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Annual Report Annual Report & Accounts 2008 Caring for the environment At Anglo Irish Bank, we take a responsible approach to environmental issues and have worked with our print partner to minimise the environmental impact of our Annual Report publication. The paper selected for this report comes from certified well managed forests, accredited by the PEFC to a standard known as Chain of Custody. These certified forests are managed to ensure long term timber supplies while protecting the environment and the lives of the forest dependent people. The Annual Report is a CarbonNeutral® publication. This was achieved by selecting a print partner who is already CarbonNeutral® and by offsetting the lifecycle emissions of the paper that was used in the Annual Report. Anglo Irish Bank is pleased to be able to add both the CarbonNeutral® and the PEFC logos as evidence of achieving these standards. ® p ublication Anglo Irish Bank Annual Report & Accounts 2008 Financial performance 2008 2007 Profit before taxation (€m) 784 1,243 Earnings per share (cent) 88.4 134.7 Cost to income ratio 17% 22% Customer lending (€m)* 73,157 67,076 Total assets (€m) 101,321 96,652 Core Tier 1 capital (€m) 5,068 4,445 * Including lending associated with our assurance company Contents Letter from the Executive Chairman 02 Statement of recognised income 35 Business review 06 and expense Board of Directors 12 Cash flow statement 36 Corporate Responsibility 14 Notes to the financial statements 38 Principal risks and uncertainties 20 Consolidated income statement 160 (USD, GBP) Report of the Directors 22 Consolidated balance sheet 161 Statement of Directors’ responsibilities 24 (USD, GBP) Corporate governance statement 25 Schedule to the Report of the Directors 162 Independent Auditors’ report 30 Consolidated income statement 32 Consolidated balance sheet 33 Bank balance sheet 34 01 Letter from the Executive Chairman Donal O'Connor Executive Chairman I was appointed Chairman of the Board on 18 December 2008 by an independent assessor appointed by the Minister for following the resignation of Sean FitzPatrick. I acknowledge Finance. The Government has also said that the assessor will again the sense of hurt, outrage and disappointment that invite submissions and in assessing value, reference will be people feel towards the Bank following disclosures regarding made to a broad range of factors including the assets and loans to the former Chairman and other matters. On behalf of liabilities of the Bank. The assessor’s determination of the Bank I sincerely apologise to our customers, employees, compensation is subject to appeal. shareholders and other stakeholders for this situation. Because of the unique position the Bank is in, the new Board Board and management has concluded that we will address, as transparently as we can, While they had been attending Board meetings since the various issues that we know are of interest to stakeholders. 11 December 2008, two new Non-executive Directors, Frank Daly, previously Chairman of the Revenue Commissioners, and State ownership Alan Dukes, a former Minister for Finance, were formally appointed to the Board on 18 December 2008 under the terms Anglo Irish Bank was nationalised on 21 January 2009 of the Government Guarantee Scheme. Both bring considerable following the signing into law of the Anglo Irish Bank experience to the Board. Maurice Keane joined the Board on Corporation Act 2009. This decision was taken by the 21 January 2009 as a Non-executive Director. He is a former Government after consultation with the Board, the Chief Executive of the Bank of Ireland Group and brings a Department of Finance, the Central Bank and the Financial wealth of external independent banking expertise to the Board. Regulator. The Government has given assurances that Anglo Irish Bank is of systemic importance to Ireland and will Frank Daly is chairman of the Audit Committee and the continue to trade as a commercial entity. The role of the Board Governance Review Committee; Maurice Keane is chairman and management team will be to continue to manage the Bank of the Risk and Compliance Committee and Alan Dukes is on an independent and commercial basis. chairman of the Remuneration Committee and the Nomination and Succession Committee. I thank the new Directors for their Shareholders' compensation help and support over the past number of weeks. Each has made a very valuable contribution since their appointment The Anglo Irish Bank Corporation Act 2009 provides for to the Board and its committees. payment to shareholders of the fair and reasonable value of the shares as at 15 January 2009. Compensation will be determined 02 Anglo Irish Bank Annual Report & Accounts 2008 On 19 January 2009 five Non-executive Directors resigned from with my comments at the Extraordinary General Meeting on the Board, Noël Harwerth, Anne Heraty, Michael Jacob, Gary 16 January 2009, the Bank did not identify Directors’ loans McGann and Ned Sullivan. The Directors stepped down from as a high risk area. Clearly, some of the processes regarding their positions to facilitate the appointment of new Board Directors’ loans need significant strengthening. The Board is members. The Board will be strengthened in the coming committed to ensuring that the governance processes in the months through the appointment of additional Non-executive Bank are of the highest standard and intends to implement Directors. the recommendations of the review process. The Board, following consultation with the Financial Regulator, Note 51 to the accounts now includes significant disclosures has decided to defer the appointment of a Chief Executive regarding Directors’ loans, deposits and related party Officer until the new business plan and the various reviews the transactions. At 30 September 2008 none of the Directors’ Board is carrying out have been completed. In the interim, I loans were impaired. However, as a result of the subsequent have been appointed by the Board to act as Executive Chairman permanent deterioration in the share price of the Bank, it is with effect from 19 February 2009. likely there will be an impairment provision in the six months to 31 March 2009 in respect of these loans. Furthermore, the Board has appointed Declan Quilligan, an Executive Director, as Chief Operating Officer. Declan has over 20 years of banking experience and has an in-depth knowledge Directors’ remuneration of the markets in which we operate. I look forward to working Directors’ remuneration for the year ended 30 September 2008 closely with Declan over the coming months as the Bank strives totalled €9.5 million and note 50 to the accounts provides to rebuild trust and confidence. comprehensive information in relation to Directors’ pay and Following nationalisation, the Board structure will be similar pension arrangements. to other State owned entities. The Board will comprise the No bonuses were awarded to Executive Directors for 2008 Executive Chairman, the Non-executive Directors and the Chief and there have been no increases in Executive Directors’ Operating Officer. In this context Pat Whelan, who will continue salaries since January 2008. in his role as Managing Director of Lending Ireland, stepped down from the Board on 19 February 2009. The value of options held and rights granted under various share-based incentive plans to all employees, including The Bank has appointed Matt Moran as Director of Group Executive Directors, were fully extinguished following the Finance. Matt, a Chartered Accountant, has been with the Bank signing into law of the Anglo Irish Bank Corporation Act 2009. since 2002, most recently as Chief Financial Officer and brings Fees payable to Non-executive Directors have been reduced by significant international experience to this position. We are 20% from 1 January 2009. engaged in the process of recruiting an external Chief Risk Officer. In the interim period Peter Butler, former Managing Under the terms of the Credit Institutions (Financial Support) Director of the Bank’s Wealth Management Division, has been Scheme 2008, the Covered Institution Remuneration Oversight appointed acting Chief Risk Officer. The management team will Committee (‘CIROC’) was established in November 2008. The also be strengthened by a number of other external Group is currently engaging with CIROC in the context of its appointments. remit under this scheme. Directors’ loans and related party Asset quality transactions Asset quality will be a critical area of focus for the Board and Following recent disclosures in relation to Directors’ loans management. The economic environment has deteriorated there are a number of reviews ongoing by external authorities since 30 September 2008, with the outlook now for an including the Office of the Director of Corporate Enforcement, extended period of difficulty in our core markets. the Financial Regulator and the Institute of Chartered The severity of the downturn will result in an increase in Accountants in Ireland overseen by the Irish Auditing and impairment charges for all banks internationally over the next Accounting Supervisory Authority. number of years. We will continue to support clients where this The Bank has initiated its own formal review of governance, ensures the best economic outcome for the Bank in the long focusing on the area of Directors’ loans, which is being term. A detailed bottom up loan review is being undertaken to undertaken by an independent firm of solicitors. This exercise assist the Board and management in assessing the current is being overseen by the Governance Review Committee. In line position. The results of this review will be included in the Interim Report for the period ended 31 March 2009. 03 Letter from the Executive Chairman continued Share transactions environment, non-retail deposits were more concentrated and shorter in duration than at the prior year end. There has been a lot of comment and speculation regarding share transactions that took place during 2008. In The Bank has had an active counterparty relationship with accordance with established banking practice it would be Irish Life & Permanent group for a long period of time.
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