IBRC Key Facts
Who we are
Irish Bank Resolution Corporation Limited, trading as IBRC is an asset recovery bank committed to working out its operations over time, in accordance with the restructuring plan for IBRC that was approved by the European Commission in June 2011.
Under the Bank’s current management team the organisation has been reshaped into a fully integrated, fit for purpose, asset recovery organisation easily adjustable to manage a diminishing balance sheet.
As a nationalised bank the key objective of the Board and senior management team is to run the Bank in the public interest and in a manner that ultimately minimises the cost to the Irish taxpayer
As part of this process the Bank’s former lending division has been reshaped and substantially restructured into an asset recovery platform – Corporate & Institutional Recovery which encompasses front office Recovery Management, Specialised Asset Management and Market Solutions teams whose function is to work with our remaining customers to help recover as much as possible on behalf of the Irish taxpayer.
Our goal is to achieve full resolution of IBRC by 2020. This will remain our focus as we face into the challenges of the next phase of our organisational restructure.
Irish Bank Resolution Corporation Limited, is the new name of Anglo Irish Bank Corporation Limited.
Key financial results for the year to 31st December 2011:
- Operating profit for the year of €620m before disposals and provisions for impairment;
- Loss before taxation for the year of €873m;
- Total provisions for impairment of €1,644m, including a specific lending impairment charge of €2,141m and a release of €597m of the collective impairment provision. The specific lending impairment charge represents 6% of average loan balances;
- Total operating expenses of €320m. Underlying staff costs have fallen by 8% with average headcount declining by 11%, primarily due to 210 staff transferring to AIB. The headcount at 31 December 2011 is 1,219, and includes 183 people working directly in the Bank’s NAMA unit;
- Non-staff costs of €108m are in line with the previous year as significant professional fees continue to be incurred primarily in relation to ongoing asset recovery matters. Exceptional costs in the period of €82m primarily relate to professional fees associated with the Bank’s restructuring, NAMA, a significant debt recovery case and costs related to certain legacy matters;
- Tier 1 capital ratio of 15.1% and a Total capital ratio of 16.3%. Regulatory capital ratios have increased since 31 December 2010 due to a reduction in risk weighted assets during the year of €11.6bn or 32%;
- Total funding from central banks and monetary authorities of €42.2bn, representing 87% of total funding;
- Total assets are €55.5bn, a decline in the year of €17.4bn, or 24% on a constant currency basis, driven primarily by the transfer of €12.2bn of NAMA senior bonds to AIB and the sale of the majority of the US loan book. Excluding the Government promissory notes of €29.9bn, total assets are €25.6bn at 31 December 2011;
Where we operate:
The Bank operates from offices based in Dublin, Cork, Limerick, Galway, Waterford, London, Belfast, Manchester and Boston.
Our employees:
As at 31 March 2012 the Bank had a total of 1,103 employees.
Corporate Responsibility (CR):
We recognise our corporate obligations and responsibilities and are committed to fulfilling them. We take a responsible approach to environmental issues and are proactive in seeking innovative ways in which to become more efficient. Our community strategy seeks to ensure that IBRC does its part in encouraging social inclusiveness and supporting the young and disadvantaged. Our approach to CR in the community is rooted in the generosity and commitment of our staff, who give their time and effort to support a wide range of worthwhile causes.
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