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KBRA Comments on 1H 2018 Results of the Irish Banks

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Kroll Bond Rating Agency (KBRA) comments on 1H 2018 earnings results of
the Irish banks. The banks, Allied Irish Banks plc , Bank of Ireland,
Ulster Bank Ireland DAC, Permanent TSB and KBC Bank Ireland plc ,
delivered a sound performance in 1H18, with core earnings stability,
improving asset quality, strengthened capital position and increased
core deposit funding. KBRA expects negative gross loan growth in 2018
and most likely in 2019, as the banks are under increased regulatory
pressure to reduce their stocks of NPLs.

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Related Publications: (available at www.kbra.com)

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About KBRA and KBRA Europe

KBRA is a full service credit rating agency registered with the U.S.
Securities and Exchange Commission as an NRSRO. In addition, KBRA is
designated as a designated rating organization by the Ontario Securities
Commission for issuers of asset-backed securities to file a short form
prospectus or shelf prospectus, is recognized by the National
Association of Insurance Commissioners as a Credit Rating Provider, and
is a certified Credit Rating Agency (CRA) by the European Securities and
Markets Authority (ESMA). Kroll Bond Rating Agency Europe Limited is
registered with ESMA as a CRA.

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