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

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Notes to the financial statements continued17. Taxation 2011 2010€m €mCurrent taxationForeign tax - current year 6 -Foreign tax - prior year - 30Deferred taxation6 30Current year - temporary differences (note 35) 6 2Taxation charge for year 12 32The reconciliation of taxation on losses at the standard Irish corporation tax rate to the Group's actual tax charge is analysed asfollows:2011 2010€m €mLoss before taxation at 12.5% (109) (2,202)Effects of:Deferred tax asset not recognised on losses available for carry forward 114 2,144Foreign earnings subject to different tax rates 6 45Income not subject to tax (5) -Unrealised losses on investments - 6Adjustment in respect of prior years - 30Deferred taxation 6 2Other - 7Taxation charge for year 12 32No Irish corporation tax charge arises in the year due to the availability of tax losses in the current year. However a foreigntaxation charge of €6m (2010: €30m) is incurred.A deferred tax charge of €6m (2010: €2m) has been recognised in respect of the release of deferred tax assets.18. Loss attributable to owner of the parentIn accordance with section 148(8) of the Companies Act, 1963 and section 7(1A) of the Companies (Amendment) Act, 1986,the Bank is availing of the exemption from presenting its individual income statement to the annual general meeting and fromfiling it with the Registrar of Companies. The Bank’s loss for the financial year determined in accordance with IFRS as adoptedby the European Union is €868m (2010: €17,336m).19. Cash and balances with centralThe GroupThe Bankbanks 2011 2010 2011 2010€m €m €m €mCash and balances with central banks 100 181 100 181These amounts include only those balances with central banks which may be withdrawn without notice.Cash and balances with central banks primarily relate to the Bank’s minimum reserve requirement held with the Central Bank ofIreland. Irish credit institutions must maintain a minimum reserve requirement over a specified maintenance period. Balancescan be withdrawn as long as the requirement is met on average over this maintenance period. As a result, year end balances donot necessarily indicate the level of this minimum requirement.70
Irish Bank Resolution Corporation LimitedAnnual Report & Accounts 201120. Financial assets at fair valueThe GroupThe Bankthrough profit or loss 2011 2010 2011 2010€m €m €m €mHeld on own accountEquity shares - unlisted 12 13 5 5All of the above financial assets are designated at fair value through profit or loss. The Group considers unlisted equity shares tobe non-current assets.The Bank’s interest in the Arnotts Group, which arose from a debt restructuring in 2010, is classified, upon initial recognition, atfair value through profit or loss.In late 2011, following creditor approval for a debt restructuring proposal, the Bank obtained a minority equity interest in whatwas previously the manufacturing business of the Quinn Group. The Bank's interest is classified, upon initial recognition, at fairvalue through profit or loss. At 31 December 2011 the value of the Bank’s economic interest in this enterprise is not material.The Group2011 2010€m €mHeld in respect of liabilities to customers underinvestment contracts (note 40)Investments in property structures 104 125Equity shares 85 103Debt securities 5 9194 237Of which listed 80 107Of which unlisted 114 130194 237All financial assets at fair value through profit or loss held in respect of liabilities to customers under investment contracts aredesignated at fair value through profit or loss.71
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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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Page 25 and 26: Report of the DirectorsIrish Bank R
Page 27 and 28: Corporate governance statementIrish
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Page 31 and 32: Corporate governance statement cont
Page 33 and 34: OpinionIn our opinion:• the Group
Page 35 and 36: Consolidated statement of comprehen
Page 37 and 38: Bank statement of financial positio
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Supplementary information (unaudite
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Irish Bank ResolutionCorporation Li
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