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

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Notes to the financial statements continued31. Intangible assets - software The Group The BankComputer Computersoftware software€m €mCostAt 1 January 2010 72 70Additions 5 5At 31 December 2010 77 75Additions 4 4Disposals (2) -At 31 December 2011 79 79Accumulated amortisationAt 1 January 2010 51 49Charge for the year 10 10At 31 December 2010 61 59Charge for the year 10 10Disposals (2) -At 31 December 2011 69 69Carrying amountAt 31 December 2011 10 10At 31 December 2010 16 1632. Investment property - held on own accountCostThe Group2011 2010€m €mAt beginning of year 403 376Additions 49 13Disposals - (7)Transfers to assets classified as held for sale (282) -Exchange movement (17) 21At end of year 153 403Accumulated depreciationAt beginning of year 186 109Charge for the year 6 10Impairment 3 61Transfers to assets classified as held for sale (122) -Exchange movement (8) 6At end of year 65 186Carrying amountAt end of year 88 217At beginning of year 217 267Investment property held on own account at 31 December 2011 includes office and retail properties previously acquired by theGroup which were not subsequently allocated to policyholders under investment contracts or sold to private clients.86
Irish Bank Resolution Corporation LimitedAnnual Report & Accounts 2011Additions in the current year include investment property assets of €2m acquired under the INBS Transfer Order on 1 July 2011.These assets were reclassified as held for sale on 31 December 2011.Impairment on investment property in 2010 reflected weakening economic conditions in the markets where the assets arelocated and a consequent reduction in the recoverable amounts of the assets, based on the estimated future cash flows to bederived from these assets.The fair value of investment property held on own account at 31 December 2011 is €98m (2010: €216m). Fair values areprimarily based on valuations provided by independent third party valuers during the year which have been reviewed andagreed by management.33.Investment property - held in respect of liabilitiesto customers under investment contractsFair valueThe Group2011 2010€m €mAt beginning of year 1,193 1,143Additions - -Disposals (90) -Fair value, exchange and other movements 27 50At end of year (note 40) 1,130 1,193Investment property held in respect of liabilities to customers under investment contracts is included in the statement offinancial position at fair value. Fair values are based on valuations provided by independent third party valuers using, whererelevant, accepted Royal Institution of Chartered Surveyors guidelines or equivalent local guidelines appropriate to the locationof the property. Fair values are reviewed and agreed by management.87
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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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Supplementary information (unaudite
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Irish Bank ResolutionCorporation Li
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