
reflected in profit or loss.
Coverage units
The Group determines coverage units applying equal weight to
the expected benefits resulting from insurance coverage to
which policyholders may become entitled, investment-return
service and investment-related service. Coverage units for
future years are discounted at rates determined at the
inception of a group of contacts (locked-in rates), except for
the unit-linked life and pensions portfolio, where current
discount rates are used.
Reinsurance
The measurement of reinsurance contracts held follows the
same principles as those for insurance contracts issued, with
the exception of the following:
\u2022 measurement of the cash flows\u00a0 includes an allowance on
a probability-weighted basis for the effect of any non-
performance by the reinsurers, including allowing for the
effects of collateral and losses from disputes;
\u2022 the Group determines the risk adjustment for non-financial
risk so that it represents the amount of risk being
transferred to the reinsurer;
\u2022 the Group recognises both day 1 gains and day 1 losses at
initial recognition in the balance sheet as a CSM and this is
released to profit or loss as the reinsurer renders services,
except for any portion of a day 1 loss that relates to events
before initial recognition. The amount of the CSM
recognised in profit or loss for services in the period is
determined by the allocation of the CSM remaining at the
end of the reporting period over the current and remaining
expected coverage period of the group of insurance
contracts based on coverage units, representing the
proportion of insurance coverage and investment gains
and losses of underlying contracts that is reinsured. Equal
weights are applied to insurance coverage and investment-
return service;
\u2022 changes in the fulfilment cash flows are recognised in
profit or loss if the related changes arising from the
underlying ceded contracts have been recognised in profit
or loss. Alternatively, changes in the fulfilment cash flows
adjust the CSM; and
\u2022 the VFA does not apply to reinsurance contracts.
Risk adjustment for non-financial risk
The risk adjustment reflects the compensation that the Group
requires to compensate for the risk in the level and timing of
future cash flows arising from non-financial risks. The Group
determines the risk adjustment for non-financial risk as
follows:
\u2022 a value at risk approach (also referred to as a confidence
interval approach) is applied at a confidence interval of
90% over one year, which reflects the Group's risk appetite
for insurance business. In addition to the disclosure of the
one year confidence interval of 90% the Group discloses
the approximate confidence interval over the run-off of the
in force business (ultimate confidence interval of 70.7%);
\u2022 the effect of assumed adverse experience is determined as
a one-off sensitivity at the reporting date that persists for
the duration of contracts;
\u2022 the Group allows for diversification of non-financial risks
with financial risks and with investment contracts, based
on the Solvency II (the prudential regime for insurance and
reinsurance undertakings in the EU) standard formula
diversification factors;
\u2022 the risk adjustment for contracts issued allows for the
effect of sensitivities net of reinsurance plus the expected
cost of reinsurance; and
\u2022 the risk adjustment for reinsurance contracts held is based
on the reinsured proportions of risks included in the risk
adjustment for contracts issued.
Discount rates
Discount rates are based on market information where
available and are determined using the top-down approach for
the annuity portfolios and the bottom-up approach for other
contracts. For long durations where there is no observable
market information interest rates are estimated applying a
small excess return of between 0.5% and 1% above expected
long-term inflation rates, based on the excess return above
expected long-term inflation rates at long durations where the
market is liquid. An illiquidity premium, depending on the
nature of contracts, is included in discount rates except for
contracts in the unit-linked life and pensions portfolio, as these
contracts are considered to be liquid. The reference portfolios
for the top down approach are based on assets backing the
liabilities with characteristics similar to the liabilities.
1\u00a0 \u00a0 Group accounting policies (continued)
The implied investment gains and losses on these assets are
adjusted to allow for credit risk based on Solvency II
fundamental spreads. The bottom-up risk-free discount rate
curve is based on a similar methodology as the Solvency II risk-
free curve, but non-market constraints are removed and the
ultimate forward rate reduced.
Directly Attributable Expenses
Directly Attributable Expenses (DAE), which include both
acquisition and maintenance costs, are incorporated in actual
and estimated future cash flows and recognised in the result of
insurance services. Acquisition costs are amortised, and for
contracts not measured under the PAA, this amortisation is
equal to the amount of insurance revenue recognised in the
year that relates to recovering insurance acquisition cash
flows. Costs that are not directly attributable remain in
operating expenses.
DAE, in accordance with IFRS 17, are incorporated in the CSM
and recognised in the result of insurance services as a
reduction in reported revenue, as profit is recognised over the
duration of insurance contracts. Costs that are not directly
attributable remain in operating expenses.
Difference between IFRS and Solvency II
Solvency II is NIAC's capital and regulatory framework and the
Solvency II ratio of NIAC is unchanged as a result of the
Group's transition to IFRS 17. NIAC's ability to pay dividends to
its parent company within the Group will therefore not be
affected. As a general principle the Solvency II cash flows and
IFRS 17 best estimate of future cash flows are aligned to the
extent appropriate. IFRS 17 best estimate of future cash flows
deviate from Solvency II best estimate mainly due to the
following key differences:
\u2022 level of aggregation of projected cash flows;
\u2022 contract boundaries; and
\u2022 directly attributable and non-directly attributable
expenses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInsuranceContracts", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-820": { "value": "
Reinsurance
The measurement of reinsurance contracts held follows the
same principles as those for insurance contracts issued, with
the exception of the following:
\u2022 measurement of the cash flows\u00a0 includes an allowance on
a probability-weighted basis for the effect of any non-
performance by the reinsurers, including allowing for the
effects of collateral and losses from disputes;
\u2022 the Group determines the risk adjustment for non-financial
risk so that it represents the amount of risk being
transferred to the reinsurer;
\u2022 the Group recognises both day 1 gains and day 1 losses at
initial recognition in the balance sheet as a CSM and this is
released to profit or loss as the reinsurer renders services,
except for any portion of a day 1 loss that relates to events
before initial recognition. The amount of the CSM
recognised in profit or loss for services in the period is
determined by the allocation of the CSM remaining at the
end of the reporting period over the current and remaining
expected coverage period of the group of insurance
contracts based on coverage units, representing the
proportion of insurance coverage and investment gains
and losses of underlying contracts that is reinsured. Equal
weights are applied to insurance coverage and investment-
return service;
\u2022 changes in the fulfilment cash flows are recognised in
profit or loss if the related changes arising from the
underlying ceded contracts have been recognised in profit
or loss. Alternatively, changes in the fulfilment cash flows
adjust the CSM; and
\u2022 the VFA does not apply to reinsurance contracts.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForReinsuranceExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-821": { "value": "
Share capital and reserves
Equity transaction costs
Incremental external costs directly attributable to equity
transactions, including the issue of new equity shares or
options, are shown as a deduction from the component of
equity in which the equity transaction is recognised, net of tax.
Dividends on ordinary shares
Final dividends on ordinary shares are recognised in equity in
the period in which they are approved by the Company\u2019s
shareholders on the recommendation of the Board of
Directors, or approved by the Board of Directors, as
appropriate. Interim dividends are recognised in equity in the
period in which they are paid.
Treasury shares
Where the Company or its subsidiaries purchase the
Company\u2019s equity share capital, the consideration paid is
deducted from total shareholders\u2019 equity as treasury shares
until they are cancelled. Where such shares are subsequently
sold or reissued, any consideration received is included in
shareholders\u2019 equity. Any changes in the value of treasury
shares held are recognised in equity at the time of the disposal
and dividends are not recognised as income or distributions.
Capital reserve
The capital reserve represents transfers from share capital,
retained earnings and other reserves in accordance with
relevant legislation. The capital reserve is not distributable.
Foreign exchange reserve
The FX reserve represents the cumulative gains and losses on
the translation of the Group's net investment in its foreign
operations since the date of transition to IFRS (1 April 2004).
Gains and losses accumulated in this reserve are reclassified to
the income statement when the Group loses control, joint
control or significant influence over the foreign operation or on
disposal or partial disposal of the operation.
Revaluation reserve
The revaluation reserve represents the cumulative gains and
losses on the revaluation of property occupied by Group
businesses, included within property, plant and equipment
and non-financial assets classified as held for sale. The
revaluation reserve is not distributable.
Share premium account
Where the Company issues shares at a premium, a sum equal
to the aggregate amount or value of the premiums on those
shares is transferred to the share premium account.
Where, pursuant to Section 84 of the Companies Act 2014,
there has been a reduction of the Company\u2019s share capital by
the cancellation of share premium, the resulting profits
available for distribution, as defined by Section 117 of the
Companies Act 2014, are reclassified from the share premium
account to retained earnings.
Cash flow hedge reserve
The cash flow hedge reserve represents the cumulative
changes in fair value, excluding any ineffectiveness, of cash
flow hedging derivatives. These are transferred to the income
statement when hedged transactions impact the Group\u2019s profit
or loss.
Merger reserve
In the Company balance sheet, the merger reserve represents
the difference between the carrying value of the Company\u2019s
initial investment in the Bank arising from the corporate
reorganisation in 2017 and the nominal value of the shares
issued as part of that reorganisation, less amounts capitalised
as share premium. In the Consolidated balance sheet, the
merger reserve also includes an adjustment to eliminate the
capital stock, share premium, capital reserve and retained
earnings of the Bank at the date of corporate reorganisation,
which do not carry forward to the balance sheet of the Group.
Debt instruments at fair value through other comprehensive
income reserve
The debt instruments at FVOCI reserve comprises the
cumulative net change in the fair value of debt securities
measured at FVOCI together with the impact of fair value
hedge accounting, less the ECL allowance recognised in profit
or loss.
Liability credit reserve
The liability credit reserve represents the cumulative changes
in the fair value of financial liabilities designated as at FVTPL
that are attributable to changes in the credit risk of those
liabilities, other than those recognised in profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-822": { "value": "
Treasury shares
Where the Company or its subsidiaries purchase the
Company\u2019s equity share capital, the consideration paid is
deducted from total shareholders\u2019 equity as treasury shares
until they are cancelled. Where such shares are subsequently
sold or reissued, any consideration received is included in
shareholders\u2019 equity. Any changes in the value of treasury
shares held are recognised in equity at the time of the disposal
and dividends are not recognised as income or distributions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-823": { "value": "
Collateral
The Group enters into master agreements with counterparties,
to ensure that if an event of default occurs, all amounts
outstanding with those counterparties will be settled on a net
basis. The Group obtains collateral in respect of customer
liabilities where this is considered appropriate.
1\u00a0 \u00a0 Group accounting policies (continued)
The collateral normally takes the form of a lien over the
customers\u2019 assets and gives the Group a claim on these assets
for both existing and future liabilities. The collateral is, in
general, not recorded on the Group balance sheet.
The Group also receives collateral in the form of cash or
securities in respect of other credit instruments, such as stock
borrowing contracts and derivative contracts, in order to
reduce credit risk. Collateral received in the form of securities
is not recorded on the balance sheet. Collateral received in the
form of cash is recorded on the balance sheet, with a
corresponding liability recognised within deposits from banks
or deposits from customers. Any interest payable arising is
recorded as interest expense.
In certain circumstances, the Group pledges collateral in
respect of liabilities or borrowings. Collateral pledged in the
form of securities or loans and advances continues to be
recorded on the balance sheet. Collateral placed in the form of
cash is recorded in loans and advances to banks or customers.
Any interest receivable arising is recorded as interest income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-824": { "value": "
Operating segments
The Group\u2019s reportable operating segments have been
identified on the basis that the chief operating decision maker
uses information based on these segments to make decisions
about assessing performance and allocating resources. The
analysis of results by operating segment is based on
management accounts information.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-825": { "value": "
Impact of new accounting standards not yet adopted
The following standards will be relevant to the Group but were
not effective at 31 December 2025 and have not been applied
in preparing these financial statements.
There are no other standards that are not yet effective and
that would have a material impact on the Group in future
reporting periods. The Group\u2019s current view of the impact of
these standards is outlined below.
Pronouncement: IFRS 9 Financial Instruments and
IFRS 7 Financial Instruments: Disclosures.
Amendments to the Classification and Measurement of
Financial Instruments
Nature of change
The amendments clarify the date of recognition and
derecognition of some financial assets and liabilities with a
new exception for some financial liabilities settled through an
electronic cash transfer system. In addition, they clarify and
add further guidance for assessing whether a financial asset
meets the solely payments of principal and interest (SPPI)
criterion. New disclosures are added for certain instruments
with contractual terms that can change cash flows (such as
some instruments with features linked to the achievement of
environment, social and governance (ESG) targets) and the
amendment updates disclosures for equity instruments
designated at fair value through other comprehensive income
(FVOCI).
The amendments were endorsed on 27 May 2025.
Effective date
The effective date is for financial periods beginning on or after
1 January 2026, with early application permitted.
Impact
The amendments are not expected to have a significant impact
on the Group.
Pronouncement:\u00a0 IFRS 18 'Presentation and Disclosure
in Financial Statements'
Nature of change
IFRS 18 aims to give users of financial statements more
transparent and comparable information about an entity's
financial performance. The new standard will replace IAS 1
'Presentation of Financial Statements' but will retain many of
the requirements from that standard. The key new concepts
introduced in IFRS 18 relate to:
\u2022 the structure of Income Statement;
\u2022 required disclosures in the financial statements for certain
profit or loss performance measures that are reported
outside an entity's financial statements (management-
defined performance measures); and
\u2022 enhance principles on aggregation and disaggregation
which apply to the primary statements and notes.
The amendments were endorsed on 13 February 2026.
Effective date
The effective date is for financial periods beginning on or after
1 January 2027.
Impact
While IFRS 18 will not change recognition criteria or
measurement basis, it may have a significant impact on
presenting information in the financial statements. The Group
is currently assessing any impact.
Pronouncement: Amendments to IFRS 19 'Subsidiaries
without Public Accountability: Disclosures'
Nature of change
The objective of IFRS 19 is to allow eligible entities to apply the
reduced disclosure requirements set out in the standard, while
still applying the recognition, measurement and presentation
requirements in other IFRS accounting standards to its
financial records for group reporting.
The amendments are subject to endorsement by the EU
Effective date
The effective date is for financial periods beginning on or after
1 January 2027.
Impact
The amendments are not expected to have a significant impact
on the Group.
", "dimensions": { "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-826": { "value": "
2\u00a0 \u00a0 Critical accounting estimates and judgements
In preparing the financial statements, the Group makes
estimates and assumptions that affect the reported amounts
of assets, liabilities, revenues and expenses. Estimates and
judgements are continually evaluated and are based on
historical experience and other factors, including expectations
of future events that are believed to be reasonable under the
circumstances. Due to the inherent uncertainty involved in
estimating the likelihood of future events, actual results could
differ from those estimates, which could affect the future
reported amounts of assets and liabilities. The estimates and
judgements that have had the most significant effect on the
amounts recognised in the Group's financial statements are
set out below.
Impairment loss allowance on \ufb01nancial assets
The measurement of impairment loss allowance requires
significant judgement and estimation and is dependent on
complex impairment models.
In arriving at impairment loss allowances, accounting
estimates which could change and have a material influence
on the quantum of impairment loss allowance and net
impairment charge within the next financial year include:
\u2022 generation of forward-looking macroeconomic scenarios
and their probability weightings which are used in both the
assessment of 'significant increase in credit risk' and in the
measurement of impairment loss allowances;
\u2022 valuing property collateral (including residential property);
and
\u2022 the selection of appropriate methodologies and model
factors for internal risk rating and impairment models.
Accounting judgements which could change and have a
material influence on the quantum of impairment loss
allowance and net impairment charge within the next financial
year include determining if Group / PMAs may be necessary to
impairment model outputs to address impairment model /
data limitations or late breaking events.
Other key accounting estimates which are not expected to
change and materially influence the quantum of impairment
loss allowance and net impairment charge within the next
financial year, include:
\u2022 determining the period over which to measure ECL for
uncommitted RCF; and
\u2022 determining timeframes to realisation and likely net sale
proceeds.
Other key accounting judgements which are not expected to
change and materially influence the quantum of impairment
loss allowance and net impairment charge within the next
financial year, include:
\u2022 the Group's criteria for assessing if there has been a
significant increase in credit risk since initial recognition
such that a loss allowance for lifetime rather than 12
month ECL is required;
\u2022 the approximation made at transition to IFRS 9 of the
residual lifetime PD expectations for most exposures
originated prior to adoption of IFRS 9; and
\u2022 selection of the most relevant macroeconomic variables for
particular portfolios and determining associations between
those variables and model components such as PD and
LGD.
The Group's approach to measurement of impairment loss
allowances and associated methodologies is set out in the
credit risk methodologies section on pages 251 to 257.
Changes in estimates
Forward-looking Information
FLI refers to probability weighted future macroeconomic
scenarios approved semi-annually by t he ERC and used in the
assessment of 'significant increase in credit risk' and in the
measurement of impairment loss allowances under IFRS 9.
The Group has used four RoI FLI scenarios and four UK FLI
scenarios at 31 December 2025, comprising a central scenario,
an upside scenario, and two downside scenarios, all extending
over a five year forecast period, with reversion to long run
averages for property for years beyond the forecast period.
The Group keeps under review the number of FLI scenarios
and the need to produce projections for other jurisdictions.
The central scenario forecasts are based on expert judgement
and draw on economic analysis and research published by
external organisations (e.g. central banks, research institutes
etc). This was changed for the 2025 FLI scenarios as previously
an average of external forecasts was used to develop the
central scenario. This enables the use of the latest
macroeconomic data in developing the central scenario, and
avoids including forecasts which are out of date and make
already outdated assumptions on geopolitical and
macroeconomic events. The alternative scenarios, comprising
one upside and two downside scenarios, are narrative-driven
and have been constructed incorporating available reasonable
and supportable information. This was the same approach as
used in prior years.
The FLI methodology framework was leveraged to assign an
initial set of probability weightings to the narrative-driven
scenarios. The FLI methodology is a simulation tool that uses
recent actual observed values and historical data to produce a
number of possible paths for the relevant economic variables
based on their historical relationships and volatilities. The FLI
model is used for scenario generation for a defined probability
weighting and for assessing probability weights for a given
scenario.
The narrative-driven scenarios were assessed relative to the
simulated distribution.
The probability weightings attached to the scenarios are a
function of their relative position on the distribution, with a
lower probability weighting attached to the scenarios that were
assessed to be more distant from the centre of the
distribution.
The final set of probability weightings used in ECL estimates
are less weighted to the upside scenario than at 31 December
2024, and reflect the application of management judgement to
the initial modelled probability weightings, with increased
weight assigned to the central scenario, and an offsetting
decrease in the modelled upside scenario weight.
External economic and market indicators and ongoing
economic uncertainty at 31 December 2025 including the
potential impact of escalating geopolitical risk and tariff policy
uncertainty informed the application of this management
judgement. The estimated ECL impact of this judgement was a
c.\u20ac12 million (2024: c.\u20ac7 million) increase in reported
impairment loss allowance.
2\u00a0 \u00a0 Critical accounting estimates and judgements (continued)
The table belo w shows the mean average forecast values for the key macroeconomic variables under each scenario for the forecast
period 2026 to 2030, together with the scenario weightings for both the RoI and the UK used in the ECL models.
Republic of Ireland
United Kingdom
Central
scenario
Upside
scenario
Downside
Central
scenario
Upside
scenario
Downside
2025
Scenario
1
Scenario
2
Scenario
1
Scenario
2
Scenario probability weighting
50%
20%
20%
10%
50%
20%
20%
10%
Modified Domestic Demand - annual growth rate
2.2%
2.9%
1.5%
0.02%
n/a
n/a
n/a
n/a
Gross Domestic Product - annual growth rate
3.1%
3.7%
2.3%
0.8%
1.3%
2.0%
0.5%
(0.5%)
Gross National Product - annual growth rate
2.6%
3.2%
1.8%
0.3%
n/a
n/a
n/a
n/a
Unemployment - average yearly rate
4.8%
3.9%
7.3%
10.3%
4.9%
4.4%
7.0%
9.0%
Employment - average yearly rate
n/a
n/a
n/a
n/a
0.6%
1.0%
0.1%
(0.5%)
ECB Deposit Rate and BoE Base Rate - year end rate
2.4%
3.4%
1.0%
1.2%
3.9%
4.4%
2.1%
1.8%
Residential property price growth - annual growth rate
2.6%
4.6%
(1.0%)
(3.1%)
2.2%
4.3%
(1.9%)
(4.3%)
Commercial property price growth - annual growth rate
2.2%
3.7%
(2.0%)
(4.7%)
2.5%
3.8%
(1.8%)
(4.8%)
Republic of Ireland
United Kingdom
Central
scenario
Upside
scenario
Downside
Central
scenario
Upside
scenario
Downside
2024
Scenario
1
Scenario
2
Scenario
1
Scenario
2
Scenario probability weighting
45%
25%
20%
10%
45%
25%
20%
10%
Modified Domestic Demand - annual growth rate
2.8%
3.5%
2.0%
0.6%
n/a
n/a
n/a
n/a
Gross Domestic Product - annual growth rate
3.2%
3.9%
2.4%
1.1%
1.4%
2.1%
0.7%
(0.3%)
Gross National Product - annual growth rate
2.7%
3.4%
1.9%
0.6%
n/a
n/a
n/a
n/a
Unemployment - average yearly rate
4.5%
3.9%
6.8%
9.5%
4.1%
3.6%
6.1%
8.1%
Employment - average yearly rate
n/a
n/a
n/a
n/a
0.6%
1.0%
0.1%
(0.4%)
ECB Deposit Rate and BoE Base Rate - year end rate
2.2%
2.7%
1.6%
3.5%
3.9%
4.3%
2.4%
2.2%
Residential property price growth - annual growth rate
2.8%
5.0%
(0.7%)
(3.0%)
2.5%
4.5%
(1.4%)
(3.7%)
Commercial property price growth - annual growth rate
1.9%
3.3%
(1.4%)
(3.7%)
2.4%
3.6%
(1.2%)
(3.6%)
2\u00a0 \u00a0 Critical accounting estimates and judgements (continued)
The tables below set out the forecast values for 2026 and 2027 and the average forecast values for the period 2028 to 2030 for the
key macroeconomic variables which underpin the mean average values for the period of 2026 to 2030.
Republic of Ireland
United Kingdom
2026
2027
2028-2030
2026
2027
2028-2030
Central scenario - 50% weighting
Modified Domestic Demand - annual growth rate
2.6%
2.4%
2.1%
n/a
n/a
n/a
Gross Domestic Product - annual growth rate
3.1%
3.2%
3.0%
0.9%
1.2%
1.4%
Gross National Product - annual growth rate
2.6%
2.7%
2.5%
n/a
n/a
n/a
Unemployment - average yearly rate
4.8%
4.9%
4.7%
5.1%
5.0%
4.8%
Employment - average yearly rate
n/a
n/a
n/a
0.4%
0.7%
0.6%
ECB Deposit Rate and BoE Base Rate - year end rate
2.0%
2.3%
2.6%
3.5%
3.8%
4.0%
Residential property price growth - annual growth rate
3.5%
3.0%
2.2%
1.5%
2.0%
2.5%
Commercial property price growth - annual growth rate
1.5%
2.0%
2.5%
2.0%
2.0%
2.8%
Upside scenario - 20% weighting
Modified Domestic Demand - annual growth rate
3.6%
3.1%
2.6%
n/a
n/a
n/a
Gross Domestic Product - annual growth rate
4.1%
3.9%
3.5%
1.8%
2.0%
2.0%
Gross National Product - annual growth rate
3.6%
3.4%
3.0%
n/a
n/a
n/a
Unemployment - average yearly rate
4.3%
4.0%
3.8%
4.7%
4.5%
4.2%
Employment - average yearly rate
n/a
n/a
n/a
1.0%
1.2%
0.8%
ECB Deposit Rate and BoE Base Rate - year end rate
2.8%
3.3%
3.7%
3.5%
4.3%
4.7%
Residential property price growth - annual growth rate
6.2%
5.7%
3.7%
4.7%
4.6%
4.1%
Commercial property price growth - annual growth rate
3.5%
3.5%
3.8%
3.5%
3.5%
4.0%
Downside scenario 1 - 20% weighting
Modified Domestic Demand - annual growth rate
1.0%
1.1%
1.7%
n/a
n/a
n/a
Gross Domestic Product - annual growth rate
1.6%
1.8%
2.7%
(1.0%)
(0.6%)
1.4%
Gross National Product - annual growth rate
1.1%
1.3%
2.2%
n/a
n/a
n/a
Unemployment - average yearly rate
6.1%
7.4%
7.7%
6.3%
7.1%
7.2%
Employment - average yearly rate
n/a
n/a
n/a
(0.8%)
(0.1%)
0.4%
ECB Deposit Rate and BoE Base Rate - year end rate
1.0%
1.0%
1.0%
2.5%
2.0%
2.0%
Residential property price growth - annual growth rate
(5.5%)
(2.5%)
1.0%
(7.4%)
(4.8%)
0.9%
Commercial property price growth - annual growth rate
(7.5%)
(3.5%)
0.3%
(6.5%)
(3.0%)
0.2%
Downside scenario 2 - 10% weighting
Modified Domestic Demand - annual growth rate
(2.0%)
(1.8%)
1.3%
n/a
n/a
n/a
Gross Domestic Product - annual growth rate
(1.4%)
(1.1%)
2.2%
(2.8%)
(2.0%)
0.7%
Gross National Product - annual growth rate
(1.9%)
(1.6%)
1.7%
n/a
n/a
n/a
Unemployment - average yearly rate
7.6%
10.3%
11.2%
7.5%
9.2%
9.5%
Employment - average yearly rate
n/a
n/a
n/a
(1.9%)
(1.3%)
0.2%
ECB Deposit Rate and BoE Base Rate - year end rate
2.8%
1.3%
0.6%
4.3%
2.0%
0.8%
Residential property price growth - annual growth rate
(10.0%)
(6.5%)
0.3%
(11.6%)
(8.0%)
(0.7%)
Commercial property price growth - annual growth rate
(14.5%)
(7.0%)
(0.7%)
(13.5%)
(7.0%)
(1.2%)
The central, upside and downside scenarios are described
below for both the RoI and the UK:
Central scenario - RoI
In the central scenario Irish GDP growth is 10.7% in 2025 and
3.1% in 2026. Modified domestic demand expands by 3.4% and
2.6% respectively in 2025 and 2026. The GDP growth rate in
2025 reflects that the recent surge in exports reflects new
pharmaceutical production facilities coming online, not only
front running of US tariffs. Crucially, the majority of Irish goods
exports to the United States remain exempt from tariffs.
Following the White House\u2019s recent deal with Pfizer and Astra
Zeneca it now looks less likely that tariffs will be imposed on
pharmaceutical imports in the near future. Consumer
spending has continued to grow robustly. Non-residential
construction investment and government spending have also
supported demand. Budget 2026 plans a sharp 8% rise in
public spending to \u20ac118 billion next year, still likely to make a
strong contribution to demand. For some time, Irish job
creation has exceeded 3% per annum, sustained by high net
inward migration and rising participation. However,
bottlenecks and labour shortages are being felt. Hence, the
central scenario is for employment growth to slow to 1.5% in
2026, the unemployment rate rising gradually to 4.8%.
2\u00a0 \u00a0 Critical accounting estimates and judgements (continued)
House prices are expected to rise by 6% in 2025 but then slow
to 3.5% in 2026. This view reflects signs stretched affordability
is weighing on house price inflation. MyHome asking prices fell
by 0.4% in Q3 2025, up 5.7% on the year. So, the central
scenario sees house price inflation moderating, closer to the
pace of pay growth.
Key features - Economy to remain resilient, unemployment
rising marginally over next few years before easing back,
moderate house and CRE price growth.
Central scenario - UK
Despite a robust GDP out-turn for Q1 this year, expectations
for UK growth in 2025 (and to a lesser extent 2026) have
softened of late on foot of weak survey and sentiment data.
This has become evident in the unemployment rate, which has
increased towards 5%. A substantial fiscal adjustment in the
November 26th budget, primarily via tax rises, will also weigh
on demand in 2026. Hence, GDP is now expected to expand by
1.3% in 2025, slowing to 0.9% growth in 2026. This will be
accompanied by a period of weak employment growth, so the
unemployment rate rises further to average 5.1% in 2026 and
5% in 2027. A decline in the current elevated household
savings rate at 10% will help cushion the impact of the fiscal
adjustment. Inflation at 3.8% in September is expected to fall
back to 2.2% by end-2026, helped by the build-up of spare
capacity in the labour market and a deceleration in pay
growth. This will allow the Bank of England room to cut the
base rate by 50 basis points over the next 12-months to 3.5%.
However, with affordability stretched house price inflation is
expected to remain subdued over the forecast horizon, 1.5% in
both 2025 and 2026 then rising towards 2.5%. In relation to
CRE, activity is anticipated to be slightly more subdued, leading
to slower price recovery.
Key features \u2013 Slightly lower growth near term, declining
inflation, unemployment rising marginally over next few years
before easing back, moderate house and CRE price gains.
Upside scenario
The Upside Scenario is a plausible scenario, representing a
more favourable outlook than the central scenario.
Econometric modelling shows that such a scenario has been a
relatively frequent event. A qualitative description of how such
a scenario as the upside scenario might emerge is as follows:\u00a0
The impact of US tariffs on global growth proves to be less
negative than feared, while geopolitical tensions ease globally.
These developments provide a boost to consumer and
business confidence. Irish and UK exports are stronger than in
the central scenario, as is investment, particularly Foreign
Direct Investment (FDI) and business investment. In addition,
new technologies, including AI, boost productivity growth.
Stronger growth pushes unemployment down and it remains
low throughout the forecast horizon. Better labour market
conditions lead to stronger house price inflation, while CRE
price growth is also more robust. Central banks, including both
the ECB and BoE, increase policy interest rates to a greater
degree than is assumed in the central scenario.
Key features \u2013 Smaller tariff impact, AI productivity boost, low
unemployment, higher house price inflation.
Downside scenario 1
Downside 1 is a plausible scenario. Econometric modelling
shows that in the past the quantum of such a negative shock
has been a relatively frequent event. A qualitative description
of how such a scenario as downside 1 might emerge is as
follows: Following several years of strong gains - particularly
for technology stocks - equity markets experience a correction,
with stock prices falling materially. This is accompanied by
stress in the global financial system more widely, with rising
risk premia. These shocks lead to lower investment,
particularly business investment related to new technologies
such as AI, and dent global consumer and business confidence.
In addition, US tariffs have a somewhat more negative impact
on global trade than assumed in the central scenario. As a
result of these shocks global growth slows. The public finances
in the UK also come under strain, requiring fiscal
consolidation. The UK economy falls into recession and growth
in Ireland is subdued, while unemployment rises in both
economies. Spare capacity in labour and product markets
leads to lower inflation, allowing the ECB and BoE to reduce
policy interest rates. With weak labour market conditions in
both Ireland and the UK housing markets in both economies
come under pressure and house prices fall. CRE markets are
also weaker, and prices decline over the course of the next few
years. Later in the forecast period the global economy
rebounds \u2013 this along with supportive monetary policy leads to
a pickup in growth in Ireland and the UK while unemployment
stabilises before starting to decline, and house and CRE prices
begin to recover.
Key features \u2013 Financial market stress, weak growth, rising
unemployment, house price declines.
Downside scenario 2
Downside 2 is a severe but plausible scenario. Econometric
modelling shows that in the past the quantum of such a
negative shock has been an infrequent, low probability event.
A qualitative description of how such a scenario as downside 2
might emerge is as follows: After several years of strong gains,
particularly for technology stocks, equity markets experience a
prolonged correction and stock prices fall significantly. The
risks associated with a rapidly deflating AI 'bubble' crystallise
and while the epicentre would likely be the US, the significant
exposure of major pension funds to US technology stocks
impacts retirement savings and the cost and availability of
finance for households and businesses. Asset prices fall on
forced selling with a rapid liquidation of related assets which
cascades into a broader financial crisis across global markets,
with sharply rising risk premia in multiple asset classes.
Emerging losses and defaults in the non-bank or 'shadow
banking sector' compound the stresses across financial
markets with some contagion to larger global banks. These
shocks lead to much lower investment, particularly business
investment related to new technologies such as AI, while
negative wealth effects weigh on consumer spending. US
tariffs also prove to have a much more negative impact on
global trade than assumed in the central scenario. In addition,
geopolitical tensions escalate further, including between the
US and China, with negative implications for trade and supply
chains, while energy prices rise. There is also a climate stress
related rise in the price of carbon in Europe. These shocks lead
to sharp declines in global consumer and business confidence
and global growth slows sharply. The situation is compounded
by a slowdown in pharma and tech sector FDI inflows to
Ireland, with some production relocated back to the US. The
Irish public finances come under pressure as corporation tax
and other tax revenues fall, necessitating spending cuts and/or
tax increases. The public finances in the UK also come under
significant strain, requiring a large fiscal adjustment, while UK
business investment declines sharply. In the near-term
disruption to global trade and supply chains, and higher prices
for carbon permits, pushes up inflation, leading central banks
including the ECB and BoE to increase policy interest rates.
2\u00a0 \u00a0 Critical accounting estimates and judgements (continued)
Both economies enter deep recessions and unemployment
increases significantly, remaining high over the entire forecast
period. Household finances are put under significant pressure,
and this pushes house price inflation well into negative
territory in both economies.
CRE markets are also significantly weaker, and prices decline
sharply. Eventually inflation falls back, and monetary policy is
eased significantly globally \u2013 as a result confidence rebounds
and growth recovers. Economic activity starts to expand again,
picking up towards the end of the forecast horizon, and
unemployment stabilises before beginning to decline. House
and CRE prices also begin to recover, albeit gradually.
Key features \u2013 Financial market stress from sharply deflating
technology financial bubble, geopolitical tensions, climate
stress, GDP/MDD declines, elevated unemployment, sharper
house price declines.
Property price growth, all scenarios
In the central scenario, both RoI and UK experience growth in
2025. RoI growth of 6.0% comes as supply remains low and
demand remains high, while the UK manages more moderate
growth of 1.5% as it continues to recover from a period of high
mortgage rates and cost of living pressures. Growth will cool
off in RoI over the rest of the forecast period, stabilising at 2%
by 2029 and 2030, while growth will remain consistent at 2.5%
growth per annum from 2028 in the UK. RoI commercial prices
will show no growth in 2025 before seeing growth of 1.5% in
2026 rising to 3.0% by 2030. Commercial prices in the UK will
show a return to growth in 2025, at 1.0% before rising up to 3%
by 2029 and maintaining that growth in 2030. For RoI this is
predicated on growth in all sectors from 2026 on, while the
leisure and office markets sees a decline in 2025. UK
commercial prices across all sectors are expected to see
growth bar leisure and office in 2025.
In the upside scenario, RoI property price growth will gradually
cool off over the forecast period, to reach below 3% growth by
2030. UK price growth will also cool off after reaching over
4.5% in 2026-28, down to 3.6% in 2030. Commercial prices in
both RoI and UK will see 3.5% growth in 2026 and will rise to a
stable 4% growth by 2029/30, with UK reaching that level a
year earlier in 2028.
In the downside 1 scenario, property prices will see a sharp
reversal in growth, reaching a trough of -5.5% and -7.4% in RoI
and UK respectively in 2026, before a quick recovery within two
years to return to moderate growth by 2029-2030. Commercial
prices will see further negative growth, dropping to -7.5% and
-6.5% respectively in 2026 before gradually returning to zero
growth in 2029 and 2.5% and 2% growth respectively by 2030.
In the downside 2 scenario, property prices will see a deeper
negative price growth than in downside 1, reaching troughs of
-10% in RoI and -11.6% in the UK territories in 2026 before a
slower recovery into moderate growth in 2029-30 in RoI and
2030 in the UK.
Commercial prices will also decline by further levels than
downside 1, as far as -14.5% in RoI and -13.5% in UK in 2026
before recovering to moderate growth in 2030 of 2% in RoI and
level growth in the UK.
The quantum of impairment loss allowance is impacted by the
application of four probability weighted future macroeconomic
scenarios.
The following table indicates the approximate extent to which
the impairment loss allowance at 31 December 2025,
excluding PMAs to impairment loss allowances for loans and
advances to customers, was increased by virtue of applying
multiple scenarios rather than only a central scenario. This
analysis excludes PMAs, as such PMAs to impairment loss
allowance are applied using management judgement outside
of the macroeconomic conditioned ECL model framework
(refer to the management judgement in impairment
measurement section on page 319).
Comparative figures at 31 December 2024 are also outlined on
the following page (and in subsequent tables in this section).
Changes in the figures at 31 December 2025 compared to the
previous reporting date reflect a number of inter-related
dynamics including changes in forward-looking scenarios and
associated probability weights; impairment model
methodology updates since 31 December 2024; and the
composition of the underlying portfolios at the respective
reporting dates.
2025
Impact of applying multiple scenarios
rather than only central scenario
Additional impairment loss allowance
Stage 1
Stage 2
Stage 3
Total
Impact
\u20acm
Impact
%
Impact
\u20acm
Impact
%
Impact
\u20acm
Impact
%
Impact
\u20acm
Impact
%
Residential mortgages
9
32%
21
114%
6
6%
36
27%
Retail Ireland
6
32%
13
288%
5
7%
24
27%
Retail UK
3
33%
8
55%
1
5%
12
26%
Non-property SME and corporate
8
14%
43
31%
4
1%
55
10%
Property and construction
10
54%
25
99%
6
9%
41
37%
Consumer
3
11%
1
7%
\u2013
\u2013
4
4%
Total
30
23%
90
45%
16
3%
136
15%
2\u00a0 \u00a0 Critical accounting estimates and judgements (continued)
2024
Impact of applying multiple scenarios
rather than only central scenario
Additional impairment loss allowance
Stage 1
Stage 2
Stage 3
Total
Impact
\u20acm
Impact
%
Impact
\u20acm
Impact
%
Impact
\u20acm
Impact
%
Impact
\u20acm
Impact
%
Residential mortgages
6
25%
20
119%
6
6%
32
22%
Retail Ireland
4
22%
14
230%
4
7%
22
25%
Retail UK
2
33%
6
57%
2
4%
10
17%
Non-property SME and corporate
8
10%
33
23%
3
1%
44
8%
Property and construction
2
17%
20
43%
2
2%
24
16%
Consumer
2
6%
3
16%
\u2013
\u2013
5
5%
Total
18
13%
76
34%
11
2%
105
11%
The following table indicates the approximate extent to which impairment loss allowance, excluding PMAs, would be higher or lower
than reported were a 100% weighting applied to the central, upside and downside future macroeconomic scenarios respectively:
2025
Impact of applying
only a central,
upside or downside
scenarios rather
than multiple
probability weighted
scenarios
Multiple
scenarios
Central scenario
Upside scenario
Downside scenario 1
Downside scenario 2
Impairment
loss
allowance
\u20acm
Impairment
loss
allowance
\u20acm
Impact
%
Impairment
loss
allowance
\u20acm
Impact
%
Impairment
loss
allowance
\u20acm
Impact
%
Impairment
loss
allowance
\u20acm
Impact
%
Residential mortgages
169
(36)
(21%)
(59)
(35%)
266
157%
622
368%
Retail Ireland
111
(24)
(22%)
(43)
(39%)
149
134%
379
341%
Retail UK
58
(12)
(21%)
(16)
(28%)
117
202%
243
419%
Non-property SME
and corporate
614
(55)
(9%)
(111)
(18%)
124
20%
412
67%
Property and
construction
150
(41)
(27%)
(47)
(31%)
91
61%
353
235%
Consumer
110
(4)
(4%)
(10)
(9%)
9
8%
27
25%
Total
1,043
(136)
(13%)
(227)
(22%)
490
47%
1,414
136%
2024
Impact of applying
only a central,
upside or downside
scenarios rather
than multiple
probability weighted
scenarios
Multiple
scenarios
Central scenario
Upside scenario
Downside scenario 1
Downside scenario 2
Impairment
loss
allowance
\u20acm
Impairment
loss
allowance
\u20acm
Impact
%
Impairment
loss
allowance
\u20acm
Impact
%
Impairment
loss
allowance
\u20acm
Impact
%
Impairment
loss
allowance
\u20acm
Impact
%
Residential mortgages
181
(32)
(22%)
(55)
(30%)
318
175%
592
326%
Retail Ireland
111
(22)
(25%)
(41)
(37%)
190
171%
361
325%
Retail UK
70
(10)
(17%)
(14)
(20%)
128
182%
231
327%
Non-property SME
and corporate
515
(44)
(8%)
(103)
(18%)
124
22%
356
63%
Property and
construction
167
(24)
(16%)
(38)
(23%)
44
26%
180
108%
Consumer
108
(5)
(5%)
(12)
(11%)
12
11%
35
33%
Total
971
(105)
(11%)
(208)
(20%)
498
49%
1,163
113%
The table on the following page indicates the approximate extent to which impairment loss allowances for the residential mortgage
portfolios, excluding PMAs, would be higher or lower than the application of a central scenario if there was an immediate change in
residential property prices at the reporting date. Although such changes would not be observed in isolation, as economic indicators
tend to be correlated in a coherent scenario, this gives insight into the sensitivity of the Group's impairment loss allowance to a once-
off change in residential property values.
2\u00a0 \u00a0 Critical accounting estimates and judgements (continued)
2025
Impact of an immediate change in
residential property prices compared
to central scenario impairment loss
allowances
Impairment
loss
allowance-
central
scenario
\u20acm
Residential
property price
reduction of
10%
Residential
property price
reduction of
5%
Residential
property price
increase of
5%
Residential
property price
increase of
10%
Impact
\u20acm
Impact
%
Impact
\u20acm
Impact
%
Impact
\u20acm
Impact
%
Impact
\u20acm
Impact
%
Residential mortgages
133
13
10%
6
5%
(5)
(4%)
(10)
(8%)
Retail Ireland
87
2
2%
1
1%
\u2013
\u2013
(1)
(1%)
Retail UK
46
11
24%
5
11%
(5)
(11%)
(9)
(20%)
2024
Impact of an immediate change in
residential property prices compared
to central scenario impairment loss
allowances
Impairment
loss
allowance-
central
scenario
\u20acm
Residential
property price
reduction of
10%
Residential
property price
reduction of
5%
Residential
property price
increase of
5%
Residential
property price
increase of
10%
Impact
\u20acm
Impact
%
Impact
\u20acm
Impact
%
Impact
\u20acm
Impact
%
Impact
\u20acm
Impact
%
Residential mortgages
149
15
10%
5
3%
(10)
(7%)
(15)
(10%)
Retail Ireland
89
2
2%
1
1%
(1)
(1%)
(1)
(2%)
Retail UK
60
13
22%
4
7%
(9)
(15%)
(14)
(23%)
The sensitivity of impairment loss allowances to stage
allocation is such that, based on the respective impairment
cover ratios, a transfer of 1% of Stage 1 balances at 31
December 2025 to Stage 2 would increase the Group\u2019s
impairment loss allowance by c.\u20ac22 million excluding PMAs.
Management judgement in impairment measurement
Management judgement has been incorporated into the
Group\u2019s impairment measurement process for the year end.
The Group's management overlay framework considers credit
risks which may require in-model adjustments, PMAs and/or
significant increase in credit risk assessments.
Credit risk assessment for tariff risk
Targeted evaluations of tariff related risks have been
conducted within relevant corporate and SME lending
portfolios. Where exposures were identified as high risk,
appropriate credit downgrades were applied, resulting in
reclassification to Stage 2 or, where required, Stage 3.
Credit risk assessment for significant increase in credit risk
As outlined on page 254 of the Risk Management report, the
Group considers other reasonable and supportable
information that would not otherwise be taken into account
that would indicate that a significant increase in credit risk had
occurred. In this regard, at 31 December 2025, the Group has
assessed the impact of elevated affordability risk including
impacts on UK residential mortgage interest only loans nearing
scheduled maturity and the possible lag effect of higher
interest rates passing through on both RoI and UK residential
mortgage customers rolling off fixed rate contracts.
Accordingly, credit risk assessments have been implemented
across the residential mortgage portfolios. Where appropriate,
outputs have been utilised to identify significant increases in
credit risk and the classification of assets in Stage 2.The credit
risk assessments, which leveraged qualitative information not
already captured in impairment models, resulted in a
management decision to reclassify \u20ac1.2 billion of Stage 1
assets to Stage 2 at the reporting date, with an associated \u20ac11
million increase in impairment loss allowance.
Management judgement in impairment model parameters
RoI GDP and RoI GNP were removed as primary risk drivers
from PD macro-economic regression models in 2025 due to
the inherent volatility and potential risk of restatement for
these macroeconomic indicators.
Post-model adjustments (PMAs)
To ensure that the measurement of impairment reflects
reasonable and supportable information that is available
without undue cost or effort at the reporting date about past
events, current conditions and forecasts of future economic
conditions, the need for a PMA to the outputs of the Group\u2019s
staging and impairment measurement methodologies is
considered at each reporting date in arriving at the final
impairment loss allowance. Such a need may arise, for
example, due to a model limitation or late breaking event.
At 31 December 2025, the Group\u2019s stock of impairment loss
allowance of \u20ac1.1 billion (2024: \u20ac1.0 billion) includes a \u20ac106
million total PMA (2024: \u20ac57 million). Details of the
components of the PMAs are outlined on the following pages
with a table providing an overview of Group PMAs.
2\u00a0 \u00a0 Critical accounting estimates and judgements (continued)
Impairment
loss
allowance-
before PMAs
\u20acm
Post - model adjustments
Total
impairment
loss
allowance
\u20acm
Retail Ireland
residential
mortgages
NPEs\u00a0
\u20acm
Geo-
political
Risk
\u20acm
Climate
risk\u00a0
\u20acm
Loss Given Default
in Retail UK
residential
mortgage portfolio
\u20acm
Planned
impairment
model
updates
\u20acm
Investment
property
\u20acm
Retail UK mortgage
potential
affordability risk
assessment
\u20acm
Total
PMAs
\u20acm
2025
Residential mortgages
169
46
\u2013
5
4
2
\u2013
\u2013
57
226
Retail Ireland
111
46
\u2013
2
\u2013
2
\u2013
\u2013
50
161
Retail UK
58
\u2013
\u2013
3
4
\u2013
\u2013
\u2013
7
65
Non-property SME and corporate
614
\u2013
40
6
\u2013
2
\u2013
\u2013
48
662
Property and construction
150
\u2013
\u2013
1
\u2013
\u2013
\u2013
\u2013
1
151
Consumer
110
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
110
Total loans and advances to customers
1,043
46
40
12
4
4
\u2013
\u2013
106
1,149
Other financial instruments
101
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
101
Total financial assets
1,144
46
40
12
4
4
\u2013
\u2013
106
1,250
Impairment
loss
allowance-
before PMAs
\u20acm
Post - model adjustments
Total
impairment
loss
allowance
\u20acm
Retail Ireland
residential
mortgages
NPEs
\u20acm
Geo-
political
Risk
\u20acm
Climate
risk1
\u20acm
Loss Given Default
in Retail UK
residential
mortgage portfolio
\u20acm
Planned
impairment
model
updates
\u20acm
Investment
property
Retail UK mortgage
potential
affordability risk
assessment
\u20acm
Total
PMAs
\u20acm
2024
\u20acm
Residential mortgages
181
5
\u2013
3
\u2013
\u2013
\u2013
1
9
190
Retail Ireland1
111
5
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
5
116
Retail UK
70
\u2013
\u2013
3
\u2013
\u2013
\u2013
1
4
74
Non-property SME and corporate
515
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
515
Property and construction
167
\u2013
\u2013
\u2013
\u2013
\u2013
48
\u2013
48
215
Consumer
108
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
108
Total loans and advances to customers
971
5
\u2013
3
\u2013
\u2013
48
1
57
1,028
Other financial instruments
87
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
87
Total financial assets
1,058
5
\u2013
3
\u2013
\u2013
48
1
57
1,115
1\u00a0 The table above includes a \u20ac0.3 million PMA for climate risk within Retail Ireland mortgages.
2\u00a0 \u00a0 Critical accounting estimates and judgements (continued)
Post-model adjustment for Retail Ireland Residential
Mortgage NPEs
The impairment loss allowance at 31 December 2025 includes
a \u20ac46 million PMA (2024: \u20ac5 million) to reflect the Group\u2019s
updated assessment of resolution strategies for a specific
cohort of long term NPEs in the Retail Ireland residential
mortgage portfolio. The quantum of the PMA was calculated
for the identified cohort of NPEs following in-depth profiling
and segmentation analysis. The full PMA is applied to credit-
impaired assets within the Retail Ireland residential mortgage
portfolio.
Post-model adjustment for Geopolitical Risk
A \u20ac40 million PMA has been applied at 31 December 2025 to
recognise the potential second order economic impacts arising
from the recent escalation in prevailing geopolitical risk which
may not be fully captured by current internal PD ratings. The
PMA has been dimensioned by applying an overlay to the FLI
weightings in respect of the Corporate Non-Property portfolios
only (shifting 20% from upside/central to downside scenarios).
The PMA has been applied primarily to Stage 2 exposures in
the Corporate Non-property portfolio reflecting the increased
credit risk that may arise within these internationally focused
lending portfolios as a result of broader macroeconomic
uncertainty.
Post-model adjustment for Climate Risk
The Group has considered the impact of physical and
transitional climate-related risks within its residential mortgage
and RoI SME non-property portfolios.
The PMA was quantified through separate scenario analysis for
each portfolio using the Group\u2019s internal climate risk scenario
analysis framework combined with external climate risk
analysis. Accordingly a \u20ac12 million (2024: \u20ac3 million) PMA has
been recognised to reflect the estimated ECL impact of
climate-related risks within these portfolios.
This PMA is recognised in the residential mortgage portfolios in
Retail Ireland (\u20ac2 million) and Retail UK (\u20ac3 million), the RoI
SME non-property portfolio (\u20ac6 million) and the RoI SME
property portfolio (\u20ac1 million).
Post-model adjustment for Loss Given Default in Retail
UK Residential Mortgage Portfolio
A \u20ac4 million PMA has been applied at 31 December 2025 to
reflect the estimated impact of enhancements to the Retail UK
residential mortgage impairment models planned in 2026.
Accordingly, the Group considered that it was appropriate to
recognise the estimate impact of these planned enhancements
at 31 December 2025. The requirement for this adjustment is
expected to expire upon the implementation of impairment
model updates in 2026.
Post-model adjustment for planned impairment model
updates
A \u20ac4 million PMA has been applied at 31 December 2025 to
reflect the estimated impact of planned enhancements to
impairment models in 2026 to address observations identified
as part of the Group\u2019s internal model validation process.
Planned model updates in 2026 include enhancements to the
PD and LGD components of the Retail Ireland residential
mortgage impairment models and to the Unsecured Recovery
Rate model parameter within the Corporate non-property
portfolio.
Accordingly, the Group considered that it was appropriate to
recognise the estimate impact of these planned enhancements
at 31 December 2025. The requirement for this adjustment is
expected to expire upon the implementation of impairment
model updates in 2026.
The PMA is recognised in the Retail Ireland residential
mortgage portfolio (\u20ac2 million) and Corporate non-property
portfolio (\u20ac2 million).
Retirement benefit obligations
The Group sponsors a number of defined benefit pension
schemes. In determining the actual pension cost, the actuarial
values of the liabilities of the schemes are calculated by
external actuaries. This involves modelling their future
development and requires management to make assumptions
as to discount rates, price inflation, salary and pensions
increases, member mortality and other demographic
assumptions.
Sources of estimation uncertainty
There are acceptable ranges in which these estimates can
validly fall. The impact on the results for the period and
financial position could be materially different if alternative
assumptions were used. A quantitative analysis of the
sensitivity of the defined benefit pension liability to changes in
the key assumptions is set out in note 42.
Life assurance operations
The Group accounts for its insurance and reinsurance
contracts in accordance with IFRS 17. Under IFRS 17, the
expected future cash flows used to measure insurance
contracts are estimated using best estimate and market
consistent assumptions. The expected future profits are
captured in the CSM and are then released over time in line
with the provision of insurance contract services.
Judgement
Management have made judgements in applying IFRS 17 which
have a significant effect on the amounts recognised in the
financial statements.
These key judgements are:
\u2022 as IFRS 17 does not prescribe an approach to calculation of
risk adjustment for non-financial risk, the Group has
applied judgement to determine the most appropriate
approach to the calculation of this key component of
insurance contract measurement. Similarly, judgement has
been applied to determine the confidence level to apply to
this calculation;
\u2022 judgement has been applied to the construction of an
appropriate IFRS 17 discount rate for use in discounting
insurance contracts. Furthermore, IFRS 17 does not
prescribe an approach to the determination of an
appropriate illiquidity premium and management have
made judgements in calculating this premium;
\u2022 determination of coverage units for each contract type,
which influence the recognition of revenue for insurance
contracts, is not prescribed by IFRS 17. Management have
made judgements to determine a suitable approach to
deriving coverage units; and
\u2022 judgements were made during the assessment of directly
attributable expenses for inclusion in estimates of future
cash flows used in measuring insurance contracts.
2\u00a0 \u00a0 Critical accounting estimates and judgements (continued)
Sources of estimation uncertainty
The calculation of insurance contract liabilities relies on the
estimation of future cash flows which depend on experience in
a number of areas such as investment gains and losses, lapse
rates, mortality and investment expenses.
Also involved in the calculation of insurance contract liabilities
are projections determined by making assumptions about
future experience, having regard to both actual experience and
projected long-term economic trends.
Changes to these assumptions may cause the present value of
future cash flows to differ from those modelled at the
reporting date and could significantly affect the changes in the
assumptions underlying the calculation of the liabilities
impacts the present value of the future cash flows and the
value attributed to the business. In addition, the extent to
which actual experience is different from expectations will be
recognised in the income statement for the period. A
quantitative analysis of the sensitivity of insurance related
liabilities and assets to changes in the key assumptions is set
out in note 19.
UK motor finance business
At 31 December 2025, in line with the requirements of IAS 37,
the Group's provision has increased to \u20ac419 million (2024:
\u20ac172 million) with an income statement charge of \u20ac264 million
recognised, offset by administration costs and foreign
exchange movements of \u20ac17 million. The increase is due to
consideration of an expected higher number of eligible cases,
the construct of the proposed redress methodology and the
customer engagement approach.
The provision represents the Group\u2019s best estimate of the
redress and compensation that may be payable to impacted
customers, along with programme costs that may be incurred
by the Group in connection with the FCA consumer redress
scheme. It includes, inter alia, estimates for the potentially
impacted customer population, redress amounts, opt-in rates
and operational costs.
In establishing the provision estimate, the Group has modelled
the requirements of the scheme as presented in the FCA
consultation, including the population of customers impacted
and the redress amounts. The Group continues to utilise a
probability-weighted approach across a range of scenarios,
including one in which the FCA amends the scheme following
the consultation.
The key areas of estimation uncertainty are the percentage of
eligible customers who opt-in to the scheme and consideration
of amendments to the proposed FCA redress scheme.
Given the significant uncertainties described above, the
ultimate financial impact could materially differ from the
amount the Group has provided. For more detail on this,
including information on assumptions and sensitivities, see
note 39 provisions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-827": { "value": "
3\u00a0 \u00a0 Operating segments
The Group has five reportable operating segments which
reflect the internal financial and management reporting
structure and are organised as follows:
Retail Ireland
Retail Ireland serves its customers delivering day-to-day
services, products, propositions and a financial wellbeing
programme tailored to meet customers\u2019 individual needs.
Customers use their preferred channels to request and fulfil
their banking requirements. These channels include our
branches, 24/7 ATMs, digital, contact centre and our post office
partnership for day-to-day banking services.
Wealth and Insurance
Wealth and Insurance includes the Group's life assurance
subsidiary NIAC and Davy, Ireland's leading provider of wealth
management and capital markets services. NIAC distributes
protection, investment and pension products to the Irish
market, across three core channels made up of the Group\u2019s
distribution channels, independent financial brokers and its
own financial advisor network as well as corporate partners.
Retail UK
Retail UK incorporates the UK residential mortgage business,
the Group\u2019s branch network in Northern Ireland (NI), the
Group\u2019s business banking business in NI, asset finance and
contract hire, vehicle leasing and fleet management,
incorporating Northridge Finance, as well as the financial
services partnership and FX joint venture with the UK Post
Office. The Retail UK division includes the activities of Bank of
Ireland (UK) plc, the Group\u2019s wholly owned UK licensed banking
subsidiary.
Corporate and Commercial
The Corporate and Commercial division provides a full range
of lending, banking and treasury risk management services to
the Group's national and international corporate and business
customers, many of which are at the heart of the Irish
economy. Our relationship teams are based across Ireland and
the UK, in addition to niche international businesses. Teams
have a wealth of experience across a broad range of segments
and sectors, including corporate and business banking,
commercial real estate, acquisition finance, foreign direct
investment and treasury solutions.
Group Centre
Group Centre incorporates the Group's central support and
control functions. Core responsibilities of the segment include
overseeing the Group-wide Customer Strategy, establishing
clear governance and control frameworks with appropriate
oversight, providing management services to the Group, and
managing the key processes and IT delivery platforms for the
trading divisions.
Basis of preparation of segmental information
The analysis of results by operating segment is based on the
information used by the chief operating decision maker to
allocate resources and assess performance.
The CEO and CFO are considered to be the chief operating
decision makers for the Group. The Group\u2019s operating
segments reflect its organisational and management
structures. The CEO and CFO review the Group\u2019s internal
reporting based around these segments to assess
performance and allocate resources. Transactions between the
business segments are on normal commercial terms and
conditions. Internal charges and transfer pricing adjustments
have been reflected in the performance of each business.
Revenue sharing agreements are used to allocate external
customer revenues to a business segment on a reasonable
basis.
The measures of segmental assets and liabilities provided to
the chief operating decision makers are not adjusted for
transfer pricing adjustments or revenue sharing agreements as
the impact on the measures of segmental assets and liabilities
is not significant.
Capital expenditure comprises additions to property, plant and
equipment and intangible assets.
Non-current assets comprises intangible assets and goodwill
and property, plant and equipment.
On an ongoing basis, the Group reviews the methodology for
allocating funding and liquidity costs in order to ensure that
the allocations continue to reflect each division\u2019s current
funding requirement.
External revenue comprises interest income, insurance
revenue, net income / (expense) from reinsurance contracts
held, insurance investment and finance result, fee and
commission income, net trading income / (expense), other
operating income, other leasing income and share of results of
associates and joint ventures.
There were no revenues deriving from transactions with a
single external customer that amounted to 10% or more of the
Group\u2019s revenues.
The Group measures the performance of its operating
segments through a measure of segment profit or loss which is
referred to as \u2018underlying profit or loss\u2019 in its internal
management reporting systems. Underlying profit or loss
excludes the impact of non-core items which are outlined in
the table on the following page.
Other reconciling items
In the tables below, 'Other reconciling items' represent
transactions between operating segments which are
eliminated upon consolidation and the application of hedge
accounting at Group level.
3\u00a0 \u00a0 Operating segments (continued)
2025
Retail
Ireland1
\u20acm
Wealth and
Insurance
\u20acm
Retail
UK1
\u20acm
Corporate and
Commercial1
\u20acm
Group
Centre
\u20acm
Other
reconciling
items
\u20acm
Group
\u20acm
Net interest income1
1,843
(9)
551
980
6
\u2013
3,371
Other income
265
400
22
182
(72)
(14)
783
Total operating income
2,108
391
573
1,162
(66)
(14)
4,154
Other operating expenses
(585)
(223)
(265)
(325)
(515)
2
(1,911)
Other operating expenses (before levies and
regulatory charges)
(585)
(217)
(261)
(325)
(396)
2
(1,782)
Levies and regulatory charges
\u2013
(6)
(4)
\u2013
(119)
\u2013
(129)
Depreciation and amortisation
(99)
(17)
(25)
(16)
(96)
1
(252)
Total operating expenses
(684)
(240)
(290)
(341)
(611)
3
(2,163)
Underlying operating pro\ufb01t / (loss) before impairment
charges on \ufb01nancial instruments
1,424
151
283
821
(677)
(11)
1,991
Net impairment (losses) / gains on \ufb01nancial instruments
(70)
\u2013
(29)
(94)
\u2013
\u2013
(193)
Share of results of associates and joint ventures
\u2013
\u2013
25
\u2013
\u2013
\u2013
25
Gain on disposal / liquidation of business activities
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Underlying pro\ufb01t / (loss) before tax
1,354
151
279
727
(677)
(11)
1,823
1 In 2025, net interest income in Corporate and Commercial reflects additional income of \u20ac69 million, arising from an updated interest allocation between segments in the year, with
offsetting decreases in Retail Ireland and Retail UK of \u20ac52 million and \u20ac17 million respectively.
2025
Reconciliation of underlying profit before tax to profit before tax
Group
\u20acm
Underlying profit before tax
1,823
Customer redress charges
(268)
Transformation programme costs
(153)
Acquisition costs
(22)
Gross-up for policyholder tax in the Wealth and Insurance business
13
Portfolio divestments (net)
5
Investment loss on treasury shares held for policyholders
(5)
Impairment of internally generated computer software
\u2013
Gain on disposal / liquidation of business activities
\u2013
Liability management exercises
\u2013
Profit before tax
1,393
3\u00a0 \u00a0 Operating segments (continued)
Restated1,2
2024
Retail
Ireland1
\u20acm
Wealth and
Insurance
\u20acm
Retail
UK
\u20acm
Corporate and
Commercial1,2
\u20acm
Group
Centre2
\u20acm
Other
reconciling
items
\u20acm
Group
\u20acm
Net interest income
2,035
(9)
577
961
1
\u2013
3,565
Other income
276
349
2
162
(31)
(11)
747
Total operating income
2,311
340
579
1,123
(30)
(11)
4,312
Other operating expenses
(558)
(208)
(256)
(338)
(492)
9
(1,843)
Other operating expenses (before levies
and regulatory charges)
(558)
(203)
(249)
(338)
(381)
9
(1,720)
Levies and regulatory charges
\u2013
(5)
(7)
\u2013
(111)
\u2013
(123)
Depreciation and amortisation
(112)
(27)
(26)
(16)
(68)
(3)
(252)
Total operating expenses
(670)
(235)
(282)
(354)
(560)
6
(2,095)
Underlying operating pro\ufb01t / (loss) before
impairment charges on \ufb01nancial instruments
1,641
105
297
769
(590)
(5)
2,217
Net impairment (losses) / gains on \ufb01nancial instruments
(37)
\u2013
29
(115)
\u2013
\u2013
(123)
Share of results of associates and joint ventures
\u2013
\u2013
29
5
\u2013
\u2013
34
Gain on disposal / liquidation of business activities
\u2013
2
\u2013
\u2013
\u2013
\u2013
2
Underlying pro\ufb01t / (loss) before tax
1,604
107
355
659
(590)
(5)
2,130
1\u00a0 Comparative figures have been restated to reflect the SB&A transfer from Corporate and Commercial to Retail Ireland. As a result, there is an increase of \u20ac545 million in underlying profit
before tax in Retail Ireland and a corresponding decrease in Corporate and Commercial. See page 29 for further details.
2\u00a0 Comparative figures for business income have been restated to reflect \u20ac8 million loss transferred from Corporate and Commercial to Group Centre, which is made up of movements in the
fair value of derivatives that economically hedge the Group's banking book exposures net of hedge accounting effects, relating to hedging activities managed within Group Centre.
2024
Reconciliation of underlying pro\ufb01t before tax to pro\ufb01t before tax
Group
\u20acm
Underlying profit before tax
2,130
Customer redress charges
(182)
Transformation programme costs
(57)
Acquisition costs
(39)
Gross-up for policyholder tax in the Wealth and Insurance business
27
Portfolio divestments (net)
85
Investment loss on treasury shares held for policyholders
(2)
Impairment of internally generated computer software
(108)
Gain on disposal / liquidation of business activities
5
Liability management exercises
(4)
Pro\ufb01t before tax
1,855
2025
Income statement analysis by operating segment
Retail
Ireland
\u20acm
Wealth and
Insurance
\u20acm
Retail
UK
\u20acm
Corporate and
Commercial
\u20acm
Group
Centre
\u20acm
Other
reconciling
items
\u20acm
Group
\u20acm
Gross external revenue
1,768
813
1,429
2,308
453
(2)
6,769
Inter segment revenue
2,047
63
(9)
4,569
1,538
(8,208)
\u2013
Total revenue
3,815
876
1,420
6,877
1,991
(8,210)
6,769
Capital expenditure
130
22
136
38
150
\u2013
476
3\u00a0 \u00a0 Operating segments (continued)
Restated1,2,3
2024
Income statement analysis by operating segment
Retail
Ireland1,2
\u20acm
Wealth and
Insurance
\u20acm
Retail
UK2
\u20acm
Corporate and
Commercial1,2,3
\u20acm
Group
Centre3
\u20acm
Other
reconciling
items2
\u20acm
Group
\u20acm
Gross external revenue1
1,752
852
1,413
3,242
995
76
8,330
Inter segment revenue1,2,3
2,289
55
157
5,769
1,623
(9,893)
\u2013
Total revenue
4,041
907
1,570
9,011
2,618
(9,817)
8,330
Capital expenditure
86
16
136
63
224
\u2013
525
1\u00a0 Comparative figures have been restated to reflect the SB&A transfer from Corporate and Commercial to Retail Ireland. As a result, there is an increase of \u20ac229 million in gross external
revenue and an increase of \u20ac955 million in inter segment revenue in Retail Ireland and a corresponding decrease in Corporate and Commercial. See page 29 for further details.
2\u00a0 Comparative figures for inter segment revenues has been restated due to a misallocation of revenues between segments in 2024, resulting in a \u20ac191 million increase in Retail Ireland, \u20ac20
million increase in Retail UK, \u20ac326 million increase in Corporate and Commercial, offset by a \u20ac537 million increase in Other reconciling items expense.
3\u00a0 Comparative figures for business income have been restated to reflect \u20ac8 million loss transferred from Corporate and Commercial to Group Centre, which is made up of movements in the
fair value of derivatives that economically hedge the Group's banking book exposures net of hedge accounting effects, relating to hedging activities managed within Group Centre.
2025
Balance sheet analysis by operating segment
Retail
Ireland
\u20acm
Wealth and
Insurance
\u20acm
Retail
UK
\u20acm
Corporate and
Commercial
\u20acm
Group
Centre
\u20acm
Other
reconciling
items
\u20acm
Group
\u20acm
Total assets
157,453
29,629
25,878
234,370
62,454
(344,985)
164,799
Total liabilities
153,828
28,427
23,614
233,501
57,461
(344,952)
151,879
Investment in associates and joint ventures
88
\u2013
68
85
7
\u2013
248
Restated1
2024
Balance sheet analysis by operating segment
Retail
Ireland1
\u20acm
Wealth and
Insurance
\u20acm
Retail
UK
\u20acm
Corporate and
Commercial1
\u20acm
Group
Centre
\u20acm
Other
reconciling
items
\u20acm
Group
\u20acm
Total assets
139,110
28,075
26,176
228,749
83,103
(343,400)
161,813
Total liabilities
134,672
26,898
23,750
228,480
78,391
(343,387)
148,804
Investment in associates and joint ventures
57
\u2013
74
76
6
\u2013
213
1\u00a0 Comparative figures have been restated to reflect the SB&A transfer from Corporate and Commercial to Retail Ireland. As a result, there is an increase of \u20ac23,950 million in total assets and
an increase of \u20ac23,423 million in total liabilities in Retail Ireland and a corresponding decrease in Corporate and Commercial. See page 29 for further details.
2025
Geographical analysis
Republic of
Ireland
\u20acm
United
Kingdom
\u20acm
Rest of
World
\u20acm
Total
\u20acm
Gross external revenue
5,033
1,589
147
6,769
Non-current assets
1,967
435
7
2,409
2024
Geographical analysis
Republic of
Ireland
\u20acm
United
Kingdom
\u20acm
Rest of
World
\u20acm
Total
\u20acm
Gross external revenue
6,455
1,715
160
8,330
Non-current assets
1,871
435
5
2,311
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-828": { "value": "
4\u00a0 \u00a0 Interest income
2025
\u20acm
2024
\u20acm
Financial assets measured at amortised cost
Loans and advances to customers
3,325
4,104
Loans and advances to banks
747
1,269
Debt securities at amortised cost
335
251
Interest income on \ufb01nancial assets measured at amortised cost
4,407
5,624
Financial assets at fair value through other comprehensive income
Debt securities at fair value through other comprehensive income
89
168
Interest income on financial assets at fair value through other comprehensive income
89
168
Interest income calculated using the e\ufb00ective interest method
4,496
5,792
Other interest income
Non-trading derivatives (not in hedge accounting relationships - economic hedges)
402
645
Finance leases and hire purchase receivables
340
294
Loans and advances to customers at FVTPL
7
8
Other \ufb01nancial assets at FVTPL
2
3
Other interest income
751
950
Interest income
5,247
6,742
Interest income on loans and advances to customers
In 2025 , interest income of \u20ac74 million ( 2024 : \u20ac87 million ) was
recognised and \u20ac104 million was received ( 2024 : \u20ac102 million)
on credit-impaired loans and advances to customers.
In 2025 , interest income of \u20ac133 million ( 2024: \u20ac219 million )
was recognised and \u20ac156 million (2024: \u20ac229 million ) was
received on total forborne loans and advances to customers.
For 2025 , interest income was reduced by \u20ac35 million ( 2024 :
\u20ac65 million) relating to changes in the fair value of derivative
financial instruments which economically hedge the
performing mortgage book of KBC Bank Ireland (KBCI)
acquired by the Group, which partly offsets interest income
earned and recognised on these derivative financial
instruments.
Transferred from cash flow hedge reserve
Interest income is presented net of a charge of \u20ac181 million
(2024: \u20ac143 million) transferred from the cash flow hedge
reserve (note 17).
Interest income recognised on non-trading derivatives
Interest income on non-trading derivatives was earned
principally on pay fixed, receive floating interest rate swaps
which are held with hedging intent, but for which hedge
accounting is not ap plied.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-829": { "value": "
5\u00a0 \u00a0 Interest expense
2025
\u20acm
2024
\u20acm
Financial liabilities measured at amortised cost
Customer accounts
875
1,618
Debt securities in issue
393
573
Subordinated liabilities
106
139
Deposits from banks
40
120
Lease liabilities
11
10
Interest expense calculated using the effective interest rate method
1,425
2,460
Other interest expense
Non-trading derivatives (not in hedge accounting relationships - economic hedges)
441
669
Customer accounts at FVTPL
10
12
Other interest expense
451
681
Interest expense
1,876
3,141
Interest expense recognised on customer accounts
Interest expense on customer accounts included interest
expense of \u20ac265 million (2024 : \u20ac1,061 million ) arising on
related derivatives which are in a hedge relationship with the
relevant liability . The year on year decrease was caused by
lower interest rates.
Interest expense recognised on debt securities in issue
Interest expense on debt securities in issue includes \u20ac59
million of interest expense (2024: \u20ac198 million) on derivatives
which are in a hedge relationship with the relevant liability.
Interest expense recognised on subordinated liabilities
Interest expense on subordinated liabilities includes \u20ac14
million of interest expense ( 2024: \u20ac47 million) on der ivatives
which are in a hedge relationship with the relevant liability.
Interest expense recognised on non-trading
derivatives
Interest expense on non-trading derivatives was incurred
principally on receive fixed, pay floating interest rate swaps
which are held with hedging intent, but for which hedge
accounting is not applied.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-830": { "value": "
6\u00a0 \u00a0 Fee and commission income and expense
2025
Income
Retail
Ireland
\u20acm
Wealth and
Insurance
\u20acm
Retail UK
\u20acm
Corporate and
Commercial
\u20acm
Group
Centre
\u20acm
Group
\u20acm
Retail banking customer fees
317
\u2013
32
92
\u2013
441
Asset management fees
\u2013
193
\u2013
\u2013
\u2013
193
Credit related fees
4
\u2013
2
20
\u2013
26
Insurance commissions
\u2013
11
\u2013
\u2013
\u2013
11
Other
26
31
4
31
\u2013
92
Fee and commission income
347
235
38
143
\u2013
763
Net fee and commission income included \u20ac183 million ( 2024: \u20ac167 million) arising from trust and other fiduciary activities. \u00a0
Expense
Fee and commission expense of \u20ac201 million ( 2024: \u20ac212 million ) primarily comprises brokerage fees, sales commissions and other
fees paid to third parties. \u00a0 \u00a0
6\u00a0 \u00a0 Fee and commission income and expense (continued)
Restated1
2024
Income
Retail
Ireland 1
\u20acm
Wealth and
Insurance
\u20acm
Retail UK
\u20acm
Corporate and
Commercial 1
\u20acm
Group
Centre
\u20acm
Group
\u20acm
Retail banking customer fees1
300
\u2013
33
110
\u2013
443
Asset management fees
\u2013
173
\u2013
\u2013
\u2013
173
Credit related fees
5
\u2013
2
15
\u2013
22
Insurance commissions
\u2013
11
\u2013
\u2013
\u2013
11
Other1
20
26
4
30
\u2013
80
Fee and commission income
325
210
39
155
\u2013
729
1\u00a0 Comparative figures have been restated to reflect the SB&A transfer from Corporate and Commercial to Retail Ireland. As a result, fee and commission income of \u20ac105 million has been
reallocated from Corporate and Commercial to Retail Ireland.", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-831": { "value": "
7\u00a0 \u00a0 Net trading income
Net trading income includes the gains and losses on financial
instruments mandatorily measured at FVTPL and those
designated at FVTPL (other than unit-linked life assurance
assets and investment contract liabilities). It includes the fair
value movement on these instruments and the realised gains
and losses arising on the purchase and sale. It also includes
\u20ac14 million (2024: \u20ac12 million) related to FX transaction and
translation gains and losses on financial instruments held for
trading.
It does not include interest income on debt financial assets
mandatorily measured at FVTPL, interest expense on financial
liabilities designated at FVTPL and interest income or expense
on derivatives that are held with hedging intent, but for which
hedge accounting is not applied (economic hedges).
Net income from financial instruments mandatorily measured
at FVTPL includes dividend income from equities, realised and
unrealised gains and losses. Non-trading equities and debt
securities mandatorily measured at FVTPL are reported in the
balance sheet under the caption 'other financial assets at fair
value through profit or loss'. The income from life assurance
investments which also comprise other financial assets at
FVTPL is reported in note 21.
Net fair value hedge ineffectiveness reflects a net gain from
hedged items of \u20ac68 million (2024: \u20ac456 million) offsetting a
net loss from hedging instruments of \u20ac67 million (2024: \u20ac456
million).
2025
\u20acm
2024
\u20acm
Net income from financial instruments
designated at FVTPL
Financial liabilities designated at fair value
5
(25)
Related derivatives held for trading
(7)
26
(2)
1
Net income from \ufb01nancial instruments
mandatorily measured at FVTPL
Other \ufb01nancial instruments held for trading
50
58
Equities
13
39
Non-trading debt securities
6
3
Loans and advances
3
4
70
105
Net fair value hedge ine\ufb00ectiveness
1
\u2013
Net trading income
71
105
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradingIncomeExpenseExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-832": { "value": "
8\u00a0 \u00a0 Other leasing income and expense
Other leasing income and expense relate to the business activities of Marshall Leasing, which is a car and commercial leasing and
fleet management business based in the UK.
2025
\u20acm
2024
\u20acm
Other leasing income
121
109
Operating lease payments
71
64
Sale of leased assets
43
38
Other income
7
7
Other leasing expense
(93)
(87)
Depreciation of rental vehicles
(50)
(51)
Other selling and disposal costs
(43)
(36)
Net other leasing income
28
22
Group as lessor
Computer, motor vehicles and other equipment subject to an
operating lease relates to the business activities of Marshall
Leasing. The Marshall Leasing business enters into operating
leases, as lessor, through its car and commercial leasing
activities. The terms of the leases vary but the majority of the
leases typically run for a non-cancellable period of two to four
years through which the Group is exposed to residual value
risk on the vehicles leased.
The Group ensures that residual value risk is effectively
managed to minimise exposure. The residual values used
mirror those utilised in the creation of the original client
contract.
Residual values for the Marshall Leasing fleet of vehicles are
benchmarked against industry standards using third party
valuation tools. The residual values for the entire portfolio are
reassessed using an independent vehicle valuation estimate
on a regular basis throughout the life of the underlying
contracts to determine if impairment is required. The process
of realising asset values at the end of lease contracts is
effectively managed to maximise net sale proceeds. The Group
received operating lease income of \u20ac71 million in 2025 relating
to the Marshall Leasing business (2024: \u20ac64 million) (note 8).
The Group has also entered into a small number of operating
leases and operating sub-leases as lessor which represent
properties and components of properties surplus to the
Group\u2019s own requirements. The Group received no associated
operating lease income in 2025 (2024: \u20acnil).
The table below sets out the future undiscounted operating
lease payments receivable.
Operating lease receivables
2025
\u20acm
2024
\u20acm
Not later than 1 year
72
55
1 to 2 years
53
47
2 to 3 years
36
18
3 to 4 years
16
10
4 to 5 year
2
4
Later than 5 years
2
3
Total operating lease receivables
181
137
38\u00a0 \u00a0 Leasing
Group as lessee
The principal contracts where the Group is a lessee under IFRS
16 are in relation to property leases and computer equipment.
Further qualitative information on the nature of the leases is
set out in the group accounting policies (note 1 ) and the
undiscounted contractual maturity of total lease liabilities is set
out in note 53 liquidity risk and profile. Total cash outflows on
these leases amounted to \u20ac82\u00a0million in 2025 ( 2024 :
\u20ac98\u00a0million).
Amounts recognised in the balance sheet and income
statement
The carrying amount of the Group's RoU assets and the
movements during 2025 are set out in note 31.
The carrying amount of the lease liabilities and the movements
during 2025 are set out in note 48 .
Group as lessor
Accounting for lessors is outlined in the group accounting
policies (note 1). The Group is engaged in finance lease and
operating lease activities.
Finance leasing activity and a maturity analysis of the Group\u2019s
net investment in finance leases are included within loans and
advances to customers (note 25 ) along with a gross to net
reconciliation of the investment in finance leases. Associated
income on finance leases is included in interest income (note
4).
Operating leases where the Group is a lessor primarily relate
to the Marshall Leasing business. Further detail on the nature
of the company\u2019s leasing activities, risks and risk management
is outlined in note 31.
In addition, the Group has also entered into a small number of
operating leases and operating sub-leases as lessor which
represent properties and components of properties surplus to
the Group\u2019s own requirements. The Group received no
associated operating lease income in 2025 (2024: \u20acnil).
Variable lease payments on RoU assets relate to computer
equipment that has a varying cost dependent on usage with
the contracts on which the payments arise maturing within two
years.
A maturity analysis of undiscounted operating lease
receivables set out on an annual basis is included in note 31.
Income and expense associated with the Group\u2019s operating
lease activities is included in note 8.
Summary of amounts recognised in the income statement under IFRS 16 \u2018Leases\u2019
2025
\u20acm
2024
\u20acm
Amounts recognised in interest income
Finance lease interest (note 4)
340
294
Amounts recognised in interest expense
Interest expense on lease liabilities (note 5 )
11
10
Amounts recognised in other operating expense
Depreciation of RoU assets (note 31 )
43
45
Variable lease expenses (note 11 )
25
30
Impairment of RoU assets (note 31 )
\u2013
2
Short-term lease expenses (note 11)
\u2013
1
68
78
Amounts recognised in cost of restructuring
Property-related costs (note 12 )
\u2013
1
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-833": { "value": "
9\u00a0 \u00a0 (Loss) / gain on derecognition of financial assets
During 2025, the Group sold a share of corporate loans with a
net carrying value of \u20ac235 million. The loss on disposal and
derecognition was \u20ac3 million (2024: \u20ac1 million).
In 2024, the Group disposed of its UK personal loans portfolio,
with a net carrying value of \u20ac0.8 billion, recognising a gain of
\u20ac39 million after transaction and migration-related costs. Retail
UK also sold a small portfolio of UK mortgages with a carrying
value of \u20ac21 million, resulting in a loss on derecognition of \u20ac5
million.
2025
\u20acm
2024
\u20acm
(Loss) / gain on derecognition
of financial assets
Corporate loans
(3)
(1)
Retail UK personal loans portfolio
\u2013
39
Retail UK mortgage portfolio
\u2013
(5)
(Loss) / gain on derecognition of
financial assets
(3)
33
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-834": { "value": "
10\u00a0 \u00a0 Other operating income
2025
\u20acm
2024
\u20acm
Other insurance income
65
79
Elimination of investment return on treasury shares held for the bene\ufb01t of
policyholders in the Wealth and Insurance business
(2)
(1)
Loss on liability management exercises
\u2013
(4)
Other operating income
63
74
Other insurance income relates to investment classified business consisting of investment business income, change in policyholder
investment contract liabilities, actual investment premiums and claims, gain / loss on disposal and revaluation of investment
properties.
No expenses were incurred on liability management exercises during the year. In 2024, the Group recognised a \u20ac4 million cost
reflecting the repurchase of certain Group perpetual non-call instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-835": { "value": "
11\u00a0 \u00a0 Other operating expenses
Administrative expenses and sta\ufb00 costs
Note
2025
\u20acm
2024
\u20acm
Sta\ufb00 costs excluding transformation programme sta\ufb00 costs
992
979
Amortisation of intangible assets
29
211
193
Levies and regulatory charges
129
125
Irish bank levy
85
85
Other
44
40
Depreciation of property, plant and equipment
31
52
60
Lease expenses
38
25
31
Impairment of intangible assets
29
\u2013
100
Impairment of property, plant and equipment
31
\u2013
2
Other administrative expenses
1,063
945
Total
2,472
2,435
Total sta\ufb00 costs are analysed as follows:
Wages and salaries
831
854
Social security costs
98
92
Retirement bene\ufb01t costs (de\ufb01ned bene\ufb01t plans)
42
14
31
Retirement bene\ufb01t costs (de\ufb01ned contribution plans)
62
58
Other sta\ufb00 expenses
58
15
1,063
1,050
Sta\ufb00 costs capitalised
(71)
(71)
Sta\ufb00 costs excluding transformation programme sta\ufb00 costs
992
979
Other staff expenses included in transformation programme costs
12
81
24
Total sta\ufb00 costs recognised in the income statement
1,073
1,003
Pension costs
Pension costs of \u20ac76 million for 2025 were \u20ac13 million lower
than 2024 . Defined benefit pension costs have decreased by
\u20ac17 million due to lower service costs and higher interest
income on the surplus. New joiners are added to the Group\u2019s
defined contribution plans, the cost of which has increased by
\u20ac4 million compared to 2024.
Staff numbers S1-6, S3-4
At 31 December 2025 , the number of staff FTE was 11,287
(2024: 11,188). The average number of FTE for the Group for
the year ended 31 December 2025 was 11,326 (2024: 11,131).
The increase in FTEs was primarily due to in-sourcing of IT
capability and additional resourcing required to support key
business initiatives. The table below outlines the increase in
the average number of staff employed by the Group.
Customer redress charges
During the year, the Group recognised \u20ac264 million (\u00a3231
million) (2024: \u20ac176 million) customer redress charges in
connection with historical commission arrangements in the
Group\u2019s UK motor finance business. The Group's total
provision held at 31 December 2025 amounted to \u20ac419 million
(2024: \u20ac172 million) with an income statement charge of \u20ac264
million, reflecting an increase in the provision. The cumulative
charge incurred by 31 December 2025 is \u20ac429 million (\u00a3374
million). The provision represents the Group\u2019s best estimate of
the redress and compensation that may be payable to
impacted customers, along with programme costs that may be
incurred by the Group in connection with the FCA consumer
redress scheme. It includes, inter alia, estimates for the
potentially impacted customer population, redress amounts,
opt-in rates and operational costs. For more details see note
39 provisions.
Average number of sta\ufb00 (full time equivalents)
2025
Restated1
2024
Retail Ireland1
3,699
3,667
Retail UK
1,454
1,398
Wealth and Insurance
1,904
1,855
Corporate and Commercial1
1,109
1,171
Group Centre
3,160
3,040
Total
11,326
11,131
1\u00a0 Comparative figures have been restated to reflect the SB&A transfer from Corporate and Commercial to Retail Ireland. As a result, 99 full time equivalents have been reallocated from
Corporate and Commercial to Retail Ireland.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-836": { "value": "
Pension costs
Pension costs of \u20ac76 million for 2025 were \u20ac13 million lower
than 2024 . Defined benefit pension costs have decreased by
\u20ac17 million due to lower service costs and higher interest
income on the surplus. New joiners are added to the Group\u2019s
defined contribution plans, the cost of which has increased by
\u20ac4 million compared to 2024.
Staff numbers S1-6, S3-4
At 31 December 2025 , the number of staff FTE was 11,287
(2024: 11,188). The average number of FTE for the Group for
the year ended 31 December 2025 was 11,326 (2024: 11,131).
The increase in FTEs was primarily due to in-sourcing of IT
capability and additional resourcing required to support key
business initiatives. The table below outlines the increase in
the average number of staff employed by the Group.
Average number of sta\ufb00 (full time equivalents)
2025
Restated1
2024
Retail Ireland1
3,699
3,667
Retail UK
1,454
1,398
Wealth and Insurance
1,904
1,855
Corporate and Commercial1
1,109
1,171
Group Centre
3,160
3,040
Total
11,326
11,131
1\u00a0 Comparative figures have been restated to reflect the SB&A transfer from Corporate and Commercial to Retail Ireland. As a result, 99 full time equivalents have been reallocated from
Corporate and Commercial to Retail Ireland.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-837": { "value": "
12\u00a0 \u00a0 Cost of restructuring programme
In 2025 , the Group recognised a restructuring charge of \u20ac133 million ( 2024: \u20ac57 million ).
2025
\u20acm
2024
\u20acm
Transformation programme costs
Sta\ufb00 costs
81
24
Programme management costs
52
25
UK Strategic review costs
\u2013
7
Property-related costs
\u2013
1
Total
133
57
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-838": { "value": "
13\u00a0 \u00a0 Auditor\u2019s remuneration (excluding Value Added Tax)
Audit and assurance services
Note
RoI (i)
\u20acm
Overseas (ii)
\u20acm
2025
\u20acm
Restated 1
2024
Statutory audit of \ufb01nancial statements
3.6
3.1
6.7
6.5
Other assurance services
iii
1.6
0.2
1.8
2.4
Total Auditor's remuneration
5.2
3.3
8.5
8.9
1 Comparative figures have been restated to reflect additional other assurance services recognised in the 2025 income statement for incremental fees related to the 2024 CSRD assurance
engagement.
Disclosure of Auditor's fees is made in accordance with Section
322 of the Companies Act which mandates the disclosure of
fees in particular categories and that fees payable to the Group
Auditor (KPMG) for services provided to the Group be
disclosed in this format. All years presented are on that basis.
The GAC has reviewed the level of fees and is satisfied that it
has not affected the independence of the auditors.
i. Fees paid to the Statutory Auditor, KPMG.
ii. Fees paid to overseas auditors consist of fees paid to
KPMG UK in the UK.
iii. Other assurance services consist primarily of the CSRD
assurance engagement, J&E Davy assurance services,
Solvency II return, letters of comfort, ESG related reporting,
fees in connection with reporting to regulators including
the CBI and review of compliance with the Government
Guarantee Schemes.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-840": { "value": "
14\u00a0 \u00a0 Net impairment (losses) / gains on financial instruments
2025
\u20acm
2024
\u20acm
Loans and advances to customers at amortised cost
(289)
(90)
Movement in impairment loss allowances (note 25 )
(319)
(151)
Cash recoveries
30
61
Loan commitments
(15)
(18)
Guarantees and irrevocable letters of credit
2
1
Other \ufb01nancial assets
(1)
\u2013
Net impairment losses on \ufb01nancial instruments before reimbursement asset movements
(303)
(107)
Reimbursement asset movements
111
\u2013
Net impairment losses on financial instruments
(192)
(107)
Net impairment losses on financial instruments have been partially offset by reimbursement asset movements of \u20ac111 million (2024:
\u20acnil), arising from financial guarantee contracts relating to corporate and residential mortgage portfolios.
14\u00a0 \u00a0 Net impairment (losses) / gains on financial instruments (continued)
Net impairment (losses) / gains on loans and advances to customers at amortised cost
2025
\u20acm
2024
\u20acm
Residential mortgages
(57)
31
Retail Ireland
(45)
13
Retail UK
(12)
18
Non-property SME and corporate
(225)
(95)
Republic of Ireland SME
(15)
(44)
UK SME
(4)
22
Corporate
(206)
(73)
Property and construction
14
1
Investment
29
5
Development
(15)
(4)
Consumer
(21)
(27)
Total
(289)
(90)
During 2025 , the Group completed the sale of a portfolio of UK non-performing loans whereby it derecognised \u20ac149 million (2024 :
\u20ac58 million) of loans and advances to customers (after an impairment loss allowance of \u20ac16 million (2024: \u20ac125 million)). Expected
cash flows arising from the sale of a loan are included in the measurement of expected credit losses under IFRS 9, where certain
conditions are met. As the transaction satisfied these conditions, the cash flows have been included in the impairment calculation.
As a result, net impairment (losses) / gains on financial instruments includes a net impairment loss of \u20ac2 million ( 2024: \u20ac21 million
gain) arising on the transaction. See note 25 for further information.
27\u00a0 \u00a0 Modified financial assets
The following table provides analysis of financial assets for which the contractual cash flows have been modified while they had an
impairment loss allowance measured at an amount equal to lifetime ECL and where the modification did not result in derecognition.
2025
\u20acm
2024
\u20acm
Financial assets modi\ufb01ed during the year
Amortised cost before modi\ufb01cation
490
870
Financial assets modi\ufb01ed since initial recognition
Gross carrying amount of \ufb01nancial assets for which impairment loss allowance has
changed from lifetime to 12 month expected credit losses during the year
915
1,825
56\u00a0 \u00a0 Transferred financial assets
Transferred financial assets not derecognised
Carrying
amount of
transferred
assets
\u20acm
Carrying
amount of
associated
liabilities
\u20acm
Fair value of
transferred
assets
\u20acm
Fair value of
associated
liabilities
\u20acm
Net
fair value
position
\u20acm
2025
Securitisation - Loans and receivables
Residential mortgages book (Bowbell Master Issuer plc and Bowbell
No. 3 plc Special Purpose Entities)
1,197
623
1,106
626
480
Repurchase agreements
Debt Securities (Davy)
\u2013
\u2013
\u2013
\u2013
\u2013
Transferred financial assets not derecognised
Carrying
amount of
transferred
assets
\u20acm
Carrying
amount of
associated
liabilities
\u20acm
Fair value of
transferred
assets
\u20acm
Fair value of
associated
liabilities
\u20acm
Net
fair value
position
\u20acm
2024
Securitisation - Loans and receivables
Residential mortgages book (Bowbell No. 3 plc Special Purpose
Entity)
403
379
372
381
(9)
Repurchase agreements
Debt Securities (Davy)
156
86
\u2013
\u2013
\u2013
Transferred financial assets not derecognised
The Group has transferred certain financial assets that are not
derecognised from the Group\u2019s balance sheet. The Group is
exposed to substantially all risks and rewards including credit
and market risk associated with the transferred assets.
The Group holds interests in structured entities (Bowbell
Master Issuer plc and Bowbell No. 3 plc), whose purpose is to
acquire mortgage loans and other financial assets, and issue
mortgage backed securities (note 52 ).
56\u00a0 \u00a0 Transferred financial assets (continued)
For each securitisation the relevant loan book / pool is ring-
fenced whereby the cash flows associated with these assets
can only be used to repay the related notes holders plus
associated issuance fees / costs.
Transfer of financial assets - Davy
In the ordinary course of business, Davy enters into
transactions that result in the transfer of financial assets,
primarily debt and equity securities. In accordance with the
accounting policy set out in note 1, the transferred financial
assets continue to be recognised in their entity or to the extent
of Davy's continuing involvement, or are derecognised in their
entirety.
Davy transfers financial assets that are not derecognised in
their entirety or for which Davy has continuing involvement
primarily through the sale of and repurchase agreements in
which Davy sells a security and simultaneously agrees to
repurchase it (or an asset that is substantially the same) at a
fixed price on a future date. Davy continues to recognise the
securities in their entirety in the Statement of Financial
Position because it retains substantially all of the risks and
rewards of ownership. The cash consideration received is
recognised as a financial asset and a financial liability is
recognised for the obligation to pay the repurchase price. As
Davy sells the contractual rights to the cash flows of the
securities, it does not have the ability to use the transferred
assets during the term of the arrangement. At 31 December
2025, Davy did not hold any repurchase agreements, therefore
no transferred assets (2024: \u20ac156 million).
Transferred financial assets derecognised in full with
continuing involvement
Following the termination of the Mulcair Securities No. 3 DAC
(Mulcair 3) securitisation in 2025, the Group was appointed as
servicer to the refinanced securitisation Mulcair Securities No.4
DAC (Mulcair 4). Similar to the Mulcair 3 servicing agreement,
under the Mulcair 4 servicing agreement, the Group is required
to make payments to Mulcair 4 if the weighted average
variable rate is less than the variable rate floor. During 2025,
the total payments made to Mulcair 3 and Mulcair 4 were c.\u20ac3
million (2024: c.\u20ac5 million) and at 31 December 2025, the
volume of loans being serviced was \u20ac177 million (2024: \u20ac219
million).
Following the termination of the Mulcair Securities No.2 DAC
securitisation in 2024 and the repayment of the Group\u2019s
holding of the VRR Loan in full, the Group was appointed as
servicer to the refinanced securitisation, Jamestown
Residential 2024-1 DAC (Jamestown). Under the servicing
agreement, the Group is required to make payments to
Jamestown if the weighted average variable rate is less than
the variable rate floor. During 2025, the total payments made
were c.\u20ac0.8 million (2024: c.\u20ac0.6 million) and at 31 December
2025, the volume of loans being serviced was \u20ac207 million
(2024: \u20ac229 million).
Following the termination of Temple Quay No. 1 securitisation
and repayment of the Groups holding of the VRR loan, the
Group was appointed as servicer to the refinanced
securitisation, Temple Quay No. 2. Similar to the Temple Quay
No. 1 servicing agreement, under the Temple Quay No. 2
servicing agreement, the Group is required to make payments
to Temple Quay No. 2 if the weighted average variable rate is
less than the variable rate floor. During 2025, no payments
were made to Temple Quay No. 1 or Temple Quay No. 2 (2024:
\u20acnil) and at 31 December 2025, the volume of loans being
serviced was \u20ac307 million (2024: \u20ac368 million).
During 2025 the Group disposed of a portfolio of UK
mortgages and was appointed servicer of the portfolio. Under
the servicing agreement, the Group is required to make
payments to the purchaser if the weighted average variable
rate is less than the variable rate floor. During 2025 no such
payments were made and the volume of loans being serviced
was \u20ac159 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-839": { "value": "
14\u00a0 \u00a0 Net impairment (losses) / gains on financial instruments
2025
\u20acm
2024
\u20acm
Loans and advances to customers at amortised cost
(289)
(90)
Movement in impairment loss allowances (note 25 )
(319)
(151)
Cash recoveries
30
61
Loan commitments
(15)
(18)
Guarantees and irrevocable letters of credit
2
1
Other \ufb01nancial assets
(1)
\u2013
Net impairment losses on \ufb01nancial instruments before reimbursement asset movements
(303)
(107)
Reimbursement asset movements
111
\u2013
Net impairment losses on financial instruments
(192)
(107)
Net impairment losses on financial instruments have been partially offset by reimbursement asset movements of \u20ac111 million (2024:
\u20acnil), arising from financial guarantee contracts relating to corporate and residential mortgage portfolios.
14\u00a0 \u00a0 Net impairment (losses) / gains on financial instruments (continued)
Net impairment (losses) / gains on loans and advances to customers at amortised cost
2025
\u20acm
2024
\u20acm
Residential mortgages
(57)
31
Retail Ireland
(45)
13
Retail UK
(12)
18
Non-property SME and corporate
(225)
(95)
Republic of Ireland SME
(15)
(44)
UK SME
(4)
22
Corporate
(206)
(73)
Property and construction
14
1
Investment
29
5
Development
(15)
(4)
Consumer
(21)
(27)
Total
(289)
(90)
During 2025 , the Group completed the sale of a portfolio of UK non-performing loans whereby it derecognised \u20ac149 million (2024 :
\u20ac58 million) of loans and advances to customers (after an impairment loss allowance of \u20ac16 million (2024: \u20ac125 million)). Expected
cash flows arising from the sale of a loan are included in the measurement of expected credit losses under IFRS 9, where certain
conditions are met. As the transaction satisfied these conditions, the cash flows have been included in the impairment calculation.
As a result, net impairment (losses) / gains on financial instruments includes a net impairment loss of \u20ac2 million ( 2024: \u20ac21 million
gain) arising on the transaction. See note 25 for further information.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-842": { "value": "
15\u00a0 \u00a0 Share of results of associates and joint ventures (after tax)
2025
\u20acm
2024
\u20acm
First Rate Exchange Services (note 28 )
25
29
Associates (note 28 )
\u2013
5
Share of results of associates and joint ventures (after tax)
25
34
28\u00a0 \u00a0 Interest in associates and joint ventures
The Group has availe d of the venture capital exemption in
accounting for a number of its interests in associates. In line
with the accounting policy set out in note 1, these interests
have been designated at initial recognition at FVTPL. Changes
in the fair value of these interests are included in the share of
results of associates (after tax) line on the income statement.
The Group's other investments in associates are accounted for
using the equity method of accounting and are initially
recognised at cost.
In presenting details of the associates of the Group, the
exemption permitted by Section 316 of the Companies Act
2014 has been availed of and the Group will annex a full listing
of associates to its annual return to the Companies
Registration Office.
For further information on joint ventures refer to note 52
interests in other entities.
Interest in joint ventures
2025
\u20acm
2024
\u20acm
Balance at 1 January
80
79
Share of results after tax (note 15 ) - FRES
25
29
Dividends received
(27)
(36)
Exchange adjustments
(4)
4
Additions
1
4
Balance at 31 December
75
80
Joint arrangements
A joint arrangement is an arrangement of which two or more
parties have joint control i.e. contractually agreed sharing of
control of an arrangement where decisions about the relevant
activities require the unanimous consent of the parties sharing
control. These arrangements are identified by reference to the
power sharing agreements, ensuring that unanimous consent
of all parties is a requirement. Where the arrangement has
been structured through a separate vehicle, the Group has
accounted for it as a joint venture.
52\u00a0 \u00a0 Interests in other entities (continued)
The table below shows the Group\u2019s principal joint
arrangements for the year ended 31 December 2025.
All joint venture investments are unquoted and are measured
using the equity method of accounting. All income from these
investments has been included in profit or loss from
continuing operations. There are no significant restrictions on
the ability of these entities to transfer funds to the Group in
the form of cash dividends, or to repay loans or advances
made by the Group; nor is there any unrecognised share of
losses either for 2025 or cumulatively in respect of these
entities. Other than disclosed in note 40, the Group does not
have any further commitments or contingent liabilities in
respect of these entities other than its investment to date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-841": { "value": "
15\u00a0 \u00a0 Share of results of associates and joint ventures (after tax)
2025
\u20acm
2024
\u20acm
First Rate Exchange Services (note 28 )
25
29
Associates (note 28 )
\u2013
5
Share of results of associates and joint ventures (after tax)
25
34
28\u00a0 \u00a0 Interest in associates and joint ventures
The Group has availe d of the venture capital exemption in
accounting for a number of its interests in associates. In line
with the accounting policy set out in note 1, these interests
have been designated at initial recognition at FVTPL. Changes
in the fair value of these interests are included in the share of
results of associates (after tax) line on the income statement.
The Group's other investments in associates are accounted for
using the equity method of accounting and are initially
recognised at cost.
In presenting details of the associates of the Group, the
exemption permitted by Section 316 of the Companies Act
2014 has been availed of and the Group will annex a full listing
of associates to its annual return to the Companies
Registration Office.
For further information on joint ventures refer to note 52
interests in other entities.
Interest in associates
2025
\u20acm
2024
\u20acm
Balance at 1 January
133
108
Increase in investments
42
40
Decrease in investments
(2)
(20)
Share of results after tax (note 15 )
\u2013
5
Balance at 31 December
173
133
Interest in associates using equity method
88
57
Interest in associates FVTPL
85
76
Balance at 31 December
173
133
Associates
An associated undertaking is an entity for which the Group has
significant influence, but not control, over the entity\u2019s
operating and financial policy decisions. If the Group holds
20% or more of the voting power of an entity, it is presumed
that the Group has significant influence, unless it could be
clearly demonstrated that this was not the case. There are no
such cases where the Group holds 20% or more of the voting
power of an entity, and is not considered to have significant
influence over that entity.
The Group holds a number of investments in associates, none
of which is individually material. All income from these
investments has been included in profit or loss from
continuing operations. There are no significant restrictions on
the ability of these entities to transfer funds to the Group in
the form of cash dividends, or to repay loans or advances
made by the Group; nor is there any unrecognised share of
losses either for 2025 or cumulatively in respect of these
entities. The Group does not have any contingent liabilities in
respect of these entities other than its investment to date.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-843": { "value": "
16\u00a0 \u00a0 Gain on disposal / liquidation of business activities
There was no gain or loss recognised on disposals or
liquidations of business activities during the year. The \u20ac7
million gain recognised in 2024, related to the liquidation of
Midasgrange Limited (2024: \u20ac5 million) and the sale of a
business within Davy (2024: \u20ac2 million).
2025
\u20acm
2024
\u20acm
Transfer of foreign exchange reserve
to income statement on liquidation of
non-trading entities
\u2013
5
Other disposals
\u2013
2
Gain on disposal / liquidation of business
activities
\u2013
7
", "dimensions": { "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-844": { "value": "
17\u00a0 \u00a0 Taxation
The taxation charge for the year is \u20ac192 million ( 2024 : \u20ac324 million ) with an effective statutory taxation rate of 14% (2024 : 17% ). The
effective tax rate was influenced by changes in the jurisdictional mix of profits including customer redress charges in the U K and the
Irish bank levy.
\u00a0
Recognised in income statement
2025
\u20acm
2024
\u20acm
Current tax
Irish corporation tax
Current year
32
31
Adjustments in respect of prior year
(2)
(2)
Foreign tax
Current year
20
67
Adjustments in respect of prior year
(9)
6
Current tax charge1
41
102
Deferred tax
Utilisation of brought forward tax losses
155
221
Adjustments in respect of prior year
4
(2)
Origination and reversal of temporary differences
(8)
3
Deferred tax charge
151
222
Taxation charge
192
324
1 The Grou p is within the scope of the OECD 15% minimum effective tax rate Model Rules (Pillar 2). However, the impact of Pillar 2 on the tax charge in the current period is \u20acnil. This is
because the Pillar Two effective tax rate in Ireland, and in each of the jurisdictions in which the Group operates, is above 15% or transitional exemptions apply. The UK jurisdiction has a
current year loss, due to the customer redress charges, and thus no Pillar 2 considerations arise. See note 32 for further details.
Reconciliation of tax on the pro\ufb01t before taxation at the
standard Irish corporation tax rate to actual tax charge
2025
\u20acm
2024
\u20acm
Pro\ufb01t before tax multiplied by the standard rate corporation tax in Ireland of 12.5% (2024 : 12.5%)
174
232
E\ufb00ects of:
Foreign earnings subject to different rates of tax
17
69
Non-deductible bank levy
11
11
Adjustments in respect of prior year
(7)
2
Share of results of associates and joint ventures shown post tax in the income statement
(3)
(2)
Wealth and Insurance companies - different basis of accounting
(2)
11
Other adjustments for tax purposes
2
1
Taxation charge
192
324
17\u00a0 \u00a0 Taxation (continued)
2025
2024
Analysis of selected other comprehensive income
Pre-tax
\u20acm
Tax
\u20acm
Net of
Tax
\u20acm
Pre-tax
\u20acm
Tax
\u20acm
Net of
Tax
\u20acm
Debt instruments at FVOCI reserve
Changes in fair value
20
(2)
18
(1)
\u2013
(1)
Net change in debt instruments at FVOCI reserve
20
(2)
18
(1)
\u2013
(1)
Remeasurement of the net de\ufb01ned bene\ufb01t pension asset
(149)
20
(129)
314
(43)
271
Cash \ufb02ow hedge reserve
Changes in fair value
323
(32)
291
(520)
72
(448)
Transfer to income statement
(292)
29
(263)
524
(74)
450
Net trading (expense) / income
(473)
47
(426)
381
(54)
327
Net interest income
181
(18)
163
143
(20)
123
Net change in cash \ufb02ow hedge reserve
31
(3)
28
4
(2)
2
Net change in foreign exchange reserve
(164)
\u2013
(164)
125
\u2013
125
Net change in revaluation reserve
3
(1)
2
(2)
\u2013
(2)
Liability credit reserve
Changes in fair value of liabilities designated at FVTPL due to own credit risk
8
1
9
\u2013
\u2013
\u2013
Other comprehensive income for the year
(251)
15
(236)
440
(45)
395
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-845": { "value": "
18\u00a0 \u00a0 Earnings per share
The calculation of basic earnings per ordinary share is based
on the profit attributable to ordinary shareholders divided by
the weighted average number of ordinary shares in issue
excluding treasury shares. Diluted earnings per share is based
on the profit attributable to ordinary shareholders divided by
the weighted average number of ordinary shares in issue
excluding treasury shares adjusted for the effect of all dilutive
potential ordinary shares. For 2025 and 2024, there was no
difference in the weighted average number of units of share
used for basic and diluted earnings per share.
2025
\u20acm
2024
\u20acm
Basic and diluted earnings per share
Pro\ufb01t attributable to shareholders
1,201
1,531
Distributions on other equity instruments - AT1 coupon
(81)
(62)
Adjustment for redemption of AT1 securities
(5)
\u2013
Adjustment for repurchase of AT1 securities
\u2013
(16)
Pro\ufb01t attributable to ordinary shareholders
1,115
1,453
Shares
Shares
Weighted average number of shares in issue excluding treasury shares (millions)
971
1,024
Basic and diluted earnings per share (\u20ac cent)
114.8
141.9
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-846": { "value": "
19\u00a0 \u00a0 Insurance contracts
U nder IFRS 17, there are three financial statement line items
within insurance service result in the income statement which
comprises insurance revenue, insurance service expense and
net expense from reinsurance contracts held. The insurance
finance income or expense is presented separately for both
insurance and reinsurance in the notes to the financial
statements, and aggregated together with total investment
gains as insurance investment and finance result in the income
statement. Disclosure is provided for both insurance contracts
issued and reinsurance contracts held.
Insurance investment and finance result
The table below comprises the investment gains and losses,
realised gains and losses and unrealised gains and losses
which accrue to the Group on all investment assets held by the
Wealth and Insurance division (excluding Davy), other than
those held for the benefit of policyholders whose contracts are
considered to be investment contracts. These instruments are
mandatorily measured at FVTPL.
Total investment gains of \u20ac657 million in 2025 (2024: \u20ac1,526
million) were consistent with positive investment market
performance during the year, due in large part to external
economic environmental factors. The gains on the assets held
on behalf of the insurance policyholders were consistent with
the increase in the insurance contract liabilities.
Insurance investment and finance result
2025
\u20acm
2024
\u20acm
Gains on other financial assets held on behalf of Wealth and Insurance policyholders
638
1,526
Gains on investment property held on behalf of Wealth and Insurance policyholders
19
\u2013
Total investment gains
657
1,526
Finance (expense) / income from insurance contracts issued
(632)
(1,536)
Effect of changes in interest rates and other financial assumptions
(609)
(1,517)
Interest accreted using locked-in rate
(23)
(19)
Finance (expense) / income from reinsurance contracts held
(15)
36
Effect of changes in interest rates and other financial assumptions
(25)
28
Interest accreted using locked-in rate
10
8
Net insurance and reinsurance finance result
(647)
(1,500)
Total insurance investment and finance result
10
26
Insurance revenue
The table below provides a breakdown of the composition of insurance revenue for all insurance contracts issued. Key components of
revenue are the release of expected incurred claims and expenses in 2025 of \u20ac383 million (2024: \u20ac405 million) and the release of CSM
in 2025 \u20ac74 million (2024: \u20ac74 million).
Insurance revenue
2025
\u20acm
2024
\u20acm
Expected incurred claims and other expenses
383
405
CSM recognised in income statement for services
74
74
Recovery of insurance acquisition cash flows
39
31
Change in risk adjustment for non-financial risk expired
12
14
Premium variance
13
12
Total insurance revenue
521
536
19\u00a0 \u00a0 Insurance contracts (continued)
Insurance contract liabilities
The table below provides a comprehensive reconciliation from opening to closing balance of insurance contract liabilities,
disaggregated between the LRC and the LIC. Included in the total insurance service result is an allocation of depreciation expense of
\u20ac12 million (2024 : \u20ac7 million) and an allocation of defined benefit pension costs of \u20ac2 million (2024: \u20ac3 million) attributable to
insurance contracts.
2025
2024
Liability for remaining
coverage
Liability
for
incurred
claims
\u20acm
Total
\u20acm
Liability for remaining
coverage
Liability
for
incurred
claims
\u20acm
Total
\u20acm
Insurance contract liabilities
Excluding
loss
component
\u20acm
Loss
component
\u20acm
Excluding
loss
component
\u20acm
Loss
component
\u20acm
Opening liabilities
(15,994)
(55)
(636)
(16,685)
(14,499)
(40)
(574)
(15,113)
Insurance revenue
521
\u2013
\u2013
521
536
\u2013
\u2013
536
Contracts measured using the fair
value approach that existed at
transition date
280
\u2013
\u2013
280
296
\u2013
\u2013
296
New business and all other
contracts
241
\u2013
\u2013
241
240
\u2013
\u2013
240
Insurance service expense
(39)
12
(379)
(406)
(31)
(14)
(431)
(476)
Incurred claims and other insurance
service expenses
(1)
14
(422)
(409)
\u2013
16
(460)
(444)
Insurance acquisition cash flows
amortisation
(38)
\u2013
\u2013
(38)
(31)
\u2013
\u2013
(31)
Changes that relate to future service
- losses on onerous groups of
contracts and reversal of such
losses
\u2013
(2)
\u2013
(2)
\u2013
(30)
\u2013
(30)
Changes that relate to past service -
adjustment to the LIC
\u2013
\u2013
43
43
\u2013
\u2013
29
29
Total insurance service result
482
12
(379)
115
505
(14)
(431)
60
Finance expense from insurance
contracts issued
(632)
(1)
1
(632)
(1,524)
(1)
(11)
(1,536)
Investment components
1,600
\u2013
(1,600)
\u2013
1,613
\u2013
(1,613)
\u2013
Total amounts recognised in
comprehensive income
1,450
11
(1,978)
(517)
594
(15)
(2,055)
(1,476)
Cash flows
Premiums received
(2,082)
\u2013
\u2013
(2,082)
(2,166)
\u2013
\u2013
(2,166)
Claims and other directly
attributable expenses
\u2013
\u2013
2,005
2,005
\u2013
\u2013
1,993
1,993
Insurance acquisition cash flows
82
\u2013
\u2013
82
77
\u2013
\u2013
77
Total cash flows
(2,000)
\u2013
2,005
5
(2,089)
\u2013
1,993
(96)
Closing liabilities
(16,544)
(44)
(609)
(17,197)
(15,994)
(55)
(636)
(16,685)
19\u00a0 \u00a0 Insurance contracts (continued)
Reinsurance contract assets
The table below provides a comprehensive reconciliation from opening to closing balance of reinsurance contract assets,
disaggregated between the remaining coverage and the incurred claims components.
2025
2024
Assets for remaining
coverage
Assets for remaining
coverage
Assets
for
incurred
claims
\u20acm
Total
\u20acm
Reinsurance contract assets
Excluding
loss
recovery
component
\u20acm
Loss
recovery
component
\u20acm
Assets
for
incurred
claims
\u20acm
Total
\u20acm
Excluding
loss
recovery
component
\u20acm
Loss
recovery
component
\u20acm
Opening assets
1,175
34
244
1,453
1,159
28
227
1,414
Net (expense) / income from
reinsurance contracts held
Reinsurance expenses
(21)
\u2013
\u2013
(21)
(23)
\u2013
\u2013
(23)
Claims recovered and other
directly attributable expenses
(163)
(3)
142
(24)
(172)
(5)
171
(6)
Changes relating to past service -
adjustments to incurred claims
\u2013
\u2013
(4)
(4)
\u2013
\u2013
(7)
(7)
Changes in recoveries of (losses) /
gains on onerous underlying
contracts
\u2013
(3)
\u2013
(3)
\u2013
11
\u2013
11
Total net (expense) / income
from reinsurance contracts held
(184)
(6)
138
(52)
(195)
6
164
(25)
Finance income from reinsurance
contracts held
(15)
\u2013
\u2013
(15)
32
\u2013
4
36
Investment components
(3)
\u2013
3
\u2013
(4)
\u2013
4
\u2013
Total amounts recognised in
comprehensive income
(202)
(6)
141
(67)
(167)
6
172
11
Cash flows
Premiums paid net of ceding
commissions and other deferred
acquisition costs paid
97
\u2013
\u2013
97
183
\u2013
\u2013
183
Recoveries from reinsurance
\u2013
\u2013
(155)
(155)
\u2013
\u2013
(155)
(155)
Total cash flows
97
\u2013
(155)
(58)
183
\u2013
(155)
28
Closing assets
1,070
28
230
1,328
1,175
34
244
1,453
19\u00a0 \u00a0 Insurance contracts (continued)
Analysis of insurance contracts by measurement component
The analysis below provides a reconciliation from opening to closing balance for each of the key measurement components of
insurance contract liabilities.
CSM
2025
Insurance contract liabilities
Estimates of
present value of
future cash
flows
\u20acm
Risk
adjustment
for non-
financial risk
\u20acm
Contracts
measured using
the fair value
approach at
transition date
\u20acm
New
business
and all
other
contracts
\u20acm
Total
\u20acm
Opening liabilities
(15,864)
(103)
(572)
(146)
(16,685)
Changes relating to current services
CSM recognised in income statement for services
\u2013
\u2013
59
15
74
Change in risk adjustment for non-financial risk expired
\u2013
12
\u2013
\u2013
12
Experience adjustments
(12)
\u2013
\u2013
\u2013
(12)
Changes relating to future services
Contracts initially recognised in the year
30
(12)
\u2013
(17)
1
Changes in estimates that adjust the contractual service margin
46
5
(55)
3
(1)
Changes in estimates that result in loss on onerous contracts
(1)
(1)
\u2013
\u2013
(2)
Changes relating to past services
Adjustments to liabilities for incurred claims
43
\u2013
\u2013
\u2013
43
Insurance service result
106
4
4
1
115
Finance expense from insurance contracts issued
(631)
1
(1)
(1)
(632)
Total amounts recognised in comprehensive income
(525)
5
3
\u2013
(517)
Cash flows
Premiums received
(2,082)
\u2013
\u2013
\u2013
(2,082)
Claims and other directly attributable expenses
2,005
\u2013
\u2013
\u2013
2,005
Insurance acquisition cash flows
82
\u2013
\u2013
\u2013
82
Total cash flows
5
\u2013
\u2013
\u2013
5
Closing liabilities
(16,384)
(98)
(569)
(146)
(17,197)
19\u00a0 \u00a0 Insurance contracts (continued)
Estimates of
present value of
future cash
flows
\u20acm
Risk
adjustment
for non-
financial risk
\u20acm
CSM
Total
\u20acm
2024
Insurance contract liabilities
Contracts
measured using
the fair value
approach at
transition date
\u20acm
New
business
and all
other
contracts
\u20acm
Opening liabilities
(14,265)
(99)
(639)
(110)
(15,113)
Changes relating to current services
CSM recognised in income statement for services
\u2013
\u2013
61
13
74
Change in risk adjustment for non-financial risk expired
\u2013
14
\u2013
\u2013
14
Experience adjustments
(27)
\u2013
\u2013
\u2013
(27)
Changes relating to future services
Contracts initially recognised in the year
31
(12)
\u2013
(19)
\u2013
Changes in estimates that adjust the contractual service margin
25
(2)
7
(30)
\u2013
Changes in estimates that result in loss on onerous contracts
(27)
(3)
\u2013
\u2013
(30)
Changes relating to past services
Adjustments to liabilities for incurred claims
29
\u2013
\u2013
\u2013
29
Insurance service result
31
(3)
68
(36)
60
Finance expense from insurance contracts issued
(1,534)
(1)
(1)
\u2013
(1,536)
Total amounts recognised in comprehensive income
(1,503)
(4)
67
(36)
(1,476)
Cash flows
Premiums received
(2,166)
\u2013
\u2013
\u2013
(2,166)
Claims and other directly attributable expenses
1,993
\u2013
\u2013
\u2013
1,993
Insurance acquisition cash flows
77
\u2013
\u2013
\u2013
77
Total cash flows
(96)
\u2013
\u2013
\u2013
(96)
Closing liabilities
(15,864)
(103)
(572)
(146)
(16,685)
19\u00a0 \u00a0 Insurance contracts (continued)
Analysis of reinsurance contracts by measurement component
The analysis below provides a reconciliation from opening to closing balance for each of the key measurement components of
reinsurance contract assets.
CSM
2025
Reinsurance contract assets
Estimates of
present value of
future cash
flows
\u20acm
Risk
adjustment
for non-
financial risk
\u20acm
Underlying
contracts
measured using
the fair value
approach
\u20acm
New
business
and all
other
underlying
contracts
\u20acm
Total
\u20acm
Opening assets
1,303
6
165
(21)
1,453
Changes relating to current services
CSM recognised in income statement for services
\u2013
\u2013
(14)
1
(13)
Change in risk adjustment for non-financial risk expired
\u2013
(1)
\u2013
\u2013
(1)
Experience adjustments
(31)
\u2013
\u2013
\u2013
(31)
`
Changes relating to future services
Contracts initially recognised in the year
10
\u2013
\u2013
(10)
\u2013
Changes in estimates that adjust the contractual service margin
(17)
\u2013
(9)
26
\u2013
Changes in recoveries of gains / (losses) on onerous underlying
contracts that adjust the CSM
\u2013
\u2013
1
(4)
(3)
Changes relating to past services
Adjustments to liabilities for incurred claims
(4)
\u2013
\u2013
\u2013
(4)
Net expenses from reinsurance contracts
(42)
(1)
(22)
13
(52)
Finance expense from reinsurance contracts held
(15)
\u2013
\u2013
\u2013
(15)
Total amounts recognised in comprehensive income
(57)
(1)
(22)
13
(67)
Cash flows
Premiums paid net of ceding commissions and other
deferred acquisition costs paid
97
\u2013
\u2013
\u2013
97
Recoveries from reinsurance
(155)
\u2013
\u2013
\u2013
(155)
Total cash flows
(58)
\u2013
\u2013
\u2013
(58)
Closing assets
1,188
5
143
(8)
1,328
19\u00a0 \u00a0 Insurance contracts (continued)
CSM
2024
Reinsurance contract assets
Estimates of
present value of
future cash
flows
\u20acm
Risk
adjustment
for non-
financial risk
\u20acm
Underlying
contracts
measured using
the fair value
approach
\u20acm
New
business
and all
other
underlying
contracts
\u20acm
Total
\u20acm
Opening assets
1,248
6
182
(22)
1,414
Changes relating to current services
CSM recognised in income statement for services
\u2013
\u2013
(16)
\u2013
(16)
Change in risk adjustment for non-financial risk expired
\u2013
(1)
\u2013
\u2013
(1)
Experience adjustments
(12)
\u2013
\u2013
\u2013
(12)
Changes relating to future services
Contracts initially recognised in the year
9
1
\u2013
(10)
\u2013
Changes in estimates that adjust the contractual
service margin
1
\u2013
(1)
\u2013
\u2013
Changes in recoveries of gains on onerous underlying contracts
that adjust the CSM
\u2013
\u2013
\u2013
11
11
Changes relating to past services
Adjustments to liabilities for incurred claims
(7)
\u2013
\u2013
\u2013
(7)
Net expenses from reinsurance contracts
(9)
\u2013
(17)
1
(25)
Finance income from reinsurance contracts held
36
\u2013
\u2013
\u2013
36
Total amounts recognised in comprehensive income
27
\u2013
(17)
1
11
Cash flows
Premiums paid net of ceding commissions and other
deferred acquisition costs paid
183
\u2013
\u2013
\u2013
183
Recoveries from reinsurance
(155)
\u2013
\u2013
\u2013
(155)
Total cash flows
28
\u2013
\u2013
\u2013
28
Closing assets
1,303
6
165
(21)
1,453
New business analysis
The table below provides an analysis of the measurement components of insurance contracts newly issued or acquired during the
year. There were no acquisitions of insurance contracts in current or prior year.
2025
2024
Contracts issued
Total
\u20acm
Contracts issued
Total
\u20acm
Insurance contracts issued during 2025 and 2024
Profitable
\u20acm
Onerous
\u20acm
Profitable
\u20acm
Onerous
\u20acm
Insurance acquisition cash flows
(60)
(22)
(82)
(59)
(18)
(77)
Claims and other directly attributable expenses
(167)
(71)
(238)
(240)
(93)
(333)
Total estimates of present value of future cash outflows
(227)
(93)
(320)
(299)
(111)
(410)
Estimates of present value of future cash inflows
256
84
340
330
102
432
Risk adjustment for non-financial risk
(12)
(2)
(14)
(12)
(2)
(14)
Contractual service margin
(17)
\u2013
(17)
(19)
\u2013
(19)
Effect at initial recognition of contracts issued during the year
\u2013
(11)
(11)
\u2013
(11)
(11)
19\u00a0 \u00a0 Insurance contracts (continued)
The table below provides an analysis of the measurement components of reinsurance contracts which have been newly originated
during the year.
2025
2024
Newly originated
contracts
Total
\u20acm
Newly originated
contracts
Total
\u20acm
Reinsurance contracts originated during 2025 and 2024
Net gain
\u20acm
Net loss
\u20acm
Net gain
\u20acm
Net loss
\u20acm
Estimates of present value of future cash outflows
(56)
\u2013
(56)
(98)
\u2013
(98)
Estimates of present value of future cash inflows
65
\u2013
65
107
\u2013
107
Risk adjustment for non-financial risk
1
\u2013
1
1
\u2013
1
Contractual service margin
(4)
\u2013
(4)
(4)
\u2013
(4)
Effect at initial recognition of contracts newly
originated during the year
6
\u2013
6
6
\u2013
6
Expected recognition of contractual service margin
The table below provides information on the expected release of the CSM over time.
Expected recognition of CSM
at 31 December 2025
Year 1
\u20acm
Year 2
\u20acm
Year 3
\u20acm
Year 4
\u20acm
Years 5-9
\u20acm
Years 10+
\u20acm
Total
\u20acm
Insurance contracts issued
73
67
61
55
207
252
715
Reinsurance contracts held
(12)
(11)
(10)
(9)
(36)
(56)
(134)
Expected recognition of CSM
at 31 December 2024
Year 1
\u20acm
Year 2
\u20acm
Year 3
\u20acm
Year 4
\u20acm
Years 5-9
\u20acm
Years 10+
\u20acm
Total
\u20acm
Insurance contracts issued
70
64
59
54
207
264
718
Reinsurance contracts held
(14)
(12)
(11)
(10)
(39)
(58)
(144)
The Wealth and Insurance division writes the following life
assurance contracts that contain insurance risk:
Non unit-linked life assurance contracts
These contracts provide the policyholder with insurance in the
event of death, critical illness or permanent disability
(principally mortality and morbidity risk).
Non unit-linked annuity contracts
These contracts provide the policyholder with an income until
death (principally longevity and market risk).
Unit-linked insurance contracts
These contracts include both policies primarily providing life
assurance protection and policies providing investment but
with a level of insurance risk deemed to be significant
(principally mortality and market risk).
Underwriting risk management
The Group is exposed to different elements of insurance risk
for life insurance policies:
\u2022 mortality risk is the risk of losses arising from death of life
insurance policyholders being earlier than expected;
\u2022 morbidity risk is the risk of losses from medical claims
occurring higher than expected; and
\u2022 longevity risk is the risk of losses arising from longer life of
policyholders than expected.
For life assurance contracts where death is the insured risk,
the most significant factors that could adversely affect the
frequency and severity of claims are the incidence of disease
and general changes in lifestyle. Where the insured risk is
longevity, advances in medical care is the key factor that
increases longevity. The Group manages its exposures to
insurance risks through a combination of applying strict
underwriting criteria, asset and liability matching, transferring
risk to reinsurers and the establishment of insurance contract
liabilities. Further details on life insurance risk can be found in
the Risk Management Report on page 270.
Regulatory risk
The Solvency II framework came into effect from 1 January
2016 and introduced new capital, risk management,
governance and reporting requirements for all European
insurance entities. Under this regime, insurance entities are
required to hold technical provisions to meet liabilities to
policyholders using best estimate assumptions plus a risk
margin as well as a risk based solvency capital requirement
which is calculated by considering the capital required to
withstand a number of shock scenarios. In addition, the
Group's Isle of Man insurance entity is required to hold
shareholder equity that exceeds the solvency requirements
specified by the Isle of Man Financial Services Authority.
19\u00a0 \u00a0 Insurance contracts (continued)
As part of the disclosure requirements, the Group\u2019s life
assurance entity, NIAC, annually publishes a public document
called the Solvency and Financial Condition Report setting out
more detail on its solvency and capital management.
Sudden or unexpected changes in the regulatory or legal
environment may result in losses for the Group or an increase
in solvency requirements.
This may arise from a number of sources such as
interpretations of, or changes to, the Solvency II Directive or
other relevant obligations, changes in definitions of the risks
that the Group insures or more structural impacts on the
markets in which the Group participates, for example pensions
regulations.
It is likely that such changes would impact the insurance
industry as a whole, as opposed to being necessarily specific to
the Group.
As the Group develops new products, processes and systems
and employs new technologies, it is of increasing importance
that the Group anticipates known regulatory developments in
ensuring that it is sufficiently well placed to meet current and
likely future regulatory demands. This is a key part, and base
enabler, of the Group\u2019s strategy.
Concentration of insurance risk
The Group monitors insurance risk relating to insurance
contracts and for insurance contracts issued, insurance risk is
geographically concentrated in the Republic of Ireland.
Insurance risk is also highly concentrated along product lines,
with 85% of insurance contracts being unit-linked and the
remaining 15% non unit-linked. Concentrations of credit risk
relating to insurance contracts can arise through the Group's
reinsurance arrangements where the Group has a large
exposure to a single counterparty. This credit exposure is
mitigated by collateralisation agreements where the Company
has access to assets which would compensate the Company
should the reinsurer fail to meet its obligations. Please refer to
note 26 for more information on credit risk exposures.
Other information related to insurance contracts
Additional information relevant to the understanding of
insurance and reinsurance contracts, as well as their exposure
to credit and liquidity risk, can be found in the following places:
\u2022 assets underlying insurance contracts with direct
participation features in notes 21, 22 and 30;
\u2022 credit risk exposures in note 26; and
\u2022 liquidity risk in note 53.
Sensitivities
The following table provides a downside sensitivity analysis or
the key insurance and market risks, used for the purpose of
risk management. Profit before tax and CSM have been
selected as benchmarks due to contribution toward Group
earnings. The sensitivity calculations are not cumulative, each
is considered and calculated separately. The changes in the
profit before tax and CSM incorporate the impact on the
insurance related liabilities and assets of the Group and are
net of reinsurance. The movement in CSM is after amortisation
in the current reporting year and will impact profits in future
reporting periods.
The method used to calculate these sensitivities involves a
recalculation of insurance related liabilities and assets at 31
December 2025 and 31 December 2024, incorporating one of
the variable changes noted below in each recalculation.
2025
2024
Sensitivities: impact net of reinsurance on annual pro\ufb01t
before tax and on the contractual service margin
Profit
before tax
\u20acm
Contractual
service
margin
\u20acm
Profit
before tax
\u20acm
Contractual
service
margin
\u20acm
Insurance risks
10% increase in mortality rates
(8)
(15)
(9)
(14)
10% improvement in mortality rates for business exposed to longevity risk
4
(31)
(1)
(28)
10% increase in morbidity rates
(4)
(6)
(8)
(6)
10% deterioration in persistency stress
(3)
(23)
(2)
(22)
5% increase in maintenance expenses
(2)
(20)
(3)
(20)
Market risks
10% unfavourable change in non-Euro currency exchange rates
(14)
(29)
(12)
(23)
1% increase in interest rates and unit growth rates1
(43)
3
(36)
2
10% decrease in equity and property markets
(17)
(36)
(16)
(33)
0.5% widening in bond yields
(49)
\u2013
(49)
\u2013
1\u00a0 Excludes the impact of pension scheme.
19\u00a0 \u00a0 Insurance contracts (continued)
Discount Rates
The discount rates provided in the table below represent the yield curves to discount insurance and reinsurance cash flows. Discount
rates have been constructed through either the bottom-up or top-down approach as required by IFRS 17. Please refer to note 1 for
more information on discount rates under IFRS 17.
2025
Discount rates
Currency
1 year
%
5 years
%
10 years
%
20 years
%
30 years
%
Bottom-up rates
Unit-linked products including unit-linked protection
EUR
2.1%
2.5%
2.9%
3.2%
3.1%
Other non-linked protection products
EUR
2.2%
2.6%
3.0%
3.3%
3.2%
Permanent health insurance claims
EUR
2.3%
2.7%
3.1%
3.4%
3.3%
Top-down rates
Standard annuities
EUR
2.8%
3.2%
3.6%
3.9%
3.8%
Sovereign annuities
EUR
2.5%
3.0%
3.3%
3.6%
3.5%
2024
Discount rates
Currency
1 year
%
5 years
%
10 years
%
20 years
%
30 years
%
Bottom-up rates
Unit-linked products including unit-linked protection
EUR
2.3%
2.2%
2.3%
2.3%
2.3%
Other non-linked protection products
EUR
2.5%
2.4%
2.5%
2.5%
2.4%
Permanent health insurance claims
EUR
2.5%
2.4%
2.6%
2.5%
2.5%
Top-down rates
Standard annuities
EUR
3.1%
3.0%
3.1%
3.1%
3.1%
Sovereign annuities
EUR
2.6%
2.5%
2.6%
2.6%
2.6%
", "dimensions": { "concept": "ifrs-full:DisclosureOfInsuranceContractsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-847": { "value": "
Reinsurance contract assets
The table below provides a comprehensive reconciliation from opening to closing balance of reinsurance contract assets,
disaggregated between the remaining coverage and the incurred claims components.
2025
2024
Assets for remaining
coverage
Assets for remaining
coverage
Assets
for
incurred
claims
\u20acm
Total
\u20acm
Reinsurance contract assets
Excluding
loss
recovery
component
\u20acm
Loss
recovery
component
\u20acm
Assets
for
incurred
claims
\u20acm
Total
\u20acm
Excluding
loss
recovery
component
\u20acm
Loss
recovery
component
\u20acm
Opening assets
1,175
34
244
1,453
1,159
28
227
1,414
Net (expense) / income from
reinsurance contracts held
Reinsurance expenses
(21)
\u2013
\u2013
(21)
(23)
\u2013
\u2013
(23)
Claims recovered and other
directly attributable expenses
(163)
(3)
142
(24)
(172)
(5)
171
(6)
Changes relating to past service -
adjustments to incurred claims
\u2013
\u2013
(4)
(4)
\u2013
\u2013
(7)
(7)
Changes in recoveries of (losses) /
gains on onerous underlying
contracts
\u2013
(3)
\u2013
(3)
\u2013
11
\u2013
11
Total net (expense) / income
from reinsurance contracts held
(184)
(6)
138
(52)
(195)
6
164
(25)
Finance income from reinsurance
contracts held
(15)
\u2013
\u2013
(15)
32
\u2013
4
36
Investment components
(3)
\u2013
3
\u2013
(4)
\u2013
4
\u2013
Total amounts recognised in
comprehensive income
(202)
(6)
141
(67)
(167)
6
172
11
Cash flows
Premiums paid net of ceding
commissions and other deferred
acquisition costs paid
97
\u2013
\u2013
97
183
\u2013
\u2013
183
Recoveries from reinsurance
\u2013
\u2013
(155)
(155)
\u2013
\u2013
(155)
(155)
Total cash flows
97
\u2013
(155)
(58)
183
\u2013
(155)
28
Closing assets
1,070
28
230
1,328
1,175
34
244
1,453
Analysis of reinsurance contracts by measurement component
The analysis below provides a reconciliation from opening to closing balance for each of the key measurement components of
reinsurance contract assets.
CSM
2025
Reinsurance contract assets
Estimates of
present value of
future cash
flows
\u20acm
Risk
adjustment
for non-
financial risk
\u20acm
Underlying
contracts
measured using
the fair value
approach
\u20acm
New
business
and all
other
underlying
contracts
\u20acm
Total
\u20acm
Opening assets
1,303
6
165
(21)
1,453
Changes relating to current services
CSM recognised in income statement for services
\u2013
\u2013
(14)
1
(13)
Change in risk adjustment for non-financial risk expired
\u2013
(1)
\u2013
\u2013
(1)
Experience adjustments
(31)
\u2013
\u2013
\u2013
(31)
`
Changes relating to future services
Contracts initially recognised in the year
10
\u2013
\u2013
(10)
\u2013
Changes in estimates that adjust the contractual service margin
(17)
\u2013
(9)
26
\u2013
Changes in recoveries of gains / (losses) on onerous underlying
contracts that adjust the CSM
\u2013
\u2013
1
(4)
(3)
Changes relating to past services
Adjustments to liabilities for incurred claims
(4)
\u2013
\u2013
\u2013
(4)
Net expenses from reinsurance contracts
(42)
(1)
(22)
13
(52)
Finance expense from reinsurance contracts held
(15)
\u2013
\u2013
\u2013
(15)
Total amounts recognised in comprehensive income
(57)
(1)
(22)
13
(67)
Cash flows
Premiums paid net of ceding commissions and other
deferred acquisition costs paid
97
\u2013
\u2013
\u2013
97
Recoveries from reinsurance
(155)
\u2013
\u2013
\u2013
(155)
Total cash flows
(58)
\u2013
\u2013
\u2013
(58)
Closing assets
1,188
5
143
(8)
1,328
19\u00a0 \u00a0 Insurance contracts (continued)
CSM
2024
Reinsurance contract assets
Estimates of
present value of
future cash
flows
\u20acm
Risk
adjustment
for non-
financial risk
\u20acm
Underlying
contracts
measured using
the fair value
approach
\u20acm
New
business
and all
other
underlying
contracts
\u20acm
Total
\u20acm
Opening assets
1,248
6
182
(22)
1,414
Changes relating to current services
CSM recognised in income statement for services
\u2013
\u2013
(16)
\u2013
(16)
Change in risk adjustment for non-financial risk expired
\u2013
(1)
\u2013
\u2013
(1)
Experience adjustments
(12)
\u2013
\u2013
\u2013
(12)
Changes relating to future services
Contracts initially recognised in the year
9
1
\u2013
(10)
\u2013
Changes in estimates that adjust the contractual
service margin
1
\u2013
(1)
\u2013
\u2013
Changes in recoveries of gains on onerous underlying contracts
that adjust the CSM
\u2013
\u2013
\u2013
11
11
Changes relating to past services
Adjustments to liabilities for incurred claims
(7)
\u2013
\u2013
\u2013
(7)
Net expenses from reinsurance contracts
(9)
\u2013
(17)
1
(25)
Finance income from reinsurance contracts held
36
\u2013
\u2013
\u2013
36
Total amounts recognised in comprehensive income
27
\u2013
(17)
1
11
Cash flows
Premiums paid net of ceding commissions and other
deferred acquisition costs paid
183
\u2013
\u2013
\u2013
183
Recoveries from reinsurance
(155)
\u2013
\u2013
\u2013
(155)
Total cash flows
28
\u2013
\u2013
\u2013
28
Closing assets
1,303
6
165
(21)
1,453
", "dimensions": { "concept": "ifrs-full:DisclosureOfReinsuranceExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-848": { "value": "
20\u00a0 \u00a0 Derivative financial instruments
The notional amounts and fair values of derivative instruments held by the Group are set out in the table below.
2025
2024
Contract
notional
amounts
\u20acm
Fair values
Contract
notional
amounts
\u20acm
Fair values
Assets
\u20acm
Liabilities
\u20acm
Assets
\u20acm
Liabilities
\u20acm
Derivatives held for trading
Foreign exchange derivatives
Currency swaps
3,819
16
31
3,922
47
45
Currency forwards
3,479
42
21
4,612
72
61
Over-the-counter currency options
220
2
2
274
4
4
Total foreign exchange derivatives held for trading
7,518
60
54
8,808
123
110
Interest rate derivatives
Interest rate swaps
200,210
862
899
179,411
1,319
1,399
Over-the-counter interest rate options
10,296
14
14
14,170
60
54
Cross currency interest rate swaps
386
7
7
886
7
7
Interest rate futures
116
\u2013
1
95
\u2013
1
Total interest rate derivatives held for trading
211,008
883
921
194,562
1,386
1,461
Equity contracts
Equity index-linked contracts held
1,874
98
7
2,127
95
10
Total equity contracts
1,874
98
7
2,127
95
10
Total derivative assets / liabilities held for trading
220,400
1,041
982
205,497
1,604
1,581
Derivatives held for hedging
Derivatives designated as fair value hedges
Interest rate swaps
124,658
1,444
1,292
98,856
1,873
1,684
Cross currency interest rate swaps
82
\u2013
33
82
\u2013
24
Total designated as fair value hedges
124,740
1,444
1,325
98,938
1,873
1,708
Derivatives designated as cash \ufb02ow hedges
Cross currency interest rate swaps
7,899
176
43
8,127
\u2013
361
Interest rate swaps
209
\u2013
14
219
\u2013
25
Total designated as cash \ufb02ow hedges
8,108
176
57
8,346
\u2013
386
Total derivative assets / liabilities held for hedging
132,848
1,620
1,382
107,284
1,873
2,094
Total derivative assets / liabilities
353,248
2,661
2,364
312,781
3,477
3,675
The Group's objectives and policies on managing the risks that
arise in connection with derivatives, including the policies for
hedging, are included in the Risk Management Report. The
notional amounts of certain types of derivatives do not
necessarily indicate the amounts of future cash flows involved
or the current fair value of the instruments and, therefore, do
not indicate the Group's exposure to credit risk. The derivative
instruments give rise to assets or liabilities as a result of
fluctuations in market rates or prices relative to their terms.
Derivatives held for trading comprise derivatives entered into
with trading intent as well as derivatives entered into with
economic hedging intent to which the Group does not apply
hedge accounting. Derivatives classified as held for hedging
comprise only those derivatives to which the Group applies
hedge accounting.
20\u00a0 \u00a0 Derivative financial instruments (continued)
The Group uses netting arrangements and collateral
agreements to reduce its exposure to credit losses. Of the
derivative assets of \u20ac2.7 billion at 31 December 2025 (2024:
\u20ac3.5 billion):
\u2022 \u20ac2.6 billion (2024: \u20ac3.4 billion) are available for offset
against derivative liabilities under master netting
arrangements. These transactions do not meet the criteria
under IAS 32 to enable the assets to be presented net of
the liabilities;
\u2022 cash collateral of \u20ac0.5 billion (2024: \u20ac0.3 billion) was held
against these assets and is reported within deposits from
banks (note 34); and
\u2022 \u20ac0.1 billion (2024: \u20ac0.1 billion) are not covered by master
netting arrangements or relate to counterparties covered
by master netting arrangements with whom a net asset
position was held at the reporting date.
\u20ac0.3 billion (2024: \u20ac0.4 billion) of cash collateral was included
in placements with other banks (note 22). There has been \u20acnil
amount (2024: \u20ac0.1 billion) included in loans and advances to
customers (note 25) that was placed with derivative
counterparties in respect of a net derivative liability position of
\u20ac0.1 billion (2024: \u20ac0.4 billion).
At 31 December 2025, the fair value of the Group's derivative
portfolio was a net asset of c.\u20ac0.3 billion comprising assets of
\u20ac2.7 billion and liabilities of \u20ac2.4 billion ( 2024: net liability of c.
\u20ac0.2 billion, comprising assets of \u20ac3.5 billion and liabilities of
\u20ac3.7 billion). The \u20ac0.5 billion movement is primarily due to the
move in cross currency swaps as a result of euro strengthening
against sterling.
The timing of the nominal amounts of hedging instruments
(excluding those subject to a dynamic macro-hedging process)
and the applicable average rates were as follows:
Hedging strategy
2025
2024
Up to
1 year
\u20acm
1-2
years
\u20acm
2-5
years
\u20acm
>5 years
\u20acm
Up to
1 year
\u20acm
1-2
years
\u20acm
2-5
years
\u20acm
>5 years
\u20acm
Fair value hedge
Interest rate risk
Interest rate swap - notional amount
3,032
2,130
9,960
12,871
3,654
3,981
7,720
4,075
Average \ufb01xed interest rate
0.34%
2.14%
1.94%
2.83%
1.39%
0.29%
2.18%
1.34%
Foreign Exchange risk
Cross currency interest rate swap - notional amount
\u2013
\u2013
82
\u2013
\u2013
\u2013
\u2013
82
Average EUR - JPY foreign exchange rate
\u2013
\u2013
0.01
\u2013
\u2013
\u2013
\u2013
0.01
Cash \ufb02ow hedge
Interest rate risk
Interest rate swap - notional amount
\u2013
201
\u2013
8
\u2013
\u2013
211
8
Average \ufb01xed interest rate
\u2013
0.36%
\u2013
4.00%
\u2013
\u2013
0.36%
4.00%
Foreign exchange risk
Cross currency interest rate swap - notional amount
2,095
2,252
3,552
\u2013
1,807
2,165
4,155
\u2013
Average EUR - GBP foreign exchange rate
0.86
0.86
0.85
\u2013
0.86
0.86
0.87
\u2013
20\u00a0 \u00a0 Derivative financial instruments (continued)
Fair value hedges
Certain interest rate and cross currency interest rate
derivatives are designated as hedging instruments. These are
primarily used to reduce the interest rate and FX exposure on
the Group's fixed rate debt held, fixed rate mortgages,
customer accounts and debt issued portfolios.
The amounts relating to items designated as hedging
instruments and hedge ineffectiveness for the year are shown
in the tables below. All hedging instruments are included
within derivative financial instruments on the balance sheet
and ineffectiveness is included within net trading income on
the income statement.
2025
Items designated as hedging instruments
and hedge ine\ufb00ectiveness
Nominal
amount of
the hedging
instrument
\u20acm
Carrying amount of
the hedging
instrument
Changes in
value used to
calculate hedge
ine\ufb00ectiveness
\u20acm
Ine\ufb00ectiveness\u00a0
recognised in
pro\ufb01t or loss
\u20acm
Assets
\u20acm
Liabilities
\u20acm
Interest rate risk
Interest rate swaps
124,658
1,444
(1,292)
69
1
Foreign Exchange Risk
Cross currency interest rate swaps
82
\u2013
(33)
(1)
\u2013
Total
124,740
1,444
(1,325)
68
1
2024
Items designated as hedging instruments
and hedge ine\ufb00ectiveness
Nominal
amount of
the hedging
instrument
\u20acm
Carrying amount of
the hedging
instrument
Changes in
value used to
calculate hedge
ine\ufb00ectiveness
\u20acm
Ine\ufb00ectiveness\u00a0
recognised in
pro\ufb01t or loss
\u20acm
Assets
\u20acm
Liabilities
\u20acm
Interest rate risk
Interest rate swaps
98,856
1,873
(1,684)
459
\u2013
Foreign Exchange Risk
Cross currency interest rate swaps
82
\u2013
(24)
(3)
\u2013
Total
98,938
1,873
(1,708)
456
\u2013
The main cause of ineffectiveness in the Group\u2019s fair value
hedge relationships are differences in maturities and reset
frequencies between certain interest rate swaps and their
related hedged items. The accumulated fair value adjustments
on loans and advances to customers and customer accounts
that are in portfolio fair value hedges of interest rate risk
amounted to a net gain of \u20ac112 million and a net gain of \u20ac472
million respectively (2024: a net gain of \u20ac118 million and a net
gain of \u20ac365 million respectively) and are presented separately
on the balance sheet.
In the table above, 'changes in value used to calculate hedge
ineffectiveness' include changes in the fair value of the hedging
instruments in portfolio fair value hedges of interest rate risk,
and in the table below, they include changes in value for loans
and advances to customers and customer accounts that are
hedged items in portfolio fair value hedges of interest rate risk.
20\u00a0 \u00a0 Derivative financial instruments (continued)
2025
Line item on the balance sheet in
which the hedged item is included
Carrying amount of the
hedged item
Accumulated
amount of fair value
adjustments on the
hedged item included in
the carrying amount of
the hedged item
Changes in
value used for
calculating hedge
ineffectiveness\u00a0
\u20acm
Remaining
adjustments for
discontinued
hedges
\u20acm
Assets
\u20acm
Liabilities
\u20acm
Assets
\u20acm
Liabilities
\u20acm
Interest rate risk
Loans and advances to customers
37,500
\u2013
(15)
\u2013
(32)
(1)
Debt securities at amortised cost
11,054
\u2013
(464)
\u2013
(207)
(2)
Debt instruments measured at FVOCI
2,707
\u2013
(105)
\u2013
48
\u2013
Customer accounts
\u2013
(67,237)
\u2013
\u2013
195
\u2013
Debt securities in issue
\u2013
(5,874)
\u2013
6
(72)
(1)
Subordinated liabilities
\u2013
(1,905)
\u2013
(12)
\u2013
4
Foreign exchange risk
Debt securities in issue
\u2013
(50)
\u2013
5
1
(1)
Total
51,261
(75,066)
(584)
(1)
(67)
(1)
Carrying amount of the
hedged item
Accumulated
amount of fair value
adjustments on the
hedged item included in
the carrying amount of
the hedged item
Changes in
value used for
calculating hedge
ineffectiveness\u00a0
\u20acm
Remaining
adjustments for
discontinued
hedges
\u20acm
2024
Line item on the balance sheet in
which the hedged item is included
Assets
\u20acm
Liabilities
\u20acm
Assets
\u20acm
Liabilities
\u20acm
Interest rate risk
Loans and advances to customers
26,861
\u2013
(16)
\u2013
237
(1)
Debt securities at amortised cost
5,478
\u2013
(290)
\u2013
109
(1)
Debt instruments measured at FVOCI
3,286
\u2013
(158)
\u2013
109
\u2013
Customer accounts
\u2013
(57,705)
\u2013
\u2013
(755)
\u2013
Debt securities in issue
\u2013
(7,950)
\u2013
54
(122)
(1)
Subordinated liabilities
\u2013
(1,896)
\u2013
3
(37)
\u2013
Foreign exchange risk
Debt securities in issue
\u2013
(58)
\u2013
(42)
3
\u2013
Total
35,625
(67,609)
(464)
15
(456)
(3)
Cash \ufb02ow hedges
The Group designates certain interest rate and currency
derivatives in cash flow hedge relationships in order to hedge
the exposure to variability in future cash flows arising from
floating rate assets and liabilities and from foreign currency
assets.
The amounts relating to items designated as hedging
instruments and hedge ineffectiveness for the year are shown
in the tables below.
All hedging instruments are included within derivative financial
instruments on the balance sheet and ineffectiveness is
included within net trading income on the income statement.
There are no material causes of ineffectiveness in the Group\u2019s
cash flow hedges.
In 2025 and 2024, there were no forecast transactions to which
the Group had applied hedge accounting which were no longer
expected to occur.
20\u00a0 \u00a0 Derivative financial instruments (continued)
2025
Risk category and
hedging instrument
Nominal
amount of
the hedging
instrument
\u20acm
Carrying
amount of the
hedging instrument
Changes in
value used for
calculating
hedge
ine\ufb00ectiveness
\u20acm
Changes in the
value of the
hedging
instrument
recognised
in other
comprehensive
income
\u20acm
Ine\ufb00ectiveness
recognised in
pro\ufb01t or loss
\u20acm
Amount
reclassi\ufb01ed
from the cash
\ufb02ow hedge
reserve to
pro\ufb01t or loss
\u20acm
Assets
\u20acm
Liabilities\u00a0
\u20acm
Interest rate risk
Interest rate swaps
209
\u2013
(14)
10
(10)
\u2013
3
Foreign exchange risk
Cross currency interest
rate swaps
7,899
176
(43)
24
(24)
\u2013
(295)
Total
8,108
176
(57)
34
(34)
\u2013
(292)
2024
Risk category and
hedging instrument
Nominal
amount of
the hedging
instrument
\u20acm\u00a0
Carrying
amount of the
hedging instrument
Changes in
value used for
calculating
hedge
ine\ufb00ectiveness
\u20acm
Changes
in the value
of the hedging
instrument
recognised
in other
comprehensive
income
\u20acm
Ine\ufb00ectiveness
recognised in
pro\ufb01t or loss
\u20acm
Amount
reclassi\ufb01ed
from the cash
\ufb02ow hedge
reserve to
pro\ufb01t or loss
\u20acm
Assets\u00a0 \u00a0 \u00a0 \u00a0
\u20acm
Liabilities\u00a0
\u20acm
Interest rate risk
Interest rate swaps
219
\u2013
(25)
(4)
4
\u2013
3
Foreign exchange risk
Cross currency interest
rate swaps
8,127
\u2013
(361)
(388)
388
\u2013
521
Total
8,346
\u2013
(386)
(392)
392
\u2013
524
2025
2024
Risk category
Changes in the
hedged risk used
for calculating
hedge
ineffectiveness
\u20acm
Cash \ufb02ow
hedge
reserve
(gross)
\u20acm
Remaining
adjustments for
discontinued
hedges
\u20acm
Changes in the
hedged risk used
for calculating
hedge
ineffectiveness
\u20acm
Cash \ufb02ow
hedge
reserve
(gross)
\u20acm
Remaining
adjustments for
discontinued
hedges
\u20acm
Interest rate risk
(10)
11
18
4
19
17
Foreign exchange risk
(24)
(11)
\u2013
388
15
\u2013
Total
(34)
\u2013
18
392
34
17
20\u00a0 \u00a0 Derivative financial instruments (continued)
Movement in cash \ufb02ow hedge reserve
2025
\u20acm
2024
\u20acm
Changes in fair value
Interest rate risk
4
(4)
Foreign exchange risk
319
(516)
Transfer to income statement
Interest income
Interest rate risk
5
8
Foreign exchange risk
176
135
Net trading income / (expense)
Interest rate risk
(1)
(5)
Foreign exchange risk
(472)
386
Deferred tax on reserve movements
(3)
(2)
Net increase in cash \ufb02ow hedge reserve
28
2
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-849": { "value": "
21\u00a0 \u00a0 Other financial assets at fair value through profit or loss
Other financial assets at FVTPL include assets managed on a
fair value basis by the life assurance business and those assets
which do not meet the requirements in order to be measured
at FVOCI or amortised cost. Fair values of assets underlying
insurance contracts, with direct participation features, are also
disclosed.
A portion of the Group\u2019s life assurance business takes the legal
form of investment contracts, under which legal title to the
underlying investment is held by the Group, but the inherent
risks and rewards in the investments are borne by the
policyholders. Due to the nature of these contracts, the
carrying value of the assets is always the same as the value of
the liabilities due to policyholders and any change in the value
of the assets results in an equal change in the value of the
amounts due to policyholders. The associated liabilities are
included in liabilities to customers under investment contracts
and insurance contract liabilities on the balance sheet.
At 31 December 2025, such assets were \u20ac23,380 million (2024:
\u20ac21,761 million). Included in these assets are investments in
unconsolidated structured entities which comprise
investments in collective investment vehicles of \u20ac17,757 million
(2024: \u20ac16,419 million) (note 52).
Other financial assets of \u20ac2,206 million (2024: \u20ac2,239 million)
include \u20ac2,086 million (2024: \u20ac2,072 million) relating to assets
held by the Group\u2019s life assurance business for solvency
margin purposes or as backing for non-linked policyholder
liabilities. Further details on financial assets mandatorily
measured at FVTPL is set out in note 55. Included in these
assets are investments in unconsolidated structured entities
which comprise investments in collective investment vehicles
of \u20ac720 million (2024: \u20ac735 million) (note 52).
Assets underlying insurance contracts with direct participation
features, measured applying the VFA, are \u20ac13,494 million
(2024 : \u20ac12,770 million).
2025
\u20acm
2024
\u20acm
Assets linked to policyholder liabilities
Equity securities
19,233
17,455
Unit trusts
1,846
1,993
Debt securities
1,616
1,599
Government bonds
685
714
23,380
21,761
of which:
Assets underlying insurance contracts with
direct participation features
13,494
12,770
Other \ufb01nancial assets
Debt securities
773
744
Equity securities
646
664
Government bonds
628
677
Unit trusts
159
154
2,206
2,239
Other \ufb01nancial assets at fair value
through pro\ufb01t or loss
25,586
24,000
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-850": { "value": "
22\u00a0 \u00a0 Loans and advances to banks
Loans and advances to banks are classified as financial assets
at amortised cost or financial assets mandatorily at FVTPL. The
associated impairment loss allowance on loans and advances
to banks is measured on a 12-month or lifetime ECL approach.
Loans and advances to banks at FVTPL include assets managed
on a fair value basis by the life assurance business and those
assets which do not meet the requirements in order to be
measured at FVOCI or amortised cost. A t 31 December 2025,
the Group\u2019s loans and advances to banks includes \u20ac138 million
(2024: \u20ac143 million) of assets held on behalf of Wealth and
Insurance life policyholders. Assets underlying insurance
contracts with direct participation features, measured applying
the VFA, are \u20ac80 million (2024 : \u20ac84 million).
Mandatory deposits with central banks includes \u20ac0.9 billion
relating to collateral in respect of the Group\u2019s issued bank
notes in Northern Ireland (2024: \u20ac1.0 billion). Placements with
other banks includes cash collateral of \u20ac0.3 billion (2024 : \u20ac0.4
billion) placed with derivative counterparties in relation to net
derivative liability positions (note 20 ).
There has been no significant change in the impairment loss
allowance on loans and advances to banks held at amortised
cost during the year. The composition of loans and advances
to banks at amortised cost by stage is set out on page 368 and
the asset quality of loans and advances to banks at amortised
cost is set out on page 379.
2025
\u20acm
2024
\u20acm
Mandatory deposits with central banks
900
975
Placements with banks
517
618
Securities purchased with agreement to
resell
131
65
Funds placed with central banks
not on demand
24
25
Loans and advances to banks at
amortised cost
1,572
1,683
Loans and advances to banks at FVTPL
84
55
Loans and advances to banks
1,656
1,738
of which:
Assets underlying insurance contracts with
direct participation features
80
84
Loans and advances to banks at FVTPL are not subject to
impairment under IFRS 9.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-851": { "value": "
23\u00a0 \u00a0 Debt securities at amortised cost
The following table details the significant categories of debt securities at amortised cost. Debt securities at amortised cost have
increased by \u20ac12.0 billion at 31 December 2025 due to the purchase of government bonds (\u20ac6.5 billion), supranational banks and
government agencies bonds (\u20ac3.3 billion) and covered bonds (\u20ac2.2 billion). The composition of debt securities at amortised cost by
stage is set out on page 368 and the asset quality of debt securities at amortised cost is set out on page 379.
2025
\u20acm
Restated1
2024
\u20acm
Government bonds
10,877
4,364
Ireland
5,031
3,957
Other2
5,846
407
Other debt securities at amortised cost1
7,158
1,520
Asset backed securities1
341
504
Less impairment loss allowance
(4)
(1)
Debt securities at amortised cost
18,372
6,387
1\u00a0 The comparative figures have been restated due to a misclassification of \u20ac483 million between \u2018other debt securities at amortised cost' and 'asset backed securities', as a result \u2018other debt
securities at amortised cost' has decreased by \u20ac483 million from \u20ac2,003 million to \u20ac1,520 million, with a corresponding increase in 'asset backed securities' from \u20ac21 million to \u20ac504
million.
2\u00a0 Government bonds other is made up of exposures from Belgium: \u20ac994 million (2024: \u20ac67 million), France: \u20ac973 million (2024: \u20ac75 million), Spain: \u20ac879 million (2024: \u20ac32 million), Canada:
\u20ac734 million (2024: \u20ac93 million), Finland: \u20ac711 million (2024: \u20acnil), Austria: \u20ac629 million (2024: \u20ac24 million), UK: \u20ac396 million (2024: \u20ac116 million), Italy: \u20ac238 million (2024: \u20acnil), Portugal:
\u20ac214 million (2024: \u20acnil), Luxembourg: \u20ac78 million (2024: \u20acnil).
36\u00a0 \u00a0 Debt securities in issue
The carrying amount of bonds and medium term notes has
decreased by \u20ac1.4 billion at 31 December 2025 du e to \u20ac2.6
billion in redemption of bonds and notes and \u20ac0.4 billion of FX
adjustments, offset by senior issuances of \u20ac1.5 billion in bonds
and \u20ac0.1 billion of other adjustments (2024: increased by \u20ac0.6
billion due to senior issuance of \u20ac0.9 billion in bonds, \u20ac0.2
billion of FX adjustments and \u20ac0.2 billion of other adjustments,
offset by \u20ac0.7 billion in redemption of bonds and notes).
The carrying amount of the debt securities in issue designated
at FVTPL at 31 December 2025 was \u20ac184 million, \u20ac36 million
lower than the contractual amount due at maturity of \u20ac220
million ( 2024 : the carrying amount was \u20ac204 million, \u20ac15
million lower than the contractual amount due at maturity of
\u20ac219 million ). This is set out in note 54.
At 31 December 2025, th e Group h as \u20ac5.3 billion green bonds
in issue through the Green Bond Framework (2024: \u20ac4.8
billion). The Group has set targets for sustainable financing of
\u20ac15 billion by 2025 , which it exceeded ahead of schedule, and
\u20ac30 billion by 2030. See p age 156 for further details.
Movement in own credit risk on debt
securities in issue at FVTPL
2025
\u20acm
2024
\u20acm
Balance at 1 January
3
3
Recognised in other comprehensive income
(8)
\u2013
Balance at 31 December
(5)
3
2025
\u20acm
2024
\u20acm
Bonds and medium term notes
6,510
7,922
Other debt securities in issue
1,100
1,004
Debt securities in issue at amortised cost
7,610
8,926
Debt securities in issue at FVTPL
184
204
Total debt securities in issue
7,794
9,130
Balance at 1 January
9,130
8,670
Issued during the year
2,024
1,037
Redemptions
(2,815)
(752)
Repurchases
\u2013
(10)
Other movements 1
(545)
185
Balance at 31 December
7,794
9,130
1 Other movements primarily relates to fair value hedge adjustments in respect of debt
securities in issue held at amortised cost, exchange adjustments and changes in fair
value of debt securities in issue held at fair value.", "dimensions": { "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-852": { "value": "
24\u00a0 \u00a0 Financial assets at fair value through other comprehensive income
At 31 December 2025, financial assets at FVOCI included \u20ac1,922 million (2024: \u20ac2,162 million) placed with Monetary Authorities as
collateral, to access intraday and other funding facilities, if required.
There were no disposals of debt instruments at FVOCI during the year (2024: \u20ac279 million). There was a transfer of \u20ac0.1 million from
the debt instruments at FVOCI reserve to the income statement ( 2024: \u20ac0.5 million).
The composition of debt instruments at FVOCI by stage is set out on page 368 and the asset quality of debt instruments at FVOCI is
set out on page 379.
2025
\u20acm
2024
\u20acm
Debt instruments at FVOCI
Other debt securities - listed
2,659
3,056
Government bonds
331
328
Total debt instruments at FVOCI
2,990
3,384
Impairment loss allowance on debt instruments at FVOCI
(1)
(1)
Fair value
2025
\u20acm
2024
\u20acm
Balance at 1 January
3,384
3,968
Redemptions and disposals
(621)
(533)
Additions
194
\u2013
Revaluation, exchange and other adjustments
33
(51)
Balance at 31 December
2,990
3,384
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-853": { "value": "
25\u00a0 \u00a0 Loans and advances to customers
Loans and advances to customers at amortised cost
Loans and advances to customers at amortised cost (after ILA)
at 31 December 2025 included cash collateral of \u20ac19 million
( 2024: \u20ac138 million ) placed with derivative counterparties in
relation to net derivative liability positions.
Sustainable finance
Loans and advances to customers at 31 December 2025
included sustainable finance of \u20ac17.7 billion ( 2024 : \u20ac14.7
billion), as detailed in the following table.
2025
\u20acbn
2024
\u20acbn
RoI green mortgages
11.2
8.6
Green commercial real estate lending
2.1
2.2
UK green mortgages
1.7
1.7
Sustainability-linked loans
1.6
1.5
Renewables project finance
0.6
0.4
RoI electric vehicles funding
0.2
0.2
UK electric vehicles funding
0.2
0.1
Green CapEx loans
0.1
\u2013
Total sustainable finance
17.7
14.7
25\u00a0 \u00a0 Loans and advances to customers (continued)
Non-performing exposure disposals
During 2025, the Group completed the sale of a portfolio of UK
non-performing loans whereby it derecognised \u20ac149 million of
loans and advances to customers (after an ILA of \u20ac16 million).
The portfolio derecognised had a gross carrying value of \u20ac165
million. All loans included in these transactions have been
derecognised from the balance sheet.
The Group has recognised an impairment loss of \u20ac2 million
relating to the disposal of these loans which has been reported
through net impairment losses / gains on financial instruments
(note 14).
In 2024, the Group completed two NPE disposal transactions
whereby it derecognised \u20ac58 million of loans and advances to
customers (after an ILA of \u20ac125 million). The portfolios
derecognised had a gross carrying value of \u20ac183 million which
consisted of non-performing Retail RoI loans which had a gross
carrying value of \u20ac157 million and UK personal loans which
had a gross carrying value of \u20ac26 million. All loans included in
these transactions have been derecognised from the balance
sheet.
Loan sales
In 2024, the Group completed the sale of a portfolio of
performing UK personal loans with a net carrying value of \u20ac0.8
billion. In addition, Retail UK disposed of a small portfolio of UK
mortgages with a net carrying value of \u20ac21 million. There was
no such sale during 2025.
Loans and advances to customers at FVTPL
Loans and advances to customers at FVTPL are not subject to
impairment under IFRS 9. At 31 December 2025, loans and
advances to customers at FVTPL included \u20ac166 million (2024:
\u20ac185 million) relating to the Life Loan mortgage product, which
was offered by the Group until November 2010. The cash flows
of the Life Loans are not considered to consist solely of
payments of principal and interest and as such are classified as
FVTPL.
2025
\u20acm
2024
\u20acm
Loans and advances to customers at amortised cost
78,194
78,656
Finance leases and hire purchase receivables
5,267
4,725
83,461
83,381
Less impairment loss allowance on loans and advances to customers at amortised cost
(1,149)
(1,028)
Loans and advances to customers at amortised cost
82,312
82,353
Loans and advances to customers at FVTPL
166
185
Total loans and advances to customers
82,478
82,538
Amounts include:
Due from joint ventures and associates
58
61
25\u00a0 \u00a0 Loans and advances to customers (continued)
The following tables show the gross carrying amount and ILAs subject to 12 month and lifetime ECL on loans and advances to
customers at amortised cost. The POCI assets of \u20ac124 million at 31 December 2025 (2024: \u20ac133 million) included \u20ac57 million (2024:
\u20ac55 million) of assets which, while credit-impaired upon purchase or origination were no longer credit-impaired at the reporting date
due to improvements in credit risk. These assets will remain classified as POCI until derecognition.
2025
Gross carrying amount at amortised cost
(before impairment loss allowance)
Residential
mortgages
\u20acm
Non-
property
SME and
corporate
\u20acm
Property and
construction
\u20acm
Consumer
\u20acm
Total
\u20acm
Stage 1 - 12 month ECL (not credit-impaired)
48,959
13,194
5,114
5,409
72,676
Stage 2 - Lifetime ECL (not credit-impaired)
2,599
4,434
1,699
198
8,930
Stage 3 - Lifetime ECL (credit-impaired)
518
771
325
117
1,731
Purchased / originated credit-impaired
124
\u2013
\u2013
\u2013
124
Gross carrying amount at 31 December 2025
52,200
18,399
7,138
5,724
83,461
2025
Impairment loss allowance
Residential
mortgages
\u20acm
Non-
property
SME and
corporate
\u20acm
Property and
construction
\u20acm
Consumer
\u20acm
Total
\u20acm
Stage 1 - 12 month ECL (not credit-impaired)
43
64
27
35
169
Stage 2 - Lifetime ECL (not credit-impaired)
56
234
50
17
357
Stage 3 - Lifetime ECL (credit-impaired)
116
364
74
58
612
Purchased / originated credit-impaired
11
\u2013
\u2013
\u2013
11
Impairment loss allowance at 31 December 2025
226
662
151
110
1,149
2024
Gross carrying amount at amortised cost
(before impairment loss allowance)
Residential
mortgages
\u20acm
Non-
property
SME and
corporate
\u20acm
Property and
construction
\u20acm
Consumer
\u20acm
Total
\u20acm
Stage 1 - 12 month ECL (not credit-impaired)
47,169
14,644
4,442
4,698
70,953
Stage 2 - Lifetime ECL (not credit-impaired)
2,409
5,082
2,737
312
10,540
Stage 3 - Lifetime ECL (credit-impaired)
748
632
269
106
1,755
Purchased / originated credit-impaired
133
\u2013
\u2013
\u2013
133
Gross carrying amount at 31 December 2024
50,459
20,358
7,448
5,116
83,381
2024
Impairment loss allowance
Residential
mortgages
\u20acm
Non-
property
SME and
corporate
\u20acm
Property and
construction
\u20acm
Consumer
\u20acm
Total
\u20acm
Stage 1 - 12 month ECL (not credit-impaired)
32
78
24
34
168
Stage 2 - Lifetime ECL (not credit-impaired)
47
180
103
25
355
Stage 3 - Lifetime ECL (credit-impaired)
120
257
88
49
514
Purchased / originated credit-impaired
(9)
\u2013
\u2013
\u2013
(9)
Impairment loss allowance at 31 December 2024
190
515
215
108
1,028
25\u00a0 \u00a0 Loans and advances to customers (continued)
The following tables show the changes in gross carrying
amount and ILAs of loans and advances to customers at
amortised cost for the year ended 31 December 2025. The
tables are prepared based on a combination of aggregation of
monthly movements for material term loan portfolios (i.e.
incorporating all movements a loan in these portfolios has
made during the year) and full year movements for revolving-
type facilities and less material (primarily consumer) portfolios.
Transfers between stages represent the migration of loans
from Stage 1 to Stage 2 following a \u2018significant increase in
credit risk\u2019 or to Stage 3 as loans enter defaulted status.
Conversely, improvement in credit quality and loans exiting
default result in loans migrating in the opposite direction. The
approach taken to identify a \u2018significant increase in credit risk\u2019
and 'identifying defaulted and credit-impaired assets' is
outlined in the credit risk section of the Risk Management
Report on pages 254 to 256 and the Group accounting policies
note on page 300.
Transfers between each stage reflect the balances and ILAs
prior to transfer. The impact of re-measurement of ILA on
stage transfer is reported within \u2018re-measurement\u2019 in the new
stage that a loan has transferred into. For those tables, based
on an aggregation of the months' transfers between stages,
transfers may include loans which have subsequently
transferred back to their original stage or migrated further to
another stage.
\u2018Net changes in exposure\u2019 comprise the movements in the
gross carrying amount and ILA as a result of new loans
originated and repayments of outstanding balances
throughout the reporting period.
\u2018Net impairment losses / (gains) in income statement\u2019 does not
include the impact of cash recoveries which are recognised
directly in the income statement (note 14).
\u2018Re-measurement\u2019 includes the impact of remeasurement on
stage transfers noted above, other than those directly related
to the update of FLI and / or other model and parameter
updates, changes in PMAs and remeasurement due to changes
in asset quality that did not result in a transfer to another
stage.
\u2018ECL model parameter and / or methodology changes\u2019
represents the impact on ILAs of semi-annual updates to the
FLI and other model and parameter updates used in the
measurement of ILAs, including the impact of stage migrations
where the migration is directly related to the update of FLI
and / or other model and parameter updates.
\u2018Impairment loss allowances utilised\u2019 represents the reduction
in the gross carrying amount and associated ILA on loans
where the Group has no reasonable expectations of recovering
a financial asset in its entirety or a portion thereof. The
utilisation of an allowance does not, of itself, alter a customer\u2019s
obligations nor does it impact on the Group\u2019s rights to take
relevant enforcement action.
2025
Gross carrying amount (before
impairment loss allowance)
Stage 1 -
12 month ECL
(not credit-
impaired)
\u20acm
Stage 2 -
Lifetime ECL
(not credit-
impaired)
\u20acm
Stage 3 -
Lifetime ECL
(credit-
impaired)
\u20acm
Purchased /
originated
credit-
impaired
\u20acm
Total gross
carrying
amount
\u20acm
Opening balance 1 January 2025
70,953
10,540
1,755
133
83,381
Total net transfers
(2,388)
1,315
1,073
\u2013
\u2013
To 12 month ECL (not credit-impaired)
7,734
(7,733)
(1)
\u2013
\u2013
To lifetime ECL (not credit-impaired)
(10,026)
10,277
(251)
\u2013
\u2013
To lifetime ECL (credit-impaired)
(96)
(1,229)
1,325
\u2013
\u2013
Net changes in exposure
5,339
(2,621)
(817)
(5)
1,896
Impairment loss allowances utilised
\u2013
\u2013
(194)
(4)
(198)
Exchange adjustments
(1,201)
(316)
(88)
\u2013
(1,605)
Measurement reclassi\ufb01cation and other movements
(27)
12
2
\u2013
(13)
Gross carrying amount at 31 December 2025
72,676
8,930
1,731
124
83,461
25\u00a0 \u00a0 Loans and advances to customers (continued)
2025
Impairment loss allowance
Stage 1 -
12 month ECL
(not credit-
impaired)
\u20acm
Stage 2 -
Lifetime ECL
(not credit-
impaired)
\u20acm
Stage 3 -
Lifetime ECL
(credit-
impaired)
\u20acm
Purchased /
originated
credit-
impaired
\u20acm
Total
impairment
loss
allowance
\u20acm
Opening balance 1 January 2025
168
355
514
(9)
1,028
Total net transfers
174
(253)
79
\u2013
\u2013
To 12 month ECL (not credit-impaired)
218
(218)
\u2013
\u2013
\u2013
To lifetime ECL (not credit-impaired)
(43)
83
(40)
\u2013
\u2013
To lifetime ECL (credit-impaired)
(1)
(118)
119
\u2013
\u2013
Net impairment losses / (gains) in income statement
(171)
258
210
22
319
Re-measurement
(211)
259
416
21
485
Net changes in exposure
31
(67)
(203)
\u2013
(239)
ECL model parameter and / or methodology changes
9
66
(3)
1
73
Impairment loss allowances utilised
\u2013
\u2013
(194)
(4)
(198)
Exchange adjustments
(1)
(2)
(4)
\u2013
(7)
Measurement reclassi\ufb01cation and other movements
(1)
(1)
7
2
7
Impairment loss allowance at 31 December 2025
169
357
612
11
1,149
Impairment coverage at 31 December 2025 (%)
0.23%
4.00%
35.36%
8.87%
1.38%
Impairment loss allowances utilised on loans and advances to
customers at amortised cost during 2025 includes \u20ac33 million
of contractual amounts outstanding that are still subject to
enforcement activity.
Total gross loans and advances to customers at amortised cost
increased during the year by \u20ac0.1 billion from \u20ac83.4 billion at
31 December 2024 to \u20ac83.5 billion at 31 December 2025.
Stage 1 loans have increased by \u20ac1.7 billion primarily reflecting
the impact of net new lending of \u20ac5.3 billion, partially offset by
FX movements \u20ac1.2 billion. Total net transfers of \u20ac2.4 billion to
other risk stages (primarily Stage 2) reflect updates for
portfolio activity and FLI.
ILAs on Stage 1 loans have increased by \u20ac1 million, with
coverage on Stage 1 loans of 0.23% down slightly from 0.24%
at 31 December 2024. Remeasurement resulted in an ILA
reduction of \u20ac211 million reflecting the impact of re-measuring
net transfers from other stages of lifetime ECL to 12-month
ECL. Reductions in ILA were offset by increases due to net
staging transfers of \u20ac174 million and net changes in exposure
of \u20ac31 million.
Stage 2 loans have decreased by \u20ac1.6 billion reflecting net
repayments of \u20ac2.6 billion and FX movements of \u20ac0.3 billion,
partially offset by transfers from other stages of \u20ac1.3 billion.
Net transfers to other stages reflects portfolio activity in the
year.
Coverage on Stage 2 loans has increased from 3.37% at 31
December 2024 to 4.00% at 31 December 2025, with the
impact of net transfers \u20ac253 million and net repayments of
\u20ac67 million offset by ILA increases of \u20ac259 million due to
remeasurement. Stage 2 cover is also impacted by the
application of PMAs for Climate and Geopolitical risk (see page
321) and ECL model parameter and methodology changes
(including FLI) of \u20ac66 million.
Stage 3 loans have reduced to \u20ac1.7 billion with increases from
net migration from other stages of \u20ac1.1 billion driven by the
emergence of new defaults, fully offset by the combined
impact of repayments of \u20ac0.8 billion (including repayments
from portfolio disposals and case specific resolution activities),
the utilisation of ILAs of \u20ac0.2 billion and FX movements of \u20ac0.1
billion.
Stage 3 ILAs have increased by \u20ac98 million due to
remeasurement of \u20ac416 million which includes the application
of a PMA for Retail Ireland residential mortgage long dated
NPEs (see page 321) and net transfers of \u20ac79 million. This was
partially offset by the impact of net reductions in exposure of
\u20ac203 million and utilisation of ILAs of \u20ac194 million.
Cover on Stage 3 loans has increased from 29.29% at 31
December 2024 to 35.36% at 31 December 2025. The increase
primarily reflects changes in the underlying asset / portfolio
mix of the Stage 3 population with higher than average
impairment requirements for assets migrating to Stage 3 in the
year, the application of the Retail Ireland residential mortgages
PMA for long dated NPEs and disposal of a pool of UK
Mortgage non-performing loans.
25\u00a0 \u00a0 Loans and advances to customers (continued)
2024
Gross carrying amount (before
impairment loss allowance)
Stage 1 -
12 month ECL
(not credit-
impaired)
\u20acm
Stage 2 -
Lifetime ECL
(not credit-
impaired)
\u20acm
Stage 3 -
Lifetime ECL
(credit-
impaired)
\u20acm
Purchased /
originated
credit-
impaired
\u20acm
Total
gross
carrying
amount
\u20acm
Opening balance 1 January 2024
65,729
12,525
2,349
143
80,746
Total net transfers
(861)
503
358
\u2013
\u2013
To 12 month ECL (not credit-impaired)
8,206
(8,204)
(2)
\u2013
\u2013
To lifetime ECL (not credit-impaired)
(8,935)
9,574
(639)
\u2013
\u2013
To lifetime ECL (credit-impaired)
(132)
(867)
999
\u2013
\u2013
Net changes in exposure
4,847
(2,758)
(652)
(10)
1,427
Impairment loss allowances utilised
\u2013
\u2013
(357)
\u2013
(357)
Exchange adjustments
1,069
264
55
\u2013
1,388
Measurement reclassi\ufb01cation and other movements
169
6
2
\u2013
177
Gross carrying amount at 31 December 2024
70,953
10,540
1,755
133
83,381
2024
Impairment loss allowance
Stage 1 -
12 month ECL
(not credit-
impaired)
\u20acm
Stage 2 -
Lifetime ECL
(not credit-
impaired)
\u20acm
Stage 3 -
Lifetime ECL
(credit-
impaired)
\u20acm
Purchased /
originated
credit-
impaired
\u20acm
Total
impairment
loss
allowance
\u20acm
Opening balance 1 January 2024
180
421
612
9
1,222
Total net transfers
121
(128)
6
1
\u2013
To 12 month ECL (not credit-impaired)
169
(168)
(1)
\u2013
\u2013
To lifetime ECL (not credit-impaired)
(46)
132
(86)
\u2013
\u2013
To lifetime ECL (credit-impaired)
(2)
(92)
93
1
\u2013
Net impairment losses / (gains) in income statement
(111)
79
203
(20)
151
Re-measurement
(152)
177
330
(13)
342
Net changes in exposure
26
(83)
(111)
\u2013
(168)
ECL model parameter and / or methodology changes
15
(15)
(16)
(7)
(23)
Impairment loss allowances utilised
\u2013
\u2013
(357)
\u2013
(357)
Exchange adjustments
2
4
5
(1)
10
Measurement reclassi\ufb01cation and other movements
(24)
(21)
45
2
2
Impairment loss allowance at 31 December 2024
168
355
514
(9)
1,028
Impairment coverage at 31 December 2024 (%)
0.24%
3.37%
29.29%
(6.77%)
1.23%
Impairment loss allowances utilised on loans and advances to customers at amortised cost during 2024 included \u20ac79 million of
contractual amounts outstanding that are still subject to enforcement activity.
25\u00a0 \u00a0 Loans and advances to customers (continued)
Loans and advances to customers at amortised cost by portfolio
The following tables set out the movement in both the gross carrying amount and ILAs subject to 12 month and lifetime ECL on loans
and advances to customers at amortised cost by portfolio asset class. These tables are prepared on the same basis as the total Group
tables as set out above.
Residential mortgages
2025
Residential mortgages - Gross carrying amount
(before impairment loss allowance)
Stage 1 -
12 month ECL
(not credit-
impaired)
\u20acm
Stage 2 -
Lifetime ECL
(not credit-
impaired)
\u20acm
Stage 3 -
Lifetime ECL
(credit-
impaired)
\u20acm
Purchased /
originated
credit-
impaired
\u20acm
Total gross
carrying
amount
\u20acm
Opening balance 1 January 2025
47,169
2,409
748
133
50,459
Total net transfers
(731)
627
104
\u2013
\u2013
To 12 month ECL (not credit-impaired)
2,672
(2,672)
\u2013
\u2013
\u2013
To lifetime ECL (not credit-impaired)
(3,374)
3,519
(145)
\u2013
\u2013
To lifetime ECL (credit-impaired)
(29)
(220)
249
\u2013
\u2013
Net changes in exposure
3,211
(382)
(296)
(5)
2,528
Impairment loss allowances utilised
\u2013
\u2013
(22)
(4)
(26)
Exchange adjustments
(730)
(55)
(17)
\u2013
(802)
Measurement reclassi\ufb01cation and other movements
40
\u2013
1
\u2013
41
Gross carrying amount at 31 December 2025
48,959
2,599
518
124
52,200
2025
Residential mortgages
- Impairment loss allowance
Stage 1 -
12 month ECL
(not credit-
impaired)
\u20acm
Stage 2 -
Lifetime ECL
(not credit-
impaired)
\u20acm
Stage 3 -
Lifetime ECL\u00a0
(credit-
impaired)
\u20acm
Purchased /
originated\u00a0
credit-
impaired
\u20acm
Total
impairment
loss
allowance
\u20acm
Opening balance 1 January 2025
32
47
120
(9)
190
Total net transfers
42
(39)
(3)
\u2013
\u2013
To 12 month ECL (not credit-impaired)
50
(50)
\u2013
\u2013
\u2013
To lifetime ECL (not credit-impaired)
(8)
23
(15)
\u2013
\u2013
To lifetime ECL (credit-impaired)
\u2013
(12)
12
\u2013
\u2013
Net impairment losses / (gains) in income statement
(30)
49
18
22
59
Re-measurement
(39)
48
39
21
69
Net changes in exposure
\u2013
(2)
(19)
\u2013
(21)
ECL model parameter and / or methodology changes
9
3
(2)
1
11
Impairment loss allowances utilised
\u2013
\u2013
(22)
(4)
(26)
Exchange adjustments
(1)
(1)
(2)
\u2013
(4)
Measurement reclassi\ufb01cation and other movements
\u2013
\u2013
5
2
7
Impairment loss allowance at 31 December 2025
43
56
116
11
226
Impairment coverage at 31 December 2025 (%)
0.09%
2.15%
22.39%
8.87%
0.43%
Impairment loss allowances utilised on Residential mortgages at amortised cost during 2025 included \u20acnil of contractual amounts
outstanding that are still subject to enforcement activity.
25\u00a0 \u00a0 Loans and advances to customers (continued)
Residential mortgages (continued)
2024
Residential mortgages- Gross carrying amount
(before impairment loss allowance)
Stage 1 -
12 month ECL
(not credit-
impaired)
\u20acm
Stage 2 -
Lifetime ECL
(not credit-
impaired)
\u20acm
Stage 3 -
Lifetime ECL
(credit-
impaired)
\u20acm
Purchased /
originated
credit-
impaired
\u20acm
Total
gross
carrying
amount
\u20acm
Opening balance 1 January 2024
42,786
3,574
770
142
47,272
Total net transfers
662
(817)
155
\u2013
\u2013
To 12 month ECL (not credit-impaired)
3,977
(3,977)
\u2013
\u2013
\u2013
To lifetime ECL (not credit-impaired)
(3,272)
3,475
(203)
\u2013
\u2013
To lifetime ECL (credit-impaired)
(43)
(315)
358
\u2013
\u2013
Net changes in exposure
3,015
(406)
(169)
(9)
2,431
Impairment loss allowances utilised
\u2013
\u2013
(27)
\u2013
(27)
Exchange adjustments
646
58
19
\u2013
723
Measurement reclassi\ufb01cation and other movements
60
\u2013
\u2013
\u2013
60
Gross carrying amount at 31 December 2024
47,169
2,409
748
133
50,459
2024
Residential mortgages
- Impairment loss allowance
Stage 1 -
12 month ECL
(not credit-
impaired)
\u20acm
Stage 2 -
Lifetime ECL
(not credit-
impaired)
\u20acm
Stage 3 -
Lifetime ECL
(credit-
impaired)
\u20acm
Purchased /
originated
credit-
impaired
\u20acm
Total
impairment
loss
allowance
\u20acm
Opening balance 1 January 2024
40
56
141
9
246
Total net transfers
49
(47)
(2)
\u2013
\u2013
To 12 month ECL (not credit-impaired)
61
(61)
\u2013
\u2013
\u2013
To lifetime ECL (not credit-impaired)
(12)
33
(21)
\u2013
\u2013
To lifetime ECL (credit-impaired)
\u2013
(19)
19
\u2013
\u2013
Net impairment losses / (gains) in income statement
(57)
39
9
(20)
(29)
Re-measurement
(53)
46
46
(13)
26
Net changes in exposure
\u2013
(4)
(22)
\u2013
(26)
ECL model parameter and / or methodology changes
(4)
(3)
(15)
(7)
(29)
Impairment loss allowances utilised
\u2013
\u2013
(27)
\u2013
(27)
Exchange adjustments
\u2013
1
2
\u2013
3
Measurement reclassi\ufb01cation and other movements
\u2013
(2)
(3)
2
(3)
Impairment loss allowance at 31 December 2024
32
47
120
(9)
190
Impairment coverage at 31 December 2024 (%)
0.07%
1.95%
16.04%
(6.77%)
0.38%
Impairment loss allowances utilised on Residential mortgages at amortised cost during 2024 included \u20acnil of contractual amounts
outstanding that are still subject to enforcement activity.
25\u00a0 \u00a0 Loans and advances to customers (continued)
Non-property SME and corporate
2025
Non-property SME and corporate
- Gross carrying amount
(before impairment loss allowance)
Stage 1 -
12 month ECL
(not credit-
impaired)
\u20acm
Stage 2 -
Lifetime ECL
(not credit-
impaired)
\u20acm
Stage 3 -
Lifetime ECL
(credit-
impaired)
\u20acm
Purchased /
originated
credit-
impaired
\u20acm
Total gross
carrying
amount
\u20acm
Opening balance 1 January 2025
14,644
5,082
632
\u2013
20,358
Total net transfers
(1,686)
1,050
636
\u2013
\u2013
To 12 month ECL (not credit-impaired)
3,008
(3,008)
\u2013
\u2013
\u2013
To lifetime ECL (not credit-impaired)
(4,666)
4,759
(93)
\u2013
\u2013
To lifetime ECL (credit-impaired)
(28)
(701)
729
\u2013
\u2013
Net changes in exposure
608
(1,526)
(351)
\u2013
(1,269)
Impairment loss allowances utilised
\u2013
\u2013
(97)
\u2013
(97)
Exchange adjustments
(310)
(180)
(50)
\u2013
(540)
Measurement reclassi\ufb01cation and other movements
(62)
8
1
\u2013
(53)
Gross carrying amount at 31 December 2025
13,194
4,434
771
\u2013
18,399
2025
Non-property SME and corporate
- Impairment loss allowance
Stage 1 -
12 month ECL
(not credit-
impaired)
\u20acm
Stage 2 -
Lifetime ECL
(not credit-
impaired)
\u20acm
Stage 3 -
Lifetime ECL
(credit-
impaired)
\u20acm
Purchased /
originated
credit-
impaired
\u20acm
Total
impairment
loss
allowance
\u20acm
Opening balance 1 January 2025
78
180
257
\u2013
515
Total net transfers
75
(130)
55
\u2013
\u2013
To 12 month ECL (not credit-impaired)
100
(100)
\u2013
\u2013
\u2013
To lifetime ECL (not credit-impaired)
(24)
46
(22)
\u2013
\u2013
To lifetime ECL (credit-impaired)
(1)
(76)
77
\u2013
\u2013
Net impairment losses / (gains) in income statement
(88)
186
146
\u2013
244
Re-measurement
(102)
188
274
\u2013
360
Net changes in exposure
20
(36)
(127)
\u2013
(143)
ECL model parameter and / or methodology changes
(6)
34
(1)
\u2013
27
Impairment loss allowances utilised
\u2013
\u2013
(97)
\u2013
(97)
Exchange adjustments
\u2013
(1)
(1)
\u2013
(2)
Measurement reclassi\ufb01cation and other movements
(1)
(1)
4
\u2013
2
Impairment loss allowance at 31 December 2025
64
234
364
\u2013
662
Impairment coverage at 31 December 2025 (%)
0.49%
5.28%
47.21%
\u2013
3.60%
Impairment loss allowances utilised on Non-property SME and corporate during 2025 included \u20ac24 million of contractual amounts
outstanding that are still subject to enforcement activity.
25\u00a0 \u00a0 Loans and advances to customers (continued)
Non-property SME and corporate (continued)
2024
Non-property SME and corporate
- Gross carrying amount
(before impairment loss allowance)
Stage 1 -
12 month ECL
(not credit-
impaired)
\u20acm
Stage 2 -
Lifetime ECL
(not credit-
impaired)
\u20acm
Stage 3 -
Lifetime ECL
(credit-
impaired)
\u20acm
Purchased /
originated
credit-
impaired
\u20acm
Total gross
carrying
amount
\u20acm
Opening balance 1 January 2024
14,737
4,632
1,080
1
20,450
Total net transfers
(1,343)
1,407
(64)
\u2013
\u2013
To 12 month ECL (not credit-impaired)
2,787
(2,786)
(1)
\u2013
\u2013
To lifetime ECL (not credit-impaired)
(4,090)
4,501
(411)
\u2013
\u2013
To lifetime ECL (credit-impaired)
(40)
(308)
348
\u2013
\u2013
Net changes in exposure
863
(1,073)
(218)
(1)
(429)
Impairment loss allowances utilised
\u2013
\u2013
(187)
\u2013
(187)
Exchange adjustments
260
112
22
\u2013
394
Measurement reclassi\ufb01cation and other movements
127
4
(1)
\u2013
130
Gross carrying amount at 31 December 2024
14,644
5,082
632
\u2013
20,358
2024
Non-property SME and corporate
- Impairment loss allowance
Stage 1 -
12 month ECL
(not credit-
impaired)
\u20acm
Stage 2 -
Lifetime ECL
(not credit-
impaired)
\u20acm
Stage 3 -
Lifetime ECL
(credit-
impaired)
\u20acm
Purchased /
originated
credit-
impaired
\u20acm
Total
impairment
loss
allowance
\u20acm
Opening balance 1 January 2024
65
154
330
\u2013
549
Total net transfers
40
(18)
(22)
\u2013
\u2013
To 12 month ECL (not credit-impaired)
62
(62)
\u2013
\u2013
\u2013
To lifetime ECL (not credit-impaired)
(21)
79
(58)
\u2013
\u2013
To lifetime ECL (credit-impaired)
(1)
(35)
36
\u2013
\u2013
Net impairment losses / (gains) in income statement
(27)
41
103
\u2013
117
Re-measurement
(57)
69
157
\u2013
169
Net changes in exposure
18
(33)
(57)
\u2013
(72)
ECL model parameter and / or methodology changes
12
5
3
\u2013
20
Impairment loss allowances utilised
\u2013
\u2013
(187)
\u2013
(187)
Exchange adjustments
\u2013
1
\u2013
\u2013
1
Measurement reclassi\ufb01cation and other movements
\u2013
2
33
\u2013
35
Impairment loss allowance at 31 December 2024
78
180
257
\u2013
515
Impairment coverage at 31 December 2024 (%)
0.53%
3.54%
40.66%
\u2013
2.53%
Impairment loss allowances utilised on Non-property SME and corporate during 2024 included \u20ac74 million of contractual amounts
outstanding that are still subject to enforcement activity.
25\u00a0 \u00a0 Loans and advances to customers (continued)
Property and construction
2025
Property and construction
- Gross carrying amount
(before impairment loss allowance)
Stage 1 -
12 month ECL
(not credit-
impaired)
\u20acm
Stage 2 -
Lifetime ECL
(not credit-
impaired)
\u20acm
Stage 3 -
Lifetime ECL
(credit-
impaired)
\u20acm
Purchased /
originated
credit-
impaired
\u20acm
Total gross
carrying
amount
\u20acm
Opening balance 1 January 2025
4,442
2,737
269
\u2013
7,448
Total net transfers
47
(310)
263
\u2013
\u2013
To 12 month ECL (not credit-impaired)
1,820
(1,820)
\u2013
\u2013
\u2013
To lifetime ECL (not credit-impaired)
(1,773)
1,777
(4)
\u2013
\u2013
To lifetime ECL (credit-impaired)
\u2013
(267)
267
\u2013
\u2013
Net changes in exposure
669
(656)
(146)
\u2013
(133)
Impairment loss allowances utilised
\u2013
\u2013
(43)
\u2013
(43)
Exchange adjustments
(39)
(76)
(19)
\u2013
(134)
Measurement reclassi\ufb01cation and other movements
(5)
4
1
\u2013
\u2013
Gross carrying amount at 31 December 2025
5,114
1,699
325
\u2013
7,138
2025
Property and construction
- Impairment loss allowance
Stage 1 -
12 month ECL
(not credit-
impaired)
\u20acm
Stage 2 -
Lifetime ECL
(not credit-
impaired)
\u20acm
Stage 3 -
Lifetime ECL
(credit-
impaired)
\u20acm
Purchased /
originated
credit-
impaired
\u20acm
Total
impairment
loss
allowance
\u20acm
Opening balance 1 January 2025
24
103
88
\u2013
215
Total net transfers
40
(60)
20
\u2013
\u2013
To 12 month ECL (not credit-impaired)
47
(47)
\u2013
\u2013
\u2013
To lifetime ECL (not credit-impaired)
(7)
7
\u2013
\u2013
\u2013
To lifetime ECL (credit-impaired)
\u2013
(20)
20
\u2013
\u2013
Net impairment losses / (gains) in income statement
(37)
7
17
\u2013
(13)
Re-measurement
(55)
(1)
60
\u2013
4
Net changes in exposure
5
(23)
(43)
\u2013
(61)
ECL model parameter and / or methodology changes
13
31
\u2013
\u2013
44
Impairment loss allowances utilised
\u2013
\u2013
(43)
\u2013
(43)
Exchange adjustments
\u2013
\u2013
\u2013
\u2013
\u2013
Measurement reclassi\ufb01cation and other movements
\u2013
\u2013
(8)
\u2013
(8)
Impairment loss allowance at 31 December 2025
27
50
74
\u2013
151
Impairment coverage at 31 December 2025 (%)
0.53%
2.94%
22.77%
\u2013
2.12%
Impairment loss allowances utilised on Property and construction during 2025 included \u20acnil of contractual amounts outstanding that
are still subject to enforcement activity.
25\u00a0 \u00a0 Loans and advances to customers (continued)
Property and construction (continued)
2024
Property and construction
- Gross carrying amount
(before impairment loss allowance)
Stage 1 -
12 month ECL
(not credit-
impaired)
\u20acm
Stage 2 -
Lifetime ECL
(not credit-
impaired)
\u20acm
Stage 3 -
Lifetime ECL
(credit-
impaired)
\u20acm
Purchased /
originated
credit-
impaired
\u20acm
Total gross\u00a0 \u00a0
carrying
amount
\u20acm
Opening balance 1 January 2024
3,336
3,518
369
\u2013
7,223
Total net transfers
(164)
(3)
167
\u2013
\u2013
To 12 month ECL (not credit-impaired)
1,021
(1,021)
\u2013
\u2013
\u2013
To lifetime ECL (not credit-impaired)
(1,184)
1,200
(16)
\u2013
\u2013
To lifetime ECL (credit-impaired)
(1)
(182)
183
\u2013
\u2013
Net changes in exposure
1,243
(842)
(225)
\u2013
176
Impairment loss allowances utilised
\u2013
\u2013
(56)
\u2013
(56)
Exchange adjustments
33
63
12
\u2013
108
Measurement reclassi\ufb01cation and other movements
(6)
1
2
\u2013
(3)
Gross carrying amount at 31 December 2024
4,442
2,737
269
\u2013
7,448
2024
Property and construction
- Impairment loss allowance
Stage 1 -
12 month ECL
(not credit-
impaired)
\u20acm
Stage 2 -
Lifetime ECL
(not credit-
impaired)
\u20acm
Stage 3 -
Lifetime ECL
(credit-
impaired)
\u20acm
Purchased /
originated
credit-
impaired
\u20acm
Total
impairment
loss
allowance
\u20acm
Opening balance 1 January 2024
25
144
80
\u2013
249
Total net transfers
20
(38)
18
\u2013
\u2013
To 12 month ECL (not credit-impaired)
28
(28)
\u2013
\u2013
\u2013
To lifetime ECL (not credit-impaired)
(8)
12
(4)
\u2013
\u2013
To lifetime ECL (credit-impaired)
\u2013
(22)
22
\u2013
\u2013
Net impairment losses / (gains) in income statement
(21)
(3)
29
\u2013
5
Re-measurement
(25)
40
58
\u2013
73
Net changes in exposure
7
(21)
(20)
\u2013
(34)
ECL model parameter and / or methodology changes
(3)
(22)
(9)
\u2013
(34)
Impairment loss allowances utilised
\u2013
\u2013
(56)
\u2013
(56)
Exchange adjustments
\u2013
\u2013
2
\u2013
2
Measurement reclassi\ufb01cation and other movements
\u2013
\u2013
15
\u2013
15
Impairment loss allowance at 31 December 2024
24
103
88
\u2013
215
Impairment coverage at 31 December 2024 (%)
0.54%
3.76%
32.71%
\u2013
2.89%
Impairment loss allowances utilised on Property and construction during 2024 included \u20acnil of contractual amounts outstanding that
are still subject to enforcement activity.
25\u00a0 \u00a0 Loans and advances to customers (continued)
Consumer
2025
Consumer
- Gross carrying amount
(before impairment loss allowance)
Stage 1 -
12 month ECL
(not credit-
impaired)
\u20acm
Stage 2 -
Lifetime ECL
(not credit-
impaired)
\u20acm
Stage 3 -
Lifetime ECL
(credit-
impaired)
\u20acm
Purchased /
originated
credit-
impaired
\u20acm
Total gross
carrying
amount
\u20acm
Opening balance 1 January 2025
4,698
312
106
\u2013
5,116
Total net transfers
(18)
(52)
70
\u2013
\u2013
To 12 month ECL (not credit-impaired)
234
(233)
(1)
\u2013
\u2013
To lifetime ECL (not credit-impaired)
(213)
222
(9)
\u2013
\u2013
To lifetime ECL (credit-impaired)
(39)
(41)
80
\u2013
\u2013
Net changes in exposure
851
(57)
(24)
\u2013
770
Impairment loss allowances utilised
\u2013
\u2013
(32)
\u2013
(32)
Exchange adjustments
(122)
(5)
(2)
\u2013
(129)
Measurement reclassi\ufb01cation and other movements
\u2013
\u2013
(1)
\u2013
(1)
Gross carrying amount at 31 December 2025
5,409
198
117
\u2013
5,724
2025
Consumer
- Impairment loss allowance
Stage 1 -
12 month ECL
(not credit-
impaired)
\u20acm
Stage 2 -
Lifetime ECL
(not credit-
impaired)
\u20acm
Stage 3 -
Lifetime ECL
(credit-
impaired)
\u20acm
Purchased /
originated
credit-
impaired
\u20acm
Total
impairment
loss allowance
\u20acm
Opening balance 1 January 2025
34
25
49
\u2013
108
Total net transfers
17
(24)
7
\u2013
\u2013
To 12 month ECL (not credit-impaired)
21
(21)
\u2013
\u2013
\u2013
To lifetime ECL (not credit-impaired)
(4)
7
(3)
\u2013
\u2013
To lifetime ECL (credit-impaired)
\u2013
(10)
10
\u2013
\u2013
Net impairment losses / (gains) in income statement
(16)
16
29
\u2013
29
Re-measurement
(15)
24
43
\u2013
52
Net changes in exposure
6
(6)
(14)
\u2013
(14)
ECL model parameter and / or methodology changes
(7)
(2)
\u2013
\u2013
(9)
Impairment loss allowances utilised
\u2013
\u2013
(32)
\u2013
(32)
Exchange adjustments
\u2013
\u2013
(1)
\u2013
(1)
Measurement reclassi\ufb01cation and other movements
\u2013
\u2013
6
\u2013
6
Impairment loss allowance at 31 December 2025
35
17
58
\u2013
110
Impairment coverage at 31 December 2025 (%)
0.65%
8.59%
49.57%
\u2013
1.92%
Impairment loss allowances utilised on Consumer during 2025 included \u20ac9 million of contractual amounts outstanding that are still
subject to enforcement activity.
25\u00a0 \u00a0 Loans and advances to customers (continued)
Consumer (continued)
2024
Consumer
- Gross carrying amount
(before impairment loss allowance)
Stage 1 -
12 month ECL
(not credit-
impaired)
\u20acm
Stage 2 -
Lifetime ECL
(not credit-
impaired)
\u20acm
Stage 3 -
Lifetime ECL
(credit-
impaired)
\u20acm
Purchased /
originated
credit-
impaired
\u20acm
Total gross
carrying
amount
\u20acm
Opening balance 1 January 2024
4,870
801
130
\u2013
5,801
Total net transfers
(16)
(84)
100
\u2013
\u2013
To 12 month ECL (not credit-impaired)
421
(420)
(1)
\u2013
\u2013
To lifetime ECL (not credit-impaired)
(389)
398
(9)
\u2013
\u2013
To lifetime ECL (credit-impaired)
(48)
(62)
110
\u2013
\u2013
Net changes in exposure
(274)
(437)
(40)
\u2013
(751)
Impairment loss allowances utilised
\u2013
\u2013
(87)
\u2013
(87)
Exchange adjustments
130
31
2
\u2013
163
Measurement reclassi\ufb01cation and other movements
(12)
1
1
\u2013
(10)
Gross carrying amount at 31 December 2024
4,698
312
106
\u2013
5,116
2024
Consumer
- Impairment loss allowance
Stage 1 -
12 month ECL
(not credit-
impaired)
\u20acm
Stage 2 -
Lifetime ECL
(not credit-
impaired)
\u20acm
Stage 3 -
Lifetime ECL
(credit-
impaired)
\u20acm
Purchased /
originated
credit-
impaired
\u20acm
Total
impairment
loss allowance
\u20acm
Opening balance 1 January 2024
50
67
61
\u2013
178
Total net transfers
12
(25)
12
1
\u2013
To 12 month ECL (not credit-impaired)
18
(17)
(1)
\u2013
\u2013
To lifetime ECL (not credit-impaired)
(5)
8
(3)
\u2013
\u2013
To lifetime ECL (credit-impaired)
(1)
(16)
16
1
\u2013
Net impairment losses / (gains) in income statement
(6)
2
62
\u2013
58
Re-measurement
(17)
22
69
\u2013
74
Net changes in exposure
1
(25)
(12)
\u2013
(36)
ECL model parameter and / or methodology changes
10
5
5
\u2013
20
Impairment loss allowances utilised
\u2013
\u2013
(87)
\u2013
(87)
Exchange adjustments
2
2
1
(1)
4
Measurement reclassi\ufb01cation and other movements
(24)
(21)
\u2013
\u2013
(45)
Impairment loss allowance at 31 December 2024
34
25
49
\u2013
108
Impairment coverage at 31 December 2024 (%)
0.72%
8.01%
46.23%
\u2013
2.11%
Impairment loss allowances utilised on Consumer during 2024 included \u20ac5 million of contractual amounts outstanding that are still
subject to enforcement activity.
Finance leases and hire purchase receivables
The Group\u2019s material leasing arrangements include the provision of instalment credit and leasing finance for both consumer and
business customers.
Loans and advances to customers include finance leases and hire purchase receivables, which are analysed in the following table. The
net investment in finance leases at 31 December 2025 was \u20ac5,267 million, an increase of \u20ac542 million since 31 December 2024. This
was primarily driven by an increase in motor finance volumes in RoI and the UK.
25\u00a0 \u00a0 Loans and advances to customers (continued)
2025
\u20acm
2024
\u20acm
Gross investment in \ufb01nance leases
Not later than 1 year
1,242
1,101
1 to 2 years
1,438
1,334
2 to 3 years
1,473
1,397
3 to 4 years
1,231
991
4 to 5 years
424
370
Later than 5 years
57
75
5,865
5,268
Unearned future \ufb01nance income on \ufb01nance leases
(598)
(543)
Net investment in \ufb01nance leases
5,267
4,725
The net investment in \ufb01nance leases is analysed as follows:
Not later than 1 year
1,104
978
1 to 2 years
1,286
1,192
2 to 3 years
1,327
1,255
3 to 4 years
1,104
890
4 to 5 years
393
341
Later than 5 years
53
69
5,267
4,725
Securitisations
Loans and advances to customers include balances that have been securitised but not derecognised, comprising both residential
mortgages and commercial loans. In general, the assets, or interests in the assets, are transferred to structured entities, which then
issue securities to third party investors or to other entities within the Group. With the exception of Temple Quay No.1 plc, all of the
Group\u2019s securitisation structured entities are consolidated. See note 52 for further details.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-856": { "value": "
29\u00a0 \u00a0 Intangible assets and goodwill
2025
2024
Goodwill
\u20acm
Computer
software
externally
purchased
\u20acm
Computer
software
internally
generated
\u20acm
Other
externally
purchased
intangible
assets
\u20acm
Total
\u20acm
Goodwill
\u20acm
Computer
software
externally
purchased
\u20acm
Computer
software
internally
generated
\u20acm
Other
externally
purchased
intangible
assets
\u20acm
Total
\u20acm
Cost
At 1 January
310
41
2,267
217
2,835
309
77
3,024
212
3,622
Additions
\u2013
12
298
\u2013
310
\u2013
18
364
(2)
380
Retirements
\u2013
(13)
(76)
\u2013
(89)
\u2013
(54)
(1,136)
\u2013
(1,190)
Exchange
adjustments
\u2013
\u2013
(9)
(7)
(16)
1
\u2013
15
7
23
At 31 December
310
40
2,480
210
3,040
310
41
2,267
217
2,835
Amortisation and
impairment
At 1 January
(9)
(22)
(1,128)
(176)
(1,335)
(9)
(74)
(1,971)
(160)
(2,214)
Retirements
\u2013
13
76
\u2013
89
\u2013
54
1,136
\u2013
1,190
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(100)
\u2013
(100)
Amortisation charge
(note 11 )
\u2013
(8)
(194)
(9)
(211)
\u2013
(2)
(182)
(9)
(193)
Exchange
adjustments
\u2013
\u2013
5
6
11
\u2013
\u2013
(11)
(7)
(18)
At 31 December
(9)
(17)
(1,241)
(179)
(1,446)
(9)
(22)
(1,128)
(176)
(1,335)
Net book value
301
23
1,239
31
1,594
301
19
1,139
41
1,500
Computer software internally generated
The category \u2018computer software internally generated\u2019
comprises assets with a carrying value of \u20ac1,239 million ( 2024 :
\u20ac1,139 million ). This includes amortising assets with a carrying
value of \u20ac898 million ( 2024 : \u20ac626 million) with amortisation
periods normally ranging from five to ten years, and reflects
investment in technical infrastructure, applications and
software licences primarily comprising of Payments and
Regulatory assets, with remaining amortisation periods
ranging up to 10 years. It also includes assets under
construction of \u20ac341 million (2024: \u20ac513 million ) on which
amortisation will commence once the assets are available for
use. 'Computer software internally generated' cos t of \u20ac76
million (2024: \u20ac1,136 million) and 'computer software
externally purchased' cost of \u20ac13 million (2024: \u20ac54 million)
assets that were fully amortised and obsolete were retired in
the period from the Fixed Asset Register.
Impairment review - computer software internally
generated
During 2025, the Group reviewed its internally generated
computer software for any indicators of impairment and
concluded that no impairment is required (2024: \u20ac100 million).
Other externally purchased intangible assets
The Group acquired the Davy business on 1 June 2022. As part
of the acquisition, the Group identified intangible assets valued
at \u20ac48 million relating to customer relationships and brand
value at the date of acquisition.
Impairment review \u2013 other externally purchased
intangible assets
During 2025, the Group reviewed other externally purchased
intangible assets for any indicators of impairment and
concluded that no impairment is required (2024 : \u20acnil).
Goodwill
At 31 December 2025, goodwill on the Group's balance sheet is
\u20ac301 million (2024: \u20ac301 million) and relates to the acquisitions
of Davy, Ireland\u2019s leading provider of wealth management and
capital markets services (\u20ac273\u00a0million), and Marshall Leasing, a
car commercial leasing and fleet management business in the
UK (\u20ac28\u00a0million).
Impairment Review - Goodwill
Goodwill is reviewed annually for impairment or more
frequently if events or circumstances indicate that impairment
may have occurred, by comparing the carrying value of
goodwill to its recoverable amount. An impairment charge
arises if the carrying value exceeds the recoverable amount.\u00a0
The recoverable amount of an asset is the higher of its fair
value less costs to sell and its VIU, where the VIU is the present
value of the future cash flows expected to be derived from the
asset. Impairment reviews of Davy and Marshall Leasing were
carried out during 2025 and 2024, and no impairment of
goodwill was required.
Impairment testing of goodwill
Goodwill is allocated to CGU at a level which represents the
smallest identifiable group of assets that generate largely
independent cash flows.
29\u00a0 \u00a0 Intangible assets and goodwill (continued)
The calculation of the recoverable amount of goodwill for each
of these CGU is based upon a VIU calculation that discounts
expected pre-tax cash flows at an interest rate appropriate to
the CGU. The determination of both requires the exercise of
judgement.
The estimation of pre-tax cash flows is sensitive to the periods
for which forecasted cash flows are available and to
assumptions underpinning the sustainability of those cash
flows. While forecasts are compared with actual performance
and external economic data, expected cash flows reflect
management\u2019s view of future performance.
The values assigned to key assumptions reflect past
experience, performance of the business to date and
management judgement. The recoverable amount calculations
performed for the significant amounts of goodwill are sensitive
to changes in the following key assumptions:
Cash \ufb02ow forecasts
Cash flow forecasts are based on internal management
information for a period of up to five years, after which a long-
term growth rate appropriate for the business is applied.
The initial five years' cash flows are consistent with approved
plans for each business prepared under the Group's ICAAP.
Underpinning the ICAAP, the Group prepares detailed financial
projections prepared using consensus macroeconomic
forecasts together with Group-specific assumptions.
Growth rates
Growth rates beyond five years are determined by reference to
local economic growth, inflation projections or long term bond
yields. The assumed long term growth rate for Davy is 2%
(2024: 2%).
Discount rate
The discount rates applied to Davy is the post-tax weighted
average cost of capital for the Group, increased to include a
risk premium to reflect the specific risk profile of the CGU, to
the extent that such risk is not already reflected in the forecast
cash flows. A rate of 10.15% (2024: 10.71%) for Davy was
applied.
Certain elements within these cash flow forecasts are critical to
the performance of the business. The impact of changes in
these cash flows, growth rate and discount rate assumptions
has been assessed by the Directors in the review.
The Directors consider that reasonably possible changes in key
assumptions used to determine the recoverable amount of
Davy and Marshall Leasing would not result in an impairment
of goodwill.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-855": { "value": "
29\u00a0 \u00a0 Intangible assets and goodwill
2025
2024
Goodwill
\u20acm
Computer
software
externally
purchased
\u20acm
Computer
software
internally
generated
\u20acm
Other
externally
purchased
intangible
assets
\u20acm
Total
\u20acm
Goodwill
\u20acm
Computer
software
externally
purchased
\u20acm
Computer
software
internally
generated
\u20acm
Other
externally
purchased
intangible
assets
\u20acm
Total
\u20acm
Cost
At 1 January
310
41
2,267
217
2,835
309
77
3,024
212
3,622
Additions
\u2013
12
298
\u2013
310
\u2013
18
364
(2)
380
Retirements
\u2013
(13)
(76)
\u2013
(89)
\u2013
(54)
(1,136)
\u2013
(1,190)
Exchange
adjustments
\u2013
\u2013
(9)
(7)
(16)
1
\u2013
15
7
23
At 31 December
310
40
2,480
210
3,040
310
41
2,267
217
2,835
Amortisation and
impairment
At 1 January
(9)
(22)
(1,128)
(176)
(1,335)
(9)
(74)
(1,971)
(160)
(2,214)
Retirements
\u2013
13
76
\u2013
89
\u2013
54
1,136
\u2013
1,190
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(100)
\u2013
(100)
Amortisation charge
(note 11 )
\u2013
(8)
(194)
(9)
(211)
\u2013
(2)
(182)
(9)
(193)
Exchange
adjustments
\u2013
\u2013
5
6
11
\u2013
\u2013
(11)
(7)
(18)
At 31 December
(9)
(17)
(1,241)
(179)
(1,446)
(9)
(22)
(1,128)
(176)
(1,335)
Net book value
301
23
1,239
31
1,594
301
19
1,139
41
1,500
Computer software internally generated
The category \u2018computer software internally generated\u2019
comprises assets with a carrying value of \u20ac1,239 million ( 2024 :
\u20ac1,139 million ). This includes amortising assets with a carrying
value of \u20ac898 million ( 2024 : \u20ac626 million) with amortisation
periods normally ranging from five to ten years, and reflects
investment in technical infrastructure, applications and
software licences primarily comprising of Payments and
Regulatory assets, with remaining amortisation periods
ranging up to 10 years. It also includes assets under
construction of \u20ac341 million (2024: \u20ac513 million ) on which
amortisation will commence once the assets are available for
use. 'Computer software internally generated' cos t of \u20ac76
million (2024: \u20ac1,136 million) and 'computer software
externally purchased' cost of \u20ac13 million (2024: \u20ac54 million)
assets that were fully amortised and obsolete were retired in
the period from the Fixed Asset Register.
Impairment review - computer software internally
generated
During 2025, the Group reviewed its internally generated
computer software for any indicators of impairment and
concluded that no impairment is required (2024: \u20ac100 million).
Other externally purchased intangible assets
The Group acquired the Davy business on 1 June 2022. As part
of the acquisition, the Group identified intangible assets valued
at \u20ac48 million relating to customer relationships and brand
value at the date of acquisition.
Impairment review \u2013 other externally purchased
intangible assets
During 2025, the Group reviewed other externally purchased
intangible assets for any indicators of impairment and
concluded that no impairment is required (2024 : \u20acnil).
Goodwill
At 31 December 2025, goodwill on the Group's balance sheet is
\u20ac301 million (2024: \u20ac301 million) and relates to the acquisitions
of Davy, Ireland\u2019s leading provider of wealth management and
capital markets services (\u20ac273\u00a0million), and Marshall Leasing, a
car commercial leasing and fleet management business in the
UK (\u20ac28\u00a0million).
Impairment Review - Goodwill
Goodwill is reviewed annually for impairment or more
frequently if events or circumstances indicate that impairment
may have occurred, by comparing the carrying value of
goodwill to its recoverable amount. An impairment charge
arises if the carrying value exceeds the recoverable amount.\u00a0
The recoverable amount of an asset is the higher of its fair
value less costs to sell and its VIU, where the VIU is the present
value of the future cash flows expected to be derived from the
asset. Impairment reviews of Davy and Marshall Leasing were
carried out during 2025 and 2024, and no impairment of
goodwill was required.
Impairment testing of goodwill
Goodwill is allocated to CGU at a level which represents the
smallest identifiable group of assets that generate largely
independent cash flows.
29\u00a0 \u00a0 Intangible assets and goodwill (continued)
The calculation of the recoverable amount of goodwill for each
of these CGU is based upon a VIU calculation that discounts
expected pre-tax cash flows at an interest rate appropriate to
the CGU. The determination of both requires the exercise of
judgement.
The estimation of pre-tax cash flows is sensitive to the periods
for which forecasted cash flows are available and to
assumptions underpinning the sustainability of those cash
flows. While forecasts are compared with actual performance
and external economic data, expected cash flows reflect
management\u2019s view of future performance.
The values assigned to key assumptions reflect past
experience, performance of the business to date and
management judgement. The recoverable amount calculations
performed for the significant amounts of goodwill are sensitive
to changes in the following key assumptions:
Cash \ufb02ow forecasts
Cash flow forecasts are based on internal management
information for a period of up to five years, after which a long-
term growth rate appropriate for the business is applied.
The initial five years' cash flows are consistent with approved
plans for each business prepared under the Group's ICAAP.
Underpinning the ICAAP, the Group prepares detailed financial
projections prepared using consensus macroeconomic
forecasts together with Group-specific assumptions.
Growth rates
Growth rates beyond five years are determined by reference to
local economic growth, inflation projections or long term bond
yields. The assumed long term growth rate for Davy is 2%
(2024: 2%).
Discount rate
The discount rates applied to Davy is the post-tax weighted
average cost of capital for the Group, increased to include a
risk premium to reflect the specific risk profile of the CGU, to
the extent that such risk is not already reflected in the forecast
cash flows. A rate of 10.15% (2024: 10.71%) for Davy was
applied.
Certain elements within these cash flow forecasts are critical to
the performance of the business. The impact of changes in
these cash flows, growth rate and discount rate assumptions
has been assessed by the Directors in the review.
The Directors consider that reasonably possible changes in key
assumptions used to determine the recoverable amount of
Davy and Marshall Leasing would not result in an impairment
of goodwill.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-854": { "value": "
29\u00a0 \u00a0 Intangible assets and goodwill
2025
2024
Goodwill
\u20acm
Computer
software
externally
purchased
\u20acm
Computer
software
internally
generated
\u20acm
Other
externally
purchased
intangible
assets
\u20acm
Total
\u20acm
Goodwill
\u20acm
Computer
software
externally
purchased
\u20acm
Computer
software
internally
generated
\u20acm
Other
externally
purchased
intangible
assets
\u20acm
Total
\u20acm
Cost
At 1 January
310
41
2,267
217
2,835
309
77
3,024
212
3,622
Additions
\u2013
12
298
\u2013
310
\u2013
18
364
(2)
380
Retirements
\u2013
(13)
(76)
\u2013
(89)
\u2013
(54)
(1,136)
\u2013
(1,190)
Exchange
adjustments
\u2013
\u2013
(9)
(7)
(16)
1
\u2013
15
7
23
At 31 December
310
40
2,480
210
3,040
310
41
2,267
217
2,835
Amortisation and
impairment
At 1 January
(9)
(22)
(1,128)
(176)
(1,335)
(9)
(74)
(1,971)
(160)
(2,214)
Retirements
\u2013
13
76
\u2013
89
\u2013
54
1,136
\u2013
1,190
Impairment
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(100)
\u2013
(100)
Amortisation charge
(note 11 )
\u2013
(8)
(194)
(9)
(211)
\u2013
(2)
(182)
(9)
(193)
Exchange
adjustments
\u2013
\u2013
5
6
11
\u2013
\u2013
(11)
(7)
(18)
At 31 December
(9)
(17)
(1,241)
(179)
(1,446)
(9)
(22)
(1,128)
(176)
(1,335)
Net book value
301
23
1,239
31
1,594
301
19
1,139
41
1,500
Computer software internally generated
The category \u2018computer software internally generated\u2019
comprises assets with a carrying value of \u20ac1,239 million ( 2024 :
\u20ac1,139 million ). This includes amortising assets with a carrying
value of \u20ac898 million ( 2024 : \u20ac626 million) with amortisation
periods normally ranging from five to ten years, and reflects
investment in technical infrastructure, applications and
software licences primarily comprising of Payments and
Regulatory assets, with remaining amortisation periods
ranging up to 10 years. It also includes assets under
construction of \u20ac341 million (2024: \u20ac513 million ) on which
amortisation will commence once the assets are available for
use. 'Computer software internally generated' cos t of \u20ac76
million (2024: \u20ac1,136 million) and 'computer software
externally purchased' cost of \u20ac13 million (2024: \u20ac54 million)
assets that were fully amortised and obsolete were retired in
the period from the Fixed Asset Register.
Impairment review - computer software internally
generated
During 2025, the Group reviewed its internally generated
computer software for any indicators of impairment and
concluded that no impairment is required (2024: \u20ac100 million).
Other externally purchased intangible assets
The Group acquired the Davy business on 1 June 2022. As part
of the acquisition, the Group identified intangible assets valued
at \u20ac48 million relating to customer relationships and brand
value at the date of acquisition.
Impairment review \u2013 other externally purchased
intangible assets
During 2025, the Group reviewed other externally purchased
intangible assets for any indicators of impairment and
concluded that no impairment is required (2024 : \u20acnil).
Goodwill
At 31 December 2025, goodwill on the Group's balance sheet is
\u20ac301 million (2024: \u20ac301 million) and relates to the acquisitions
of Davy, Ireland\u2019s leading provider of wealth management and
capital markets services (\u20ac273\u00a0million), and Marshall Leasing, a
car commercial leasing and fleet management business in the
UK (\u20ac28\u00a0million).
Impairment Review - Goodwill
Goodwill is reviewed annually for impairment or more
frequently if events or circumstances indicate that impairment
may have occurred, by comparing the carrying value of
goodwill to its recoverable amount. An impairment charge
arises if the carrying value exceeds the recoverable amount.\u00a0
The recoverable amount of an asset is the higher of its fair
value less costs to sell and its VIU, where the VIU is the present
value of the future cash flows expected to be derived from the
asset. Impairment reviews of Davy and Marshall Leasing were
carried out during 2025 and 2024, and no impairment of
goodwill was required.
Impairment testing of goodwill
Goodwill is allocated to CGU at a level which represents the
smallest identifiable group of assets that generate largely
independent cash flows.
29\u00a0 \u00a0 Intangible assets and goodwill (continued)
The calculation of the recoverable amount of goodwill for each
of these CGU is based upon a VIU calculation that discounts
expected pre-tax cash flows at an interest rate appropriate to
the CGU. The determination of both requires the exercise of
judgement.
The estimation of pre-tax cash flows is sensitive to the periods
for which forecasted cash flows are available and to
assumptions underpinning the sustainability of those cash
flows. While forecasts are compared with actual performance
and external economic data, expected cash flows reflect
management\u2019s view of future performance.
The values assigned to key assumptions reflect past
experience, performance of the business to date and
management judgement. The recoverable amount calculations
performed for the significant amounts of goodwill are sensitive
to changes in the following key assumptions:
Cash \ufb02ow forecasts
Cash flow forecasts are based on internal management
information for a period of up to five years, after which a long-
term growth rate appropriate for the business is applied.
The initial five years' cash flows are consistent with approved
plans for each business prepared under the Group's ICAAP.
Underpinning the ICAAP, the Group prepares detailed financial
projections prepared using consensus macroeconomic
forecasts together with Group-specific assumptions.
Growth rates
Growth rates beyond five years are determined by reference to
local economic growth, inflation projections or long term bond
yields. The assumed long term growth rate for Davy is 2%
(2024: 2%).
Discount rate
The discount rates applied to Davy is the post-tax weighted
average cost of capital for the Group, increased to include a
risk premium to reflect the specific risk profile of the CGU, to
the extent that such risk is not already reflected in the forecast
cash flows. A rate of 10.15% (2024: 10.71%) for Davy was
applied.
Certain elements within these cash flow forecasts are critical to
the performance of the business. The impact of changes in
these cash flows, growth rate and discount rate assumptions
has been assessed by the Directors in the review.
The Directors consider that reasonably possible changes in key
assumptions used to determine the recoverable amount of
Davy and Marshall Leasing would not result in an impairment
of goodwill.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-857": { "value": "
30\u00a0 \u00a0 Investment properties
At 31 December 2025 , the Group held investment property of
\u20ac833 million (2024 : \u20ac771 million) on behalf of Wealth and
Insurance policyholders. Assets underlying insurance contracts
with direct participation features, measured applying the VFA,
are \u20ac 481 million ( 2024 : \u20ac 452 million ).
Investment properties are carried at fair value as determined by
external qualified Property Surveyors (the \u2018Surveyors\u2019) appropriate
to the properties held. The Surveyors arrive at their opinion of fair
value by using their professional judgement in applying
comparable current trends in the property market such as rental
yields in the retail, office and industrial property sectors, to both
the existing rental income stream and also to the future estimated
recovery value. Other inputs taken into consideration include
occupancy forecasts, rent free periods that may need to be
granted to new incoming tenants, capital expenditure and fees. As
these inputs are unobservable, the valuation is deemed to be
based on level 3 inputs. A ll properties are valued based on highest
and best use.
In 2025, rental income from investment property amounted to
\u20ac49 million (2024: \u20ac50 million). Expenses directly attributable
to investment properties generating rental income were \u20ac14
million (2024: \u20ac17 million).
2025
\u20acm
2024
\u20acm
Balance at 1 January
771
793
Additions
84
24
Exchange adjustment
(12)
7
Disposals
(9)
(13)
Reclassification
(1)
\u2013
Revaluation
\u2013
(40)
Balance at 31 December
833
771
of which:
Assets underlying insurance contracts with
direct participation features
481
452
", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-858": { "value": "
31\u00a0 \u00a0 Property, plant and equipment
Freehold land &
buildings & long
leaseholds (FV)
Adaptations
(at cost)
Computer, motor
vehicles & other
equipment (at cost)
Payments on
accounts &
assets in the
course of
construction
(at cost)
\u20acm
Right of Use
assets, excluding
investment property
2025
of which;\u00a0
own-use
\u20acm
of which;
subject to
operating
lease
\u20acm
of which;
own-use
\u20acm
of which;
subject to
operating
lease
\u20acm
of which;\u00a0
own-use
\u20acm
of which;
subject to
operating
lease
\u20acm
Total
owned
assets
\u20acm
Buildings
\u20acm
Computer
& other
equipment
\u20acm
Total
right of
use
assets
\u20acm
Total
property
plant and
equipment
\u20acm
Cost or valuation at 1 January 2025
115
19
170
8
225
314
16
867
528
63
591
1,458
Additions
\u2013
\u2013
1
\u2013
5
121
33
160
4
1
5
165
Disposals / write-o\ufb00s
\u2013
\u2013
(1)
\u2013
(8)
(73)
\u2013
(82)
(6)
\u2013
(6)
(88)
Revaluation recognised in OCI
3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
3
\u2013
\u2013
\u2013
3
Reclassi\ufb01cations
2
(3)
9
1
13
\u2013
(22)
\u2013
\u2013
\u2013
\u2013
\u2013
Adjustment of lease liability
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
4
\u2013
4
4
Exchange adjustments
(1)
(1)
(1)
\u2013
(2)
(17)
\u2013
(22)
(3)
(1)
(4)
(26)
Balance at 31 December 2025
119
15
178
9
233
345
27
926
527
63
590
1,516
Accumulated depreciation
at 1 January 2025
\u2013
\u2013
(113)
(3)
(189)
(59)
\u2013
(364)
(233)
(50)
(283)
(647)
Charge for the year (notes 8 ,11 ,19 )
\u2013
\u2013
(9)
\u2013
(10)
(52)
\u2013
(71)
(33)
(10)
(43)
(114)
Impairment (note 11 )
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Disposals / write-o\ufb00s
\u2013
\u2013
1
\u2013
6
39
\u2013
46
6
\u2013
6
52
Reclassifications
\u2013
\u2013
1
(1)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exchange adjustments
\u2013
\u2013
1
\u2013
2
3
\u2013
6
1
1
2
8
Balance at 31 December 2025
\u2013
\u2013
(119)
(4)
(191)
(69)
\u2013
(383)
(259)
(59)
(318)
(701)
Net book value at 31 December 2025
119
15
59
5
42
276
27
543
268
4
272
815
At 31 December 2025 , property, plant and equipment held at fair value was \u20ac134 million ( 2024 : \u20ac134 million ), the historical cost of which was \u20ac71\u00a0million ( 2024 : \u20ac73\u00a0million ).
31\u00a0 \u00a0 Property, plant and equipment (continued)
Freehold land &
buildings & long
leaseholds (FV)
Adaptations
(at cost)
Computer, motor
vehicles & other
equipment (at cost)
Payments on
accounts &
assets in the
course of
construction
(at cost)
\u20acm
Right of Use
assets, excluding
investment property
2024
of which;
own-use
\u20acm
of which;
subject to
operating
lease
\u20acm
of which;
own-use
\u20acm
of which;
subject to
operating
lease
\u20acm
of which;
own-use
\u20acm
of which;
subject to
operating
lease
\u20acm
Total
owned
assets
\u20acm
Buildings
\u20acm
Computer
& other
equipment
\u20acm
Total
right of
use
assets
\u20acm
Total
property
plant and
equipment
\u20acm
Cost or valuation at 1 January 2024
120
14
170
10
230
249
7
800
540
61
601
1,401
Additions
\u2013
\u2013
4
\u2013
5
114
17
140
4
1
5
145
Disposals / write-o\ufb00s
\u2013
\u2013
(11)
(2)
(14)
(63)
\u2013
(90)
(21)
\u2013
(21)
(111)
Revaluation recognised in OCI
(1)
(1)
\u2013
\u2013
\u2013
\u2013
\u2013
(2)
\u2013
\u2013
\u2013
(2)
Reclassi\ufb01cations
(5)
5
6
\u2013
2
\u2013
(8)
\u2013
\u2013
\u2013
\u2013
\u2013
Adjustment of lease liability
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
3
\u2013
3
3
Exchange adjustments
1
1
1
\u2013
2
14
\u2013
19
2
1
3
22
Balance at 31 December 2024
115
19
170
8
225
314
16
867
528
63
591
1,458
Accumulated depreciation
at 1 January 2024
\u2013
\u2013
(114)
(5)
(188)
(42)
\u2013
(349)
(214)
(38)
(252)
(601)
Charge for the year (notes 8 ,11 ,19 )
\u2013
\u2013
(10)
\u2013
(12)
(51)
\u2013
(73)
(33)
(12)
(45)
(118)
Impairment (note 11)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(2)
\u2013
(2)
(2)
Disposals / write-o\ufb00s
\u2013
\u2013
11
2
14
36
\u2013
63
17
\u2013
17
80
Reclassifications
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Exchange adjustments
\u2013
\u2013
\u2013
\u2013
(3)
(2)
\u2013
(5)
(1)
\u2013
(1)
(6)
Balance at 31 December 2024
\u2013
\u2013
(113)
(3)
(189)
(59)
\u2013
(364)
(233)
(50)
(283)
(647)
Net book value at 31 December 2024
115
19
57
5
36
255
16
503
295
13
308
811
31\u00a0 \u00a0 Property, plant and equipment (continued)
Future capital expenditure
This table shows future capital expenditure in relation to both
property, plant and equipment and intangible assets.
Future capital expenditure
2025
\u20acm
2024
\u20acm
Contracted but not provided for in the
\ufb01nancial statements
60
87
Authorised by the Directors but not
contracted
23
28
Total future capital expenditure
83
115
Group as lessor
Computer, motor vehicles and other equipment subject to an
operating lease relates to the business activities of Marshall
Leasing. The Marshall Leasing business enters into operating
leases, as lessor, through its car and commercial leasing
activities. The terms of the leases vary but the majority of the
leases typically run for a non-cancellable period of two to four
years through which the Group is exposed to residual value
risk on the vehicles leased.
The Group ensures that residual value risk is effectively
managed to minimise exposure. The residual values used
mirror those utilised in the creation of the original client
contract.
Residual values for the Marshall Leasing fleet of vehicles are
benchmarked against industry standards using third party
valuation tools. The residual values for the entire portfolio are
reassessed using an independent vehicle valuation estimate
on a regular basis throughout the life of the underlying
contracts to determine if impairment is required. The process
of realising asset values at the end of lease contracts is
effectively managed to maximise net sale proceeds. The Group
received operating lease income of \u20ac71 million in 2025 relating
to the Marshall Leasing business (2024: \u20ac64 million) (note 8).
The Group has also entered into a small number of operating
leases and operating sub-leases as lessor which represent
properties and components of properties surplus to the
Group\u2019s own requirements. The Group received no associated
operating lease income in 2025 (2024: \u20acnil).
The table below sets out the future undiscounted operating
lease payments receivable.
Operating lease receivables
2025
\u20acm
2024
\u20acm
Not later than 1 year
72
55
1 to 2 years
53
47
2 to 3 years
36
18
3 to 4 years
16
10
4 to 5 year
2
4
Later than 5 years
2
3
Total operating lease receivables
181
137
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-859": { "value": "
32\u00a0 \u00a0 Deferred tax
As illustrated in the following table, the DT A of \u20ac390 million
(2024: \u20ac546 million) includes an amount of \u20ac466 million (2024 :
\u20ac624 million) in respect of operating losses which are available
to shelter future profits from tax, of which \u20ac411 million relates
to Irish tax losses carried forward by t he Governor and
Company of the Bank of Ireland (the 'Bank'), \u20ac44 million relates
to UK tax losses carried forward by Bank of Ireland (UK) plc, \u20ac8
million relates to UK tax losses carried forward by N.I.I.B.
Group Limited and \u20ac3 million relates to US tax losses carried
forward by the US branch of the Bank.
The recognition of a DTA in respect of tax losses carried
forward requires the Directors to be satisfied that it is
probable that the Group will have sufficient future taxable
profits against which the losses can be utilised.
In considering the available evidence to support recognition of
the DTA, the Group takes into consideration the impact of both
positive and negative evidence including historical financial
performance, projections of future taxable income, geopolitical
uncertainty and the impact of tax legislation.
Based on the Group's proven earnings history, its strong
position within the Irish financial services market and its
strategic priorities to deliver sustained future Irish profits, the
Directors believe that the Group will continue to be profitable
but acknowledge the external challenges facing the banking
industry, in particular, the traditional, full service banks and the
inherent uncertainties of financial projections.
The Group's assessment of deferred tax recoverability is based
on its financial projections covering its five year initial planning
period, with an annual 2% growth rate thereafter and, based
on these projections, the DTA in respect of Irish tax losses is
estimated to be recovered in full by the end of 2028 (31
December 2024: 2028). The use of reasonably possible
alternative assumptions within those projections would not
impact the carrying value of the DTA.
UK legislation restricts the proportion of a bank\u2019s annual
taxable profit that can be offset by carried forward losses to
25%. This restriction lengthens the period over which the
Group could use its UK trading losses and has been considered
in the context of the measurement and recognition of the
deferred tax assets at 31 December 2025.
Notwithstanding the absence of any expiry date for trading
losses in the UK, the Group continues to conclude that, for the
purpose of valuing its DTA, its brought forward trading losses
within the Bank\u2019s UK branch (the \u2018UK branch\u2019) will be limited by
reference to a ten year period of projected UK branch profits
at the prevailing UK tax rates.
32\u00a0 \u00a0 Deferred tax (continued)
This ten year timescale is the period over which the Group
believes it can conclude that it is probable that future taxable
profits will be available in the UK branch. On this basis, no DTA
is currently recognised for losses in the Bank\u2019s UK branch (31
December 2024: \u20acnil).
However, any remaining unutilised carried forward trading
losses of the UK branch have been recognised for DTA
purposes at the Irish tax rate, on the basis that it is expected
that these will be utilised against future Bank profits in Ireland
as permitted by current tax legislation.
Based on the Group's financial projections, the Directors
believe that BoI (UK) plc will continue to be profitable for the
foreseeable future and the DTA in respect of tax losses is
estimated to be recoverable in full by the end of 2029 (2024:
2029). If the projections were decreased by two percentage
points or increased by one percentage point, the Group
estimates that those projections would not impact the carrying
value of the DTA.
There is a risk that the final taxation outcome could be
different to the amounts currently recorded. If future profits or
subsequent forecasts differ from current forecasts, a further
adjustment may be required to the DTA.
DTAs at 31 December 2025 of \u20ac0.2 billion (2024: \u20ac0.4 billion)
are expected to be recovered after more than one year.
Deferred tax liabilities have not been recognised for tax that
may be payable if distributable reserves of certain overseas
subsidiaries and joint ventures were remitted to Ireland as the
timing of the reversal of the temporary difference can be
controlled and it is probable that the temporary difference will
not reverse in the foreseeable future. Distributable reserves
for overseas subsidiaries and joint ventures totalled \u20ac1.5
billion at 31 December 2025 (2024: \u20ac1.6 billion).
The Group has not recognised a DTA of \u20ac155 million (2024:
\u20ac170 million) in respect of unused tax losses of which \u20ac45
million (2024: \u20ac51 million) relates to US tax losses which are
subject to a 20 year life and are scheduled to expire unused in
the period 2028 - 2029 due to an annual limitation of use. The
balance relates to UK tax losses which have no expiry date but
are currently not projected to be recovered within 10 years.
Pillar 2 model rules
The Group currently estimates that there could be a future
top-up tax payable in Ireland on an element of Irish profits but,
the impact on the current tax charge in the current period is
\u20acnil.\u00a0 This is because the Pillar Two effective tax rate in Ireland,
and in each of the jurisdictions in which the Group operates, is
above 15% or transitional exemptions apply. The UK
jurisdiction has a current year loss, due to the customer
redress charges,\u00a0 and thus no Pillar 2 considerations arise.
The Group applies the mandatory exception to recognising
and disclosing information about deferred tax assets and
liabilities related to Pillar 2 income taxes, as provided in the
amendments to IAS 12 issued in May 2023.
2025
Other
movements
including
foreign
exchange
\u20acm
Balance at 31 December
Net balance
at 1 January
\u20acm
Recognised in
pro\ufb01t or loss
\u20acm
Recognised
in OCI
\u20acm
Net
\u20acm
Deferred
tax assets
\u20acm
Deferred
tax
liabilities
\u20acm
Unutilised tax losses
624
(155)
\u2013
(3)
466
466
\u2013
Lease liabilities
43
5
\u2013
\u2013
48
48
\u2013
Cash flow hedge reserve
11
\u2013
(3)
(3)
5
5
\u2013
Impact of adopting IFRS 9
6
(2)
\u2013
\u2013
4
4
\u2013
Debt instruments at FVOCI
3
\u2013
(2)
\u2013
1
1
\u2013
Other temporary di\ufb00erences - assets
56
2
\u2013
(1)
57
57
\u2013
Pensions and other post retirement
benefits
(150)
(1)
20
\u2013
(131)
\u2013
(131)
Assets used in the business (including
right of use assets)
(14)
(13)
\u2013
\u2013
(27)
\u2013
(27)
Wealth and Insurance - different basis
of accounting
(29)
4
\u2013
\u2013
(25)
\u2013
(25)
Property revaluation surplus
(13)
\u2013
(1)
\u2013
(14)
\u2013
(14)
Liability credit reserve
(6)
\u2013
1
\u2013
(5)
\u2013
(5)
Other temporary di\ufb00erences - liabilities
(43)
9
\u2013
2
(32)
\u2013
(32)
Tax assets / (liabilities) before set-o\ufb00
488
(151)
15
(5)
347
581
(234)
Set-o\ufb00 of tax
\u2013
(191)
191
Net tax assets / (liabilities)
347
390
(43)
32\u00a0 \u00a0 Deferred tax (continued)
2024
Net balance
at 1 January
\u20acm
Recognised in
pro\ufb01t or loss
\u20acm
Recognised
in OCI
\u20acm
Other
movements
including
foreign
exchange
\u20acm
Balance at 31 December
Net
\u20acm
Deferred
tax assets
\u20acm
Deferred
tax
liabilities
\u20acm
Unutilised tax losses
845
(221)
\u2013
\u2013
624
624
\u2013
Lease liabilities
49
(6)
\u2013
\u2013
43
43
\u2013
Cash \ufb02ow hedge reserve
11
\u2013
(2)
2
11
11
\u2013
Impact of adopting IFRS 9
8
(2)
\u2013
\u2013
6
6
\u2013
Debt instruments at FVOCI
3
\u2013
\u2013
\u2013
3
3
\u2013
Other temporary differences - assets
52
(2)
\u2013
6
56
56
\u2013
Pensions and other post retirement
bene\ufb01ts
(103)
(4)
(43)
\u2013
(150)
\u2013
(150)
Assets used in the business (including
right of use assets)
(25)
11
\u2013
\u2013
(14)
(14)
Wealth and Insurance - different basis
of accounting
(20)
(9)
\u2013
\u2013
(29)
\u2013
(29)
Property revaluation surplus
(13)
\u2013
\u2013
\u2013
(13)
\u2013
(13)
Liability credit reserve
(6)
\u2013
\u2013
\u2013
(6)
\u2013
(6)
Other temporary di\ufb00erences - liabilities
(54)
11
\u2013
\u2013
(43)
\u2013
(43)
Tax assets / (liabilities) before set-o\ufb00
747
(222)
(45)
8
488
743
(255)
Set-o\ufb00 of tax
\u2013
(197)
197
Net tax assets / (liabilities)
488
546
(58)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-860": { "value": "
33\u00a0 \u00a0 Other assets
2025
\u20acm
2024
\u20acm
Sundry and other debtors 1,2
825
697
Interest receivable
402
264
Accounts receivable and prepayments
145
122
Trade receivables
34
32
Contract assets
12
12
Other assets
1,418
1,127
Other assets are analysed as follows:
Within 1 year
1,195
905
After 1 year
223
222
1,418
1,127
1\u00a0 At 31 December 2025, an Escrow Account balance of \u20ac138 million ( 2024 : \u20ac107 million ) arising from an agreement between the Group and the Trustees of the Bank of Ireland Staff Pensions
Fund (BSPF) pension scheme is included within sundry and other debtors. See note 42 retirement benefit obligations for further details.
2\u00a0 At 31 December 2025, sundry and other debtors includes a reimbursement asset of \u20ac108 million (2024: \u20ac10 million) arising from financial guarantee contracts relating to corporate and
residential mortgage portfolios.
Interest receivable is subject to impairment under IFRS 9; the impairment loss allowance on interest receivable is presented in the
balance sheet along with the financial asset to which it relates.", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-861": { "value": "
34\u00a0 \u00a0 Deposits from banks
At 31 December 2025 , the Group held Monetary Authority
secured funding of \u20ac0.6 billion ( 2024 : \u20ac1.1 billion ) under the
TFSME from the BoE and Indexed Long-Term Repo (ILTR)
facility. Drawings under the TFSME are projected to be repaid
during 2026 and 2030 with the final residual amount due to be
repaid in October 2030 under the Second Phase of TFSME
extension. The ILTR facility is due to be repaid in 2026.
At 31 December 2025, the Group's Monetary Authority secured
funding is secured by loans and advances to customers.
Deposits from banks include cash collateral of \u20ac0.5 billion
(2024: \u20ac0.3 billion ) received from derivative counterparties in
relation to net derivative asset positions (note 20).
2025
\u20acm
2024
\u20acm
Deposits from banks
821
597
Monetary Authority secured funding
550
1,122
Securities sold under agreement to
repurchase - private market repos
\u2013
86
Deposits from banks
1,371
1,805
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-862": { "value": "
35\u00a0 \u00a0 Customer accounts
The carrying amount of the customer accounts designated at
FVTPL at 31 December 2025 was \u20ac52 million , \u20ac2 million lower
than the contractual amount due at maturity of \u20ac54 million
( 2024: the carrying amount was \u20ac114 million , \u20ac4 million lower
than the contractual amount due at maturity of \u20ac118 million).
This is set out in note 54.
At 31 December 2025, the Group\u2019s largest 20 customer
deposits amounted to 3% (2024: 3%) of customer accounts.
Deposit accounts where a period of notice is required to make
a withdrawal are classified within term deposits and other
products. Information on the contractual maturities of
customer accounts is on page 267 in the Risk Management
Report.
At 31 December 2025, customer accounts include client
deposits of \u20ac1,445 million whereby Davy acts as a financial
intermediary (2024: \u20ac1,397 million). Further details on client
property are disclosed in note 50.
Term deposits and other products include a number of term
accounts that contain easy access features. These allow the
customer to access a portion or all of their deposit
notwithstanding that this repayment could result in financial
penalty being paid by the customer. For such accounts, the
portion subject to the potential early access has been classified
in the \u2018demand\u2019 category in note 53 liquidity risk and profile.
Under the European Communities DGS, eligible deposits of up
to \u20ac100,000 per depositor per credit institution are covered.
Eligible deposits includes credit balances in current accounts,
demand deposit accounts and term deposit accounts. The
scheme is administered by the CBI and is funded by the credit
institutions covered by the scheme.
Bail-in is a key resolution tool provided for in the BRRD. The
bail-in tool enables a resolution authority to write down the
value of certain liabilities or convert them into equity, to the
extent necessary to absorb losses and recapitalise an
institution. DGS eligible covered deposits (up to \u20ac100,000) are
outside the scope of the bail-in tool, thereby enjoying an
exempted status.
2025
\u20acm
2024
\u20acm
Current accounts
62,265
59,590
Demand deposits
30,435
29,538
Term deposits and other products
14,735
13,827
Customer accounts at amortised
cost
107,435
102,955
Term deposits at FVTPL
52
114
Total customer accounts
107,487
103,069
Amounts include:
Due to associates and joint ventures
41
76
Movement in own credit risk on deposits
at FVTPL
2025
\u20acm
2024
\u20acm
Balance at beginning of the year
2
2
Recognised in other comprehensive income
(1)
\u2013
Balance at end of the year
1
2
When applying the bail-in tool, the resolution authority would
be required to respect a hierarchy of claims, where
shareholders must bear first losses, followed by creditors in
accordance with the applicable order of priority of their claims.
For example, non-preferred senior unsecured debt ranks
junior to, or has a lower priority than, certain other unsecured
creditor claims.
In addition to the deposits covered by these Regulations,
certain other Group deposits are covered by the deposit
protection schemes in other jurisdictions, chiefly the UK
Financial Services Compensation Scheme (FSCS) (in respect of
eligible deposits with BoI (UK) plc).
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-863": { "value": "
37\u00a0 \u00a0 Other liabilities
2025
\u20acm
2024
\u20acm
Notes in circulation
844
887
Sundry creditors
585
590
Accrued interest payable
453
427
Short position in trading securities
360
154
Operating expenses accrued
299
306
Accruals and deferred income
35
46
Other
258
350
Other liabilities
2,834
2,760
Other liabilities are analysed as follows:
Within 1 year
2,748
2,702
After 1 year
86
58
2,834
2,760
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-864": { "value": "
39\u00a0 \u00a0 Provisions SBM-3/S4-4
2025
2024
Restructuring
\u20acm
Onerous
Contracts
\u20acm
Legal and
other
\u20acm
Total
\u20acm
Restructuring
\u20acm
Onerous
Contracts
\u20acm
Legal and
other
\u20acm
Total
\u20acm
Balance at 1 January
20
8
207
235
23
\u2013
35
58
Charge to the income statement
65
\u2013
276
341
24
8
199
231
Utilised during the year
(41)
(2)
(32)
(75)
(23)
\u2013
(26)
(49)
Exchange adjustment
\u2013
\u2013
(9)
(9)
\u2013
\u2013
\u2013
\u2013
Unused amounts reversed
during the year
(1)
\u2013
(4)
(5)
(4)
\u2013
(1)
(5)
Other
\u2013
5
5
\u2013
\u2013
\u2013
\u2013
Balance at 31 December
43
6
443
492
20
8
207
235
The Group has recognised provisions in relation to
restructuring costs, onerous contracts, legal and other. Such
provisions are sensitive to a variety of factors, which vary
depending on their nature.
The estimation of the amounts of such provisions is
judgemental because the relevant payments are due in the
future and the quantity and probability of such payments is
uncertain.
The methodology and the assumptions used in the calculation
of provisions are reviewed regularly and, at a minimum, at
each reporting date.
UK motor finance business SBM-3/S4-4
As disclosed by the Group in previous periods, the UK motor
finance industry\u2019s historical use of commission arrangements
has been subject to regulatory review and legal challenge. The
FCA prohibited the use of Discretionary Commission
Arrangements from January 2021, which the Group\u2019s UK motor
finance business adhered to.
In January 2024, the UK FCA commenced a review of historical
motor finance commission arrangements across several firms
to assess whether there has been widespread misconduct
leading to consumer harm. In October 2024, the UK Court of
Appeal published its combined judgement in three cases
relating to other lenders. It held that motor dealers acting as
credit brokers owed certain duties to customers and were
required to disclose commission arrangements to a higher
standard than existing FCA rules had required. The lenders
involved in these cases appealed the decision to the UK
Supreme Court, which held a hearing in April 2025.
On 1 August 2025, the Supreme Court held that motor dealers
do not owe customers either a fiduciary or disinterested duty
in relation to their role as a credit broker arranging finance.
Therefore, the receipt of commission did not automatically
amount to a breach of either duty. The Supreme Court also
held that the relationship between one of the borrowers and
one of the lenders was unfair within the meaning of section
140A of the UK Consumer Credit Act.
Following the Supreme Court judgement, the FCA announced
on 5 October 2025, a consultation on an industry-wide scheme
to compensate motor finance customers who were treated
unfairly between 2007 and 2024. The FCA stated that a
compensation scheme is the best way to ensure customers
who have lost out receive fair compensation in an orderly,
consistent, quick and efficient way, while ensuring a well-
functioning and competitive motor finance market.
The Group has responded to the consultation and continues to
engage constructively with the FCA regarding the proposed
elements of the scheme. The FCA has stated that if they decide
to introduce a redress scheme, they expect to publish the
policy statement and final rules in early 2026, with eligible
consumers starting to receive compensation before the end of
2026.
In line with the requirements of IAS 37, the Group's provision has
increased to \u20ac419 million (2024: \u20ac172 million) at 31 December
2025, with an income statement charge of \u20ac264 million
recognised, offset by administration costs and foreign exchange
movements of \u20ac17 million. The cumulative charge incurred by 31
December 2025 is \u20ac429 million. The increase is due to
consideration of an expected higher number of eligible cases, the
construct of the proposed redress methodology and the customer
engagement approach.
The provision represents the Group\u2019s best estimate of the
redress and compensation that may be payable to impacted
customers, along with programme costs that may be incurred
by the Group in connection with the FCA consumer redress
scheme. It includes, inter alia, estimates for the potentially
impacted customer population, redress amounts, opt-in rates
and operational costs.
In establishing the provision estimate, the Group has modelled
the requirements of the scheme as presented in the FCA
consultation, including the population of customers impacted
and the redress amounts. The Group continues to utilise a
probability-weighted approach across a range of scenarios,
including one in which the FCA amends the scheme following
the consultation. The key areas of estimation uncertainty are
the percentage of eligible customers who opt-in to the scheme
and consideration of amendments to the proposed FCA
redress scheme.
An average opt-in rate of 78%, based on the participation rates
in certain previous UK redress schemes and the FCA's
published estimate of eligible customers who will take part in
the scheme has been applied. This is a critical accounting
estimate that could materially change the ultimate financial
impact. The Group estimates that a +/- 1% movement in the
opt-in rate assumed in the scenarios, holdings all other
assumptions constant, would increase / decrease the provision
by +/- \u20ac5.2 million.
Given the significant uncertainties described above, it is
possible that the opt-in rate could change by more than the
sensitivity disclosed and the ultimate financial impact could
materially differ from the amount the Group has provided.
39\u00a0 \u00a0 Provisions (continued)
Restructuring provisions
At 31 December 2025, the restructuring provision amounted to
\u20ac43 million (2024: \u20ac20 million). This largely related to the
Simpler Business Programme and associated redundancy
costs of \u20ac34 million (2024: \u20ac10 million) and building exit costs
of \u20ac9 million (2024: \u20ac10 million) in line with the Group's
property strategy.
Expected utilisation
2025
2024
Restructuring
\u20acm
Onerous
Contracts
\u20acm
Legal and
other
\u20acm
Total
\u20acm
Restructuring
\u20acm
Onerous
Contracts
\u20acm
Legal and
other
\u20acm
Total
\u20acm
Less than 1 year
37
2
227
266
12
2
29
43
1 to 2 years
2
2
210
214
3
2
174
179
2 to 5 years
4
2
3
9
5
4
2
11
5 to 10 years
\u2013
\u2013
3
3
\u2013
\u2013
2
2
Total
43
6
443
492
20
8
207
235
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-867": { "value": "
40\u00a0 \u00a0 Contingent liabilities and commitments
2025
\u20acm
2024
\u20acm
Contingent liabilities and guarantees / letters of credit
Guarantees and irrevocable letters of credit
807
806
Acceptances and endorsements
1
2
Other contingent liabilities
251
245
1,059
1,053
Loan commitments
Documentary credits and short-term trade related transactions
11
12
Undrawn formal standby facilities, credit lines and other commitments to lend:
17,315
17,498
Revocable or irrevocable with original maturity of 1 year or less
10,808
9,914
Irrevocable with original maturity of over 1 year
6,507
7,584
17,326
17,510
Capital commitments
140
175
The table above gives the contract amounts of contingent
liabilities and commitments. The maximum exposure to credit
loss under contingent liabilities and commitments is the
contractual amount of the instrument in the event of non-
performance by the other party where all counter claims,
collateral or security prove worthless.
Loss allowance provisions of \u20ac92 million (2024: \u20ac80 million)
recognised on loan commitments and guarantees and
irrevocable letters of credit are shown in note 41.
Similar to other banks, the Group conducts business involving
acceptances, performance bonds and indemnities. The
majority of these facilities are offset by corresponding
obligations of third parties.
40\u00a0 \u00a0 Contingent liabilities and commitments (continued)
Guarantees and letter of credit are given as security to
support the performance of a customer to third parties. As the
Group will only be required to meet these obligations in the
event of the customer's default, the cash requirements of
these instruments are expected to be considerably below their
nominal amounts.
An acceptance is an undertaking by a bank to pay a bill of
exchange drawn on a customer. The Group expects most
acceptances to be presented, but reimbursement by the
customer is normally immediate. Endorsements are residual
liabilities of the Group in respect of bills of exchange, which
have been paid and subsequently rediscounted.
Other contingent liabilities
Other contingent liabilities primarily include performance
bonds and are generally short-term commitments to third
parties which are not directly dependent on the customers\u2019
credit worthiness. The Group is also party to legal, regulatory,
taxation and other actions arising out of its normal business
operations.
While it is possible that certain charges may be incurred in
relation to existing or future complaints and court claims, it is
not considered that a legal or constructive obligation has been
incurred in relation to these matters that would require a
provision to be recognised at this stage. Furthermore, given
the inherent uncertainties relating to the scope and timing of
any possible outflow, it is not currently practicable to estimate
the extent of any potential financial impact.
Loan commitments
In 2022, as part of the KBCI portfolio acquisition the Group
committed to support the growth of non-bank lenders in the
Irish mortgage market, making up to \u20ac1 billion in total funding
available to certain non-bank lenders through the purchase of
securities issued by them, to increase their funding capacity
and reduce their cost of funding. This commitment expired on
1 June 2025 (31 December 2025: \u20acnil) (2024: \u20ac415 million). On
expiry of this commitment, the Group had invested a total of
\u20ac584 million.
Documentary credits commit the Group to make payments to
third parties, on production of documents, which are usually
reimbursed immediately by customers.
Commitments to lend are agreements to lend to a customer in
the future, subject to certain conditions.
Included within total commitments is an amount of \u20ac114
million of undrawn loan commitments to the Group's joint
ventures (2024: \u20ac181 million).
Capital commitments
In the normal course of business, the Group sources
investment opportunities for private clients principally in
respect of private equity investments from leading
international private equity groups who require the Group to
enter into commitments in relation to meeting any future
capital calls as investments are made.
The total of such commitments at 31 December 2025 was \u20ac140
million (2024: \u20ac175 million). In turn, Davy obtain legally binding
commitments from private clients to meet their share of
potential future cash calls up to indicative levels as outlined in
the individual investment memoranda. The total of such cash
calls at 31 December 2025 was \u20ac33 million (2024: \u20ac44 million).
At 31 December 2025, there were no unpaid cash calls in
respect of third-party investment providers (2024: \u20acnil).
The amounts and timing of any future cash calls are uncertain
and are dependent on the investment activities and funding
requirements of the relevant third party private equity
providers. The Directors believe that, based on conditions in
existence at the balance sheet date, there is no potential
liability that would result in a loss for Davy arising from future
potential cash calls which may be made. When cash calls are
made, the normal risk management procedures in relation to
counterparty and settlement risk are applied.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-866": { "value": "
40\u00a0 \u00a0 Contingent liabilities and commitments
2025
\u20acm
2024
\u20acm
Contingent liabilities and guarantees / letters of credit
Guarantees and irrevocable letters of credit
807
806
Acceptances and endorsements
1
2
Other contingent liabilities
251
245
1,059
1,053
Loan commitments
Documentary credits and short-term trade related transactions
11
12
Undrawn formal standby facilities, credit lines and other commitments to lend:
17,315
17,498
Revocable or irrevocable with original maturity of 1 year or less
10,808
9,914
Irrevocable with original maturity of over 1 year
6,507
7,584
17,326
17,510
Capital commitments
140
175
The table above gives the contract amounts of contingent
liabilities and commitments. The maximum exposure to credit
loss under contingent liabilities and commitments is the
contractual amount of the instrument in the event of non-
performance by the other party where all counter claims,
collateral or security prove worthless.
Loss allowance provisions of \u20ac92 million (2024: \u20ac80 million)
recognised on loan commitments and guarantees and
irrevocable letters of credit are shown in note 41.
Similar to other banks, the Group conducts business involving
acceptances, performance bonds and indemnities. The
majority of these facilities are offset by corresponding
obligations of third parties.
40\u00a0 \u00a0 Contingent liabilities and commitments (continued)
Guarantees and letter of credit are given as security to
support the performance of a customer to third parties. As the
Group will only be required to meet these obligations in the
event of the customer's default, the cash requirements of
these instruments are expected to be considerably below their
nominal amounts.
An acceptance is an undertaking by a bank to pay a bill of
exchange drawn on a customer. The Group expects most
acceptances to be presented, but reimbursement by the
customer is normally immediate. Endorsements are residual
liabilities of the Group in respect of bills of exchange, which
have been paid and subsequently rediscounted.
Other contingent liabilities
Other contingent liabilities primarily include performance
bonds and are generally short-term commitments to third
parties which are not directly dependent on the customers\u2019
credit worthiness. The Group is also party to legal, regulatory,
taxation and other actions arising out of its normal business
operations.
While it is possible that certain charges may be incurred in
relation to existing or future complaints and court claims, it is
not considered that a legal or constructive obligation has been
incurred in relation to these matters that would require a
provision to be recognised at this stage. Furthermore, given
the inherent uncertainties relating to the scope and timing of
any possible outflow, it is not currently practicable to estimate
the extent of any potential financial impact.
Loan commitments
In 2022, as part of the KBCI portfolio acquisition the Group
committed to support the growth of non-bank lenders in the
Irish mortgage market, making up to \u20ac1 billion in total funding
available to certain non-bank lenders through the purchase of
securities issued by them, to increase their funding capacity
and reduce their cost of funding. This commitment expired on
1 June 2025 (31 December 2025: \u20acnil) (2024: \u20ac415 million). On
expiry of this commitment, the Group had invested a total of
\u20ac584 million.
Documentary credits commit the Group to make payments to
third parties, on production of documents, which are usually
reimbursed immediately by customers.
Commitments to lend are agreements to lend to a customer in
the future, subject to certain conditions.
Included within total commitments is an amount of \u20ac114
million of undrawn loan commitments to the Group's joint
ventures (2024: \u20ac181 million).
Capital commitments
In the normal course of business, the Group sources
investment opportunities for private clients principally in
respect of private equity investments from leading
international private equity groups who require the Group to
enter into commitments in relation to meeting any future
capital calls as investments are made.
The total of such commitments at 31 December 2025 was \u20ac140
million (2024: \u20ac175 million). In turn, Davy obtain legally binding
commitments from private clients to meet their share of
potential future cash calls up to indicative levels as outlined in
the individual investment memoranda. The total of such cash
calls at 31 December 2025 was \u20ac33 million (2024: \u20ac44 million).
At 31 December 2025, there were no unpaid cash calls in
respect of third-party investment providers (2024: \u20acnil).
The amounts and timing of any future cash calls are uncertain
and are dependent on the investment activities and funding
requirements of the relevant third party private equity
providers. The Directors believe that, based on conditions in
existence at the balance sheet date, there is no potential
liability that would result in a loss for Davy arising from future
potential cash calls which may be made. When cash calls are
made, the normal risk management procedures in relation to
counterparty and settlement risk are applied.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-865": { "value": "
40\u00a0 \u00a0 Contingent liabilities and commitments
2025
\u20acm
2024
\u20acm
Contingent liabilities and guarantees / letters of credit
Guarantees and irrevocable letters of credit
807
806
Acceptances and endorsements
1
2
Other contingent liabilities
251
245
1,059
1,053
Loan commitments
Documentary credits and short-term trade related transactions
11
12
Undrawn formal standby facilities, credit lines and other commitments to lend:
17,315
17,498
Revocable or irrevocable with original maturity of 1 year or less
10,808
9,914
Irrevocable with original maturity of over 1 year
6,507
7,584
17,326
17,510
Capital commitments
140
175
The table above gives the contract amounts of contingent
liabilities and commitments. The maximum exposure to credit
loss under contingent liabilities and commitments is the
contractual amount of the instrument in the event of non-
performance by the other party where all counter claims,
collateral or security prove worthless.
Loss allowance provisions of \u20ac92 million (2024: \u20ac80 million)
recognised on loan commitments and guarantees and
irrevocable letters of credit are shown in note 41.
Similar to other banks, the Group conducts business involving
acceptances, performance bonds and indemnities. The
majority of these facilities are offset by corresponding
obligations of third parties.
40\u00a0 \u00a0 Contingent liabilities and commitments (continued)
Guarantees and letter of credit are given as security to
support the performance of a customer to third parties. As the
Group will only be required to meet these obligations in the
event of the customer's default, the cash requirements of
these instruments are expected to be considerably below their
nominal amounts.
An acceptance is an undertaking by a bank to pay a bill of
exchange drawn on a customer. The Group expects most
acceptances to be presented, but reimbursement by the
customer is normally immediate. Endorsements are residual
liabilities of the Group in respect of bills of exchange, which
have been paid and subsequently rediscounted.
Other contingent liabilities
Other contingent liabilities primarily include performance
bonds and are generally short-term commitments to third
parties which are not directly dependent on the customers\u2019
credit worthiness. The Group is also party to legal, regulatory,
taxation and other actions arising out of its normal business
operations.
While it is possible that certain charges may be incurred in
relation to existing or future complaints and court claims, it is
not considered that a legal or constructive obligation has been
incurred in relation to these matters that would require a
provision to be recognised at this stage. Furthermore, given
the inherent uncertainties relating to the scope and timing of
any possible outflow, it is not currently practicable to estimate
the extent of any potential financial impact.
Loan commitments
In 2022, as part of the KBCI portfolio acquisition the Group
committed to support the growth of non-bank lenders in the
Irish mortgage market, making up to \u20ac1 billion in total funding
available to certain non-bank lenders through the purchase of
securities issued by them, to increase their funding capacity
and reduce their cost of funding. This commitment expired on
1 June 2025 (31 December 2025: \u20acnil) (2024: \u20ac415 million). On
expiry of this commitment, the Group had invested a total of
\u20ac584 million.
Documentary credits commit the Group to make payments to
third parties, on production of documents, which are usually
reimbursed immediately by customers.
Commitments to lend are agreements to lend to a customer in
the future, subject to certain conditions.
Included within total commitments is an amount of \u20ac114
million of undrawn loan commitments to the Group's joint
ventures (2024: \u20ac181 million).
Capital commitments
In the normal course of business, the Group sources
investment opportunities for private clients principally in
respect of private equity investments from leading
international private equity groups who require the Group to
enter into commitments in relation to meeting any future
capital calls as investments are made.
The total of such commitments at 31 December 2025 was \u20ac140
million (2024: \u20ac175 million). In turn, Davy obtain legally binding
commitments from private clients to meet their share of
potential future cash calls up to indicative levels as outlined in
the individual investment memoranda. The total of such cash
calls at 31 December 2025 was \u20ac33 million (2024: \u20ac44 million).
At 31 December 2025, there were no unpaid cash calls in
respect of third-party investment providers (2024: \u20acnil).
The amounts and timing of any future cash calls are uncertain
and are dependent on the investment activities and funding
requirements of the relevant third party private equity
providers. The Directors believe that, based on conditions in
existence at the balance sheet date, there is no potential
liability that would result in a loss for Davy arising from future
potential cash calls which may be made. When cash calls are
made, the normal risk management procedures in relation to
counterparty and settlement risk are applied.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-868": { "value": "
41\u00a0 \u00a0 Loss allowance provision on loan commitments and financial guarantees
The loss allowance on loan commitments are presented as a provision in the balance sheet (i.e. as a liability under IFRS 9) and
separate from the impairment loss allowance. To the extent a facility includes both a loan and an undrawn commitment, it is only the
impairment attributable to the undrawn commitment that is presented in this table. The impairment loss allowance attributable to
the loan is shown as part of the financial asset to which the loan commitment relates.
2025
2024
Amount
\u20acm
Loss
allowance
\u20acm
Amount
\u20acm
Loss
allowance
\u20acm
Loan commitments (note 40)
17,326
90
17,510
76
Guarantees and irrevocable letters of credit (note 40)
807
2
806
4
18,133
92
18,316
80
Loss allowance of which are:
Stage 1
35
36
Stage 2
55
39
Stage 3
2
5
92
80
The following tables summarise the asset quality of loan commitments and financial guarantees by IFRS 9 twelve month PD grade
which are not credit-impaired.
2025
Loan commitments
and
financial guarantees
- Contract amount
Loan commitments
Guarantees and irrevocable letters of credit
Stage 1
Stage 2
Total
Stage 1
Stage 2
Total
\u20acm
%
\u20acm
%
\u20acm
%
\u20acm
%
\u20acm
%
\u20acm
%
PD Grade
1-4
3,108
20%
244
13%
3,352
19%
235
32%
27
42%
262
33%
5-7
8,584
56%
735
40%
9,319
54%
468
64%
11
17%
479
60%
8-9
3,461
22%
604
32%
4,065
24%
31
4%
18
28%
49
6%
10-11
241
2%
280
15%
521
3%
\u2013
\u2013
8
13%
8
1%
Total
15,394
100%
1,863
100%
17,257
100%
734
100%
64
100%
798
100%
At 31 December 2025, the Group's credit-impaired loan commitments are \u20ac69 million (2024: \u20ac129 million) while credit-impaired
guarantees and irrevocable letters of credit are \u20ac9 million ( 2024: \u20ac11 million).
2024
Loan commitments
and
financial guarantees
- Contract amount
Loan commitments
Guarantees and irrevocable letters of credit
Stage 1
Stage 2
Total
Stage 1
Stage 2
Total
\u20acm
%
\u20acm
%
\u20acm
%
\u20acm
%
\u20acm
%
\u20acm
%
PD Grade
1-4
3,824
25%
197
12%
4,021
23%
247
34%
8
14%
255
32%
5-7
8,309
53%
859
52%
9,168
53%
464
63%
15
26%
479
60%
8-9
3,378
21%
344
21%
3,722
21%
26
3%
31
53%
57
7%
10-11
212
1%
258
15%
470
3%
\u2013
\u2013
4
7%
4
1%
Total
15,723
100%
1,658
100%
17,381
100%
737
100%
58
100%
795
100%
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-869": { "value": "
42\u00a0 \u00a0 Retirement benefit obligations
The Group sponsors a number of defined benefit and defined
contribution schemes in Ireland and overseas. The defined
benefit schemes are funded and the assets of the schemes are
held in separate trustee-administered funds. In determining
the level of contributions required to be made to each scheme
and the relevant charge to the income statement, the Group
has been advised by independent actuaries, which in the case
of the majority of the Group\u2019s schemes is Willis Towers
Watson.
The most significant defined benefit scheme in the Group is
the Bank of Ireland staff pensions fund (BSPF) which accounts
for c.73% of the total liabilities across all Group sponsored
defined benefit schemes at 31 December 2025. The BSPF and
all of the Group\u2019s other RoI and UK defined benefit schemes
were closed to new members during 2007 and a new hybrid
scheme (which included elements of defined benefit and
defined contribution) was introduced for new entrants to the
Group. The hybrid scheme was closed to new entrants in late
2014 and a new defined contribution scheme, RetireWell, was
introduced for new entrants to the Group from that date.
Retirement benefits under the BSPF and a majority of the
other defined benefit plans are calculated by reference to
pensionable service and pensionable salary at normal
retirement date.
Regulatory framework
The Group operates the defined benefit plans under broadly
similar regulatory frameworks. Benefits under the BSPF are
paid to members from a fund administered by Trustees, who
are responsible for ensuring compliance with the Pensions Act
1990 and other relevant legislation, including the EU directive
on the activities and supervision of Institutions for
Occupational Retirement Provision (the IORP II Directive).
These responsibilities include ensuring that contributions are
received, investing the scheme assets and making
arrangements to pay the benefits and developing appropriate
Risk Management and Internal Audit frameworks. Plan assets
are held in trusts and are governed by local regulations and
practice in each country.
In order to assess the level of contributions required, triennial
valuations are carried out with plan obligations generally
measured using prudent assumptions and discounted based
on the return expected from assets held in accordance with
the actual scheme investment policy.
The BSPF is also subject to an annual valuation under the Irish
Pensions Authority Minimum Funding Standard (MFS). The
MFS valuation is designed to assess whether a scheme has
sufficient funds to provide a minimum level of benefits in a
wind-up scenario. If the MFS valuation indicates a funding level
of below 100%, action would be required. This generally takes
the form of agreeing a \u2018Funding Proposal\u2019 with the Trustees
with the aim of meeting the MFS by a specified future point in
time.
The responsibilities of the Trustees, and the regulatory
framework, are broadly similar for the Group\u2019s other defined
benefit schemes and take account of pension regulations in
each specific jurisdiction. The Group works closely with the
Trustees of each scheme to manage the plans.
The nature of the relationship between the Group and the
Trustees is governed by local regulations and practice in each
country and by the respective legal documents underpinning
each plan.
Financial assumptions
The signi\ufb01cant \ufb01nancial assumptions used in measuring the
Group\u2019s de\ufb01ned bene\ufb01t pension obligations under IAS 19 are
set out in the following table.
Financial assumptions
2025
% p.a.
2024
% p.a.
Irish schemes
Discount rate
4.45%
3.80%
In\ufb02ation rate
2.00%
2.05%
Rate of general increase in salaries
2.50%
2.55%
Rate of increase in pensions in payment 1
1.19%
1.23%
Rate of increase to deferred pensions
1.95%
1.95%
UK schemes
Discount rate
5.65%
5.65%
Consumer Price In\ufb02ation
pre - 2030
1.90%
2.65%
post - 2030
2.90%
2.65%
Retail Price In\ufb02ation
2.90%
3.25%
Rate of general increase in salaries
3.40%
3.75%
Rate of increase in pensions in payment 1
1.96%
2.10%
Rate of increase to deferred pensions
pre - 2030
1.90%
2.65%
post - 2030
2.90%
2.65%
1\u00a0 Weighted average increase across all Group schemes in the relevant jurisdiction.
Actuarial valuation of the BSPF
The last formal valuation of the BSPF was carried out at 31
December 2024.
The triennial valuation fair value of the scheme assets
represented 101% of the benefits that had accrued to
members, after allowing for expected future increases in
earnings and pensions. As a result, no deficit contributions
were required following the valuation.
As part of the previous actuarial valuation at 31 December
2021, the Trustees agreed to enter into an Escrow Agreement
with the Group, whereby future service contributions for the
period 1 October 2022 to 30 September 2025 would be paid to
an Escrow Account. An interim contribution calculation took
place at 1 October 2024 to determine the future service
contribution for 2025. For the period 1 January 2025 to 30
September 2025, a future service employer contribution of \u20ac29
million was made to the Escrow Account (2024: \u20ac44 million).
For the period 1 October to 31 December 2025, the future
service employer contribution of \u20ac7 million was paid directly to
the BSPF scheme.
As part of the actuarial valuation at 31 December 2024, the
actuary recommended an annual fixed contribution of \u20ac38
million, to be paid monthly by the Group to the BSPF scheme
from 1 January 2026 onwards.
The Group contributions in respect of the period from 1
October 2022 to 30 September 2025 will be held in the Escrow
Account until certain conditions are met.
42\u00a0 \u00a0 Retirement benefit obligations (continued)
These conditions primarily relate to the strength of BSPF's
funding position. For example, if the BSPF funding position
weakens and falls below agreed levels, the monies in the
Escrow Account will be paid to BSPF over an agreed time
period. If the funding position strengthens above agreed
levels, payments will be made to the Group over an agreed
time period. Under the exceptional circumstances where BSPF
fails to satisfy its statutory funding requirements or if there is
significant risk to the Group\u2019s covenant, the monies in the
Escrow Account would be paid immediately to BSPF.
At 31 December 2025, the balance on the Escrow Account is
included within other assets. See note 33, Other assets for
further detail.
The next formal triennial valuation of the BSPF will be carried
out during 2028 based on the position at 31 December 2027.
The actuarial valuations are available for inspection by
members but are not available for public inspection.
Plan details
The table below sets out details of the membership of the
BSPF.
BSPF plan details at
last valuation date
(31 December 2024)
Number of
members
Proportion of
funding
liability
Active members
2,813
24%
Deferred members
6,998
24%
Pensioner members
6,452
52%
Total
16,263
100%
Financial and demographic assumptions
The assumptions used in calculating the accounting costs and
obligations of the Group\u2019s defined benefit pension plans, as
detailed below, are set by the Directors after consultation with
independent actuaries.
Discount rates are determined in consultation with the Group\u2019s
independent actuary, with reference to market yields at the
reporting date on high quality corporate bonds (AA rated or
equivalent) issued in the relevant currency, with a term
corresponding to the term of the benefit payments.
The assumption for RoI price inflation is set by reference to the
Eurozone Harmonised Index of Consumer Prices (HICP)
inflation swap curve, as the HICP inflation swap curve is
aligned to the duration of the Group\u2019s RoI plans liabilities.
The assumptions for UK price inflation are determined with
reference to the Group\u2019s independent actuary\u2019s standard cash
flow matching inflation assumption methodology, except for
UK Consumer Price Index (CPI) inflation, which is set by
reference to retail price index (RPI) inflation, with an
adjustment applied, as there are insufficient CPI-linked bonds
from which to derive an assumption.
The salary assumption takes into account inflation, promotion
and current employment markets relevant to the Group. Other
financial assumptions are reviewed in line with changing
market conditions to determine best estimate assumptions.
Demographic assumptions are reviewed periodically in line
with the actual experience of the Group\u2019s schemes.
Mortality assumptions
During 2024, the mortality assumptions adopted for Irish
pension arrangements were updated to reflect recent UK Self-
Administered Pension Schemes (SAPS) mortality tables and the
UK Continuous Mortality Investigation model for long term
improvements, which combined are considered a best fit for
the Group's expected future mortality experience. The impact
of this update was to reduce the Group\u2019s surplus by \u20ac106
million at 31 December 2024. No further changes were made
to the mortality assumptions during 2025.
Mortality assumptions
2025
years
2024
years
Longevity at age 70 for current pensioners
Males
18.5
18.5
Females
21.1
21.0
Longevity at age 60 for active
members currently aged 60 years
Males
27.8
27.7
Females
30.8
30.7
Longevity at age 60 for active members currently aged 40 years
Males
28.9
28.9
Females
31.9
31.8
42\u00a0 \u00a0 Retirement benefit obligations (continued)
Amounts recognised in \ufb01nancial statements
The table below outlines where the Group\u2019s defined benefit plans are recognised in the financial statements. The UK Pension Plans
include a portion of the BSPF which relates to UK\u2008members.
2025
\u00a0 2024
Irish
Pension
Plans
\u20acm
UK
Pension
Plans
\u20acm
Total
\u20acm
Irish
Pension
Plans
\u20acm
UK
Pension
Plans
\u20acm
Total
\u20acm
Income statement credit / (charge)
Other operating expenses
(14)
\u2013
(14)
(32)
1
(31)
Insurance service expenses
(2)
\u2013
(2)
(3)
\u2013
(3)
Cost of restructuring programme
1
1
2
\u2013
\u2013
\u2013
Statement of OCI
Impact of remeasurement
(124)
(25)
(149)
280
34
314
Balance sheet
717
151
868
826
168
994
This is shown on the balance sheet as:
Retirement bene\ufb01t asset
870
997
Retirement bene\ufb01t obligation
(2)
(3)
Total net asset
868
994
42\u00a0 \u00a0 Retirement benefit obligations (continued)
The movement in the net defined benefit obligation over the year in respect of the Group\u2019s defined benefit plans is as follows:
2025
2024
Present
value of
obligation
\u20acm
Fair value
of plan
assets
\u20acm
Surplus/
(de\ufb01cit) of
plans
\u20acm
Present
value of
obligation
\u20acm
Fair value
of plan
assets
\u20acm
Surplus/
(de\ufb01cit) of
plans
\u20acm
Balance at 1 January (pre asset ceiling adjustment)
(6,005)
7,031
1,026
(6,414)
7,096
682
Asset ceiling adjustment1
\u2013
(32)
(32)
\u2013
\u2013
\u2013
Balance at 1 January (post asset ceiling adjustment)
(6,005)
6,999
994
(6,414)
7,096
682
Income statement
(264)
250
(14)
(282)
248
(34)
Current service cost
(56)
\u2013
(56)
(64)
\u2013
(64)
Negative past service cost
2
\u2013
2
5
\u2013
5
Interest (expense) / income
(230)
270
40
(223)
248
25
Impact of settlements
20
(20)
\u2013
\u2013
\u2013
\u2013
Return on plan assets not included in income statement
\u2013
(697)
(697)
\u2013
(142)
(142)
Changes in demographic assumptions
(4)
\u2013
(4)
(106)
\u2013
(106)
Changes in \ufb01nancial assumptions
505
\u2013
505
599
\u2013
599
Experience gains / (losses)
3
\u2013
3
5
\u2013
5
Release of asset ceiling adjustment
\u2013
32
32
\u2013
\u2013
\u2013
Employer contributions
\u2013
37
37
\u2013
32
32
De\ufb01cit reducing
\u2013
1
1
\u2013
1
1
Other
\u2013
36
36
\u2013
31
31
Employee contributions
(7)
7
\u2013
(7)
7
\u2013
Bene\ufb01t payments
266
(266)
\u2013
255
(255)
\u2013
Changes in exchange rates
56
(44)
12
(55)
45
(10)
Balance at 31 December (pre asset ceiling adjustment)
(5,450)
6,318
868
(6,005)
7,031
1,026
Asset ceiling adjustment 1
\u2013
\u2013
\u2013
\u2013
(32)
(32)
Balance at 31 December (post asset ceiling adjustment)
(5,450)
6,318
868
(6,005)
6,999
994
The above amounts are recognised in the \ufb01nancial statements as
follows: (charge) / credit
Other operating expenses
(264)
250
(14)
(279)
248
(31)
Insurance service expenses
(2)
\u2013
(2)
(3)
\u2013
(3)
Cost of restructuring programme
2
\u2013
2
\u2013
\u2013
\u2013
Total amount recognised in income statement
(264)
250
(14)
(282)
248
(34)
Return on plan assets not included in income statement
\u2013
(697)
(697)
\u2013
(142)
(142)
Changes in demographic assumptions
(4)
\u2013
(4)
(106)
\u2013
(106)
Changes in \ufb01nancial assumptions
505
\u2013
505
599
\u2013
599
Experience gains / (losses)
3
\u2013
3
5
\u2013
5
Asset ceiling adjustment
\u2013
32
32
\u2013
(32)
(32)
Changes in exchange rates
56
(44)
12
(55)
45
(10)
Total remeasurements in OCI
560
(709)
(149)
443
(129)
314
Total negative past service cost comprises
Cost of restructuring programme
2
\u2013
2
\u2013
\u2013
\u2013
Other operating expenses
\u2013
\u2013
\u2013
5
\u2013
5
Total
2
\u2013
2
5
\u2013
5
1\u00a0 In recognising the net surplus on a pension plan, the funded status of each plan is adjusted to reflect any ceiling on the amount that the sponsor has an unconditional right to recover from
a plan. During 2025, a deed of variation and adherence was executed in respect of one of the Group\u2019s Irish plans, which gave the Group an unconditional right to the plan\u2019s surplus at 31
December 2025. Previously the surplus in respect of this plan was restricted with an asset ceiling adjustment in place at 31 December 2024.
42\u00a0 \u00a0 Retirement benefit obligations (continued)
The retirement benefit schemes\u2019 assets include one property
occupied by Group companies to the value of \u20ac26\u00a0million
(2024: \u20ac26\u00a0million).
Sensitivity of de\ufb01ned bene\ufb01t obligation to key
assumptions
This table sets out how the defined benefit obligation would
have been affected by changes in the significant actuarial
assumptions that were reasonably possible at the reporting
date.
While the defined benefit obligation sensitivity table shows the
estimated impact of an individual assumption change, a
change in one assumption could impact on other assumptions
due to the relationship between assumptions.
Some of the reasonably possible changes in defined benefit
obligation assumptions may have an impact on the value of
the schemes\u2019 investment holdings. For example, the plans hold
a proportion of their assets in corporate bonds. A fall in the
discount rate as a result of lower corporate bond yields would
be expected to lead to an increase in the value of these assets,
thus partly offsetting the increase in the defined benefit
obligation. The extent to which these sensitivities are managed
is discussed further below.
The table on the following page sets out the estimated
sensitivity of plan assets to changes in equity markets, interest
rates and inflation rates.
The sensitivity analysis is prepared by the independent
actuaries calculating the defined benefit obligation under the
alternative assumptions and the fair value of plan assets using
alternative asset prices.
Future cash \ufb02ows
The plans\u2019 liabilities represent a long-term obligation and most
of the payments due under the plans will occur several
decades into the future.
The duration or average term to payment for the benefits due,
weighted by liability, is c.16 years (2024: c.17 years) for the Irish
plans and c.14 years (2024: c.14 years) for the UK plans.
Expected employer contributions for 2026 are \u20ac64 million.
Expected employee contributions for 2026 are \u20ac7 million.
Risks and risk management
The Group\u2019s defined benefit pension plans have a number of
areas of risk.
The risks are considered from both a funding perspective,
which drives the cash commitments of the Group and from an
accounting perspective, i.e. the extent to which such risks
affect the amounts recorded in the Group\u2019s financial
statements.
Changes in bond yields, interest rate and inflation risks, along
with equity risk, are the defined benefit schemes\u2019 largest risks.
From an accounting liability perspective, the schemes are also
exposed to movements in corporate bond spreads. As part of
its risk management, the largest Group sponsored pension
scheme, the BSPF, has invested 47% of its assets in a Liability
Driven Investment (LDI) approach to help manage its interest
rate and inflation risk, in addition to a further 14% in a
complementary cash flow matching portfolio of high quality
bonds.
Asset breakdown
2025
\u20acm
Restated2
2024
\u20acm
Liability Driven Investment (unquoted)1
3,349
3,895
Property and infrastructure (unquoted)
717
752
Private equities (unquoted)
514
604
Cash and Other (quoted)
442
340
Equities (quoted)
330
360
Alternative Credit & Multi-Asset Credit
funds (unquoted)
278
203
Hedge funds (unquoted)
273
378
Reinsurance (unquoted)
198
269
Property and infrastructure (quoted)
126
121
Corporate bonds (quoted)
57
62
Government bonds (quoted)
34
47
Total fair value of assets
6,318
7,031
1\u00a0 Liability Driven Investment includes the Plans\u2019 cash flow matching portfolios.
2\u00a0 Comparatives figures have been restated to provide further granularity.
Impact on de\ufb01ned bene\ufb01t
obligations
Increase /
(decrease)
2025
\u20acm
Increase /
(decrease)
2024
\u20acm
RoI schemes
Discount rate
Increase of 0.25%
(159)
(190)
Decrease of 0.25%
169
202
In\ufb02ation rate
Increase of 0.10%
43
51
Decrease of 0.10%
(42)
(50)
Salary growth
Increase of 0.10%
12
16
Decrease of 0.10%
(12)
(15)
Life expectancy
Increase of 1 year
110
128
Decrease of 1 year
(112)
(129)
UK schemes
Discount rate
Increase of 0.25%
(31)
(35)
Decrease of 0.25%
34
37
RPI in\ufb02ation
Increase of 0.10%
7
8
Decrease of 0.10%
(7)
(8)
Salary growth
Increase of 0.10%
1
2
Decrease of 0.10%
(1)
(2)
Life expectancy
Increase of 1 year
23
23
Decrease of 1 year
(22)
(24)
42\u00a0 \u00a0 Retirement benefit obligations (continued)
Impact on plan assets
Increase /
(decrease)
2025
\u20acm
Increase /
(decrease)
2024
\u20acm
All schemes
Sensitivity of plan assets to a movement in global equity markets with
allowance for other correlated diversi\ufb01ed asset classes
Increase of 5.00%
66
69
Decrease of 5.00%
(66)
(69)
Sensitivity of liability-matching assets to a 25bps movement in interest rates
Increase of 0.25%
(197)
(260)
Decrease of 0.25%
211
276
Sensitivity of liability-matching assets to a 10bps movement in in\ufb02ation rates
Increase of 0.10%
51
68
Decrease of 0.10%
(51)
(67)
The key areas of risk and the ways in which the Group has
sought to manage them, are set out below:
Asset volatility
The defined benefit pension plans hold a proportion of their
assets in equities and other return-seeking assets. The returns
on such assets tend to be volatile. For the purposes of the
triennial valuation, the defined benefit liabilities are calculated
using a discount rate set with reference to government bond
yields, with allowance for additional return to be generated
from the investment portfolio. For measurement of the
obligation in the financial statements under IAS 19, however,
the defined benefit obligation is calculated using a discount
rate set with reference to high-quality corporate bond yields.
The movement in the asset portfolio is not fully correlated with
the movement in the two liability measures and this means
that the funding level is likely to be volatile in the short-term,
potentially resulting in short-term cash requirements and a
reduction in the net defined benefit surplus recorded on the
balance sheet.
In order to limit the volatility in asset returns, the pension
plans\u2019 assets are well diversified by investing in a range of asset
classes, including listed equity, private equity, hedge funds,
infrastructure, reinsurance, property, government bonds and
corporate bonds. To increase the correlation between the
asset returns and the liabilities, the pension plans employ LDI
strategies that use a range of physical securities and financial
derivatives, including government bonds and interest rate and
inflation swaps.
During the course of 2025, the defined benefit pension plans
continued the process of de-risking and implemented further
changes to ensure their portfolios were aligned to their target
asset allocations, along with improving the liquidity within the
return seeking portfolio.
Changes in bond yields
The LDI approach invests in cash, government bonds, interest
rate and inflation swaps and other financial derivatives to
create a portfolio which is both inflation-linked and of
significantly longer duration than possible in the physical bond
market. It also provides a closer match to the expected timing
of cash flow / pension payments. The portfolio broadly hedges
against movements in long-term interest rates although it only
hedges a portion of the BSPF\u2019s interest rate risks. The portfolio
does not hedge against changes in the credit spread on
corporate bonds used to derive the accounting liabilities. The
BSPF also utilises a cash flow matching bond portfolio which is
designed to match some of the shorter-term liabilities directly
with income and capital paid from holding corporate,
sovereign and quasi-sovereign bonds. This portfolio provides
some complementary interest rate hedging to that provided by
the dedicated LDI portfolio, and also functions to reduce
liquidity risk by ensuring there will be incoming cash flows to
meet expected pension payments.
Inflation risk
The majority of the plans\u2019 benefit obligations are linked to
inflation and higher inflation will lead to higher liabilities,
although, in most cases, caps on the level of inflationary
increases are in place to protect the plans against high
inflation and the 2013 Group Pensions Review changes have
further limited this exposure. The LDI portfolio broadly hedges
against movements in inflation expectations although it only
hedges a portion of the BSPF\u2019s inflation risks.
Furthermore, the portfolio does not protect against differences
between expectations for eurozone average inflation and the
fund\u2019s Irish inflation exposure.
Life expectancy
The majority of the plans\u2019 obligations are to provide a pension
for the life of the member, which means that increases in life
expectancy will result in an increase in the plans\u2019 liabilities.
Investment decisions are the responsibility of the Trustees and
the Group supports the efficient management of risk through
robust governance arrangements across all of the Group's
defined benefit plans. The BSPF Trustees have appointed an
Outsourced Chief Investment Officer (OCIO) to implement the
investment strategies instructed by the Trustees. Their duties
include, but are not limited to, the identification and
management of risks such as the risk of changing interest
rates, inflation, FX risk, counterparty exposures, geographical
risk, asset concentration risk and liquidity risk.
42\u00a0 \u00a0 Retirement benefit obligations (continued)
External investment consultants are in place as Strategic
Investment Advisors for a number of the Group's defined
benefit plans, including BSPF.
Legal clarification has been received in relation to recent UK
case law that questioned the validity of pension scheme
changes made during the period between 1997 and 2016
affecting contracted out UK benefits.\u00a0
Legislation is proposed to enable trustees, if required, to
obtain retrospective actuarial confirmation that any historic
changes met the relevant statutory requirements. As a result,
the Group's defined benefit obligation does not include any
adjustment related to this UK case law.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-870": { "value": "
43\u00a0 \u00a0 Subordinated liabilities
Note
2025
\u20acm
2024
\u20acm
Dated loan capital
Bank of Ireland Group plc
\u20ac500 million 4.750% Fixed Rate Reset Callable Subordinated Notes due 2034
(a)
507
512
\u20ac500 million 6.750% Fixed Rate Reset Callable Subordinated Notes due 2033
(b)
503
505
\u20ac500 million 1.375% Fixed Rate Reset Callable Subordinated Notes due 2031
(c)
496
483
\u00a3300 million 7.594% Fixed Rate Reset Callable Subordinated Notes due 2032
(d)
342
353
Total subordinated liabilities
1,848
1,853
Dated loan capital - principal terms and conditions
Dated loan capital instruments, constitute unsecured
obligations of the Group subordinated in right of payments to
the claims of depositors and other unsubordinated creditors of
the Group and rank pari passu without any preference among
themselves.
The table above provides a description of the dated loan
capital, including the currency of the issue; if the issue is fixed,
floating or a combination of both; and maturity. All of the
dated notes in issue in 2025 were issued under the Group\u2019s
Euro Note Programme.
a. \u20ac500 million 4.750% Fixed Rate Reset Callable
Subordinated Notes due 2034
On 10 May 2024, the Company issued a \u20ac500 million 10.25
year (callable between 10 May 2029 and 10 August 2029)
Tier 2 capital instrument. The bond carried a coupon of
4.750%.
b. \u20ac500 million 6.750% Fixed Rate Reset Callable
Subordinated Notes due 2033
On 1 December 2022, the Company issued a \u20ac500 million
10.25 year (callable between 1 December 2027 and 1
March 2028) Tier 2 capital instrument. The bond carried a
coupon of 6.750%.
c. \u20ac500 million 1.375% Fixed Rate Reset Callable
Subordinated Notes due 2031
On 11 May 2021, the Company issued a \u20ac500 million 10.25
year (callable between 11 May 2026 and 11 August 2026)
'Green' Tier 2 capital instrument. The bond carried a
coupon of 1.375%.
d. \u00a3300 million 7.594% Fixed Rate Reset Callable
Subordinated Notes due 2032
On 6 September 2022, the Company issued a \u00a3300 million
10.25 year (callable between 6 September 2027 and 6
December 2027) 'Green' Tier 2 capital instrument. The
bond carried a coupon of 7.594%.
These instruments are loss absorbing at the point of non-
viability under the EU (Bank Recovery and Resolution)
Regulations 2015, as amended and Noteholders acknowledge
that the notes may be subject to the exercise of Irish statutory
loss absorption powers by the relevant resolution authority.
Redemption in whole but not in part is at the option of the
Company upon (i) regulatory reasons (capital event), or (ii) tax
reasons (additional amounts payable on the notes). Any
redemptions before the maturity date is subject to such
approval by the Competent Authority, namely ECB or SRB as
may be required by the CRR and / such other laws and
regulations which are applicable to the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-871": { "value": "
44\u00a0 \u00a0 Share capital
Ordinary shares
All of the company\u2019s issued share capital comprising
952,667,062 ordinary shares of \u20ac1.00 each are listed on the
Irish Stock Exchange trading as Euronext Dublin and the
London Stock Exchange. All ordinary shares carry the same
voting rights.
There were no outstanding options on ordinary shares under
employee schemes at 31 December 2025 or 2024 .
At 31 December 2025 , NIAC plc held 473,861 ordinary shares
of BoIG plc as \u2018treasury shares\u2019 ( 2024: 747,007). The
consideration paid for these shares amounted to \u20ac4 million
(2024: \u20ac7 million).
Share buyback
In 2025, the Group completed the purchase of the \u20ac590 million
share buyback programme (2024: \u20ac520 million) whereby the
Group repurchased 50.74 million shares for cancellation,
c. 5.06% of the count outstanding at 1 January 2025, at a
weighted average price of \u20ac11.610 per share.
Authorised
2025
\u20acm
2024
\u20acm
Bank of Ireland Group plc
10 billion ordinary shares of \u20ac1.00 each
10,000
10,000
100 million preference shares of \u20ac0.10 each
10
10
Allotted and fully paid
2025
\u20acm
2024
\u20acm
Bank of Ireland Group plc
952 million ordinary shares of \u20ac1.00 each
( 2024 : 1,002 million units)
952
1,002
0.5 million treasury shares of \u20ac1.00 each
(2024 : 0.7 million units)
1
1
953
1,003
Movement in ordinary and treasury shares
2025
2024
Ordinary shares
Treasury shares
Ordinary shares
Treasury shares
At the beginning of the year
1,002,662,094
747,007
1,055,838,570
797,735
Change in treasury shares held
273,146
(273,146)
50,728
(50,728)
Share buyback - repurchase of shares
(50,742,039)
50,742,039
(53,227,204)
53,227,204
Share buyback - cancellation of shares
\u2013
(50,742,039)
\u2013
(53,227,204)
At end of year
952,193,201
473,861
1,002,662,094
747,007
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-872": { "value": "
45\u00a0 \u00a0 Other equity instruments - Additional tier 1
In March 2025, BoIG issued Additional Tier 1 (AT1) securities
with a par value of \u20ac600 million at an issue price of 100%.
BOIG redeemed two AT1 securities during the year; \u20ac169
million were redeemed on 19 May 2025 and \u20ac300 million were
redeemed on 1 September 2025.
The principal terms of the AT1 securities are as follows:
\u2022 the securities constitute direct, unsecured, unguaranteed
and subordinated obligations of BoIG, rank behind Tier 2
instruments and preference shareholders and in priority to
ordinary shareholders;
\u2022 the securities have no fixed redemption date and the
security holders will have no right to require BoIG to
redeem or purchase the securities at any time;
\u2022 the \u20ac600 million securities issued September 2024 bear a
fixed rate of interest of 6.375% until the first reset date (10
September 2030);
\u2022 the \u20ac600 million securities issued March 2025 bear a fixed
rate of interest of 6.125% until the first reset date (18
September 2032);
\u2022 BoIG may, in its sole and full discretion but subject to the
satisfaction of certain conditions elect to redeem all (but
not some only) of the securities at any time from and
including the first call date (10 March 2030 for the \u20ac600
million issued September 2024 and 18 March 2032 for the
\u20ac600 million issued March 2025) to and including the first
relevant reset date, or semi-annually on any interest
payment date thereafter;
45\u00a0 \u00a0 Other equity instruments - Additional tier 1 (continued)
\u2022 after the initial reset date, in the event that they are not
redeemed, the AT1 securities will bear interest at rates
fixed periodically in advance for five-year periods based on
market rates at that time;
\u2022 BoIG may elect at its sole and full discretion to cancel (in
whole or in part) the interest otherwise scheduled to be
paid on any interest payment date for the securities;
\u2022 the securities will be written down and any unpaid interest
will be cancelled if BoIG's CET1 ratio falls below 7%; and
\u2022 subsequent to any write-down event BoIG may, at its sole
discretion, write-up some or all of the written-down
principal amount of the AT1 securities provided regulatory
capital requirements and certain conditions are met.
2025
\u20acm
2024
\u20acm
\u20ac600 million Additional Tier 1 Perpetual
Contingent Temporary Write-Down
Securities issued September 2024
595
595
\u20ac600 million Additional Tier 1 Perpetual
Contingent Temporary Write-Down
Securities issued March 2025
595
\u2013
\u20ac300 million Additional Tier 1 Perpetual
Contingent Temporary Write-Down
Securities issued September 2020
\u2013
297
\u20ac675 million Additional Tier 1 Perpetual
Contingent Temporary Write-Down
Securities issued May 2020
\u2013
167
1,190
1,059
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-873": { "value": "
46\u00a0 \u00a0 Non-controlling interests
Preference stock
The preference stock and related stock premium of the Bank
are classified as non-controlling interests (NCI), to the extent
they are not attributable to the owners of the parent BoIG plc.
The preference stockholders are not entitled to vote at any
General Court except in certain exceptional circumstances.
Such circumstances did not arise during 2025 and
consequently the preference stockholders were not entitled to
vote at the Annual General Court (AGC) which was held on 22
May 2025.
At 31 December 2025 and 2024, 2,223,903 units of euro
preference stock were in issue.
The outstanding euro preference stock is non-redeemable. The
holders of preference stock are entitled to receive, subject to
the Bank having sufficient distributable profits and
distributable reserves, a non-cumulative preferential dividend,
which is payable in euro in a gross amount of \u20ac1.523686 per
unit per annum, in equal semi-annual instalments, in arrears,
on 20 February and 20 August in each year.
2025
\u20acm
2024
\u20acm
Balance at the beginning and
end of the year
3
3
On a winding up of, or other return of capital, by the Bank
(other than on a redemption of stock of any class in the capital
of the Bank) the holders of preference stock will be entitled to
receive an amount equal to the amount paid up or credited as
paid up on each unit of the preference stock held (including
the premium) out of the surplus assets available for
distribution to the Bank\u2019s members. Subject to the Bank\u2019s Bye-
Laws, the preference stockholders may also be entitled to
receive a sum in respect of dividends payable.
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-874": { "value": "
47\u00a0 \u00a0 Cash and cash equivalents
Cash and cash equivalents are classified as amortised cost
financial assets. Impairment loss allowance on cash and cash
equivalents is measured at amortised cost on a 12 month or
lifetime ECL approach as appropriate. The composition of cash
and balances at central banks by stage is included in other
financial assets set out in note 26 on page 368.
Cash and cash equivalents comprise cash in hand and
balances with central banks and banks which can be
withdrawn on demand. It also comprises balances with an
original maturity of less than three months.
The Group is required to hold an average balance with the
Central Bank over the published ECB reserve maintenance (six
weeks) periods in order to meet its minimum reserve
requirement, which at 31 December 2025 was \u20ac973 million
( 2024: \u20ac917 million).
Cash and cash equivalents of \u20ac24.6 billion decreased by \u20ac9.6
billion since 31 December 2024 primarily due to bond
purchases of \u20ac12.0 billion, lower wholesale funding volumes of
\u20ac1.7 billion, higher customer loan volumes of \u20ac1.4 billion
(constant currency basis), FX loss of \u20ac0.4 billion and other
items of \u20ac0.1 billion partially offset by higher customer deposit
volumes of \u20ac5.4 billion (constant currency basis) and net bond
maturities / sales of \u20ac0.6 billion.
For the purposes of the cash \ufb02ow statement, cash and cash equivalents
comprise the following balances:
2025
\u20acm
2024
\u20acm
Cash and balances at central banks
22,967
32,441
Less impairment loss allowance on cash
and balances at central banks
(4)
(5)
Cash and balances at central banks
(net of impairment loss allowance)
22,963
32,436
Loans and advances to banks (with an
original maturity of less than 3 months)
1,656
1,738
Cash and cash equivalents at
amortised cost
24,619
34,174
Cash and balances at central banks (net
of impairment loss allowance) of which
are:
Republic of Ireland (Central Bank of Ireland)
17,830
28,136
United Kingdom (Bank of England)
3,157
2,997
United States (Federal Reserve)
1,631
933
Other (cash holdings)
345
370
Total
22,963
32,436
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-875": { "value": "
48\u00a0 \u00a0 Changes in liabilities arising from financing activities
This table sets out the changes in liabilities arising from financing activities between cash and non-cash items. For more information
on subordinated liabilities, see note 43 . Interest accrued on subordinated liabilities is included within other liabilities. For more
information on lease liabilities, see note 38.
2025
2024
Subordinated
liabilities
\u20acm
Interest on
subordinated
liabilities
\u20acm
Lease
liabilities
\u20acm
Interest
on lease
liabilities
\u20acm
Subordinated
liabilities
\u20acm
Interest on
subordinated
liabilities
\u20acm
Lease
liabilities
\u20acm
Interest
on lease
liabilities
\u20acm
Balance at 1 January
1,853
(10)
366
\u2013
1,600
34
404
\u2013
Cash \ufb02ows
\u2013
(108)
(46)
(11)
198
(136)
(57)
(10)
Interest paid on
subordinated liabilities
\u2013
(108)
\u2013
\u2013
\u2013
(136)
\u2013
\u2013
Payment of lease liability
\u2013
\u2013
(46)
\u2013
\u2013
\u2013
(57)
\u2013
Interest paid on lease
liabilities
\u2013
\u2013
\u2013
(11)
\u2013
\u2013
\u2013
(10)
Proceeds from issue of
subordinated liabilities
\u2013
\u2013
\u2013
\u2013
498
\u2013
\u2013
\u2013
Redemptions of
subordinated liabilities
\u2013
\u2013
\u2013
\u2013
(300)
\u2013
\u2013
\u2013
Non-cash changes
(5)
92
4
11
55
92
19
10
Charge to income statement
\u2013
92
\u2013
11
\u2013
92
\u2013
10
Exchange adjustments
(18)
\u2013
(2)
\u2013
17
\u2013
2
\u2013
Lease liability adjustment
\u2013
\u2013
1
\u2013
\u2013
\u2013
12
\u2013
Additions to lease liabilities
\u2013
\u2013
5
\u2013
\u2013
\u2013
5
\u2013
Fair value hedge adjustments
11
\u2013
\u2013
\u2013
37
\u2013
\u2013
\u2013
Other movements
2
\u2013
\u2013
\u2013
1
\u2013
\u2013
\u2013
Balance at 31 December
1,848
(26)
324
\u2013
1,853
(10)
366
\u2013
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-876": { "value": "
49\u00a0 \u00a0 Related party transactions
Related parties to the Group include the parent company, BoIG
plc, subsidiary undertakings, associated undertakings, joint
arrangements, post-employment benefits, KMP and connected
parties. A number of banking transactions are entered into
between the Company and its subsidiaries in the normal
course of business. These include extending secured and
unsecured loans, investing in debt securities issued by
subsidiaries, taking of deposits and undertaking foreign
currency transactions.
Associates, joint ventures and joint operations
The Group provides to and receives from its associates, joint
ventures and joint operations, certain banking and financial
services, which are not material to the Group, on similar terms
to third party transactions. These include loans, deposits and
foreign currency transactions. The amounts outstanding
during 2025 are set out in note 28.
Pension funds
The Group provides a range of normal banking and financial
services, which are not material to the Group, to various
pension funds operated by the Group for the benefit of its
employees (principally to the BSPF), which are conducted on
similar terms to third party transactions. Details on the Group\u2019s
contributions to the pension funds are set out in note 42.
The Group occupies one property owned by the BSPF. At 31
December 2025, the total value of this property was \u20ac26
million (2024: \u20ac26\u00a0million). In 2025 , the rental income paid to
BSPF was \u20ac2 million (2024: \u20ac2 million).
Transactions with Directors and Key Management
Personnel
Loans to Directors
The following information is presented in accordance with the
Companies Act 2014. For the purposes of the Companies Acts
disclosures, Directors means the Board of Directors and any
past Directors who were Directors during the relevant period.
Directors\u2019 emoluments are set out in the Remuneration Report
on pages 103 to 111.
Where no amount is shown in the tables below, this indicates
either a credit balance, a balance of \u20acnil, or a balance of less
than \u20ac500. The value of arrangements at the beginning and
end of the financial year as stated below in accordance with
Section 307 of the Companies Act 2014, expressed as a
percentage of the net assets of the Group at the beginning and
end of the financial year, is less than 1%.
In the tables below, 'balances' include principal and interest
and 'repayments' include principal and interest; revolving
credit facilities are not included. The 'aggregate maximum
amount outstanding' includes credit card exposures at the
maximum statement balance. While the closing balance
includes interest accrued and interest paid, the maximum
balance includes interest paid only.
Companies Acts disclosure
Loans to Directors at 31 December 2025
Balance at
1 January 2025
\u20ac\u2019000
Balance at
31 December 2025
\u20ac\u2019000
Aggregate maximum
amount outstanding
during the year ended
31 December 2025
\u20ac\u2019000
Repayments during
the year ended
31 December 2025
\u20ac\u2019000
E Finnan
Credit card total
12
8
15
\u2013
M Spain
Mortgage total
255
231
255
33
Directors no longer in office
at 31 December 2025
E Fitzpatrick
12
\u2013
12
12
G Andrews, A Bhargava, I Buchanan, R Goulding, M Greene, N
Marshall, M O'Grady, S Pateman, M Sweeney and H van der
Noordaa had no loans from the Group in 2025. No advances
were made during the year. No amounts were waived during
2025.
None of the loans were credit-impaired at 31 December 2025
or at 31 December 2024. There is no interest which having
fallen due on the above loans has not been paid in 2025 (2024:
\u20acnil). All Directors have other transactions with the Bank. The
nature of these transactions includes investments, pension
funds, deposits, general insurance, life assurance and current
accounts with credit balances.
The relevant balances on these accounts are included in the
aggregate figure for deposits on page 408.
Other than as indicated, all loans to Directors are made in the
ordinary course of business on substantially the same terms,
including interest rates and collateral, as those prevailing at
the time for similar transactions with other persons
unconnected with the Group and of similar financial standing
and do not involve more than normal risk of collectability.
49\u00a0 \u00a0 Related party transactions (continued)
Companies Acts disclosure
Loans to Directors at 31 December 2024
Balance at
1 January 2024
\u20ac\u2019000
Balance at
31 December 2024
\u20ac\u2019000
Aggregate maximum
amount outstanding
during the year ended
31 December 2024
\u20ac\u2019000
Repayments during
the year ended
31 December 2024
\u20ac\u2019000
E Bourke
Credit card total
6
9
9
\u2013
P Kennedy
Credit card total
\u2013
\u2013
16
\u2013
E Fitzpatrick
Loan total
18
12
18
6
M Spain
Mortgage total
277
255
277
33
Loans to connected persons on favourable terms
Connected persons of Directors are defined by Section 220 of the Companies Act 2014. Lending to connected persons on favourable
terms, including interest rates and collateral, are similar to those available to staff generally.
In the tables below, 'balances' include principal and interest. The 'maximum amounts outstanding' includes credit card exposures at
the maximum statement balance. While the closing balance includes interest accrued and interest paid, the maximum balance
includes interest paid only.
2025
Loans to connected persons on favourable terms
Balance at
31 December 2025
\u20ac\u2019000
Maximum amounts
outstanding
during 2025
\u20ac\u2019000
Number
of persons at
31 December 2025
Maximum
number of persons
during 2025
M Spain
\u2013
\u2013
2
2
2024
Loans to connected persons on favourable terms
Balance at
31 December 2024
\u20ac\u2019000
Maximum amounts
outstanding
during 2024
\u20ac\u2019000
Number
of persons at
31 December 2024
Maximum
number of persons
during 2024
E Bourke
\u2013
3
2
2
M Spain
\u2013
1
1
1
Loans to connected persons - Central Bank licence
condition disclosures
Under its banking licence, the Bank is required to disclose in its
annual audited financial statements details of:
\u2022 the aggregate amount of lending to all connected persons,
as defined in Section 220 of the Companies Act 2014; and
\u2022 the aggregate maximum amount outstanding during the
year for which those financial statements are being
prepared.
Disclosure is subject to certain de minimis exemptions and to
exemptions for loans relating to principal private residences
where the total of such loans to an individual connected
person does not exceed \u20ac1 million. The following tables are
presented in accordance with this licence condition.
In these tables, 'balances' include principal and interest. The
'maximum amounts outstanding' includes credit card
exposures at the maximum statement balance. While the
closing balance includes interest accrued and interest paid, the
maximum balance includes interest paid only.
49\u00a0 \u00a0 Related party transactions (continued)
2024
Connected persons of the following Directors
Balance at
31 December 2024
\u20ac\u2019000
Maximum amounts
outstanding
during 2024
\u20ac\u2019000
Number of
persons at
31 December 2024
Maximum
number of persons
during 2024
Persons connected to P Kennedy1
1,339
1,837
1
1
1 Comparative information for 2024 includes transactions and balances relating to a connected party of a former Director who resigned on 31 December 2024. Accordingly, there are no
transactions or balances to disclose for this connected party in the 2025 financial statements
Key management personnel - loans and deposits
(IAS 24)
For the purposes of IAS 24 \u2018Related party disclosures\u2019, the
Group has 24 KMP (2024: 26) which comprise the Directors, the
members of the GEC and any past KMP who was a KMP during
the relevant period.
In addition to Executive Directors, during 2025 the GEC
comprised:
\u2022 Group Secretary and Head of Corporate Governance;
\u2022 Chief of Staff and Head of Group Corporate Affairs;
\u2022 Chief Operating Officer;
\u2022 Chief People Officer;
\u2022 Chief Executive Officer - Retail Ireland;
\u2022 Chief Executive Officer - Davy and Wealth;
\u2022 Chief Executive Officer - Bank of Ireland (UK);
\u2022 Chief Executive Officer - Corporate and Commercial;
\u2022 Chief Risk Officer;
\u2022 Chief Customer Officer; and
\u2022 Chief Strategy Officer.
KMP, including Directors, hold products with Group companies
in the ordinary course of business. Other than as indicated, all
loans to NEDs are made in the ordinary course of business on
substantially the same terms, including interest rates and
collateral, as those prevailing at the time for similar
transactions with other persons unconnected to the Group
and do not involve more than the normal risk of collectability.
Loans to KMP other than NEDs are made on terms similar to
those available to staff generally and / or in the ordinary
course of business on normal commercial terms.
The aggregate amounts outstanding, in respect of all loans,
quasi-loans and credit transactions between the Bank and its
KMP, as defined above, together with members of their close
families and entities influenced by them are shown in the
following table.
2025
IAS 24 Disclosures
Key management personnel
Balance at
1 January 2025
\u20ac\u2019000
Balance at
31 December 2025
\u20ac\u2019000
Maximum
amounts
outstanding
during 2025
\u20ac\u2019000
Total number of
relevant KMP at
1 January 2025
Total number of
relevant KMP at
31 December 2025
Loans
1,726
1,205
1,294
11
10
Deposits
5,304
3,994
6,145
21
20
2024
IAS 24 Disclosures
Key management personnel
Balance at
1 January 2024
\u20ac\u2019000
Balance at
31 December 2024
\u20ac\u2019000
Maximum
amounts
outstanding
during 2024
\u20ac\u2019000
Total number
of relevant
KMP at
1 January 2024
Total number of
relevant KMP at
31 December 2024
Loans
1,780
1,726
1,865
9
11
Deposits
4,594
5,304
11,466
17
21
In the tables above, 'balances' include principal and interest.
The 'opening balance' includes balances and transactions with
KMPs who retired during 2024 and are not related parties
during 2025. Therefore these key management personnel are
not included in the maximum amounts outstanding. The
'maximum amounts outstanding' include credit card
exposures at the maximum statement balance. In all cases key
management personnel have not exceeded their approved
limits. The maximum approved credit limit on any credit card
held by KMP is \u20ac25,000 (2024: \u20ac22,900). The maximum amount
outstanding was calculated using the maximum balance on
each account.
49\u00a0 \u00a0 Related party transactions (continued)
The highest maximum outstanding liability for any member of
KMP, close family and entities influenced by them did not
exceed \u20ac0.5 million during 2025 (2024: \u20ac1.8 million). In some
cases with investment type products (i.e. funds based
products, life assurance and other policies) the maximum
balance amounts were not available, in which case the greater
of the balance at the start of the year and the balance at the
end of the year has been included as the maximum balance
amount. While the closing balance includes interest accrued
and interest paid, the maximum balance includes interest paid.
KMP have other protection products with the Bank. The nature
of these products includes mortgage protection, life assurance
and critical illness cover. It also includes general insurance
products which are underwritten by a number of external
insurance companies and for which the Bank acts as an
intermediary only. None of these products has any
encashment value at 31 December 2025 (2024: \u20acnil).
In the above IAS 24 disclosures, there was no loan
advancements to KMP and close family members of KMP on
preferential staff rates (2024: \u20acnil).
None of the loans were credit-impaired at 31 December 2025
or at 31 December 2024. There is no interest which having
fallen due on the above loans has not been paid in 2025 (2024:
\u20acnil).
There are no guarantees entered into by the Bank in favour of
KMP of the Bank and no guarantees in favour of the Bank have
been entered into by KMP of the Bank.
Compensation of KMP
Details of compensation paid to KMP are provided in the table
below:
\u2022 'Salaries and other short-term benefits' comprises gross
salary, Employer Pay Related Social Insurance
contributions, Group Performance Scheme award, fees,
cash in lieu of pension, car allowance and other short-term
benefits paid in the year.
\u2022 'Post employment benefits' comprises employer
contributions paid to pension funds.
\u2022 'Termination benefits' include, inter alia, contractual
payments due in lieu of notice periods.
Remuneration
2025\u00a0 \u00a0
\u20ac\u2019000
2024
\u20ac\u2019000
Salaries and other short-term bene\ufb01ts
14,685
14,729
Post employment bene\ufb01ts
943
933
Termination bene\ufb01ts
\u2013
300
Total
15,628
15,962
Number of KMP
24
26
52\u00a0 \u00a0 Interests in other entities
Gener al
The Group holds ordinary shares and voting rights in a
significant number of entities. Management has assessed its
involvement in all such entities in accordance with the
definitions and guidance in:
\u2022 IFRS 10 \u2018Consolidated financial statements\u2019;
\u2022 IFRS 11 \u2018Joint arrangements\u2019;
\u2022 IAS 28 \u2018Investments in associates and joint ventures\u2019; and
\u2022 IFRS 12 \u2018Disclosure of interests in other entities\u2019.
See note 1 Group accounting policies for additional
information.
Signi\ufb01cant restrictions on the Group\u2019s ability to access
or use the assets and settle the liabilities of the Group
Regulated banking and insurance subsidiaries are required to
maintain minimum regulatory liquidity and solvency ratios and
are subject to other regulatory restrictions that may impact on
transactions between these subsidiaries and the Company,
including on the subsidiaries\u2019 ability to make distributions.
Certain transactions between BoI (UK) plc and the Group are
subject to regulatory limits and approvals agreed with the PRA.
52\u00a0 \u00a0 Interests in other entities (continued)
Total assets of BoI (UK) plc at 31 December 2025 were \u20ac22.8
billion (2024: \u20ac22.4 billion) and liabilities were \u20ac20.7 billion
(2024: \u20ac20.3 billion).
The activities of BoIMB are subject to the Asset Covered
Securities Act 2001 to 2007 which imposes certain restrictions
over the assets of BoIMB. Total assets of BoIMB at 31
December 2025 were \u20ac21.5 billion (2024: \u20ac20.5 billion) and
liabilities were \u20ac19.9 billion (2024: \u20ac18.9 billion).
The Group\u2019s life assurance entity, NIAC, is required to hold
shareholder equity that exceeds a solvency capital
requirement, see note 19 on page 343 for details. In addition,
the Group\u2019s Isle of Man insurance entity is required to hold
shareholder equity that exceeds the solvency requirements
specified by the Isle of Man Financial Services Authority.
Under Section 357 (1)(b) of the Companies Act 2014, the Bank
has given an irrevocable guarantee to meet the liabilities,
commitments and contingent liabilities entered into by certain
Group undertakings. At 31 December 2025, the amounts
guaranteed were \u20ac682 million (2024: \u20ac617 million).
Consolidated structured entities
In the case of structured entities, in considering whether it
controls the investee, the Group applies judgement around
whether it has the ability to direct the relevant activities, has
exposure or rights to variable returns from its involvement
with the investee and has the ability to use its power to affect
the amount of its returns. The Group generally considers it has
control over the investee in the following situations:
\u2022 securitisation vehicles whose purpose is to finance specific
loans and advances to customers; or
\u2022 defeasance companies set up to facilitate big-ticket leasing
transactions.
In each case the Group generally considers that it has power
over the entity, is exposed or has rights to variable returns
from its involvement with the entity and has the ability to
affect those returns through its power over the entity, even
though the Group normally owns less than half of the voting
rights of those entities.
The Group does not consider it controls an investee when:
\u2022 the Group\u2019s only involvement in the arrangement is to
administer transactions, for which the Group receives a
fixed fee, on the basis that the Group is acting as an agent
for the investors; or
\u2022 an entity is in the process of being liquidated, on the basis
that the entity is controlled by the liquidator.
In the case of some venture capital investments, in considering
whether it controls the investee the Group applies judgement
around whether it has the ability to direct the relevant
activities, has exposure or rights to variable returns from its
involvement with the investee and has the ability to use its
power to affect the amount of its returns. The Group has been
considered to have significant influence, rather than control of
the entity because the Group is not involved in directing the
relevant activities of the entity and does not have the right to
remove the manager of the entity.
The Group holds interests in structured entities (Bowbell No.3
plc and Bowbell Master Issuer plc), whose purpose is to
acquire mortgage loans and other financial assets and issue
mortgage backed securities. All of the assets and liabilities of
Bowbell No.3 plc are restricted. At 31 December 2025 for
Bowbell No.3 plc, total assets amounted to \u20ac0.3 billion (2024:
\u20ac0.4 billion) and liabilities amounted to \u20ac0.3 billion (2024: \u20ac0.4
billion). At 31 December 2025 for Bowbell Master Issuer plc,
total assets amounted to \u20ac0.9 billion (2024: \u20acnil), of which \u20ac0.4
billion is restricted, and liabilities amounted to \u20ac0.9 billion
(2024: \u20acnil), of which \u20ac0.4 billion is restricted.
In January 2024, the Group securitised c.\u20ac13.4 billion of its Irish
residential mortgage portfolio held in two of its subsidiaries,
GovCo and BoIMB. The beneficial interest in the mortgages
was transferred to a securitisation vehicle, Luna Securities DAC
(Luna). In order to fund the acquired mortgages, Luna issued
two classes of notes to GovCo. BoIMB was allocated a portion
of these notes by GovCo in the same proportion as the
securitised mortgages. The transferred mortgages have not
been derecognised from the Group's balance sheet as the
Group retains substantially all the risks and rewards of
ownership.
The Group has entered into a number of transactions
transferring a portion of credit risk on reference portfolios of
financial assets. The funded protection in respect of these
transactions is held with Vale Securities Finance No.2 DAC (Vale
II), Glen Securities Finance DAC (Glen), Mespil Securities No.2
DAC (Mespil II) and Mespil Securities No.3 DAC (Mespil III). Vale
Securities Finance DAC (Vale) was terminated in January 2025.\u00a0
No assets or liabilities were transferred to Vale II, Glen, Mespil
II or Mespil III as part of the transactions. All transactions have
cash collateralised their exposure through the issue of credit
linked notes to third party investors. Each transaction also
includes unfunded protection. The protection provided by
each transaction at 31 December 2025 and the optional call
date and maturity date are as follows: Vale II (\u20ac105 million)
(July 2027 / July 2032), Glen (\u20ac137 million) (April 2031 / October
2036), Mespil II ($186 million) (July 2026 / January 2032), and
Mespil III ($177 million) (July 2028 / July 2032).
In relation t o these entities, there are no contractual
arrangements that require the Group to provide financial
support. In 2025 and 2024, the Group did not provide financial
or other support, nor does it expect or intend to do so.
In accordance with IFRS 10, all of these entities are
consolidated in the Group\u2019s financial statements.
Treatment of changes in control of a subsidiary during
the reporting period
From time to time, the Group may wind up a wholly owned
company. During this process, the Group voluntarily appoints
a liquidator to manage the winding up of relevant entities.
Upon appointment of the liquidator, the Group is considered
to have lost control of the companies and accounts for this loss
of control as a disposal. In accordance with IAS 21, the Group
must reclassify net cumulative FX gains / losses relating to
these companies from the FX reserve to the income statement.
In 2025, there was no gain or loss recognised on disposals or
liquidations of business activities (2024: \u20ac5 million gain). (see
note 16).
Joint arrangements
A joint arrangement is an arrangement of which two or more
parties have joint control i.e. contractually agreed sharing of
control of an arrangement where decisions about the relevant
activities require the unanimous consent of the parties sharing
control. These arrangements are identified by reference to the
power sharing agreements, ensuring that unanimous consent
of all parties is a requirement. Where the arrangement has
been structured through a separate vehicle, the Group has
accounted for it as a joint venture.
52\u00a0 \u00a0 Interests in other entities (continued)
The table below shows the Group\u2019s principal joint
arrangements for the year ended 31 December 2025.
All joint venture investments are unquoted and are measured
using the equity method of accounting. All income from these
investments has been included in profit or loss from
continuing operations. There are no significant restrictions on
the ability of these entities to transfer funds to the Group in
the form of cash dividends, or to repay loans or advances
made by the Group; nor is there any unrecognised share of
losses either for 2025 or cumulatively in respect of these
entities. Other than disclosed in note 40, the Group does not
have any further commitments or contingent liabilities in
respect of these entities other than its investment to date.
Joint arrangement
Holding
Classi\ufb01cation
Country of
operation
Nature of activities
First Rate Exchange Services
Holdings Limited
50%
Joint venture
UK
Sale of \ufb01nancial products through the UK Post O\ufb03ce
relationship
Enterprise 2000 Fund Limited
50%
Joint venture
Ireland
Investment in venture capital companies
Associates
An associated undertaking is an entity for which the Group has
significant influence, but not control, over the entity\u2019s
operating and financial policy decisions. If the Group holds
20% or more of the voting power of an entity, it is presumed
that the Group has significant influence, unless it could be
clearly demonstrated that this was not the case. There are no
such cases where the Group holds 20% or more of the voting
power of an entity, and is not considered to have significant
influence over that entity.
The Group holds a number of investments in associates, none
of which is individually material. All income from these
investments has been included in profit or loss from
continuing operations. There are no significant restrictions on
the ability of these entities to transfer funds to the Group in
the form of cash dividends, or to repay loans or advances
made by the Group; nor is there any unrecognised share of
losses either for 2025 or cumulatively in respect of these
entities. The Group does not have any contingent liabilities in
respect of these entities other than its investment to date.
Unconsolidated structured entities
Unconsolidated collective investment vehicles
The Group holds investments in unconsolidated structured
entities arising from investments in collective investment
undertakings, carried at fair value of \u20ac18,477 million (2024:
\u20ac17,154 million). The value included in assets held to cover
unit-linked policyholder liabilities is \u20ac17,757 million (2024:
\u20ac16,419 million) and \u20ac720 million (2024: \u20ac735 million) is held
for non-unit linked liabilities (note 21). At 31 December 2025,
the total asset value of these unconsolidated structured
entities, including the portion in which the Group has no
interest, was \u20ac39.5 billion (2024: \u20ac41.5 billion).
The Group\u2019s maximum exposure to loss is equal to the carrying
value of the investment. However, the Group\u2019s investments in
these entities are primarily held to match policyholder
liabilities in the Group\u2019s life assurance business and the
majority of the risk from a change in the value of the Group\u2019s
investment is matched by a change in policyholder liabilities.
The collective investment vehicles are primarily financed by
investments from investors in the vehicles.
During the year, the Group has not provided any non-
contractual financial or other support to these entities and has
no current intention of providing any financial or other
support. The Group does not sponsor any of these
unconsolidated structured entities.
Temple Quay No.1 PLC
In November 2022, the Group entered into a securitisation
arrangement for a portfolio of UK residential mortgage NPEs,
through an unconsolidated special purpose vehicle, Temple
Quay No.1 plc.
The portfolio transferred had a gross carrying value of \u20ac527
million (before ECL allowance) and a net carrying value of \u20ac462
million (after ECL allowance).\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
The Group transferred the beneficial interest in the loans to
Temple Quay No.1 plc which in turn issued notes backed by
these loans. In October 2025, the securitisation was
terminated. The Group\u2019s holding in the securitisation by way of
a Vertical Risk Retention (VRR) loan note, was repaid at
termination.
Temple Quay No.1 plc was not consolidated but the associated
income in relation to the services provided to the company
was recognised in the Group\u2019s financial statements as follows:
2025
\u20acm
2024
\u20acm
Fee and commission income
1
1
Total income related to Temple Quay
No.1 plc
1
1
The carrying amount of assets and liabilities in relation to this
entity are listed as:
2025
\u20acm
2024
\u20acm
Debt securities at amortised cost
\u2013
21
Total carrying value of assets held
related to Temple Quay No.1 plc
\u2013
21
52\u00a0 \u00a0 Interests in other entities (continued)
The Group\u2019s maximum exposure to loss in respect of Temple
Quay No.1 plc was equal to the balance of the VRR loan note
which is \u20acnil at 31 December 2025 (2024: \u20ac21 million). There
were no contractual arrangements that required the Group to
provide financial support to Temple Quay No.1 plc. In 2025 and
2024 the Group did not provide financial or other support, nor
does it expect or intend to do so.
Davy investment companies
Since the Davy acquisition in 2022, there are certain types of
structured entities that the Group does not consolidate but in
which it may hold an interest through the receipt of
management fees and performance fees. These entities are
constituted as open ended investment companies and unit
trusts and invest in a range of asset classes as described in the
relevant prospectuses. The total amount of management and
performance fees recognised in the Group's income statement
for the year ended 31 December 2025 amounted to \u20ac53
million (2024: \u20ac43 million) of which \u20ac6 million is receivable at
31 December 2025 (2024: \u20ac6 million).
At 31 December 2025, the Group also held investments in
relation to these entities amounting to \u20ac1 million (2024: \u20ac1
million), which are included in Other financial assets at FVTPL
in the Group\u2019s financial statements. The Group\u2019s maximum
exposure to loss at 31 December 2025 in respect of these
unconsolidated entities is \u20ac7 million (2024: \u20ac7 million). The
Group has not provided financial support to these
unconsolidated structured entities and has no intention of
providing financial or other support.
Coterminous year end dates
The Group consolidates certain entities where the entity does
not have the same year end reporting date as the Group. This
is to ensure the reporting dates of these Group entities are
kept consistent with the principal legal agreements used to
engage in their core business.
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-877": { "value": "The Group provides a range of normal banking and financial services", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-878": { "value": "
50\u00a0 \u00a0 Client property
In the normal course of business, the Group (through Davy)
provides the following services to certain of its clients:
\u2022 investment of funds at the sole discretion of the Group in
securities and the placing of deposits in separately
designated accounts with recognised banks and building
societies, the income from which accrues for the benefit of
these clients; and
\u2022 custodianship of securities held on behalf of clients.
At 31 December 2025, client deposits placed with the Group
whereby Davy acts as the financial intermediary amounted to
\u20ac1,445 million (2024: \u20ac1,397 million) and have been included in
customer accounts (note 35 ). All other client property whereby
Davy acts as the financial intermediary has been excluded
from the financial statements.
", "dimensions": { "concept": "boigroupplc:ClientPropertyTextBlock", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-879": { "value": "
51\u00a0 \u00a0 Principal undertakings
The parent company of the Group is Bank of Ireland Group plc. The principal Group undertakings for 2025 were:
Name
Principal activity
Registered o\ufb03ce
Country of
Incorporation
Statutory year
end
The Governor and Company
of the Bank of Ireland
Banking and \ufb01nancial
services
2 College Green, Dublin 2, D02 VR66
Ireland
31 December
Bank of Ireland (UK) plc
Retail \ufb01nancial services
45 Gresham Street, London, England, EC2V
7EH
England and Wales
31 December
New Ireland Assurance
Company plc
Life assurance business
87-89 Pembroke Road, Ballsbridge, Dublin 4,
D04 X738
Ireland
31 December
Bank of Ireland Mortgage
Bank Unlimited Company
Mortgage lending and
mortgage covered securities
2 College Green, Dublin 2, D02 VR66
Ireland
31 December
J&E Davy Holdings ('Davy')
Wealth management, capital
markets and related financial
services
Davy House, 49 Dawson Street, Dublin 2,
D02 PY05
Ireland
31 December
First Rate Exchange Services
Limited
Foreign exchange
Botanica, Ditton Park, Riding Court Road,
Datchet, SL3 9LL
England and Wales
31 March
N.I.I.B. Group Limited
Personal \ufb01nance and leasing
1 Donegall Square South, Belfast, BT1 5LR
Northern Ireland
31 December
All the Group undertakings are included in the consolidated
financial statements. Unless stated otherwise, the Group owns
100% of the equity of the principal Group undertakings and
100% of the voting shares of all these undertakings.
First Rate Exchange Services Limited (FRES) is a subsidiary of
First Rate Exchange Services Holdings Limited (FRESH), a joint
venture with the UK Post Office, in which the Group holds 50%
of the equity of the business.
In presenting details of the principal subsidiary undertakings,
the exemption permitted by Section 316 of the Companies Act
2014 has been availed of and the Company will annex a full
listing of Group undertakings to its annual return to the
Companies Registration Office.
Bank of Ireland Mortgage Bank Unlimited Company
BoIMB's principal business activities are restricted to dealing in
and holding Irish residential mortgage assets, engaging in
activities connected with the financing and refinancing of such
assets, entering into certain hedging contracts and engaging in
other activities which are incidental or ancillary to the above
activities, and issuing mortgage covered securities for the
purpose of financing loans secured on Irish residential
property, all in accordance with the Asset Covered Securities
Acts 2001 and 2007 of Ireland.
The mortgage covered securities issued by BoIMB can be
purchased by Bank of Ireland and other members of the
Group or third parties.
In 2025, the total amount of principal outstanding in respect of
mortgage covered securities issued was \u20ac0.9\u00a0billion (2024:
\u20ac2.1\u00a0billion).
In 2025, the total amount of principal outstanding in the
mortgage covered pool including mortgage assets and cash
was \u20ac10.3\u00a0billion (2024: \u20ac11.6\u00a0billion).
BoIMB may issue other debt securities under BoIMB\u2019s
obligation to the CBI within the terms of the Special Mortgage-
Backed Promissory Note programme (SMBPN). At 31
December 2025, BoIMB had no such debt securities in issue
(2024: \u20acnil). SMBPN is expected to terminate in line with the
changes to the collateral framework announced on 29
November 2024 by the ECB.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-880": { "value": "Bank of Ireland Group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-881": { "value": "Bank of Ireland Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-882": { "value": "2 College Green, Dublin 2, D02 VR66", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-883": { "value": "2 College Green, Dublin 2, D02 VR66", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-884": { "value": "
54\u00a0 \u00a0 Measurement basis of financial assets and financial liabilities
The tables below analyse the carrying amounts of the financial assets and financial liabilities by accounting treatment and by balance
sheet heading. In the tables below 'liabilities to customers under investment contracts' - Insurance investment contracts are
accounted for as financial liabilities whose value is contractually linked to the fair value of the financial assets within the policyholders'
unit-linked funds.
FVTPL
FVOCI
Held at
amortised
cost
\u20acm
Derivatives
designated as
hedging
instruments
\u20acm
2025
Financial assets
Mandatorily
\u20acm
Designated
\u20acm
Debt
Instruments
\u20acm
Total
\u20acm
Cash and balances at central banks
\u2013
\u2013
\u2013
22,963
\u2013
22,963
Items in the course of collection from other banks
\u2013
\u2013
\u2013
139
\u2013
139
Trading securities
244
\u2013
\u2013
\u2013
\u2013
244
Derivative \ufb01nancial instruments
1,041
\u2013
\u2013
\u2013
1,620
2,661
Other \ufb01nancial assets at FVTPL
25,586
\u2013
\u2013
\u2013
\u2013
25,586
Loans and advances to banks
84
\u2013
\u2013
1,572
\u2013
1,656
Debt securities at amortised cost
\u2013
\u2013
\u2013
18,372
\u2013
18,372
Financial assets at FVOCI
\u2013
\u2013
2,990
\u2013
\u2013
2,990
Loans and advances to customers
166
\u2013
\u2013
82,312
\u2013
82,478
Interest in associates FVTPL
\u2013
85
\u2013
\u2013
\u2013
85
Other \ufb01nancial assets
\u2013
\u2013
\u2013
402
\u2013
402
Total \ufb01nancial assets
27,121
85
2,990
125,760
1,620
157,576
54\u00a0 \u00a0 Measurement basis of financial assets and financial liabilities (continued)
FVTPL
FVOCI
Held at
amortised
cost
\u20acm
Derivatives
designated as
hedging
instruments
\u20acm
Total
\u20acm
2025
Financial liabilities
Mandatorily
\u20acm
Designated
\u20acm
Debt
Instruments
\u20acm
Deposits from banks
\u2013
\u2013
\u2013
1,371
\u2013
1,371
Customer accounts
\u2013
52
\u2013
107,435
\u2013
107,487
Items in the course of transmission to other banks
\u2013
\u2013
\u2013
320
\u2013
320
Derivative \ufb01nancial instruments
982
\u2013
\u2013
\u2013
1,382
2,364
Debt securities in issue
\u2013
184
\u2013
7,610
\u2013
7,794
Liabilities to customers under investment contracts
\u2013
10,179
\u2013
\u2013
\u2013
10,179
Other \ufb01nancial liabilities
\u2013
\u2013
\u2013
2,474
\u2013
2,474
Lease liabilities
\u2013
\u2013
\u2013
324
\u2013
324
Loss allowance provision on loan commitments and
\ufb01nancial guarantees
\u2013
\u2013
\u2013
92
\u2013
92
Short positions in trading securities
360
\u2013
\u2013
\u2013
\u2013
360
Subordinated liabilities
\u2013
\u2013
\u2013
1,848
\u2013
1,848
Total \ufb01nancial liabilities
1,342
10,415
\u2013
121,474
1,382
134,613
FVTPL
FVOCI
Held at
amortised
cost
\u20acm
Derivatives
designated as
hedging
instruments
\u20acm
Total
\u20acm
2024
Financial assets
Mandatorily
\u20acm
Designated
\u20acm
Debt
Instruments
\u20acm
Cash and balances at central banks
\u2013
\u2013
\u2013
32,436
\u2013
32,436
Items in the course of collection from other banks
\u2013
\u2013
\u2013
114
\u2013
114
Trading securities
166
\u2013
\u2013
\u2013
\u2013
166
Derivative \ufb01nancial instruments
1,604
\u2013
\u2013
\u2013
1,873
3,477
Other \ufb01nancial assets at FVTPL
24,000
\u2013
\u2013
\u2013
\u2013
24,000
Loans and advances to banks
55
\u2013
\u2013
1,683
\u2013
1,738
Debt securities at amortised cost
\u2013
\u2013
\u2013
6,387
\u2013
6,387
Financial assets at FVOCI
\u2013
\u2013
3,384
\u2013
\u2013
3,384
Loans and advances to customers
185
\u2013
\u2013
82,353
\u2013
82,538
Interest in associates FVTPL
\u2013
76
\u2013
\u2013
\u2013
76
Other \ufb01nancial assets
\u2013
\u2013
\u2013
264
\u2013
264
Total \ufb01nancial assets
26,010
76
3,384
123,237
1,873
154,580
FVTPL
FVOCI
Held at
amortised
cost
\u20acm
Derivatives
designated as
hedging
instruments
\u20acm
Total
\u20acm
2024
Financial liabilities
Mandatorily
\u20acm
Designated
\u20acm
Debt
Instruments
\u20acm
Deposits from banks
\u2013
\u2013
\u2013
1,805
\u2013
1,805
Customer accounts
\u2013
114
\u2013
102,955
\u2013
103,069
Items in the course of transmission to other banks
\u2013
\u2013
\u2013
218
\u2013
218
Derivative \ufb01nancial instruments
1,581
\u2013
\u2013
\u2013
2,094
3,675
Debt securities in issue
\u2013
204
\u2013
8,926
\u2013
9,130
Liabilities to customers under investment contracts
\u2013
9,203
\u2013
\u2013
\u2013
9,203
Other \ufb01nancial liabilities
37
\u2013
\u2013
2,569
\u2013
2,606
Lease liabilities
\u2013
\u2013
\u2013
366
\u2013
366
Loss allowance provision on loan commitments and
\ufb01nancial guarantees
\u2013
\u2013
\u2013
80
\u2013
80
Short positions in trading securities
154
\u2013
\u2013
\u2013
\u2013
154
Subordinated liabilities
\u2013
\u2013
\u2013
1,853
\u2013
1,853
Total \ufb01nancial liabilities
1,772
9,521
\u2013
118,772
2,094
132,159
54\u00a0 \u00a0 Measurement basis of financial assets and financial liabilities (continued)
The fair value and contractual amount due on maturity of financial liabilities designated at fair value upon initial recognition are
shown in the table below. For financial assets and financial liabilities which are measured at FVTPL or FVOCI , a description of the
methods and assumptions used to calculate those fair values are set out in note 55 .
2025
2024
Fair values
\u20acm
Contractual
amount due on
maturity
\u20acm
Fair values
\u20acm
Contractual
amount due on
maturity
\u20acm
Customer accounts
52
54
114
118
Liabilities to customers under investment contracts
10,179
10,179
9,203
9,203
Debt securities in issue
184
220
204
219
Financial liabilities designated at fair value through pro\ufb01t or loss
10,415
10,453
9,521
9,540
55\u00a0 \u00a0 Fair values of assets and liabilities
Fair value of assets and liabilities
Fair value is defined as the price that would be received to sell
an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date.
Where possible, the Group calculates fair value using
observable market prices. Where market prices are not
available, fair values are determined using valuation
techniques which may include DCF models or comparisons to
instruments with characteristics either identical or similar to
those of the instruments held by the Group or of recent arm\u2019s
length market transactions. These fair values are classified
within a three-level fair value hierarchy, based on the inputs
used to value the instrument. Where the inputs might be
categorised within different levels of the fair value hierarchy,
the fair value measurement in its entirety is categorised in the
same level of the hierarchy as the lowest level input that is
significant to the entire measurement. The levels are defined
as:
Level 1
Inputs are quoted prices (unadjusted) in active markets for
identical assets or liabilities that the entity can access at the
measurement date.
Level 2
Inputs are inputs other than quoted prices included within
Level 1 that are observable for the asset or liability, either
directly or indirectly.
Level 3
Inputs are unobservable inputs for the asset or liability.
Transfers between different levels are assessed at the end of
all reporting periods.
Financial assets and \ufb01nancial liabilities recognised and
subsequently measured at fair value
All financial instruments are initially recognised at fair value.
The Group subsequently measures the following instruments
at FVTPL or at FVOCI: trading securities, other financial assets
and financial liabilities designated at FVTPL, derivatives, loans
and advances to customers held at fair value, loans and
advances to banks held at fair value, financial assets held at
FVOCI, customer accounts held at fair value and debt securities
in issue held at fair value.
A description of the methods and assumptions used to
calculate the fair value of these assets and liabilities is set out
below. For fair value measurements categorised within level 3
of the fair value hierarchy, the valuation policies and
procedures are developed by the management of the relevant
business unit. The valuation process is documented before
being reviewed and approved by senior management to
ensure that the valuation method is consistent with market
practice, that the output is reasonable and that the
methodology is consistent both across the Group and
compared to prior years.
Loans and advances to customers held at fair value
These consist of assets mandatorily measured at FVTPL, of
which \u20ac166\u00a0million (2024: \u20ac185\u00a0million) are \u2018Life loan mortgage
products\u2019. Unlike a standard mortgage product, borrowers do
not make any periodic repayments and the outstanding loan
balance increases through the life of the loan as interest due is
capitalised. The mortgage is typically repaid out of the
proceeds of the sale of the property.
These assets are valued using DCF models which incorporate
unobservable inputs (level 3 inputs). Using reasonably possible
alternative assumptions would not have a material impact on
the value of these assets.
Loans and advances to banks held at fair value
These consist of assets mandatorily measured at FVTPL and
include assets managed on a fair value basis by the life
assurance business and those assets that do not meet the
requirements in order to be measured at FVOCI or amortised
cost.
The estimated fair value of floating rate placements and
overnight placings is their carrying amount. The estimated fair
value of fixed interest bearing placements is based on DCFs
using prevailing money market interest rates for assets with
similar credit risk and remaining maturity (level 2 inputs).
55\u00a0 \u00a0 Fair values of assets and liabilities (continued)
Financial assets at fair value through other comprehensive
income
Financial assets at FVOCI predominantly consist of government
bonds and listed debt securities. For those assets where an
active market exists, fair value has been determined directly
from observable market prices (level 1 inputs) and where an
active market does not exist, fair value has been derived either
directly or indirectly from observable market prices (level 2
inputs).
Financial assets and financial liabilities held for trading
These instruments are valued using observable market prices
(level 1 inputs), directly from a recognised pricing source or an
independent broker or investment bank.
Derivative financial instruments
The Group\u2019s derivative financial instruments are valued using
valuation techniques commonly used by market participants.
These consist of DCF and options pricing models, which
typically incorporate observable market data, principally
interest rates, basis spreads, FX rates, equity prices and
counterparty credit (level 2 inputs). The base models may not
fully capture all factors relevant to the valuation of the Group\u2019s
financial instruments such as credit risk, own credit and / or
funding costs. The fair values of the Group's derivative
financial liabilities reflect the impact of the cost of funding
derivative positions (funding valuation adjustment (FVA)). The
funding cost is derived from observable market data; however
the model may perform numerical procedures in the pricing
such as interpolation when market data input values do not
directly correspond to the exact parameters of the trade.
Credit valuation adjustment (CVA) represents an estimate of
the adjustment to fair value that market participants would
make to incorporate the counterparty credit risk inherent in
derivative exposures. Debit valuation adjustment (DVA) reflects
the impact of changes in own credit spreads. Certain
derivatives are valued using unobservable inputs relating to
counterparty credit such as credit grade and own credit
spread, which are sourced from independent brokers. These
unobservable inputs may be significant to their valuation. The
effect of using reasonably possible alternative assumptions in
the valuation of these derivatives at 31 December 2025 would
not be material. Where the impact of unobservable inputs is
significant to the valuation of the asset or liability, it is
categorised as level 3 on the fair value hierarchy.
In addition, a small number of derivative financial instruments
are valued using significant unobservable inputs other than
counterparty credit (level 3 inputs). However, changing one or
more assumptions used in the valuation of these derivatives
would not have a significant impact as they are entered into to
hedge the exposure arising on certain customer accounts (see
below), leaving the Group with no net valuation risk due to the
unobservable inputs.
Other financial assets at fair value through profit or loss
These consist of assets mandatorily measured at FVTPL which
are predominantly held for the benefit of unit linked
policyholders, with any changes in valuation accruing to the
policyholders. These assets consist principally of bonds,
equities and unit trusts, which are traded on listed exchanges,
are actively traded and have readily available prices.
Substantially all of these assets are valued using valuation
techniques which use observable market data i.e. level 1 or
level 2 inputs. A small number of these assets have been
valued using DCF models and discounted equity value method,
which incorporates unobservable inputs (level 3). Certain
private equity funds, which predominantly invest in properties,
are valued with reference to the underlying property value
which in itself incorporates unobservable inputs (level 3). Using
reasonably possible alternative assumptions would not have a
material impact on the value of these assets.
Interest in associates
Investments in associates, which are venture capital
investments, are accounted for at FVTPL and are valued in
accordance with the \u2018International Private Equity and Venture
Capital Valuation Guidelines\u2019. This requires the use of various
inputs such as DCF analysis and comparison with the earnings
multiples of listed comparative companies amongst others.
Although the valuation of unquoted equity instruments is
subjective by nature, the relevant methodologies are
commonly applied by other market participants and have been
consistently applied over time. As the inputs are unobservable,
the valuation is deemed to be based on level 3 inputs. Using
reasonably possible alternative assumptions would not have a
material impact on the value of these assets.
Customer accounts
Customer accounts designated at FVTPL consist of deposits
which contain an embedded derivative (typically an equity
option). These instruments are typically valued using valuation
techniques which use observable market data. The Group
incorporates the effect of changes in its own credit spreads
when valuing these instruments. The Group sources own
credit spreads from independent brokers (level 3 inputs) as
observable own credit spreads are not available. Where the
impact of unobservable inputs is significant to the valuation of
a customer account, that account is categorised as level 3 on
the fair value hierarchy. Using reasonably possible alternative
assumptions would not have had a material impact on the
value of these liabilities at 31 December 2025.
A small number of customer accounts are valued using
additional unobservable inputs (level 3 inputs). However,
changing one or more assumptions used in the valuation of
these customer accounts would not have a significant impact
as these customer accounts are hedged with offsetting
derivatives (see above), leaving the Group with no net
valuation risk due to those unobservable inputs.
Liabilities to customers under investment contracts
The fair value of liabilities to customers under unit linked
investment contracts is contractually linked to the fair value of
the financial assets within the policyholders\u2019 unit linked funds.
The value of the unit linked financial liabilities is determined
using current unit prices multiplied by the number of units
attributed to the contract holders at the reporting date. Their
value is never less than the amount payable on surrender,
discounted for the required notice period where applicable.
Debt securities in issue
Debt securities in issue with a fair value of \u20ac184 million (2024:
\u20ac204 million) are measured at FVTPL, in order to reduce an
accounting mismatch which would otherwise arise from the
related hedging derivatives. Their fair value is typically based
on valuation techniques incorporating observable market data.
The Group incorporates the effect of changes in its own credit
spread when valuing these instruments. The Group sources
own credit spreads from independent brokers (level 3 inputs)
as observable own credit spreads are not available.
55\u00a0 \u00a0 Fair values of assets and liabilities (continued)
Where the impact of unobservable inputs is significant to the
valuation of a debt security in issue, that issuance is
categorised as level 3 on the fair value hierarchy: otherwise, it
is categorised as level 2.
Other liabilities
Other liabilities carried at fair value consist of contingent
consideration recognised for the acquisition of Davy,
categorised as level 2 on the fair value hierarchy. This was
settled in H125 and is therefore \u20acnil at 31 December 2025
(2024: \u20ac37 million).
Financial assets and liabilities held at amortised cost
For financial assets and financial liabilities which are not
subsequently measured at fair value on the balance sheet, the
Group discloses their fair value in a way that permits them to
be compared to their carrying amounts. The methods and
assumptions used to calculate the fair values of these assets
and liabilities are set out below.
Loans and advances to banks
The estimated fair value of floating rate placements and
overnight placings which are held at amortised cost is their
carrying amount. The estimated fair value of fixed interest
bearing placements which are held at amortised cost is based
on DCFs using prevailing money market interest rates for
assets with similar credit risk and remaining maturity (level 2
inputs).
Loans and advances to customers held at amortised cost
The fair value of both fixed and variable rate loans and
advances to customers held at amortised cost is estimated
using valuation techniques which include the discounting of
estimated future cash flows at current market rates,
incorporating the impact of current credit spreads and
margins. The fair value reflects both loan impairments at the
reporting date and estimates of market participants\u2019
expectations of credit losses over the life of the loans (level 3
inputs), and recent arm's length transactions in similar assets.
Debt securities at amortised cost
For debt securities at amortised cost for which an active
market exists, fair value has been determined directly from
observable market prices (level 1 inputs). Debt securities at
amortised cost where an active market does not exist but fair
value has been derived either directly or indirectly from
observable market prices are categorised as Level 2. Debt
securities at amortised cost consist mainly of government
bonds, asset backed securities and other debt securities.
Deposits from banks and customer accounts
The estimated fair value of deposits with no stated maturity,
which includes non-interest bearing deposits, is the amount
repayable on demand. For the estimated fair value of fixed
interest bearing deposits and other borrowings without
quoted market prices, a DCF model is used based on a current
yield curve appropriate to the Group for the remaining term to
maturity. The yield curve used incorporates the effect of
changes in the Group\u2019s own credit spread (level 2 and level 3
inputs). For deposits from banks for which an active market
exists, fair value has been determined directly from observable
market prices (level 1 inputs). Level 1 deposits from banks
consist of repurchase agreements, with underlying assets
being government bonds.
Debt securities in issue and subordinated liabilities
The fair values of these instruments are calculated based on
quoted market prices where available (level 1 inputs). For those
debt securities in issue and subordinated liabilities where an active
market does not exist, fair value has been derived either directly
or indirectly from observable market prices (level 2 inputs) or a
DCF model is used based on a current yield curve appropriate to
the Group for the remaining term to maturity. The yield curve
used incorporates the effect of changes in the Group\u2019s own credit
spread (level 2 and level 3 inputs).
Fair value on offsetting positions
Where the Group manages certain financial assets and
financial liabilities on the basis of its net exposure to either
market risk or credit risk, the Group applies the exception
allowed under paragraph 48 of IFRS 13.
That exception permits the Group to measure the fair value of
a group of financial assets and financial liabilities on the basis
of the price that would be received to sell a net long position
(i.e. an asset) for a particular risk exposure or paid to transfer a
net short position (i.e. a liability) for a particular risk exposure
in an orderly transaction between market participants at the
measurement date under current market conditions.
Accordingly, the Group measures the fair value of the group of
financial assets and financial liabilities consistently with how
market participants would price the net risk exposure at the
measurement date.
Fair value of non-\ufb01nancial assets
Investment properties
Investment properties are carried at fair value as determined by
external qualified property surveyors (the \u2018Surveyors\u2019) appropriate
to the properties held. The Surveyors arrive at their opinion of fair
value by using their professional judgement in applying
comparable current trends in the property market such as rental
yields in the retail, office and industrial property sectors, to both
the existing rental income stream and also to the future estimate
of rental income. Other inputs taken into consideration include
occupancy forecasts, rent free periods that may need to be
granted to new incoming tenants, capital expenditure and fees. As
these inputs are unobservable, the valuation is deemed to be
based on level 3 inputs. All properties are valued based on highest
and best use.
Climate change, sustainability, resilience and related ESG risks
are increasingly influencing investment approaches as they
may affect prospects for rental and capital growth and
susceptibility to obsolescence. Properties that do not meet the
sustainability characteristics expected in the market may
represent a higher investment risk. The valuations monitor
market movement and sentiment on ESG and reflect, as
appropriate, its effect on the fair value of each property held
within the funds.
Property
A revaluation of Group property was carried out at 31
December 2025. All freehold and long leasehold commercial
properties were valued by Lisney Ltd (or its partner, Sanderson
Weatherall) as external valuers, with the exception of some
select properties which were valued internally by the Group\u2019s
qualified surveyors. The valuations have been carried out in
accordance with the Royal Institution of Chartered Surveyors
Valuation - Global Standards.
55\u00a0 \u00a0 Fair values of assets and liabilities (continued)
The valuers arrive at their valuation by using their professional
judgement in applying market comparable methods of valuation
such as the utilisation of comparable market rental values and
rental yields. Other considerations taken into account include the
individual property profile, lot size, layout and presentation of
accommodation. As these inputs are unobservable, the valuation
is deemed to be based on level 3 inputs. All properties are valued
based on highest and best use.
The following table sets out the level of the fair value hierarchy
for financial assets and financial liabilities held at fair value.
Information is also given for items carried at amortised cost
where the fair value is disclosed. Financial assets and liabilities
carried at amortised cost where the carrying amount is a
reasonable approximation of fair value are not included, as
permitted by IFRS 7.
2025
Restated2
2024
Level 1
\u20acm
Level 2
\u20acm
Level 3
\u20acm
Total
\u20acm
Level 1
\u20acm
Level 2
\u20acm
Level 3
\u20acm
Total
\u20acm
Financial assets held at fair value
Trading securities
232
12
\u2013
244
161
5
\u2013
166
Derivative \ufb01nancial instruments
\u2013
2,655
6
2,661
\u2013
3,462
15
3,477
Other \ufb01nancial assets at FVTPL
25,161
150
275
25,586
23,562
116
322
24,000
Loans and advances to banks
\u2013
84
\u2013
84
\u2013
55
\u2013
55
Financial assets at FVOCI
2,837
153
\u2013
2,990
3,384
\u2013
\u2013
3,384
Loans and advances to customers
\u2013
\u2013
166
166
\u2013
\u2013
185
185
Interest in associates
\u2013
\u2013
85
85
\u2013
\u2013
76
76
Non-\ufb01nancial assets held at fair value
Investment property
\u2013
\u2013
833
833
\u2013
\u2013
771
771
Property held at fair value
\u2013
\u2013
134
134
\u2013
\u2013
134
134
28,230
3,054
1,499
32,783
27,107
3,638
1,503
32,248
Financial liabilities held at fair value
Customer accounts
\u2013
52
\u2013
52
\u2013
114
\u2013
114
Derivative \ufb01nancial instruments
1
2,355
8
2,364
1
3,659
15
3,675
Debt securities in issue
\u2013
184
\u2013
184
\u2013
204
\u2013
204
Liabilities to customers under investment contracts
\u2013
10,179
\u2013
10,179
\u2013
9,203
\u2013
9,203
Short positions in trading securities
360
\u2013
\u2013
360
154
\u2013
\u2013
154
Other liabilities1
\u2013
\u2013
\u2013
\u2013
\u2013
37
\u2013
37
361
361
12,770
8
13,139
155
13,217
15
13,387
Fair value of \ufb01nancial assets held at amortised cost
Loans and advances to banks
201
1,371
\u2013
1,572
134
1,549
\u2013
1,683
Debt securities at amortised cost
18,160
341
1
18,502
5,871
502
1
6,374
Loans and advances to customers
\u2013
1
83,047
83,048
\u2013
\u2013
82,690
82,690
Fair value of \ufb01nancial liabilities held at amortised
cost
Deposits from banks
\u2013
1,371
\u2013
1,371
86
1,719
\u2013
1,805
Customer accounts
\u2013
107,394
\u2013
107,394
\u2013
102,925
\u2013
102,925
Debt securities in issue
6,499
539
623
7,661
7,980
380
642
9,002
Subordinated liabilities2
1,910
\u2013
\u2013
1,910
1,920
\u2013
\u2013
1,920
1 In the table above, other liabilities relate to contingent consideration recognised for the acquisition of Davy. This was settled in H125 and is therefore \u20acnil at 31 December 2025.
2\u00a0 The comparative figure for subordinated liabilities included in level 1 has been restated by increasing it to \u20ac1,920 million from \u20acnil and the figure for subordinated liabilities included in
level 2 has been reduced by the same amount to \u20acnil to align with the fair value hierarchy classification methodology adopted by the Group during the year ended 31 December 2025
following a reassessment of the pricing information available at that date.
During 2025, 'Debt securities in issue' with a fair value of \u20ac108 million and 'Other financial assets at fair value through profit and loss'
with a fair value of \u20ac18 million were transferred from level 1 to level 2 as these were valued based on observable inputs other than
quoted prices in active markets. There were no transfers between level 1 and level 2 for year ended 31 December 2024.
55\u00a0 \u00a0 Fair values of assets and liabilities (continued)
Movements in level 3 assets
2025
Loans
advances
customers at
FVTPL
\u20acm
Other
\ufb01nancial
assets at
FVTPL
\u20acm
Derivative
\ufb01nancial
instruments
\u20acm
Interest in
associates
\u20acm
Investment
property
\u20acm
Property
held at fair
value
\u20acm
Total
\u20acm
Balance at 1 January 2025
185
322
15
76
771
134
1,503
Exchange adjustment
\u2013
\u2013
\u2013
\u2013
(12)
(2)
(14)
Total gains or (losses) in:
Pro\ufb01t or loss
Interest income
7
\u2013
\u2013
\u2013
\u2013
\u2013
7
Net trading income
2
6
15
\u2013
\u2013
\u2013
23
Share of results of associates
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Revaluation
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total investment losses
\u2013
(1)
\u2013
\u2013
\u2013
\u2013
(1)
Other comprehensive expense
\u2013
\u2013
\u2013
\u2013
\u2013
3
3
Additions
\u2013
5
\u2013
11
84
\u2013
100
Disposals
\u2013
(29)
(20)
(2)
(9)
\u2013
(60)
Redemptions
(28)
(28)
\u2013
\u2013
\u2013
\u2013
(56)
Reclassi\ufb01cations
\u2013
\u2013
\u2013
\u2013
(1)
(1)
(2)
Transfers out of level 3
from level 3 to level 1
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
from level 3 to level 2
\u2013
\u2013
(4)
\u2013
\u2013
\u2013
(4)
Transfers into level 3
from level 2 to level 3
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Balance at 31 December 2025
166
275
6
85
833
134
1,499
Total unrealised (losses) / gains for the
year included in pro\ufb01t or loss for
level 3 assets at the end of the year
6
5
5
\u2013
(13)
\u2013
3
Net trading income
\u2013
6
5
\u2013
\u2013
\u2013
11
Interest income
6
\u2013
\u2013
\u2013
\u2013
\u2013
6
Share of results of associates
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total investment losses
\u2013
(1)
\u2013
\u2013
(8)
\u2013
(9)
Other operating income
\u2013
\u2013
\u2013
\u2013
(5)
\u2013
(5)
The transfer from level 3 to level 2 arose as a result of the availability of observable inputs at 31 December 2025. There were no
transfers between level 1 and 2 to level 3.
55\u00a0 \u00a0 Fair values of assets and liabilities (continued)
Movements in level 3 assets
Loans
advances
customers at
FVTPL
\u20acm
Other
\ufb01nancial
assets at
FVTPL
\u20acm
Derivative
\ufb01nancial
instruments
\u20acm
Interest in
associates
\u20acm
Investment
property
\u20acm
Property
held at fair
value
\u20acm
Total
\u20acm
2024
Balance at 1 January 2024
205
360
20
79
793
134
1,591
Exchange adjustment
\u2013
\u2013
\u2013
\u2013
7
2
9
Total gains or losses in:
Pro\ufb01t or loss
Interest income
8
\u2013
\u2013
\u2013
\u2013
\u2013
8
Net trading income
2
30
4
\u2013
\u2013
\u2013
36
Share of results of associates
\u2013
\u2013
\u2013
5
\u2013
\u2013
5
Revaluation
\u2013
(3)
\u2013
\u2013
(40)
\u2013
(43)
Total investment losses
\u2013
(24)
\u2013
\u2013
\u2013
\u2013
(24)
Other comprehensive expense
\u2013
\u2013
\u2013
\u2013
\u2013
(2)
(2)
Additions
\u2013
36
\u2013
12
24
\u2013
72
Disposals
\u2013
(25)
\u2013
(20)
(13)
\u2013
(58)
Redemptions
(30)
(14)
\u2013
\u2013
\u2013
\u2013
(44)
Reclassi\ufb01cations
\u2013
(47)
\u2013
\u2013
\u2013
\u2013
(47)
Transfers out of level 3
from level 3 to level 1
\u2013
(23)
\u2013
\u2013
\u2013
\u2013
(23)
from level 3 to level 2
\u2013
\u2013
(10)
\u2013
\u2013
\u2013
(10)
Transfers into level 3
from level 2 to level 3
\u2013
32
1
\u2013
\u2013
\u2013
33
Balance at 31 December 2024
185
322
15
76
771
134
1,503
Total unrealised (losses) / gains for the
year included in pro\ufb01t or loss for
level 3 assets at the end of the year
7
6
4
5
(32)
\u2013
(10)
Net trading income
\u2013
30
4
\u2013
\u2013
\u2013
34
Interest income
7
\u2013
\u2013
\u2013
\u2013
\u2013
7
Total investment losses
\u2013
(24)
\u2013
\u2013
(21)
\u2013
(45)
Share of results of associates
\u2013
\u2013
\u2013
5
\u2013
\u2013
5
Other operating income
\u2013
\u2013
\u2013
\u2013
(11)
\u2013
(11)
The transfer from level 3 to level 1 and level 2 arose as a result of the availability of observable inputs at 31 December 2024. The
transfer from level 2 to level 3 arose as a result of certain material inputs becoming unobservable.
55\u00a0 \u00a0 Fair values of assets and liabilities (continued)
Movements in level 3 liabilities
2025
2024
Derivative
\ufb01nancial
instruments
\u20acm
Other
liabilities 1
\u20acm
Total
\u20acm
Derivative
\ufb01nancial
instruments
\u20acm
Other
liabilities 1
\u20acm
Total
\u20acm
Balance at 1 January
15
\u2013
15
17
33
50
Exchange adjustment
(1)
\u2013
(1)
\u2013
\u2013
\u2013
Total (gains) or losses in:
Pro\ufb01t or loss
Net trading expense
1
\u2013
1
2
\u2013
2
Transfers out of level 3
from level 3 to level 2
(7)
\u2013
(7)
(5)
(33)
(38)
Transfer into level 3
From level 2 to level 3
\u2013
\u2013
\u2013
1
\u2013
1
Balance at 31 December
8
\u2013
8
15
\u2013
15
Total unrealised losses for the year
included in pro\ufb01t or loss for level 3
liabilities at the end of the year
Net trading expense
8
\u2013
8
14
\u2013
14
1\u00a0 Other Liabilities relate to the contingent consideration recognised for the acquisition of Davy. This was settled in H125 and is therefore \u20acnil at 31 December 2025.
For 31 December 2025 the transfers from level 3 to level 2 arose due to unobservable inputs becoming observable for the fair value
measurement of these liabilities. There were no transfers between level 2 and level 3.
For December 2024 the transfers from level 3 to level 2 arose due to unobservable inputs becoming observable for the fair value
measurement of these liabilities. The transfer from level 2 to level 3 arose as a result of certain material inputs becoming
unobservable.
55\u00a0 \u00a0 Fair values of assets and liabilities (continued)
Quantitative information about fair value measurements using signi\ufb01cant unobservable inputs (Level 3)
Fair value
Range
Level 3 assets
Valuation technique
Unobservable input
2025
\u20acm
2024
\u20acm
2025
%
2024
%
Loans and advances to
customers
Discounted Cash Flow
Discount market rate
166
185
4.50% - 4.90%
4.5% - 6.40%
Collateral charges
0% - 3.90%
0% - 4.30%
Other financial assets at fair
value through profit or loss
Discounted Cash Flow
Discount rate
275
322
0% - 15%
0% -15%
Equity value less discount
Discount
0% - 50%
0% - 50%
Market comparable
property transaction
Yield
0.05% - 11.68%
3.05% - 14.17%
Derivative financial instruments
Discounted Cash Flow /
Option Pricing Model
Counterparty
credit spread
6
15
0% - 1.2%
0% - 1.5%
Own credit spread
0.5% - 1%
0.3% - 1.7%
Interest in associates
Market comparable
companies
Price of recent investment
85
76
\u2013
\u2013
Earnings multiple
Revenue multiple
Investment property
Market comparable
property transaction
Yield
833
771
0.05% - 11.68%
3.05% - 14.17%
Property held at fair value
Market comparable
property transaction
Yield
134
134
5.75% - 11.80%
6.25% - 12.36%
Fair Value
Range
Level 3 liabilities
Valuation technique
Unobservable input
2025
\u20acm
2024
\u20acm
2025
%
2024
%
Derivative financial Instruments
Discounted cash flow /\u00a0 \u00a0 \u00a0 \u00a0
Option pricing model
Counterparty credit spread
8
15
0% - 1.2%
0% - 1.5%
Own credit spread
0.5% - 1%
0.3% - 1.7%
Note: 100 basis points = 1%
Valuation techniques and unobservable inputs
In the tables above:
\u2022 discount market rates represent a range of discount rates
that market participants would use in valuing these assets;
\u2022 holdings in real estate property funds (within other
financial assets at fair value through profit and loss) are
valued through market comparable property transactions;
\u2022 counterparty and own credit spreads represent the range
of credit spreads that market participants would use in
valuing these contracts;
\u2022 earnings and revenue multiples represent multiples that
market participants would use in valuing these
investments;
\u2022 the Group does not disclose the ranges for interests in
associates. Given the wide range of diverse investments
and the correspondingly large difference in prices, the
Group believes disclosure of ranges would not provide
meaningful information without a full list of the underlying
investments which would be impractical.
55\u00a0 \u00a0 Fair values of assets and liabilities (continued)
Financial assets and liabilities carried at amortised cost
The carrying amount and the fair value of the Group\u2019s financial assets and liabilities which are carried at amortised cost are set out in
the table below. Items where the carrying amount is a reasonable approximation of fair value are not included, as permitted by IFRS
7.
Financial instruments
2025
2024
Carrying
amount
\u20acm
Fair
values
\u20acm
Carrying
amount
\u20acm
Fair
values
\u20acm
Assets
Debt securities at amortised cost
18,372
18,502
6,387
6,374
Loans and advances to customers
82,312
83,048
82,353
82,690
Liabilities
Customer accounts
107,435
107,394
102,955
102,925
Debt securities in issue
7,610
7,661
8,926
9,002
Subordinated liabilities
1,848
1,910
1,853
1,920
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-885": { "value": "
57\u00a0 \u00a0 Offsetting financial assets and liabilities
The following tables set out the effect or potential effect of
netting arrangements on the Group\u2019s financial position. This
includes the effect or potential effect of rights of set off
associated with the Group\u2019s recognised financial assets and
recognised financial liabilities that are subject to an
enforceable master netting arrangement, irrespective of
whether they are set off in accordance with paragraph 42 of
IAS 32.
The \u2018Financial Instruments\u2019 column identifies financial assets
and liabilities that are subject to set off under netting
agreements such as an ISDA Master agreement.
The agreement between the Group and the counterparty
allows for net settlement of the relevant financial assets and
liabilities when both elect to settle on a net basis. In the
absence of such an election, financial assets and liabilities are
settled on a gross basis; however each party to the master
netting agreement has the option to settle all such amounts on
a net basis in the event of default of the other party.
57\u00a0 \u00a0 Offsetting financial assets and liabilities (continued)
Gross amounts
of recognised
\ufb01nancial
liabilities
set o\ufb00 in the
balance sheet
\u20acm
Net
amounts of
\ufb01nancial assets
presented in the
balance sheet
\u20acm
Related amounts not set o\ufb00
in the balance sheet
2025
Assets
Gross amounts
of recognised
\ufb01nancial assets
\u20acm
Financial
instruments
\u20acm
Cash
collateral
received
\u20acm
Net
amount
\u20acm
Derivative \ufb01nancial assets
2,654
\u2013
2,654
(2,193)
(363)
98
Loans and advances to customers
5
(5)
\u2013
\u2013
\u2013
\u2013
Loans and advances to banks
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
2,659
(5)
2,654
(2,193)
(363)
98
Gross amounts
of recognised
\ufb01nancial assets
\u20acm
Gross amounts
of recognised
\ufb01nancial
liabilities
set o\ufb00 in the
balance sheet
\u20acm
Net
amounts of
\ufb01nancial assets
presented in the
balance sheet
\u20acm
Related amounts not set o\ufb00
in the balance sheet
Net
amount
\u20acm
2024
Assets
Financial
instruments
\u20acm
Cash
collateral
received
\u20acm
Derivative \ufb01nancial assets
3,462
\u2013
3,462
(3,137)
(234)
91
Loans and advances to customers
98
(98)
\u2013
\u2013
\u2013
\u2013
Loans and advances to banks
114
(49)
65
\u2013
\u2013
65
Total
3,674
(147)
3,527
(3,137)
(234)
156
Included in the gross amounts of recognised derivative financial assets, are amounts of \u20ac2,193 million that do not meet the offsetting
criteria (2024: \u20ac3,137 million). Cash collateral amounts disclosed reflect the maximum collateral available for offset. Cash collateral
received is reported within deposits from banks (note 34).
Gross amounts
of recognised
\ufb01nancial
liabilities
\u20acm
Gross amounts
of recognised
\ufb01nancial
assets
set o\ufb00 in the
balance sheet
\u20acm
Net
amounts of
\ufb01nancial
liabilities
presented in the
balance sheet
\u20acm
Related amounts not set o\ufb00
in the balance sheet
2025
Liabilities
Financial
instruments
\u20acm
Cash
collateral
pledged
\u20acm
Net
amount
\u20acm
Derivative \ufb01nancial liabilities
2,359
\u2013
2,359
(2,193)
(93)
73
Customer deposits
5
(5)
\u2013
\u2013
\u2013
\u2013
Deposits from banks
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Total
2,364
(5)
2,359
(2,193)
(93)
73
Gross amounts
of recognised
\ufb01nancial
liabilities
\u20acm
Gross amounts
of recognised
\ufb01nancial
assets
set o\ufb00 in the
balance sheet
\u20acm
Net
amounts of
\ufb01nancial
liabilities
presented in the
balance sheet
\u20acm
Related amounts not set o\ufb00
in the balance sheet
2024
Liabilities
Financial
instruments
\u20acm
Cash
collateral
pledged
\u20acm
Net
amount
\u20acm
Derivative \ufb01nancial liabilities
3,659
\u2013
3,659
(3,137)
(343)
179
Customer deposits
98
(98)
\u2013
\u2013
\u2013
\u2013
Deposits from banks
135
(49)
86
\u2013
\u2013
86
Total
3,892
(147)
3,745
(3,137)
(343)
265
Included in the gross amounts of recognised derivative financial liabilities are amounts of \u20ac2,193 million that do not meet the
offsetting criteria (2024: \u20ac3,137 million). Cash collateral amounts disclosed reflect the maximum collateral available for offset.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-886": { "value": "
58\u00a0 \u00a0 Post balance sheet events
Proposed distribution
In respect of the 2025 financial year, the Board have proposed a distribution of \u20ac1,197 million, including an approved interim ordinary
dividend of 25 cents per share (\u20ac239 million) in respect of H125 (which was paid to shareholders on 30 October 2025) and a final
ordinary dividend of \u20ac428 million, equivalent to 45 cents per share, subject to ordinary shareholder approval, and a share buyback of
\u20ac530 million which has been approved by the ECB. The final ordinary dividend of 45 cents per share will be paid on 9 June 2026 to
ordinary shareholders who appear on the Company\u2019s register on 24 April 2026, the record date for the dividend, subject to
shareholder approval. The combination of the ordinary dividend and the share buyback represents a distribution payout ratio of
100% for 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-887": { "value": "
59\u00a0 \u00a0 Approval of financial statements
The Board of Directors approved the consolidated and Company financial statements on 27 February 2026 .", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-888": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:635400C8EK6DRI12LJ39", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fn-1": { "value": "\u00a0 In 2025 , the Group completed the purchase of the share buyback programme whereby the Group repurchased 50.74 million shares for cancellation, 5.06% of the count outstanding at 1 January 2025, at a weighted average price of \u20ac 11.610 per share", "dimensions": { "concept": "xbrl:note", "noteId": "fn-1", "language": "en" } }, "fn-4": { "value": "\u00a0 Other reserves includes the amalgamation of the merger reserve \u20ac17 million and revaluation reserve \u20ac20 million, offset by liability credit reserve of \u20ac5 million. There is a net \u20acnil impact due to the repurchase and cancellation of shares as part of the share
buyback programme.
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-4", "language": "en" } }, "fn-3": { "value": " In 2024, the Group completed the purchase of the \u20ac520 million share buyback programme whereby the Group repurchased 53.23 million shares for cancellation, 5.04% of the count outstanding at 1 January 2024, at a weighted average price of \u20ac9.753 per share.", "dimensions": { "concept": "xbrl:note", "noteId": "fn-3", "language": "en" } }, "fn-2": { "value": "\u00a0 Other reserves includes the amalgamation of the merger reserve of \u20ac17 million, revaluation reserve of \u20ac 13 million and the liability credit reserve of \u20ac 4 million. There is a net \u20acnil impact due to the repurchase and cancellation of shares as part of the share
buyback programme.
", "dimensions": { "concept": "xbrl:note", "noteId": "fn-2", "language": "en" } } } }