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Dec 17 2019, 08:05 GMT
Ratings and price correct at time of issue
Company | Rating | Date | Previous Rating | Date | Closing Price |
---|---|---|---|---|---|
AIB Group | OUTPERFORM | 23/01/19 | Neutral | 14/08/18 | 330c |
Bank of Ireland | OUTPERFORM | 11/03/13 | Neutral | 14/08/12 | 511c |
Lloyds Banking Group | OUTPERFORM | 28/05/19 | Neutral | 14/02/18 | 67.3p |
permanent tsb Group | NEUTRAL | 06/03/19 | Outperform | 01/08/18 | 109c |
RBS | NEUTRAL | 11/02/19 | N/A | N/A | 261p |
Virgin Money UK | NEUTRAL | 17/12/19 | Underperform | 15/11/19 | 205p |
That all UK banks included in the 2019 Bank of England (BOE) stress test passed should not come as a surprise given the parameters were broadly the same as 2018. Increasing the countercyclical capital buffer (CCyB) is a surprise, however, and will, in our opinion, constrain capital returns in the UK sector. It also negatively impacts both BOI and AIB, already facing the prospect of a systemic risk buffer. As a result, we increase our management target to 13.5% (from 13%) and 14% (from 13.5%) for BOI and AIB respectively.
Dec 17 2019, 08:05 GMT