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Barclays Bank Ireland PLC Aug 11
Standard & Poors, Aug 2011
Abstract
Core subsidiary of 100% owner, Barclays Bank PLC. Very well capitalized. Risk systems and processes shared with Barclays Bank PLC. Strong liquidity, with no reliance on wholesale funding. Weaknesses: Low diversification and concentrated loan book. Niche local market position. Weak economic outlook in Ireland. 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. In our view, BBI is very well capitalized, liquidity remains strong, and risk management is sound; the latter benefiting from the common approach with Barclays. The bank has deliberately positioned itself as a niche player, but its business diversification is consequently low, and the loan book...
Companies mentioned in this report are: Barclays Bank Ireland PLC,Barclays Bank PLC,Barclays Bank S.A.,Absa Bank Ltd. (Unsolicited Ratings),Barclays Private Clients International Ltd.,Barclays US Funding LLC,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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