IBRC annual report for 2011 - Irish Bank Resolution Corporation ...
IBRC annual report for 2011 - Irish Bank Resolution Corporation ...
IBRC annual report for 2011 - Irish Bank Resolution Corporation ...
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<strong>Irish</strong> <strong>Bank</strong> <strong>Resolution</strong> <strong>Corporation</strong> LimitedAnnual Report & Accounts <strong>2011</strong>ComputerFreehold Leasehold and otherThe <strong>Bank</strong> 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 <strong>2011</strong> 7 16 54 77Accumulated depreciationAt 1 January 2010 - 13 43 56Charge <strong>for</strong> the year - - 5 5At 31 December 2010 - 13 48 61Charge <strong>for</strong> the year - - 4 4At 31 December <strong>2011</strong> - 13 52 65Carrying amountAt 31 December <strong>2011</strong> 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 <strong>2011</strong>.The Group has minimum future rental payments under non-cancellable operating leases as follows:<strong>2011</strong>2010Property 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 <strong>2011</strong> were€2m (2010: €1m).The Group loss be<strong>for</strong>e taxation is arrived at after charging operating lease rentals of €12m (2010: €15m). Sublease incomerecognised <strong>for</strong> the year was €2m (2010: €1m).As at 31 December <strong>2011</strong> the Group and the <strong>Bank</strong> had contractual commitments of €nil (2010: €1m) <strong>for</strong> the acquisition ofproperty, plant and equipment.89
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