The Group has been involved in detailed negotiations through the Department of Finance with the European Commission in relation to the terms of the EU Restructuring Plan which is required in the context of a review by the European Commission resulting from the State aid which has been received by the Group. The plan was approved by the European Commission on 15 July 2010. The terms of the EU Restructuring Plan include, amongst other actions, the disposal of New Ireland Assurance Company plc, BIAM (asset management business), ICS Building Society (Irish intermediary sourced mortgage business), FCE Corporation (US foreign exchange business), and the Group’s stakes in Paul Capital Top Tier Investments LLC (a US asset management business) and in the Irish Credit Bureau Limited, and the wind-down or disposal of, the Group’s UK intermediary sourced mortgage business and certain discontinued international corporate lending portfolios. It also includes certain behavioural measures, including: • commitments relating to the non-payment of discretionary coupons and the non-exercise of voluntary call options on hybrid capital securities up until 31 January 2011; • a commitment relating to the non-payment of dividends on Ordinary Stock until the earlier of (i) 30 September 2012 or (ii) the date on which 2009 Preference Stock is redeemed or no longer owned by the State through the NPRFC or otherwise; • a commitment not to make any material acquisitions; and • measures to facilitate competition in the Irish banking market. As outlined in note 27, the Group has reclassified the assets and liabilities of BIAM, FCE Corporation and the Group’s stake in the Irish Credit Bureau as held for sale. The other businesses mentioned above have not been reclassified to held for sale as the Group does not believe that the disposals are probable within 12 months. p. 117 |
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