Annual Report & Accounts 2009 - Anglo Irish Bank

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Notes to the financial statements continued 32. Investment property - held on own account 33. 98 Cost 31 December 30 September 2009 2008 €m €m At beginning of period 110 26 Additions 279 87 Disposals - (1) Exchange movement (13) (2) At end of period 376 110 Accumulated depreciation At beginning of period 2 1 Charge for the period 10 1 Impairment 101 - Exchange movement (4) - At end of period 109 2 Net book value At end of period 267 108 At beginning of period 108 25 Fair value The Group Investment property held on own account includes hotel, office and retail properties, previously acquired by the Group’s Private Banking and Lending businesses which were not allocated to policyholders under investment contracts or sold to private clients. Impairment on investment property reflects weakening economic conditions in the markets where the assets are located and a consequent reduction in the recoverable amounts of the assets, based on the estimated future cash flows to be derived from these assets. The fair value of investment property held on own account at 31 December 2009 is €173m (30 September 2008: €115m). Fair values are based on valuations provided by independent third party valuers during the period which have been reviewed and agreed by management. These values are based on a sale in current, highly illiquid markets and reflect a lack of recent transactional evidence. The fair values do not represent the expected longer term recoverable value of the properties on which the carrying amount is based. Investment property - held in respect of liabilities to customers under investment contracts The Group 31 December 30 September 2009 2008 €m €m At beginning of period 1,796 2,090 Additions - 72 Disposals (50) (23) Fair value movements (603) (343) At end of period (note 40) 1,143 1,796 Investment property held in respect of liabilities to customers under investment contracts is included in the statement of financial position at fair value. Fair values are based on valuations provided by independent third party valuers using, where relevant, accepted Royal Institution of Chartered Surveyors guidelines or equivalent local guidelines appropriate to the location of the property. Fair values are reviewed and agreed by management.
34. Property, plant and equipment Computer Freehold Leasehold and other The Group properties improvements equipment Total €m €m €m €m Cost At 1 October 2007 5 31 52 88 Disposal of Group undertaking - (3) (1) (4) Additions - 3 12 15 Disposals - (2) (1) (3) Exchange movements - - (2) (2) At 30 September 2008 5 29 60 94 Disposal of Group undertaking (5) - (3) (8) Additions - 1 2 3 Disposals - - (1) (1) Exchange movements - - (2) (2) At 31 December 2009 - 30 56 86 Accumulated depreciation At 1 October 2007 1 12 38 51 Disposal of Group undertaking - (2) (1) (3) Charge for the year 1 2 7 10 Disposals - - (1) (1) Exchange movements - - (1) (1) At 30 September 2008 2 12 42 56 Disposal of Group undertaking (2) - (2) (4) Charge for the period - 4 8 12 Disposals - - (1) (1) Exchange movements - - (1) (1) At 31 December 2009 - 16 46 62 Net book value At 31 December 2009 - 14 10 24 At 30 September 2008 3 17 18 38 The Group occupies properties with a net book value of €12m at 31 December 2009 (30 September 2008: €18m) in the course of carrying out its own activities. Anglo Irish Bank Annual Report & Accounts 2009 99
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Annual Report & Accounts 2009
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Contents Page Chairman’s statemen
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Legacy matters The Bank is continui
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Jim Brydie was appointed Head of Gr
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Business review This business revie
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Divisional lending balances by sect
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holdings, reduced investment cash f
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30 September 2008. Average total cu
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Income statement - treasury impairm
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to acquire these assets they are in
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Board of Directors Donal O’Connor
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In keeping with our environmental p
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Principal risks and uncertainties T
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Credit risk Credit risk is the risk
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Report of the Directors The Directo
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Corporate governance statement On 1
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Corporate governance statement cont
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Independent Auditors' report to the
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Consolidated income statement For t
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Consolidated statement of financial
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Consolidated statement of changes i
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Statement of cash flows For the 15
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Notes to the financial statements I
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Notes to the financial statements c
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Supplementary information Consolida
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