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

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Notes to the financial statements continued34. Property, plant and equipmentLeasehold ComputerFreehold properties and and otherThe Group properties improvements equipment Total€m €m €m €mCostAt 1 January 2010 - 30 56 86Additions - 1 - 1At 31 December 2010 - 31 56 87Disposal of Group undertaking - - (1) (1)Additions 7 - 3 10At 31 December 2011 7 31 58 96Accumulated depreciationAt 1 January 2010 - 16 46 62Charge for the year - 1 5 6At 31 December 2010 - 17 51 68Disposal of Group undertaking - - (1) (1)Charge for the year - 2 5 7Impairment - 4 - 4At 31 December 2011 - 23 55 78Carrying amountAt 31 December 2011 7 8 3 18At 31 December 2010 - 14 5 19Additions in the current year include freehold premises of €7m and computer and other equipment of €1m acquired under theINBS Transfer Order on 1 July 2011.The Group occupies properties with a net book value of €11m at 31 December 2011 (2010: €12m) in the course of carrying outits own activities.88
Irish Bank Resolution Corporation LimitedAnnual Report & Accounts 2011ComputerFreehold Leasehold and otherThe Bank properties improvements equipment Total€m €m €m €mCostAt 1 January 2010 - 16 52 68At 31 December 2010 - 16 52 68Additions 7 - 2 9At 31 December 2011 7 16 54 77Accumulated depreciationAt 1 January 2010 - 13 43 56Charge for the year - - 5 5At 31 December 2010 - 13 48 61Charge for the year - - 4 4At 31 December 2011 - 13 52 65Carrying amountAt 31 December 2011 7 3 2 12At 31 December 2010 - 3 4 7Additions in the current year include freehold premises of €7m and computer and other equipment of €1m acquired under theINBS Transfer Order on 1 July 2011.The Group has minimum future rental payments under non-cancellable operating leases as follows:20112010Property Equipment Property Equipment€m €m €m €mWithin one year 10 3 9 3One to five years 22 - 30 1Over five years 41 1 51 173 4 90 5Total future minimum sublease payments expected to be received under non-cancellable subleases at 31 December 2011 were€2m (2010: €1m).The Group loss before taxation is arrived at after charging operating lease rentals of €12m (2010: €15m). Sublease incomerecognised for the year was €2m (2010: €1m).As at 31 December 2011 the Group and the Bank had contractual commitments of €nil (2010: €1m) for the acquisition ofproperty, plant and equipment.89
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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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Supplementary information (unaudite
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