Annual Report & Accounts 2009 - Anglo Irish Bank

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Notes to the financial statements continued 54. Report on Directors' remuneration and interests continued 148 Under the Anglo Irish Bank Corporation Act, 2009, which was enacted under Irish law on 21 January 2009, all of the Bank's ordinary and preference share capital was transferred to the Minister for Finance. As a result all rights granted under the various share-based incentive plans were extinguished and any shares held in trust under these plans were transferred to the Minister for Finance. Directors' and Secretary's interests At 31 December 2009 the Directors and Secretary in office, and their spouses and minor children, had no beneficial interests in the shares of the Bank. Performance Share Plan All rights outstanding on 21 January 2009 were extinguished under the Anglo Irish Bank Corporation Act, 2009. Former Executive Directors Awards forfeited/ Conditional Conditional extinguished awards awards at since outstanding at 30 September 2008 1 October 2008 31 December 2009 Number Number Number David Drumm 213,447 (213,447) - William McAteer 80,043 (80,043) - Declan Quilligan 71,401 (71,401) - Pat Whelan 68,303 (68,303) - Share options granted to Directors and Secretary All options outstanding on 21 January 2009 were extinguished under the Anglo Irish Bank Corporation Act, 2009. Former Executive Directors Options forfeited/ Options extinguished Options outstanding at since outstanding at 30 September 2008 1 October 2008 31 December 2009 Number Number Number David Drumm 704,118 (704,118) - William McAteer 502,371 (502,371) - Declan Quilligan 600,000 (600,000) - Pat Whelan 603,650 (603,650) - At 31 December 2009 the Secretary, Natasha Mercer, had no interests in ordinary shares under the various employee share incentive plans (30 September 2008: interests of 86,876).
Directors' pension benefits A.M.R. (Mike) Aynsley is entitled to monthly contributions to a defined contribution pension plan. Up to and including January 2009 the Group made monthly payments to a defined contribution pension plan for William McAteer. While acting as Executive Chairman Donal O'Connor benefited from monthly payments to a defined contribution pension plan. This benefit ceased when he reverted to the role of Non-executive Chairman. All other individuals who served as Executive Directors during the period were members of a Group defined benefit scheme. Details are as follows: Executive Director/Chairman Defined contribution Increase in Total increase/ accrued annual Total accrued (decrease) in pension benefit pension benefit transfer value of Contribution/ during period at period end accrued benefit benefit €'000 €'000 €'000 €'000 A.M.R. (Mike) Aynsley (1) - - - 32 Donal O'Connor (2) - - - 54 Former Executive Directors David Drumm (3) - 271 - - William McAteer (4) - - - 46 Declan Quilligan (5) - 172 (328) - Pat Whelan (6) 25 166 550 - 25 609 222 132 The increase in accrued annual pension benefit during the period reflects incremental service and excludes any increase for inflation which is reflected in the total accrued pension benefit. The total accrued pension benefit at the period end is that which would be paid annually from the member's expected retirement date, based on service to the period end and assuming the member had left service at that date. The increase/(decrease) in transfer value of accrued benefit has been calculated by an independent actuary. An increase does not represent sums paid or due, but the amounts that the Bank's pension scheme would transfer to another pension scheme, in relation to the benefits accrued in the period, in the event of the member leaving service. Fees paid to Non-executive Directors are not pensionable. Defined benefit (1) Co-opted on 7 September 2009. A.M.R. (Mike) Aynsley is entitled to monthly contributions to a defined contribution pension plan. (2) Donal O'Connor acted as Executive Chairman between 19 February 2009 and 7 September 2009 during which period the Group made monthly payments to a defined contribution pension plan. (3) Resigned on 19 December 2008. David Drumm did not accrue additional pension benefits in the period. The total accrued benefit figure is calculated based on the standard fund threshold, as applied by Revenue. (4) Resigned on 7 January 2009. In addition to the contribution disclosed above, €343,267 of the deferred performance bonus referred to on page 146 was paid by way of an employer contribution to a self administered pension scheme. This deferred performance bonus had previously been expensed and disclosed by the Bank in the year to 30 September 2005. (5) Resigned as an Executive Director on 7 September 2009. The accrued pension benefit is calculated as at 31 December 2009. The reduction in accrued benefit from that reported in 2008 reflects the movement in the GBP/EUR exchange rate over the period. (6) Resigned as an Executive Director on 19 February 2009. The accrued pension benefit is calculated as at 8 December 2009, the date Pat Whelan left the Bank. Anglo Irish Bank Annual Report & Accounts 2009 149
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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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