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

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Notes to the financial statements continued35. Deferred taxationThe GroupThe Bank2011 2010 2011 2010€m €m €m €mAnalysis of movement in deferred taxation:Opening net asset 46 46 - -Acquired under INBS Transfer Order (1) - (1) -Income statement charge for year (note 17) (6) (2) - -Exchange movements 2 2 - -Closing net asset 41 46 (1) -Analysis of deferred taxation asset:Losses available for offset against future profits 42 46 - -Analysis of deferred taxation liability:Temporary timing differences (1) - (1) -Represented in the statement of financialposition as follows:Deferred taxation asset 42 46 - -Deferred taxation liability (1) - (1) -41 46 (1) -At 31 December 2011 deferred tax assets of €4,616m (2010: €4,376m) and €4,595m (2010: €4,318m) have not beenrecognised in respect of unused losses for the Group and the Bank respectively.36. Other assetsThe GroupThe Bank2011 2010 2011 2010€m €m €m €mTrade and other receivables 18 78 5 68Trading properties 7 9 - -Development property 6 - 6 -31 87 11 68On 1 July 2011 the Bank acquired development property of €6m under the INBS Transfer Order. The carrying value representscumulative costs incurred to 31 December 2011 under a contract to develop property less any write-downs to net realisablevalue. The development is fully complete.90
Irish Bank Resolution Corporation LimitedAnnual Report & Accounts 201137. Deposits from banksThe GroupThe Bank2011 2010 2011 2010€m €m €m €mDeposits repayable on demand 56 54 3,952 3,342Sale and repurchase agreements - central banks 42,228 45,023 42,228 45,023Sale and repurchase agreements - banks - 545 - 545Other deposits by banks with agreed maturity dates 307 944 2 64542,591 46,566 46,182 49,555Amounts include:Due to Group undertakings 3,896 3,289Sale and repurchase agreements with central banks include a combined €40.1bn (2010: €28.1bn) borrowed under a SpecialMaster Repurchase Agreement ('SMRA'), a Master Loan Repurchase Agreement ('MLRA'), and a Facility Deed agreement ('FD')from the Central Bank of Ireland. Overall reliance on these facilities has increased during the year due to the necessity toreplace €8.3bn of customer deposit funding that transferred to AIB on 24 February 2011 under the AIB Transfer Order (note13). In addition, on 1 July 2011 the Bank acquired €6.0bn of central bank borrowing under the INBS Transfer Order.Sale and repurchase agreements with central banks also include €2.1bn (2010: €16.9bn) borrowed under open marketoperations from central banks. The decrease in funding under these facilities is primarily due to the transfer of €12.2bn ofNAMA senior bonds to AIB on 24 February 2011 under the AIB Transfer Order. Furthermore certain of the Bank's securitisationprogrammes no longer qualify as eligible collateral under open market operations.The SMRA is secured on the promissory notes and the NAMA senior bonds. The MLRA is secured on unencumbered qualifyingloan assets. The FD is an unsecured loan facility guaranteed by the Minister for Finance, who separately benefits from a counterindemnity from the Bank should the guarantee be called upon.Certain of the Bank's assets have been pledged as collateral under open market operations with monetary authorities at theyear end through the Group's covered securities programmes (note 27).Deposits from banks include €13m (2010: €29m) of cash collateral received from counterparties to offset credit risk arisingfrom derivative contracts.Other deposits by banks with agreed maturity dates in the Group include €305m (2010: €299m) of funding provided topolicyholders by external banks in respect of liabilities to customers under investment contracts (note 40).91
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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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