Annual Report & Accounts 2009 - Anglo Irish Bank

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Notes to the financial statements continued 30. Investments in Group undertakings continued 96 Principal subsidiary undertakings and registered offices Principal activity Steenwal B.V. Locatellikade 1 Parnassustoren, 1076 AZ Amsterdam, The Netherlands Investment holding The Anglo Aggmore Limited Partnership 10 Old Jewry, London EC2R 8DN, England Property investment The Group owns all of the issued ordinary share capital of all subsidiary undertakings listed unless otherwise stated. All of the Group undertakings are included in the consolidated financial statements. The Group holds 75% of the equity and loan capital contributed to The Anglo Aggmore Limited Partnership. The capital contributors earn a return of 10% per annum on their capital and thereafter the Group is entitled to 50% of the remaining profits of this partnership. The Group is the general partner of Anglo Irish Capital UK LP, Anglo Irish Capital UK (2) LP, Anglo Irish Capital UK (3) LP and The Anglo Aggmore Limited Partnership. The Anglo Irish Capital UK Limited Partnership, Anglo Irish Capital UK (2) Limited Partnership, Anglo Irish Capital UK (3) Limited Partnership and The Anglo Aggmore Limited Partnership have availed of the exemption under paragraph 7 of the UK Partnerships (Accounts) Regulations, 2008 from the requirements to comply with paragraphs 4 to 6 of those regulations. The Group's interests in Anglo Irish Covered Bonds LLP and Colligo Funding Limited are, in substance, no different than if they were wholly owned subsidiary undertakings. As a result they are consolidated in the Group accounts. There are no other entities which might be considered to be subsidiaries under SIC 12 which have not been consolidated. Each subsidiary undertaking operates principally in the country in which it is registered. In accordance with the European Communities (Credit Institutions: Accounts) Regulations, 1992, a complete listing of Group undertakings will be annexed to the annual return to the Companies Registration Office in Ireland. Anglo Irish Mortgage Bank ('AIMB') AIMB is a wholly owned subsidiary of Anglo Irish Bank Corporation Limited and is regulated by the Central Bank and Financial Services Authority of Ireland ('CBFSAI'). Its principal activity, as a licensed bank, is the issuance of commercial mortgage asset covered securities, in accordance with the Asset Covered Securities Acts, 2001 and 2007. On 15 January 2009 Anglo Irish Bank Corporation Limited transferred a portfolio of commercial mortgage loans of €6bn to AIMB, and on 21 January 2009 AIMB launched a €10bn Mortgage Covered Securities Programme. At 31 December 2009 the total amount of principal outstanding in respect of mortgage covered securities issued was €4.3bn, all of which is held by the Bank. At the same date the total principal outstanding in the cover assets pool including mortgage loans and cash was €7.7bn. Guarantees provided to subsidiaries by Anglo Irish Bank Corporation Limited Each of the companies listed below, and consolidated into these accounts, has availed of the exemption from filing its individual accounts as set out in Section 17 of the Companies (Amendment) Act, 1986 ('the Act'). In accordance with the Act, Anglo Irish Bank Corporation Limited has irrevocably guaranteed the liabilities of Anglo Irish Bank ESOP Limited, Anglo Irish Bank Limited, Anglo Irish Capital Partners Limited, Anglo Irish International Financial Services Limited, Aragone Limited, Buyway Group Limited, Fitzwilliam Leasing Limited, Irish Buyway Limited, Knightsdale Limited, Modify 5 Limited, Sparta Financial Services and Tincorra Investments Limited.
31. Intangible assets The Group The Bank Cost Computer Computer software Goodwill software €m €m €m At 1 October 2007 59 46 42 Additions 21 - 21 Disposals (1) (48) - Exchange movement (3) 2 (2) At 30 September 2008 76 - 61 Additions 14 - 13 Disposals (2) - (2) Disposal of Group undertaking (note 14) (14) - - Exchange movement (2) - (2) At 31 December 2009 72 - 70 Accumulated amortisation At 1 October 2007 42 - 26 Charge for the year 16 - 16 Disposals (1) - - Exchange movement (2) - (2) At 30 September 2008 55 - 40 Charge for the period 13 - 11 Disposals (2) - (2) Disposal of Group undertaking (note 14) (14) - - Exchange movement (1) - - At 31 December 2009 51 - 49 Net book value Anglo Irish Bank Annual Report & Accounts 2009 At 31 December 2009 21 - 21 At 30 September 2008 21 - 21 The decrease in goodwill in the prior year was due to the sale of Anglo Irish Bank (Suisse) S.A. The sales proceeds exceeded the carrying amount of the Bank's investment including goodwill at the date of sale (note 14). 97
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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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Supplementary information Consolida
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www.angloirishbank.com Anglo Irish
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Annual Report & Accounts 2009 - Anglo Irish Bank

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