IBRC annual report for 2011 - Irish Bank Resolution Corporation ...

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Acronyms and abbreviationsAFSAvailable-for-saleAIBAllied Irish Banks, p.l.c.AIB Transfer Order Transfer order made by the Irish HighCourt under section 34 of CISA on24 February 2011AIB UKAIB Group (UK) p.l.c.ALCOGroup Asset and Liability CommitteeBasel II2006 Basel Capital AccordbpBasis pointCCFCredit and Collections ForumCIFS Scheme Credit Institutions (Financial Support)Scheme 2008CIROCCovered Institutions RemunerationOversight CommitteeCISA Credit Institutions (Stabilisation) Act 2010CIWUDCredit Institutions Reorganisation andWinding Up DirectiveCLSContinuous Linked SettlementCRDCapital Requirements DirectiveCredit Policy Group Credit PolicyCROGroup Chief Risk OfficerCRUCollections and Recoveries UnitCSAsCollateral support agreementsCVACredit valuation adjustmentDirection Order Direction order made by the Irish HighCourt under section 9 of CISA on8 February 2011ECEuropean CommissionECBEuropean Central BankELG Scheme Credit Institutions (Eligible LiabilitiesGuarantee) Scheme 2009EUEuropean UnionEU/IMF Programme EU/IMF Programme of Financial Supportfor IrelandEuriborEuro interbank offered rateFDFacility Deed agreementGBSMGroup Balance Sheet ManagementHigh Level Steps High level restructuring and work-outPlansteps plan, based on the RestructuringPlanIASInternational Accounting StandardsIBNRIncurred but not reportedIBRCIrish Bank Resolution Corporation Limitedand its subsidiariesIBRCMBIBRC Mortgage BankICAAPInternal Capital Adequacy AssessmentProcessIFRSInternational Financial ReportingStandardsIMFInternational Monetary FundINBSIrish Nationwide Building SocietyINBS Transfer Order Transfer order made by the Irish HighCourt under section 34 of CISA on1 July 2011IOInterest onlyLIBORLondon interbank offered rateLMELiability management exerciseLTVLoan-to-valueMinisterial Requirements issued by the Minister forrequirements Finance under section 50 of CISA on7 April 2010MLRAMaster Loan Repurchase AgreementNAMANational Asset Management AgencyNAMA Act National Asset Management Agency Act2009NTMANational Treasury Management AgencyPVBPPresent Value of a Basis PointRestructuring Plan Restructuring plan for IBRC, including theintegration of INBS / High Level StepsPlanRMIRecovery Management IrelandRWARisk weighted assetsS&PStandard and Poor's rating agencySenior bonds Government Guaranteed Floating RateNotesSLPScottish Limited PartnershipSMRASpecial Master Repurchase Agreementthe 1986 Act Companies (Amendment) Act, 1986the 2010 Act Central Bank Reform Act 2010the BankIrish Bank Resolution Corporation Limitedthe Board The Board of Directors of the Bankthe CodeCentral Bank of Ireland's CorporateGovernance Code for Credit Institutionsand Insurance Undertakingsthe Code of Practice 2009 Code of Practice for theGovernance of State Bodiesthe Directors The Board of Directors of the Bankthe Group Irish Bank Resolution Corporation Limitedand its subsidiariesTier 1Primary capitalTier 2Secondary capitalTSATransfer Support Agreement concludedbetween IBRC, AIB and AIB UKTurnbull guidance Financial Reporting Council RevisedGuidance on Internal ControlUKUnited KingdomUSUnited States of AmericaVaRValue at RiskVATValue Added Tax176
Irish Bank ResolutionCorporation LimitedLocationsDublinRegistered OfficeStephen Court18/21 St Stephen’s GreenDublin 2Tel: +353 (0)1 616 2000Fax: +353 (0)1 616 2323www.ibrc.ieConnaught House1 Burlington RoadDublin 4Tel: +353 (0)1 631 0000Fax: +353 (0)1 631 00982 Grand ParadeDublin 6Tel: +353 (0)1 609 6000Fax: +353 (0)1 609 6599Cork11 Anglesea StreetCorkTel: +353 (0)21 453 7300Fax: +353 (0)21 453 7399GalwayForster StreetGalwayTel: +353 (0)91 536 900Fax: +353 (0)91 536 931London10 Old JewryLondon EC2R 8DNTel: +44 (0)20 7710 7000Fax: +44 (0)20 7710 7050Belfast14/18 Great Victoria StreetBelfast BT2 7BATel: +44 (0)28 9033 3100Fax: +44 (0)28 9026 9090Centrepoint24 Ormeau AvenueBelfast BT2 8HSTel: +44 (0)28 9055 0093Fax: +44 (0)28 9055 0094Manchester1 Marsden StreetManchester M2 1HWTel: +44 (0)16 1214 3020Fax: +44 (0)16 1214 3030Boston(Representative Office)265 Franklin StreetBoston MA 02110Tel: +1 617 720 2577Fax: +1 617 720 6099Limerick98 Henry StreetLimerickTel: +353 (0)61 461 800Fax: +353 (0)61 461 899WaterfordMaritana GateCanada StreetWaterfordTel: +353 (0)51 849 300Fax: +353 (0)51 849 399Cover design: DesignbankForward looking statementsThis report contains certain forward looking statements with respect to the financialcondition, results of operations and businesses of Irish Bank Resolution CorporationLimited. These statements involve risk and uncertainty because they relate to eventsand depend upon circumstances that will occur in the future. There are a number offactors which could cause actual results or developments to differ materially fromthose expressed or implied by these forward looking statements. The statements arebased on current expected market and economic conditions, the existing regulatoryenvironment and interpretations of IFRS applicable to past, current and future periods.Nothing in this report should be construed as a profit forecast.
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Irish Bank Resolution Corporation L
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ContentsIrish Bank Resolution Corpo
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Chairman’s statementIrish Bank Re
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Group Chief Executive’s reviewIri
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Group Chief Executive’s review co
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Business review continuedIrish Bank
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Board of DirectorsIrish Bank Resolu
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Corporate Responsibility continuedI
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Principal risks and uncertainties c
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Principal risks and uncertainties c
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Report of the DirectorsIrish Bank R
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Corporate governance statementIrish
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Corporate governance statement cont
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Corporate governance statement cont
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OpinionIn our opinion:• the Group
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Consolidated statement of comprehen
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Bank statement of financial positio
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IBRC annual report for 2011 - Irish Bank Resolution Corporation ...

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