DBRS Withdraws the Guaranteed Debt Ratings of IBRC

DBRS Ratings Limited (DBRS) has today withdrawn the A (low) Guaranteed Long-Term and R-1 (low) Guaranteed Short-Term Debt ratings of Irish Bank Resolution Corporation Limited (IBRC). The ratings have been withdrawn as all holders of the guaranteed debt have been repaid under the Eligible Liabilities Guarantee (ELG) Scheme and there is no longer any guaranteed debt outstanding.

Concurrently the A (low) Long-Term and R-1 (low) Short-Term Government Guaranteed Deposit ratings of IBRC have been withdrawn. For the ST Government Guaranteed deposit rating this reflects that the Eligible Liabilities Guarantee (ELG) Scheme expired on March 28, 2013, and therefore there are no longer any guaranteed short-term deposits outstanding, and for the LT Government Guaranteed Deposit ratings it reflects that there is now only a limited amount of outstanding deposits where a claim has not been made for repayment.

Notes: All figures are in Euros (EUR) unless otherwise noted.

The principal methodology applicable is: the Global Methodology for Rating Banks and Banking Organizations. Other methodologies used include the DBRS Criteria: Support Assessment for Banks and Banking Organisations. The rating methodologies and criteria used in the analysis of this transaction can be found at: http://www.dbrs.com/about/methodologies.

The sources of information used for this rating include DBRS ratings of the Republic of Ireland. DBRS considers the information available to it for the purposes of providing this rating was of satisfactory quality.

DBRS does not audit the information it receives in connection with the rating process, and it does not and cannot independently verify that information in every instance.

Generally, the conditions that lead to the assignment of a Negative or Positive Trend are resolved within a twelve month period. DBRS’s outlooks and ratings are under regular surveillance.

For further information on DBRS historic default rates published by the European Securities and Markets Administration (“ESMA”) in a central repository, see:
http://cerep.esma.europa.eu/cerep-web/statistics/defaults.xhtml.

Ratings assigned by DBRS Ratings Limited are subject to EU regulations only.

Lead Analyst: Ross Abercromby
Rating Committee Chair: Elisabeth Rudman
Initial Rating Date: September 7, 2006
Most Recent Rating Update: February 22, 2013

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For additional information on this rating, please refer to the linking document located at: http://www.dbrs.com/research/236983/banks-and-banking-organisations-linking-document.pdf

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