Bank of Ireland has said that its pension deficit has increased due to the impact of the Brexit vote in the UK.
In a brief statement, the bank said that the outcome of the EU referendum in the UK had impacted, among other factors, foreign exchange rates and interest rates.
These are used to calculate the liabilities in the group's sponsored defined benefit pension schemes.
"As a consequence, the net impact has been to increase the standard defined benefit pension deficit to about €1.2 billion at 30 June 2016 from €0.74 billion at December 2015," the bank stated.
Bank of Ireland also said today that in the six months to the end of June, the group continued to trade in line with expectations with asset quality continuing to improve.
The bank is due to publish its half yearly results on July 29.
