Anglo Irish Asset Finance 2009 Accounts

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I I Company No. 3091082 i ANNUAL REPORT AND FINANCIAL STATEMENTS ANGLO IRISH ASSET FINANCE PLC PERIOD ENDED 31 DECEMBER 2009 LD2 LQCJAIYW* 07/04/20tO COMPANIES HOUSE 132 ANGLO IRISH ASSET FINANCE PLC Contents Pages Corporate information Directors' report Statement of directors' responsibilities Management report Independent auditors' report Statement of Comprehensive Income Statement of Financial position Statement of changes in equity Statement of Cash flows Notes to the financial sta
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  II Company No. 3091082 i ANNUAL REPORT AND FINANCIAL STATEMENTSANGLO IRISH ASSET FINANCE PLCPERIOD ENDED 31 DECEMBER 2009 LQCJAIYW*LD2 07/04/20tO 132COMPANIES HOUSE  ANGLO IRISH ASSET FINANCE PLC Contents PagesCorporate information 1Directors' report2 - 5Statement of directors' responsibilities 6Management report 7-17Independent auditors' report18-19Statement of Comprehensive Income 20Statement of Financial position 21Statement of changes in equity 22Statement of Cash flows 23Notes to the financial statements 24 - 80  ANGLO IRISH ASSET FINANCE PLC Directors B Lmehan (resigned 23 March 2010)D Quiliigan (resigned 15 March 2010)F G ParkerJ BrydieT P Walsh Secretary F G Parker Auditors Deloitte LLPLondon Bankers Anglo Insh Bank Corporation Limited10 Old JewryLondonEC2R8DNBarclays Bank picLondon Corporate BankingPO Box 544Lombard StreetLondon, EC3V 1EX Registered office 10 Old JewryLondonEC2R 8DN Registered number 3091082  ANGLO IRISH ASSET FINANCE PLC DIRECTORS' REPORT The directors present their report and the audited financial statements for Anglo Irish Asset Finance p!c {'the Company')for the penod ended 31 December 2009 1 PRINCIPAL ACTIVITIES The Company continues to provide commercial finance to businesses and individuals supported by real estate andother assets 2. PRINCIPAL RISKS AND UNCERTAINTIES The pnncipal nsks and uncertainties facing the Company relate to the credit, liquidity, market, operational andcompliance nsks associated with its lending activities and capita! markets funding instruments Further details onthese nsks are set out in the Management Report, while manangement of these nsks is set out in Note 28 of theaudited financial statements 3 PARENT COMPANY AND ULTIMATE PARENT COMPANY The Company is a wholly owned subsidiary of CDB (U K ) Limited, a company incorporated in England, which in turnis a wholly owned subsidiary of Anglo Insh Bank Corporation Limited, incorporated in the Republic of Ireland, the ultimateparent undertaking 4 CHANGE OF YEAR END In order to align with the financial reporting penod of the ultimate parent undertaking, the Company has changed itsreporting penod end from 30 September to 31 December Accordingly the financial statements include 15 months ofoperations and cashflows to 31 December 2009, and are therefore not directly comparable to the amounts disclosedfor the pnor penod 5 RESULTS FOR THE PERIOD AND STATE OF AFFAIRS AS AT 31 DECEMBER 2009 The results for the period and the statement of financial position at 31 December 2009 are set out on pages 20 and 21The loss after taxation for the penod amounted to £1,178m (year ended 30 September 2008 loss £83m) This lossreflects higher provisioning levels along with foreign exchange losses incurred on the Yen financing arrangement(See Note 5) These losses were offset by gains on the repurchase of certain capital instruments issued by theCompany as detailed in Note 6Total equity amounted to £256m as at 31 December 2009 (30 September 2008 £234m)On 18 November 2008 the authonsed share capital of the Company was increased to £3 3bn by the creation of3,000,000,000 ordinary shares of £1 each On the 18th November 2008, 1 ,000,000,000 ordinary shares were issuedat par and subscnbed by CDB (U K ) Limited, the parent company, giving the Company additional equity of £1 billionThe Management Report contains a full review of the performance of the Company which fulfils the requirementof the enhanced business review and is incorporated into this Directors' Report by reference 6 NATIONALISATION OF ULTIMATE PARENT COMPANY On 15 January 2009, the Insh Government announced its intention to take Anglo Insh Bank Corporation pic ( theBank ), the ultimate parent undertaking of the Company, into State ownership The Bank's shares were subsequentlysuspended from trading on the Insh and London Stock Exchanges on 16 January 2009 The Anglo Insh BankCorporation Act 2009 which provided for the transfer of shares of the Bank to the Insh Minister for Finance, was signedinto Insh law on 21 January 2009 On the same date the Bank was re-registered as a pnvate company and its namewas changed from Anglo Insh Bank Corporation pic to Anglo Insh Bank Corporation Limited ( AIBC ) The InshGovernment, following receipt of European Union approval, provided €3 billion of capital to AIBC on the 29 June 2009,€827 7m on the 4 August 2009, and a provided a further €172 3m of capital on the 25 September 2009 to AIBCOn 30 March 2010 the Irish Government provided a further €8 3bn to AIBC in the form of a promissory note, fulfilling acommitment given to the Board of AIBC by the Insh Minister for Finance on 22 December 2009 to provide additionalcapital support to AIBC, effective 31 December 2009 0
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