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Annual Financial Report 2012

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Annual Financial Report 2012 Annual Financial Report 2012 Allied Irish Banks, p.l.c Contents Page Business review Chairman’s statement 4 Chief Executive Officer’s review 6 Corporate Social Responsibility 9 Financial review 11 Risk Management Risk factors 58 Framework 65 Individual risk types 68 Governance and oversight The Board & Executive Officers 168 Report of the Directors 171 Corporate Governance statement 173 Supervision & Regulation 185 Financial statements Accounting policies 193 Consolidated financial statements 218 Notes to the consolidated financial statements 225 Parent company financial statements 342 Notes to the parent company financial statements 347 Statement of Directors’ responsibilities in relation to the Accounts 381 Independent Auditor’s Report 382 General information Additional information 384 Glossary of terms 406 Principal addresses 410 Index 411 1 Forward-looking information This document contains certain forward-looking statements within the meaning of Section 27A of the US Securities Act of 1933 and Section 21E of the US Securities Exchange Act of 1934, with respect to the financial condition, results of operations and business of the Group and certain of the plans and objectives of the Group. In particular, among other statements in this Annual Financial Report, with regard to management objectives, trends in results of operations, margins, risk management, competition and the impact of changes in International Financial Reporting Standards are forward-looking in nature. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as ‘aim’, ‘anticipate’, ‘target’, ‘expect’, ‘estimate’, ‘intend’, ‘plan’, ‘goal’, ‘believe’, ‘may’, ‘could’, ‘will’, ‘seek’, ‘continue’, ‘should’, ‘assume’, or other words of similar meaning. Examples of forward-looking statements include among others, statements regarding the Group’s future financial position, income growth, loan losses, business strategy, projected costs, capital ratios, estimates of capital expenditures, and plans and objectives for future operations. Because such statements are inherently subject to risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking information. By their nature, forward-looking statements involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. These are set out in ‘Risk factors’ on pages 58 to 64. These factors include, but are not limited to the Group’s access to funding and liquidity which is adversely affected by the financial instability within the Eurozone, contagion risks disrupting the financial markets, and the potential for one or more countries exiting the euro, constraints on liquidity and market reaction to factors affecting Ireland and the Irish economy, the Group’s markets, particularly for retail deposits, at risk from more intense competition, the Group’s business being adversely affected by a further deterioration in economic and market conditions, general economic conditions being very challenging for our mortgage and other lending customers and increase the risk of payment default, including the risks associated with large scale forbearance strategies, the depressed Irish property prices may give rise to increased losses experienced by the Group, the Group faces market risks, including non-trading interest rate risk, the Group is subject to rigorous and demanding Government supervision and oversight, the Group may be subject to the risk of having insufficient capital to meet increased regulatory requirements, the Group’s business activities must comply with increasing levels of regulation, the Group’s participation in the NAMA Programme gives rise to certain residual financial risks, the Group may be adversely affected by further austerity and budget measures introduced by the Irish Government, the value of certain financial instruments recorded at fair value is determined using financial models incorporating assumptions, judgements and estimates that may change over time, or may ultimately not turn out to be accurate, the Group’s deferred tax assets depend substantially on the generation of future profits over an extended number of years, adverse changes to tax legislation, regulatory requirements or accounting standards could impact capital ratios, the Group is subject to inherent credit risks in respect of customers, the Group faces heightened operational and reputational risks, the restructuring of the Group entails risk, the Group’s risk management strategies and techniques may be unsuccessful, risk of litigation arising from the Group’s activities. Any forward-looking statements made by or on behalf of the Group speak only as of the date they are made. AIB cautions that the foregoing list of important factors is not exhaustive. Investors and others should carefully consider the foregoing factors and other uncertainties and events when making an investment decision based on any forward- looking statement. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this Annual Financial Report may not occur. The Group does not undertake to release publicly any revision to these forward- looking statements to reflect events, circumstances or unanticipated events occurring after the date hereof. 2 Financial highlights 2012 2011 € m € m Results Total operating income 621 4,340 Operating loss (3,845) (5,108) Loss before taxation from continuing operations before exceptional items(1) (2,829) (8,060) Loss before taxation from continuing operations (including exceptional items) (3,830) (5,108) Profit after taxation from discontinued operations – 1,628 Loss attributable to owners of the parent (3,647) (2,312) Per ordinary share Loss – basic from continuing operations (0.7c) (1.6c) Loss – diluted from continuing operations (0.7c) (1.6c) Earnings – basic from discontinued operations – 0.7c Earnings - diluted from discontinued operations – 0.7c Dividend – – Dividend payout – – Net assets € 0.02 € 0.05 Performance measures Return on average total assets (2.76%) (1.66%) Return on average ordinary shareholders’ equity (37.0%) (48.8%) Statement of financial position Total assets 122,516 136,651 Ordinary shareholders’ equity 7,741 10,963 Shareholders’ equity 11,241 14,463 Loans and receivables to customers including held for sale 73,325 83,724 Customer accounts 63,610 60,674 Capital ratios Core tier 1 capital 15.1% 17.9% Total capital 17.6% 20.5% (1)Exceptional items are detailed on page 21 of the Management report. 3 Chairman’s statement The re-establishment of AIB as a stable, soundly functioning Throughout AIB the need to engage with and regain the trust of our bank progressed throughout 2012. Rebuilding its foundations customers is well understood. This can only be achieved and as an institution capable of serving our customers and the Irish demonstrated by actions rather than words, and this is a primary economy to the highest standard involved significant objective at all levels throughout the organisation. adjustment, resolve and sound management. The support that we have received from our customers and But, unprecedented times require unprecedented change and stakeholders through these challenging times continues to be in the past number of years, and specifically in 2012, AIB has deeply appreciated. We have growing confidence in Ireland’s undergone major restructuring, established a new leadership economic progress and we look forward to playing our part in it. team, implemented a new customer-focused strategy and begun a deep cost-cutting programme. This was achieved Leadership while assisting customers in financial difficulty and exceeding Following the appointment of David Duffy as CEO in December targets for SME and mortgage lending. 2011, comprehensive changes have been made to the Bank’s Leadership Team, the composition of which has largely been Against a challenging global economic backdrop, in 2012 AIB refreshed with six appointments during 2012. The new appoint- showed encouraging signs of returning to normalised banking ments to this team were completed following rigorous selection operation. We increased our market share in key product processes and the Bank has been successful in attracting high areas, progressed non-core deleveraging and returned to the quality individuals to the organisation with international finance bond markets. We saw a major reduction in our operating loss, experience. on a pre-exceptional basis, and a 70% reduction in bad debt provisions year on year. The Leadership Team is supported by the Leadership Council, created in 2012, which comprises of senior management from Culturally, the customer and the community lies at the core of across the bank. This Leadership Council works with the AIB’s business and the entire focus of the bank’s strategy is to Leadership Team to further embed the bank’s revised strategy regain stability and return to sustainable profitability within a and cultural change across the organisation. The creation of reasonable timeframe – while looking after our c. 2 million the Leadership Council is part of an overall talent identification customers. We again acknowledge the very significant and succession planning process across the senior levels
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