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

Notes to the financial statements continued38. Customer accountsThe GroupThe Bank2011 2010 2011 2010€m €m €m €mRepayable on demand 13 3,771 2,925 6,832Other deposits by customers with agreedmaturity dates 584 7,321 678 6,624597 11,092 3,603 13,456Amounts include:Due to Group undertakings 3,006 4,048Customer typeRetail deposits 40 6,120 40 4,847Non-retail deposits 557 4,972 3,563 8,609597 11,092 3,603 13,456On 24 February 2011, under the AIB Transfer Order, the majority of the Irish and UK customer accounts, including those held inthe Bank's Isle of Man subsidiary, were transferred by the Bank to AIB and AIB UK (note 13). Certain customer accounts wereretained, including those linked to customer loans, structured deposit-linked products and those accounts denominated inminor currencies. In total €8.3bn (Ireland and UK: €6.9bn; Isle of Man: €1.4bn) of customer accounts were transferred.Deposits introduced through the Bank's branches in Vienna, Dusseldorf and Jersey remained unaffected by the AIB TransferOrder and as such did not transfer at the time. However, in accordance with the February Direction Order and the requirementsimposed on the Bank by the Minister for Finance on 7 April 2011 pursuant to Section 50 of CISA, all deposits introducedthrough these branches have been repaid to customers. The Bank’s branches in Jersey and Vienna were both closed in June2011 and the Dusseldorf branch was closed in August 2011. The Bank no longer collects new customer deposits.Customer accounts include balances of €18m (2010: €31m) in respect of deposits which were designated at fair value uponinitial recognition.The Group's customer accounts include €3m (2010: €6m) received from equity-accounted joint venture interests.The Bank's customer accounts include €94m (2010: €92m) of deposits held in respect of liabilities to customers underinvestment contracts (note 40). The deposits eliminate on consolidation in the Group customer accounts balances.92