Irish Life & Permanent trading in line with expectations
Business Financial Newswire - Irish Life & Permanent reports that the Group's businesses are generally performing in line with expectations.The investment management business is performing strongly while demand in the life business is mixed.
In the bank, loan demand has fallen further. Mortgage loan arrears in Ireland continue to rise, reflecting the higher level of unemployment, but early arrears are showing some signs of stabilising.
The bank has made significant progress in its funding programme year to date. It has completed term debt issuance of €4.8bn representing some 75% of the term re-financing requirement for the year.
ECB drawings are currently €8bn (Dec 2009: €9.75bn).
The Group expects that, as currently structured, the current capital resources of the bank are sufficient to meet the new regulatory targets. The proposed raising of additional capital in the life company, secured on the in-force book, is still under consideration.