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Barclays Bank Ireland PLC Jul 09
Standard & Poors, July 2009
Abstract
Core subsidiary of 100% owner, Barclays Bank PLC Well capitalized Risk systems and processes shared with Barclays Bank PLC Good liquidity, with no reliance on wholesale funding Low diversification and concentrated loan book Modest local market position Weaker outlook for asset quality due to difficult economic environment The ratings on Barclays Bank Ireland PLC (BBI) reflect its satisfactory fundamentals and its position as a core subsidiary of Barclays Bank PLC (Barclays; AA-/Negative/A-1+), which owns 100% of BBI. Capitalization is strong and risk management is sound, benefiting from its common approach with Barclays. However, diversification is low, the loan book is concentrated, and we expect the difficult Irish economic environment to lead to a weakening in asset quality. BBI was authorized...
Companies mentioned in this report are: Barclays Bank Ireland PLC,Barclays Bank PLC,Barclays Bank S.A.,Absa Bank Ltd. (Unsolicited Ratings),Barclays Bank PLC (Australian Branch),Barclays Private Clients International Ltd.,Barclays Bank Mexico S.A. ,Barclays PLC
Action: Review
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research Type: Full Analysis
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