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2009 Interim Results1
2009InterimResults
2009 Interim Results2
Index
Section PageBusiness review:
Business priorities 4Review of banking business 5Review of life business 9Strategic agenda 14
Financial Review:Group earnings 17Funding 21Loan impairments 23Capital 30Outlook 32
Additional information 33
A number of statements we make in our presentation will not be based on historical fact, but will be “forward-looking” statements within the meaning of the US Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected in the forward looking statements. Forward-looking statements made in this presentation relate only to events as of the date on which they are made.
2009 Interim Results3
Business Review
Kevin MurphyGroup Chief Executive
Priorities 2009
Strategic agenda
Outlook
2009 Interim Results4
Business as usual - Priorities 2009
Arrears & impairments
Funding & margins
Bank
Customer retention
New investment products
Life
Maximise inflowsBank depositsLife sales
Cut costs
Group
2009 Interim Results5
Bank Deposits - Growing Resource Base
Retail deposits growth ahead of target
Total new inflows of €1.1bn in H1 09
Projected full year inflows of €2bn
Customer acquisition
21,000 new current accounts opened in H1 09
Projected full year - 40,000 new current accounts
300,000 new current accounts opened in last 5 years
Commercial deposits
Loss of overseas corporate deposits in Q1
Increase in Irish commercial and interbank deposits
2009 Interim Results6
Bank Lending - Stable / Low Risk Book
Gross new lending €0.7bn
Remain closed for new business in UK
Continued slowdown in redemptions
No corporate / SME / development lending exposure
ROI residential mortgages
UK residential mortgages
ROI commercial Mortgages
Consumer Finance
Mix%69
20
6
5
Growth%
(1)
10*
1
(13)
Total Loan Book €40.1bn (Dec 2008: €39.9bn)
Loan Balances
* Sterling balance down 1%
2009 Interim Results7
New Customer Assist programme
● Offering a wide range of solutions to customers in repayment difficulties
e.g., moratoria, interest only, extension of term etc.
● Significant re-deployment of personnel
● Extended operating hours - weekend / evening focus
Full year outlook - some positive signals
● UK - arrears looked to have peaked, with cases down 15% at June 2009. Continued improvement expected in H2
● Ireland - rate of increase in arrears is slowing down
Bank Arrears - Active Management
2009 Interim Results8
Actively managing net interest income margins
● Increasing margin on variable rate lending product (0.5% from August 2009)
● Reducing the price paid for new deposits whilst remaining competitive
Funding the Balance Sheet in the most cost-effective manner
● Actively using ECB funding facility
● €3bn of long term funding raised year to date
Bank Asset / Liability Management
2009 Interim Results9
Life & Pension Sales - Competing strongly in a difficult environment
* Irish Life International
0 50 100 150
Total Retail Life -52% - collapse in consumer demand
Corporate Business -34% -impacted by increase in unemployment and public sector levy
Pensions strength - market share c. 34%
Protection - developing new products / channels to offset mortgage fall
Bancassurance - optimistic of recovery in H2 (ptsb & RBS)
Corporate
• Pension
• Protection
ILI*
• Investment & Savings
Retail
Total sales €167m (H1 08: €294m)
€m
-34%
-52%
-50%
-68%
H1 09 H1 08
-27%
2009 Interim Results10
Investment Management - sustained inflows continue
ILIM Funds under Management
* Excludes ILI
0
5
10
15
20
25
30
35
40
2004 2005 2006 2007 2008 H1 09
Institutional Life Company
21
25
3134
€bn
27ILIM continues to grow its leadership position in Ireland
Projected in-flows of €1.5bn in 2009
(-26% on 2008)
Total in-flows of €10bn over last 5 years
Strong client base
Strong relative performance
27
2009 Interim Results11
Negative persistency for 2009/2010
● Significant changes in customer behaviour
● Dash to cash
● Inability to continue paying premiums
Significant Retention programme underway
● Range of retention actions being implemented
● Significant improvement since Q1
● Growing confidence improvement can be sustained
Life Business retention - coping with changes in customer behaviour
2009 Interim Results12
Customer needs have changed
● Appetite for down-side risk diminished
● Need for greater predictability of returns
● Some level of guarantee important
Gearing up to meet these needs
● Continuing to develop guaranteed products
● Increasing emphasis on life-style offerings
Life Investment Solutions - new productsaimed at changed customer needs
2009 Interim Results13
Headcount - reduced by c. 12%
● Total reduction of over 550 FTE
c.330 FTE Bank / c.220 FTE Life
● Non-replacement / incentivised career breaks / flexible working / limited VS
Payroll costs
● Remuneration freeze
● No bonuses for senior staff
● No profit share
Overheads - root and branch review
● Suspend discretionary spends
● Minimal capital spend
● Contract renegotiations
Further cost savings in 2010
Group Costs - driving for €50m reduction in underlying costs
2009 Interim Results14
Group re-structure (Project Trinity) progressing well
● Due diligence underway
● EGM expected in Q4
Strategic options remain fluid
● Many different permutations still possible
● NAMA is catalyst
Continued Government support is welcome
● Long-term guarantee for funding in October
Strategic Agenda - Making steady progress
2009 Interim Results15
IL&P’s lower risk & diversified life and banking
businesses leave it well placed to deal with current
challenges & prosper with economic recovery
Summary
2009 Interim Results16
Financial Review
David McCarthyGroup Finance Director
Earnings
Funding
Loan impairments
Capital
2009 Interim Results17
Operating profit / (loss)
Life Embedded Value:
• Investment fluctuations
• Economic assumptions
Profit / (loss) before tax
Taxation / Minority
Profit / (loss) after tax
H1 09
€m
(51)
(80)
(89)
(220)
29
(191)
Group Earnings
Change
%
(117)
H1 08
€m
300
(230)
(8)
62
(27)
35
Operating loss due to:
Losses in bank from impairments and higher funding costs
Lower sales and negative persistency in life business
Life embedded value reduced by:
Falls in property values
Higher interest rates resulting in an increase in the risk discount rate to 8.2% (Dec 08: 7.0%)
2009 Interim Results18
Operating Earnings
Lower new business profits and poor persistency account for reduction in life earnings
Increased loan impairment provisioning and reduced margins give rise to losses in bank
General Insurance Associate results reflects underwriting loss offset by improved investment return
Group Income
Statement*
Operating profit / (loss)
• Life
• Banking
• Associate
• Other
Operating profit / (loss)
Taxation
Profit / (loss) after tax
H1 09
€m
84
(132)
4
(7)
(51)
7
(44)
Change
%
(52)
(206)
(117)
H1 08
€m
175
124
2
(1)
300
(36)
264
* Embedded value basis
2009 Interim Results19
Operating Profit - Life
Life Income
Statement
New business
In-force business
• Total expected return
• Experience variances
• Assumption changes
Operating profit / (loss)
Taxation
Profit / (loss) after tax
H1 09
€m
23
61
61
(21)
21
84
(9)
75
Change
%
(65)
(52)
(52)
H1 08
€m
65
110
82
7
21
175
(18)
157
Lower new business contribution due to lower sales and margins
Life (excl. ILIM) new business margins:
APE: 10.5% (Dec 08: 15.1%)
PVNBP: 1.6% (Dec 08: 2.4%)
In-force earnings impacted by negative persistency experience of €34m
Continued expense reductions and improvements in operational efficiency give positive assumption change of €21m
2009 Interim Results20
Operating Profit - Bank
Revenue
● NII lower due to higher funding costs, reduced liability spreads
● Gain on disposal of gilt portfolio in H1 2008
Outgo
● Costs - excluding exceptional items -down c. 10%
● Loan impairment provisions increased reflecting increase in arrears & falling property values
Bank Income
Statement
Net interest income
Other income
Government guarantee
Trading income
Gilt gains
Expenses
Impairment provisions
Operating profit / (loss)
Taxation
Profit / (loss) after tax
H1 09
€m
195
24
(11)
(6)
-
202
(145)
(189)
(132)
15
(117)
Change
%
(19)
(206)
H1 08
€m
240
20
-
5
29
294
(155)
(15)
124
(18)
106
2009 Interim Results21
Bank Funding Mix
ROI deposits
Strong growth
Very competitive market
Loss of overseas deposits in Q1 replaced by Irish retail, commercial, interbank deposits & term funding
ECB funding €12bn at June 09
Raised €3bn term debt year to date
Extension of Government guarantee scheme expected to be finalised in October
NAMA to be positive for sector liquidity
June 2009 - Total €45bn
Corporate Deposits9%
Term debt30%
Short-term debt14%
ECB27%
Retail Deposits20%
2009 Interim Results22
Bank Funding / Asset Mix & NI Margin
Cost of Funds
Customer accounts
Long-term
ECB
Short term
Cost
%
1.9
1.8
1.0
1.3
1.5
Book
%
29
30
27
14
100
Asset Yields
ROI mortgages
UK Mortgages
Comm. Mortgages
Consumer Finance
Treasury
Yield
%
2.2
2.3
2.8
4.0
2.2
2.4
Book
%
59
17
6
5
13
100
Margin movement in H1 2009:
BPS2008 Margin 105Funding costs (14)Liability margins (16)Asset margins 11Other 1Closing June 2009 87
Liability margin reflects effect of reduced base rates on deposit floors
Asset margin includes DAC and impact of fixed rate mortgage switches
Book yield of c. 2.4% versus average cost of funds of c. 1.5% giving net margin currently of c. 90 bps
2009 Interim Results23
Arrears & Impairments
Arrears trends
Impairment provisioning
Impairment model
2009 Interim Results24
UK Buy-to-Let Mortgage 3+ month Arrears Cases*
BTL accounts for 93% of CHL portfolio
Closed to new business in early 2008
Industry average 3+ month cases in arrears 3.76% at Jun 09 v CHL of 2.86%
CHL consistently below industry average
Arrears 3+ month cases peaked in Q1 2009 at 1,608 cases
Average indexed LTV of BTL book 89% at June 2009
Negative equity 34% of total cases in June 2009
UK Mortgage Arrears
* Source: Council of Mortgage Lenders
>3 months, includes repossessions & receivers of rent cases
450490
547627
727
849
727 760 758
653
371410 385 425
427 451496
594691
863
1083
1,338
15321608
15371460
1362 1322
0
200
400
600
800
1000
1200
1400
1600
1800
Jun-08 Jul-08 Aug-08 Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09
Acc
ount
s in
Arrea
rs
Accounts >1 and ≤3 months
Accounts >3 months (incl. LPA Receivers & Repo's)
0.69% 0.72% 0.76% 0.78%0.93%
1.16%
1.41%
2.03%
3.33%
4.20%
3.76%
0.37% 0.32% 0.36% 0.34% 0.40%0.53%
0.77%
1.15%
2.15%
3.27%
2.86%
0.0%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
3.5%
4.0%
4.5%
Q4 '06 Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 Q1 '09 Q2 '09
CML >3months, All Receivers & All Repo's (BTL Only)
CHL >3months,All Receivers, All Repo's (BTL)
CHL Mortgage Arrears Cases
2009 Interim Results25
3,4743,778 3,801
4,0494,221
4,6094,777 4,862
1,9332,188 2,250
2,825 2,806 2,7632,472 2,390
1000
2000
3000
4000
5000
6000
Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09
Accounts >90 days
Accounts >30<90 days
Car Finance Arrears
Book declining due to weak new car sales
Monthly arrears cases beginning to moderate
Signs of pick-up in 2nd hand car prices
Car Finance Arrears Cases
2009 Interim Results26
ROI Residential Mortgage Arrears
Significant increase in arrears cases in H1 2009
Irish mortgage cases > 90 days in arrears 6,122 at June 2009 out of total portfolio of c. 188,000 cases
Monthly increase beginning to moderate
Average indexed LTV of 49% at June 2009
Negative equity 12% of total cases at June 2009
3,779
4,2344,608
5,0035,376
5,7896,122
6,567
2,600 2,726 2,761 2,868 2,975 3,008 3,082
2,580
2000
3000
4000
5000
6000
7000
8000
Dec-08 Jan-09 Feb-09 Mar-09 Apr-09 May-09 Jun-09 Jul-09
Accounts >90 days
Accounts >30<90 days
Irish Residential Mortgage Arrears Cases
2009 Interim Results27
Residential mortgages
• ROI
• UK
Commercial mortgages
Consumer finance
Provisions*
Balances
€m
227
75
67
73
442
316
Total Loans
%
0.8
0.9
2.8
3.5
1.1
June 2009 December 2008
Impaired Loans
Balances
€m
51
74
16
61
202
139
Total Loans
%
0.2
1.0
0.7
2.6
0.5
Impaired loans: are loans where there is objective evidence that an impairment loss had occurred, including cash-flow difficulties,
overdue contractual payments and breach of loan covenants
* Excludes provision for Iceland & Lehman senior debt
2009 Interim Results28
Impairment Charge
ROI mortgages
UK mortgages
ROI commercial
Consumer finance
• ptsb Finance
• Term, Visa, overdraft
Specific
€m
49
8
24
0
0
81
Collective
€m
49
9
6
28
16
108
Total
€m
98
17
30
28
16
189
Total
€m
27
15
9
21
10
82
H1 09 FY 2008
2009 Interim Results29
Loan Impairments Model - 2009-2011
Model methodology reviewed & updated by Oliver Wyman
Assumptions updated
Unemployment peak 16% (previous assumption 14%)
House prices -40%
PD & LGD experience
Based on UK 1990s experience
Revised to reflect actual experience in Ireland to date
Foreclosure costs: 22%
Impairments estimate for 2009-2011: 170-180 bps (previously 160 bps)
Regulatory capital includes provisions for expected losses ahead of accounts provisions
2009 Interim Results30
Basel II
Tier 1 capital
Total RWAs pre-ICR
Total RWAs after ICR
Core Tier 1 ratio
• Pre ICR
• After ICR
Capital - Bank
Dec 08
€m
2,059
18,173
22,353
%
11.3
9.2
Jun 09
€m
2,006
17,576
21,619
%
11.4
9.3
Basel II implementation
Pillar 1 in operation
Pillar 2 / ICAAP outstanding
Interim capital requirement (ICR) add-on of 23% in lieu
Basel II minimum total capital requirement of 8%
Surplus capital of €600m before ICAAP / ICR add-on
Strong capital position to absorb expected defaults
2009 Interim Results31
Regulatory capital Jan 2009
Capital from existing business
New business strain
Expected investment return
Short-term investment fluctuations
Economic assumption changes
Other
Regulatory capital 30 Jun 2009
Capital - Life
Minimum solvency requirement for Irish Life Assurance of €413m (Dec 08: €410m) covered 1.6 timesShort term investment fluctuations* made up of:
€mUnit-linked management fees (25)Property (30)Options / guarantees (8)Other (6)
(69)Reflected inNet worth (52)Value of in-force (17)
(69)
€m
694
89
(39)
5
(52)
(7)
(3)
687
* Net of tax credit of €11m
2009 Interim Results32
Outlook
Life
Bank
Group
2009 Interim Results33
Page34. Group total profit after tax - EV basis35. Group operating profit after tax - EV basis36. Group operating EPS - EV basis37. Group IFRS (Statutory) profit after tax38. Group IFRS and EV basis results reconciliation39. Bank new lending & LTVs40. Bank non-interest income41. Bank asset portfolio42. Bank non-performing loans43. Bank regulatory capital44. Life embedded value movement45. Life asset quality46. Life new business margin47. Life variances & assumptions48. Life operating costs49. Life & investment sales50. Life sales - Retail & Corporate51. Other activities operating profit
Additional Information
33
2009 Interim Results34
Operating profit / (loss)
Investment fluctuations
Economic assumptions
Other changes
Minority
Total profit / (loss)
Pre-tax
€m
(51)
(80)
(89)
-
(220)
0
(220)
H1 09
Tax
€m
7
11
11
-
29
-
29
H1 08
Post-tax
€m
264
(238)
(3)
14
37
(2)
35
Post-tax
€m
(44)
(69)
(78)
-
(191)
0
(191)
Total Profit After Tax
34
2009 Interim Results35
Life assurance
Banking
Associate
Other
Operating profit / (loss)
Pre-tax
€m
84
(132)
(48)
4
(7)
(51)
H1 09
Tax
€m
(9)
15
6
-
1
7
H1 08
Post-tax
€m
157
106
263
2
(1)
264
Post-tax
€m
75
(117)
(42)
4
(6)
(44)
Operating Profit After Tax
35
2009 Interim Results36
Note: “own shares” included for EPS calculation
Operating profit / (loss)
Taxation
Profit / (loss) after tax
Average no. of shares
EPS
H1 08
€m
300
(36)
264
276m
96c
H1 09
€m
(51)
7
(44)
276m
(16)c
Change
%
(117)
(117)
Operating EPS
36
2009 Interim Results37
Life assurance & investment
Banking
General Insurance
Other
Investment fluctuations
Economic variance
Other
Taxation
Profit / (loss) after Tax
H1 08
€m
143
124
1
0
268
(40)
(6)
-
(12)
210
H1 09
€m
65
(132)
4
(7)
(70)
(53)
(61)
(24)
(7)
(215)
65
IFRS Life Earnings Movement H1 2009€m
New business effect (3)Interest on insurance VIF 29Expected surplus on Inv. contracts 28Exp var. & assumption changes 5Expected Investment Return 6
IFRS (Statutory) Profit After Tax
37
2009 Interim Results38
Embedded Value basis
Investment business
• Value of in-force
• Deferred costs & fees
• Restatement of liabilities
Own shares adjustment
Other
IFRS (Statutory) basis
S’Holders
Equity
€m
2,601
(603)
135
76
-
(59)
2,150
Total Profit / (loss)*
after Tax
€m
(191)
3
(4)
2
(18)
(7)
(215)
H1 09
* Before minority interest
IFRS / EV Reconciliation
38
2009 Interim Results39
Bank New Lending
0
0.5
1
1.5
2
2.5
3
ROIresidentialmortgages
UKresidentialmortgages
ROIcommercialmortgages
Consumerfinance
€bn
0.2
1.4
0.5
Total new lending €0.7bn (H1 08: €5.1bn)
H1 09 H1 08
Irish Residential New Lending LTVs
Home LoansFirst Time BuyersSecond Time BuyersAverage
BTL Average
Equity Release Average
Total New Lending*
2008%785664
66
52
63
H1 09%755162
63
51
57
Total new lending down 86% on H1 08
UK residential & ROI commercial lending closed to new business
Average indexed LTV of 49% at Jun 09
Falling new lending LTVs
FTB LTV down from 78% to 75%
2.7
0.8
0.3
2007%845769
67
54
65
2009 Interim Results40
Note: Bancassurance Embedded Value operating profit €6m [H1 08: €26m] included in life assurance
Fees & Comms (rec’d)
Fees & Comms (payable)
Government guarantee
Trading income
Gilt portfolio
H1 08
€m
25
(5)
20
-
5
29
54
H1 09
€m
27
(3)
24
(11)
(6)
-
7
Bank Non-Interest Income
40
2009 Interim Results41
Category
Sovereign Bonds
AAA
AA
A
Bank FRNs / Corporate Bonds
AA
A
BAA
C & lower*
RMBS
AAA
AA / A
Bank Asset Portfolio
Total bank asset portfolio of €4.4bn
The portfolio is made up of €1.5bn Sovereign Bonds (34%), €2.2bn Bank FRNs (50%) and €0.7bn Prime RMBS (16%)
93% of the Prime RMBS is EURO denominated and there is zero US exposure in balance
€bn
0.1
1.3
0.1
1.0
0.9
0.2
0.1
0.6
0.1
Asset Portfolio June 2009
* Icelandic & Lehman holding, these have been provided for fully
%
7
87
6
45
41
9
5
97
3
2009 Interim Results42
Residential mortgages
• ROI
• UK
Commercial mortgages
Consumer finance
Balances
€m
1,165
297
216
124
1,802
Total Loans
%
4.2
3.8
8.9
6.0
4.5
June 2009 December 2008
Non Performing Loans
Balances
€m
605
255
147
89
1,096
Total Loans
%
2.2
3.6
6.2
3.7
2.8
Non-performing loans: are loans where repayments are over 90 days in arrears and impaired loans
2009 Interim Results43
Basel II Capital
Available capital
Tier 1
Tier 2
Total capital
Deductions*
Total available capital (Tier 1)
Pillar 1
Interim capital requirement (ICR)
Total required capital
Excess own funds
Total RWAs (excl. ICR)
RAR (all Core Tier 1)
• Incl. ICR• Excl. ICR
Bank Capital - Basel II
Dec 08
€bn
4.2
1.3
5.5
(3.4)
2.1
1.5
0.3
1.8
0.3
18.2
%
9.211.3
Jun 09
€bn
4.0
1.3
5.3
(3.3)
2.0
1.4
0.3
1.7
0.3
17.6
%
9.311.4
* Life company investment and other regulatory adjustments
Basel II implementation
Pillar 1 in operation
Pillar 2 outstanding
Interim capital requirement (ICR) add-on of 23%
Basel II minimum total capital requirement of 8%
2009 Interim Results44
Opening 1 Jan 2009
Operating profit
Investment fluctuations
Economic assumptions
Capital & other movements
Closing 30 Jun 2009
Net Worth
€m
569
55
(52)
(7)
(3)
562
VIF
€m
1,080
20
(17)
(71)
-
1,012
Required Capital
€m
626
629
Total
€m
1,649
75
(69)
(78)
(3)
1,574
Life Embedded Value Movement
44
* All movements net of tax
2009 Interim Results45
Life Asset Quality
Rating
AAA
AA
A
€m
1,330
196
14
1,540
%
86
13
1
Non-linked Debt Securities Non-linked liabilities matched with debt securities of appropriate duration
Majority high quality sovereign bonds
No exposure to “toxic” assets
Insurance & investment assets
Deposits
Property
Equity
Debt securities / other
Subordinated debt*
€m
406
157
9
201
773
(211)
562
%
53
20
1
26
Shareholders’ Net WorthProperty - predominantly owner occupied plus seed capital for property funds
Subordinated debt - €200m capital raised in Q1 2007
* €200m net of mark-to-market adjustments
2009 Interim Results46
New Business Contribution
Life
ILIM
Margin - APE
Life
ILIM
Margin - PVNBP
Life
ILIM
H1 08
€m
53
12
18.0
11.3
%
2.9
1.1
H1 09
€m
18
5
10.5
8.8
%
1.6
0.9
Life New Business Margin
46
APE SalesH1 09 H1 08
€m €m
Life 167 294
ILIM 60 103
PVNBP SalesH1 09 H1 08
€m €m
Life 1,090 1,838
ILIM 605 1,033
2009 Interim Results47
Experience Variances Assumption Changes
H1 08
€m
0
0
21
21
H1 09
€m
0
0
21
21
Persistency
Risk
Expenses / Other
H1 08
€m
(9)
11
5
7
H1 09
€m
(34)
6
7
(21)
Life Variances & Assumptions
47
2009 Interim Results48
Life Operating Costs
Retail & Corporate
ILIM
Other
Pension IAS 19 adjust.
H1 09
€m
80
5
4
89
4
93
H1 08
€m
96
9
7
111
(2)
109
Change
%
(17)
(20)
(15)
2009 Interim Results49
Recurring Premium Single Premium
2006 Interim Results
H1 08
€m
450
280
1,033
163
1,926
192
1,926
H1 09
€m
257
219
605
79
1,160
116
1,160
Retail
Corporate
ILIM
ILI
Total
APE Basis
PVNBP Basis
H1 08
€m
96
109
-
-
205
205
945
H1 09
€m
42
69
-
-
111
111
535
Life & Investment Sales
49
2009 Interim Results50
Products
Pension
Investments
Protection / Risk
Savings
Distribution
Bancassurance
Direct Sales force
Brokers / IFAs
Institutions
H1 08
€m
67
27
30
17
141
36
41
43
21
141
H1 09
€m
32
10
22
4
68
12
20
28
8
68
Change
%
(52)
(63)
(27)
(76)
(52)
(67)
(51)
(35)
(62)
(52)
Retail & Corporate Life Sales
50
Products
DC pension
Protection / Risk
Annuities / Other
Distribution
Consultant
Brokers
Direct / Cornmarket
H1 08
€m
89
27
21
137
49
28
60
137
H1 09
€m
55
17
19
91
35
25
31
91
Change
%
(38)
(37)
(10)
(34)
(29)
(11)
(48)
(34)
Retail APE Sales Corporate APE Sales
2009 Interim Results51
Cornmarket / IPSI
Corporate costs
H1 08
€m
11
(12)
(1)
H1 09
€m
4
(11)
(7)
Other Activities Operating Profit
51
2009 Interim Results52
Please contact our Investor Relations Department for any furtherinformation or visit our group website at
www.irishlifepermanent.ie
Contact details:
Barry Walsh [email protected] +353 1 704 2678
Orla Brannigan [email protected] +353 1 704 1345
Contact Information
52