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Directors\u2019 remuneration*
The following table details the total remuneration of the Directors in office during 2022 and 2021:
2022
2021
Directors\u2019
fees
(1)
Salary
Pension
contri-
bution(2)
Annual
taxable
benefits(3)
Total
Directors\u2019
fees
(1)
Salary
Pension
contri-
bution(2)
Annual
taxable
benefits(3)
Total
Remuneration
\u20ac 000
\u20ac 000
\u20ac 000
\u20ac 000
\u20ac 000
\u20ac 000
\u20ac 000
\u20ac 000
\u20ac 000
\u20ac 000
Executive Directors
Colin Hunt
500
100
\u2014
600
500
100
\u2014
600
Donal Galvin
485
97
15
597
283
56
13
352
(Appointed 28 May 2021)
985
197
15
1,197
783
156
13
952
Non-Executive Directors
Anik Chaumartin
75
75
38
38
Basil Geoghegan
75
75
81
81
Tanya Horgan
80
80
22
22
Sandy Kinney Pritchard
95
95
95
95
Elaine McLean
85
85
85
85
Andy Maguire
80
80
64
64
Brendan McDonagh
135
135
218
218
(Deputy Chair)
Helen Normoyle
165
165
115
115
Ann O'Brien
91
91
95
95
Fergal O'Dwyer
115
115
71
71
Jim Pettigrew
365
365
63
63
(Chair)
Jan Sijbrand
78
78
22
22
Raj Singh
80
80
80
80
1,519
1,519
1,049
1,049
Former Directors
Carolan Lennon
53
53
109
109
(Resigned 30 June 2022)
Anne Maher(4)
16
17
Tom\u00e1s O\u2019Midheach
59
8
67
Total
1,507
2,785
1,158
2,194
(1) All Non-Executive Directors were paid a basic, non-pensionable fee in respect of service as a Director of \u20ac65,000 and additional non-pensionable remuneration
in\u00a0respect of other responsibilities, such as through the chairmanship or membership of Board Committees or\u00a0performing the role of Deputy Chair or Senior
Independent Director. Current or former Directors who serve on the board of any Group Irish subsidiary company are also paid a non-pensionable flat fee for their
services as a Director, chairmanship or membership of Board Committees. In that regard, Mr. Fergal O' Dwyer earned fees during 2022 of \u20ac55k in his role as
Director and Chair of the Audit Committee of Goodbody. Current or former Non-Executive Directors of AIB Group plc and Allied Irish Banks, p.l.c., as applicable,
who also serve as Directors of AIB Group (UK) p.l.c. (\u201cAIB\u00a0UK\u201d) are separately paid a non-pensionable flat fee, which is independently agreed and paid by AIB
UK, in respect of their service as a Director of that company. In that regard, Ms Helen Normoyle earned fees during 2022 of \u20ac65k (2021: \u20ac30k);
(2)\u201cPension Contribution\u201d represents agreed payments to a defined contribution scheme to provide post-retirement pension benefits for Executive Directors from
normal retirement date. The fees of the Chair, Deputy Chair and Non-Executive Directors are non-pensionable;
(3)\u201cAnnual Taxable Benefit\u201d represents a non-pensionable cash allowance in lieu of company car, medical insurance and other contractual benefits; and
(4) Ms Anne Maher is a former Non-Executive Director of Allied Irish Banks, p.l.c. who has, since her resignation, continued as a Director of the Corporate Trustee
of\u00a0the AIB Irish Pension Scheme and of the AIB Defined Contribution Scheme, in respect of which she earned fees as quoted, during 2022.
*Forms an integral part of the audited financial statements
CORPORATE GOVERNANCE REMUNERATION\u00a0STATEMENT CONTINUED
Directors\u2019 remuneration* continued
Interests in shares
The beneficial interests of the Directors and the Company Secretary in office at 31 December 2022, and of their spouses and minor
children, in the Company\u2019s ordinary shares are set out in the Directors\u2019 Report on page 123.
Share options
No share options were granted or exercised during 2022, and there were no options to subscribe for ordinary shares outstanding in
favour of the Executive Directors or Company Secretary at 31 December 2022.
Performance shares
There were no conditional grants of awards of ordinary shares outstanding to Executive Directors or the Company Secretary at
31\u00a0December 2022.
Apart from the interests set out in the Directors\u2019 Report on page 123, the Directors and Company Secretary in office at 31 December
2022 and their spouses and minor children, have no other interests in the shares of the Company.
The year end closing price of the Company\u2019s ordinary shares on the Main Market of the Euronext Dublin Stock Exchange was \u20ac 3.616
per share.
Service contracts
All Executive Directors have a service contract whereas all Non-Executive Directors have a letter of appointment.
In respect of Executive Directors, no service contract exists between the Company and any Director which provides for a notice period
from the Group of greater than one year.
Non-Executive Directors are appointed for an initial term of three years. Terms of office for Non-Executive Directors will not be extended
beyond nine years in total unless the Board, on the recommendation of the Nomination and Corporate Governance Committee,
concludes that such extension is necessary and appropriate.
All Directors, should they choose to stand, are subject to annual re-election by shareholders.
Credit risk principles and policy*
The Group implements and operates policies to govern the
identification, assessment, approval, monitoring and reporting of
credit risk. The Group Credit Risk Framework and Group Credit
Risk Policy are overarching Board approved documents which
set\u00a0out the principles of how the Group identifies, assesses,
approves, monitors and reports credit risk to ensure that robust
credit risk management is in place. These documents contain the
minimum standards and principles that are applied across the
Group to provide a common, robust and consistent approach to
the management of credit risk.
The Group Credit Risk Policy is supported by a suite of credit
policies, standards and guidelines which define in greater detail
the minimum standards and credit risk metrics to be applied for
specific products, business lines, and market segments.
Credit Risk, as an independent risk management function,
monitors key credit risk metrics and trends, including policy
exceptions and breaches, reviews the overall quality of the loan
book, challenges variances to planned outcomes and tracks
portfolio performance against agreed credit risk indicators. This
allows the Group, if required, to take early and proactive mitigating
actions for any potential areas of concern.
Internal credit ratings*
One of the objectives of credit risk management is to accurately
quantify the level of credit risk to which the Group is exposed
through the initial credit approval and ongoing review process.
All\u00a0relevant exposures are assigned to a rating model and within
that to an internal risk grade (rating). A grade is assigned on the
basis of rating criteria within each rating model from which
estimates of probability of default (PD) are derived.
Internal credit grades are fundamental in assessing the credit
quality of loan exposures, and for assessing capital requirements
for portfolios where prior regulatory approval has been received.
Internal credit grades are key to management reporting, credit
portfolio analysis, credit quality monitoring and in determining the
level and nature of management attention applied to exposures.
Changes in the objective information are reflected in the credit
grade of the borrower/loan with the resultant grade influencing the
management of individual loans. In line with the Group\u2019s credit
management lifecycle, heightened credit management and
special attention is paid to lower quality performing loans or
\u2018criticised\u2019 loans and non-performing/defaulted loans which are
defined below.
Using internal models, the Group has designed and implemented
a credit grading masterscale that gives it the ability to categorise
credit risk across different rating models and portfolios in
a\u00a0consistent manner. Masterscale consolidates complex credit
information into a single attribute, aligning the output from the risk
models with the Group\u2019s Forbearance and Definition of Default
and Credit Impairment policies. Masterscale grades are driven by
grading model appropriate through the cycle (TTC) PDs combined
with other asset quality indicators such as default, forbearance
and arrears in order to provide the Group with a mechanism for
ranking and comparing credit risk associated with a range of
customers. Masterscale categorises loans into a broad range of
grades which can be summarised into the following categories:
strong/satisfactory grades; criticised grades; and non-performing/
default loans. Page 158 and 159 sets out the profile of the
Group\u2019s loan portfolio under each of the above grade categories.
The IFRS 9 PD modelling approach uses a combination of rating
grades and scores obtained from these credit risk models along
with key factors such as the current/recent arrears status or the
current/recent forbearance status and macroeconomic factors to
obtain the relevant IFRS 9 12 month and Lifetime PDs (i.e. point
in time). The Group has set out its methodologies and judgements
exercised in determining its expected credit loss (\u201cECL\u201d) under
IFRS 9 on pages 140 to 151.
Strong/satisfactory
Accounts are considered strong/satisfactory if they have no
current or recent credit distress and the probability of default is
typically less than 6.95%, they are not in arrears and there are no
indications that they are unlikely to repay.
Strong (typically with PD less than 0.99%): Strong credit with no
weakness evident.
Satisfactory (typically with PD greater than or equal to 0.99% and
less than 6.95%): Satisfactory credit with no weakness evident.
*Forms an integral part of the audited financial statements
2.1 Credit risk
Internal credit ratings* continued
Criticised
Accounts of lower credit quality and considered as less than
satisfactory are referred to as criticised and include the following:
Criticised watch: The credit is exhibiting weakness in terms of
credit quality and may need additional management attention; the
credit may or may not be in arrears.
Criticised recovery: Includes forborne cases that are classified
as performing including those which have transitioned from non-
performing forborne, but still require additional management
attention to monitor for re-default and continuing improvement in
terms of credit quality.
Non-performing/default
The Group\u2019s definition of default is aligned with the EBA
\u2018Guidelines on the application of the definition of default\u2019 under
Article 178 of Capital Requirements Regulation and ECB Banking
Supervision Guidance to Banks on non-performing loans.
The Group has aligned the definitions of \u2018non-performing\u2019,
\u2018classification of default\u2019 and IFRS 9 Stage 3 \u2018credit impaired\u2019, with
the exception of loans measured at fair value through profit and
loss, and those loans which have been derecognised and newly
originated in Stage 1 or POCI (purchased or originated credit
impaired) which are no longer classified as credit impaired but
continue to be classified as non-performing and in default. This
alignment ensures consistency with the Group\u2019s internal credit risk
management and assessment practices.
Loans are identified as non-performing or defaulted by a number
of characteristics. The key criteria resulting in a classification of
non-performing are:
\u2022Where the Group considers a borrower to be unlikely to pay
their loans in full without realisation of collateral, regardless of
the existence of any past-due amount; or
\u2022The borrower is 90 days or more past due on any material loan.
Day count starts when any material amount of principal, interest
or fee has not been paid by a borrower on the due date.
The Group\u2019s definition of financial distress and forbearance are
included in the Group\u2019s Forbearance Policy. Identification of non-
performing exposures and unlikeliness to pay are included in the
Group\u2019s Definition of Default and Credit Impairment Policy.
Credit risk monitoring*
The Group has developed and implemented processes and
information systems to monitor and report on individual credits
and credit portfolios in order to manage credit risk effectively.
It\u00a0is\u00a0the Group\u2019s practice to ensure that adequate up-to-date
credit\u00a0management information is available to support the credit
management of individual account relationships and the overall
loan portfolio.
Credit risk, at a portfolio level, is monitored using key risk
indicators and early warning indicators which are reported
regularly to senior management and to the Board Risk
Committee. Credit managers proactively manage the Group\u2019s
credit risk exposures at a transaction and relationship level.
Monitoring includes credit exposure and excess management,
regular review of accounts, being up-to-date with any
developments in customer business, obtaining updated financial
information and monitoring of covenant compliance. This is
reported on a regular basis to senior management and includes
information and detailed commentary on loan book growth, quality
of the loan book and expected credit losses including individual
large non-performing exposures.
*Forms an integral part of the audited financial statements
Changes in sectoral and single name concentrations are tracked
on a regular basis highlighting changes to risk concentration in the
Group\u2019s loan book. The Group allocates significant resources to
ensure ongoing monitoring and compliance with approved risk
limits. Credit risk, including compliance with key credit risk limits,
is reported monthly. Once an account has been placed on a watch
list, the exposure is carefully monitored and where appropriate,
exposure reductions are effected.
As a matter of policy, non-retail facilities are subject to a review
on, at least, an annual basis, even when they are performing
satisfactorily. Annual review processes are supplemented by more
frequent portfolio and case review processes in addition to arrears
or excess management processes. Borrowers in Stage 2 are
subject to an \u2018unlikely to pay\u2019 test at the time of annual review, or
earlier, if there is a material adverse change or event in their credit
risk profile.
Through a range of forbearance solutions as outlined on
page\u00a0186, the Group employs a dedicated approach to loan
workout, monitoring and proactive management of non-performing
loans. A specialised recovery function focuses on managing the
majority of criticised loans and deals with customers in default,
collection or insolvency. Their mandate is to support customers
in\u00a0difficulty while maximising the return on non-performing loans.
Whilst the basic principles for managing weaknesses in corporate,
commercial and retail exposures are broadly similar, the solutions
reflect the differing nature of the assets.
Further details on forbearance are set out in \u2018Risk management
2.1 Additional credit quality and forbearance disclosures on loans
and advances to customers\u2019.
Credit risk mitigants*
The perceived strength of a borrower\u2019s repayment capacity is
the\u00a0primary factor in granting a loan. However, the Group uses
various approaches to help mitigate risks relating to individual
credits, including transaction structure, collateral and guarantees.
Collateral and/or guarantees are usually required as a secondary
source of repayment in the event of a borrower\u2019s default. The
main types of collateral for loans and advances to customers are
described under the section on collateral. Credit policy and credit
management standards are controlled and set centrally by the
Credit Risk function.
Occasionally, credit derivatives are purchased to hedge credit risk.
Current levels are minimal and their use is subject to the normal
credit approval process.
The Group enters into netting agreements for derivatives with
certain counterparties, to ensure that in the event of default, all
amounts outstanding with those counterparties will be settled on
a\u00a0net basis. Derivative transactions with wholesale counterparties
are typically collateralised under a Credit Support Annex in
conjunction with the International Swaps and Derivatives
Association (\u201cISDA\u201d) Master Agreement.
The Group also has in place an Interbank Exposure Policy which
establishes the maximum exposure for each counterparty bank,
depending on credit grade rating. Each bank is assessed for the
appropriate maximum exposure limit in line with the policy. Risk
generating business units in each segment are required to have
an approved bank and country limit prior to granting any credit
facility, or approving any credit obligation or commitment which
has the potential to create interbank or country exposure.
2.1 Credit risk
Credit risk mitigants* continued
Collateral
Credit risk mitigation may include a requirement to obtain
collateral as set out in the Group\u2019s lending policies. Where
collateral and/or guarantees are required, they are usually taken
as a secondary source of repayment in the event of a borrower\u2019s
default. The Group maintains policies which detail the
acceptability of specific classes of collateral.
The principal collateral types for loans and advances are:
\u2022Charges over business assets such as premises, inventory and
accounts receivable;
\u2022Charges over other assets such as plant and machinery, marine
vessels etc.;
\u2022Mortgage/legal charge over residential and commercial real
estate; and
\u2022Charges over financial instruments such as debt securities
and\u00a0equities.
The nature and level of collateral required depends on a number
of factors such as the type of the credit facility, the term of the
credit facility and the amount of exposure. Collateral held as
security for financial assets, other than for loans and advances,
is\u00a0determined by the nature of the instrument. Debt securities and
treasury products are generally unsecured, with the exception of
asset backed securities, which are secured by a portfolio of
financial assets.
Collateral is not usually held against loans and advances to
banks, including central banks, except where securities are held
as part of reverse repurchase or securities borrowing transactions
or where a collateral agreement has been entered into under
a\u00a0master netting agreement or where the bank purchases covered
bonds as part of its liquidity portfolio.
For non-mortgage/non-property lending, where collateral is taken,
it will typically include a charge over the business assets such as
inventory and accounts receivables. In some cases, a charge over
property collateral or a personal guarantee supported by a lien
over personal assets may also be taken. Where cash flows arising
from the realisation of collateral held are included in the expected
credit loss (\"ECL\") assessments, in many cases management rely
on valuations or business appraisals from independent external
professionals.
Methodologies for valuing collateral
Details on the valuation rule methodologies applied and
processes used to assess the value of property assets taken as
collateral are described in the Group Property Valuation Policy
and Property Valuation Guidance. Both documents are subject to
an annual review.
As property loans, including residential mortgages, represent
a\u00a0significant concentration within the Group\u2019s loans and advances
to customer\u2019s portfolio, some key principles have been applied in
respect of the valuation of property collateral held by the Group.
The value of property collateral is assessed at loan origination
and\u00a0at certain stages throughout the credit lifecycle in accordance
with the Group Property Valuation Policy e.g. at annual review
where required.
In accordance with the Group Property Valuation Policy and
guidelines, the Group employs a number of methods to assist in
reaching appropriate valuations for property collateral held:
*Forms an integral part of the audited financial statements
a.External valuation firms on the Group\u2019s Valuers Panel, are
engaged by the Group to undertake valuations of immovable
property collateral in accordance with the rules set out in the
Group Property Valuation Policy.
b.Independent professional internal valuations are completed in
limited circumstances (e.g. agricultural land) using a desktop
valuation approach by professional qualified internal valuers
who are independent of the credit process in the second line of
defence. The assets being valued by this means must have an
independent professional external valuation completed within
the past 3 years.
c.Internal valuations are completed by first line of defence case
managers pursuant to the rules in the Property Valuation Policy
and in line with the Property Valuation Guidance, which
provides appropriate valuation methodology guidance. These
include the following valuation methodologies:
I.Index valuation approach \u2013 used for residential property;
II.Comparable valuation approach \u2013 a basic level of valuation
methodology used to value agricultural land or as a sense
check for the valuation of residential, commercial or
development land;
III.Commercial investment valuation approach \u2013 used for the
valuation of commercial property using the Group\u2019s
commercial investment yield matrices;
IV.Residual valuation approach \u2013 used for the valuation of
development land or land with development potential; and
V.Profits valuation approach \u2013 used for the valuation of
trading assets i.e. hotels, licensed, convenience stores etc.
using the Group\u2019s stabilized EBITDA matrices.
Collateral and ECLs
Applying one or a combination of the above methodologies, in
line\u00a0with the Group Property Valuation Policy, has resulted in an
appropriate range of discounts to original collateral valuations,
influenced by the nature, status and year of purchase of the asset.
The frequency and availability of such up-to-date valuations
remain a key factor in ECL determination. Additionally, relevant
costs likely to be associated with the realisation of the collateral
are taken into account in the cash flow forecasts. The spread of
discounts is influenced by the type of collateral, e.g. land,
developed land or investment property and also its location.
The\u00a0valuation arrived at, is therefore, a function of the nature
of\u00a0the asset.
When assessing the level of ECL allowance required for property
loans, apart from the value to be realised from the collateral, other
cash flows, such as recourse to other assets or sponsor support,
are also considered, where available. The other key driver is the
time it takes to receive the funds from the realisation of collateral.
While this depends on the type of collateral and the stage of its
development, the period of time to realisation is typically one to
five years but sometimes this time period is exceeded. These
estimates are periodically reassessed on a case by case basis.
When undertaking an ECL review for individually assessed cases
that have been deemed unlikely to pay, the present value of future
cash flows, including the value of collateral held, and the likely
time required to realise such collateral is estimated. An ECL
allowance is raised for the difference between this present value
and the carrying value of the loan.
2.1 Credit risk
Credit risk mitigants* continued
Summary of risk mitigants by selected portfolios\u00a0 \u00a0
Set out below are details of risk mitigants used by the Group in relation to financial assets detailed in the maximum exposure to credit
risk table on page 152.
Loans and advances to customers - residential mortgages
The following table shows the estimated fair value of collateral held for the Group\u2019s residential mortgage portfolio at 31 December 2022
and 2021:
2022
2021
At amortised cost
At amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
POCI
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Fully collateralised(1)
Loan-to-value ratio:
Less than 50%
15,109
691
375
45
16,220
13,192
703
447
35
14,377
50% \u2013 70%
9,340
375
176
31
9,922
8,657
486
237
39
9,419
71% \u2013 80%
2,288
56
40
5
2,389
3,843
158
86
13
4,100
81% \u2013 90%
1,452
15
12
1
1,480
1,040
54
51
8
1,153
91% \u2013 100%
123
6
11
\u2014
140
102
19
51
1
173
28,312
1,143
614
82
30,151
26,834
1,420
872
96
29,222
Partially collateralised
Collateral value relating to loans over
100% loan-to-value
43
9
12
\u2014
64
61
18
28
1
108
Total collateral value
28,355
1,152
626
82
30,215
26,895
1,438
900
97
29,330
Gross residential mortgages
28,396
1,158
638
87
30,279
26,937
1,446
921
103
29,407
ECL allowance
(40)
(38)
(196)
(9)
(283)
(34)
(41)
(276)
(31)
(382)
Net residential mortgages
28,356
1,120
442
78
29,996
26,903
1,405
645
72
29,025
(1) The value of collateral held for residential mortgages which are fully collateralised has been capped at the carrying value of the loans outstanding at each year
end.
For residential mortgages, the Group takes collateral in support of
lending transactions for the purchase of residential property.
Collateral valuations are required at the time of origination of each
residential mortgage. The value at 31 December 2022 and 2021 is
estimated based on property values at origination or date of latest
valuation and applying the CSO Residential Property Price Index
(Republic of Ireland) and Nationwide House Price Index (Great
Britain & Northern Ireland) to these values to take account of price
movements in the interim.
Securities financing
In addition to the credit risk mitigants outlined on the previous
pages, the Group, from time to time, enters securities financing
transactions. Securities financing consists of securities borrowing,
securities lending, sale agreements and repurchase agreements.
At 31\u00a0December 2022, the total fair value of the collateral received
was \u20ac 6,282 million (2021: \u20ac 3,890 million) in relation to
repurchase agreements, reverse repurchase agreements and
securities borrowing agreements (note 20).
Derivatives
Derivative financial instruments are recognised in the statement of
financial position at their fair value. Those with a positive fair value
are reported as assets which at 31 December 2022 amounted to
\u20ac 2,511 million (2021: \u20ac 882\u00a0 million) and those with a negative fair
value are reported as liabilities which at 31 December 2022
amounted to \u20ac 2,982 million (2021: \u20ac 1,062 million).
*Forms an integral part of the audited financial statements
The enforcement of netting agreements would potentially reduce
the statement of financial position carrying amount of derivative
assets and liabilities by \u20ac 2,220 million at 31 December 2022
(2021: \u20ac 529 million). The Group also has Credit Support Annexes
(\u201cCSAs\u201d) in place which provide collateral for derivative contracts.
At 31 December 2022, \u20ac 795 million (2021: \u20ac 570 million) of CSAs
are included within financial assets as collateral for derivative
liabilities and \u20ac 245 million (2021: \u20ac 100 million) of CSAs are
included within financial liabilities as collateral for derivative assets
(note 39 to the consolidated financial statements). Additionally, the
Group has agreements in place which may allow it to net the
termination values of cross currency swaps upon occurrence of
an event of default.
Investment securities
At 31 December 2022, government guaranteed senior bank debt
which amounted to \u20ac 259 million (2021: \u20ac 317 million) was held
within the investment securities portfolio.
Measurement, methodologies and judgements*
Introduction
The Group has set out the methodologies used and judgements
exercised in determining its expected credit loss (\u201cECL\u201d)
allowance for the year to 31 December 2022.
The Group, in estimating its ECL allowance does so in line with
the expected credit loss impairment model as set out by the
International Financial Reporting Standard 9 Financial Instruments
(\u201cthe standard\u201d). This model requires a timely recognition of ECL
across the Group. The standard does not prescribe specific
approaches to be used in estimating ECL allowance, but stresses
that the approach must reflect the following:
\u2022An unbiased and probability weighted amount that is
determined by evaluating a range of possible outcomes;
\u2022Underlying models should be point in time and forward looking
\u2013 recognising economic conditions;
\u2022The ECL must reflect the time value of money;
\u2022A lifetime ECL is calculated for financial assets in Stages 2 and
3 and Purchased or Originated Credit Impaired (\u201cPOCI\u201d); and
\u2022The ECL calculation must incorporate reasonable and
supportable information that is available without undue cost or
effort at the reporting date about past events, current conditions
and forecasts of future economic conditions.
The standard defines credit loss as the difference between all
contractual cash flows that are due to an entity in accordance with
the contract and all the cash flows that the entity expects to
receive (i.e. all cash shortfalls), discounted at the original effective
interest rate (\u201cEIR\u201d) or an approximation thereof.
ECLs are defined in the standard as the weighted average of
credit losses across multiple macroeconomic scenarios, with
weights assigned based on the probability of each scenario
occurring and are an estimate of credit losses over the life of
a\u00a0financial instrument.
The ECL model applies to financial instruments measured at
amortised cost or at fair value through other comprehensive
income. In addition, the ECL approach applies to lease
receivables, loan commitments and financial guarantee contracts
that are not measured at fair value through profit or loss.
A key principle of the ECL model is to reflect any relative
deterioration or improvement in the credit quality of financial
instruments occurring (e.g. change in the risk of a default).
The\u00a0ECL amount recognised as a loss allowance or provision
depends on the extent of credit deterioration since initial
recognition together with the impact on credit risk parameters.
Bases of measurement
Under the standard, there are two measurement bases:
1.12-month ECL (Stage 1), which applies to all financial
instruments from initial recognition as long as there has been
no significant increase in credit risk; and
2.Lifetime ECL (Stages 2 and 3 and POCI), which applies when
a significant increase in credit risk has been identified on an
account (Stage 2), an account has been identified as being
credit-impaired (Stage 3) or when an account meets the
POCI\u00a0criteria.
Staging
Financial assets are allocated to stages dependent on credit
quality relative to when assets were originated.
*Forms an integral part of the audited financial statements
Credit risk at origination
Credit risk at origination (\u201cCRAO\u201d) is a key input into the staging
allocation process. The origination date of an account is
determined by the date on which the Group became irrevocably
committed to the contractual obligation and the account was first
graded on an appropriate model.
For undrawn credit facilities, the Group uses the date of
origination as the date when it becomes party to the irrevocably
contractual arrangements or irrevocable commitment. For
overdrafts which have both drawn and undrawn components, the
date of origination is the same for both.
The Group uses best available information for facilities which
originated prior to a credit risk rating model or scorecard being
in\u00a0place.
For accounts that originated prior to 1 January 2018, a neutral
view of the macroeconomic outlook at the time is used, i.e. where
macroeconomic variables are used in the Lifetime PD models,
long-run averages are used instead of historical forecasts.
Stage 1 characteristics
Obligations are classified Stage 1 at origination, unless POCI, with
a 12 month ECL being recognised. These obligations remain in
Stage 1 unless there has been a significant increase in credit risk.
Accounts can also return to Stage 1 if they no longer meet either
the Stage 2 or Stage 3 criteria, subject to satisfaction of the
appropriate probation periods, in line with regulatory
requirements.
Stage 2 characteristics
Obligations where there has been a \u2018significant increase in credit
risk\u2019 (\u201cSICR\u201d) since initial recognition but do not have objective
evidence of credit impairment are classified as Stage 2. For these
assets, lifetime ECLs are recognised.
The Group assesses at each reporting date whether a significant
increase in credit risk has occurred on its financial obligations
since their initial recognition. This assessment is performed on
individual obligations rather than at a portfolio level. If the increase
is considered significant, the obligation will be allocated to Stage 2
and a lifetime expected credit loss will apply to the obligation. If the
change is not considered significant, a 12 month expected credit
loss will continue to apply and the obligation will remain in Stage 1.
SICR assessment
The Group\u2019s SICR assessment is determined based on both
quantitative and qualitative measures:
Quantitative measure: This measure reflects an arithmetic
assessment of the change in credit risk arising from changes in
the probability of default. The Group compares each obligation\u2019s
annualised average probability weighted residual origination
lifetime probability of default (\u201cLTPD\u201d) (see \u2018Credit risk at
origination\u2019) to its current estimated annualised average
probability weighted residual LTPD at the reporting date. If the
difference between these two LTPDs meets the quantitative
definition of SICR, the Group transfers the financial obligation
into\u00a0Stage 2. Increases in LTPD may be due to credit deterioration
of the individual obligation or due to macroeconomic factors or
a\u00a0combination of both. The Group has determined that an account
had met the quantitative measure if the average residual LTPD
at\u00a0the reporting date was at least double the average residual
LTPD at origination, and the difference between the LTPDs was at
least 50bps or 85bps in the case of residential mortgages. The
appropriateness of this threshold is kept under review by
the\u00a0Group.
2.1 Credit risk
Measurement, methodologies and judgements* continued
Qualitative measure: This measure reflects the assessment of
the change in credit risk based on the Group\u2019s credit management
and the individual characteristics of the financial asset. This is not
model driven and seeks to capture any change in credit quality
that may not be already captured by the quantitative criteria. The
qualitative assessment reflects pro-active credit management
including monitoring of account activity on an individual or portfolio
level, knowledge of client behaviour, and cognisance of industry
and economic trends.
The criteria for this Qualitative trigger include, for example:
\u2022A downgrade of the borrower\u2019s/facility\u2019s credit grade reflecting
the increased credit management focus on these accounts;
and/or
\u2022Forbearance has been provided and the account is within the
probationary period.
Lender assessed SICR triggers: The qualitative SICR criteria for
non-retail portfolio Stage 2 classification have been further
enhanced and embedded in the year. Further specific qualitative
SICR indicators have been identified in order to ensure
appropriate and timely identification of increased credit risk, which
when occur, trigger a SICR event.
The criteria for this lender assessed trigger include, for example:
\u2022A post distressed restructure payment default occurs where the
borrower is neither in default nor forborne;
\u2022A material adverse event has occurred for the borrower which
may impact the borrower\u2019s ability to repay such as: adverse
publicity which raises concerns over the viability of a business;
loss of key personnel (CEO/CFO/COO) which raises concerns
over the strategy/viability of the business or significant negative
macroeconomic events (including but not limited to economic or
market volatility, changes in legislation and technological threats
to an industry, changes in access to markets) where the
financial impact to the borrower is deemed material.
Backstop indicators: The Group has adopted the rebuttable
presumption within IFRS 9 that loans greater than 30 days past
due represent a significant increase in credit risk.
Where SICR criteria are no longer a trigger, the account can exit
Stage 2 and return to Stage 1.
Stage 3 characteristics
Defaulted loans (with the exception of newly originated loans that
are in Stage 1 or POCI) are classed as credit impaired and
allocated to Stage 3. Where default criteria are no longer met, the
borrower exits Stage 3 subject to probation period, in line with
regulatory requirements.
The key criteria resulting in a classification of default are:
\u2022Where the Group considers a borrower to be unlikely to pay
their loans in full without realisation of collateral, regardless of
the existence of any past-due amount; or
\u2022The borrower is 90 days or more past due on any material loan
(day count starts when any material amount of principal,
interest or fee has not been paid by a borrower at the date it
was due).
Identification of non-performing exposures and unlikeliness to pay
are included in the Group\u2019s Definition of Default and Credit
Impairment Policy.
*Forms an integral part of the audited financial statements
Purchased or originated credit impaired (\u201cPOCI\u201d)
POCIs are assets originated credit impaired and that have a
discount to the contractual value when measured at fair value.
The Group uses an appropriate discount rate for measuring ECL
in the case of POCIs which is the credit-adjusted effective interest
rate. This rate is used to discount the expected cash flows of such
assets to fair value on initial recognition.
POCI obligations remain outside of the normal stage allocation
process for the lifetime of the obligation. The ECL for POCI
obligations is always measured at an amount equal to lifetime
expected credit losses. The amount recognised as a loss
allowance for these assets is the cumulative change in lifetime
expected credit losses since the initial recognition of the assets
rather than the total amount of lifetime expected credit losses.
Measurement of expected credit loss
The measurement of ECL is estimated through one of the
following approaches:
i.Standard approach: This approach is used for the majority of
exposures where each ECL input parameter (Probability of
Default \u2013 PD, Loss Given Default \u2013 LGD, Exposure at Default \u2013
EAD, and Prepayments \u2013 PP) is developed in line with standard
modelling methodology. The Group\u2019s IFRS 9 models have been
developed and approved in line with the Group\u2019s Model Risk
Management Framework. (An overview of credit risk models is
outlined on pages 142 and 143).
ii.Simplified approach: For portfolios not on the standard
approach, the Group has followed a simplified approach. This
approach consists of applying portfolio level ECL averages,
drawn from similar portfolios, where it is not possible to estimate
individual parameters. These generally relate to portfolios
where specific IFRS 9 models have not been developed due to
immateriality, low volumes or where there are no underlying
grading models. As granular PDs are not available for these
portfolios, a non-standard approach to staging is required with
reliance on the qualitative criteria (along with the 30 days past
due back-stop).
iii.Discounted cash-flows (\u201cDCFs\u201d): Assets are grouped together
and modelled based on asset classification and sector with the
exception of those Stage 3 assets where a DCF is used. DCFs
are used as an input to the ECL calculation for Stage 3 credit
impaired exposures where gross credit exposure is \u2265 \u20ac 1 million
(Republic of Ireland) or \u2265 \u00a3 500,000 (UK). Multiple DCFs are
captured where gross credit exposure is \u2265 \u20ac 5 million (Republic
of Ireland) or \u2265 \u00a3 5 million (UK) or cases in scope for the Group
Leveraged Lending Policy, to reflect the case specific impacts of
up and downside scenarios for these higher value exposures.
Collateral valuations and the estimated time to realisation of
collateral is a key component of the DCF model. The Group
incorporates forward looking information in the assessment
of\u00a0individual borrowers through the credit assessment process.
Where a single DCF is utilised this assessment produces
a\u00a0\u00a0base case ECL. This is then adjusted to incorporate the
impact of multiple scenarios on the base ECL, by using a
proportional uplift obtained from ECL modelled sensitivities in
the same/similar portfolio. Where a range of scenarios are
captured through multiple DCFs these are probability weighted
to produce the final ECL. An adjustment is made for cases
with\u00a0very low final ECL to ensure a minimum level of ECL is
maintained, this is derived through reference to ECL
model\u00a0outputs.
2.1 Credit risk
Measurement, methodologies and judgements* continued
iv.Management judgement: Where the estimate of ECL does not
adequately capture all available forward looking information
about the range of possible outcomes, or where there is a
significant degree of uncertainty, management judgement may
be considered appropriate for an adjustment to ECL. The
management adjustment must consider all relevant and
supportable information, including but not limited to, historical
data analysis, predictive modelling and management
experience. The methodology to incorporate the adjustment
should consider the degree of any relevant over collateralisation
(headroom) and should not result in a zero overall ECL unless
there is sufficient headroom to support this. The key
judgements in the 2022 year end ECL estimates are outlined on
pages 150 and 151.
Effective interest rate
The ECL must incorporate the time value of money discounted to
the reporting date using the effective interest rate (\u201cEIR\u201d)
determined at initial recognition or an approximation thereof.
\u2022The Group uses an approximation approach based on the
account level interest rate when calculating ECL which is
applied to both drawn and undrawn commitments.
\u2022This approach is subject to an annual assessment that all
approximations remain appropriate and do not result in
a\u00a0material misstatement of the ECL.
\u2022The Group has tested the appropriateness of using current
interest rates as an approximation for the discount rates
required for measuring ECLs. This testing determined that using
the current interest rates as the discount rates is an appropriate
approximation.
Policy elections and simplifications
Low credit risk exemption
The Group utilises practical expedients, as allowed by IFRS 9, for
the stage allocation of particular financial instruments which are
deemed \u2018low credit risk\u2019. This practical expedient permits the
Group to assume, without more detailed analysis, that the credit
risk on a financial instrument has not increased significantly since
initial recognition if the financial instrument is determined to have
\u2018low credit risk\u2019 at the reporting date. The Group allocates such
assets to Stage 1.
Under IFRS 9, the credit risk on a financial instrument is
considered low if:
\u2022the financial instrument has a low risk of default;
\u2022the borrower has a strong capacity to meet its contractual cash
flow obligations in the near term; and
\u2022adverse changes in economic business conditions in the longer
term may, (but will not necessarily) reduce the ability of the
borrower to fulfil its contractual cash flow obligations.
This low credit risk exemption is applied to particular assets within
the debt securities investment portfolio and for loans and
advances to banks, specifically, assets which have an internal
grade equivalent to an external investment grade rating (BBB-)
or\u00a0higher.
If an asset does not meet the above criteria for the low credit risk
exemption, further assessment is required to determine stage
allocation. If such assets are on a watch list, they are allocated
to\u00a0Stage 2.
*Forms an integral part of the audited financial statements
Short term cash
The Group\u2019s IFRS 9 Impairment Policy does not require
calculation of an ECL for short term cash at central banks and
other banks which have a low risk of default with a very low risk
profile. The calculation of the ECL at each reporting date would be
immaterial given these exposures\u2019 short term nature and their
daily management.
Lease receivables and trade receivables
For lease receivables, the Group has elected to use its standard
approach for both stage allocation and the ECL calculation and
has elected to use an expedient (simplified approach) for
trade\u00a0receivables.
IFRS 9 ECL Credit Risk models
The IFRS 9 ECL models provide the risk parameters which are
the inputs into the model driven estimate of ECL which is used
across all Stage 1 and Stage 2 portfolios plus all non-DCF Stage
3 exposures.
IFRS 9 Portfolio Delineation
The IFRS 9 models are delineated into retail and non-retail
portfolios. The retail IFRS 9 portfolios provide exposure level risk
parameter estimates which take into account borrower level
characteristics and metrics where appropriate, whilst the non-retail
portfolios provide metrics which are either borrower or connection
level estimates.
Probability of default
Probability of default (\u201cPD\u201d) is the likelihood that an account or
borrower defaults over an observation period, given that they are
not currently in default, for each year of the expected contractual
lifetime of the exposure. The PD is a point in time estimate which
is reflective of the current and expected economic conditions.
In order to capture the appropriate risk dynamics across the
lifetime of the exposure the development process considers:
\u2022Macroeconomic effects captured through factors such as
unemployment rate and GDP;
\u2022Cross-sectional risk discriminators in particular the internal
rating model outputs plus other factors such as forbearance
and\u00a0days past due; and
\u2022Seasoning factors such as product type, delinquency and
forbearance status.
Loss given default
Loss given default (\u201cLGD\u201d) is a current assessment of the amount
that will not be recovered in the event of default, taking account of
future conditions. It can be thought of as the difference between
the amount owed to the Group (i.e. the exposure) and the net
present value of future cash flows less any relevant costs
expected to be incurred in the recovery process. If an account
returns to performing from default (excluding any loss making
concession) or if the discounted post-default recoveries are equal
to or greater than the exposure, the realised loss is zero.
2.1 Credit risk
Measurement, methodologies and judgements* continued
The LGD modelling approach depends on whether the facility has
underlying security and, if so, the nature of that security. The
following sets out the general approaches for the retail and non-
retail portfolios:
\u2013Retail portfolios
For unsecured loans, a cash flow curve, which estimates the
cumulative cash received following default until the loan is
written-off or returns to performing, is used to estimate the
future recovery amount. This is discounted at the effective
interest rate and compared to the current outstanding balance.
Any shortfall between the recovery amount and the
outstanding balance is the LGD used to estimate ECL. Where
appropriate, this may then be adjusted to reflect economic
conditions.
For secured loans the following may be considered:
\u2022The value of underlying collateral is estimated at the
forecasted time of disposal (taking into account forecasted
market price growth/falls and haircuts on market values
that are expected at the date of sale plus associated costs)
in order to calculate the future recovery amount;
\u2022The potential for the exposure to be deleveraged through
a\u00a0portfolio sale taking into account the costs associated
with same; and
\u2022Paths for returning to the performing portfolios such as
forbearance and self-cure.
\u2013Non-retail portfolios
For unsecured loans, characteristics such as borrower sector
and nature of collateral linked to affiliated accounts under the
same customer group are used to determine future losses
based on historical experience of discounted recoveries.
For secured loans, the value of the underlying collateral is
estimated at the reporting date. This is used to estimate the
ECL based on historical experience of discounted recoveries.
Exposure at default
Exposure at default (\u201cEAD\u201d) is defined as the exposure amount
that will be owed by a customer at the time of default. This will
comprise changes in the exposure amount between the reporting
date and the date that the customer defaults. This may be due to
repayments, interest and fees charged and additional drawdowns
by the customer.
Prepayments
For term credit products, prepayment occurs where a customer
fully prepays an account prior to the end of its contractual term.
For\u00a0revolving credit products, \u2018prepayment\u2019 is defined as the
cessation of use and withdrawal of the facility provided that the
account was not in default prior to closure.
Prepayment is used in the lifetime ECL calculation for Stage 2
loans to account for the proportion of the facilities/customers that
prepay each year.
Determining the period over which to measure ECL
Both the origination date and the expected maturity of a facility
must be determined for ECL purposes. The origination date is
used to measure credit risk at origination.
The expected maturity is used for assets in Stage 2, where the
ECL must be estimated over the remaining life of the facility.
The expected maturity approach is:
*Forms an integral part of the audited financial statements
\u2022Term credit products: the contractual maturity date, with
exposure and survival probability adjusted to reflect behaviour
i.e. amortisation and prepayment;
\u2022Revolving credit products: the period may extend beyond the
contractual period over which the Group is exposed to credit
risk, e.g. overdrafts and credit cards. The Group\u2019s approach for
these is to assume an appropriate remaining term based on the
characteristics of the portfolio.
Forward looking indicators in the models
For ECL calculations reliant on models in the standard and
simplified approaches, forward looking indicators are incorporated
into the models through the use of macroeconomic variables.
These have been identified statistically as the key macroeconomic
variables that drive the parameter being assessed (e.g. PD or
LGD). The final model structure incorporates these as inputs with
the 12 month and lifetime calculations utilising the macroeconomic
forecasts for each scenario. See \u2018macroeconomic scenarios and
weightings\u2019 section for more detail on the process for generating
scenarios and associated key macroeconomic factors relevant
for\u00a0the models. In circumstances where there is a risk that the
modelled output fails to capture the appropriate response to
changes in the macroeconomic environment such as inflation and
interest rate changes, these risks are captured through the use of
post model adjustments.
Write-offs
When the prospects of recovering a loan, either partially or fully,
do not improve, a point may come when it will be concluded that
as there is no realistic prospect of recovery, the loan and any
related ECL will be written-off. The Group determines, based
on\u00a0specific criteria, the point at which there is no reasonable
expectation of recovery. When the following criteria exist (or
comparable circumstances arise), the loan can be subject to
a\u00a0partial or full write-off:
\u2022A decision has been taken to enforce on a loan, due to no
agreement with the customer for a restructure / settlement and
all customer engagement with the Bank regarding their loan
agreement has ceased;
\u2022Inception of informal insolvency proceedings has commenced
or is about to commence;
\u2022Receivership or other formal recovery action (e.g. where
expectation of recovery of collateral is expected through
enforcement activity but no additional recoveries above the
collateral value are anticipated) has commenced or is about to
commence; and
\u2022A loan is substantially provided for or no material repayments
have been received for a period of time (minimum 12 months)
and all customer engagement with the Bank regarding their
loan agreement has ceased.
Debt forgiveness may subsequently arise where there is a formal
contract with the customer for the write-off of the loan. In addition,
certain forbearance solutions and restructuring agreements may
include an element of debt write down (debt forgiveness). Details
of forbearance are set out in Risk management 2.1 Additional
credit quality and forbearance disclosures on loans and advances
to customers.
The contractual amount outstanding of loans written-off during the
year that are still subject to enforcement activity are outlined on
page 177 and relate to non-contracted write-offs, both full and
partial. The Group recognises cash received from the customer in
excess of the carrying value of the loan after a non-contracted
write-off as \u2018recoveries of amounts previously written-off\u2019 in the
income statement.
Measurement, methodologies and judgements* continued
Critical Judgements during the year:
\u2022ECL allowance stock relating to post model adjustments (PMAs) has increased by \u20ac 54 million in the year to \u20ac 608 million. ECL
allowance stock relating to PMAs as a percentage of total ECL stock is 37% (2021: 29%). New PMAs in the year seek to capture
potential impacts due to inflationary and interest rate pressures including elevated probability of default in performing commercial
real estate exposures and an increase in ECL stock relating to non-legacy NPE exposures reflecting the economic uncertainty.
Further details are outlined in the management judgements section on pages 150 and 151.
\u2022Despite recovering strongly following the COVID-19 recession, the Irish economy has been impacted through the course of 2022
by a number of headwinds affecting the global economy which are likely to weigh on the outlook (Base scenario) in 2023 and
2024. These include higher inflation and interest rates, tight labour markets, supply chain bottlenecks, a less supportive fiscal
stance and further, albeit less severe, waves of COVID-19 infections. Against this backdrop, the economies in which the Group
operates are projected to grow at more modest rates over the next two years (the UK is an exception as a mild recession is
expected in 2023 and 2024) with a gradual rise in unemployment rates in prospect. Inflationary pressures in these markets should
dissipate somewhat in 2023 but are unlikely to revert toward the 2% target rate set by central banks until 2025 onwards.
\u2022The Group is of the view that risks to the economic outlook are firmly tilted to the downside and, for the purposes of IFRS 9 ECL
reporting, has applied the following weightings for year-end 2022 with Base 45% (change -5% compared to year-end 2021),
Moderate Upside 10% (change -10%), Moderate Downside 30% (change +5%) and Severe 15% (change +10%). Further details
are outlined in the macroeconomic scenarios and weightings section below.
\u2022The Group\u2019s sensitivity analysis to the macroeconomic scenario weightings are outlined on page 149. Under the 100% downside
\u2018Energy shock and persistently high inflation\u2019 scenario, this would result in a 15% increase compared to the reported ECL
allowance stock.
Macroeconomic scenarios and weightings
The macroeconomic scenarios used by the Group for ECL
allowance calculation purposes have been developed in a
consistent way with that set out in the 2021 Annual Financial
Report and have been subject to the Group\u2019s established
governance process covering the development and approval of
macroeconomic scenarios used for planning and internal stress
testing purposes. The macroeconomic scenarios and attached
probabilities are reviewed by the Asset and Liability Committee
(\u201cALCo\u201d) regularly, and such reviews took place frequently
during\u00a02022 in response to economic developments. The
macroeconomic scenarios are then reviewed by the Board Risk
Committee (\u201cBRC\u201d) and approved for use by the Board. The
scenario probabilities are approved by the Board Audit
Committee\u00a0(\u201cBAC\u201d).
The parameters used within the Group\u2019s ECL models include
macroeconomic factors which have been established as drivers
of\u00a0the default risk and loss estimates. Therefore, a different credit
loss estimate is produced for each scenario based on
a\u00a0combination of these identified macroeconomic factors. The
credit loss estimates for each scenario are then weighted by the
assessed likelihood of occurrence of the respective scenarios to
yield the ECL outcome.
Macroeconomic scenarios:
Following the Russian invasion of Ukraine in February 2022,
global energy and food commodity prices surged. This intensified
pre-existing inflationary pressures caused by supply bottlenecks
in many economies as they recovered following the lifting of
COVID-19 restrictions. Against this background, the greatest risk
to the outlook (Base scenario) is for persistently elevated inflation
coupled with higher interest rates which depress economic
activity. A range of possible scenarios has been considered in
formulating the ECL calculation, as at the financial reporting date.
These entail credible risks and uncertainties to the economic
outlook including inter alia possible energy supply rationing,
a\u00a0deterioration in financial conditions, renewed short waves of
COVID-19 infections, as well as a prolonged period of elevated
inflation \u2013 all possible triggers of a future economic downturn.
AIB have used four scenarios in the ECL calculation consisting of
a base scenario, along with three alternative scenarios. These
consist of one upside; a mild downside scenario entailing
disruptions to energy supplies and a re-emergence of the
COVID-19 virus; while a more severe downside considers a cut-
off of Russian gas supplies to Europe with persistently high
inflation which necessitates a hike in official interest rates. Non-
linear effects are captured in the development of risk parameters
as well as through the inclusion of both the single upside and two
downside scenarios.
The Group\u2019s Economic Research Unit (\u201cERU\u201d) provide the
scenario forecasts over five years. These are then independently
reviewed and challenged, on both a quantitative and qualitative
basis, by the Group Risk function. The Base case is benchmarked
against the outlook available from official sources (e.g. Central
Bank of Ireland, Bank of England, Department of Finance, ESRI,
ECB, IMF, etc.) to ensure it is appropriate. Upside and downside
scenarios, relative to the Base case, are provided to ensure
a\u00a0reasonable range of possible outcomes is available for the
IFRS\u00a09 process. These scenarios are benchmarked to alternative
scenarios from official sources, where possible. The longer term
economic projections (beyond five years) are sourced from
a\u00a0reputable external provider with the internal scenarios
converging on a linear basis towards the external forecasts from
years 5 to 8. External long term forecasts represent long term
base line forecasts for the parameter/economy in question. The
forecasted scenarios are kept under review by the Group ALCo
and approved by the Board.
*Forms an integral part of the audited financial statements
2.1 Credit risk
Measurement, methodologies and judgements* continued
Macroeconomic scenarios and weightings continued
The long term projections reflect the relatively limited climate
change mitigation policies, mainly comprising the continued
gradual substitution of gas for coal, that have been announced so
far. Without significantly enhanced mitigating actions, the world is
on course to warm by about 2\u00b0C above pre-industrial levels by
2050. The AIB long term baseline scenario seeks to follow the
IEA\u2019s \u201cstated policies\u201d scenario and implies emissions remaining
roughly constant. The Group participated in the ECB Climate
Stress Tests in early 2022; it was evident that the scale of the
economic shocks applied was quite modest compared to those
applied in stress testing for ICAAP and ECL calculations. The
impacts considered under this ECB Climate Stress Test process
will be repeated every second year. The nature of the shock is
different with a long term horizon compared to front loaded shocks
as part of quarterly stress tests.
The scenarios used for the year-end ECL process are described
below and reflect the views of the Group as at the reporting date.
Base case: A combination of a very sharp acceleration in
inflation, partly owing to the war in Ukraine, and marked tightening
of monetary policy & financial conditions has seen a pronounced
slowdown in global growth in 2022, which is expected to extend
well into 2023. The economic backdrop has become far more
challenging as we move into a period of weak growth, elevated
inflation and rising interest rates. As a result, global growth
forecasts for 2022-23 have been scaled back significantly from
earlier in the year.
The Base scenario assumes very weak GDP growth in the US
and Euro Area of 0.7% and 0.5% respectively in 2023, with the
latter seeing a technical recession. The UK economy is expected
to contract by 1.0% in 2023. As a small open economy, in line with
this global trend, Ireland is expected to see growth moderating
albeit remaining relatively strong given a continued favourable
product mix in its large multi-national sector. Overall Irish GDP
growth of 4% is projected, which is somewhat below most official
forecasts reflecting a higher inflation projection by AIB.
A moderate pick-up in global growth is anticipated from 2024
onwards (boosted by real household incomes and easing financial
conditions) which will mean a continued solid expansion for the
Irish economy where average GDP growth of close to 4% is
assumed for 2024 and 2025. The UK market will remain weak
however (contraction in both 2023 and 2024) with the economy
recovery delayed until 2025.
House price growth in Ireland is expected to moderate
significantly over the forecast period but remain positive due to
the ongoing supply shortfall, high savings and a relatively strong
labour market. By comparison the UK housing market is expected
to contract as the sharp increase in interest rates and reduction in
disposable incomes take hold. Given the challenges it faces, most
especially from remote working, both Irish and UK Commercial
property prices are forecast to contract sharply in 2023 (by 9%
and 8% respectively).
Unemployment is expected to rise only moderately over the
period 2023 to 2025, as most labour markets are characterised by
a shortage of workers and high job vacancies. For Ireland the
unemployment rate is expected to remain in a low range of
4.5-5.0% over the period 2022-27.
*Forms an integral part of the audited financial statements
The combination of weakening activity and positive base effects,
should see Irish inflation fall back to circa 2% by end 2024.
Although a similar trajectory is expected in the major economies,
with inflation still running above levels they are comfortable with,\u00a0
Central Banks are expected to continue to hike interest rates
aggressively into 2023, hitting 3.5% in the Euro Area, circa 5.13%
in the US and 4.75% in the UK. .
Downside 1 (\u2018Lower growth in 2023\u2019): In the AIB Moderate
Downside scenario, risks to growth prove to have a more negative
impact on activity than provided for in the Base scenario. For
Ireland these are primarily driven by global conditions. In
particular, the war in Ukraine has a more significant impact on
growth than expected, with ongoing disruptions of gas supplies to
Europe from Russia. There are continuing short waves of
COVID-19 infections necessitating some restrictions on activity,
most notably in China.
As a result, the major economies all experience a significant
recession in 2023, with the downturn continuing in the UK in 2024.
This is followed by a sluggish recovery in activity. In Ireland\u2019s
case, GDP growth slows sharply to 2.5% in 2023 and 2024. There
is a marked rise in unemployment everywhere, climbing to circa
7.5% in both the UK and Ireland during 2025.
There are significant falls in property prices. House prices in
Ireland & the UK decline by circa 9% and 15%, respectively, over
the 2023-2024 period. There are even bigger falls in commercial
property prices of circa 16% in both markets in 2023-24.
Interest rates peak at the end of 2022, with central banks
implementing rate cuts in 2023-24 on the view that leaving policy
unchanged would see inflation fall to 2% by end 2024 onwards.
Rates are cut to 0.5% in the Euro Area/UK and circa 0.63% in
the\u00a0US.
Downside 2 (\u2018Energy shock and persistently high inflation\u2019):
Under the second downside scenario, the war in Ukraine has
a\u00a0much more severe impact on global economic activity than
anticipated. Inflation stays very high in 2023-2024 with ongoing
interruptions in European gas imports from Russia, continuing
disruptions to global supply chains, greater second round price
effects and wage inflation picking up. Central banks are forced
into a very sharp tightening of monetary policy. Conditions in
financial markets tighten further, with a surge in bond yields, blow
out in credit spreads and more sharp falls on stock markets.
Emerging markets come under severe pressure in particular.
The combination of energy and financial market shocks as well as
the very sharp tightening of monetary policy triggers a severe
global recession in 2023-24. The main economies see GDP
decline by circa 2% in 2023 and 2.0-2.5% in 2024. Irish GDP
growth slows to 1.0-1.5% in 2023-24 and is 6.3% lower by 2025
than in Base scenario. There is a moderate pick up in global
activity from 2025.
Unemployment rates rise to very high levels in the main
economies with Irish unemployment increasing sharply to 10% by
end 2025 and remaining high in 2026-2027. In line with the global
trend, Irish inflation remains high in the initial period (8% in 2023 V
5.2% in base) before graduating to 2.0% in 2026 due to the
slowdown in economic activity led by the tighter financial
conditions.
2.1 Credit risk
Measurement, methodologies and judgements* continued
Macroeconomic scenarios and weightings continued
The sharp fall in economic activity and confidence levels imply
very large property price falls in Ireland and the UK. Irish and UK
residential property prices fall by 24% and 29%, respectively,
between 2023 and early 2025 and are circa 26-28% lower versus
the Base scenario by 2025. CRE prices in Ireland and the UK fall
by circa 35-36% in the period 2023-25.
Central banks raise rates to 5.25-5.38% in the UK and US and
4.0% in the Euro Area in the first half of 2024. Inflation falls back
in the second half of 2024 allowing central banks to lower rates
aggressively. Rates do not return to previous lows as inflation
settles around its 2% target in 2025-26. Thus, rates come down to
1% in the Euro Area/UK and circa 1.13% in the US, some 250 to
300 basis points below the levels assumed in the Base scenario.
Upside (\u2018Quick economic recovery\u2019): In the upside scenario,
the key assumptions consist of a combination of a relatively quick
cessation of hostilities in Ukraine in early 2023 coupled with an
accelerated deployment of vaccines globally which brings about a
quicker than expected suppression of the coronavirus. In addition,
a strong rebound in business and consumer confidence facilitates
a rundown of personal and corporate savings. The confluence of
these developments helps boost global growth and consequently
this feeds into the Irish economy.
In this scenario, GDP is some 3.2% higher in most economies
than in the base case by 2025. Irish GDP growth averages 5%
over the period 2023-2025 before returning to more moderate
rates of growth (3-4%) over 2026-27. As a result, unemployment
falls further reaching 3.6% on 2026-27 (5.0% in base). With a
stronger economy, inflation goes even higher and is slower to
decline than in the base case, only getting back to 2% in 2027.
With the stronger growth in economic activity, Irish and UK
property prices perform much better than in the base case
scenario. Irish house price rise by 4-5% per annum over 2023-25,
with UK prices up 2-3%. Meanwhile, Commercial property prices
rise by circa 3% per annum over 2023-2025 in both countries.
Central banks hike rates at a quicker pace than in the base. Rates
rise to circa 5.13%% in the US, 5% in the UK and 3.75% in the
Euro Area.
The table below sets out the five year average forecast for each
of\u00a0the key macroeconomic variables that are required to generate
the scenarios or are material drivers of the ECL under (i) Base,
(ii)\u00a0Downside 1, (iii) Downside 2 and (iv) Upside scenarios at
31\u00a0December 2022 (average over 2023-2027) and at
31\u00a0December 2021 (average over 2022-2026).
December 2022
5 year (2023-2027) average forecast
December 2021
5 year (2022-2026) average forecast
Macroeconomic factor (%)
Base
Downside 1
(\u2018Lower
growth in
2023\u2019)
Downside 2
(\u2018Energy
shock and
persistently
high
inflation\u2019)
Upside
(\u2018Quick
economic
recovery\u2019)
Base
Downside 1
(\u2018Lower
growth in
2022\u2019)
Downside 2
(\u2018Persistent
high
inflation\u2019)
Upside
(\u2018Quick
economic
recovery\u2019)
Republic of Ireland
GDP growth
3.6
3.4
2.6
4.3
3.8
3.4
2.6
4.5
Residential property price growth
2.5
0.2
(4.3)
3.8
2.9
1.4
(2.1)
5.0
Unemployment rate
5.0
6.8
8.5
3.9
5.7
9.7
11.9
4.8
Commercial property price growth
1.0
(1.6)
(6.6)
2.7
1.7
0.3
(4.6)
4.0
Employment growth
1.6
1.1
0.2
1.9
2.6
2.0
1.4
2.9
Average disposable Income growth
5.1
4.3
3.4
6.0
3.5
2.6
1.8
3.8
Inflation
2.7
2.7
3.9
3.5
1.7
1.3
2.4
2.2
United Kingdom
GDP growth
0.4
0.3
(0.3)
1.5
2.4
1.8
1.1
3.0
Residential property price growth
0.2
(1.6)
(5.7)
2.2
2.0
(0.1)
(3.7)
3.0
Unemployment rate
5.1
6.8
8.3
3.7
4.6
6.6
8.0
4.3
Commercial property price growth
0.2
(2.2)
(6.9)
2.6
1.5
(0.6)
(5.1)
3.6
Inflation
3.3
3.3
4.4
4.2
2.0
1.7
2.5
2.4
Measurement, methodologies and judgements* continued
Macroeconomic scenarios and weightings continued
Additional information is provided in the table below which details the individual macroeconomic factor forecast for each year across the
four scenarios, at 31 December 2022.
Estimate
Base
Downside 1
(\u2018Lower growth in 2023\u2019)
Macroeconomic factor
2022
%
2023
%
2024
%
2025
%
2026
%
2027
%
2023
%
2024
%
2025
%
2026
%
2027
%
Republic of Ireland
GDP growth
8.0
4.0
3.7
4.0
3.5
3.0
2.5
2.5
3.5
4.0
4.5
Residential property price growth
5.0
2.5
2.5
2.5
2.5
2.5
(7.0)
(2.5)
5.0
3.0
2.5
Unemployment rate
4.6
4.8
5.0
5.0
5.0
5.0
5.6
6.8
7.4
7.5
7.0
Commercial property price growth
(3.5)
(9.0)
5.0
3.0
3.0
3.0
(12.5)
(4.5)
3.0
3.0
3.0
Employment growth
6.0
1.5
1.5
1.7
1.6
1.5
0.6
0.4
0.9
1.4
2.0
Average disposable income growth
3.5
6.5
5.3
4.7
4.6
4.5
5.0
4.0
4.0
4.0
4.5
Inflation
8.3
5.2
2.5
2.0
2.0
2.0
5.2
2.5
2.0
2.0
2.0
United Kingdom
GDP growth
4.3
(1.0)
(0.5)
0.6
1.3
1.5
(1.5)
(1.2)
0.8
1.5
1.7
Residential property price growth
4.5
(3.0)
(1.0)
1.0
2.0
2.0
(11.0)
(4.5)
1.5
3.0
3.0
Unemployment rate
3.9
4.6
5.2
5.5
5.3
5.0
5.5
6.7
7.5
7.5
7.0
Commercial property price growth
(3.5)
(8.0)
(2.0)
3.0
4.0
4.0
(12.5)
(4.0)
1.5
2.0
2.0
Inflation
9.2
7.5
3.0
2.0
2.0
2.0
7.5
3.0
2.0
2.0
2.0
The key changes to the scenario forecasts in the reporting period
have been driven by the outbreak of war in Ukraine, following the
Russian invasion, in addition to mounting inflationary pressures
and monetary policy tightening by global central banks. The wider
economic impact of the war in Ukraine has generated elevated
uncertainty with respect to the economic outlook largely due to
concerns over energy security and a surge in pre-existing
inflationary pressures largely driven by much higher commodity
prices (in particular gas and raw foodstuffs). These developments
feed directly into the Irish economy and have resulted in
a\u00a0significant re-assessment of the outlook and balance of risks
during 2022.
The four scenarios detailed above are used to reflect a
representative sample of possible outcomes. The ECL allowance
reflects a weighted average of the credit loss estimates under the
four scenarios.
Similar to the scenario forecasts, the probability weight assigned
to each scenario is proposed by the ERU, with a review and
challenge from the Group Risk function. These are reviewed
regularly at Group ALCo and are subject to approval at Board
Audit Committee. The probabilities described below reflect the
views of the Group at the reporting date.
*Forms an integral part of the audited financial statements
2.1 Credit risk
Measurement, methodologies and judgements* continued
Macroeconomic scenarios and weightings continued
The weights for the scenarios are derived based on expert
judgement, with reference to external market information where
possible. Given the unprecedented nature and impact of
COVID-19 (\u2018cliff edge\u2019 effect on economic activity), the standard
quantitative approaches, such as statistical distribution analysis
of\u00a0Irish GDP growth over different time horizons informed by
historic patterns in the economic data, used to assess scenario
likelihoods are less useful than normal in this environment.
As\u00a0a\u00a0result, they have not been a key driver in determining the
selection of weightings at the reporting date.
These weightings are reviewed regularly by Group ALCo and
adjusted where required. The key drivers of the weightings are:
\u2022The Base scenario assumptions were regularly benchmarked
against consensus projections which were subject to downward
revision in light of the weak global backdrop and downside risks
facing the macroeconomic outlook.
\u2022Forecasts released in the closing months of 2022 from the IMF,
OECD, ECB, ESRI, Central Bank of Ireland and the Department
of Finance were close to the AIB projections. The AIB forecasts
remain on the conservative side of most recent external
benchmarks, especially in relation to Ireland. Most releases of
Irish economic data, have been trending stronger than our
forecasts. This includes variables such as GDP, Modified Final
Domestic Demand, unemployment and house prices.
\u2022The balance of risks to the forecasts is still heavily skewed to
the downside with revisions to consensus forecasts for growth
in 2023-2024 trending firmly downwards. Forecasters also
highlight that the balance of risks to their latest projections
remain tilted to the downside, with real concerns that the world
economy could be hit by recession in 2023 \u2013 the AIB moderate
downside and severe scenarios entail significant recessions in
the major economies and a significant departure from its trend
growth rate in the case of Ireland.
\u2022The risk that inflation will prove slow to fall back remains a real
concern, which would pose a downside risk to Irish growth
prospects in 2023-24 in terms of an ongoing hit to real
disposable incomes and consumer spending. The war in
Ukraine has added to downside risks, especially in relation to
the flow of European gas supplies in 2023-24.
The weightings that have been applied as at the reporting date are:
Scenario
Weighting
Weighting
December
2022
December
2021
Base
45%
Base
50%
Downside 1 (\u2018Lower growth in 2023\u2019)
30%
Downside 1 (\u2018Lower growth in 2022\u2019)
25%
Downside 2 (\u2018Energy shock and persistently high
inflation\u2019)
15%
Downside 2 (\u2018Persistent high inflation\u2019)
5%
Upside (\u2018Quick economic recovery\u2019)
10%
Upside (\u2018Quick economic recovery\u2019)
20%
In assessing the adequacy of the ECL allowance, the Group has considered all available forward looking information as of the balance
sheet date in order to estimate the future expected credit losses. The Group, through its risk management processes (including the use
of expert credit judgement and other techniques) assesses its ECL allowance for events that cannot be captured by the statistical
models it uses and for other risks and uncertainties. The assessment of ECL at the balance sheet date does not reflect the worst case
outcome, but rather a probability-weighted outcome of the four scenarios. Should the credit environment deteriorate beyond the Group\u2019s
expectation, the Group\u2019s estimate of ECL would increase accordingly.
*Forms an integral part of the audited financial statements
Measurement, methodologies and judgements* continued
Sensitivities
The Group\u2019s estimates of expected credit losses are responsive
to\u00a0varying economic conditions and forward looking information.
These estimates are driven by the relationship between historic
experienced loss and the combination of macroeconomic
variables. Given the co-relationship of each of the macroeconomic
variables to one another and the fact that loss estimates do not
follow a linear path, a sensitivity to any single economic variable is
not meaningful. As such, the following sensitivities are provided
which indicate the approximate impact on the current ECL
allowance before the application of probability weights to the
forward looking macroeconomic scenarios. The sensitivities
provide an indication of ECL movements that include changes in
model parameters, quantitative \u2018significant increase in credit
risk\u2019 (\u201cSICR\u201d) staging assignments with post model adjustments
sensitivity predominantly reflected only where scenario specific
features form an integral part of the adjustment. Further details on
post model adjustments are outlined on pages 150 and 151.
Relative to the base scenario, in the 100% downside \u2018Lower
growth in 2023\u2019 and \u2018Energy shock and persistently high inflation\u2019
scenarios, the ECL allowance increases by 9% and 21%
respectively. In the 100% upside scenario, the ECL allowance
declines by 7%, showing that the ECL impact of the two downside
scenarios is greater than that of the upside scenario. For
31\u00a0December 2022, a 100% downside \u2018Lower growth in 2023\u2019 and
\u2018Energy shock and persistently high inflation\u2019 scenario sees a
higher ECL allowance sensitivity of \u20ac\u00a0142 million and \u20ac 342 million
respectively compared to base (\u20ac\u00a056 million and \u20ac 256 million
respectively compared to reported).
Higher relative impacts are observed for the AIB UK\u00a0portfolio
partly due to a scenario specific post model adjustment being
applied to reflect greater impact within the downside scenarios
than that currently observed, based on the deployed
macroeconomic scenarios.
ECL allowance at 31 December 2022
Reported
100% Base
100% Downside
Scenario
(\u2018Lower growth
in 2023\u2019)
100% Downside
Scenario
(\u2018Energy shock and
persistently high
inflation\u2019)
100% Upside
Scenario
(\u2018Quick economic
recovery\u2019)
Total
Total
Total
Total
Total
Loans and advances to customers
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Residential mortgages
283
275
284
318
271
Other personal
177
175
179
185
173
Property and construction
320
298
331
385
282
Non-property business
838
790
878
977
711
Total
1,618
1,538
1,672
1,865
1,437
Off-balance sheet loan commitments
59
55
60
65
53
Financial guarantee contracts
19
17
20
22
13
1,696
1,610
1,752
1,952
1,503
Of which:
AIB UK segment
245
214
259
336
196
ECL allowance at 31 December 2021
Reported
100% Base
100% Downside
Scenario (\u2018Lower
growth in 2022\u2019)
100% Downside
Scenario
(\u2018Persistent high
inflation\u2019)
100% Upside
Scenario (\u2018Quick
economic
recovery\u2019)
Total
Total
Total
Total
Total
Loans and advances to customers
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Residential mortgages
382
376
392
434
370
Other personal
222
216
237
257
213
Property and construction
313
284
378
473
266
Non-property business
968
921
1,074
1,236
895
Total
1,885
1,797
2,081
2,400
1,744
Off-balance sheet loan commitments
53
49
63
80
45
Financial guarantee contracts
26
24
30
35
22
1,964
1,870
2,174
2,515
1,811
Of which:
AIB UK segment
268
266
277
321
253
*Forms an integral part of the audited financial statements
2.1 Credit risk
Measurement, methodologies and judgements* continued
Management judgements
Post model adjustments (PMAs) are applied where Management
believe that they are necessary to ensure an adequate level of
ECL provision and to address known model limitations and/or
emerging trends not captured in the models. All PMAs are
approved under the ECL governance process through which the
appropriateness of PMAs are considered against the backdrop of
the risk profile of the loan book, recent loss history or changes in
underlying resolution strategies not captured in the models and
management\u2019s view of emerging trends.
The PMAs approved for 31 December 2022 (and 2021
comparison, where applicable), are set out below and categorised
as follows:
\u2022NPE resolution \u2013 ECL adjustments where the current model
does not take into account alternative resolution strategies such
as portfolio sales and to ensure that downside risks are
appropriately incorporated into the final loss estimate.
\u2022Emerging headwinds \u2013 ECL adjustments required where the
modelled outcomes are not sensitive to the uncertainties
associated with the impact of current emerging economic
headwinds.
\u2022Macroeconomic factors \u2013 ECL adjustments reflecting a greater
impact from downside scenarios / timing of certain
macroeconomic factors.
\u2022Other \u2013 ECL adjustments where it was judged that an
amendment to the modelled ECL was required.
2022
Residential
mortgages
Other personal
Property and
construction
Non-property
business
Total
Management Judgements
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
NPE resolution
140
\u2014
37
73
250
Emerging headwinds
43
11
69
124
247
Macroeconomic factors
20
\u2014
10
20
50
Other
\u2014
\u2014
\u2014
61
61
PMA Total
203
11
116
278
608
2021
Residential
mortgages
Other personal
Property and
construction
Non-property
business
Total
Management Judgements
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
NPE resolution
207
5
26
28
266
Uncertainty due to the impact of COVID-19
18
9
5
153
185
Macroeconomic factors
29
\u2014
\u2014
\u2014
29
Other
1
\u2014
1
72
74
PMA Total
255
14
32
253
554
NPE resolution
At 31 December 2022, the Retail Banking PMA mainly related to
mortgages which have been classified as non-performing for a
considerable length of time has been retained to reflect expected
outcomes from alternative strategies which may be adopted, such
as portfolio sales. LGD models are based on empirical internal
data assuming business as usual resolution and given that the
models do not account for alternative strategies, post model
adjustments have been applied to reflect the potential outcomes,
pending model redevelopment.
The completion of a non-performing portfolio sale in the year has
resulted in a reduction in this PMA, particularly within residential
mortgages where the ECL PMA stock has reduced from
\u20ac\u00a0207\u00a0million at 31 December 2021 to \u20ac 140 million at
31\u00a0December 2022.
A new post model adjustment was introduced for year end 2022
in\u00a0order to increase the ECL cover for non-performing exposures
classified as non legacy (defaulted subsequent to December
2018). This adjustment reflects management judgement that the
downside scenario for these cases may be more severe than
currently reflected through the modelled process.
*Forms an integral part of the audited financial statements
The impact of potential reductions in future cash flows and
security values, particularly within commercial real estate and
small and medium enterprise exposures, have been considered
as part of the governance process.
This PMA primarily impacts the Retail Banking and Capital
Markets property (\u20ac 29 million) and non-property business\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(\u20ac 51 million) portfolios.
Similarly in AIB UK, a post model adjustment of \u00a3 26 million
includes the impact of the above non-performing PMA and also
reflects the impact of alternative strategies such as portfolio sales.
Emerging headwinds
Particular focus from management was on assessing portfolios
impacted by the combined effects of cost of living challenges,
persistent inflationary pressures and rising interest rates on
customers' ability to repay. The ultimate impact of these effects is
highly uncertain, however should they lead to a reduction in
customers' ability to meet their loan repayment obligations, there
could be an increase in credit risk which could have a negative
impact on the asset quality of the Group\u2019s loan portfolios.\u00a0
Within the Retail Banking portfolio, a PMA of \u20ac 72 million has been
introduced to reflect the increased probability of default due to
rising interest rates and increased cost of living. The PMA has
been applied within the performing portion of the residential
mortgage portfolio, \u20ac 43 million, personal portfolio, \u20ac 11 million,
and non-property business portfolio, \u20ac 18 million.
2.1 Credit risk
Measurement, methodologies and judgements* continued
Within Capital Markets a PMA of \u20ac 163 million represents the
potential impacts on the non-property business (\u20ac 99 million) and
property (\u20ac 64 million) portfolios due to the potential impact of
inflation (including higher energy costs) and higher interest rates
on non-property business and property exposures resulting in an
increase in borrower forbearance arrangements. This has been an
area of particular focus for management.
Within AIB UK, a new PMA of \u00a3 10 million (\u00a3 7 million non-
property business and \u00a3 3 million property) also reflects the
impact of higher interest rates and a slowdown within CRE.
While COVID-19 specific PMAs have now been significantly
released, those affected borrowers whose recovery may be
impacted by emerging headwinds are incorporated within this
PMA.
Macroeconomic factors
In Retail Banking, an ECL adjustment continues to be applied to
reflect limitations within the mortgage model relating to the house
price index (HPI) growth. This is to ensure that the ECL remains
appropriate for the underlying portfolio acknowledging the
limitations within the model.
The HPI index parameter, which assumes growth over the long
term, has reduced the LGD thereby impacting ECL cover on
Stage 1, Stage 2 and Stage 3 loans (not covered by the NPE
resolution strategy adjustment above). An adjustment has been
made to reflect the Group\u2019s potential alternative recovery
strategies for the impacted loans that are or could become credit
impaired.
This adjustment amounted to \u20ac 20 million (Stage 1: \u20ac 5 million,
Stage 2: \u20ac 5 million and Stage 3: \u20ac 10 million).
In addition, in AIB UK, an ECL adjustment of \u00a3 27 million (Stage 1:
\u00a3 11 million and Stage 2: \u00a3 16 million) has been applied
predominately in the non-property business (\u00a3 18 million) and
property (\u00a3 9 million) portfolios to reflect a greater impact within
the downside scenarios than that currently observed, based on the
deployed macroeconomic scenarios at 31 December 2022.
Other
For the Syndicated & International Finance (SIF) portfolio in
Capital Markets, it was previously determined that historically
observed relationships between default rates and macroeconomic
factors in the modelled probabilities of default needs to be
increased for this portfolio.
Accordingly, expert credit judgement has determined a post model
adjustment is required of \u20ac 61 million at 31 December 2022
(Stage 1: \u20ac 17 million and Stage 2: \u20ac 44 million).
Other post model adjustments in this category are not individually
significant.
ECL governance
The Board has put in place a framework, incorporating the
governance and delegation structures commensurate with a
material risk, to ensure credit risk is appropriately managed
throughout the Group.
*Forms an integral part of the audited financial statements
The key governance points in the ECL allowance approval
process during 2022 were:
\u2022Model Risk Committee;
\u2022Asset and Liability Committee;
\u2022Business level ECL Committees;
\u2022Group Credit Committee; and
\u2022Board Audit Committee
For ECL governance, the Group\u2019s senior management employ
expert judgement in assessing the adequacy of the ECL
allowance. This is supported by detailed information on the
portfolios of credit risk exposures, and by the outputs of the
measurement and classification approaches described above,
coupled with internal and external data provided on both short
term and long term economic outlook. Business segments and
Group management are required to ensure that there are
appropriate levels of cover for all of the credit portfolios and must
take account of both accounting and regulatory compliance when
assessing the expected levels of loss.
Assessment of the credit quality of each business segment and
subsidiaries is initially informed by the output of the quantitative
analytical models but may be subject to management
adjustments. This ECL output is then scrutinised and approved at
individual business unit level (ECL Committee), which also
includes subsidiaries, prior to onward submission to the Group
Credit Committee (\u201cGCC\u201d). GCC reviews and challenges ECL
levels for onward recommendation to the Board Audit Committee
as the final approval authority.
Credit risk management consideration of ESG risks
The Group continues to adapt its credit risk management
processes and policies to capture environmental, social, and
governance (\"ESG\") risks. Throughout 2022, the Group has
remained focused in embedding the following key initiatives:
\u2022Continued use of heat mapping exercises in order to scale
individual sub-sector exposures to levels of climate change and
environment risks.
\u2022Relevant Business Credit Application Guidelines/Procedures
and Credit Sanctioning policies requirements in respect of the
assessment of certain borrowers' exposure to ESG factors, in
particular environmental factors and impact of climate change
and the appropriateness of mitigating strategies as set out by
the borrower are continuing to embed.
\u2022The ESG questionnaire was implemented in our credit risk
management process in 2021 for certain cohorts requiring a
more intensive analysis of borrowers in sub-sectors considered
as part of the heat mapping exercise to have a higher risk to
climate change related and environmental risks. In 2022 work
commenced to further enhance and refine this tool, broadening
the scope of coverage at both counterparty and sector level.
\u2022The property valuation process continues to obtain BER/EPC
ratings where applicable, which are captured in collateral
valuations and recorded on the Group\u2019s systems.
\u2022A Sustainable Lending Framework was introduced in 2021 and
continues to categorise and identify relevant lending activities
as green/transition for internal tracking and external disclosure
purposes.
\u2022The impact of climate risk was considered as part of the ECL
governance process for the position at 31 December 2022 and
it was deemed that insufficient evidence of the likely loss
impacts from climate events is available to adjust ECLs. The
impact of climate risk will continue to be monitored in 2023 to
ensure ECLs appropriately reflect latent risk from potentially
emerging climate risks.
2.1 Credit risk \u2013 Credit exposure overview
Key Credit Profile Metrics in 2022:
\u2022There was a \u20ac 7 million net credit impairment charge in the year (2021: \u20ac 238 million writeback). This comprised of a \u20ac 316 million
charge in the second half of the year which incorporates post model adjustments to address emerging headwinds and downside
risks from inflation and interest rate impacts on credit quality; and a \u20ac 309 million writeback in the first half of the year reflecting the
economic environment in Ireland with robust credit quality & repayments, updated macroeconomic assumptions as well as some
release of post model adjustments.
\u2022Total gross loans and advances to customers have increased from \u20ac 58.4 billion to \u20ac 61.2 billion in the year which was due to new
lending and the ongoing Ulster Bank corporate and commercial portfolio acquisition. ECL stock of \u20ac 1.6 billion represents 2.7%
ECL cover (2021: \u20ac 1.9 billion, 3.2%).
\u2022Total new lending in the year was \u20ac 12.6 billion which reflects an increase of \u20ac 2.2 billion versus last year (2021: \u20ac 10.4 billion).
The increase in new lending was primarily driven by mortgage lending in Retail Banking and real estate finance in Capital Markets.
\u2022The credit quality composition of the portfolio has remained relatively stable during the year. Non-Performing loans at \u20ac 2.2 billion,
have decreased by \u20ac\u00a00.9 billion or 31% in the year and now represent 3.5% of total gross loans (2021: 5.4%).
Maximum exposure to credit risk*
Maximum exposure to credit risk from on-balance sheet and off-balance sheet financial instruments is presented before taking account
of any collateral held or other credit enhancements (unless such enhancements meet accounting offsetting requirements). For financial
assets recognised on the statement of financial position, the maximum exposure to credit risk is their carrying amount, and for financial
guarantees and similar contracts granted, it is the maximum amount the Group would have to pay if the guarantees were called upon.
For loan commitments and other credit related commitments that are irrevocable over the life of the respective facilities, it is generally
the full amount of the committed facilities.
The following table sets out the maximum exposure to credit risk that arises within the Group and distinguishes between those assets
that are carried in the statement of financial position at amortised cost and those carried at fair value at 31 December 2022 and 2021
2022
2021
Amortised
cost(1)
Fair
value(2)
Total
Amortised
cost(1)
Fair
value(2)
Total
Maximum exposure to credit risk
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Balances at central banks(3)
37,565
\u2014
37,565
42,109
\u2014
42,109
Derivative financial instruments
\u2014
2,511
2,511
\u2014
882
882
Loans and advances to banks
1,502
\u2014
1,502
1,323
\u2014
1,323
Loans and advances to customers
59,364
249
59,613
56,265
243
56,508
Securities financing
6,282
\u2014
6,282
3,890
\u2014
3,890
Investment securities(4)
4,131
11,837
15,968
4,071
12,589
16,660
Included elsewhere:
Trade receivables
99
\u2014
99
372
\u2014
372
Items in course of collection
51
\u2014
51
44
\u2014
44
Accrued interest
281
\u2014
281
307
\u2014
307
109,275
14,597
123,872
108,381
13,714
122,095
Loan commitments and other credit
related commitments
15,060
\u2014
15,060
13,727
\u2014
13,727
Financial guarantees
802
\u2014
802
819
\u2014
819
15,862
\u2014
15,862
14,546
\u2014
14,546
Total
125,137
14,597
139,734
122,927
13,714
136,641
(1) All amortised cost items are loans and advances and investment securities which are in a \u2018held-to-collect\u2019 business model.
(2) All items measured at fair value are classified as \u2018fair value through profit or loss\u2019 except investment securities at FVOCI, net investment hedge derivatives and
cash flow hedging derivatives.
(3) Included within cash and balances at central banks of \u20ac 38,138 million (2021: \u20ac42,654 million).
(4) Excluding equity shares of \u20ac 302 million (2021: \u20ac 274 million).
*Forms an integral part of the audited financial statements
The following table summarises financial instruments in the statement of financial position at 31 December 2022 and 2021:
2022*
2021*
Statement
of financial
position
Income
statement
Statement
of financial
position
Income
statement
Exposure
ECL
allowance
Carrying
amount
Net credit
impairment
writeback/
(charge)
Exposure
ECL
allowance
Carrying
amount
Net credit
impairment
(charge)/
writeback
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Cash and balances at central banks
38,138
\u2014
38,138
\u2014
42,654
\u2014
42,654
\u2014
Loans and advances to banks
1,502
\u2014
1,502
\u2014
1,323
\u2014
1,323
\u2014
Loans and advances to customers:
at amortised cost
60,982
(1,618)
59,364
(5)
58,150
(1,885)
56,265
233
at FVTPL
249
n/a
249
\u2014
243
n/a
243
\u2014
61,231
(1,618)
59,613
(5)
58,393
(1,885)
56,508
233
Securities financing
6,283
(1)
6,282
\u2014
3,891
(1)
3,890
(1)
Investment debt securities(1)
15,971
(3)
15,968
(2)
16,661
(1)
16,660
\u2014
Other \u2013 Stockbroking client debtors
36
(1)
35
\u2014
36
(1)
35
\u2014
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u2013 Items in course of collection
51
\u2014
51
\u2014
44
\u2014
44
\u2014
Loan commitments
15,060
(59)
(59)
(7)
13,727
(53)
(53)
2
Financial guarantee contracts
802
(19)
(19)
7
819
(26)
(26)
4
Total(2)
(7)
238
*Forms an integral part of the audited financial statements
2.1 Credit risk \u2013 Credit profile of the loan portfolio
Internal credit grade profile by ECL staging continued
2022*
2021*
Stage 1
Stage 2
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
POCI
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Non-property business
Strong
10,955
166
\u2014
\u2014
11,121
9,243
142
\u2014
\u2014
9,385
Satisfactory
4,133
1,152
\u2014
\u2014
5,285
4,385
1,326
\u2014
\u2014
5,711
Total strong/satisfactory
15,088
1,318
\u2014
\u2014
16,406
13,628
1,468
\u2014
\u2014
15,096
Criticised watch
185
566
\u2014
\u2014
751
237
611
\u2014
\u2014
848
Criticised recovery
98
1,333
\u2014
\u2014
1,431
7
1,638
\u2014
\u2014
1,645
Total criticised
283
1,899
\u2014
\u2014
2,182
244
2,249
\u2014
\u2014
2,493
Non-performing
1
\u2014
774
\u2014
775
1
\u2014
1,089
\u2014
1,090
Gross carrying amount
15,372
3,217
774
\u2014
19,363
13,873
3,717
1,089
\u2014
18,679
ECL allowance
(115)
(454)
(269)
\u2014
(838)
(122)
(535)
(311)
\u2014
(968)
Carrying amount
15,257
2,763
505
\u2014
18,525
13,751
3,182
778
\u2014
17,711
The following table analyses the residential mortgage portfolio at amortised cost by segment, internal credit ratings and ECL staging at
31 December 2022 and 2021:
2022*
2021*
Retail
Banking
Capital
Markets
AIB UK
Group
Total
Retail
Banking
Capital
Markets
AIB
UK
Group
Total
Gross carrying amount
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Owner occupier
27,526
429
928
\u2014
28,883
26,181
429
1,038
\u2014
27,648
Buy-to-let
1,238
99
59
\u2014
1,396
1,563
119
77
\u2014
1,759
Total
28,764
528
987
\u2014
30,279
27,744
548
1,115
\u2014
29,407
Analysed by internal credit ratings
Strong
22,151
343
819
\u2014
23,313
21,337
352
692
\u2014
22,381
Satisfactory
4,832
168
89
\u2014
5,089
4,165
175
319
\u2014
4,659
Total strong/satisfactory
26,983
511
908
\u2014
28,402
25,502
527
1,011
\u2014
27,040
Criticised watch
865
9
37
\u2014
911
889
12
45
\u2014
946
Criticised recovery
303
2
4
\u2014
309
415
5
10
\u2014
430
Total criticised
1,168
11
41
\u2014
1,220
1,304
17
55
\u2014
1,376
Non-performing
613
6
38
\u2014
657
938
4
49
\u2014
991
Gross carrying amount
28,764
528
987
\u2014
30,279
27,744
548
1,115
\u2014
29,407
Analysed by ECL staging
Stage 1
26,976
496
924
\u2014
28,396
25,393
511
1,033
\u2014
26,937
Stage 2
1,107
26
25
\u2014
1,158
1,380
33
33
\u2014
1,446
Stage 3
594
6
38
\u2014
638
868
4
49
\u2014
921
POCI
87
\u2014
\u2014
\u2014
87
103
\u2014
\u2014
\u2014
103
Total
28,764
528
987
\u2014
30,279
27,744
548
1,115
\u2014
29,407
ECL allowance \u2013 statement of financial position
Stage 1
40
\u2014
\u2014
\u2014
40
34
\u2014
\u2014
\u2014
34
Stage 2
37
\u2014
1
\u2014
38
40
1
\u2014
\u2014
41
Stage 3
191
1
4
\u2014
196
270
\u2014
6
\u2014
276
POCI
9
\u2014
\u2014
\u2014
9
31
\u2014
\u2014
\u2014
31
Total
277
1
5
\u2014
283
375
1
6
\u2014
382
ECL allowance cover percentage
%
%
%
%
%
%
%
%
%
%
Stage 1
0.1
\u2014
\u2014
\u2014
0.1
0.1
\u2014
\u2014
\u2014
0.1
Stage 2
3.3
\u2014
0.9
\u2014
3.2
2.9
1.8
\u2014
\u2014
2.8
Stage 3
32.3
12.8
10.1
\u2014
30.8
31.1
\u2014
10.9
\u2014
29.9
POCI
10.6
\u2014
\u2014
\u2014
10.6
29.9
\u2014
\u2014
\u2014
29.9
Income statement
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Net remeasurement of ECL allowance
(4)
\u2014
(1)
\u2014
(5)
(42)
(5)
(8)
\u2014
(55)
Recoveries of amounts previously written-off
(14)
\u2014
(1)
\u2014
(15)
(24)
\u2014
(1)
\u2014
(25)
Net credit impairment (writeback)/charge
(18)
\u2014
(2)
\u2014
(20)
(66)
(5)
(9)
\u2014
(80)
%
%
%
%
%
%
%
%
%
%
Net credit impairment (writeback)/charge
on\u00a0average loans
(0.07)
0.07
(0.18)
\u2014
(0.07)
(0.24)
(0.96)
(0.76)
\u2014
(0.27)
*Forms an integral part of the audited financial statements
2.1 Credit risk \u2013 Credit profile of the loan portfolio \u2013 Asset class analysis
Loans and advances to customers \u2013 Republic of Ireland residential mortgages
The following table analyses the Republic of Ireland residential mortgage portfolio at amortised cost by ECL staging at 31 December
2022 and\u00a02021:
2022*
2021*
Owner-
occupier
Buy-to-let
Total
Owner-
occupier
Buy-to-let
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Gross carrying amount
27,955
1,337
29,292
26,610
1,682
28,292
Analysed as to ECL staging
Stage 1
26,321
1,151
27,472
24,572
1,332
25,904
Stage 2
1,024
109
1,133
1,226
187
1,413
Stage 3
526
74
600
714
158
872
POCI
84
3
87
98
5
103
Total
27,955
1,337
29,292
26,610
1,682
28,292
ECL allowance \u2013 statement of financial position
Stage 1
39
1
40
32
2
34
Stage 2
35
2
37
35
6
41
Stage 3
172
20
192
203
67
270
POCI
8
1
9
28
3
31
Total
254
24
278
298
78
376
Republic of Ireland residential mortgages
at amortised cost
27,701
1,313
29,014
26,312
1,604
27,916
ECL allowance cover percentage
%
%
%
%
%
%
Stage 1
0.1
0.1
0.1
0.1
0.1
0.1
Stage 2
3.5
1.7
3.3
2.8
3.2
2.9
Stage 3
32.7
27.9
32.1
28.4
42.6
30.9
POCI
9.9
38.4
10.6
28.8
51.7
29.9
Income statement
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Net remeasurement of ECL allowance
26
(30)
(4)
(37)
(10)
(47)
Recoveries of amounts previously written-off
(10)
(4)
(14)
(16)
(8)
(24)
Net credit impairment (writeback)/charge
16
(34)
(18)
(53)
(18)
(71)
%
%
%
%
%
%
Net credit impairment (writeback)/charge on average loans
0.06
(2.25)
(0.06)
\u2014
(0.01)
\u2014
The following table analyses other personal lending at amortised cost by segment, internal credit ratings and ECL staging at
31 December 2022 and 2021:
2022*
2021*
Retail
Banking
Capital
Markets
AIB UK
Group
Total
Retail
Banking
Capital
Markets
AIB UK
Group
Total
Gross carrying amount
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Credit cards
644
8
23
\u2014
675
590
6
24
\u2014
620
Loans/overdrafts
1,956
41
51
\u2014
2,048
1,960
57
67
\u2014
2,084
Total
2,600
49
74
\u2014
2,723
2,550
63
91
\u2014
2,704
Analysed by internal credit ratings
Strong
1,232
17
62
\u2014
1,311
1,208
16
69
\u2014
1,293
Satisfactory
1,015
29
7
\u2014
1,051
944
42
16
\u2014
1,002
Total strong/satisfactory
2,247
46
69
\u2014
2,362
2,152
58
85
\u2014
2,295
Criticised watch
163
1
2
\u2014
166
135
2
2
\u2014
139
Criticised recovery
14
\u2014
1
\u2014
15
23
\u2014
\u2014
\u2014
23
Total criticised
177
1
3
\u2014
181
158
2
2
\u2014
162
Non-performing
176
2
2
\u2014
180
240
3
4
\u2014
247
Gross carrying amount
2,600
49
74
\u2014
2,723
2,550
63
91
\u2014
2,704
Analysed by ECL staging
Stage 1
2,171
42
61
\u2014
2,274
2,102
54
82
\u2014
2,238
Stage 2
254
5
11
\u2014
270
208
6
5
\u2014
219
Stage 3
175
2
2
\u2014
179
240
3
4
\u2014
247
POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
2,600
49
74
\u2014
2,723
2,550
63
91
\u2014
2,704
ECL allowance \u2013 statement of financial position
Stage 1
24
\u2014
\u2014
\u2014
24
30
\u2014
\u2014
\u2014
30
Stage 2
37
\u2014
\u2014
\u2014
37
33
\u2014
\u2014
\u2014
33
Stage 3
114
1
1
\u2014
116
156
1
2
\u2014
159
POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
175
1
1
\u2014
177
219
1
2
\u2014
222
ECL allowance cover percentage
%
%
%
%
%
%
%
%
%
%
Stage 1
1.1
\u2014
\u2014
\u2014
1.1
1.4
\u2014
\u2014
\u2014
1.3
Stage 2
14.4
\u2014
\u2014
\u2014
13.6
16.0
\u2014
\u2014
\u2014
15.4
Stage 3
65.2
24.9
52.5
\u2014
64.6
65.1
21.7
42.1
\u2014
64.2
POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Income statement
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Net remeasurement of
ECL allowance
22
\u2014
\u2014
\u2014
22
12
(2)
\u2014
\u2014
10
Recoveries of amounts
previously written-off
(5)
\u2014
\u2014
\u2014
(5)
(15)
\u2014
\u2014
\u2014
(15)
Net credit impairment (writeback)/charge
17
\u2014
\u2014
\u2014
17
(3)
(2)
\u2014
\u2014
(5)
%
%
%
%
%
%
%
%
%
%
Net credit impairment (writeback)/charge
on\u00a0average loans
0.68
(1.16)
0.60
\u2014
0.65
(0.10)
(3.13)
(0.16)
\u2014
(0.16)
The following table analyses property and construction lending at amortised cost by segment, internal credit ratings and ECL staging at
31 December 2022 and 2021:
2022*
2021*
Retail
Banking
Capital
Markets
AIB UK
Group
Total
Retail
Banking
Capital
Markets
AIB UK
Group
Total
Gross carrying amount
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Investment:
Commercial investment
184
3,375
653
\u2014
4,212
281
2,907
614
\u2014
3,802
Residential investment
46
1,775
679
\u2014
2,500
89
724
676
\u2014
1,489
Total investment
230
5,150
1,332
\u2014
6,712
370
3,631
1,290
\u2014
5,291
Land and development:
Commercial development
56
209
53
\u2014
318
106
377
34
\u2014
517
Residential development
26
586
147
\u2014
759
50
606
124
\u2014
780
Total land and development
82
795
200
\u2014
1,077
156
983
158
\u2014
1,297
Contractors
140
88
51
\u2014
279
110
78
115
\u2014
303
Housing associations
\u2014
133
416
\u2014
549
\u2014
108
361
\u2014
469
Total
452
6,166
1,999
\u2014
8,617
636
4,800
1,924
\u2014
7,360
Analysed by internal credit ratings
Strong
117
4,866
1,142
\u2014
6,125
113
3,187
1,061
\u2014
4,361
Satisfactory
180
816
719
\u2014
1,715
213
994
667
\u2014
1,874
Total strong/satisfactory
297
5,682
1,861
\u2014
7,840
326
4,181
1,728
\u2014
6,235
Criticised watch
33
57
22
\u2014
112
58
98
45
\u2014
201
Criticised recovery
30
196
33
\u2014
259
25
246
25
\u2014
296
Total criticised
63
253
55
\u2014
371
83
344
70
\u2014
497
Non-performing
92
231
83
\u2014
406
227
275
126
\u2014
628
Gross carrying amount
452
6,166
1,999
\u2014
8,617
636
4,800
1,924
\u2014
7,360
Analysed by ECL staging
Stage 1
284
4,828
1,708
\u2014
6,820
312
3,358
1,676
\u2014
5,346
Stage 2
76
1,107
208
\u2014
1,391
97
1,167
122
\u2014
1,386
Stage 3
92
231
83
\u2014
406
227
275
126
\u2014
628
POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
452
6,166
1,999
\u2014
8,617
636
4,800
1,924
\u2014
7,360
ECL allowance \u2013 statement of financial position
Stage 1
1
65
18
\u2014
84
5
33
12
\u2014
50
Stage 2
6
103
8
\u2014
117
10
77
4
\u2014
91
Stage 3
30
60
29
\u2014
119
107
39
26
\u2014
172
POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
37
228
55
\u2014
320
122
149
42
\u2014
313
ECL allowance cover percentage
%
%
%
%
%
%
%
%
%
%
Stage 1
0.4
1.3
1.0
\u2014
1.2
1.8
1.0
0.7
\u2014
0.9
Stage 2
7.5
9.3
4.1
\u2014
8.5
10.0
6.6
3.8
\u2014
6.6
Stage 3
32.7
26.1
35.2
\u2014
29.4
47.3
14.4
20.7
\u2014
27.5
POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Income statement
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Net remeasurement of ECL allowance
(53)
77
26
\u2014
50
3
(52)
(4)
\u2014
(53)
Recoveries of amounts
previously written-off
(10)
(2)
\u2014
\u2014
(12)
(18)
\u2014
(1)
\u2014
(19)
Net credit impairment (writeback)/charge
(63)
75
26
\u2014
38
(15)
(52)
(5)
\u2014
(72)
%
%
%
%
%
%
%
%
%
%
Net credit impairment (writeback)/charge
on\u00a0average loans
(11.42)
1.37
1.31
\u2014
0.48
(2.31)
(1.14)
(0.27)
\u2014
(1.00)
*Forms an integral part of the audited financial statements
The following table analyses non-property business lending at amortised cost by segment, internal credit ratings and ECL staging at
31 December 2022 and 2021:
2022*
2021*
Retail
Banking
Capital
Markets
AIB UK
Group
Total
Retail
Banking
Capital
Markets
AIB
UK
Group
Total
Gross carrying amount
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Agriculture
1,191
398
67
\u2014
1,656
1,232
351
94
\u2014
1,677
Energy
21
1,395
1,398
\u2014
2,814
21
996
1,197
\u2014
2,214
Manufacturing
166
2,509
189
\u2014
2,864
185
2,109
248
\u2014
2,542
Distribution:
Hotels
109
1,164
431
\u2014
1,704
146
1,136
806
\u2014
2,088
Licensed premises
134
116
43
\u2014
293
179
135
108
\u2014
422
Retail/wholesale
431
1,185
160
\u2014
1,776
474
1,040
233
\u2014
1,747
Other distribution
89
190
86
\u2014
365
93
195
140
\u2014
428
763
2,655
720
\u2014
4,138
892
2,506
1,287
\u2014
4,685
Transport
197
1,885
550
\u2014
2,632
212
1,494
503
\u2014
2,209
Financial
10
356
96
15
477
14
359
135
13
521
Other services
678
2,979
1,125
\u2014
4,782
669
2,536
1,626
\u2014
4,831
Total
3,026
12,177
4,145
15
19,363
3,225
10,351
5,090
13
18,679
Analysed by internal credit ratings
Strong
794
7,587
2,740
\u2014
11,121
748
6,023
2,614
\u2014
9,385
Satisfactory
1,627
3,010
633
15
5,285
1,566
2,799
1,333
13
5,711
Total strong/satisfactory
2,421
10,597
3,373
15
16,406
2,314
8,822
3,947
13
15,096
Criticised watch
180
429
142
\u2014
751
307
337
204
\u2014
848
Criticised recovery
84
980
367
\u2014
1,431
104
1,058
483
\u2014
1,645
Total criticised
264
1,409
509
\u2014
2,182
411
1,395
687
\u2014
2,493
Non-performing
341
171
263
\u2014
775
500
134
456
\u2014
1,090
Gross carrying amount
3,026
12,177
4,145
15
19,363
3,225
10,351
5,090
13
18,679
Analysed by ECL staging
Stage 1
2,374
9,951
3,032
15
15,372
2,328
8,062
3,470
13
13,873
Stage 2
312
2,055
850
\u2014
3,217
398
2,155
1,164
\u2014
3,717
Stage 3
340
171
263
\u2014
774
499
134
456
\u2014
1,089
POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
3,026
12,177
4,145
15
19,363
3,225
10,351
5,090
13
18,679
ECL allowance \u2013 statement of financial position
Stage 1
23
67
25
\u2014
115
51
46
25
\u2014
122
Stage 2
32
337
85
\u2014
454
55
387
93
\u2014
535
Stage 3
133
71
65
\u2014
269
189
35
87
\u2014
311
POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
188
475
175
\u2014
838
295
468
205
\u2014
968
ECL allowance cover percentage
%
%
%
%
%
%
%
%
%
%
Stage 1
1.0
0.7
0.8
\u2014
0.7
2.2
0.6
0.7
\u2014
0.9
Stage 2
10.3
16.4
10.0
\u2014
14.1
13.9
18.0
7.9
\u2014
14.4
Stage 3
39.1
41.5
24.7
\u2014
34.8
37.9
26.2
19.2
\u2014
28.6
POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Income statement
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Net remeasurement of ECL allowance
(66)
19
30
\u2014
(17)
12
(72)
\u2014
\u2014
(60)
Recoveries of amounts previously written-off
(9)
(1)
(3)
\u2014
(13)
(12)
(2)
(2)
\u2014
(16)
Net credit impairment (writeback)/charge
(75)
18
27
\u2014
(30)
\u2014
(74)
(2)
\u2014
(76)
%
%
%
%
%
%
%
%
%
%
Net credit impairment (writeback)/
charge on\u00a0average loans
(2.42)
0.16
0.58
\u2014
(0.16)
\u2014
(0.72)
(0.04)
\u2014
(0.40)
*Forms an integral part of the audited financial statements
The contractual amount outstanding of loans written-off during the year that are subject to enforcement activity amounted to \u20ac 8 million
(2021: \u20ac 5 million) which includes both full and partial write-offs. Total cumulative non-contracted loans written-off at 31 December 2022
has reduced to \u20ac 261 million following the non-performing loan portfolio sales completed during the year (2021: \u20ac 1,082 million).*
*Forms an integral part of the audited financial statements
Gross carrying amount movements \u2013 total
2022*
Stage 1
Stage 2
Stage 3
POCI
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
At 1 January
48,394
6,768
2,885
103
58,150
Transferred from Stage 1 to Stage 2
(3,599)
3,599
\u2014
\u2014
\u2014
Transferred from Stage 2 to Stage 1
2,317
(2,317)
\u2014
\u2014
\u2014
Transferred to Stage 3
(91)
(623)
714
\u2014
\u2014
Transferred from Stage 3
39
301
(340)
\u2014
\u2014
New loans originated/top-ups (2)
14,594
\u2014
\u2014
\u2014
14,594
Redemptions/repayments
(10,071)
(1,768)
(657)
(12)
(12,508)
Interest credited
1,566
202
71
2
1,841
Write-offs
\u2014
\u2014
(94)
\u2014
(94)
Derecognised due to disposals
(151)
(109)
(541)
(6)
(807)
Exchange translation adjustments
(212)
(69)
(25)
\u2014
(306)
Impact of model, parameter and overlay changes
\u2014
\u2014
\u2014
\u2014
\u2014
Other movements
76
52
(16)
\u2014
112
At 31 December
52,862
6,036
1,997
87
60,982
2021*
Stage 1
Stage 2
Stage 3
POCI
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
At 1 January
45,609
9,408
4,075
184
59,276
Transferred from Stage 1 to Stage 2
(3,817)
3,817
\u2014
\u2014
\u2014
Transferred from Stage 2 to Stage 1
4,012
(4,012)
\u2014
\u2014
\u2014
Transferred to Stage 3
(116)
(912)
1,028
\u2014
\u2014
Transferred from Stage 3
55
335
(390)
\u2014
\u2014
New loans originated/top-ups
10,460
\u2014
\u2014
\u2014
10,460
Redemptions/repayments
(9,324)
(2,390)
(751)
(16)
(12,481)
Interest credited
1,363
240
69
4
1,676
Write-offs
\u2014
\u2014
(104)
(1)
(105)
Derecognised due to disposals
(295)
(138)
(988)
(72)
(1,493)
Exchange translation adjustments
641
170
45
\u2014
856
Impact of model, parameter and overlay changes
(209)
209
\u2014
\u2014
\u2014
Other movements
15
41
(99)
4
(39)
At 31 December
48,394
6,768
2,885
103
58,150
(1) Movements on the gross loans table have been prepared on a \u2018sum of the months\u2019 basis.
(2) Includes \u20ac 2.1 billion of loans acquired from Ulster Bank.
*Forms an integral part of the audited financial statements
ECL allowance movements \u2013 total
2022*
Stage 1
Stage 2
Stage 3
POCI
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
At 1 January
236
700
918
31
1,885
Transferred from Stage 1 to Stage 2
(40)
146
\u2014
\u2014
106
Transferred from Stage 2 to Stage 1
30
(102)
\u2014
\u2014
(72)
Transferred to Stage 3
(3)
(71)
126
\u2014
52
Transferred from Stage 3
3
39
(91)
\u2014
(49)
Net remeasurement
31
(16)
(16)
(5)
(6)
New loans originated/top-ups
66
\u2014
\u2014
\u2014
66
Redemptions/repayments
(26)
(67)
\u2014
\u2014
(93)
Impact of model and overlay changes
21
20
48
(12)
77
Impact of credit or economic risk parameters
(59)
22
6
\u2014
(31)
Income statement net credit impairment (writeback)/charge(1)
23
(29)
73
(17)
50
Write-offs
\u2014
\u2014
(94)
\u2014
(94)
Derecognised due to disposals
(1)
(7)
(202)
\u2014
(210)
Exchange translation adjustments
(1)
(5)
(7)
\u2014
(13)
Other movements
6
(13)
12
(5)
\u2014
At 31 December
263
646
700
9
1,618
2021*
Loan commitments
Financial guarantee contracts
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
At 1 January
11,259
1,113
132
12,504
544
147
31
722
Transferred from Stage 1 to Stage 2
(266)
266
\u2014
\u2014
(17)
17
\u2014
\u2014
Transferred from Stage 2 to Stage 1
814
(814)
\u2014
\u2014
101
(101)
\u2014
\u2014
Transferred to Stage 3
(17)
(7)
24
\u2014
(1)
(1)
2
\u2014
Transferred from Stage 3
11
5
(16)
\u2014
1
1
(2)
\u2014
Net movement
1,023
205
(5)
1,223
115
(13)
(5)
97
At 31 December
12,824
768
135
13,727
743
50
26
819
ECL allowance movements
2022*
Loan commitments
Financial guarantee contracts
Stage 1
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
At 1 January
16
29
8
53
5
7
14
26
Transferred from Stage 1 to Stage 2
(2)
16
\u2014
14
(4)
3
\u2014
(1)
Transferred from Stage 2 to Stage 1
6
(15)
\u2014
(9)
1
(3)
\u2014
(2)
Transferred to Stage 3
\u2014
(1)
2
1
(1)
\u2014
1
\u2014
Transferred from Stage 3
\u2014
\u2014
(1)
(1)
1
\u2014
(1)
\u2014
Net re-measurement
(1)
6
(3)
2
\u2014
(3)
(1)
(4)
Net income statement (credit)/charge(1)
3
6
(2)
7
(3)
(3)
(1)
(7)
Other movements
\u2014
\u2014
(1)
(1)
\u2014
\u2014
\u2014
\u2014
At 31 December
19
35
5
59
2
4
13
19
2021
At amortised cost
At FVOCI
Total
Bank
Corporate
Sovereign
Other
Total
Bank
Corporate
Sovereign
Other
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
AAA/AA
595
\u2014
289
896
1,780
3,883
72
1,182
495
5,632
7,412
A/A-
3,756
919
2,391
201
7,267
1,283
248
3,721
\u2014
5,252
12,519
BBB+/BBB/BBB-
25
2
37
5
69
399
197
1,109
\u2014
1,705
1,774
Sub investment
1
105
\u2014
\u2014
106
\u2014
\u2014
\u2014
\u2014
\u2014
106
Unrated
\u2014
62
\u2014
\u2014
62
\u2014
\u2014
\u2014
\u2014
\u2014
62
Total
4,377
1,088
2,717
1,102
(1)
9,284
5,565
517
6,012
(2)
495
12,589
21,873
Of which:
Stage 1
4,377
1,088
2,717
1,102
9,284
5,565
486
6,012
495
12,558
21,842
Stage 2
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
31
\u2014
\u2014
31
31
Stage 3
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(1) Relates to asset backed securities.
(2) Includes supranational banks and government agencies.
*Forms an integral part of the audited financial statements
Management and measurement*
The objective of liquidity management is to ensure that, at all
times, the Group holds sufficient funds to meet its contracted and
contingent commitments to customers and counterparties at an
economic price. The ILAAP framework and supporting Funding
and Liquidity risk policy set out the key requirements for managing
the risk. These include:
\u2022Adherence to both internal limits and regulatory defined liquidity
ratios including the Liquidity Coverage Ratio (\u201cLCR\u201d) and the
Net Stable Funding Ratio (\u201cNSFR\u201d). The LCR is designed to
promote short term resilience of the Group\u2019s liquidity risk profile
by ensuring that it has sufficient high quality liquid resources to
survive an acute stress scenario lasting for 30 days. The NSFR
has a time horizon of one year and has been developed to
promote a sustainable maturity structure of assets and
liabilities;
\u2022Performing a multiyear projection of the Group\u2019s funding
sources taking into account its baseline scenario, strategy and
operational plans as outlined in the Group\u2019s Funding and
Liquidity Plan. The purpose of this Plan is to set out a
comprehensive, forward looking liquidity and funding strategy
for the Group including subsidiary companies;
\u2022Assessing the Funding and Liquidity plan under a range of
adverse scenarios, the outcomes of which should ensure
sufficient liquidity to implement a sustainable strategy even in a
stressed environment;
\u2022Maintaining a Contingency Funding Plan that identifies and
quantifies actions that are available to the Group in deteriorating
liquidity conditions and emerge from a temporary liquidity crisis
as a credit worthy institution;
\u2022Monitoring a further set of triggers and liquidity options outlined
in the Group\u2019s Recovery Plan, which presents the actions
available to the Group to restore viability in the event of extreme
stress; and
\u2022Having an approved liquidity cost-benefit allocation mechanism
in place to attribute funding costs, benefits and risks to the
Group\u2019s business lines.
Funding structure*
The Group\u2019s funding strategy is to deliver a sustainable,
diversified and robust customer deposit base at economic pricing
and to further enhance and strengthen the wholesale funding
franchise with appropriate access to term markets to support core
lending activities. The strategy aims to deliver a solid funding
structure that complies with internal and regulatory policy
requirements and reduces the probability of a liquidity stress, i.e.
an inability to meet funding obligations as they fall due.
Customer deposits represent the largest source of funding for the
Group with the core retail franchises and accompanying deposit
base in both Ireland and the UK providing a stable and reasonably
predictable source of funds.
2022
2021
Customer accounts
\u20ac m
\u20ac m
Total
102,359
92,866
Of which:
Euro
89,816
77,129
Sterling
10,478
13,200
US dollar
1,925
2,347
\u00a0 \u00a0 Other currencies
140
190
Customer accounts increased by \u20ac 9,493 million in 2022 driven by
higher personal balances and inflows from banks exiting the Irish
market. This was reflected in Euro current and demand deposit
accounts offset by a reduction across all other Group significant
currencies (GBP and USD). The decrease in GBP deposits was
primarily due to the exit from the SME market in the UK. There
was an underlying decrease in GBP and USD deposits of \u20ac 2,674
million on a constant currency basis coupled with a \u20ac 582 million
decrease in the value of GBP offset by a \u20ac 112 million increase in
the value of USD deposits due to currency movements.
Financial assets and financial liabilities by contractual residual maturity*
The following table analyses financial assets and financial liabilities by contractual residual maturity at 31 December 2022 and 2021(1):
2022
On demand
<3 months
but not on
demand
3 months to
1 year
1\u20135 years
Over 5
years
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Financial assets(2)
Cash and balances at central banks
38,138
\u2014
\u2014
\u2014
\u2014
38,138
Derivative financial instruments(3)
\u2014
114
93
624
1,680
2,511
Loans and advances to banks(4)
470
1,032
\u2014
\u2014
\u2014
1,502
Loans and advances to customers(4)
1,954
1,297
2,568
18,262
37,150
61,231
Securities financing
\u2014
849
1,943
3,490
\u2014
6,282
Investment securities(5)
\u2014
1,461
576
5,781
8,150
15,968
Other financial assets
\u2014
592
\u2014
\u2014
\u2014
592
40,562
5,345
5,180
28,157
46,980
126,224
Financial liabilities(6)(7)
Deposits by central banks and banks
22
210
\u2014
282
\u2014
514
Customer accounts
96,897
4,294
988
151
29
102,359
Securities financing
\u2014
898
\u2014
\u2014
\u2014
898
Derivative financial instruments(3)
\u2014
72
150
923
1,837
2,982
Debt securities in issue
\u2014
1,251
126
4,155
1,671
7,203
Subordinated liabilities and other capital instruments
\u2014
\u2014
\u2014
\u2014
1,404
1,404
Other financial liabilities
1,375
\u2014
\u2014
\u2014
\u2014
1,375
98,294
6,725
1,264
5,511
4,941
116,735
2021
On demand
<3 months
but not on
demand
3 months
to 1 year
1\u20135 years
Over 5
years
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Financial assets(2)
Cash and balances at central banks
42,654
\u2014
\u2014
\u2014
\u2014
42,654
Derivative financial instruments(3)
\u2014
58
28
211
585
882
Loans and advances to banks(4)
619
703
1
\u2014
\u2014
1,323
Loans and advances to customers(4)
2,213
1,501
1,993
16,776
35,910
58,393
Securities financing
\u2014
853
1,324
1,713
\u2014
3,890
Investment securities(5)
\u2014
522
1,111
6,286
8,741
16,660
Other financial assets
\u2014
886
\u2014
\u2014
\u2014
886
45,486
4,523
4,457
24,986
45,236
124,688
Financial liabilities(6)(7)
Deposits by central banks and banks
27
57
\u2014
10,298
\u2014
10,382
Customer accounts
87,575
4,220
851
192
28
92,866
Securities financing
\u2014
45
\u2014
\u2014
\u2014
45
Derivative financial instruments(3)
\u2014
116
104
170
672
1,062
Debt securities in issue
\u2014
750
\u2014
4,368
763
5,881
Subordinated liabilities and other capital instruments
\u2014
\u2014
\u2014
\u2014
1,530
1,530
Other financial liabilities
1,375
\u2014
\u2014
\u2014
\u2014
1,375
88,977
5,188
955
15,028
2,993
113,141
(1) The Group has changed its classification of cash collateral placed with/received from derivative counterparties. This has resulted in the 2021 comparative period
being restated with \u20ac 602 million in financial assets and \u20ac 110 million in financial liabilities moving from on demand to the 0-3 month maturity time-bucket.
(2) Excludes trading portfolio financial assets \u20ac 8 million (2021: \u20ac 8 million).
(3) Shown by maturity date of contract.
(4) Shown gross of expected credit losses.
(5) Excluding equity shares.
(6) A maturity of lease liabilities is disclosed in note 32.
(7) Excludes trading portfolio financial liabilities \u20ac 4 million (2021: \u20ac 2 million).
*Forms an integral part of the audited financial statements
2.2 Liquidity and funding risk
Financial liabilities by undiscounted contractual maturity*
The balances in the table below include the undiscounted cash
flows relating to principal and interest on financial liabilities and as
such will not agree directly with the balances on the consolidated
statement of financial position. All derivative financial instruments
have been analysed based on their contractual maturity
undiscounted cash flows.
In the daily management of liquidity risk, the Group adjusts the
contractual outflows on customer deposits to reflect the inherent
stability of these deposits. Offsetting the liability outflows are cash
inflows from the assets on the statement of financial position.
Additionally, the Group holds a stock of high quality liquid assets,
which are held for the purpose of covering unexpected cash
outflows.
The following table analyses, on an undiscounted basis, financial
liabilities by remaining contractual maturity at 31 December 2022
and\u00a02021(1):
2022
On
demand
<3 months
but not on
demand
3 months
to 1 year
1\u20135 years
Over 5
years
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Financial liabilities(2)(3)
Deposits by central banks and banks
22
210
\u2014
320
\u2014
552
Customer accounts
96,897
4,296
999
158
49
102,399
Securities financing
\u2014
903
\u2014
\u2014
\u2014
903
Derivative financial instruments
\u2014
245
703
1,652
688
3,288
Debt securities in issue
\u2014
1,271
304
4,714
1,918
8,207
Subordinated liabilities and other capital instruments
\u2014
\u2014
38
150
1,883
2,071
Other financial liabilities
1,375
\u2014
\u2014
\u2014
\u2014
1,375
98,294
6,925
2,044
6,994
4,538
118,795
2021
On
demand
<3 months
but not on
demand
3 months
to 1 year
1\u20135 years
Over 5
years
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Financial liabilities(2)(3)
Deposits by central banks and banks
27
57
\u2014
10,124
\u2014
10,208
Customer accounts
87,575
4,219
853
194
32
92,873
Securities financing
\u2014
45
\u2014
\u2014
\u2014
45
Derivative financial instruments
\u2014
140
152
391
355
1,038
Debt securities in issue
\u2014
771
94
4,586
768
6,219
Subordinated liabilities and other capital instruments
\u2014
\u2014
38
159
1,831
2,028
Other financial liabilities
1,339
\u2014
\u2014
\u2014
\u2014
1,339
88,941
5,232
1,137
15,454
2,986
113,750
(1) The Group has changed its classification of cash collateral placed with/received from derivative counterparties. This has resulted in the 2021 comparative period
being restated with \u20ac 110 million in financial liabilities moving from on demand to the 0-3 month maturity time-bucket.
(2) Excludes trading portfolio financial liabilities \u20ac 4 million (2021: \u20ac 2 million).
(3) A maturity of lease liabilities is disclosed in note 32.
*Forms an integral part of the audited financial statements
2.2 Liquidity and funding risk
Financial liabilities by undiscounted contractual maturity*
(continued)
The undiscounted cash flows potentially payable under
guarantees and similar contracts
The undiscounted cash flows potentially payable under
guarantees and similar contracts, included below within contingent
liabilities, are classified on the basis of the earliest date the
facilities can be called. The Group is only called upon to satisfy a
guarantee when the guaranteed party fails to meet their
obligations. The Group expects that most guarantees it provides
will expire unused.
The Group has given commitments to provide funds to customers
under undrawn facilities. The undiscounted cash flows have been
classified on the basis of the earliest date that the facility can be
drawn. The Group does not expect all facilities to be drawn, and
some may lapse before drawdown. For further details see note 40
\u2018Contingent liabilities and commitments\u2019 to the consolidated
financial statements.
The following table analyses undiscounted cash flows potentially
payable under guarantees and similar contracts at 31 December
2022 and 2021:
2022
On demand
<3 months
but not on
demand
3 months to
1 year
1\u20135 years
Over 5
years
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Contingent liabilities
802
\u2014
\u2014
\u2014
\u2014
802
Commitments
15,060
\u2014
\u2014
\u2014
\u2014
15,060
15,862
\u2014
\u2014
\u2014
\u2014
15,862
2021
On demand
<3 months
but not on
demand
3 months to
1 year
1\u20135 years
Over 5
years
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Contingent liabilities
819
\u2014
\u2014
\u2014
\u2014
819
Commitments
13,727
\u2014
\u2014
\u2014
\u2014
13,727
14,546
\u2014
\u2014
\u2014
\u2014
14,546
*Forms an integral part of the audited financial statements
Management and measurement*
The Market Risk Management framework and policies set out the
key requirements for managing market risk. The key aspects of
this are:
\u2022The Group\u2019s Treasury function is responsible for managing
market risk that has been transferred to it by the customer
facing businesses and the Group\u2019s Asset and Liability
Management (\u201cALM\u201d) function which exists within Finance.
Treasury also has a mandate to trade on its own account in
selected wholesale markets with risk tolerances approved on an
annual basis through the Group\u2019s Risk Appetite process;
\u2022The Group documents its annual Market Risk Strategy and
Appetite statement as part of the annual financial planning cycle
which ensures market risk aligns with the Group\u2019s strategic
business plan; and
\u2022Market risk is managed against a range of Board approved VaR
limits which cover market risk in the trading book, interest rate
risk and credit spread risk in the banking book. The Board
approved limits are supplemented by a range of ALCo approved
limits which include nominal, sensitivity limits and \u2018stop loss\u2019
limits.
Market risk is managed and measured using portfolio sensitivities,
Value at Risk (\u201cVaR\u201d) and stress testing. Interest rate gaps and
sensitivities to various risk factors are measured and reported on
a daily basis. In terms of the VaR metric, the Group calculates a
daily historical simulation VaR to a 95% confidence level, using a
one day holding period and based on one year of historic data. In
addition to VaR, Capital at Risk (\u201cCaR\u201d) is also measured to a one
year(1) time horizon, a 99% confidence level and a longer set of
data.
Credit risk issues inherent in the market risk portfolios are also
subject to the credit risk framework that is described in Section
2.1.
(1)The Capital at Risk on core trading book positions is assessed using a ten
day horizon, with the exception of FX which is assessed using a one year
horizon.
Monitoring, escalating and reporting*
On a daily basis front office and risk functions receive a range of
valuation, sensitivity and market risk measurement reports, while
ALCo receives a monthly market risk commentary and summary
risk profile. Market risk exposures are reported to the Group Risk
Committee (\u201cGRC\u201d) and Board Risk Committee (\u201cBRC\u201d) on a
monthly basis through the CRO Report.
*Forms an integral part of the audited financial statements
2.3 Financial risks
(a) Market risk continued
The following table sets out financial assets and financial liabilities at 31 December 2022 and 2021 subject to market risk analysed
between trading and non-trading portfolios, showing the principal market risks to which the assets and liabilities are exposed:
2022
Market risk measures
Carrying
amount
Trading
portfolios
Non-trading
portfolios
\u20ac m
\u20ac m
\u20ac m
Risk factors
Assets subject to market risk
Cash and balances at central banks
38,138
\u2014
38,138
Interest rate, foreign exchange
Trading portfolio financial assets
8
8
\u2014
Interest rate, foreign exchange, equity
Derivative financial instruments
2,511
646
1,865
Interest rate, foreign exchange, credit
spreads, equity, inflation swap rates
Loans and advances to banks
1,502
\u2014
1,502
Interest rate, foreign exchange
Loans and advances to customers
59,613
\u2014
59,613
Interest rate, foreign exchange
Securities financing
6,282
\u2014
6,282
Interest rate, credit spreads, foreign
exchange
Investment securities
16,270
\u2014
16,270
Interest rate, foreign exchange, credit
spreads, equity
Liabilities subject to market risk
Deposits by central banks and banks
514
\u2014
514
Interest rate, foreign exchange
Customer accounts
102,359
\u2014
102,359
Interest rate, foreign exchange
Securities financing
898
\u2014
898
Interest rate, credit spreads, foreign
exchange
Trading portfolio financial liabilities
4
4
\u2014
Interest rate, foreign exchange, equity
Derivative financial instruments
2,982
599
2,383
Interest rate, foreign exchange, credit
spreads, equity, inflation swap rates
Debt securities in issue
7,203
\u2014
7,203
Interest rate, credit spreads, foreign
exchange
Subordinated liabilities and other capital instruments
1,404
\u2014
1,404
Interest rate, credit spreads
*Forms an integral part of the audited financial statements
2.3 Financial risks \u2013 (a) Market risk \u2013 Interest rate sensitivity continued
2021*
0<1 Month
1<3 Months
3<12
Months
1<2 Years
2<3 Years
3<4 Years
4<5 Years
5 years +
Non-interest
bearing
Trading
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Assets
Trading portfolio financial assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
8
8
Loans and advances to banks
1,047
\u2014
1
\u2014
\u2014
\u2014
\u2014
\u2014
275
\u2014
1,323
Loans and advances to customers
35,168
7,191
3,498
2,996
3,454
2,757
2,759
682
(1,997)
\u2014
56,508
Securities financing
3,890
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
3,890
Investment securities
1,929
783
1,071
1,989
1,222
918
1,459
6,716
847
\u2014
16,934
Other assets
42,109
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6,645
458
49,212
Total assets
84,143
7,974
4,570
4,985
4,676
3,675
4,218
7,398
5,770
466
127,875
Liabilities
Deposits by central banks and banks
10,382
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
10,382
Customer accounts
50,274
385
850
162
\u2014
\u2014
\u2014
26
41,169
\u2014
92,866
Securities financing
28
17
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
45
Trading portfolio financial liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
2
2
Debt securities in issue
\u2014
750
\u2014
2,162
1,633
500
750
25
61
\u2014
5,881
Subordinated liabilities and other capital instruments
\u2014
\u2014
\u2014
\u2014
500
\u2014
1,000
121
(91)
\u2014
1,530
Other liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
2,944
565
3,509
Equity
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
13,660
\u2014
13,660
Total liabilities and equity
60,684
1,152
850
2,324
2,133
500
1,750
172
57,743
567
127,875
Derivatives affecting interest rate sensitivity
10,359
(2,319)
(1,803)
(2,199)
(1,966)
(228)
(1,434)
(410)
\u2014
\u2014
Interest sensitivity gap
13,100
9,141
5,523
4,860
4,509
3,403
3,902
7,636
(51,973)
(101)
Cumulative interest sensitivity gap
13,100
22,241
27,764
32,624
37,133
40,536
44,438
52,074
101
\u2014
(Euro currency amounts)
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Interest sensitivity gap
13,834
4,863
3,100
4,104
4,151
3,003
2,972
5,870
(43,232)
(103)
Cumulative interest sensitivity gap
13,834
18,697
21,797
25,901
30,052
33,055
36,027
41,897
(1,335)
(1,438)
($ in euro equivalents)
$ m
$ m
$ m
$ m
$ m
$ m
$ m
$ m
$ m
$ m
Interest sensitivity gap
1,596
586
56
(20)
(32)
30
150
59
(1,316)
(18)
Cumulative interest sensitivity gap
1,596
2,182
2,238
2,218
2,186
2,216
2,366
2,425
1,109
1,091
(\u00a3 in euro equivalents)
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
Interest sensitivity gap
(2,210)
3,633
2,367
776
390
370
770
1,707
(7,362)
19
Cumulative interest sensitivity gap
(2,210)
1,423
3,790
4,566
4,956
5,326
6,096
7,803
441
460
(Other currencies in euro equivalents)
Other \u20ac m
Other \u20ac m
Other \u20ac m
Other \u20ac m
Other \u20ac m
Other \u20ac m
Other \u20ac m
Other \u20ac m
Other \u20ac m
Other \u20ac m
Interest sensitivity gap
(120)
59
\u2014
\u2014
\u2014
\u2014
10
\u2014
(63)
1
Cumulative interest sensitivity gap
(120)
(61)
(61)
(61)
(61)
(61)
(51)
(51)
(114)
(113)
Management and measurement*
The pension risk framework and policies set out the key risk
management rules in place for this risk. The ability of the pension
schemes to meet the projected pension payments is managed by
the Trustees through the active management of the investment
portfolios. Although the Group has interaction with the trustees, it
cannot direct the investment strategy of the schemes.
The Group has developed a strategy for each of its defined
benefit schemes which include the following steps:
1.All defined benefit schemes are closed to future accrual.
2.They have funding plans (or are funded as required for the US
schemes) and each defined benefit scheme has an investment
strategy in place.
3.All schemes have a strategy of de-risking in line with their
regulatory requirements, funding positions and funding plans,
taking into account the nature of their liabilities.
*Forms an integral part of the audited financial statements
2.3 Financial risks
(b) Pension risk continued
As part of a strategy to increase the holding in inflation linked
assets, an allocation to a Liability Driven Investment (\u201cLDI\u201d)
portfolio is used. The LDI fund is comprised of a mixture of
nominal bonds, inflation linked bonds and inflation derivatives.
Inflation linked bond holdings are relatively stable, accounting for
30% of assets (31% at 31st December 2021). The scheme
maintained a similar weighting in equities in 2022 and has
removed the equity protection strategy that previously was
in\u00a0place.
Independent actuarial valuations for the AIB Group Irish Pension
Scheme and the AIB Group UK Pension Scheme are carried out
on a triennial basis by the Schemes\u2019 actuary, Mercer. The most
recent valuation of the Irish scheme was carried out at 30 June
2021 and reported the scheme to be in surplus. The next actuarial
valuation of the Irish scheme will be 30 June 2024. This actuarial
valuation report is provided at least every 3 years to the trustees
in order to set out the Target Funding level of the scheme along
with a contribution recommendation if one is required. No deficit
funding is anticipated at this time as the Irish scheme continues to
meet the minimum funding standard.
The most recent valuation of the UK scheme was carried out at
31\u00a0December 2020. The next actuarial valuation of the UK
scheme will be 31 December 2023. The Group and the Trustee of
the UK scheme agreed funding payments under an arrangement
agreed in December 2019 which is described below.
As part of the investment strategy in the UK scheme, it was
significantly de-risked in December 2019. The Group agreed a
revised funding arrangement for the UK scheme with the Scheme
Trustee to support the purchase of the pensioner buy-in policy in
respect of the pensioner members and an assured payment policy
(\u201cAPP\u201d) in respect of the deferred members. A contribution of \u00a3
18.5 million was made in 2022.\u00a0Under this funding arrangement,
the Group also expects to make payments of \u00a3 18.5 million in
2023, with a final balancing payment, based on latest estimates of
c. \u00a327 million. This is subject to change prior to finalisation.
Monitoring, escalating and reporting*
Pension risk is monitored and controlled in line with the
requirements of the Group\u2019s pension risk framework and policy.
The surplus or deficit is monitored on a monthly basis by the
Group\u2019s risk team and is currently reported monthly in both the
financial risk report to the Group Assets & Liabilities Committee
and the Group Chief Risk Officer (\u201cCRO\u201d) report to Group Risk
Committee and Board Risk Committee.
Pension risk is also included in the quarterly internal stress test.
The output of quarterly stress tests is reviewed by ALCo and on
an annual basis an ICAAP Report is produced which is a
comprehensive analysis of the Group\u2019s capital position in base
and stress scenarios over a three year horizon. This document is
reviewed and approved by the Board and is submitted to the Joint
Supervisory Team.
The pension capital at risk exposure is measured and reported
monthly in the CRO report against a Group Risk Appetite
Statement watch trigger. While the Group has taken certain risk
mitigating actions, a level of volatility associated with pension
funding remains due to potential financial market fluctuations and
possible changes to pension and accounting regulations.
*Forms an integral part of the audited financial statements
2.9 Capital adequacy risk*
Capital adequacy risk is the risk that the Group breaches or may
breach regulatory capital ratios and internal targets, measured on
a forward looking basis across a range of scenarios, including
a\u00a0severe but plausible stress.
Identification and assessment
Capital adequacy risk is primarily evaluated through the annual
financial planning and the Group\u2019s ICAAP processes where the
level of capital required to support growth plans and meet
regulatory requirements is assessed over the three year planning
horizon. Plans are assessed across a range of scenarios ranging
from base case and moderate downside scenarios to a severe but
plausible stress using the Group\u2019s stress testing methodologies.
An annual material risk assessment is conducted to identify all
relevant (current and anticipated) material risks which are then
assessed from a capital perspective.
Management and measurement
The ICAAP is fully integrated and embedded in the strategic,
financial and risk management processes of the Group. The
Business Model and Capital Adequacy Framework sets out the
key processes, governance arrangements and roles and
responsibilities which support the ICAAP. Embedding of the
ICAAP is facilitated through capital planning, the setting of risk
appetite and risk adjusted performance monitoring. In addition to
the capital plan, a capital contingency plan is in place which
identifies and quantifies actions which are available to the Group
in order to mitigate against the impact of a stress event. Trigger
points at which these actions will be considered are also
identified. The impact of changing regulatory requirements,
changes in the risk profile of the Group\u2019s balance sheet and other
internal factors, and changing external risks are regularly
assessed by first line of defence and second line of defence
teams via regular monitoring of performance against the agreed
financial plan, monthly capital updates to ALCo and Group Risk
Committees and are also assessed via quarterly internal stress
testing. A further set of triggers and capital options are set out in
the Group\u2019s recovery plan, which presents the actions available
to\u00a0the Group to restore viability in the event of extreme stress.
The Group uses risk adjusted return on capital for capital
allocation purposes and as a behavioural driver of sound risk
management. The use of risk adjusted return on capital for
portfolio management and in new lending decisions continues
to\u00a0be an area of focus and a key consideration for pricing of
lending products, both at portfolio level and individually for
large\u00a0transactions.
The Board reviews and approves the ICAAP on an annual basis
and is also responsible for approving a capital adequacy
statement attesting that the Board has reviewed and is satisfied
with the capital adequacy of the Group.
Monitoring, escalating and reporting
The Group monitors its capital adequacy on a monthly basis when
a capital reporting pack is presented to senior executives and
Board setting out the evolution of the Group\u2019s capital position. The
risk profile including performance against risk appetite is
presented to the Board Risk Committee via the CRO report
produced independently by the second line of defence. The
escalation process as stipulated under the RAS policy is
commenced in the event of a breach of either the RAS watch
trigger or limit for any of the metrics. This ensures Board and
Regulator notification, where appropriate, within approved
timeframes. The output of quarterly stress tests is reviewed by
ALCo and on an annual basis an ICAAP report is produced which
is a comprehensive analysis of the Group\u2019s capital position in
base and stress scenarios over a three year horizon. The ICAAP
document is reviewed and approved by the Board and is
submitted to the Joint Supervisory Team, where it forms the basis
of their supervisory review and evaluation process.
1\u00a0 Accounting policies
The significant accounting policies that the Group applied in the preparation of the financial statements are set out in this section.
(a) Reporting entity
AIB Group plc (\u2018the parent company\u2019 or \u2018the Company\u2019) is a company domiciled in Ireland. The address of the Company\u2019s registered
office is 10 Molesworth Street, Dublin 2, Ireland. AIB Group plc is registered under the Companies Act 2014 as a public limited company
under the company number 594283 and is the holding company of the Group.
The consolidated financial statements for the year ended 31 December 2022 include the financial statements of AIB Group plc and its
subsidiary undertakings, collectively referred to as \u2018AIB Group\u2019 or \u2018the Group\u2019, where appropriate, including certain special purpose
entities and the Group\u2019s interest in associates/joint ventures using the equity method of accounting and are prepared to the end of the
financial period. The Group is and has been primarily involved in retail and corporate banking.
(b) Statement of compliance
The consolidated financial statements have been prepared in accordance with International Accounting Standards and International
Financial Reporting Standards (collectively \u201cIFRSs\u201d) as adopted by the European Union (\u201cEU\u201d) and applicable for the financial year
ended 31 December 2022. The consolidated financial statements also comply with those parts of the Companies Act 2014 and the
European Union (Credit Institutions: Financial Statements) Regulations 2015 applicable to companies reporting under IFRS, and the
Asset Covered Securities Acts 2001 and 2007 and Article 4 of the IAS Regulation. The accounting policies have been consistently
applied by Group entities and are consistent with the previous year, unless otherwise described.
(c) Basis of preparation
Functional and presentation currency
The financial statements are presented in euro, which is the functional currency of the parent company and a significant number of its
subsidiaries, rounded to the nearest million.
Basis of measurement and presentation
The financial statements have been prepared under the historical cost basis, with the exception of the following assets and liabilities
which are stated at their fair value: derivative financial instruments, financial instruments at fair value through profit or loss, certain
hedged financial assets and financial liabilities and investment securities at fair value through other comprehensive income (\u201cFVOCI\u201d).
The carrying values of recognised assets and liabilities that are hedged items in fair value hedges, and otherwise carried at amortised
cost, are adjusted to record changes in fair value attributable to the risks that are being hedged.
The financial statements comprise the consolidated income statement, the consolidated statement of comprehensive income, the
consolidated and the holding company\u2019s separate statements of financial position, the consolidated and the holding company\u2019s
separate statements of cash flows, and the consolidated and the holding company\u2019s separate statements of changes in equity together
with the related notes. These notes also include financial instrument related disclosures which are required by IFRS 7, Financial
Instruments: Disclosures and IAS 1, Presentation of Financials Statements, contained in the \u2018Business review\u2019 and the \u2018Risk
management\u2019 sections of this Annual Financial Report. The relevant information on those pages is identified as forming an integral part
of the audited financial statements.
Change in presentation of certain items in the primary statements
The Group has changed the presentation of certain line items in the consolidated statement of financial position and the consolidated
income statement to a more appropriate presentation as those line items are no longer material. \u2018Items in course of collection\u2019 and
\u2018disposal groups and non-current assets held for sale\u2019 are reported within \u2018other assets\u2019 in 2022. The comparatives for 2021 of \u20ac 44
million and \u20ac 8 million respectively have been restated accordingly. In the consolidated income statement \u2018loss on disposal of property\u2019,
previously presented outside of operating profit, is now reported within \u2018other operating income\u2019 in 2022. The comparative for 2021 of
a\u00a0loss of \u20ac 3 million has been restated accordingly.
For fair value hedges where the hedged financial assets and liabilities are measured at amortised cost, the Group has changed the
presentation of the fair value adjustments that is attributable to the hedged risk. The Group has adjusted the carrying amount of
impacted financial assets and liabilities presented within \u2018investment securities\u2019, \u2018debt securities in issue\u2019 and \u2018subordinated liabilities
and other capital instruments\u2019 for the gain or loss that is attributable to the hedged risk in 2022 and the related comparatives for 2021
have been restated by (\u20ac 38 million), \u20ac 62 million and (\u20ac 26 million) respectively. The Group historically presented those amounts in
a\u00a0single separate line item within other assets and other liabilities as those amounts were not material.
Use of judgements and estimates
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the
application of policies and reported amounts of certain assets, liabilities, revenues and expenses, and disclosures of contingent assets
and liabilities. The estimates and assumptions are based on historical experience and various other factors that are believed to be
reasonable under the circumstances. Since management\u2019s judgement may involve making estimates concerning the likelihood of future
events, the actual results could differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future period affected.
The judgements that have a significant effect on the consolidated financial statements and estimates with a significant risk of material
adjustment in the next year are in the areas of expected credit losses on financial instruments; the recoverability of deferred tax;
retirement benefit obligations; and provisions for liabilities and commitments. A\u00a0description of these judgements and estimates is set out
in note 2.
1\u00a0 Accounting policies continued
(c) Basis of preparation continued
Consideration of climate change
In preparing the financial statements, the Directors have considered the impact of climate change, particularly in the context of the risks
identified in the TCFD disclosure on pages 30 to 41 this year. There has been no material impact identified on the financial reporting
judgements and estimates of the Group. In particular, the Directors considered the impact of climate change in respect of the following
areas:
\u2022Credit risk: The impact of climate risk on the management, escalating and reporting of credit risk was considered by the Group.
It\u00a0was deemed that insufficient evidence of the likely loss impacts from climate events is available to adjust expected credit losses
(\u201cECL\u201d) materially but that the Group\u2019s approach to individual counterparty risk assessment adequately captures climate risk where
appropriate. This is set out in further detail on page 151.\u00a0
\u2022Going concern and viability: The assessment of the group\u2019s going concern and viability over the next three years did not identify
material climate-related risks, both in terms of commitment to being Net Zero on its own operations on Scope 1 and Scope 2
emissions by 2030 and the physical risks from climate change. This is set out in further detail on page 121.\u00a0
\u2022Provisions and contingent liabilities: The Group\u2019s publicly announced commitment to being Net Zero on its own operations on
Scope 1 and Scope 2 emissions by 2030 is not considered a constructive obligation or a contingent liability. The timeframe to 2030
allows opportunities for the Group to evolve its plans for how the Net Zero commitment will be met and therefore it would not be
appropriate for the Group to recognise a provision or a contingent liability in relation to its net zero commitment (i.e. as the Group
does not have an obligation as a result of a past event). IAS 37 Provisions, Contingent Liabilities and Contingent Assets sets out that
it is only those obligations arising from past events existing independently of an entity's future actions that are recognised as
provisions or disclosed as contingent liabilities.
\u2022Impairment of non-financial assets: The Group applies the requirements of IAS 36 Impairment of Assets in assessing whether
impacted assets are impaired at a reporting date. The Group has a robust process to identify assets which may be impaired which
requires the identification of all material potential impairment triggers including identification of climate related impairment triggers.
In\u00a0addition, the Group\u2019s published commitment to be net zero in its own operations does not impact the useful lives of the Group\u2019s
impacted assets as the Group proposes to replace impacted assets as their useful lives expire.
Whilst there is currently no short or medium-term impact expected from climate change, the Directors are aware of the ever-changing
risks attached to climate change and will assess these risks against judgements and estimates made in preparation of the Group\u2019s
financial statements.
Going concern
The financial statements for the year ended 31 December 2022 have been prepared on a going concern basis as the Directors are
satisfied, having considered the risks and uncertainties impacting the Group, that it has the ability to continue in business for the period
of assessment. In making this assessment, the Directors have considered a wide range of information relating to present and future
conditions. This includes capital forecasts and internally generated stress scenarios with additional scenarios to take account of the
inorganic initiatives that the Group has committed to. The scenarios include the impacts of persistent inflation, disruptions to energy
supplies, increased interest rates and significant impacts on unemployment and property prices. The period of assessment used by the
Directors is at least 12 months from the date of approval of these annual financial statements.
Adoption of new accounting standards/amendments to standards
The were no new accounting standards/amendments to standards effective for annual periods beginning 1 January 2022 apart from
minor amendments to IFRSs through both standalone amendments and through the Annual Improvements to IFRS Standards 2018 \u2013
2020 cycle. None of these had a significant impact on reported results or disclosures.
The Group has not early adopted any other standard or amendment that has been issued but is not yet effective.
(d) Basis of consolidation
Subsidiary undertakings
A subsidiary undertaking is an investee controlled by the Group. The Group controls an investee when it has power over the investee,
is\u00a0exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its
power over the investee. Subsidiaries are consolidated in the Group\u2019s financial statements from the date on which control commences
until the date that control ceases.
The Group reassesses whether it controls a subsidiary when facts and circumstances indicate that there are changes to one or more
elements of control.
1\u00a0 Accounting policies continued
(d) Basis of consolidation continued
Loss of control
If the Group loses control of a subsidiary, the Group:
(i)Derecognises the assets (including any goodwill) and liabilities of the former subsidiary at their carrying amounts at the date control
is lost;
(ii)Derecognises the carrying amount of any non-controlling interests in the former subsidiary at the date control is lost (including any
attributable amounts in other comprehensive income);
(iii)Derecognises the fair value of any consideration received and any distribution of shares of the subsidiary;
(iv)Derecognises any investment retained in the former subsidiary at its fair value at the date when control is lost;
(v) Reclassifies to profit or loss, or transfers directly to retained earnings if required by IFRS, the amounts recognised in other
comprehensive income in relation to the subsidiary; and
(vi)Recognises any resulting difference of the above items as a gain or loss in the income statement.
The Group subsequently accounts for any investment retained in the former subsidiary in accordance with IFRS 9 Financial
Instruments, or when appropriate, IAS 28 Investments in Associates and Joint Ventures.
Structured entities
A structured entity is an entity designed so that its activities are not governed by way of voting rights. The Group assesses whether it
has control over such an entity by considering factors such as the purpose and design of the entity; the nature of its relationship with
the entity; and the size of its exposure to the variability of returns of the entity.
Business combinations
The Group accounts for the acquisition of a business using the acquisition method except for a business under common control. Under
the acquisition method, the consideration transferred in a business combination is measured at fair value, which is calculated as the
sum of:
\u2022The acquisition date fair value of assets transferred by the Group;
\u2022Liabilities incurred by the Group to the former owners of the acquiree; and
\u2022The equity interests issued by the Group in exchange for control of the acquiree.
Acquisition related costs are recognised in the income statement as incurred.
Goodwill is measured as the excess of the sum of:
\u2022The fair value of the consideration transferred;
\u2022The amount of any non-controlling interests in the acquiree; and
\u2022The fair value of the acquirer\u2019s previously held equity interest in the acquiree, if any; less
\u2022The net of the acquisition date fair value of the identifiable assets acquired and liabilities assumed.
The Group in its capacity as a trustee
The Group commonly acts as trustee and in other fiduciary capacities that result in the holding or placing of assets on behalf of
individuals, trusts, retirement benefit plans and other institutions. These assets, and income arising thereon, are excluded from the
financial statements, as they are not assets of the Group.
Non-controlling interests
For each business combination, the Group recognises any non-controlling interest in the acquiree either:
\u2022At fair value; or
\u2022At their proportionate share of the acquiree\u2019s identifiable net assets.
For changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control, the Group adjusts the carrying amounts of the
controlling and non-controlling interests to reflect the changes in their relative interests in the subsidiary. The difference between the
change in value of the non-controlling interest and the fair value of the consideration paid or received is recognised directly in equity
and attributed to the equity holders of the parent.
Common control transactions
The Group accounts for the acquisition of businesses and investments in subsidiary undertakings between members of the Group at
carrying value at the date of the transaction unless prohibited by company law or IFRS. This policy also applies to the acquisition of
businesses by the Group of other entities under the common control of the Irish Government. Where the carrying value of the acquired
net assets exceeds the fair value of the consideration paid, the excess is accounted for as a capital contribution (accounting policy
(aa)). On impairment of the subsidiary, in the parent company\u2019s separate financial statements, an amount equal to the impairment
charge net of tax in the income statement is transferred from capital contribution reserves to revenue reserves.
The\u00a0entire capital contribution is transferred to revenue reserves on final sale of the subsidiary.
For acquisitions under common control, comparative data is not restated. The consolidation of the acquired entity is effective from the
acquisition date with intercompany balances eliminated at a Group level on this date.
1\u00a0 Accounting policies continued
(d) Basis of consolidation continued
Investments accounted for using the equity method
The Group\u2019s investments accounted for using the equity method comprise its investments in associates and joint ventures.
An associated undertaking is an entity over which the Group has significant influence, but not control, over the entity\u2019s operating and
financial policy decisions. If the Group holds 20% or more of the voting power of an entity, it is presumed that the Group has significant
influence, unless it can be clearly demonstrated that this is not the case.
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the
arrangement.
Investments in associated undertakings and joint ventures are initially recorded at cost and increased (or decreased) each year by the
Group\u2019s share of the post acquisition net income (or loss), and other movements reflected directly in other comprehensive income of the
associated undertaking or joint venture.
Goodwill arising on the acquisition of an associated undertaking is included in the carrying amount of the investment. When the Group\u2019s
share of losses in an associate has reduced the carrying amount to zero, including any other unsecured receivables, the Group does
not recognise further losses, unless it has incurred obligations to make payments on behalf of the associate.
Where the Group continues to hold more than 20% of the voting power in an investment but ceases to have significant influence, the
investment is no longer accounted for as an associate. On the loss of significant influence, the Group measures the investment at fair
value and recognises any difference between the carrying value and fair value in profit or loss and accounts for the investment in
accordance with IFRS 9 Financial Instruments.
The Group\u2019s share of the results of associated undertakings or joint venture after tax reflects the Group\u2019s proportionate interest and is
based on financial statements made up to a date not earlier than three months before the period end reporting date, adjusted to
conform with the accounting policies of the Group.
Since goodwill that forms part of the carrying amount of the investment in an associate is not recognised separately, it is, therefore, not
tested for impairment separately. Instead, the entire amount of the investment in an associate is tested for impairment as a single asset
when there is objective evidence that the investment in an associate may be impaired.
Transactions eliminated on consolidation
Intra-group balances and any unrealised income and expenses arising from intra-group transactions are eliminated on consolidation.
Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
Unrealised gains and losses on transactions with associated undertakings are eliminated to the extent of the Group\u2019s interest in the
investees.
Consistent accounting policies are applied throughout the Group for the purposes of consolidation.
Parent Company financial statements: Investment in subsidiary and associated undertakings
The Company accounts for investments in subsidiary and associated undertakings, that are not classified as held for sale at cost less
provisions for impairment. If the investment is classified as held for sale, the Company accounts for it at the lower of its carrying value
and fair value less costs to sell.
The Company reviews its equity investment for impairment at the end of each reporting period if there are indications that impairment
may have occurred.
The testing for possible impairment involves comparing the estimated recoverable amount of an investment with its carrying amount.
Where the recoverable amount is less than the carrying amount, the difference is recognised as an impairment provision in the
Company\u2019s financial statements. The recoverable amount is the higher of fair value less costs to sell and value-in-use (\u201cVIU\u201d).
Dividends from a subsidiary or an associated undertaking are recognised in the income statement when the Company\u2019s right to receive
the dividend is established.
(e) Foreign currency translation
Items included in the financial statements of each of the Group\u2019s entities are measured using their functional currency, being the
currency of the primary economic environment in which the entity operates.
Transactions and balances
Foreign currency transactions are translated into the respective entity\u2019s functional currency using the exchange rates prevailing at the
dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are re-translated at the rate prevailing at the
period end. Foreign exchange gains and losses resulting from the settlement of such transactions and from the re-translation at period
end exchange rates of the amortised cost of monetary assets and liabilities denominated in foreign currencies are recognised in the
income statement.
1\u00a0 Accounting policies continued
(e) Foreign currency translation continued
Transactions and balances continued
Exchange differences on equities and similar non-monetary items held at fair value through profit or loss are reported as part of the fair
value gain or loss. Exchange differences on a financial instruments designated as a hedge of the net investment in a foreign operation
are reported in other comprehensive income.
Foreign operations
The results and financial position of all Group entities that have a functional currency different from the euro are translated into euro as
follows:
\u2022Assets and liabilities including goodwill and fair value adjustments arising on consolidation of foreign operations are translated at the
closing rate;
\u2022Income and expenses are translated into euro at the average rates of exchange during the period where these rates approximate to
the foreign exchange rates ruling at the dates of the transactions;
\u2022Foreign currency translation differences are recognised in other comprehensive income; and
\u2022Since 1 January 2004, the Group\u2019s date of transition to IFRS, all such exchange differences are included in the foreign currency
cumulative translation reserve within shareholders\u2019 equity. When a foreign operation is disposed of in full, the relevant amount of this
reserve is transferred to the income statement. When a subsidiary is partly disposed of, the relevant proportion of foreign currency
translation reserve is re-attributed to the non-controlling interest. In the case of a partial disposal, a pro-rata amount of the foreign
currency cumulative translation reserve is transferred to the income statement. This also applies in the case where there has not
been a reduction in the overall percentage holding, i.e. repayment of capital.
(f) Interest income and expense recognition
Interest income and expense is recognised in the income statement using the effective interest rate method.
Effective interest rate
The effective interest rate is the rate that exactly discounts the estimated future cash payments or receipts through the expected life of
the financial instrument to:
\u2022The gross carrying amount of the financial asset; or
\u2022The amortised cost of the financial liability.
The application of the method has the effect of recognising income receivable and expense payable on the instrument evenly in
proportion to the amount outstanding over the period to maturity or repayment. In calculating the effective interest rate for financial
instruments, other than credit impaired assets, the Group estimates cash flows (using projections based on its experience of customers\u2019
behaviour) considering all contractual terms of the financial instrument but excluding expected credit losses. The calculation takes into
account all fees, including those for any expected early redemption, and points paid or received between parties to the contract that are
an integral part of the effective interest rate, transaction costs and all other premiums and discounts.
All costs associated with mortgage incentive schemes are included in the effective interest rate calculation. Fees and commissions
payable to third parties in connection with lending arrangements, where these are direct and incremental costs related to the issue of a
financial instrument, are included in interest income as part of the effective interest rate.
Amortised cost and gross carrying amount
The amortised cost of a financial asset or financial liability is the amount at which the financial asset or financial liability is measured at
initial recognition minus the principal repayments, plus or minus the cumulative amortisation using the effective interest rate method of
any difference between that initial amount and the maturity amount and, for financial assets, adjusted for any loss allowance.
The gross carrying amount of a financial asset is the amortised cost before adjusting for any loss allowance.
Calculation of interest income and interest expense
In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the
asset is not credit impaired) or to the amortised cost of the liability.
For financial assets that have become credit impaired subsequent to initial recognition, interest income is calculated by applying the
effective interest rate to the amortised cost of the financial asset. If the asset is no longer credit impaired, the calculation of interest
income reverts to the gross basis.
However, for financial assets that were credit impaired on initial recognition, interest income is calculated by applying the credit adjusted
effective interest rate to the amortised cost of the financial asset. The calculation of interest income does not revert to a gross basis,
even if the credit risk of the asset improves.
When a financial asset is no longer credit impaired or has been repaid in full (i.e. cured without financial loss), the Group presents
previously unrecognised interest income as a reversal of credit impairment/recovery of amounts previously written-off.
Interest income and expense on financial assets and liabilities classified as held for trading or at FVTPL is recognised in \u2018other interest
income and similar income\u2019 or \u2018interest expense\u2019 in the income statement, as applicable.
1\u00a0 Accounting policies continued
(f) Interest income and expense recognition continued
Presentation
Interest income and expense presented in the consolidated income statement include:
\u2022Interest on financial assets and financial liabilities measured at amortised cost calculated on an effective interest rate basis;
\u2022Interest on investment debt securities measured at FVOCI calculated on an effective interest rate basis;
\u2022Interest on financial assets measured at FVTPL;
\u2022Net interest income and expense on qualifying hedge derivatives designated as cash flow hedges or fair value hedges which are
recognised in interest income or interest expense; and
\u2022Interest income and funding costs of trading portfolio financial assets.
The Group policy for the recognition of leasing income is set out in Accounting policy (n).
Targeted Long Term Refinancing Operation III (\u201cTLTRO III\u201d)
Eurosystem refinancing operations are credit facilities from the Eurosystem secured by a fixed charge over securities and relates to
Targeted Long Term Refinancing Operation III (\u201cTLTRO III\u201d).
TLTRO III has specific terms attached to it which are different from other sources of funding available to banks including other sources
of funds provided by the European Central Bank (\u201cECB\u201d). The financial conditions incorporated into TLTRO III reflect ECB monetary
policy initiatives to prospectively reduce the cost of funding for banking institutions. Accordingly, the Group has concluded that the ECB
has established a separate market for TLTRO programmes and TLTRO III transactions are at market rates and the requirements of IAS
20 Accounting for Government Grants do not apply.
The borrowing rate applicable to the TLTRO III loans is linked to the lending patterns of the Group and are subject to the achievement
of predefined lending performance thresholds based on the eligible net lending of the Group in certain specified periods.
The amount of interest income recognised during the period on TLTRO III depends on whether the Group had a reasonable expectation
of meeting the relevant lending performance thresholds. The Group interprets reasonable expectations as highly probable (i.e. the
probability of meeting the lending targets is substantially greater than the probability that it will not). As a result, if interest income is
recognised during the period based on the expectation of meeting the targets, there should be only a limited possibility that the interest
may need to be reversed in future periods.
If the Group does not have a reasonable expectation that the lending targets will be met but subsequently determines it will meet the
relevant lending performance thresholds, it revises its estimates of receipts and recalculates the present value of the estimated future
contractual cash flows that are discounted at the original effective interest rate and recognises the adjustment in the Group\u2019s
consolidated income statement as negative interest on financial liabilities at amortised cost.
(g) Dividend income
Dividends on equity investments measured at FVTPL / FVOCI are recognised in the income statement when the entity\u2019s right to receive
payment is established and provided that they represent a return on capital.
(h) Fee and commission income
The measurement and timing of recognition of fee and commission income is based on the core principles of IFRS 15 Revenue from
Contracts with Customers.
The principles in IFRS 15 are applied using the following 5 step model:
\u2022Identify the contract(s) with a customer;
\u2022Identify the performance obligations in the contract;
\u2022Determine the transaction price;
\u2022Allocate the transaction price to the performance obligations in the contract; and
\u2022Recognise revenue when or as the Group satisfies its performance obligations.
Fee and commission income is recognised when the performance obligation in the contract has been performed, either at a \u2018point in
time\u2019 or \u2018over time\u2019 if the performance obligation is performed over a period of time unless the income has been included in the effective
interest rate calculation.
The Group includes in the transaction price, some or all of an amount of variable consideration estimated only to the extent that it is
highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty
associated with the variable consideration is subsequently resolved.
1\u00a0 Accounting policies continued
(h) Fee and commission income continued
The majority of the Group\u2019s fee and commission income arises from retail banking activities. Loan syndication fees are recognised as
revenue when the syndication has been completed and the Group has retained no part of the loan package for itself or retained a part
at the same effective interest rate as applicable to the other participants.
Foreign exchange income is fee income that is derived from arranging foreign exchange transactions on behalf of customers.
Such\u00a0income is recognised when the individual performance obligation has been fulfilled.
Portfolio and other management advisory and service fees are recognised based on the applicable service contracts. Asset
management fees relating to investment funds are recognised over time in line with the performance obligation. The same principle is
applied to the recognition of income from wealth management, financial planning and custody services that are continuously provided
over an extended period of time.
Commitment fees together with related direct costs, for loan facilities where drawdown is probable, are deferred and recognised as an
adjustment to the effective interest rate on the loan once drawn. Commitment fees in relation to facilities where drawdown is not
probable are recognised over the term of the commitment on a straight line basis. Other credit related fees are recognised over time in
line with the performance obligation except arrangement fees where it is likely that the facility will be drawn down, and which are
included in the effective interest rate calculation.
Fee income and fee expenses in respect of services and prepaid credits for cellular phone and utilities sold to third parties are classified
as specialised payment services and are recognised when the performance obligation is satisfied.
(i) Net trading income
Net trading income comprises gains less losses relating to trading assets and trading liabilities and includes all realised and unrealised
fair value changes. Interest and dividend income on trading assets are shown in \u2018interest income\u2019 and \u2018dividend income\u2019 respectively.
(j) Employee benefits
Retirement benefit obligations
The Group provides employees with post-retirement benefits mainly in the form of pensions.
The Group provides a number of retirement benefit schemes including defined benefit and defined contribution as well as a hybrid
scheme that has both defined benefit and defined contribution elements. In addition, the Group contributes, according to local law in the
various countries in which it operates, to governmental and other schemes which have the characteristics of defined contribution
schemes. The majority of the defined benefit schemes are funded.
Full actuarial valuations of defined benefit schemes are undertaken every three years and are updated to reflect current conditions at
each year end reporting date.
Scheme assets are measured at fair value determined by using current bid prices, except for insurance policies acquired as part of a
buy in. If the policies are qualifying policies under IAS 19 Employee Benefits and if the timing and amount of payments under the
policies exactly match some or all of the benefits payable under the scheme, then the present value of the related obligation is
determined and is deemed to be the fair value of the insurance policies to be included in plan assets.
Scheme liabilities are measured on an actuarial basis by estimating the amount of future benefit that employees have earned for their
service in current and prior periods and discounting that benefit at the market yield on a high quality corporate bond of equivalent term
and currency to the liability. The calculation is performed by a qualified actuary using the projected unit credit method. The difference
between the fair value of the scheme assets and the present value of the defined benefit obligation at the year end reporting date is
recognised in the statement of financial position. Schemes in surplus are shown as assets and schemes in deficit, together with
unfunded schemes, are shown as liabilities. A surplus is only recognised as an asset to the extent that it is recoverable through a refund
from the scheme or through reduced contributions in the future. Actuarial gains and losses are recognised immediately in other
comprehensive income.
1\u00a0 Accounting policies continued
(j) Employee benefits continued
Retirement benefit obligations continued
The cost of providing defined benefit pension schemes to employees, comprising the net interest on the net defined benefit liability/
(asset), calculated by applying the discount rate to the net defined benefit liability/(asset) at the start of the annual reporting period,
taking into account contributions and benefit payments during the period, is charged to the income statement within personnel
expenses.
Remeasurements of the net defined benefit liability/(asset), comprising actuarial gains and losses and the return on scheme assets
(excluding amounts included in net interest on the net defined benefit liability/(asset)) are recognised in other comprehensive income.
Amounts recognised in other comprehensive income in relation to remeasurements of the net defined benefit liability/(asset) will not be
reclassified to profit or loss in a subsequent period.
In early 2017, the Board reassessed its obligation to fund increases in pensions in payment. The Board confirmed that funding of
increases in pensions in payment is a decision to be made by the Board each year where increases are discretionary. This was based
on actuarial and external legal advice obtained. Accordingly, a decision by the Board to fund a pension increase does not constitute a
constructive obligation to fund future pension in payment increases.
The Group recognises the effect of an amendment to a defined benefit scheme when the plan amendment occurs, which is when the
Group introduces or withdraws a defined benefit scheme, or changes the benefits payable under existing defined benefit schemes.
A\u00a0curtailment is recognised when a significant reduction in the number of employees covered by a defined benefit scheme occurs. A
settlement is a transaction that eliminates all further legal or constructive obligations for part or all of the benefits provided under a
defined benefit scheme. Gains or losses on plan amendments, curtailments and settlements are recognised in the income statement.
Changes with regard to benefits payable to retirees which represent a constructive obligation under IAS 37 Provisions, Contingent
Liabilities and Contingent Assets are accounted for as a past service cost. These are recognised in the income statement.
The costs of managing the defined benefit scheme assets are deducted from the return on scheme assets. All costs of running the
defined benefit schemes are recognised in the income statement when they are incurred.
The cost of the Group\u2019s defined contribution schemes is charged to the income statement in the accounting period in which it is
incurred. Any contributions unpaid at the year end reporting date are included as a liability. The Group has no further obligation under
these schemes once these contributions have been paid.
Short term employee benefits
Short term employee benefits, such as salaries and other benefits, are accounted for on an accruals basis over the period during which
employees have provided services. Bonuses are recognised to the extent that the Group has a legal or constructive obligation to its
employees that can be measured reliably. The cost of providing subsidised staff loans is charged within personnel expenses.
Termination benefits
Termination benefits are recognised as an expense at the earlier of when the Group can no longer withdraw the offer of those benefits
and when the Group recognises costs for a restructuring under IAS 37 Provisions, Contingent Liabilities and Contingent Assets, which
includes the payment of termination benefits.
For termination benefits payable as a result of an employee\u2019s decision to accept an offer of voluntary redundancy, which is not within
the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets, the Group recognises the expense at the earlier of when
the employee accepts the offer and when a restriction on the Group\u2019s ability to withdraw the offer takes effect.
(k) Income tax, including deferred income tax
Income tax comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to
items recognised in other comprehensive income, in which case it is recognised in other comprehensive income. Income tax relating to
items in equity is recognised directly in equity. However, the income tax consequences of payments on financial instruments that are
classified as equity but treated as liabilities for tax purposes are recognised in profit or loss if those payments are distributions of profits
previously recognised in profit or loss.
Current tax is the expected tax payable on the taxable income for the year using tax rates enacted or substantively enacted at the
reporting date and any adjustment to tax payable in respect of previous years.
1\u00a0 Accounting policies continued
(k) Income tax, including deferred income tax continued
Deferred income tax is provided, using the balance sheet liability method, on temporary differences between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax is determined using tax rates based on
legislation enacted or substantively enacted at the reporting date and expected to apply when the deferred tax asset is realised or the
deferred tax liability is settled. Deferred income tax assets are recognised when it is probable that future taxable profits will be available
against which the temporary differences will be utilised. The deferred tax asset is reviewed at the end of each reporting period and the
carrying amount will reflect the extent that it is probable that sufficient taxable profits will be available to allow all of the asset to be
recovered.
The tax effects of income tax losses available for carry forward are recognised as an asset to the extent that it is probable that future
taxable profits will be available against which these losses can be utilised.
Deferred and current tax assets and liabilities are only offset when they arise in the same tax reporting group and where there is both
the legal right and the intention to settle the current tax assets and liabilities on a net basis or to realise the asset and settle the liability
simultaneously.
The principal temporary differences arise from depreciation of property, plant and equipment, revaluation of certain financial assets and
financial liabilities including derivative contracts, provisions for pensions and other post-retirement benefits, and in relation to
acquisitions, on the difference between the fair values of the net assets acquired and their tax base.
Deferred income tax is provided on temporary differences arising from investments in subsidiaries and associates, except where the
timing of the reversal of the temporary difference is controlled by the Group and it is probable that the difference will not reverse in the
foreseeable future. In addition, temporary differences are not provided for assets and liabilities the initial recognition of which, in a
transaction that is not a business combination, affects neither accounting nor taxable profit. Income tax payable on profits, based on the
applicable tax law in each jurisdiction, is recognised as an expense in the period in which the profits arise.
(l) Financial assets
Recognition and initial measurement
The Group initially recognises financial assets on the trade date, being the date on which the Group commits to purchase the assets.
Loan assets are recognised when cash is advanced to borrowers. In a situation where the Group commits to purchase financial assets
under a contract which is not considered a regular-way transaction, the assets to be acquired are not recognised until the acquisition
contract is settled. In this case, the contract to acquire the financial asset is a derivative that is measured at FVTPL in the period
between the trade date and the settlement date.
Financial assets measured at amortised cost or at fair value through other comprehensive income (\u201cFVOCI\u201d) are recognised initially at
fair value adjusted for direct and incremental transaction costs. Financial assets measured at fair value through profit or loss (\u201cFVTPL\u201d)
are recognised initially at fair value and transaction costs are taken directly to the income statement.
Derivatives are measured initially at fair value on the date on which the derivative contract is entered into. The best evidence of the fair
value of a derivative at initial recognition is the transaction price (i.e. the fair value of the consideration given or received) unless the fair
value of that instrument is evidenced by comparison with other observable current market transactions in the same instrument (i.e.
without modification or repackaging) or based on a valuation technique whose variables include only data from observable markets.
Profits or losses are only recognised on initial recognition of derivatives when there are observable current market transactions or
valuation techniques that are based on observable market inputs.
Classification and subsequent measurement
On initial recognition, a financial asset is classified and subsequently measured at amortised cost, FVOCI or FVTPL.
The classification and subsequent measurement of financial assets depend on:
\u2022The Group\u2019s business model for managing the asset; and
\u2022The cash flow characteristics of the asset (for assets in a \u2018hold-to-collect\u2019 or \u2018hold-to-collect-and-sell\u2019 business model).
Based on these factors, the Group classifies its financial assets into one of the following categories:
1\u00a0 Accounting policies continued
(l) Financial assets continued
\u2013 Amortised cost
Assets that have not been designated as at FVTPL, and are held within a \u2018hold-to-collect\u2019 business model whose objective is to hold
assets to collect contractual cash flows; and whose contractual terms give rise on specified dates to cash flows that are solely
payments of principal and interest. The carrying amount of these assets is calculated using the effective interest rate method and is
adjusted on each measurement date by the expected credit loss allowance for each asset, with movements recognised in profit or loss.
\u2013 Fair value through other comprehensive income (\u201cFVOCI\u201d)
Assets that have not been designated as at FVTPL, and are held within a \u2018hold-to-collect-and-sell\u2019 business model whose objective is
achieved by both collecting contractual cash flows and selling financial assets; and whose contractual terms give rise on specified dates
to cash flows that are solely payments of principal and interest (\u201cSPPI\u201d). Movements in the carrying amount of these assets are taken
through other comprehensive income (\u201cOCI\u201d), except for the recognition of credit impairment gains or losses, interest revenue or foreign
exchange gains and losses, which are recognised in profit or loss. When a financial asset is derecognised, the cumulative gain or loss
previously recognised in OCI is reclassified from equity to profit or loss other than in the case of equity instruments designated
at\u00a0FVOCI.
\u2013 Fair value through profit or loss (\u201cFVTPL\u201d)
Financial assets that do not meet the criteria for amortised cost or FVOCI are measured at FVTPL. Gains or losses (excluding interest
income or expense) on such assets are recognised in profit or loss on an ongoing basis.
In addition, the Group may irrevocably designate a financial asset as at FVTPL that otherwise meets the requirements to be measured
at amortised cost or at FVOCI if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.
\u2013 Embedded derivatives
Certain hybrid contracts may contain both a non-derivative host and an \u2018embedded derivative\u2019. Under IFRS 9 Financial Instruments,
there is no bifurcation of embedded derivatives from the host financial asset. As a result, such financial assets will generally fail the
SPPI test unless the embedded derivative does not substantially modify the cash flows that would otherwise be required by the
contract. Those failing the SPPI test will be classified and measured at FVTPL.
Business model assessment
The Group makes an assessment of the objective of the business model at a portfolio level, as this reflects how portfolios of assets are
managed to achieve a particular objective, rather than management\u2019s intentions for individual assets.
The assessment considers the following:
\u2022The strategy for the portfolio as communicated by management;
\u2022How the performance of the portfolio is evaluated and reported to senior management;
\u2022The risks that impact the performance of the business model, and how those risks are managed;
\u2022How managers of the business are compensated (i.e. based on fair value of assets managed or on the contractual cash flows
collected); and
\u2022The frequency, value and timing of sales in prior periods, reasons for those sales, and expectations of future sales activity.
Financial assets that are held for trading or managed within a business model that is evaluated on a fair value basis are measured at
FVTPL because the business objective is neither hold-to-collect contractual cash flows nor hold-to-collect-and-sell contractual cash
flows.
Characteristics of the contractual cash flows
An assessment (\u2018SPPI test\u2019) is performed on all financial assets at origination that are held within a \u2018hold-to-collect\u2019 or \u2018hold-to-collect-
and-sell\u2019 business model to determine whether the contractual terms of the financial assets give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal outstanding. For the purposes of this assessment, \u2018principal\u2019 is defined
as the fair value of the financial asset at initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money, for the
credit risk associated with the principal amount outstanding, for other basic lending risks and costs (i.e. liquidity, administrative costs)
and profit margin.
1\u00a0 Accounting policies continued
(l) Financial Assets continued
The SPPI test requires an assessment of the contractual terms and conditions to determine whether a financial asset contains any
terms that could modify the timing or amount of contractual cash flows of the asset, to the extent that they could not be described as
solely payments of principal and interest. In making this assessment, the Group considers:
\u2022Features that modify the time value of money element of interest (e.g. tenor of the interest rate does not correspond with the
frequency within which it resets);
\u2022Terms providing for prepayment and extension;
\u2022Leverage features;
\u2022Contingent events that could change the amount and timing of cash flows;
\u2022Terms that limit the Group\u2019s claim to cash flows from specified assets; and
\u2022Contractually linked instruments.
Contractual terms that introduce exposure to risks or volatility in the contractual cash flows that are unrelated to a basic lending
arrangement do not give rise to contractual cash flows that are solely payments of principal and interest on the principal amount
outstanding.
Reclassifications
Reclassifications of financial assets to alternative asset categories, (e.g. from amortised cost to FVOCI), should be very infrequent, and
will only occur when, and only when, the Group changes its business model for managing a specific portfolio of financial assets.
Investments in equity instruments
Equity instruments are classified and measured at FVTPL with gains and losses reflected in profit or loss.
On initial recognition, the Group may elect to irrevocably designate at FVOCI, an equity instrument that is not held for trading. This
election is made on an instrument-by-instrument basis. When this election is used, fair value gains and losses are recognised in OCI
and are not subsequently reclassified to profit or loss on derecognition of the equity instrument.
(m) Financial liabilities and equity
The Group categorises financial liabilities as at amortised cost or as at fair value through profit or loss.
The Group recognises a financial liability when it becomes party to the contractual provisions of the contract.
Issued financial instruments or their components are classified as liabilities where the substance of the contractual arrangement results
in the Group having a present obligation to either deliver cash or another financial asset to the holder, to exchange financial instruments
on terms that are potentially unfavourable or to satisfy the obligation otherwise than by the exchange of a fixed amount of cash or
another financial asset for a fixed number of equity shares.
Financial liabilities are initially recognised at fair value, being their issue proceeds (fair value of consideration received), net of
transaction costs incurred. Financial liabilities are subsequently measured at amortised cost, with any difference between the proceeds
net of transaction costs and the redemption value recognised in the income statement using the effective interest rate method.
Where financial liabilities are classified as trading they are also initially recognised at fair value with the related transaction costs taken
directly to the income statement. Gains and losses arising from subsequent changes in fair value are recognised directly in the income
statement within net trading income.
Preference shares which carry a mandatory coupon are classified as financial liabilities. The dividends on these preference shares are
recognised in the income statement as interest expense using the effective interest rate method.
The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. Any gain or loss on
the extinguishment or remeasurement of a financial liability is recognised in profit or loss.
Issued financial instruments are classified as equity when the Group has no contractual obligation to transfer cash, or other financial
assets or to issue a variable number of its own equity instruments. Incremental costs directly attributable to the issue of equity
instruments are shown as a deduction from the proceeds of issue, net of tax.
1\u00a0 Accounting policies continued
(n) Leases
Lessor
Assets leased to customers are classified as finance leases if the lease agreements transfer substantially all the risks and rewards of
ownership, with or without ultimate legal title. When assets are held subject to a finance lease, the present value of the lease payments,
discounted at the rate of interest implicit in the lease, is recognised as a receivable. The difference between the total payments
receivable under the lease and the present value of the receivable is recognised as unearned finance income, which is allocated to
accounting periods under the pre-tax net investment method to reflect a constant periodic rate of return.
Assets leased to customers are classified as operating leases if the lease agreements do not transfer substantially all the risks and
rewards of ownership. The leased assets are included within property, plant and equipment on the statement of financial position and
depreciation is provided on the depreciable amount of these assets on a systematic basis over their estimated useful lives. Lease
income is recognised on a straight line basis over the period of the lease unless another systematic basis is more appropriate.
Lessee
Lease rentals payables are recognised, measured and presented in line with IFRS 16 Leases.
Identifying a lease
The Group assesses whether a contract is, or contains, a lease at inception of the contract. A contract is, or contains, a lease if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. This assessment
involves the exercise of judgement about whether it depends on a specified asset, whether the Group obtains substantially all the
economic benefits from the use of that asset, and whether the Group has the right to direct the use of the asset.
Lease term
The lease term comprises the non-cancellable period of the lease contract for which the Group has the right to use an underlying asset
together with:
\u2022Periods covered by an option to extend the lease if the Group is reasonably certain to exercise that option; and
\u2022Periods covered by an option to terminate the lease if the Group is reasonably certain not to exercise that option.
Recognition
The Group recognises a right-of-use asset and a lease liability at the commencement date of the contract for all leases except for short
term leases of 12 months or less or leases where the underlying asset is of low value i.e. the value of the underlying asset, when new,
is less than \u20ac 5,000/\u00a3 5,000. The commencement date is the date on which a lessor makes an underlying asset available for use by the
Group.
Initial measurement of right-of-use asset
The right-of-use asset is initially measured at cost, which comprises the amount of the initial measurement of the lease liability, any
lease payments made at or before the commencement date, less any lease incentives, any initial direct costs incurred by the Group
and an estimate of costs to be incurred by the Group in dismantling and removing the underlying asset or restoring the site on which the
asset is located.
The Group provides for dilapidations/restoration costs where it has been identified or planned that it intends on exiting the premises,
and/or where it has completed extensive modifications. The Group recognises asset restoration obligations mainly in relation to leased
head office locations and branches and any other space which would need to be restored to their previous condition when the lease
ends.
Subsequent measurement of right-of-use asset
After the commencement date, a right-of-use asset is measured at cost less any accumulated depreciation and any accumulated
impairment losses and adjusted for any remeasurement of the lease liability. The Group applies IAS 36 Impairment of Assets as set out
in the Group\u2019s accounting policy (x) to determine whether the right-of-use asset is impaired and to account for any impairment loss
identified.
The Group depreciates the right-of-use asset from the commencement date to the earlier of the end of the useful life of the right-of-use
asset and the end of the lease term on a straight-line basis.
1\u00a0 Accounting policies continued
(n) Leases continued
Initial measurement of lease liability
The lease liability is initially measured at the present value of the lease payments that are payable over the lease term, discounted
using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. The
Group uses its incremental borrowing rate as the discount rate.
The lease payments include fixed payments (including in-substance fixed payments), variable lease payments that depend on an index
or a rate and amounts expected to be payable by the Group under a residual value guarantee. The lease payments also include the
exercise price of a purchase option if the Group is reasonably certain to exercise, lease payments in an optional renewal period if the
Group is reasonably certain to exercise an extension option and payments of penalties for terminating the lease, if the lease term
reflects the Group exercising an option to terminate the lease.
Lease payments exclude variable elements which are dependent on external factors, e.g. payments that are based on transaction
volume/usage. Variable lease payments that are not included in the initial measurement of the lease liability are recognised directly in
the income statement in the period in which the event or condition that triggers these payments occurs.
Subsequent measurement of lease liability
After the commencement date, the Group measures the lease liability by increasing the carrying amount to reflect interest on the lease
liability, reducing the carrying amount to reflect lease payments made and remeasuring the carrying amount to reflect any reassessment
or lease modifications.
The lease liability is measured at amortised cost using the effective interest rate method. It is remeasured when there is a change in
future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to
be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension
or termination option.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset,
or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to Nil.
Lease modifications
Lease modifications arise from changes to the underlying contract between the Group and the lessor. The accounting for the
modification is dependent on whether the modification is considered a separate lease or not.
A lease modification is accounted for as a separate lease if both the modification increases the scope of the lease by adding the right to
use one or more underlying assets and the consideration for the lease increases by an amount commensurate with the standalone
price for the increase in scope. If both criteria are met, the Group adopts the accounting policy on the initial recognition and
measurement of lease liabilities and right-of-use assets.
If a lease modification fails the test above or the modification is of any other type (e.g. a decrease in scope from the original contract),
the Group must allocate the consideration in the modified contract to the lease components, determine the lease term of the modified
lease and remeasure the lease liability by discounting the revised lease payments using a revised discount rate.
Sublease accounting
Where the Group sub-leases an asset (intermediate lessor) which it has leased from another lessor (the \u2018head lessor\u2019 who ultimately
owns the asset from a legal perspective), the Group assesses whether the sub-lease is a finance or operating lease by reference to the
right-of-use asset being leased, not the actual underlying asset.
1\u00a0 Accounting policies continued
(o) Determination of fair value of financial instruments
The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date in the principal, or in its absence, the most advantageous market to
which the Group has access at that date. The Group considers the impact of non-performance risk when valuing its financial liabilities.
Financial instruments are initially recognised at fair value and, with the exception of financial assets at fair value through profit or loss,
the initial carrying amount is adjusted for direct and incremental transaction costs. In the normal course of business, the fair value on
initial recognition is the transaction price (fair value of consideration given or received). If the Group determines that the fair value at
initial recognition differs from the transaction price and the fair value is determined by a quoted price in an active market for the same
financial instrument, or by a valuation technique which uses only observable market inputs, the difference between the fair value at
initial recognition and the transaction price is recognised as a gain or loss. If the fair value is calculated by a valuation technique that
features significant market inputs that are not observable, the difference between the fair value at initial recognition and the transaction
price is deferred. Subsequently, the difference is recognised in the income statement on an appropriate basis over the life of the
financial instrument, but no later than when the valuation is supported by wholly observable inputs; the transaction matures; or is
closed\u00a0out.
Subsequent to initial recognition, the methods used to determine the fair value of financial instruments include quoted prices in active
markets where those prices are considered to represent actual and regularly occurring market transactions. Where quoted prices are
not available or are unreliable because of market inactivity, fair values are determined using valuation techniques.
Quoted prices in active markets
Quoted market prices are used where those prices are considered to represent actual and regularly occurring market transactions for
financial instruments in active markets.
Valuations for negotiable instruments such as debt and equity securities are determined using bid prices for asset positions and ask
prices for liability positions.
Where securities are traded on an exchange, the fair value is based on prices from the exchange. The market for debt securities largely
operates on an \u2018over-the-counter\u2019 basis which means that there is not an official clearing or exchange price for these security
instruments. Therefore, market makers and/or investment banks (\u2018contributors\u2019) publish bid and ask levels which reflect an indicative
price that they are prepared to buy and sell a particular security. The Group\u2019s valuation policy requires that the prices used in
determining the fair value of securities quoted in active markets must be sourced from established market makers and/or investment
banks.
Valuation techniques
In the absence of quoted market prices, and in the case of over-the-counter derivatives, fair value is calculated using valuation
techniques. These valuation techniques maximise the use of relevant observable inputs and minimise the use of unobservable inputs.
The valuation techniques used incorporate the factors that market participants would take into account in pricing a transaction.
Valuation techniques include the use of recent orderly transactions between market participants, reference to other similar instruments,
option pricing models, discounted cash flow analysis and other valuation techniques commonly used by market participants.
Fair value may be estimated using quoted market prices for similar instruments, adjusted for differences between the quoted instrument
and the instrument being valued. Where the fair value is calculated using discounted cash flow analysis, the methodology is to use, to
the extent possible, market data that is either directly observable or is implied from instrument prices, such as interest rate yield curves,
equities and commodities prices, credit spreads, option volatilities and currency rates. In addition, the Group considers the impact of
own credit risk and counterparty risk when valuing its derivative liabilities.
The valuation methodology is to calculate the expected cash flows under the terms of each specific contract and then discount these
values back to a present value. The assumptions involved in these valuation techniques include:
\u2022The likelihood and expected timing of future cash flows of the instrument. These cash flows are generally governed by the terms of
the instrument, although management judgement may be required when the ability of the counterparty to service the instrument in
accordance with the contractual terms is in doubt. In addition, future cash flows may also be sensitive to the occurrence of future
events, including changes in market rates; and
\u2022Selecting an appropriate discount rate for the instrument, based on the interest rate yield curves including the determination of an
appropriate spread for the instrument over the risk-free rate. The spread is adjusted to take into account the specific credit risk profile
of the exposure.
1\u00a0 Accounting policies continued
(o) Determination of fair value of financial instruments continued
All adjustments in the calculation of the present value of future cash flows are based on factors market participants would take into
account in pricing the financial instrument.
Certain financial instruments (both assets and liabilities) may be valued on the basis of valuation techniques that feature one or more
significant market inputs that are not observable. When applying a valuation technique with unobservable data, estimates are made to
reflect uncertainties in fair values resulting from a lack of market data, for example, as a result of illiquidity in the market. For these
instruments, the fair value measurement is less reliable. Inputs into valuations based on non-observable data are inherently uncertain
because there is little or no current market data available from which to determine the price at which an orderly transaction between
market participants would occur under current market conditions. However, in most cases there is some market data available on which
to base a determination of fair value, for example historical data, and the fair values of most financial instruments will be based on some
market observable inputs even where the non-observable inputs are significant. All unobservable inputs used in valuation techniques
reflect the assumptions market participants would use when fair valuing the financial instrument.
The Group tests the outputs of the valuation model to ensure that it reflects current market conditions. The calculation of fair value for
any financial instrument may require adjustment of the quoted price or the valuation technique output to reflect the cost of credit risk
and the liquidity of the market, if market participants would include one, where these are not embedded in underlying valuation
techniques or prices used.
The choice of contributors, the quality of market data used for pricing and the valuation techniques used are all subject to internal
review and approval procedures.
Transfers between levels of the fair value hierarchy
The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change
occurred.
(p) Sale and repurchase agreements (including securities borrowing and lending)
Financial assets may be lent or sold subject to a commitment to repurchase them (\u2018repos\u2019). Such securities are retained on the
statement of financial position when substantially all the risks and rewards of ownership remain with the Group. The liability to the
counterparty is included separately on the statement of financial position. Similarly, when securities are purchased subject to a
commitment to resell (\u2018reverse repos\u2019), or where the Group borrows securities, but does not acquire the risks and rewards of ownership,
the transactions are treated as collateralised loans, and the securities are not usually included in the statement of financial position. The
difference between the sale and repurchase price is accrued over the life of the agreements using the effective interest rate method.
Securities lent to counterparties are also retained in the financial statements. The exception to this is where these are sold to third
parties, at which point the obligation to repurchase the securities is recorded as a trading liability at fair value and any subsequent gain
or loss included in trading income.
(q) Derivatives and hedge accounting
Derivatives, such as interest rate swaps, options and forward rate agreements, futures, currency swaps and options, and equity index
options are used for trading purposes whereas interest rate swaps, currency swaps, cross currency interest rate swaps and credit
derivatives are used for hedging purposes.
The Group maintains trading positions in a variety of financial instruments including derivatives. Trading transactions arise both as a
result of activity generated by customers and from proprietary trading with a view to generating incremental income.
Non-trading derivative transactions comprise transactions held for hedging purposes as part of the Group\u2019s risk management strategy
against assets, liabilities, positions and cash flows.
Derivatives
Derivatives are measured initially at fair value on the date on which the derivative contract is entered into and subsequently remeasured
at fair value. Fair values are obtained from quoted market prices in active markets, including recent market transactions, and from
valuation techniques using discounted cash flow models and option pricing models as appropriate. Derivatives are included in assets
when their fair value is positive, and in liabilities when their fair value is negative, unless there is the legal ability and intention to settle
an asset and liability on a net basis.
The best evidence of the fair value of a derivative at initial recognition is the transaction price (i.e. the fair value of the consideration
given or received) unless the fair value of that instrument is evidenced by comparison with other observable current market transactions
in the same instrument (i.e. without modification or repackaging) or based on a valuation technique whose variables include only data
from observable markets.
Profits or losses are only recognised on initial recognition of derivatives when there are observable current market transactions or
valuation techniques that are based on observable market inputs.
1\u00a0 Accounting policies continued
(q) Derivatives and hedge accounting continued
Hedging
The Group has opted to remain with the IAS 39 Financial Instruments: Recognition and Measurement hedge accounting requirements
until macro hedge accounting is addressed by the IASB as part of a separate project. This is an accounting policy choice allowed by
IFRS 9 Financial Instruments.
All derivatives are carried at fair value and the accounting treatment of the resulting fair value gain or loss depends on whether the
derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Where derivatives are held for risk
management purposes, and where transactions meet the criteria specified in IAS 39 Financial Instruments: Recognition and
Measurement, the Group designates certain derivatives as either:
\u2022Hedges of the fair value of recognised assets or liabilities or firm commitments (\u2018fair value hedge\u2019); or
\u2022Hedges of the exposure to variability of cash flows attributable to a recognised asset or liability, or a highly probable forecasted
Transaction (\u2018cash flow hedge\u2019); or
\u2022Hedges of a net investment in a foreign operation.
When a financial instrument is designated as a hedge, the Group formally documents the relationship between the hedging instrument
and hedged item as well as its risk management objectives and its strategy for undertaking the various hedging transactions. The
Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in
hedging transactions are highly effective in offsetting changes in fair values or cash flows of the hedged items.
The Group discontinues hedge accounting when:
a) it is determined that a derivative is not, or has ceased to be, highly effective as a hedge;
b) the derivative expires, or is sold, terminated, or exercised;
c) the hedged item matures or is sold or repaid; or
d) a forecast transaction is no longer deemed highly probable.
To the extent that the changes in the fair value of the hedging derivative differ from changes in the fair value of the hedged risk in the
hedged item, or the cumulative change in the fair value of the hedging derivative differs from the cumulative change in the fair value of
expected future cash flows of the hedged item, ineffectiveness arises. The amount of ineffectiveness, (taking into account the timing of
the expected cash flows, where relevant) provided it is not so great as to disqualify the entire hedge for hedge accounting, is recorded
in the income statement.
In certain circumstances, the Group may decide to cease hedge accounting even though the hedge relationship continues to be highly
effective by no longer designating the financial instrument as a hedge.
Some of the Group cash flow and fair value hedge relationships were affected by the interest rate benchmark reform. All the affected
hedged items and hedging instruments were either transitioned to risk free rates or will be in line with regulatory deadlines which will
change the basis for determining the interest cash flows from the relevant term rate to the relevant risk free rate at an agreed point in
time. The hedge documentation has been amended accordingly.
Fair value hedge accounting
Changes in fair value of derivatives that qualify and are designated as fair value hedges are recorded in the income statement, together
with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. If the hedge no longer meets the
criteria for hedge accounting, the fair value hedging adjustment cumulatively made to the carrying value of the hedged item is, for items
carried at amortised cost, amortised over the period to maturity of the previously designated hedge relationship using the effective
interest rate method. For debt securities measured at FVOCI, the fair value adjustment for hedged items is recognised in the income
statement using the effective interest rate method. If the hedged item is sold or repaid, the unamortised fair value adjustment is
recognised immediately in the income statement.
1\u00a0 Accounting policies continued
(q) Derivatives and hedge accounting continued
Cash flow hedge accounting
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is initially
recognised directly in other comprehensive income and included in the cash flow hedging reserve in the statement of changes in equity.
The amount recognised in other comprehensive income is reclassed to profit or loss as a reclassification adjustment in the same period
as the hedged cash flows affect profit or loss, and in the same line item in the statement of comprehensive income. Any ineffective
portion of the gain or loss on the hedging instrument is recognised in the income statement immediately.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain
or loss recognised in other comprehensive income from the time when the hedge was effective remains in equity and is reclassified to
the income statement as a reclassification adjustment as the forecast transaction affects profit or loss. When a forecast transaction is
no longer expected to occur, the cumulative gain or loss that was recognised in other comprehensive income from the period when the
hedge was effective is reclassified to the income statement.
Net investment hedge
Hedges of net investments in foreign operations, including monetary items that are accounted for as part of the net investment, are
accounted for similarly to cash flow hedges. The effective portion of the gain or loss on the hedging instrument is recognised in other
comprehensive income and the ineffective portion is recognised immediately in the income statement. The cumulative gain or loss
previously recognised in other comprehensive income is recognised in the income statement on the disposal or partial disposal of the
foreign operation. Hedges of net investments may include non-derivative liabilities as well as derivative financial instruments.
Derivatives that do not qualify for hedge accounting
Certain derivative contracts entered into as economic hedges do not qualify for hedge accounting. Changes in the fair value of these
derivative instruments are recognised immediately in the income statement.
(r) Derecognition
Financial assets
The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the
rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the
financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership
and it does not retain control of the financial asset.
On derecognition of a financial asset, the difference between the carrying amount of the asset and the sum of (i) the consideration
received (including any new asset obtained less any new liability assumed) and (ii) any cumulative gain or loss that had been
recognised in OCI is recognised in profit or loss. Relevant costs incurred with the disposal of a financial asset are deducted in
computing the gain or loss on disposal.
Any cumulative gain/loss recognised in OCI in respect of equity investment securities designated as at FVOCI is not recognised in profit
or loss on derecognition of such securities. However, the amount held in investment securities reserves is transferred to revenue
reserves on derecognition. Any interest in transferred financial assets that qualify for derecognition, that is created or retained by the
Group, is recognised as a separate asset or liability.
The Group enters into transactions whereby it transfers assets recognised on its statement of financial position, but retains either all or
substantially all of the risks and rewards of the transferred assets or a portion of them. In such cases, the transferred assets are not
derecognised. Examples of such transactions are securities lending and sale-and-repurchase transactions.
In transactions in which the Group neither retains nor transfers substantially all of the risks and rewards of ownership of a financial
asset and it retains control over the asset, the Group continues to recognise the asset to the extent of its continuing involvement,
determined by the extent to which it is exposed to changes in the value of the transferred asset.
In certain transactions, the Group retains the obligation to service the transferred financial asset for a fee. The transferred asset is
derecognised if it meets the derecognition criteria. An asset or liability is recognised for the servicing contract if the servicing fee is more
than adequate or is less than adequate for performing the servicing.
The write-off of a financial asset constitutes a derecognition event. Where a financial asset is partially written-off, and the portion
written-off comprises specifically identified cash flows, this will constitute a derecognition event for that part written-off.
1\u00a0 Accounting policies continued
(s) Impairment of financial assets
The Group recognises loss allowances for expected credit losses at each balance sheet date for the following financial instruments that
are not measured at FVTPL:
\u2022Financial assets at amortised cost;
\u2022Financial assets at FVOCI (except for equity instruments);
\u2022Lease receivables;
\u2022Financial guarantee contracts issued; and
\u2022Loan commitments issued.
Investments in equity instruments are recognised at fair value and accordingly, expected credit losses (\u201cECLs\u201d) are not recognised
separately for equity instruments.
ECLs are the weighted average of credit losses. When measuring ECLs, the Group takes into account:
\u2022Probability-weighted outcomes;
\u2022The time value of money so that ECLs are discounted to the reporting date; and
\u2022Reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current
conditions and forecasts of future economic conditions.
The amount of ECLs recognised as a loss allowance depends on the extent of credit deterioration since initial recognition. There are
two measurement bases:
\u202212-month ECLs (Stage 1), which applies to all items as long as there is no significant deterioration in credit quality since initial
recognition; and
\u2022Lifetime ECLs (Stages 2 and 3), which applies when a significant increase in credit risk has occurred on an individual or collective
basis.
The 12 month ECL is the portion of lifetime expected credit losses that represent the expected credit losses that result from default
events on a financial instrument that are possible within the 12 months after the reporting date. Lifetime ECL is the expected credit
losses that result from all possible default events over the expected life of a financial instrument.
In the case of Stage 2, credit risk on the financial instrument has increased significantly since initial recognition but the instrument is not
considered credit impaired. For a financial instrument in Stage 3, credit risk has increased significantly since initial recognition and the
instrument is considered credit impaired.
Financial assets are allocated to stages dependent on credit quality relative to when the asset was originated.
A financial asset can only originate in either Stage 1 or as purchased or originated credit impaired (\u201cPOCI\u201d). The ECL held against an
asset depends on a number of factors, one of which is its stage allocation. Assets allocated to Stage 2 and Stage 3 have lifetime ECLs.
Collateral and other credit enhancements are not considered as part of stage allocation. Collateral is reflected in the Group\u2019s loss given
default models (\u201cLGD\u201d).
Purchased or originated credit impaired
POCI financial assets are those that are credit-impaired on initial recognition. The Group may originate a credit-impaired financial asset
following a substantial modification of a distressed financial asset that resulted in derecognition of the original financial asset.
POCIs are financial assets originated credit impaired that have a discount to the contractual value when measured at fair value. The
Group uses an appropriate discount rate for measuring ECL in the case of POCIs which is the credit-adjusted EIR. This rate is used to
discount the expected cash flows of such assets to fair value on initial recognition.
POCIs remain outside of the normal stage allocation process for the lifetime of the obligation. The ECL for POCIs is always measured
at an amount equal to lifetime expected credit losses. The amount recognised as a loss allowance for these assets is the cumulative
changes in lifetime expected credit losses since the initial recognition of the assets rather than the total amount of lifetime expected
credit losses.
1\u00a0 Accounting policies continued
(s) Impairment of financial assets continued
At each reporting date, the Group recognises the amount of the change in lifetime expected credit losses as a credit impairment gain or
loss in the income statement. Favourable changes in lifetime expected credit losses are recognised as a credit impairment gain, even if
the favourable changes exceed the amount previously recognised in profit or loss as a credit impairment loss.
Modification
From time to time, the Group will modify the original terms of a customer\u2019s loan either as part of the ongoing relationship or arising from
changes in the customer\u2019s circumstances such as when that customer is unable to make the agreed original contractual repayments.
A modification refers to either:
\u2022A change to the previous terms and conditions of a debt contract; or
\u2022A total or partial refinancing of a debt contract.
Modifications may occur for both customers in distress and for those not in distress. Any financial asset that undergoes a change or
renegotiation of cash flows and is not derecognised is a modified financial asset.
When modification does not result in derecognition, the modified assets are treated as the same continuous lending agreement and a
modification gain or loss is taken to profit or loss immediately. The gross carrying amount of the financial asset is recalculated as the
present value of the renegotiated or modified contractual cash flows discounted at the financial asset\u2019s original effective interest rate.
Any costs or fees incurred adjust the carrying amount of the modified financial asset and are amortised over the remaining term of the
modified financial asset.
The stage allocation for modified assets which are not derecognised is by reference to the credit risk at initial recognition of the original,
unmodified contractual terms i.e. the date of initial recognition is not reset.
Where renegotiation of the terms of a financial asset leads to a customer granting equity to the Group in exchange for any loan balance
outstanding, the new instrument is recognised at fair value with any difference to the loan carrying amount recognised in the income
statement.
Derecognition occurs if a modification or restructure is substantial on a qualitative or quantitative basis. Accordingly, certain forborne
assets are derecognised. The modified/restructured asset (derecognised forborne asset (\u2018DFA\u2019)) is considered a \u2018new financial
instrument\u2019 and the date that the new asset is recognised is the date of initial recognition from this point forward. DFAs are allocated to
Stage 1 on origination and follow the normal staging process thereafter.
If there is evidence of credit impairment at the time of initial recognition of a DFA, and the fair value at recognition is at a discount to the
contractual amount of the obligation, the asset is deemed to be a POCI. POCIs are not allocated to stages but are assigned a lifetime
PD and ECL for the duration of the obligation\u2019s life. Where the modification/restructure of a non-forborne credit obligation results in
derecognition, the new loan is originated in Stage 1 and follows the normal staging process thereafter.
Collateralised financial assets \u2013 Repossessions
The ECL calculation for a collateralised financial asset reflects the cash flows that may result from foreclosure, costs for obtaining and
settling the collateral, and whether or not foreclosure is probable.
For loans that are credit impaired, the Group may repossess collateral previously pledged as security in order to achieve an orderly
realisation of the loan. The Group will then offer this repossessed collateral for sale. However, if the Group believes the proceeds of the
sale will comprise only part of the recoverable amount of the loan with the customer remaining liable for any outstanding balance, the
loan continues to be recognised and the repossessed asset is not recognised. However, if the Group believes that the sale proceeds of
the asset will comprise all or substantially all of the recoverable amount of the loan, the loan is derecognised and the acquired asset is
accounted for in accordance with the applicable accounting standard. Any further impairment of the repossessed asset is treated as an
impairment of that asset and not as a credit impairment of the original loan.
Financial assets at FVOCI
The ECL allowance for financial assets measured at FVOCI does not reduce the carrying amount in the statement of financial position
because the carrying amount of these assets is fair value. However, an amount equal to the ECL allowance that would arise if the
assets were measured at amortised cost is recognised in other comprehensive income (\u2018OCI\u2019) as an accumulated credit impairment
amount, with a corresponding charge to profit or loss. The accumulated loss recognised in OCI is recycled to the profit or loss upon
derecognition of the assets (together with other accumulated gains and losses in OCI).
1\u00a0 Accounting policies continued
(s) Impairment of financial assets continued
Write-offs and debt forgiveness
The Group reduces the gross carrying amount of a financial asset either partially or fully when there is no reasonable expectation of
recovery.
Where there is no formal debt forgiveness agreed with the customer, the Group may write off a loan either partially or fully when there is
no reasonable expectation of recovery. This is considered a non-contracted write-off. In this case, the borrower remains fully liable for
the credit obligation and is not advised of the write-off.
Once a financial asset is written-off either partially or fully, the amount written-off cannot subsequently be recognised on the balance
sheet. It is only when cash is received in relation to the amount written-off that income is recognised in the income statement as a
\u2018recovery of bad debt previously written-off.
Debt forgiveness arises where there is a formal contract agreed with the customer for the write-off of a loan.
(t) Collateral and netting
The Group enters into master netting agreements with counterparties, to ensure that if an event of default occurs, all amounts
outstanding with those counterparties will be settled on a net basis.
Collateral
The Group obtains collateral in respect of customer advances where this is considered appropriate. The collateral normally takes the
form of a lien over the customer\u2019s assets and gives the Group a claim on these assets for both existing and future customer liabilities.
The collateral is, in general, not recorded on the statement of financial position.
The Group also receives collateral in the form of cash or securities in respect of other credit instruments, such as securities borrowing
contracts and derivative contracts in order to reduce credit risk. Collateral received in the form of securities is not recorded on the
statement of financial position. Collateral received in the form of cash is recorded on the statement of financial position with a
corresponding liability. Therefore, in the case of cash collateral, these amounts are assigned to deposits received from banks or other
counterparties. Any interest payable or receivable arising is recorded as interest expense or interest income respectively.
In certain circumstances, the Group will pledge collateral in respect of its own liabilities or borrowings. Collateral pledged in the form of
securities or loans and advances continues to be recorded on the statement of financial position. Collateral paid away in the form of
cash is recorded in loans and advances to banks or customers. Any interest payable or receivable arising is recorded as interest
expense or interest income respectively.
Netting
Financial assets and financial liabilities are offset and the net amount reported on the statement of financial position if, and only if, there
is a currently enforceable legal right to set off the recognised amounts and there is an intention to settle on a net basis, or to realise the
asset and settle the liability simultaneously. This is not generally the case with master netting agreements, therefore, the related assets
and liabilities are presented gross on the statement of financial position.
(u) Financial guarantees and loan commitment contracts
Financial guarantees are given to banks, financial institutions and other bodies on behalf of customers to secure loans, overdrafts and
other banking facilities (\u2018facility guarantees\u2019) and to other parties in connection with the performance of customers under obligations
relating to contracts, advance payments made by other parties, tenders, retentions and the payment of import duties. In its normal
course of business, Allied Irish Banks, p.l.c. (the principal operating company) issues financial guarantees to other Group entities.
A loan commitment is a contract with a borrower to provide a loan or credit on specified terms at a future date. The contract may or may
not be cancelled unconditionally at any time without notice depending on the terms of the contract.
The origination date for financial guarantees and loan commitment contracts is the date when the contracts become irrevocable. The
credit risk at this date is used to determine if a significant increase in credit risk has subsequently occurred.
Financial guarantees and loan commitments are initially recognised in the financial statements at fair value on the date that the
guarantee is given. Subsequent to initial recognition, the Group applies the impairment provisions of IFRS 9 Financial Instruments and
calculates an ECL allowance for financial guarantees and loan commitment contracts (i.e. those that are not measured at FVTPL).\u00a0
The ECL allowance calculated on financial guarantees and loan commitment contracts is reported within Provisions for liabilities and
commitments.
1\u00a0 Accounting policies continued
(v) Property, plant and equipment
Property, plant and equipment are stated at cost, or deemed cost, less accumulated depreciation and provisions for impairment, if any.
Additions and subsequent expenditures are capitalised only to the extent that they enhance the future economic benefits expected to
be derived from the asset. No depreciation is provided on freehold land. Property, plant and equipment are depreciated on a straight
line basis over their estimated useful economic lives. Depreciation is calculated based on the gross carrying amount, less the estimated
residual value at the end of the assets\u2019 economic lives.
The Group uses the following useful lives when calculating depreciation:
Freehold buildings and long-leasehold property50 years
Short leasehold propertylife of lease, up to 50 years
Costs of adaptation of freehold and leasehold property
Branch propertiesup to 10 years(1)
Office propertiesup to 15 years(1)
Computers and similar equipment 3 \u2013 7 years
Fixtures and fittings and other equipment 5 \u2013 10 years
The Group depreciates right-of-use assets arising under lease obligations from the commencement date of a lease to the earlier of the
end of the useful life of the right-of-use asset and the end of the lease term on a straight line basis.
The Group reviews its depreciation rates regularly, at least annually, to take account of any change in circumstances. When deciding on
useful lives and methods, the principal factors that the Group takes into account are the expected rate of technological developments
and expected market requirements for, and the expected pattern of usage of, the assets. When reviewing residual values, the Group
estimates the amount that it would currently obtain for the disposal of the asset, after deducting the estimated cost of disposal if the
asset was already of the age and condition expected at the end of its useful life.
Gains and losses on disposal of property, plant and equipment are included in the income statement. It is Group policy not to revalue its
property, plant and equipment.
(1)Subject to the maximum remaining life of the lease.
(w) Intangible assets
Computer software and other intangible assets
Computer software and other intangible assets are stated at cost, less amortisation on a straight line basis and provisions for
impairment, if any. The identifiable and directly associated external and internal costs of acquiring and developing software are
capitalised where the software is controlled by the Group, and where it is probable that future economic benefits that exceed its cost will
flow from its use over more than one year. Costs associated with maintaining software are recognised as an expense when incurred.
Capitalised computer software is amortised over 3 to 9 years. Other intangible assets are amortised over the life of the asset. Computer
software and other intangible assets are reviewed for impairment when there is an indication that the asset may be impaired. Intangible
assets not yet available for use are reviewed for impairment on an annual basis.
Acquired intangible assets
Customer related intangible assets and brands acquired in a business combination are recognised at fair value at acquisition date.
Customer related intangible assets and brands have a finite useful life and are carried at cost less accumulated amortisation and
provision for impairment, if any. Amortisation is calculated using the straight line basis to allocate the cost over their estimated useful life
(6 years).
(x) Impairment of property, plant and equipment, goodwill and intangible assets
Annually, or more frequently where events or changes in circumstances dictate, property, plant and equipment, goodwill and intangible
assets are assessed for indications of impairment. If indications are present, these assets are subject to an impairment review. Goodwill
and intangible assets not yet available for use are subject to an annual impairment review.
The impairment review comprises a comparison of the carrying amount of the asset or cash generating unit with its recoverable
amount. Cash-generating units are the lowest level at which management monitors the return on investment in assets. The recoverable
amount is determined as the higher of fair value less costs to sell the asset or cash generating unit and its value in use. Value in use is
calculated by discounting the expected future cash flows obtainable as a result of the asset\u2019s continued use, including those resulting
from its ultimate disposal, at a market-based discount rate on a pre-tax basis. For intangible assets not yet available for use, the
impairment review takes into account the cash flows required to bring the asset into use.
1\u00a0 Accounting policies continued
(x) Impairment of property, plant and equipment, goodwill and intangible assets continued
The carrying values of property, plant and equipment, goodwill and intangible assets are written down by the amount of any impairment
and this loss is recognised in the income statement in the period in which it occurs. A previously recognised impairment loss may be
reversed in part or in full when there is an indication that the impairment loss may no longer exist and there has been a change in the
estimates used to determine the asset\u2019s recoverable amount. The carrying amount of the asset will only be increased up to the amount
that it would have been had the original impairment not been recognised. Impairment losses on goodwill are not reversed.
(y) Disposal groups and non-current assets held for sale
A non-current asset or a disposal group comprising assets and liabilities is classified as held for sale if it is expected that its carrying
amount will be recovered principally through sale rather than through continuing use, it is available for immediate sale and sale is highly
probable within one year. For the sale to be highly probable, the appropriate level of management must be committed to a plan to sell
the asset or disposal group.
On initial classification as held for sale, generally, non-current assets and disposal groups are measured at the lower of previous
carrying amount and fair value less costs to sell with any adjustments taken to the income statement. The same applies to gains and
losses on subsequent remeasurement. However, financial assets within the scope of IFRS 9 Financial Instruments continue to be
measured in accordance with that standard.
Impairment losses subsequent to classification of assets as held for sale are recognised in the income statement. Subsequent
increases in fair value, less costs to sell of the assets that have been classified as held for sale are recognised in the income statement
to the extent that the increase is not in excess of any cumulative impairment loss previously recognised in respect of the asset. Assets
classified as held for sale are not depreciated.
Gains and losses on remeasurement and impairment losses subsequent to classification as disposal groups and non-current assets
held for sale are shown within continuing operations in the income statement, unless they qualify as discontinued operations.
Disposal groups and non-current assets held for sale which are not classified as discontinued operations are presented within other
assets and other liabilities on the statement of financial position.
(z) Non-credit risk provisions
Provisions are recognised for present legal or constructive obligations arising as consequences of past events where it is probable that
a transfer of economic benefit will be necessary to settle the obligation, and it can be reliably estimated.
When the effect is material, provisions are determined by discounting expected future cash flows at a pre-tax rate that reflects current
market assessments of the time value of money and, where appropriate, the risks specific to the liability. Payments are deducted from
the present value of the provision, and interest at the relevant discount rate is charged annually to interest expense using the effective
interest rate method. Changes in the present value of the liability as a result of movements in interest rates are included in other
income. These are reported within Provisions for liabilities and commitments in the statement of financial position.
Restructuring costs
Where the Group has a formal plan for restructuring a business and has raised valid expectations in the areas affected by the
restructuring by starting to implement the plan or announcing its main features, provision is made for the anticipated cost of
restructuring, including retirement benefits and redundancy costs, when an obligation exists. The provision raised is normally utilised
within twelve months. Future operating costs are not provided for.
Legal claims and other contingencies
Provisions are made for legal claims where the Group has present legal or constructive obligations as a result of past events and it is
more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.
Contingent liabilities are possible obligations whose existence will be confirmed only by the occurrence of uncertain future events or
present obligations where the transfer of economic benefit is uncertain or cannot be reliably estimated. Contingent liabilities are not
recognised but are disclosed in the notes to the financial statements unless the possibility of the transfer of economic benefit is remote.
A provision is recognised for a constructive obligation where a past event has led to an obligating event. This obligating event has left
the Group with little realistic alternative but to settle the obligation and the Group has created a valid expectation in other parties that it
will discharge the obligation.
1\u00a0 Accounting policies continued
(aa) Equity
Issued financial instruments, or their components, are classified as equity where they meet the definition of equity and confer on the
holder a residual interest in the assets of the Group.
On extinguishment of equity instruments, gains or losses arising are recognised net of tax directly in the statement of changes in equity.
Share capital
Share capital represents funds raised by issuing shares in return for cash or other consideration. Share capital comprises ordinary
shares of the entity.
Share premium
When shares are issued at a premium, whether for cash or otherwise, the excess of the amount received over the par value of the
shares is transferred to share premium.
Share issue costs
Incremental costs directly attributable to the issue of new shares or options are charged, net of tax, to equity.
Dividends and distributions
Dividends on ordinary shares are recognised in equity in the period in which they are approved by the Company\u2019s shareholders, or in
the case of the interim dividend when they become irrevocable having already been approved for payment by the Board of Directors.
The interim dividend may be cancelled at any time prior to the actual payment.
Dividends declared after the end of the reporting date are disclosed in note 51.
Other equity interests
Other equity interests include:
\u2022Additional Tier 1 Perpetual Contingent Temporary Write-down Securities (AT1s) (note 37); and
\u2022Warrants to acquire a fixed number of the company shares for a fixed amount of currency are classified as equity instruments and are
recognised on initial recognition at the fair value of consideration received.
Distributions on the AT1s are recognised in equity when approved for payment by the Board of Directors.
Other capital reserves
Other capital reserves represent transfers from retained earnings in accordance with relevant legislation.
Capital contributions
Capital contributions represent the receipt of non-refundable considerations arising from transactions with the Irish Government
(note 47). These contributions comprise both financial and non-financial net assets. The contributions are classified as equity and may
be either distributable or non-distributable. Capital contributions are distributable if the assets received are in the form of cash or
another asset that is readily convertible to cash, otherwise, they are treated as non-distributable. Capital contributions in the statement
of financial position arose during 2011 from (a) EBS transaction and (b) non-refundable receipts from the Irish Government and the
NPRFC.
The capital contribution from the EBS transaction is treated as non-distributable as the related net assets received were largely non-
cash in nature.
Non-refundable receipts of \u20ac 6,054 million from the Irish Government and the NPRFC are distributable. These are included in revenue
reserves.
1\u00a0 Accounting policies continued
(aa) Equity continued
Capital redemption reserves
Capital redemption reserves initially arose in 2015 from the redemption of 2,140 million 2009 Preference Shares whereby on
redemption, the\u00a0nominal value of shares redeemed was transferred from the share capital account to the capital redemption reserve
account. In\u00a0addition, the nominal value of cancelled ordinary shares is also transferred from the share capital to the capital redemption
reserve\u00a0account.
Revaluation reserves
Revaluation reserves represent the unrealised surplus, net of tax, which arose on revaluation of properties prior to the implementation
of IFRS at 1 January 2004.
Investment securities reserves
Investment securities reserves represent the net unrealised gain or loss, net of tax, arising from the recognition in the statement of
financial position of investment securities at FVOCI.
On disposal of equity securities which had been designated at FVOCI on initial recognition, any amounts held in the investment
securities reserves account is transferred directly to revenue reserves without recycling through profit or loss.
Cash flow hedging reserves
Cash flow hedging reserves represent the net gains or losses, net of tax, on effective cash flow hedging instruments that will be
reclassified to the income statement when the hedged transaction affects profit or loss.
Revenue reserves
Revenue reserves include the following:
\u2022Retained earnings of the parent company, subsidiaries and associated undertakings;
\u2022Amounts transferred from issued share capital, share premium and capital redemption reserves following Irish High Court approval;
\u2022Amounts arising from the capital reduction which followed the \u2018Scheme of Arrangement\u2019 undertaken by the Group in December 2017;
\u2022Remeasurements of defined benefit pension schemes; and
\u2022Transactions with owners including distributions and buybacks.
Foreign currency cumulative translation reserves
The foreign currency cumulative translation reserves represent the cumulative gains and losses on the retranslation of the Group\u2019s net
investment in foreign operations, at the rate of exchange at the year end reporting date net of the cumulative gain or loss on
instruments designated as net investment hedges.
Merger reserve
The merger reserve arose following the Scheme of Arrangement approved by the Irish High Court in December 2017 where a new
company, AIB Group plc (\u2018the Company\u2019), was introduced as the holding company of AIB Group (note 38).
In the consolidated financial statements of AIB Group plc, the carrying value of the investment in Allied Irish Banks, p.l.c. by AIB Group
plc was eliminated against the share capital and share premium account in Allied Irish Banks, p.l.c. and the merger reserve in AIB
Group plc resulting in a negative merger reserve.
In AIB Group plc\u2019s company financial statements, impairment losses which arise from AIB Group plc\u2019s investment in Allied Irish Banks,
p.l.c. will be charged to the profit or loss account and transferred to the merger reserve in so far as a credit balance remains in the
merger reserve.
Non-controlling interests
Non-controlling interests comprise equity interests which relate to the interests of outside shareholders in consolidated subsidiaries.
They also include other equity instruments such as additional tier 1 securities if issued by consolidated subsidiaries.
1\u00a0 Accounting policies continued
(ab) Cash and cash equivalents
For the purposes of the cash flow statement, cash comprises cash on hand and demand deposits, and cash equivalents comprise
highly liquid investments that are convertible into cash with an insignificant risk of changes in value and with a maturity of less than
three months from the date of acquisition.
(ac) Segment reporting
An operating segment is a component of the Group that engages in business activities from which it earns revenues and incurs
expenses. The Group has identified reportable segments on the basis of internal reports about components of the Group that are
regularly reviewed by the Chief Operating Decision Maker (\u201cCODM\u201d) in order to allocate resources to the segment and assess its
performance. Based on this identification, the reportable segments are the operating segments within the Group, the head of each
being a member of the Executive Committee. The Executive Committee is the CODM and it relies primarily on the management
accounts to assess performance of the reportable segments and when making resource allocation decisions.
Transactions between operating segments are on normal commercial terms and conditions, with internal charges and transfer pricing
adjustments reflected in the performance of each operating segment. Revenue sharing agreements are used to allocate external
customer revenues to an operating segment on a reasonable basis.
Geographical segments provide products and services within a particular economic environment that is subject to risks and rewards
that are different to those components operating in other economic environments. The geographical distribution of revenue is based
primarily on the location of the office recording the transaction. The geographic distribution of loans and related impairment is based on
the country of risk.
(ad) Prospective accounting changes
The following amendments to existing standards which have been approved by the IASB, but not early adopted by the Group, will
impact the Group\u2019s financial reporting in future periods. The Group will consider the impact of these amendments as the situation
requires. The amendments which are most relevant to the Group are detailed below.
IFRS 17 Insurance Contracts
In May 2017, the IASB issued IFRS 17 Insurance Contracts, a comprehensive new accounting standard for insurance contracts
covering recognition and measurement, presentation and disclosure. Once effective, IFRS 17 will replace IFRS 4 Insurance Contracts
as issued in 2005. IFRS 17 applies to all types of insurance contracts (i.e., life, non-life, direct insurance and re-insurance), regardless
of the type of entities that issues them, as well as certain guarantees and financial instruments with discretionary participation features.
A few scope exceptions will apply.
IFRS 17 is effective for reporting periods beginning on or after 1 January 2023, with comparative figures required. The Group has
completed an initial assessment of the impacts of adopting IFRS 17 and it has concluded that it does not expect any material impact on
its financial statements from the adoption of the new standard in 2023.
Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies
The amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 regarding disclosure of accounting
policies which were issued in February 2021, amends IAS 1 in the following way:
\u2022Disclosure of material accounting policy information is now required instead of significant accounting policies.
\u2022Amendments have been included to clarify that accounting policy information may be material because of its nature, even if the
related amounts are immaterial and if users of an entity\u2019s financial statements would need it to understand other material information
in the financial statements.
Effective date: Annual reporting periods beginning on or after 1 January 2023.\u00a0 These amendments will not have a material impact on
the Group.
Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates
The amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors were issued in February 2021 to help
entities to distinguish between accounting policies and accounting estimates. The changes relate entirely to accounting estimates and
clarify the following:
\u2022The definition of a change in accounting estimates is replaced with a definition of accounting estimates.
\u2022Entities develop accounting estimates if accounting policies require items in financial statements to be measured in a way that
involves measurement uncertainty.
\u2022A change in accounting estimate that results from new information or new developments is not the correction of an error.
\u2022A change in an accounting estimate may affect only the current period\u2019s profit or loss, or the profit or loss of both the current period
and future periods.
Effective date: Annual reporting periods beginning on or after 1 January 2023. These amendments will not have a material impact on
the Group.
1\u00a0 Accounting policies continued
(ad) Prospective accounting changes continued
Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction
The amendments to IAS 12 Income Taxes regarding deferred taxes related to assets and liabilities arising from a single transaction
which were issued in May 2021, require the following change:
\u2013 An exemption from the initial recognition exemption provided in IAS 12.15(b) and IAS 12.24.
Accordingly, the initial recognition exemption does not apply to transactions in which equal amounts of deductible and taxable
temporary differences arise on initial recognition.
Effective date: Annual reporting periods beginning on or after 1 January 2023. These amendments will not have a material impact on
the Group.
Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback
In September 2022, the IASB issued amendments to IFRS 16 Leases that require a seller-lessee to subsequently measure lease
liabilities arising from a leaseback in a way that it does not recognise any amount of the gain or loss that relates to the right of use it
retains.
The new requirements do not prevent a seller-lessee from recognising in profit or loss any gain or loss relating to the partial or full
termination of a lease.
Effective date: Annual reporting periods beginning on or after 1 January 2024.
Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current
In January 2020, July 2020 and October 2022, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 Presentation of Financial
Statements to specify the requirements for classifying liabilities as current or non-current. The amendments clarify:
\u2022What is meant by a right to defer settlement;
\u2022That a right to defer must exist at the end of the reporting period;
\u2022That classification is unaffected by the likelihood that an entity will exercise its deferral right;
\u2022That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its
classification; and
\u2022That covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the
reporting date. Instead, information about these covenants should be disclosed in the notes to the financial statements.
Effective date: Annual reporting periods beginning on or after 1 January 2024.
Other
The IASB has published a number of minor amendments to IFRSs through standalone amendments. None of the other amendments
are expected to have a significant impact on reported results or disclosures.
2\u00a0 Critical accounting judgements and estimates
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the
application of policies and reported amounts of certain assets, liabilities, revenues and expenses, and disclosures of contingent assets
and liabilities. The estimates and assumptions are based on historical experience and various other factors that are believed to be
reasonable under the circumstances. Since management judgement involves making estimates concerning the likelihood of future
events, the actual results could differ from those estimates.
The accounting judgements that are deemed critical to the Group\u2019s results and financial position, in terms of the materiality of the items
to which the judgements are applied, and the estimates that have a significant risk of material adjustment in the next year are set out
below.
Significant judgements
The significant judgements made by the Group in applying its accounting policies are as follows:
\u2022Deferred taxation;
\u2022Impairment of financial assets; and
\u2022Provisions for liabilities and commitments.
The application of certain of these judgements also necessarily involves estimations which are discussed separately.
Deferred taxation
The Group\u2019s accounting policy for deferred tax is set out in accounting policy (k) in note 1. Details of the Group\u2019s deferred tax assets
and liabilities are set out in note 27.
A key judgement in relation to the recoverability of deferred tax assets is that it is probable that there will be sufficient future taxable
profits against which the losses can be used:
\u2022The estimated utilisation period for such losses in Ireland is within the timeframe that taxable profits are considered more likely
than not; and
\u202215 years is the period that taxable profits are considered more likely than not in the UK.
Deferred tax assets are recognised for unused tax losses to the extent that it is probable (defined for this purpose as more likely than
not) that there will be sufficient future taxable profits against which the losses can be used. For a company with a history of recent
losses, there must be convincing other evidence to underpin this assessment.
The recognition of these deferred tax assets relies on the assessment of future profitability and the sufficiency of those profits to absorb
losses carried forward. It requires significant judgements to be made about the projection of long term future profitability because of the
period over which recovery extends.
In assessing the future profitability of the Group, the Board has considered a range of positive and negative evidence for this purpose.
Among this evidence, the principal positive factors include:
\u2022AIB as a pillar bank with a strong Irish franchise;
\u2022The absence of any expiry dates for Irish and UK tax losses;
\u2022The changing banking landscape in Ireland as KBC and Ulster Bank exit the Irish market as evidenced by the acquisition of certain
Ulster Bank loans by the Group;
\u2022The strong performance of the Irish economy in 2022 with growth forecasts being revised higher during the year;
\u2022A positive interest rate environment with Central Banks increasing Euro, Sterling and Dollar interest rates during 2022;
\u2022The recent inorganic activity of the Group including the completed acquisition of Goodbody in 2021 and the Group\u2019s investment in AIB
JV Holdings Limited being the Group\u2019s joint venture with Great-West Lifeco Inc.;
\u2022The turnaround evident in the financial performance over the years 2021-2022;
\u2022External economic forecasts for Ireland in the medium term, with forecasted growth in 2023 of 4%, outperforming the global
economy;
\u2022The introduction of the bank resolution framework under the BRRD and the establishment in 2017 of AIB Group plc as the new
holding company of the Group provides greater confidence in relation to the future viability of Allied Irish Banks, p.l.c. (as the principal
operating bank subsidiary) as there are now effective tools in place that should facilitate its recapitalisation in a future crisis; and
\u2022The non-enduring nature of the loan impairments at levels which resulted in the losses in the 2009 to 2013 prior years.
The Board considered negative evidence and the inherent uncertainties in any long term financial assumptions and projections,
including:
\u2022The absolute level of deferred tax assets compared to the Group\u2019s equity;
\u2022The quantum of profits required to be earned and the extended period over which it is projected that the tax losses will be utilised;
\u2022The challenge of forecasting over a long period, taking account of the level of competition, market dynamics (including the interest
rate environment) and resultant margin and funding pressures;
\u2022Any potential longer term residual impacts of COVID-19 and post-Brexit EU/UK trade deal on the Irish economy;
\u2022Potential instability arising from macroeconomic headwinds and geopolitical issues over an extended period; and
\u2022Taxation changes (including Organisation for Economic Co-operation and Development (\u201cOECD\u201d) tax reform) and the likelihood of
future developments and their impact on profitability and utilisation.
2\u00a0 Critical accounting judgements and estimates continued
Deferred taxation continued
Profitability and growth were reassessed in the annual planning exercise covering the period 2023 to 2025 undertaken by the Group in
the second half of 2022. Profitability levels underpinning the plan have been revised upwards compared to last year given the changing
banking landscape and evolving operating environment.
Taking account of all relevant factors, and in the absence of any expiry date for tax losses in Ireland, the Group further believes that it is
more likely than not that there will be future profits in the medium term, and beyond, in the relevant Irish Group companies against
which to use the tax losses. In this regard, the Group has carried out an exercise to determine the likely number of years required to
utilise the deferred tax asset under the following scenario. Using the Group\u2019s financial plan 2023 to 2025 as a base and a profit growth
rate of 2% from 2026, it was assessed that it will take less than 15 years for the Irish deferred tax asset (\u20ac 2.5 billion) to be utilised.
Furthermore, under this scenario, it is expected that c. 65% will be utilised within 10 years. If the growth rate assumption was decreased
by 1%, then the utilisation period increases by a further c.1 year. The Group\u2019s analysis of this and other scenarios examined would not
alter the basis of recognition or the current carrying value. In 2021, the Group reported that it expected that it would take in excess of 20
years for the deferred tax asset to be utilised with 92% being utilised within 20 years and 64% within 15 years.
Given the relative size of the Group\u2019s operations in the UK compared to the role that the Irish operations play in supporting a functioning
banking environment, a different judgement has been applied to the period that taxable profits are considered more likely than not in the
UK. Despite the absence of any expiry date for tax losses in the UK, the Group has concluded that the recognition of deferred tax
assets in its UK subsidiary be limited to the amount projected to be realised within a time period of 15 years. This is the timescale within
which the Group believes that it can assess the likelihood of its UK profits arising as being more likely than not.
However, for certain other subsidiaries and branches, the Group has also concluded that it is more likely than not that there will be
insufficient profits to support the recognition of deferred tax assets.
The amount of recognised deferred tax assets arising from unused tax losses amounts to \u20ac 2,741 million (2021: \u20ac 2,840 million) of
which \u20ac 2,546 million (2021: \u20ac 2,645 million) relates to Irish tax losses and \u20ac 196 million (2021: \u20ac 195 million) relates to UK tax losses.
IAS 12 Income Tax does not permit a company to apply present value discounting to its deferred tax assets or liabilities, regardless of
the estimated timescales over which those assets or liabilities are projected to be realised. The Group\u2019s deferred tax assets are
projected to be realised over a long timescale, benefiting from the absence of any expiry date for Irish or UK tax losses. As a result, the
carrying value of the deferred tax assets on the statement of financial position does not reflect the economic value of those assets.
Impairment of financial assets
The Group\u2019s accounting policy for impairment of financial assets is set out in accounting policy (s) in note 1. Details of the Group\u2019s ECL
allowance are set out in note 21.
The calculation of the ECL allowance is complex and requires the use of a number of accounting judgements.
The most significant judgements applied by the Group in determining the ECL allowance are as follows:
\u2022Determining the criteria for a significant increase in credit risk and for being classified as credit impaired;
\u2022Applying the definition of default policy for classifying financial assets as credit impaired; and
\u2022Determining the need for and an appropriate methodology for post-model adjustments.
The significant management judgements and the governance process, relating to ECL, are set out on page 150 and 151 in the Risk
Management section.
Provisions for liabilities and commitments
The Group\u2019s accounting policy for provisions for liabilities and commitments is set out in accounting policy (z) in note 1. Details of the
Group\u2019s provision for liabilities and commitments are shown in note 34.
Significant management judgement is required to determine whether the Group has a present obligation as a result of a past event
and whether it is probable an outflow of resources will be required to settle the obligation.
The Group recognises liabilities where it has present legal or constructive obligations as a result of past events and it is more likely than
not that these obligations will result in an outflow of resources to settle the obligations and the amount can be reliably estimated.
Judgement is required in determining whether the Group has a present obligation and whether it is probable that an outflow of
economic benefits will be required to settle this obligation. This judgement is applied to information available at the time of determining
the provision including, but not limited to, judgements around interpretations of legislation, regulations and case law depending on the
nature of the provision.
2\u00a0 Critical accounting judgements and estimates continued
Critical accounting estimates
The accounting estimates with a significant risk of material adjustment to the carrying amounts of assets and liabilities within the next
financial year were in relation to:
\u2022Deferred taxation;
\u2022Impairment of financial assets;
\u2022Retirement benefit obligations;
\u2022Provisions for liabilities and commitments; and
\u2022Investment in subsidiary in the separate financial statements.
Deferred taxation
The Group\u2019s accounting policy for deferred tax is set out in accounting policy (k) in note 1. Details of the Group\u2019s deferred tax assets
and liabilities are set out in note 27.
The most significant source of estimation uncertainty in relation to deferred tax is the forecast profit over the 15 year period that is
used to determine the deferred tax asset for unutilised losses in the Group's principal UK subsidiary, which is based on the Group\u2019s
annual plan.
The deferred tax asset for unutilised tax losses in the Group\u2019s principal UK subsidiary amounts to \u00a3 165 million at 31 December 2022
(31 December 2021: \u00a3 164 million).
On an annual basis profitability and growth are reassessed in the annual planning exercise undertaken by the Group. Growth
assumptions and profitability levels underpinning the plan are reassessed and reflect the revised macroeconomic outlook and the
current market as well as revised business strategies.
Forecast profits for the 15 year period are subject to uncertainty with a range of possibilities. Subsequent forecasts of profits in future
years may be higher or lower which could result in a significant risk of adjustment to the carrying amounts of deferred tax assets, within
the next financial year.
Impairment of financial assets
The Group\u2019s accounting policy for impairment of financial assets is set out in accounting policy (s) in note 1. Details of the Group\u2019s
expected credit loss (\u201cECL\u201d) allowance are set out in note 21.
The calculation of the ECL allowance is complex and therefore an entity must consider large amounts of information in their
determination. This process requires significant use of estimates and assumptions, some of which by their nature, are highly subjective
and very sensitive to risk factors such as changes to economic conditions. Changes in the ECL allowance can materially affect net
income.
ECL allowance for Loans and advances to customers at 31 December 2022 amounted to \u20ac 1,618 million (2021: \u20ac 1,885 million). The
ECL for financial assets represents management\u2019s best estimate of the expected credit losses on the various portfolios at the respective
reporting dates.
The key estimates and assumptions that the Directors have used in determining the ECL allowance are as follows:
\u2022Inputs into discounted cash-flows (\u2018DCFs\u2019) for certain Stage 3 credit impaired obligors;
\u2022Establishing the number and relative weightings for forward looking scenarios;
\u2022The assumptions for measuring ECL (e.g. PD, LGD and EAD and the parameters to be included within the models for modelled
ECL); and
\u2022The estimation of post model adjustments where required.
Discounted cash flows (\"DCFs\") are the most significant input to the ECL calculation for Stage 3 credit impaired borrowers where the
gross credit exposure is \u2265 \u20ac 1 million for Ireland or \u2265 \u00a3 500,000 for the UK. Collateral valuations and the estimated time to realisation of
collateral is a key component of the DCF model. The DCF assessment produces a base case ECL which is then adjusted to incorporate
the impact of multiple scenarios on the base ECL. The size of the adjustment must consider all relevant and supportable information,
including but not limited to, historical data analysis, predictive modelling and management judgement.
The macroeconomic variables used in models to calculate ECL allowance are based on assumptions, forecasts and estimates against
a backdrop of the residual impact of the COVID-19 pandemic and the economic landscape which are continuously evolving.
Accordingly, developments with regard to the pandemic and changes in local and international factors could have a material bearing on
the ECL allowance within the next financial year. The Group\u2019s sensitivity to a range of macroeconomic factors under (i) base forecast;
(ii) upside; and (iii) downside scenarios is set out on pages 144 to 148 of the Risk Management section of this report.
Certain of these estimates may have a significant risk of material adjustment to carrying amounts of assets within the next financial
year.
2\u00a0 Critical accounting judgements and estimates continued
Impairment of financial assets continued
The Group has developed a standard approach for the measurement of ECL for the majority of the Group\u2019s exposures where each ECL
input parameter (e.g. PD, LGD and EAD) is developed in line with standard modelling methodology. These are discussed further on
page 142 and 143 of the Risk Management section. In addition, where the estimate of ECL does not adequately capture all available
forward looking information about the range of possible outcomes, or where there is a significant degree of uncertainty, management
may consider it appropriate for an adjustment to ECL. These are referred to as post model adjustments and are set out in detail on
page 150 and 151.
On an ongoing basis, the various estimates and assumptions are reviewed in light of differences between actual and previously
calculated expected losses. These are then recalibrated and refined to reflect current and evolving economic conditions. The
management process for the calculation of ECL allowance is underpinned by second-line levels of review. The ECL allowance is, in
turn, reviewed and approved by the Group Credit Committee on a quarterly basis with final Group levels being approved by the Board
Audit Committee. Further detail on the ECL governance process is set out on page 151.
Retirement benefit obligations
The Group\u2019s accounting policy for retirement benefit obligations is set out in accounting policy (j) in note 1. Details of the Group\u2019s
retirement benefit obligations are set out in note 28.
The key estimates and assumptions that the Directors have used in determining the retirement benefit obligation are as follows:
\u2022In a situation where the Group believes the Trustee has the ability to grant discretionary increases without any funding being
provided by the Group, the Group has assumed that the Trustee will grant increases and as a result the scheme\u2019s liabilities
include an estimate for this matter; and
\u2022The significant actuarial assumptions used to determine the present value of the retirement benefit obligation.
The Trustee of the Irish Scheme has awarded an increase, in certain years, in respect of pensions eligible for discretionary pension in
payment increases notwithstanding a decision by the Group not to fund such increases. This reflected the ability of the Trustee to grant
an increase when the financial position of the scheme would enable such an increase at that point in time.
Taking these decisions by the Trustee into consideration, the long term assumption for future increases in pension in payment reflects
an assessment of the Trustee\u2019s ability to grant further increases without any funding from the Group, capped at a long-term inflation
assumption.
Having taken actuarial advice the Group has adopted a rate of 2.6%, being a long term inflation assumption, and which has increased
the scheme liabilities by \u20ac 886 million at 31 December 2022 (31 December 2021: 0.65%, \u20ac 350 million respectively).
The actuarial valuation of the schemes\u2019 liabilities is dependent upon a number of financial and demographic assumptions which are
inherently uncertain. Changes to those assumptions could materially impact the reported amount for schemes\u2019 liabilities and the
actuarial gains/losses reported in equity. Details of the assumptions adopted by the Group in calculating the schemes\u2019 liabilities are set
out in note 28 to the financial statements. A sensitivity analysis for the principal assumptions used to measure the schemes\u2019 liabilities is
set out in note 28 to the financial statements.
Provisions for liabilities and commitments
The Group\u2019s accounting policy for provisions for liabilities and commitments is set out in accounting policy (z) in note 1. Details of the
Group\u2019s provision for liabilities and commitments are shown in note 34.
The most significant source of estimation uncertainty, in relation to provisions, is the assumptions that the Group makes about
future events affecting different classes of provisions including the future outcome of litigation as well as the outcome of restitution
activities.
The recognition and measurement of liabilities, in certain instances, may involve a high degree of uncertainty, and thereby, considerable
time is expended on research in establishing the facts, scenario testing, assessing the probability of the outflow of resources and
estimating the amount of any loss. However, at the earlier stages of provisioning, the amount provided for can be very sensitive to the
assumptions used and there may be a wide range of possible outcomes in particular cases. Accordingly, in such cases, it is often not
practicable to quantify a range of possible outcomes. In addition, it is also not practicable to measure ranges of outcomes in aggregate
in a meaningful way because of the diverse nature of these provisions and the differing fact patterns. The estimated potential losses will
change over time and the actual losses may vary significantly.
The overall provision amounting to \u20ac 262 million includes \u20ac 60 million in respect of the FSPO decision relating to tracker mortgage
customers and a number of separate provisions, the majority of which are not individually significant and which do not have a significant
risk of a material adjustment in the next financial year. The Group has not disclosed a range of outcomes for such provisions given their
diverse nature and the number of provisions involved.
2\u00a0 Critical accounting judgements and estimates continued
Provisions for liabilities and commitments continued
Note 34 sets out the background and the current position as regards the FSPO decision regarding a tracker complaint and the level of
provisions that were set aside. Notwithstanding the payments to customers have effectively concluded the level of provision required for
other costs, including tax liabilities arising that the Group will be required to discharge on behalf of impacted customers, has been
reassessed at \u20ac 60 million. These issues are subject to uncertainty with a range of outcomes possible with the final outcome being
higher or lower depending on finalisation of such issues.
Investment in subsidiary in the separate financial statements
The Group\u2019s accounting policy for the impairment of investment in subsidiary undertakings is set out in accounting policy (d) in note 1 of
the Group financial statements. Details of the Company\u2019s investment in subsidiary are shown in note (e) to the Company\u2019s financial
statements.
The key estimates and assumptions that the Directors have used, in assessing the value-in-use (VIU) of its investment in subsidiary
undertakings, are as follows:
\u2022The estimation of expected cash flows based on the financial plan for 2023-2025;
\u2022The assumption of an appropriate growth rate; and
\u2022The estimation of an appropriate discount rate including the assumption of an appropriate risk free rate and the assumption of an
appropriate credit spread.
The investment in subsidiary in the separate financial statements of the Company are reviewed for impairment when there are
indications that impairment losses may have occurred. If any such indications exist, the Company undertakes an impairment review by
comparing the carrying value of the investment in the subsidiary with its estimated recoverable amount with any shortfall being reported
as an impairment charge in the Company\u2019s financial statements. The estimated recoverable amount is based on VIU calculations.
The Company tested its investment in Allied Irish Banks, p.l.c. at 31 December 2022 to determine whether the impairment losses
recognised in previous periods no longer existed or may have decreased. In determining the VIU, the estimated pre-tax cash flow
projections in the Company\u2019s financial plan for the period 2023 to 2025 were used as a base and a growth rate of 2% from 2025 was
assumed into perpetuity. These projections were discounted at a risk adjusted interest rate of 12.5%. The VIU was calculated at\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u20ac 12,260 million which resulted in a reversal of \u20ac 3,282 million of previous impairments.
Given the uncertainties and the high level of subjectivity involved in the estimation process, it is possible that the outcomes in the next
financial year could differ from the expectations on which the Company\u2019s estimates are based resulting in the recognition and
measurement of materially different amounts from those estimated in these financial statements.
Details of the VIU calculation and the sensitivity of current estimates to possible changes in key variables are set out in note e to the
Company\u2019s financial statements.
3\u00a0 Segmental information
Segment overview
The Group\u2019s performance is managed and reported across the Retail Banking, AIB Capital Markets (\u201cCapital Markets\u201d), AIB UK and
Group segments. Segment performance excludes exceptional items.
Retail Banking
Our leading Irish retail franchise provides a comprehensive range of products and services to over 2.9m customers delivered through
our branch, digital and phone banking channels; with an expanded reach into the retail customer base via EBS, Haven, AIB Merchant
Services, Payzone, Nifti and AIB Life.
\u2022Homes & Consumer are responsible for meeting the homes and everyday banking needs of customers in Ireland by delivering
\u00a0 innovative products, propositions and services and for growing our market leading positions. Our aim is to achieve a
\u00a0 seamless and transparent customer experience across all our products and services including mortgages, current accounts, personal
\u00a0 lending, payments and credit cards, deposits, insurance and wealth.
\u2022SME serves our micro and small SME customers through our sector-led strategy and local expertise with an extensive product and
services offering. Our aim is to help our customers create and build sustainable businesses in their communities.
\u2022FSG is our dedicated centre of excellence for the management of the vast majority of the Group\u2019s non-performing exposures (NPEs),
with the objective of supporting our customers in difficulty and delivering the Group\u2019s strategy to reduce NPEs.
Capital Markets
Capital Markets provides institutional, corporate and business banking services to the Group\u2019s larger customers and customers
requiring specific sector or product expertise. Capital Markets\u2019 relationship driven model serves customers through sector specialist
teams including: corporate banking, real estate finance, business banking and energy, climate action & infrastructure.
In addition to traditional credit products, Capital Markets offers customers foreign exchange and interest rate risk management
products, cash management products, trade finance, mezzanine finance, structured and specialist finance and equity investments, as
well as Private Banking services and advice. Capital Markets also has syndicated and international finance teams based in Dublin and
in New York. In 2021 Goodbody became part of Capital Markets, bringing additional capability in wealth management, corporate
finance, asset management and wider capital markets propositions.
AIB UK
AIB UK offers corporate, retail and business banking services in two distinct markets;
\u2022a sector-led corporate bank supporting mid to large corporates focused on renewables, infrastructure, housing, commercial real
estate, health and manufacturing/industrial businesses across both Great Britain and Northern Ireland, where the Bank has
recognised expertise. Services include lending, treasury, trade facilities, asset finance and invoice discounting.
\u2022a full service retail bank in Northern Ireland (\u201cAIB (NI)\u201d) to personal and business customers with a focus on mortgage and business
lending.
Group
Group comprises wholesale treasury activities and Group control and support functions. Treasury manages the Group\u2019s liquidity and
funding positions and provides customer treasury services and economic research. The Group control and support functions in the
period included Technology, Operations, Finance, Risk, Legal, Corporate Governance & Customer Care, Human Resources,
Sustainability and Corporate Affairs, Enterprise Development and Group Internal Audit.
Segment allocations
In 2022 the Group made changes to the methodologies used to allocate cost and income across operating segments in order to
enhance the management of standalone segment performance. Under the Group\u2019s revised cost allocation methodology substantially all
of the costs of the Group\u2019s control, support and Treasury functions are now allocated to Retail Banking, Capital Markets and AIB UK
whereas the previous methodology resulted in overheads which were managed centrally being reported in the Group segment. In
addition certain Bank levies and regulatory fees, such as the Irish bank levy, which were previously reported in Group segment, are now
allocated to the Retail Banking and Capital Market segments. Figures for the prior year have been restated on a comparative basis.
Funding and liquidity income/charges are based on each segment\u2019s funding requirements and the Group\u2019s funding cost profile, which is
informed by wholesale and retail funding costs. Income attributable to capital is allocated to segments based on each segment\u2019s capital
requirement.
3\u00a0 Segmental information continued
2022
Retail
Banking
Capital
Markets
AIB UK
Group
Total
Excep-
tional
items
(1)
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Operations by business segment
Net interest income
1,186
565
294
114
2,159
\u2014
2,159
Net fee and commission income*
387
149
46
5
587
1
(7)
588
Other
31
84
10
24
149
17
(2)(5)
166
Other income
418
233
56
29
736
18
754
Total operating income
1,604
798
350
143
2,895
18
2,913
Other operating expenses
(1,151)
(325)
(172)
(11)
(1,659)
(249)
(1,908)
\u00a0 Of which: Personnel expenses
(502)
(196)
(80)
(2)
(780)
(17)
(3)-(5)
(797)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 General and administrative expenses
(414)
(87)
(67)
(7)
(575)
(195)
(4)-(7)
(770)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Depreciation, impairment and amortisation
(235)
(42)
(25)
(2)
(304)
(37)
(5)
(341)
Bank levies and regulatory fees
(50)
(12)
(1)
(92)
(155)
\u2014
(155)
Total operating expenses
(1,201)
(337)
(173)
(103)
(1,814)
(249)
(2,063)
Operating profit/(loss) before
impairment losses
403
461
177
40
1,081
(231)
850
Net credit impairment writeback/(charge)
144
(102)
(49)
\u2014
(7)
\u2014
(7)
Operating profit/(loss)
547
359
128
40
1,074
(231)
843
Income from equity accounted investments
7
25
5
\u2014
37
\u2014
37
Profit/(loss) before taxation
554
384
133
40
1,111
(231)
880
(1) Exceptional items are shown separately above. These are items that Management view as distorting comparability of performance year-on-year. Exceptional
items include:
\u00a0 \u00a0 (2) Gain on disposal of loan portfolios;\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (5) Restructuring costs;
\u00a0 \u00a0 (3) Termination benefits;\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (6) Inorganic transaction costs; and
\u00a0 \u00a0 (4) Restitution costs;\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (7) Other.
For further information on these items see page 60.
2022
Retail
Banking
Capital
Markets
AIB UK
Group
Total
*Analysis of net fee and commission income
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Customer accounts
176
18
14
18
226
Card income
134
9
13
\u2014
156
Foreign exchange fees
44
30
10
2
86
Credit related fees
7
29
14
\u2014
50
Specialised payment services fees
137
\u2014
\u2014
\u2014
137
Stockbroking client fees and commissions
\u2014
47
\u2014
\u2014
47
Asset management and advisory fees
\u2014
12
\u2014
\u2014
12
Other fees and commissions
51
11
2
(13)
(1)
51
Fee and commission income
549
156
53
7
765
Specialised payment services expenses
(120)
\u2014
\u2014
\u2014
(120)
Card expenses
(37)
(2)
(5)
\u2014
(44)
Other fee and commission expenses
(5)
(5)
(1)
(2)
(13)
Fee and commission expense
(162)
(7)
(6)
(2)
(177)
387
149
47
(2)
5
588
(1) Exceptional items are shown separately above. These are items that Management view as distorting comparability of performance year-on-year. Exceptional
items include:
\u00a0 \u00a0 (2) Termination benefits;\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (5) Inorganic transaction costs; and
\u00a0 \u00a0 (3) Restitution costs;\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (6) Other.
\u00a0 \u00a0 (4) Restructuring costs;
For further information on these items see page 60.
2021
Retail
Banking
Capital
Markets
AIB UK
Group
Total
*Analysis of net fee and commission income
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Customer accounts
160
15
15
18
208
Card income
93
7
11
\u2014
111
Foreign exchange fees
38
25
8
(4)
67
Credit related fees
9
27
14
\u2014
50
Specialised payment services fees
133
\u2014
\u2014
\u2014
133
Stockbroking client fees and commissions
\u2014
18
\u2014
\u2014
18
Asset management and advisory fees
\u2014
6
\u2014
\u2014
6
Other fees and commissions
50
11
1
(15)
(1)
47
Fee and commission income
483
109
49
(1)
640
Specialised payment services expenses
(118)
\u2014
\u2014
\u2014
(118)
Card expenses
(28)
(1)
(4)
\u2014
(33)
Other fee and commission expenses
(4)
(2)
\u2014
(3)
(9)
Fee and commission expense
(150)
(3)
(4)
(3)
(160)
333
106
45
(4)
480
(1) Reflects the allocation of the Group\u2019s segment fee and commission income to Retail Banking and Capital Markets segments.
Further information on \u2018Net fee and commission income\u2019 is set out in note 6.
3\u00a0 Segmental information continued
Other amounts \u2013 statement of financial position
31 December 2022
Retail
Banking
Capital
Markets
AIB UK
Group
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Loans and advances to customers:
\u2013 measured at amortised cost
34,165
18,215
6,969
15
59,364
\u2013 measured at FVTPL
\u2014
249
\u2014
\u2014
249
Total loans and advances to customers
34,165
18,464
6,969
15
59,613
Customer accounts
75,798
16,240
9,097
1,224
102,359
31 December 2021
Retail
Banking
Capital
Markets
AIB UK
Group
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Loans and advances to customers:
\u2013 measured at amortised cost
33,144
15,143
7,965
13
56,265
\u2013 measured at FVTPL
\u2014
243
\u2014
\u2014
243
Total loans and advances to customers
33,144
15,386
7,965
13
56,508
Customer accounts
65,227
14,470
11,831
1,338
92,866
Year to 31 December 2022
Ireland
United
Kingdom
Rest of the
World
Total
Geographic information(1)(2)
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Gross external revenue
2,868
64
(19)
2,913
Inter-geographical segment revenue
(316)
292
24
\u2014
Total revenue
2,552
356
5
2,913
Year to 31 December 2021
Ireland
United
Kingdom
Rest of the
World
Total
Geographic information(1)(2)
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Gross external revenue
2,194
180
2
2,376
Inter-geographical segment revenue
(105)
100
5
\u2014
Total revenue
2,089
280
7
2,376
Revenue from external customers comprises interest and similar income (note 4) and interest and similar expense (note 5), and all
other items of income (notes 6 to 10).
31 December 2022
Ireland
United
Kingdom
Rest of the
World
Total
Geographic Information
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Non-current assets(3)
1,426
48
2
1,476
31 December 2021
Ireland
United
Kingdom
Rest of the
World
Total
Geographic Information
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Non-current assets(3)
1,562
62
3
1,627
(1) The geographical distribution of total revenue is based primarily on the location of the office recording the transaction.
(2) For details of significant geographic concentrations, see the Risk management section.
(3) Non-current assets comprise intangible assets and goodwill and property, plant and equipment.
4\u00a0 Interest and similar income
2022
2021
\u20ac m
\u20ac m
Interest on loans and advances to customers at amortised cost
1,877
1,765
Interest on loans and advances to banks at amortised cost
237
7
Interest on securities financing at amortised cost
42
3
Interest on investment securities
193
70
Interest income on financial assets
2,349
1,845
Deposits by central banks and banks at amortised cost
25
103
Customer accounts at amortised cost
57
55
Securities financing at amortised cost
1
\u2014
Negative interest on financial liabilities
83
158
Interest income calculated using the effective interest rate method
2,432
2,003
Interest income on finance leases and hire purchase contracts
70
74
Interest income on financial assets at FVTPL
10
7
Other interest income and similar income
80
81
Total interest and similar income
2,512
2,084
The Group presents interest resulting from negative effective interest rates on financial liabilities as interest income rather than as offset
against interest expense.
Included in negative interest on financial liabilities is interest from the TLTRO III programme(1)(2). In 2022 negative interest expense of\u00a0 \u20ac
25 million was recognised. From 1 January 2022 to 23 June 2022 the negative interest expense was recognised using the Main
Refinancing Operations rate minus 50 bps. The interest rate that applied for the period from 24 June 2022 to 22 November 2022 was
the average interest rate on the Deposit Facility over the life of the respective TLTRO III funding up to 22 November. The interest rate
that applied from 23 November 2022 to the final repayment date in December 2022 was the average ECB deposit facility rate over that
period. In 2021 negative interest expense of \u20ac 102 million was recognised of which c. \u20ac 36 million was recognised using the Main
Refinancing Operations rate minus 50 bps and the Group recognised additional interest income of \u20ac 66 million when it was determined
that the Group had a reasonable expectation that the relevant lending targets would be met.
Interest income includes a credit of \u20ac 70 million (2021: a credit of \u20ac 161 million) transferred from other comprehensive income in respect
of cash flow hedges which is included in \u2018Interest on loans and advances to customers at amortised cost\u2019.
(1)The Group participated in the TLTRO programme for \u20ac 4 billion in September 2020 and a further \u20ac 6 billion in June 2021. Following a decision by the European
Central Bank, in October 2022, to recalibrate the conditions of TLTRO III, the Group repaid its TLTRO borrowings in December 2022.
(2)The accounting policy and related judgements made by the Group in relation to interest income recognition for TLTRO are set out in note 1(f).
5\u00a0 Interest and similar expense
2022
2021
\u20ac m
\u20ac m
Interest on deposits by central banks and banks
5
1
Interest on customer accounts
46
53
Interest on securities financing
11
\u2014
Interest on debt securities in issue
134
54
Interest on lease liabilities
11
12
Interest on subordinated liabilities and other capital instruments
50
41
Interest expense on financial liabilities
257
161
Cash and balances at central banks
87
115
Loans and advances to banks
2
3
Securities financing
5
6
Investment securities
2
5
Negative interest on financial assets
96
129
Interest expense calculated using the effective interest rate method
353
290
The Group presents interest resulting from negative effective interest rates on financial assets as interest expense rather than as offset
against interest income.
Interest expense reported above, calculated using the effective interest rate method, relates to financial liabilities not carried at fair
value through profit or loss.
Interest expense includes a credit of \u20ac 4 million (2021: a charge of \u20ac 19 million) transferred from other comprehensive income in respect
of cash flow hedges which is included in \u2018Interest on customer accounts\u2019.
6\u00a0 Net fee and commission income
2022
2021
\u20ac m
\u20ac m
Customer accounts
226
208
Card income
156
111
Foreign exchange fees
86
67
Credit related fees
50
50
Specialised payment services fees(1)
137
133
Stockbroking client fees and commissions
47
18
Asset management and advisory fees
12
6
Other fees and commissions(2)
51
47
Fee and commission income
765
640
Specialised payment services expenses(1)
(120)
(118)
Card expenses(3)
(44)
(33)
Other fee and commissions expenses
(13)
(9)
Fee and commission expense
(177)
(160)
588
480
(1) Excludes interest income (note 4).
9\u00a0 Net gain on derecognition of financial assets measured at amortised cost
2022
Carrying value of
derecognised financial
assets measured at
amortised cost
Gain from
derecognition
\u20ac m
\u20ac m
Loans and advances to customers
595
18
2021
Carrying value of
derecognised financial
assets measured at
amortised cost
Gain from
derecognition
\u20ac m
\u20ac m
Loans and advances to customers
1,100
1
(1) The majority of the gain/(loss) on termination of hedging swaps relates to the disposal of debt securities at FVOCI. In addition, it includes Nil (2021: \u20ac 1 million)
transferred from other comprehensive income in respect of cash flow hedges.
11\u00a0 Operating expenses
2022
2021
\u20ac m
\u20ac m
Personnel expenses:
Wages and salaries
620
597
Termination benefits(1)
7
51
Retirement benefits(2)
93
91
Social security costs
69
67
Other personnel expenses(3)(4)
30
15
819
821
Less: staff costs capitalised(5)
(22)
(25)
Personnel expenses
797
796
General and administrative expenses(6)
676
548
Restitution and associated costs(7)
94
173
770
721
Bank levies and regulatory fees
155
162
Operating expenses
1,722
1,679
(1) Relates to the voluntary severance programmes which includes a charge of \u00a3 2 million (2021: \u00a3 10 million) for the anticipated cost of voluntary severance arising
as part of the restructuring of the UK business.
(2) Comprises a defined contribution charge of \u20ac 80 million (2021: a charge of \u20ac 79 million), a charge of \u20ac 4 million in relation to defined benefit expense (2021: a
charge of \u20ac 3 million), and a long term disability payments/death in service benefit charge of \u20ac 9 million (2021: a charge of \u20ac 9 million). For details of retirement
benefits, see note 28.
(3) Share-based payment charge of Nil (2021: Nil).
(4) Other personnel expenses include staff training, recruitment and various other staff costs.
(5) Staff costs capitalised relate to intangible assets.
(6) Includes \u20ac 27 million (2021: Nil) relating to the CBI Tracker Mortgage Examination fine. See note 34 for further information.
(7) Relates primarily to (a) Belfry provisions and associated costs and (b) the associated costs related to the Tracker Mortgage Examination.
The average number of employees for 2022 and 2021 is set out in note 48.
12\u00a0 Net credit impairment (charge)/writeback
The following table analyses the income statement net credit impairment (charge)/writeback on financial instruments for the years to 31
December 2022 and 2021.
2022
2021
Credit impairment (charge)/writeback
on financial instruments
Measured
at amortised
cost
Measured
at FVOCI
Total
Measured
at amortised
cost
Measured
at FVOCI
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Net remeasurement of ECL allowance
Loans and advances to banks
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Loans and advances to customers
(50)
\u2014
(50)
158
\u2014
158
Securities financing
\u2014
\u2014
\u2014
(1)
\u2014
(1)
Loan commitments
(7)
\u2014
(7)
2
\u2014
2
Financial guarantee contracts
7
\u2014
7
4
\u2014
4
Investment securities \u2013 debt
(2)
\u2014
(2)
\u2014
\u2014
\u2014
Credit impairment (charge)/ writeback
(52)
\u2014
(52)
163
\u2014
163
Recoveries of amounts previously written-off
45
\u2014
45
75
\u2014
75
Net credit impairment (charge)/writeback
(7)
\u2014
(7)
238
\u2014
238
13\u00a0 Auditor's remuneration
The disclosure of auditor\u2019s remuneration is in accordance with Section 322 of the Companies Act 2014. This mandates disclosure of
remuneration paid/payable to the Group Auditor only (Deloitte Ireland LLP) for services relating to the audit of the Group and relevant
subsidiary financial statements in the categories set out below.
2022
2021
\u20ac m
\u20ac m
Auditor\u2019s remuneration (excluding VAT):
Audit of Group financial statements
3.0
2.7
Other assurance services
0.9
0.8
Other non-audit services
0.2
0.1
Taxation advisory services
\u2014
\u2014
4.1
4
.
1
3.6
14\u00a0 Taxation
2022
2021
\u20ac m
\u20ac m
Current tax
Corporation tax in Ireland
Current tax on income for the year
(5)
(8)
Adjustments in respect of prior years
(1)
3
(6)
(5)
Foreign tax
Current tax on income for the year
(27)
(13)
Adjustments in respect of prior years
\u2014
\u2014
(27)
(13)
Current tax charge for the year
(33)
(18)
Deferred tax
Origination and reversal of temporary differences
(6)
(26)
Adjustments in respect of prior years
\u2014
7
Recognition of deferred tax assets in respect of current period losses
\u2014
4
(Decrease)/Increase in carrying value of deferred tax assets in respect of carried forward losses
(76)
49
Deferred tax (charge)/credit for the year
(82)
34
Total tax (charge)/credit for the year
(115)
16
Effective tax rate
13.1%
(2.5)%
Factors affecting the effective tax rate
The following table sets out the difference between the tax charge that would result from applying the standard corporation tax rate in
Ireland of 12.5% and the actual tax charge for the year:
2022
2021
\u20ac m
%
\u20ac m
%
Profit before tax
880
629
Tax charge at standard corporation tax rate in Ireland of 12.5%
(110)
12.5
(79)
12.5
Effects of:
Foreign profits taxed at other rates
(12)
1.4
(9)
1.4
Expenses not deductible for tax purposes
(17)
1.9
(12)
1.9
Exempted income, income at reduced rates and tax credits
1
(0.1)
2
(0.3)
Share of results of investments accounted for using the equity method shown post tax
in the income statement
2
(0.2)
2
(0.3)
Income taxed at higher tax rates
(11)
1.3
(11)
1.7
Tax legislation on equity distributions
8
(0.9)
8
(1.3)
Reversal of amounts previously not recognised
16
(1.8)
82
(13.0)
Other tax adjustments
10
(1.2)
1
\u2014
Change in tax rates
(1)
0.1
22
(3.5)
Adjustments to tax charge in respect of prior years
(1)
0.1
10
(1.6)
Tax (charge)/credit
(115)
13.1
16
(2.5)
14\u00a0 Taxation continued
Analysis of selected other comprehensive income
2022
2021
Gross
Tax
Net
Gross
Tax
Net
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Retirement benefit schemes
Remeasurement of defined benefit asset
(20)
12
(8)
19
(2)
17
Total
(20)
12
(8)
19
(2)
17
Foreign currency translation reserves
Amounts reclassified from the foreign currency translation reserves
to the income statement as a reclassification adjustment:
\u2013 amounts for which hedge accounting had previously been used,
but for which the hedged future cash flows are no longer
expected to occur
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013 amounts that have been transferred because the hedged item
has affected the income statement
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Recognised in other comprehensive income:
\u2013 Net gains/(losses) on net investment hedges
79
(10)
69
(100)
13
(87)
\u2013 Exchange differences on translation of foreign operations
(140)
\u2014
(140)
174
\u2014
174
Total
(61)
(10)
(71)
74
13
87
Cash flow hedging reserves
Amounts reclassified from the cash flow hedging reserves to the
income statement as a reclassification adjustment:
\u2013 amounts for which hedge accounting had previously been used,
but for which the hedged future cash flows are no longer
expected to occur
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013 amounts that have been transferred because the hedged item
has affected the income statement
(74)
9
(65)
(141)
18
(123)
Hedging (losses) recognised in other comprehensive income
(1,833)
279
(1,554)
(307)
39
(268)
Total
(1,907)
288
(1,619)
(448)
57
(391)
Investment debt securities at FVOCI reserves
Fair value losses/(gains) transferred to income statement
7
(1)
6
(18)
2
(16)
Fair value losses recognised in other comprehensive income
(216)
22
(194)
(44)
6
(38)
Total
(209)
21
(188)
(62)
8
(54)
15\u00a0 Earnings per share
The calculation of basic earnings per unit of ordinary shares is based on the profit attributable to ordinary shareholders divided by the
weighted average number of ordinary shares in issue, excluding own shares held.
The diluted earnings per share is based on the profit attributable to ordinary shareholders divided by the weighted average number of
ordinary shares in issue, excluding own shares held, adjusted for the effect of dilutive potential ordinary shares.
2022
2021
(a) Basic
\u20ac m
\u20ac m
Profit attributable to equity holders of the parent
767
647
Distributions on other equity interests (note 37)
(65)
(65)
Profit attributable to ordinary shareholders of the parent
702
582
Number of shares (millions)
Weighted average number of ordinary shares in issue during the year
2,688.3
2,714.4
Earnings per share \u2013 basic
EUR26.1c
EUR21.4c
2022
2021
(b) Diluted
\u20ac m
\u20ac m
Profit attributable to ordinary shareholders of the parent (note 15 (a))
702
582
Number of shares (millions)
Weighted average number of ordinary shares in issue during the year
2,688.3
2,714.4
Potential weighted average number of shares
2,688.3
2,714.4
Earnings per share \u2013 diluted
EUR26.1c
EUR21.4c
The ordinary shares are included in the weighted average number of shares on a time apportioned basis.
Warrants
The Minister for Finance was issued warrants in 2017 to subscribe for 271,166,685 ordinary shares of AIB Group plc.
The warrants are exercisable during the period commencing 27 June 2018 and ending 27 June 2027 (see note 36 for further detail).
These warrants were not included in calculating the diluted earnings per share as they were antidilutive.
16\u00a0 Trading portfolio
Trading portfolio
financial assets
Trading portfolio
financial liabilities
2022
2021
2022
2021
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Equity securities
8
8
4
2
(1) Represents the fixed rate on the hedged item which is being swapped for a variable rate.
(2) Includes interest rate swaps and cross currency swaps used to hedge interest rate risk on variable rate EUR/GBP and EUR/USD assets and liabilities.
(3) This is the average interest rate on the fixed leg of swap agreements where the variable rate on the assets and liabilities in cash flow hedges is being swapped
for a fixed rate.
(4) Being the forward FX rates on the hedging derivatives which are being used to hedge the Group\u2019s net investment in foreign operations.
17\u00a0 Derivative financial instruments continued
Nominal values and average interest rates by residual maturity continued
2021
Less than 1
month
1 to 3
months
3 months to
1 year
1 to 5 years
5 years +
Total
Fair value hedges \u2013 Interest rate swaps
Assets
Hedges of investment securities \u2013 debt
Nominal principal amount (\u20ac m)
283
166
676
4,163
6,618
11,906
Average interest rate (%)(1)
0.34
0.09
0.65
0.43
0.23
0.32
Liabilities
Hedges of debt securities in issue
Nominal principal amount (\u20ac m)
\u2014
750
\u2014
5,045
25
5,820
Average interest rate (%)(1)
\u2014
0.63
\u2014
2.17
5.12
1.99
Hedges of subordinated debt
Nominal principal amount (\u20ac m)
\u2014
\u2014
\u2014
1,500
\u2014
1,500
Average interest rate (%)(1)
\u2014
\u2014
\u2014
2.54
\u2014
2.54
Cash flow hedges \u2013 Interest rate swaps(2)
Hedges of financial assets
Nominal principal amount (\u20ac m)
94
1,567
2,238
4,687
7,689
16,275
Average interest rate (%)(3)
0.22
0.08
0.43
0.48
0.29
0.34
Hedges of financial liabilities
Nominal principal amount (\u20ac m)
422
1,508
280
767
843
3,820
Average interest rate (%)(3)
0.22
0.21
0.54
0.95
1.75
0.72
Net investment hedges \u2013 Forward exchange contracts
Nominal principal amount (\u20ac m)
387
850
230
\u2014
\u2014
1,467
Forward FX rate (%)(4)
0.87
0.87
0.86
\u2014
\u2014
0.87
(1) Represents the fixed rate on the hedged item which is being swapped for a variable rate.
(2) Includes interest rate swaps and cross currency swaps used to hedge interest rate risk on variable rate EUR/GBP and EUR/USD assets and liabilities.
(3) This is the average interest rate on the fixed leg of swap agreements where the variable rate on the assets and liabilities in cash flow hedges is being swapped
for a fixed rate.
(4) Being the forward FX rates on the hedging derivatives which are being used to hedge the Group\u2019s net investment in foreign operations.
17\u00a0 Derivative financial instruments continued
Fair value hedges of interest rate risk
The tables below set out the amounts relating to items designated as (a) hedging instruments and (b) hedged items in fair value hedges
of interest rate risk together with the related hedge ineffectiveness at 31 December 2022 and 2021:
2022
Carrying amount(1)
Nominal
Assets
Liabilities
Line item in
SOFP* where
the hedging
instrument is
included
Change in fair
value used for
calculating hedge
ineffectiveness for
the year
Hedge
ineffectiveness
recognised in
the income
statement
Line item in
the income
statement that
includes hedge
ineffectiveness
(a) Hedging instruments
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Interest rate swaps hedging:
Investment securities \u2013 debt
13,049
1,669
(1)
Derivative financial
instruments
1,679
18
Net trading
income
Debt securities in issue
7,547
8
(294)
Derivative financial
instruments
(407)
\u2014
Net trading
income
Subordinated debt
1,500
\u2014
(138)
Derivative financial
instruments
(128)
(2)
Net trading
income
2022
Carrying amount
of hedged items
recognised in
the SOFP*
Accumulated amount
of fair value hedge
adjustments on the
hedged items included
in the carrying amount
of the hedged item
Line item in
SOFP* where
hedged item
is included
Change in fair
value of hedged
items used for
calculating hedge
ineffectiveness
for the year
Accumulated
amount of fair value
hedge adjustments
remaining in the SOFP*
for any hedged items
that have ceased to be
adjusted for hedging
gains and losses
Assets
Liabilities
Assets
Liabilities
(b) Hedged items
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Investment securities \u2013 debt
11,652
(1,649)
Investment securities
(1,661)
\u2014
Debt securities in issue
(7,203)
342
Debt securities in issue
407
\u2014
Subordinated debt
(1,347)
153
Subordinated liabilities
and other capital
instruments
126
\u2014
2021
Carrying amount
of hedged items
recognised in
the SOFP*
Accumulated amount
of fair value hedge
adjustments on the
hedged items included
in the carrying amount of
the hedged items
Line item in
SOFP* where
hedged item
is included
Change in fair
value of hedged
items used for
calculating hedge
ineffectiveness
for the year
Accumulated
amount of fair value
hedge adjustments
remaining in the SOFP*
for any hedged items
that have ceased to be
adjusted for hedging
gains and losses
Assets
Liabilities
Assets
Liabilities
(b) Hedged items
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Investment securities \u2013 debt
12,226
9
Investment securities
(397)
\u2014
Debt securities in issue
(5,881)
(62)
Debt securities in issue
149
\u2014
Subordinated debt
(1,474)
26
Subordinated liabilities
and other capital
instruments
(22)
\u2014
(1) Hedging interest rate risk. These include both interest rate swaps and cross currency swaps, both of which are hedging interest rate risk.
2022
Line item
in SOFP* in
which hedged
item is included
Change in fair
value of hedged
items used for
calculating hedge
ineffectiveness
for the year
Amounts in
the cash flow
hedging
reserves for
continuing
hedges(1)
pre tax
Amounts in
the cash flow
hedging
reserves for
continuing
hedges(1)
post tax
Amounts
remaining in the
cash flow hedging
reserves from
any hedging
relationship for
which hedge
accounting is no
longer applied
pre tax
Amounts
remaining in the
cash flow hedging
reserves from
any hedging
relationship for
which hedge
accounting is no
longer applied
post tax
(b) Hedged items
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Interest rate risk
Loans and advances to
customers
1,879
(1,913)
(1,623)
47
41
Interest rate risk
Customer accounts
(165)
127
111
\u2014
\u2014
(1) The cash flow hedging reserves are adjusted to the lower of either the cumulative gain or loss or the cumulative change in fair value (present value) of the hedged item from inception of the hedge.
The portion that is offset by the change in the cash flow hedging reserves is recognised in other comprehensive income with any hedge ineffectiveness recognised in the income statement.
*Statement of financial position
17\u00a0 Derivative financial instruments continued
Cash flow hedges of interest rate continued
2021
Carrying amount
Hedge ineffectiveness
Amounts reclassified from cash flow
hedging reserves to the income statement
Nominal
amount
Assets
Liabilities
Line item in
the SOFP*
where
hedging
instruments
are included
Change in fair
value of hedging
instruments used
for calculating
hedge
ineffectiveness
in the year
Change in
fair value of
the hedging
instruments
recognised
in OCI in
the year
Hedge
Ineffectiveness
recognised in the
income
statement
Line item in
the\u00a0income
statement that
includes hedge
ineffectiveness
Amounts for
which hedge
accounting had
been used but for
which the hedged
future cash flows
are no longer
expected to occur
Amounts that
have been
transferred
because the
hedged item
has affected
the income
statement
Line item in
the\u00a0income
statement
affected\u00a0by the
reclassification
(a) Hedging instruments
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Interest rate swaps(1)
Derivative assets
16,275
153
(209)
Derivative financial
instruments
(606)
(514)
\u2014
Net trading
income
\u2014
161
Interest and
similar income
Derivative liabilities
3,820
15
(56)
Derivative financial
instruments
67
66
\u2014
Net trading
income
\u2014
(19)
Interest and
similar expense
(1) Hedging interest rate risk. These include both interest rate swaps and cross currency interest rate swaps, both of which are hedging interest rate risk.
2021
Line item
in SOFP* in
which hedged
item is included
Change in fair
value of hedged
items used for
calculating hedge
ineffectiveness
for the year
Amounts in
the cash flow
hedging
reserves for
continuing
hedges(1)
pre tax
Amounts in
the cash flow
hedging
reserves for
continuing
hedges(1)
post tax
Amounts
remaining in the
cash flow hedging
reserves from
any hedging
relationship for
which hedge
accounting is no
longer applied
pre tax
Amounts
remaining in the
cash flow hedging
reserves from
any hedging
relationship for
which hedge
accounting is no
longer applied
post tax
(b) Hedged items
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Interest rate risk
Loans and advances to
customers
606
(13)
(11)
221
193
Interest rate risk
Customer accounts
(67)
(38)
(33)
\u2014
\u2014
(1) The cash flow hedging reserves are adjusted to the lower of either the cumulative gain or loss or the cumulative change in fair value (present value) of the hedged item from inception of the hedge.
The portion that is offset by the change in the cash flow hedging reserves is recognised in other comprehensive income with any hedge ineffectiveness recognised in the income statement.
* Statement of financial position
17\u00a0 Derivative financial instruments continued
Cash flow hedges
The table below sets out the hedged cash flows which are expected to occur in the following periods:
2022
Within 1 year
Between 1 and
2 years
Between 2 and
5 years
More than
5 years
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Forecast receivable cash flows
940
610
1,038
810
3,398
Forecast payable cash flows
67
55
106
66
294
2022
Line item
in SOFP* in
which hedged
item is included
Change in fair
value of hedged
items used for
calculating hedge
ineffectiveness
for the year
Amount in the
foreign currency
translation
reserves for
continuing
hedges
pre tax
Amounts in the
foreign currency
translation
reserves for
continuing
hedges
post tax
Amounts
remaining in the
foreign currency
translation reserves
from any hedging
relationship for
which hedge
accounting is no
longer applied
pre tax
Amounts
remaining in the
foreign currency
translation reserves
from any hedging
relationship for
which hedge
accounting is no
longer applied
post tax
(b) Hedged items
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Net investment in UK subsidiary
Reserves
(79)
(22)
(19)
\u2014
\u2014
*Statement of financial position
17\u00a0 Derivative financial instruments continued
Hedges of net investment in foreign operations continued
2021
Carrying amount
Hedge ineffectiveness
Amounts reclassified from foreign currency
translation reserves to the income statement
Nominal
amount
Assets
Liabilities
Line item in
the SOFP*
where
hedging
instruments
are included
Change in fair
value of hedging
instruments used
for calculating
hedge
ineffectiveness
in the year
Change in fair
value of
hedging
instruments
recognised
in OCI in
the year
Hedge
Ineffectiveness
recognised in
the income
statement
Line item in
the income
statement
that includes
hedge
ineffectiveness
Amounts for
which hedge
accounting had
been used but for
which the hedged
future cash flows
are no longer
expected to occur
Amounts that
have been
transferred
because the
hedged item
has affected
the income
statement
Line item in the
income
statement
affected by the
reclassification
(a) Hedging Instruments
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Foreign exchange
contracts
Derivative assets
1,467
\u2014
(40)
Derivative Financial
Instruments
(100)
(100)
\u2014
Net trading
income
\u2014
\u2014
Other Income
Derivative liabilities
\u2014
\u2014
\u2014
Derivative Financial
Instruments
\u2014
\u2014
\u2014
Net trading
income
\u2014
\u2014
Other Income
2021
Line item
in SOFP* in
which hedged
item is included
Change in fair
value of hedged
items used for
calculating hedge
ineffectiveness
for the year
Amount in the
foreign currency
translation
reserves for
continuing
hedges
pre tax
Amounts in the
foreign currency
translation
reserves for
continuing
hedges
post tax
Amounts
remaining in the
foreign currency
translation reserves
from any hedging
relationship for
which hedge
accounting is no
longer applied
pre tax
Amounts
remaining in the
foreign currency
translation reserves
from any hedging
relationship for
which hedge
accounting is no
longer applied
post tax
(b) Hedged items
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Net investment in UK subsidiary
Reserves
100
(100)
(87)
\u2014
\u2014
18\u00a0 Loans and advances to banks
2022
2021
\u20ac m
\u20ac m
At amortised cost
Funds placed with central banks
262
361
Funds placed with other banks
1,240
962
1,502
1,323
ECL allowance
\u2014
\u2014
Total loans and advances to banks
1,502
1,323
(1) The classification of loans and advances to banks by geographical area is based primarily on the location of the office recording the transaction.
Loans and advances to banks include cash collateral of \u20ac 963 million (2021: \u20ac 590 million) placed with derivative counterparties in
relation to net derivative positions and placed with repurchase agreement counterparties. In addition, these include \u20ac 5 million
(2021: \u20ac 4 million) relating to restricted balances held in trust in respect of certain payables which are included in \u2018other
liabilities\u2019 (note\u00a033).
19\u00a0 Loans and advances to customers
2022
2021
\u20ac m
\u20ac m
At amortised cost
Loans and advances to customers
59,397
56,496
Amounts receivable under finance leases and hire purchase contracts
1,585
1,654
60,982
58,150
ECL allowance
(1,618)
(1,885)
59,364
56,265
Mandatorily at fair value through profit or loss
Loans and advances to customers
249
243
Total loans and advances to customers
59,613
56,508
Additional information:
Amounts which are repayable on demand or at short notice
1,954
2,213
Amounts due from associated undertakings(1)
18
3
(1) Included in 'ECL allowance on financial assets' (note 21).
20\u00a0 Securities financing
Securities financing consists of (a) securities borrowing and lending and (b) sale and repurchase transactions.
Reverse repurchase agreements involve purchases of securities with an agreement to resell substantially identical investments at a
fixed price on a certain future date. Securities borrowing and securities lending transactions are generally entered into on a
collateralised basis, with debt securities and equities, usually advanced or received as collateral. Securities sold under agreements to
repurchase involves sales of securities with agreements to repurchase substantially identical investments at a fixed price on a certain
future date.
2022
2021
Banks
Customers
Total
Banks
Customers
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Assets
Reverse repurchase agreements
2,888
29
2,917
1,463
\u2014
1,463
Securities borrowing transactions
2,431
934
3,365
1,506
921
2,427
Total (1)
5,319
963
6,282
2,969
921
3,890
Liabilities
Securities sold under agreements to repurchase
898
\u2014
898
45
\u2014
45
Total
898
\u2014
898
45
\u2014
45
(1) Classified as ECL Stage 1 and have an ECL of \u20ac 1 million at 31 December 2022 (31 December 2021: \u20ac 1 million).
In accordance with the terms of the reverse repurchase agreements and securities borrowing agreements, the Group accepts collateral
that it is permitted to sell or repledge in the absence of default by the owner of the collateral. At 31 December 2022, the total fair value
of the collateral received was \u20ac 6,282 million (2021: \u20ac 3,890 million), none of which had been resold or repledged. These transactions
were conducted under terms that are usual and customary to standard reverse repurchase agreements and securities borrowing
agreements.
Securities sold under agreements to repurchase mature within six months and are secured by debt securities and eligible assets.
At 31 December 2022, in relation to securities sold under agreements to repurchase, the Group had pledged collateral with a fair
value\u00a0of \u20ac 898 million (2021: \u20ac 45 million). These transactions were conducted under the normal market agreements for standard
repurchase\u00a0transactions.
21\u00a0 ECL allowance on financial assets
The following table shows the movements on the ECL allowance on financial assets. Further information is disclosed in the \u2018Risk
management\u2019 section of this report.
2022
2021
\u20ac m
\u20ac m
At 1 January
1,888
2,511
Exchange translation adjustments
(13)
30
Net re-measurement of ECL allowance \u2013 investment securities-debt
2
\u2014
Net re-measurement of ECL allowance \u2013 banks
\u2014
\u2014
Net re-measurement of ECL allowance \u2013 customers
50
(158)
Net re-measurement of ECL allowance \u2013 securities financing
\u2014
1
Changes in ECL allowance due to write-offs
(94)
(105)
Changes in ECL allowance due to disposals
(210)
(393)
Acquisition of subsidiary \u2013 stockbroking client debtors
\u2014
1
Other
\u2014
1
At 31 December
1,623
1,888
Amount included in financial assets measured at amortised cost:
Investment securities \u2013 debt
3
1
Loans and advances to banks
\u2014
\u2014
Loans and advances to customers
1,618
1,885
Securities financing
1
1
Other assets \u2013 stockbroking client debtors
1
1
At 31 December
1,623
1,888
22\u00a0 Investment securities
The following table analyses the carrying value of investment securities by major classification at 31 December 2022 and 2021.
2022
2021
\u20ac m
\u20ac m
Debt securities at FVOCI
Government securities
3,824
4,752
Supranational banks and government agencies securities
1,298
1,260
Asset backed securities
453
495
Bank securities
5,763
5,565
Corporate securities
499
517
Total debt securities at FVOCI
11,837
12,589
Debt securities at amortised cost
Government securities
2,052
2,514
Supranational banks and government agencies securities
166
203
Asset backed securities
1,628
1,102
Bank securities
73
85
Corporate securities
212
167
Total debt securities at amortised cost
4,131
4,071
Total debt securities
15,968
16,660
Equity securities
Equity investments at FVTPL
302
274
Total equity securities
302
274
Total investment securities
16,270
16,934
The following table analyses total debt securities by ECL stage:
Gross amount
Stage 1
15,961
16,661
Stage 2
10
\u2014
Total debt securities
15,971
16,661
ECL(1)
(3)
(1)
Carrying value
15,968
16,660
Investments in associated undertakings comprises the Group\u2019s investment in AIB Merchant Services, Synch Payments d.a.c, Clearpay
d.a.c., First Home Scheme DAC and Autolease Fleet Management.
Investments in joint ventures comprises the Group's investment in AIB JV Holdings Limited being the Group's joint venture with Great-
West Lifeco Inc.
Included in the income statement is the contribution net of tax from investments accounted for using the equity method as follows:
2022
2021
Income statement
\u20ac m
\u20ac m
Share of results of equity accounted investments (after tax)
Associates(1)
25
21
Joint ventures
(13)
\u2014
12
21
Profit on disposal of investment in associated undertaking
25
\u2014
Income from equity accounted investments
37
21
All associates and joint ventures are accounted for using the equity method in these consolidated financial statements.
Banking transactions between the Group and its associated undertakings/joint ventures are entered into in the normal course of
business. For further information see notes 19 and 30.
In accordance with Sections 316 and 348 of the Companies Act 2014 and the European Communities (Credit Institutions: Financial
Statements) Regulations 2015, AIB Group plc will annex a full listing of associated undertakings to its annual return to the Companies
Registration Office.
There was no unrecognised share of losses of associates or joint ventures at 31 December 2022 or 2021.
Change in the Group\u2019s ownership interest in associates
The Group\u2019s interests in Fulfil Holdings Limited were disposed of in 2022.
Significant restrictions
There is no significant restriction on the ability of associates or joint ventures to transfer funds to the Group in the form of cash or
dividends, or to repay loans or advances made by the Group.
24\u00a0 Intangible assets and goodwill
2022
Software
externally
purchased
Software
internally
generated
Software
under
construction
Goodwill(1)
Other
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Cost
At 1 January
238
1,472
167
120
40
2,037
Additions
11
71
92
\u2014
\u2014
174
Transfers in/(out)
\u2014
102
(102)
\u2014
\u2014
\u2014
Amounts written-off(2)
(6)
(4)
(8)
\u2014
\u2014
(18)
Exchange translation adjustments
\u2014
(3)
\u2014
\u2014
\u2014
(3)
At 31 December
243
1,638
149
120
40
2,190
Amortisation/impairment
At 1 January
219
804
\u2014
\u2014
18
1,041
Amortisation for the year
8
204
\u2014
\u2014
6
218
Impairment for the year(3)
\u2014
2
8
\u2014
\u2014
10
Amounts written-off(2)
(6)
(4)
(8)
\u2014
\u2014
(18)
Exchange translation adjustments
\u2014
(1)
\u2014
\u2014
\u2014
(1)
At 31 December
221
1,005
\u2014
\u2014
24
1,250
Carrying value at 31 December
22
633
149
120
16
940
2021
Software
externally
purchased
Software
internally
generated
Software under
construction
Goodwill(1)
Other
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Cost
At 1 January
292
1,334
172
70
40
1,908
Additions
10
99
95
\u2014
\u2014
204
Acquisition of subsidiary
\u2014
1
\u2014
50
\u2014
51
Transfers in/(out)
\u2014
99
(99)
\u2014
\u2014
\u2014
Amounts written-off(2)
(64)
(65)
(1)
\u2014
\u2014
(130)
Exchange translation adjustments
\u2014
4
\u2014
\u2014
\u2014
4
At 31 December
238
1,472
167
120
40
2,037
Amortisation/impairment
At 1 January
274
685
\u2014
\u2014
12
971
Amortisation for the year
9
182
\u2014
\u2014
6
197
Impairment for the year(3)
\u2014
\u2014
1
\u2014
\u2014
1
Amounts written-off(2)
(64)
(65)
(1)
\u2014
\u2014
(130)
Exchange translation adjustments
\u2014
2
\u2014
\u2014
\u2014
2
At 31 December
219
804
\u2014
\u2014
18
1,041
Carrying value at 31 December
19
668
167
120
22
996
(1) Relates to Goodwill recognised on the acquisition of subsidiaries.
(2) Relates to assets which are no longer in use with a Nil carrying value.
(3) Included in \u2018Impairment and amortisation of intangible assets\u2019 in the consolidated income statement.
Future capital expenditure in relation to both intangible assets and property, plant and equipment is set out in note 25.
25\u00a0 Property, plant and equipment
2022
Owned assets
Leased assets
Property
Equipment
Assets under
construction
Right-of-use assets
Total
Freehold
Long
leasehold
Leasehold
under
50 years
Property
Other
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Cost
At 1 January
174
41
124
377
5
479
3
1,203
Transfers in/(out)
1
\u2014
1
1
(3)
\u2014
\u2014
\u2014
Additions
7
\u2014
1
17
7
7
1
40
Net remeasurements
\u2014
\u2014
\u2014
\u2014
\u2014
(11)
\u2014
(11)
Transfers (to)/from
held for sale
(12)
(3)
(1)
(1)
\u2014
\u2014
\u2014
(17)
Early termination/maturities
\u2014
\u2014
\u2014
\u2014
\u2014
(97)
\u2014
(97)
Amounts written off(1)
(1)
\u2014
(18)
(15)
\u2014
\u2014
\u2014
(34)
Exchange translation
adjustments
(1)
\u2014
\u2014
(1)
\u2014
(1)
\u2014
(3)
At 31 December
168
38
107
378
9
377
4
1,081
Depreciation/impairment
At 1 January
50
13
53
290
\u2014
164
2
572
Depreciation charge
for the year
5
1
10
23
\u2014
37
1
77
Impairment charge
for the year(2)
1
\u2014
9
2
\u2014
24
\u2014
36
Early termination/maturities
\u2014
\u2014
\u2014
\u2014
\u2014
(97)
\u2014
(97)
Amounts written off(1)
(1)
\u2014
(18)
(15)
\u2014
\u2014
\u2014
(34)
Transfers (to)/from
held for sale
(5)
(1)
(1)
(1)
\u2014
\u2014
\u2014
(8)
Exchange translation
adjustments
\u2014
\u2014
\u2014
(1)
\u2014
\u2014
\u2014
(1)
At 31 December
50
13
53
298
\u2014
128
3
545
Carrying value
at 31 December
118
25
54
80
9
249
1
536
(1) Relates to assets which are no longer in use with a Nil carrying value.
(2) Included in \u2018Impairment and depreciation of property, plant and equipment\u2019 in the consolidated income statement.
25\u00a0 Property, plant and equipment continued
2021
Owned assets
Leased assets
Property
Equipment
Assets under
construction
Right-of-use assets
Total
Freehold
Long
leasehold
Leasehold
under
50 years
Property
Other
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Cost
At 1 January
172
43
128
397
8
491
3
1,242
Transfers in/(out)
2
\u2014
2
1
(5)
\u2014
\u2014
\u2014
Acquisition of subsidiary
\u2014
\u2014
1
2
\u2014
5
\u2014
8
Additions
4
\u2014
1
23
3
5
1
37
Net re-measurements
\u2014
\u2014
\u2014
\u2014
\u2014
(11)
\u2014
(11)
Transfers (to)/from
held for sale
(4)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(4)
Amounts written off(1)
(1)
(2)
(9)
(47)
(1)
(14)
(1)
(75)
Exchange translation
adjustments
1
\u2014
1
1
\u2014
3
\u2014
6
At 31 December
174
41
124
377
5
479
3
1,203
Depreciation/impairment
At 1 January
45
14
46
308
\u2014
103
1
517
Depreciation charge
for the year
5
1
11
24
\u2014
44
2
87
Impairment charge
for the year(2)
2
\u2014
5
4
1
30
\u2014
42
Amounts written off(1)
(1)
(2)
(9)
(47)
(1)
(14)
(1)
(75)
Transfers (to)/from
held for sale
(1)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(1)
Exchange translation
adjustments
\u2014
\u2014
\u2014
1
\u2014
1
\u2014
2
At 31 December
50
13
53
290
\u2014
164
2
572
Carrying value at
31 December
124
28
71
87
5
315
1
631
(1) Relates to assets which are no longer in use with a Nil carrying value.
(2) Included in \u2018impairment and depreciation of property, plant and equipment\u2019 in the consolidated income statement.
The carrying value of property occupied by the Group for its own activities was \u20ac 189 million (2021: \u20ac 223 million) in relation to owned
assets and \u20ac 249 million in relation to right-of-use assets (2021: \u20ac 305 million), excluding those held as disposal groups and non-current
assets held for sale. Property leased to others by the Group had a carrying value of \u20ac 8 million (2021: Nil).
Future capital expenditure
The table below shows future capital expenditure in relation to both property, plant and equipment and intangible assets (excluding
right-of-use assets).
2022
2021
\u20ac m
\u20ac m
Estimated outstanding commitments for capital expenditure not provided for in the financial statements
6
1
Capital expenditure authorised but not yet contracted for
22
18
25\u00a0 Property, plant and equipment continued
Leased assets
Property
The Group leases property for its offices and retail branch outlets. Lease terms are negotiated on an individual basis and contain a wide
range of different terms and conditions. Most of these leases carry statutory renewal rights, or include an option to renew the lease for
an additional period after the end of the contract term. Where the Group is likely to exercise these options, this has been taken into
account in determining the lease liability and the right-of-use asset.
Other
The Group leases motor vehicles, ATM offsite locations and IT equipment.
Lease liabilities
A maturity analysis of lease liabilities is shown in note 32.
Amounts recognised in income statement
2022
2021
\u20ac m
\u20ac m
Depreciation expense on right-of-use assets
38
46
Interest on lease liabilities (note 5)
11
12
Expense relating to short term leases
\u2014
1
Amounts recognised in statement of cash flows
2022
2021
\u20ac m
\u20ac m
Total cash outflow for leases during the year(1)
55
55
(1) Includes amounts reported as interest expense on lease liabilities of \u20ac 11 million (2021: \u20ac 12 million) and amounts reported as principal repayments on lease
liabilities of \u20ac 44 million (2021: \u20ac 43 million). Refer to note 32.
26\u00a0 Other assets
2022
2021
\u20ac m
\u20ac m
Proceeds due from disposal of loan portfolio(1)
41
302
Stockbroking client debtors
17
35
Items in transit
84
97
Items in course of collection
51
44
Other(2)
103
95
Total
296
573
For each of the years ended 31 December 2022 and 2021, full provision has been made for capital allowances and other temporary
differences.
Analysis of movements in deferred taxation
2022
2021
\u20ac m
\u20ac m
At 1 January
2,781
2,667
Exchange translation and other adjustments
(8)
4
Deferred tax through other comprehensive income (note 14)
311
76
Income statement (note 14)
(82)
34
At 31 December
3,002
2,781
(1) Located in Europe.
(2) A quoted market price in an active market is not available.
(3) Further details on these contracts are set out in the section \"De-risking of the UK Scheme\" within this note.
28\u00a0 Retirement benefits continued
Sensitivity analysis for principal assumptions used to measure scheme liabilities
There are inherent uncertainties surrounding the financial assumptions adopted in calculating the liabilities of the pension schemes. Set
out in the table below is a sensitivity analysis of the key assumptions for the Irish scheme and the UK scheme at 31 December 2022. A
sensitivity analysis for the rate of increase of pensions in payment is not provided, as this rate is dependent on the surplus available to
the Trustee to distribute and the advice of the actuary. See page 300.
Note that the changes in assumptions are independent of each other i.e. the effect of the reflected change in the discount rate assumes
that there has been no change in the rate of mortality assumption and vice versa.
Irish scheme
defined benefit obligation
UK scheme
defined benefit obligation
Increase
Decrease
Increase
Decrease
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Discount rate (0.25% movement)
(102)
105
(22)
23
Inflation (0.25% movement)
43
(41)
22
(21)
Future mortality (1 year change in life expectancy)
100
(100)
22
(22)
Maturity of the defined benefit obligation
The weighted average duration of the Irish scheme at 31 December 2022 is 14 years and of the UK scheme at 31 December 2022 is 13
years.
Asset-liability matching strategies
The Irish scheme continued to de-risk in 2022, with further allocations to liability matching assets. As part of a strategy to increase the
scheme\u2019s level of interest rate and inflation hedging, the allocation to the Liability Driven Investment (\u201cLDI\u201d) portfolio has increased
further. The LDI fund is comprised of a mixture of nominal bonds, inflation linked bonds and interest rate and inflation derivatives. The
scheme\u2019s exposure to equities was reduced during 2022 due to a combination of asset sales and market movements.
As part of the investment strategy of the UK scheme, it was significantly de-risked in 2019 when the Scheme entered into two insurance
contracts with LGAS as described above (a pensioner buy-in contract in respect of the pensioner members and an APP contract in
respect of the deferred members).
Other long term employee benefits
Other long term employee benefits include additional benefits which the Group provides to employees who suffer prolonged periods of
sickness, subject to the qualifying terms of the insurer. It provides for the partial replacement of income in event of illness or injury
resulting in the employee\u2019s long term absence from work.
Furthermore, on the death of an employee before their normal retirement date, the Group has in place insurance policies to cover the
additional financial costs to the Group under the terms of the schemes.
In 2022, the Group contributed \u20ac 9 million (2021: \u20ac 9 million) towards insuring these benefits which are included in 'Operating
expenses' (note 11).
29\u00a0 Deposits by central banks and banks
2022
2021
\u20ac m
\u20ac m
Central Banks
Eurosystem refinancing operations
\u2014
10,000
Borrowings \u2013 secured
282
298
\u2013 unsecured
\u2014
\u2014
282
10,298
Banks
Other borrowings \u2013 unsecured
232
84
514
10,382
(1) The Group has issued covered bonds secured on pools of residential mortgages. Securities, other than those issued to external investors, have been pledged as
collateral in addition to other securities held by the Group.
30\u00a0 Customer accounts
2022
2021
\u20ac m
\u20ac m
Current accounts
64,402
57,895
Demand deposits
32,595
29,762
Time deposits
5,335
5,183
Other non-controlling interests(1)
27
26
102,359
92,866
Of which:
Non-interest bearing current accounts
59,266
41,169
Interest bearing deposits, current accounts and short term borrowings
43,093
51,697
102,359
92,866
Amounts include:
Due to associated undertakings
271
280
2021
Legal claims
Belfry related
provisions
FSPO decision
Restructuring
costs
Other
provisions
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Provisions (excluding loan commitments
and financial guarantee contracts)
At 1 January 2021
34
\u2014
80
29
170
313
Charged to income statement
30
75
\u2014
26
65
196
(1)
Released to income statement
(4)
\u2014
(1)
(1)
(9)
(15)
(1)
Dilapidation provisions
\u2014
\u2014
\u2014
\u2014
2
2
Provisions utilised
(29)
\u2014
\u2014
(28)
(19)
(76)
Exchange translation adjustments
\u2014
\u2014
\u2014
1
1
2
At 31 December 2021
31
75
79
27
210
422
(2)
Loan commitments and financial
guarantees contracts
At 1 January 2021
83
Net (writeback) to income statement
(6)
(3)
Exchange translation adjustments
2
At 31 December 2021
79
Total provisions for liabilities and commitments
501
(1) Included in note 11.
(2) Amounts expected to be settled within one year are \u20ac 190 million (31 December 2021: \u20ac 368 million).
(3) Included in note 12.
The ECL allowance on loan commitments and financial guarantee contracts are presented as a provision in the balance sheet (i.e. as a
liability under IFRS 9 Financial Instruments) and separate from the ECL allowance on financial assets. For details of the internal credit
ratings and geographic concentration of contingent liabilities and commitments, see pages 154 and 184 in the \u2018Risk management\u2019
section of this report.
34\u00a0 Provisions for liabilities and commitments continued
(a) Belfry related provisions
During the period 2002 to 2006 the Group sold a series of investment property funds, known as Belfry, which subsequently incurred
losses to c. 2,500 individual investors (c. \u00a3 214 million invested). The Group settled claims from certain of those investors in 2021 which
resulted in a \u20ac 25 million charge including amounts for legal and settlement costs (reported in Legal claims in 2021). Following this, the
Group instigated a programme to review the suitability of advice outcomes for individual investors to determine if redress may be due in
certain instances. Based on an initial assessment, a provision was also recorded for \u20ac 75 million in 2021.
Following the approval by the Board during 2022 of the customer treatment methodology and the close out of the individual case
assessments, the provision for the cost of redress was reassessed and increased by \u20ac 82 million. Payments to impacted customers are
ongoing with the Group making payments of \u20ac 85 million in 2022.
Furthermore associated costs, required to conclude the redress programme, of \u20ac 12 million were separately provided for of which
\u20ac\u00a05\u00a0million was utilised during the period.
While the provision of \u20ac 79 million at 31 December 2022 represents the Group\u2019s best estimate, the final cost is subject to uncertainty as
individual investors will have the right to appeal the outcome of their case assessment to an independent appeals panel.
(b) FSPO decision
The provision at 31 December 2022 for customer redress and compensation and other related costs amounted to \u20ac 60 million (31
December 2021: \u20ac 79 million) in respect of certain mortgage customers \u2013 the \u201806-09 Ts & Cs(1) who never had a tracker\u2019 cohort.
In 2020, following a Financial Services and Pensions Ombudsman (\"FSPO\") decision in relation to a complaint by a customer from the
\u201806-09 Ts & Cs who never had a tracker\u2019 cohort, which found that the Bank had breached the terms of the customer\u2019s mortgage loan
contract and directed it to remedy the matter in what the FSPO believed was a fair and proportionate manner, the Group decided to
accept the decision in full.
Furthermore, the Group decided to apply the remedy to all other customers within this cohort, and payments to customers on that basis
have effectively concluded.
The Group has continued to engage with stakeholders over the intervening period and a number of related issues continue to exist that
have yet to be resolved, including tax liabilities arising that the Group will be required to discharge on behalf of impacted customers.
Following utilisations of \u20ac 3 million in the year the level of provision required for these other costs has been reassessed at \u20ac 60 million at
31 December 2022.
These issues remain subject to uncertainty with a range of outcomes possible with the final outcome being higher or lower depending
on finalisation of such issues.
(1) Terms and conditions
(c) Restructuring costs
This mainly relates to the UK restructuring with other amounts relating to the property transformation strategy.
UK restructuring provision
A provision for restructuring costs in relation to the implementation of the revised UK strategy of \u20ac 19 million was held at 31 December
2021. Following utilisations of \u20ac 16 million, and a charge of \u20ac 3 million, the closing provision at 31 December 2022 was \u20ac 6 million.
(d) Other provisions
Other provisions includes provisions for the Tracker Mortgage Examination CBI Fine, other regulatory provisions, other customer
redress and related matters, ROU commitments, onerous contracts and other miscellaneous provisions.
Tracker Mortgage Examination \u2013 CBI fine:
At 31 December 2021, the Group held a provision of \u20ac 70 million for the impact of monetary penalties that were expected to be imposed
on the Group by the Central Bank of Ireland (CBI) as part of an administrative sanctions procedure in connection with the Tracker
Mortgage Examination. The CBI concluded its Enforcement Investigation in June 2022 and the Group agreed to pay a fine of \u20ac 96.7
million. Accordingly, this provision was increased by \u20ac 26.7 million and the fine was settled. This brought the CBI\u2019s investigation into
tracker mortgages at the Group to a close.
Regulatory provision
The Group previously conducted a review of certain technical matters relating to previous submissions to the Single Resolution Board
which was the basis of the annual fee to the Single Resolution Fund. At 31 December 2021, the Group provided \u20ac 31 million in relation
to matters arising from this review. The provision has been retained at 31 December 2022 as it is still subject to finalisation with the
relevant regulatory authorities.
35\u00a0 Subordinated liabilities and other capital instruments
2022
2021
\u20ac m
\u20ac m
Dated loan capital \u2013 European Medium Term Note Programme:
Issued by AIB Group plc
\u20ac 500 million Subordinated Tier 2 Notes due 2029, Callable 2024
(a)
466
496
\u20ac 1 billion Subordinated Tier 2 Notes due 2031, Callable 2026
(b)
881
978
Issued by subsidiaries
\u20ac 500m Callable Step-up Floating Rate Notes due October 2017
\u2013 nominal value \u20ac 25.5 million (maturity extended to 2035 as a result of the SLO)
(c)
12
12
\u00a3 368m 12.5% Subordinated Notes due June 2019
\u2013 nominal value \u00a3 79 million (maturity extended to 2035 as a result of the SLO)
(c)
44
43
\u00a3 500m Callable Fixed/Floating Rate Notes due March 2025
\u2013 nominal value \u00a3 1 million (maturity extended to 2035 as a result of the SLO)
(c)
1
1
57
56
1,404
1,530
Dated loan capital
The dated loan capital in this section is subordinated in right of payment to senior creditors, including depositors, of the respective
issuing entities. Following the implementation in Ireland of the EU (Bank Recovery and Resolution) Regulations 2015, these notes are
loss absorbing at the point of non-viability.
(a) \u20ac 500 million Subordinated Tier 2 Notes due 2029, Callable 2024
On 19 November 2019, AIB Group plc issued \u20ac 500 million Subordinated Tier 2 Notes due 2029, Callable 2024.
These notes mature on 19 November 2029 but may be redeemed in whole, but not in part, at the option of the Group on the optional
redemption date on 19 November 2024, subject to the approval of the regulatory authorities, with approval being conditional on meeting
the requirements of the EU Capital Requirements Regulation.
The notes bear interest on the outstanding nominal amount at a fixed rate of 1.875%, payable annually in arrears on 19 November each
year. The interest rate will be reset on 19 November 2024 to Eur 5 year Mid Swap rate plus the initial margin of 215 basis points.
(b) \u20ac 1 billion Subordinated Tier 2 Notes due 2031, Callable 2026
On 23 September 2020, AIB Group plc issued \u20ac 1 billion Subordinated Tier 2 Notes due 2031, Callable 2026.
These notes mature on 30 May 2031 but may be redeemed in whole, but not in part, at the option of the Group on the optional
redemption date on 30 May 2026, subject to the approval of the regulatory authorities, with approval being conditional on meeting the
requirements of the EU Capital Requirements Regulation.
The notes bear interest on the outstanding nominal amount at a fixed rate of 2.875%, payable annually in arrears on 30 May each year.
The interest rate will be reset on 30 May 2026 to Eur 5 year Mid Swap rate plus the initial margin of 330 basis points.
(c)Other dated subordinated loan capital
Following liability management exercises and the Subordinated Liabilities Order (\u201cSLO\u201d) in 2011, residual balances remained on the
dated loan capital instruments above. The SLO, which was effective from 22 April 2011, changed the terms of all of those outstanding
dated loan capital instruments. The original liabilities were derecognised and new liabilities were recognised, with their initial
measurement based on the fair value at the SLO effective date. The contractual maturity date changed to 2035 as a result of the SLO,
and payment of coupons became optional at the discretion of the Group. The Board of Allied Irish Banks, p.l.c. has considered the
matter and as at the date of this report, the Group\u2019s position is that coupons are not paid on these instruments. These instruments will
amortise to their nominal value in the period to their maturity in 2035.
36\u00a0 Share capital
31 December 2022
31 December 2021
Number of shares
Number of shares
m
\u20ac m
m
\u20ac m
Authorised
Ordinary share capital
Ordinary shares of \u20ac 0.625 each
4,000.0
2,500
4,000.0
2,500
Issued and fully paid
Ordinary share capital
Ordinary shares of \u20ac 0.625 each
2,673.4
1,671
2,714.4
1,696
Movements in share capital
In May 2022, AIB Group plc completed a Share Buyback Programme which resulted in the repurchase of 40,952,764 ordinary shares
for an aggregate amount of \u20ac 91 million. These shares were subsequently cancelled and the nominal amount, \u20ac 25 million, was
transferred from share capital to capital redemption reserve. The number of ordinary shares in issue at 31 December 2022 was
2,673,428,473 (31 December 2021: 2,714,381,237).
Warrants
In 2017, AIB issued warrants to the Minister for Finance to subscribe for 271,166,685 ordinary shares of AIB representing 9.99% of the
issued share capital at the time (31 December 2022: 10.14%). The exercise price for the warrants is 200% of the Offer Price of \u20ac 4.40
per ordinary share, the Offer Price being the price in euro per ordinary share which was payable under the IPO. This price may be
adjusted in accordance with the terms of the Warrant Instrument and the warrants will be capable of exercise by the holder of the
warrants during the period commencing on 27 June 2018 and ending on 27 June 2027. Following the Share Buyback Programme the
exercise price has been adjusted to \u20ac 8.663.
In accordance with the terms of the Warrant Agreement, no cash consideration was payable by the Minister to AIB in respect of the
issue of the warrants.
Structure of the Company\u2019s share capital
The following table shows the structure of the Company\u2019s share capital:
31 December 2022
31 December 2021
Authorised
share capital
%
Issued share
capital
%
Authorised
share capital
%
Issued share
capital
%
Class of share
Ordinary share capital
100
100
100
100
37\u00a0 Other equity interests
2022
2021
\u20ac m
\u20ac m
Issued by AIB Group plc
\u20ac 500 million Additional Tier 1 Perpetual Contingent Temporary Write-Down Securities issued 2019
(a)
496
496
\u20ac 625 million Additional Tier 1 Perpetual Contingent Temporary Write-Down Securities issued 2020
(b)
619
619
Total
1,115
1,115
For details regarding merger reserve, refer to accounting policy (aa) in note 1.
Capital redemption reserves
2022
2021
\u20ac m
\u20ac m
At 1 January
14
14
Transfer from ordinary share capital (note 36)
25
\u2014
At 31 December
39
14
39\u00a0 Offsetting financial assets and financial liabilities
The disclosures set out in the tables below include financial assets and financial liabilities that:
\u2022Are offset in the Group\u2019s statement of financial position; or
\u2022Are subject to enforceable master netting arrangements or similar agreements that cover similar financial instruments, irrespective of
whether they are offset in the statement of financial position.
The similar agreements include derivative clearing agreements, global master repurchase agreements and global master securities
lending agreements. Similar financial instruments include derivatives, sales and repurchase agreements, reverse sale and repurchase
agreements, and securities borrowing and lending agreements. Financial instruments such as loans and advances and customer
accounts are not included in the tables below unless they are offset in the statement of financial position.
The Group has a number of ISDA Master Agreements (netting agreements) in place which allow it to net the termination values of
derivative contracts upon the occurrence of an event of default with respect to its counterparties. The enforcement of netting
agreements would potentially reduce the statement of financial position carrying amount of derivative assets and liabilities by
\u20ac\u00a02,220\u00a0million at 31 December 2022 (2021: \u20ac 529 million).
The Group\u2019s sale and repurchase and reverse sale and repurchase transactions and securities borrowing and lending are covered by
netting agreements with terms similar to those of ISDA Master Agreements. Additionally, the Group has agreements in place which may
allow it to net the termination values of cross currency swaps upon the occurrence of an event of default.
The ISDA Master Agreements and similar master netting arrangements do not meet the criteria for offsetting in the statement of
financial position as they create a right of set-off of recognised amounts that become enforceable only following an event of default,
insolvency or bankruptcy of the Group or the counterparties. In addition, the Group and its counterparties do not intend to settle on a
net basis or to realise the assets and settle the liabilities simultaneously.
The Group provides and accepts collateral in the form of cash and marketable securities in respect of the following transactions:
\u2022Derivatives
\u2022Sale and repurchase agreements
\u2022Reverse sale and repurchase agreements
\u2022Securities lending and borrowing
Collateral is subject to the standard industry terms of Credit Support Annexes (\"CSAs\"), which enable the Group to pledge or sell
securities received during the term of the transaction. The collateral must be returned on the maturity of the transaction. The terms also
give each counterparty the right to terminate the related transactions where the counterparty fails to post collateral. The CSAs in place
provide collateral for derivative contracts. At 31 December 2022, \u20ac 795 million (2021: \u20ac 570 million) of CSAs are included within
financial assets and \u20ac 245 million (2021: \u20ac 100 million) of CSAs are included within financial liabilities.
39\u00a0 Offsetting financial assets and financial liabilities continued
The following table shows financial assets and financial liabilities subject to offsetting, enforceable master netting arrangements and
similar agreements at 31 December 2022 and 2021. The effects of over-collateralisation have not been taken into account in the table
below.
2022
Gross
amounts of
recognised
financial
assets
Gross
amounts of
recognised
financial
liabilities
offset in the
statement
of financial
position
Net
amounts of
financial
assets
presented
in the
statement
of financial
position
Related amounts not
offset in the statement of
financial position
Financial
instruments
Cash
collateral
Net
amount
Financial assets
Note
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Derivative financial instruments
17
2,501
\u2014
2,501
(2,220)
(200)
81
Securities financing
Reverse repurchase agreements
20
8,222
(5,305)
2,917
(2,899)
(18)
\u2014
Securities borrowings
20
3,365
\u2014
3,365
(3,365)
\u2014
\u2014
Total
14,088
(5,305)
8,783
(8,484)
(218)
81
2022
Gross
amounts of
recognised
financial
liabilities
Gross
amounts of
recognised
financial
assets
offset in the
statement of
financial
position
Net amounts
of financial
liabilities
presented in
the
statement of
financial
position
Related amounts not
offset in the statement of
financial position
Financial
instruments
Cash
collateral
Net
amount
Financial liabilities
Note
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Securities financing
Securities sold under agreements to
repurchase
20
6,203
(5,305)
898
(879)
(19)
\u2014
Derivative financial instruments
17
2,932
\u2014
2,932
(2,220)
(749)
(37)
Total
9,135
(5,305)
3,830
(3,099)
(768)
(37)
39\u00a0 Offsetting financial assets and financial liabilities continued
2021
Gross
amounts of
recognised
financial
assets
Gross
amounts of
recognised
financial
liabilities
offset in the
statement
of financial
position
Net
amounts of
financial
assets
presented
in the
statement
of financial
position
Related amounts not offset
in the statement of financial
position
Financial
instruments
Cash
collateral
Net
amount
Financial assets
Note
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Derivative financial instruments
17
788
\u2014
788
(529)
(56)
203
Securities financing
Reverse repurchase agreements
20
4,788
(3,325)
1,463
(1,463)
(10)
(10)
Securities borrowings
20
2,427
\u2014
2,427
(2,427)
\u2014
\u2014
Total
8,003
(3,325)
4,678
(4,419)
(66)
193
2021
Gross
amounts of
recognised
financial
liabilities
Gross
amounts of
recognised
financial
assets
offset in the
statement of
financial
position
Net
amounts of
financial
liabilities
presented
in the
statement of
financial
position
Related amounts not offset
in the statement of financial
position
Financial
instruments
Cash
collateral
Net
amount
Financial liabilities
Note
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Securities financing
Securities sold under agreements to repurchase
20
3,370
(3,325)
45
(45)
(32)
(32)
Derivative financial instruments
17
1,049
\u2014
1,049
(529)
(526)
(6)
Total
4,419
(3,325)
1,094
(574)
(558)
(38)
The gross amounts of financial assets and financial liabilities and their net amounts as presented in the statement of financial position
that are disclosed in the above tables are measured on the following bases:
\u2022Derivative assets and liabilities \u2013 fair value; and
\u2022Securities financing \u2013 amortised cost.
39\u00a0 Offsetting financial assets and financial liabilities continued
The following table reconciles the \u2018Net amounts of financial assets and financial liabilities presented in the statement of financial
position\u2019, as set out in the previous pages to the line items presented in the statement of financial position at 31 December 2022
and\u00a02021:
2022
Net amounts of
financial assets
presented in the
statement of financial
position
Line item in
statement of
financial position
Carrying
amounts in
statement
of financial
position
Financial
assets not
in scope of
offsetting
disclosures
Financial assets
\u20ac m
\u20ac m
\u20ac m
Derivative financial instruments
2,501
Derivative financial instruments
2,511
10
Securities financing
Reverse repurchase agreements
2,917
Securities borrowings
3,365
Securities financing
6,282
\u2014
2022
Net amounts of
financial liabilities
presented in the
statement of financial
position
Line item in
statement of
financial position
Carrying
amounts in
statement
of financial
position
Financial
liabilities not in
scope of
offsetting
disclosures
Financial liabilities
\u20ac m
\u20ac m
\u20ac m
Securities financing
Securities sold under agreements to
repurchase
898
Securities financing
898
\u2014
Derivative financial instruments
2,932
Derivative financial instruments
2,982
50
2021
Net amounts of financial
assets presented in the
statement of financial
position
Line item in
statement of
financial position
Carrying
amounts in
statement
of financial
position
Financial
assets not
in scope of
offsetting
disclosures
Financial assets
\u20ac m
\u20ac m
\u20ac m
Derivative financial instruments
788
Derivative financial instruments
882
94
Securities financing
Reverse repurchase agreements
1,463
Securities borrowing
2,427
Securities financing
3,890
\u2014
2021
Net amounts of financial
liabilities presented in the
statement of financial
position
Line item in
statement of
financial position
Carrying
amounts in
statement
of financial
position
Financial
liabilities not
in scope of
offsetting
disclosures
Financial liabilities
\u20ac m
\u20ac m
\u20ac m
Securities financing
Securities sold under agreements to
repurchase
45
Securities financing
45
\u2014
Derivative financial instruments
1,049
Derivative financial instruments
1,062
13
40\u00a0 Contingent liabilities and commitments
In the normal course of business, the Group is a party to financial instruments with off-balance sheet risk to meet the financing needs of
customers. These instruments involve, to varying degrees, elements of credit risk which are not reflected in the consolidated statement
of financial position. Credit risk is defined as the possibility of sustaining a loss because the other party to a financial instrument fails to
perform in accordance with the terms of the contract.
The Group\u2019s maximum exposure to credit loss under contingent liabilities and commitments to extend credit, in the event of non-
performance by the other party where all counterclaims, collateral or security prove valueless, is represented by the contractual
amounts of those instruments.
The Group uses the same credit control and risk management policies in undertaking off-balance sheet commitments as it does for\u00a0
\u2018on-balance sheet lending\u2019.
The following table gives the nominal or contract amounts of contingent liabilities and commitments:
Contract amount
2022
2021
\u20ac m
\u20ac m
Contingent liabilities(1) \u2013 credit related
Guarantees and assets pledged as collateral security:
Guarantees and irrevocable letters of credit
764
775
Other contingent liabilities
38
44
802
819
Commitments(2)
Documentary credits and short term trade-related transactions
121
129
Undrawn formal standby facilities, credit lines and other commitments to lend:
Less than 1 year
9,173
9,135
1 year and over
5,766
4,463
15,060
13,727
15,862
14,546
(1) Contingent liabilities are off-balance sheet products and include guarantees, irrevocable letters of credit and other contingent liability products such as
performance bonds.
(2) A commitment is an off-balance sheet product where there is an agreement to provide an undrawn credit facility. The contract may or may not be cancelled
unconditionally at any time without notice depending on the terms of the contract.
For details of the credit ratings and geographic concentration of contingent liabilities and commitments, see pages 154 and 184 in the
\u2018Risk management\u2019 section of this report.
Provisions for ECLs on loan commitments and financial guarantee contracts are set out in note 34.
40\u00a0 Contingent liabilities and commitments continued
Legal proceedings
The\u2008Group, in the course of its business, is frequently involved in litigation cases. However, it is not, nor has been involved in, nor are
there, so far as the Group is aware, (other than as set out in the following paragraphs), pending or threatened by or against the Group
any legal or arbitration proceedings, including governmental proceedings, which may have, or have had during the previous twelve
months, a material effect on the financial position, profitability or cash flows of the\u2008Group.
Specifically, litigation has been served on the Group by customers that are pursuing claims in relation to tracker mortgages. Customers
have also lodged complaints to the Financial Services and Pensions Ombudsman (\u201cFSPO\u201d) in relation to tracker mortgages issues.\u00a0
Further claims may also be served in the future in relation to tracker mortgages. The Group will also receive further rulings by the FSPO
in relation to complaints concerning tracker mortgages.
Based on the facts currently known and the current stages that the litigation and the FSPO\u2019s complaints process is at, it is not
practicable at this time to predict the final outcome of this litigation/FSPO complaints, nor the timing and possible impact on the Group.
Participation in TARGET 2 \u2013 Ireland
AIB participates in the TARGET 2-Ireland system, the Irish component of TARGET 2, which is the real time gross settlement system for
large volume interbank payments in euro. The following disclosures relate to charges provided by AIB to secure its payment obligations
arising from participation in TARGET 2.
On 15 February 2008, AIB executed a deed of charge pursuant to which it created a first floating charge in favour of the Central Bank of
Ireland ('Central Bank') over all of its right, title, interest and benefit, present and future, in and to the balances then or at any time
standing to the accounts held by AIB with any Eurosystem central bank for the purpose of participation in TARGET 2.
In addition, AIB and the Central Bank entered into a Framework Agreement in respect of Eurosystem Operations (dated 7 April 2014),
which include the credit line facility for intra-day credit in TARGET 2-Ireland. In order to secure its obligations under the Framework
Agreement, AIB executed a deed of charge (dated 7 April 2014). Pursuant to the deed, AIB created a first fixed charge in favour of the
Central Bank over all of its right, title, interest and benefit, present and future, in and to eligible assets (as identified as such by the
Central Bank) which are held in a designated collateral account.
Both deeds of charge contain provisions that during the existence of the security, otherwise than with the prior written consent of the
Central Bank, AIB shall not:
(a) Create or attempt to create or permit to arise or permit any encumbrance on or over the charged property or any part thereof; or
(b) Otherwise than in the ordinary course of business, sell, transfer, lend or otherwise dispose of the property subject to the floating
charge or any part thereof or attempt or agree to do so whether by means of one or a number of transactions related or not and
whether at one time or over a period of time.
In addition, under the 2014 charge, AIB undertakes not to sell, transfer, lend or otherwise dispose of or deal in the assets subject to the
fixed charge or any part thereof or, in each case, attempt or agree to do so whether by means of one or a number of transactions
related or not and whether at one time or over a period of time.
41\u00a0 Subsidiaries and consolidated structured entities
The material Group subsidiary companies at 31 December 2022 and 2021 are:
Name of company
Principal activity
Place of
incorporation
Registered
Office
Allied Irish Banks, p.l.c.
A direct subsidiary of AIB Group plc and the
principal operating company of the Group and
holds the majority of the subsidiaries within
the Group. Its activities include banking and
financial services \u2013 a licensed bank
Ireland
10 Molesworth Street,
Dublin 2,
Ireland.
AIB Mortgage Bank Unlimited Company
Issue of mortgage covered securities
\u2013 a licensed bank
Ireland
10 Molesworth Street,
Dublin 2,
Ireland.
EBS d.a.c.
Mortgages and savings
\u2013 a licensed bank
Ireland
10 Molesworth Street,
Dublin 2,
Ireland.
AIB Group (UK) p.l.c. trading as Allied Irish Bank (GB)
in Great Britain and AIB (NI) in Northern Ireland
Banking and financial services
\u2013 a licensed bank
Northern Ireland
92 Ann Street,
Belfast BT1 3HH.
The proportion of ownership interest and voting power held by AIB Group plc in Allied Irish Banks, p.l.c. is 100% of the ordinary share
capital. All subsidiaries of Allied Irish Banks, p.l.c., being the immediate subsidiary of AIB Group plc, are wholly owned apart from
Augmentum Limited in which there are non-controlling interests. Practically all subsidiaries in the Group are involved in the provision of
financial services or ancillary services.
Acquisition of subsidiary
On 31 August 2021 the Group acquired Goodbody, a leading Irish provider of wealth management, corporate finance and capital
markets services, by acquiring 100% of the voting shares of GANMAC Holdings (BVI) Limited and its subsidiaries. Under the terms of
the agreement, the Group acquired the entire share capital for a total consideration, including deferred contingent consideration, of\u00a0 \u00a0 \u00a0
\u20ac 139 million. The acquisition gave rise to the recognition of goodwill of \u20ac 50 million.
Significant restrictions
Each of the subsidiaries listed above which is a licensed bank is required by its respective financial regulator to maintain capital ratios
above a certain minimum level. These minimum ratios restrict the payment of dividend by the subsidiary and, where the ratios fall below
the minimum requirement, will require the parent company to inject capital to make up the shortfall.
Consolidated structured entities
The Group has acted as sponsor and invested in a number of special purpose entities (\u201cSPEs\u201d) in order to generate funding for the
Group\u2019s lending activities (with the exception of AIB\u2008PFP Scottish Limited Partnership). The Group considers itself a sponsor of a
structured entity when it facilitates the establishment of the structured entity.
The following SPEs are consolidated by the Group:
\u2022Burlington Mortgages No. 1 DAC;
\u2022AIB PFP Scottish Limited Partnership.
Further details on these SPEs are set out in note 42.
There are no contractual arrangements that could require AIB Group plc or its subsidiaries to provide financial support to the
consolidated structured entities listed above. During the year, neither AIB Group plc nor any of its subsidiaries provided financial support
to a consolidated structured entity and there is no current intention to provide financial support.
Unconsolidated structured entities
The Group acts as a fund or investment manager for a number of unconsolidated structured entities for which it receives investment or
fund management fees. The Group acts as sponsor of these entities. The Group has no units within these funds. Therefore the carrying
amount of assets and liabilities in relation to these entities in the Group\u2019s statement of financial position is Nil (2021: Nil).
The Group\u2019s maximum exposure to loss is equal to the value of outstanding fees owed from these entities of \u20ac 2 million at 31 December
2022 (31 December 2021: \u20ac 2 million). These entities are financed by investors in the entities. During the year the Group has not
provided any non-contractual financial or other support to these entities and has no current intention of providing any financial or other
support.
Non-controlling interests in subsidiary undertaking
On 31 October 2019, Augmentum Limited (\u2018Augmentum\u2019), of which 75% is owned by the Group and 25% by a non-controlling interest,
First Data Global Services Limited (part of First Data Corporation which is owned by Fiserv Inc.), acquired 96.77% of the equity share
capital and voting rights of Semeral Limited (\u2018Semeral\u2019), the holding company for Payzone Ireland Limited (\u2018Payzone\u2019).
Semeral/Payzone place of business:\u00a04 Heather Road, Sandyford Industrial Estate, Dublin 18
42\u00a0 Off-balance sheet arrangements and transferred financial assets
Under IFRS, transactions and events are accounted for and presented in accordance with their substance and economic reality and not
merely their legal form. As a result, the substance of transactions with a special purpose entity (\u201cSPE\u201d) forms the basis for their
treatment in the Group\u2019s financial statements. An SPE is consolidated in the financial statements when the substance of the relationship
between the Group and the SPE indicates that the SPE is controlled by the entity and meets the criteria set out in IFRS 10
Consolidated Financial Statements. The principal forms of SPE utilised by the Group are securitisations and employee compensation
trusts.
Securitisations
The Group utilises securitisations primarily to support the following business objectives:
\u2022As an investor, the Group has primarily been an investor in securitisations issued by other credit institutions as part of the
management of its interest rate and liquidity risks through the Treasury function;
\u2022As an investor, securitisations have been utilised by the Group to invest in transactions that offered an appropriate risk-adjusted
return opportunity; and
\u2022As an originator of securitisations to support the funding activities of the Group.
The Group controls certain special purpose entities which were set up to support its funding activities. Details of these special purpose
entities are set out below under the heading \u2018Special purpose entities\u2019. The Group controls two special purpose entities set up in relation
to the funding of the Group Pension Schemes which are also detailed below.
Securities borrowing and lending
Securities borrowed are not recognised in the financial statements, unless these are sold to third parties, at which point the obligation to
repurchase the securities is recorded as a trading liability at fair value and any subsequent gain or loss is included in trading income.
Employee compensation trusts
The Group and some of its subsidiary companies use trust structures to benefit employees and to facilitate the ownership of the
Group\u2019s equity by employees. The Group consolidates these trust structures where the risks and rewards of the underlying shares have
not been transferred to the employees. All outstanding shares held by Trustees were disposed of during 2018.
Transfer of financial assets
The Group enters into transactions in the normal course of business in which it transfers previously recognised financial assets.
Transferred financial assets may, in accordance with IFRS 9 Financial Instruments:
(i) Continue to be recognised in their entirety; or
(ii) Be derecognised in their entirety but the Group retains some continuing involvement.
The most common transactions where the transferred assets are not derecognised in their entirety are sale and repurchase
agreements, issuance of covered bonds and securitisations.
(i) Transferred financial assets not derecognised in their entirety
Sale and repurchase agreements/securities lending
Sale and repurchase agreements are transactions in which the Group sells a financial asset to another party, with an obligation to
repurchase it at a fixed price on a certain later date. The Group continues to recognise the financial assets in full in the statement of
financial position as it retains substantially all the risks and rewards of ownership. The Group\u2019s sale and repurchase agreements are
with banks and customers. The obligation to pay the repurchase price is recognised within \u2018Securities financing\u2019 (note 20). As the Group
sells the contractual rights to the cash flows of the financial assets, it does not have the ability to use or pledge the transferred assets
during the term of the sale and repurchase agreement. The Group remains exposed to credit risk and interest rate risk on the financial
assets sold. Details of sale and repurchase activity are set out in note 20. The obligation arising as a result of sale and repurchase
agreements together with the carrying value of the financial assets pledged are set out in the table below.
The Group enters into securities lending in the form of collateral swap agreements with other parties. The Group continues to recognise
the financial assets in full in the statement of financial position as it retains substantially all the risks and rewards of ownership. As a
result of these transactions, the Group is unable to use, sell or pledge the transferred assets for the duration of the transaction. A fee is
generated for the Group under this transaction.
Issuance of covered bonds
Covered bonds, which the Group issues, are debt securities backed by cash flows from mortgages for the purpose of financing loans
secured on residential property through its wholly owned subsidiary, AIB Mortgage Bank Unlimited Company. The Group retains all the
risks and rewards of these mortgage loans, including credit risk and interest rate risk, and therefore, the loans continue to be
recognised on the Group\u2019s statement of financial position with the related covered bonds held by external investors included within
\u2018Debt securities in issue\u2019 (note 31). As the Group segregates the assets which back these debt securities into \u201ccover asset pools\u201d it does
not have the ability to otherwise use such segregated financial assets during the term of these debt securities. However, of the total
debt securities of this type issued amounting to \u20ac 8.3 billion, internal Group companies hold \u20ac 7.3 billion which are eliminated on
consolidation.
42\u00a0 Off-balance sheet arrangements and transferred financial assets continued
Special purpose entities
Securitisations are transactions in which the Group sells loans and advances to customers (mainly mortgages) to special purpose
entities (\u201cSPEs\u201d), which, in turn, issue notes to external investors. The notes issued by the SPEs are on terms which result in the Group
retaining the majority of ownership risks and rewards and therefore, the loans continue to be recognised in the Group\u2019s statement of
financial position. The Group remains exposed to credit risk, interest rate risk and foreign exchange risk on the loans sold. The liability
in respect of the cash received from the external investors is included within \u2018Debt securities in issue\u2019 (note 31). Under the terms of the
securitisations, the rights of the investors are limited to the assets in the securitised portfolios and any related income generated by the
portfolios, without further recourse to the Group. The Group does not have the ability to otherwise use the assets transferred as part of
securitisation transactions during the term of the arrangement.
Burlington Mortgages No. 1 DAC
In 2020, the Group securitised \u20ac 4 billion of its residential mortgage portfolio held in two of its subsidiaries, EBS d.a.c. and Haven
Mortgages Limited. These mortgages were transferred to a securitisation vehicle, Burlington Mortgages No. 1 DAC \u201cBurlington\u201d. In
order to fund the acquired mortgages, Burlington issued twelve classes of notes to EBS d.a.c. and Haven in the same proportion as the
mortgages securitised. The transferred mortgages have not been derecognised as the Group retains substantially all the risks and
rewards of ownership and continue to be reported in the Group\u2019s financial statements. Burlington is consolidated into the Group\u2019s
financial statements with all the notes being eliminated on consolidation. At 31 December 2022, the carrying amount of the transferred
financial assets which the Group continues to recognise is \u20ac 2.8 billion (2021: \u20ac 3.2 billion) (fair value is \u20ac 2.6 billion (2021: \u20ac 2.9 billion))
and the carrying amount of the associated liabilities is Nil (2021: Nil).
The following table summarises as at 31 December 2022 and 2021, the carrying value and fair value of financial assets which did not
qualify for derecognition together with their associated financial liabilities.
2022
Carrying
amount of
transferred
assets
Carrying
amount of
associated
liabilities
Fair
value of
transferred
assets
Fair
value of
associated
liabilities
Net fair
value
position
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Sale and repurchase
agreements/similar products
5,945
(1)(2)
898
(1)
5,949
898
5,051
Covered bond programmes
Residential mortgage backed
1,845
(3)
1,024
(4)
1,756
1,026
730
2021
Carrying
amount of
transferred
assets
Carrying
amount of
associated
liabilities
Fair
value of
transferred
assets
Fair
value of
associated
liabilities
Net fair
value
position
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Sale and repurchase
agreements/similar products
3,368
(1)(2)
45
(1)
3,371
45
3,326
Covered bond programmes
Residential mortgage backed
2,820
(3)
1,789
(4)
2,693
1,799
894
(1) See note 20.
(2) Includes \u20ac 5,030 million of assets pledged in relation to securities lending arrangements (2021: \u20ac 3,306 million).
(3) The asset pools of \u20ac 15 billion (2021: \u20ac 15 billion) in the covered bond programme have been apportioned on a pro-rata basis in relation to the value of bonds
held by external investors and those held by the Group companies. The \u20ac 1,845 million (2021: \u20ac 2,820 million) above refers to those assets apportioned to
external investors.
(4) Included in \u2018Bonds and other medium term notes\u2019 issued by subsidiaries (note 31).
42\u00a0 Off-balance sheet arrangements and transferred financial assets continued
AIB Group (UK) p.l.c. Pension Scheme interest in the AIB\u2008PFP Scottish Limited Partnership
In December 2013, the Group agreed with the Trustee of the AIB UK Defined Benefit Pension Scheme (\u201cthe UK scheme\u201d) a restructure
of the funding of the deficit in the UK scheme.
The Group established a pension funding partnership, AIB PFP Scottish Limited Partnership (\u201cSLP\u201d) under which a portfolio of loans
were transferred to the SLP from another Group entity, AIB UK Loan Management Limited (\u201cUKLM\u201d) for the purpose of ring-fencing the
repayments on these loans to fund future deficit payments of the UK scheme.
Assets ring\u2013fenced for this purpose entitled the UK Scheme to expected annual payments in the range of \u00a3 15 million to \u00a3 35 million per
annum from 2016 until 2032, with a potential termination payment in 2032 of up to \u00a3 60 million. Following the approval of the 2017
triennial valuation in May 2019, the annual payments were set at \u00a3 15 million per annum, commencing 1 January 2019. However, this
funding plan was replaced in December 2019, as part of the de-risking of the UK scheme (note 28).Under this funding arrangement, the
Group expects to make payments of \u00a3 18.5 million in 2023 with a final balancing payment, based on latest estimates from LGAS of
c.\u00a0\u00a3\u00a027 million. This is subject to change prior to finalisation.
The general partner in the partnership, AIB PFP (General Partner) Limited which is an indirect subsidiary of Allied Irish Banks, p.l.c., has
controlling power over the partnership. In addition, the majority of the risks and rewards will be borne by the Group as the pension
scheme has a priority right to the cash flows from the partnership, such that the variability in recoveries is expected to be borne by the
Group through UKLM\u2019s junior partnership interest. As UKLM continues to bear substantially all the risks and rewards of the loans, the
loans are not derecognised from UKLM\u2019s balance sheet and accordingly, the Group has determined that the SLP should be
consolidated into the Group.
(ii) Transferred financial assets derecognised in their entirety but the Group retains some continuing involvement
AIB has a continuing involvement in transferred financial assets where it retains any of the risks and rewards of ownership of the
transferred financial assets. Set out below are transactions in which AIB has a continuing involvement in assets transferred.
Pension scheme
On 31 July 2012, AIB entered into a Contribution Deed with the Trustee of the AIB Group Irish Pension Scheme (\u2018the Irish Scheme\u2019),
whereby it agreed to make contributions to the scheme to enable the Trustee ensure that the regulatory Minimum Funding Standard
position of non-pensioner members of the pension scheme was not affected by the agreed early retirement scheme. These
contributions amounting to \u20ac 594 million were settled through the transfer to the Irish Scheme of interests in an SPE owning loans and
advances previously transferred at fair value from the Group. The loans and advances were derecognised in the Group\u2019s financial
statements as all of the risks and rewards of ownership had transferred.
A subsidiary company of the Group was appointed as a service provider for the loans and advances transferred. Under the servicing
agreement, the Group subsidiary company collects the cash flows on the transferred loans and advances on behalf of the pension
scheme in return for a fee. The fee is based on an annual rate of 0.125% of the principal balance outstanding of all transferred loans
and advances on the last day of each calendar month. The Group has not recognised a servicing asset/liability in relation to this
servicing arrangement as the fee is considered to be a market rate. Under the servicing agreement, the Irish Scheme has the right to
replace the Group subsidiary company as the service provider with an external third party. In 2022, the Group recognised \u20ac 0.5 million
(cumulative \u20ac 9.2 million) (2021: \u20ac 0.5 million (cumulative \u20ac 8.7 million)) in the income statement for the servicing of the loans and
advances transferred.
NAMA
During 2010 and 2011, AIB transferred financial assets with a net carrying value of \u20ac 15,428 million to NAMA. All assets transferred
were derecognised in their entirety.
As part of this transaction, the Group has provided NAMA with a series of indemnities relating to the transferred assets.
The Group was appointed by NAMA as a service provider for the loans and advances transferred, for which it receives a fee. The fee is
based on the lower of actual costs incurred or 0.1% of the value of the financial assets transferred. The Group has not recognised a
servicing asset/liability in relation to this servicing arrangement. In 2022, the Group recognised \u20ac 2 million (cumulative \u20ac 100 million)
(2021: \u20ac 2 million (cumulative \u20ac 98 million)) in the income statement for the servicing of financial assets transferred to NAMA.
43\u00a0 Classification and measurement of financial assets and financial liabilities
Financial assets and financial liabilities are measured on an ongoing basis either at fair value or at amortised cost. The accounting
policy for financial assets in note 1 (l) and financial liabilities in note 1 (m), describes how the classes of financial instruments are
measured, and how income and expenses, including fair value gains and losses, are recognised.
The following table analyses the carrying amounts of the financial assets and financial liabilities by measurement category and by
statement of financial position heading at 31 December 2022 and 2021.
2022
At fair value through
profit or loss
At fair value through other
comprehensive income
At amortised
cost
Total
Mandatorily
Debt
investments
Hedging
derivatives
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Financial assets
Cash and balances at central banks
\u2014
\u2014
\u2014
38,138
(1)
38,138
Trading portfolio financial assets
8
\u2014
\u2014
\u2014
8
Derivative financial instruments
2,323
(2)
\u2014
188
\u2014
2,511
Loans and advances to banks
\u2014
\u2014
\u2014
1,502
1,502
Loans and advances to customers
249
\u2014
\u2014
59,364
59,613
Securities financing
\u2014
\u2014
\u2014
6,282
6,282
Investment securities
302
11,837
\u2014
4,131
16,270
Other financial assets
\u2014
\u2014
\u2014
592
592
2,882
11,837
188
110,009
124,916
Financial liabilities
Deposits by central banks and banks
\u2014
\u2014
\u2014
514
514
Customer accounts
\u2014
\u2014
\u2014
102,359
102,359
Securities financing
\u2014
\u2014
\u2014
898
898
Trading portfolio financial liabilities
4
\u2014
\u2014
\u2014
4
Derivative financial instruments
1,032
(3)
\u2014
1,950
\u2014
2,982
Debt securities in issue
\u2014
\u2014
\u2014
7,203
7,203
Subordinated liabilities and
other capital instruments
\u2014
\u2014
\u2014
1,404
1,404
Other financial liabilities
\u2014
\u2014
\u2014
1,375
1,375
1,036
\u2014
1,950
113,753
116,739
(1) Includes cash on hand \u20ac 545 million.
(2) Held for trading \u20ac 458 million and fair value hedges \u20ac 256 million.
(3) Held for trading \u20ac 565 million and fair value hedges \u20ac 192 million.
44\u00a0 Fair value of financial instruments
The term \u2018financial instruments\u2019 includes both financial assets and financial liabilities. The fair value of a financial instrument is the price
that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date in the principal market, or in its absence, the most advantageous market to which the Group has access at that
date. The Group\u2019s accounting policy for the \u2018determination of fair value of financial instruments\u2019 is set out in note 1 accounting policy (o).
The valuation of financial instruments, including loans and advances, involves the application of judgement and estimation. Market and
credit risks are key assumptions in the estimation of the fair value of loans and advances. The Group has estimated the fair value of its
loans to customers taking into account market risk and the changes in credit quality of its borrowers.
Fair values are based on observable market prices where available, and on valuation models or techniques where the lack of market
liquidity means that observable prices are unavailable. The fair values of financial instruments are classified according to the following
fair value hierarchy that reflects the observability of significant market inputs:
Level 1 \u2013financial assets and liabilities measured using quoted market prices from an active market (unadjusted);
Level 2 \u2013financial assets and liabilities measured using valuation techniques which use quoted market prices from an active market or
measured using quoted market prices unadjusted from an inactive market; and
Level 3 \u2013financial assets and liabilities measured using valuation techniques which use unobservable market inputs.
All financial instruments are initially recognised at fair value. Financial instruments held for trading, those whose contractual terms do
not give rise on specified dates to cash flows that are solely payments of principal and interest (\u201cSPPI\u201d), and financial instruments in fair
value hedge relationships are subsequently measured at fair value through profit or loss. Financial assets in a held-to-collect-and-sell
business model which pass the SPPI test and cash flow hedge derivatives are subsequently measured at fair value through other
comprehensive income (\u201cFVOCI\u201d).
All valuations are carried out within the Finance function and valuation methodologies are validated by the independent Risk function
within the Group.
Readers of these financial statements are advised to use caution when using the data in the following tables to evaluate the Group\u2019s
financial position or to make comparisons with other institutions. Fair value information is not provided for items that do not meet the
definition of a financial instrument. These items include intangible assets such as the value of the branch network and the long term
relationships with depositors, premises and equipment and shareholders\u2019 equity. These items are material and accordingly, the fair
value information presented does not purport to represent, nor should it be construed to represent, the underlying value of the Group as
a going concern at 31 December 2022.
The methods used for calculation of fair value in 2022 are as follows:
Financial instruments measured at fair value in the financial statements
Trading portfolio financial instruments
The fair value of trading debt securities, together with quoted equity shares is based on quoted prices or bid/offer quotations sourced
from external securities dealers, where these are available on an active market. Where securities and equities are traded on an
exchange, the fair value is based on prices from the exchange.
Derivative financial instruments
Where derivatives are traded on an exchange, the fair value is based on prices from the exchange. The fair value of over-the-counter
derivative financial instruments is estimated based on standard market discounting and valuation methodologies which use reliable
observable inputs including yield curves and market rates. These methodologies are implemented by the Finance function and
validated by the Risk function. Where there is uncertainty around the inputs to a derivatives\u2019 valuation model, the fair value is estimated
using inputs which provide the Group\u2019s view of the most likely outcome in a disposal transaction between willing counterparties in a
functioning market. Where an unobservable input is material to the outcome of the valuation, a range of potential outcomes from
favourable to unfavourable is estimated.
Counterparty valuation adjustment (\u201cCVA\u201d) and Funding valuation adjustment (\u201cFVA\u201d) are applied to all uncollateralised over-the-
counter derivatives. The combination of CVA and FVA is referred to as XVA.
CVA is calculated as: Expected positive exposure (\u201cEPE\u201d) multiplied by probability of default (\u201cPD\u201d) multiplied by loss given default
(\u201cLGD\u201d). EPE profiles are generated at a counterparty netting set through simulation. PDs are derived from market based credit default
swaps (\u201cCDS\u201d) information. As most counterparties do not have a quoted CDS, PDs are derived by mapping each counterparty to an
index CDS credit grade. LGDs are based on the specific circumstances of the counterparty and take into account valuation of offsetting
security, where applicable. For smaller exposures where security valuations are not individually assessed, an LGD of 60% is applied
(2021: 60%).
44\u00a0 Fair value of financial instruments continued
FVA is calculated as: Expected exposure (\u201cEE\u201d) multiplied by funding spread (\u201cFS\u201d) multiplied by counterpart survival probability (1-PD).
EE profiles (net of expected positive and negative exposures) are generated at a counterparty netting set through simulation. Funding
spreads used are an average implied by CDSs for the Group\u2019s most active external derivative counterparties. The rationale in applying
these spreads is to best estimate the FVA which a counterparty would apply in a transaction to close out the Group\u2019s existing positions.
Where XVA valuation adjustments have been applied to a derivative instrument, the entire instrument is classified as Level 3 in the fair
value hierarchy on the basis that a component of the XVA valuation is derived from unobservable inputs.
Within the range of estimates and fair value sensitivity measurements, a favourable and an adverse scenario have been selected for
PDs and LGDs for CVA. The favourable/adverse scenario for customer PDs are (i) a single rating upgrade and (ii) a single rating
downgrade, respectively. Customer LGDs are shifted according to estimates of improvement in value of security compared with
potential derivatives market values. Within the combination of LGD and PD, both are shifted together yielding positive and negative
valuations which are disclosed as potential alternative valuations. See 'Sensitivity of Level 3 measurements' within this note. For FVA, a
favourable scenario is the use of the bond yields of the Group\u2019s most active derivative counterparties while an adverse scenario is a
downgrade in the CDS of the reference entities used to derive funding spreads.
Investment securities
The fair value of investment securities has been estimated based on expected sale proceeds. The expected sale proceeds are based
on bid prices which have been analysed and compared across multiple sources for reliability. Where bid prices are unavailable, fair
values are estimated by valuation techniques using observable market data for similar instruments. Where there is no market data for a
directly comparable instrument, management judgement on an appropriate credit spread to similar or related instruments with market
data available is used within the valuation technique. This is supported by cross referencing other similar or related instruments.
Loans and advances to customers
The Group provides lending facilities of varying rates and maturities to corporate and personal customers.
Valuation techniques are used in estimating the fair value of loans, primarily using discounted cash flows and applying market rates
where practicable and taking credit risk into account.
With regard to the above valuation techniques regarding cash flows and discount rates, a key assumption for loans and advances is
that the carrying amount of variable rate loans (excluding mortgage products) approximates to market value. For fixed rate loans, the
fair value is calculated by discounting expected cash flows using discount rates that reflect the interest rate risk in that portfolio.
The fair value of mortgage products, including tracker mortgages, is calculated by discounting expected cash flows using discount rates
that reflect the interest rate/credit risk in the portfolio.
The majority of loans and advances to customers are held at amortised cost, however, the Group has a small number of loans and
advances which are required to be measured at fair value through profit or loss (\u2018FVTPL\u2019) having failed the SPPI test. The valuation
techniques used apply equally to those held at FVTPL and those held at amortised cost.
Financial instruments not measured at fair value but with fair value information presented separately in the notes to the
financial statements
Loans and advances to banks
The fair value of loans and advances to banks is estimated using discounted cash flows applying either market rates, where
practicable, or rates currently offered by other financial institutions for placings with similar characteristics.
Loans and advances to customers at amortised cost
See methodology above under the heading \u2018Loans and advances to customers\u2019.
Securities financing
The fair value of securities financing assets and liabilities approximate their carrying amount as these balances are generally short-
dated and fully collateralised.
Deposits by central banks and banks and customer accounts
The fair value of current accounts and deposit liabilities which are repayable on demand, or which re-price frequently, approximates to
their book value. The fair value of all other deposits and other borrowings is estimated using discounted cash flows applying either
market rates, where applicable, or interest rates currently offered by the Group.
44\u00a0 Fair value of financial instruments continued
Subordinated liabilities and debt securities in issue
The estimated fair value of subordinated liabilities and other capital instruments, and debt securities in issue, is based on quoted prices
where available, or where these are unavailable, are estimated using valuation techniques using observable market data for similar
instruments. Where there is no market data for a directly comparable instrument, management judgement, on an appropriate credit
spread to similar or related instruments with market data available, is used within the valuation technique. This is supported by cross\u2013
referencing other similar or related instruments.
Other financial assets and other financial liabilities
This caption includes accrued interest receivable and payable and other receivables (including amounts awaiting settlement and
accounts payable). The carrying amount is considered representative of fair value.
Commitments pertaining to credit-related instruments
Details of the various credit-related commitments and other off-balance sheet financial guarantees entered into by the Group are
included in note 40. Fees for these instruments may be billed in advance or in arrears on an annual, quarterly or monthly basis. In
addition, the fees charged vary on the basis of instrument type and associated credit risk. As a result, it is not considered practicable to
estimate the fair value of these instruments because each customer relationship would have to be separately evaluated.
The table on the following pages sets out the carrying amount and fair value of financial instruments across the three levels of the fair
value hierarchy at 31 December 2022 and 2021:
44\u00a0 Fair value of financial instruments continued
2022
Carrying amount
Fair Value
Fair value hierarchy
Level 1
Level 2
Level 3
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Financial assets measured at fair value
Trading portfolio financial assets:
Equity securities
8
8
\u2014
\u2014
8
Derivative financial instruments:
Interest rate derivatives
2,343
\u2014
2,255
88
(1)
2,343
Exchange rate derivatives
164
\u2014
164
\u2014
164
Equity derivatives
4
\u2014
4
\u2014
4
Credit derivatives
\u2014
\u2014
\u2014
\u2014
\u2014
Loans and advances to customers at FVTPL
249
\u2014
\u2014
249
249
Investment debt securities at FVOCI:
Government securities
3,824
3,824
\u2014
\u2014
3,824
Supranational banks and government agencies
1,298
1,298
\u2014
\u2014
1,298
Asset backed securities
453
438
15
\u2014
453
Bank securities
5,763
5,763
\u2014
\u2014
5,763
Corporate securities
499
499
\u2014
\u2014
499
Equity investments at FVTPL
302
18
\u2014
284
302
14,907
11,848
2,438
621
14,907
Financial assets not measured at fair value
Cash and balances at central banks
38,138
573
(2)
37,565
\u2014
38,138
Loans and advances to banks
1,502
\u2014
262
1,240
1,502
Loans and advances to customers:
\u00a0 \u00a0 Mortgages(3)
30,031
\u2014
\u2014
28,625
28,625
Non-mortgages
29,333
\u2014
\u2014
29,253
29,253
Total loans and advances to customers
59,364
\u2014
\u2014
57,878
57,878
Securities financing:
Reverse repurchase agreements
2,917
\u2014
\u2014
2,917
2,917
Securities borrowing
3,365
\u2014
\u2014
3,365
3,365
Investment debt securities measured at amortised cost
4,131
2,413
\u2014
1,739
4,152
Other financial assets
592
\u2014
\u2014
592
592
110,009
2,986
37,827
67,731
108,544
Financial liabilities measured at fair value
Trading portfolio financial liabilities:
Equity securities
4
4
\u2014
\u2014
4
Derivative financial instruments:
Interest rate derivatives
2,900
\u2014
2,477
423
(1)
2,900
Exchange rate derivatives
72
\u2014
72
\u2014
72
Equity derivatives
\u2014
\u2014
\u2014
\u2014
\u2014
Credit derivatives
1
\u2014
1
\u2014
1
Other
9
(4)
\u2014
\u2014
9
9
2,986
4
2,550
432
2,986
Financial liabilities not measured at fair value
Deposits by central banks and banks:
Other borrowings
232
\u2014
\u2014
232
232
Secured borrowings
282
\u2014
282
\u2014
282
Customer accounts:
Current accounts
64,402
\u2014
\u2014
64,402
64,402
Demand deposits
32,595
\u2014
\u2014
32,595
32,595
Time deposits
5,362
\u2014
\u2014
5,348
5,348
Securities financing:
Securities sold under agreements to repurchase
898
\u2014
\u2014
898
898
Debt securities in issue
7,203
7,214
11
16
7,241
Subordinated liabilities and other capital instruments
1,404
1,401
\u2014
13
1,414
Other financial liabilities
1,375
\u2014
\u2014
1,375
1,375
113,753
8,615
293
104,879
113,787
(1) Includes \u20ac 40 million derivative assets and \u20ac 372 million derivative liabilities categorised as level 3 on the basis that a component of the XVA valuation is derived
from unobservable inputs.
(2) Comprises cash on hand.
(3) Includes residential and commercial mortgages.
(4) Relates to the forward contract to acquire corporate and commercial loans from Ulster Bank. See note 52 for further information.
44\u00a0 Fair value of financial instruments continued
2021
Carrying amount
Fair Value
Fair value hierarchy
Level 1
Level 2
Level 3
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Financial assets measured at fair value
Trading portfolio financial assets:
Equity securities
8
8
\u2014
\u2014
8
Derivative financial instruments:
Interest rate derivatives
806
\u2014
505
301
(1)
806
Exchange rate derivatives
76
\u2014
76
\u2014
76
Credit derivatives
\u2014
\u2014
\u2014
\u2014
\u2014
Loans and advances to customers at FVTPL
243
\u2014
\u2014
243
243
Investment debt securities at FVOCI:
Government securities
4,752
4,752
\u2014
\u2014
4,752
Supranational banks and government agencies
1,260
1,260
\u2014
\u2014
1,260
Asset backed securities
495
456
39
\u2014
495
Bank securities
5,565
5,565
\u2014
\u2014
5,565
Corporate securities
517
517
\u2014
\u2014
517
Equity investments at FVTPL
274
26
\u2014
248
274
13,996
12,584
620
792
13,996
Financial assets not measured at fair value
Cash and balances at central banks
42,654
545
(2)
42,109
\u2014
42,654
Loans and advances to banks
1,323
\u2014
361
962
1,323
Loans and advances to customers:
Mortgages(3)
29,088
\u2014
\u2014
27,509
27,509
Non-mortgages
27,177
\u2014
\u2014
27,246
27,246
Total loans and advances to customers
56,265
\u2014
\u2014
54,754
54,754
Securities financing:
Reverse repurchase agreements
1,463
\u2014
\u2014
1,463
1,463
Securities borrowing
2,427
\u2014
\u2014
2,427
2,427
Investment debt securities measured at amortised cost
4,071
2,982
\u2014
1,138
4,120
Other financial assets
886
\u2014
\u2014
886
886
109,089
3,527
42,470
61,630
107,627
Financial liabilities measured at fair value
Trading portfolio financial assets:
Equity securities
2
2
\u2014
\u2014
2
Derivative financial instruments:
Interest rate derivatives
839
\u2014
743
96
(1)
839
Exchange rate derivatives
200
\u2014
200
\u2014
200
Equity derivatives
17
\u2014
17
\u2014
17
Credit derivatives
6
\u2014
6
\u2014
6
1,064
2
966
96
1,064
Financial liabilities not measured at fair value
Deposits by central banks and banks:
Other borrowings
84
\u2014
\u2014
84
84
Secured borrowings
10,298
\u2014
10,298
\u2014
10,298
Customer accounts:
Current accounts
57,895
\u2014
\u2014
57,895
57,895
Demand deposits
29,762
\u2014
\u2014
29,762
29,762
Time deposits
5,209
\u2014
\u2014
5,220
5,220
Securities financing:
Securities sold under agreements to repurchase
45
\u2014
\u2014
45
45
Debt securities in issue
5,881
5,953
13
20
5,986
Subordinated liabilities and other capital instruments
1,530
1,620
\u2014
16
1,636
Other financial liabilities
1,375
\u2014
\u2014
1,375
1,375
112,079
7,573
10,311
94,417
112,301
(1) Includes \u20ac 244 million derivative assets and \u20ac 38 million derivative liabilities categorised as level 3 on the basis that a component of the XVA valuation is derived
from unobservable inputs.
(2) Comprises cash on hand.
(3) Includes residential and commercial mortgages.
44\u00a0 Fair value of financial instruments continued
Significant transfers between Level 1 and Level 2 of the fair value hierarchy
There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy for the years ended 31 December 2022
and\u00a02021.
Reconciliation of balances in Level 3 of the fair value hierarchy
The following table shows a reconciliation from the opening balances to the closing balances for fair value measurements in Level 3 of
the fair value hierarchy:
2022
Financial assets
Financial liabilities
Derivatives
Investment
securities
Loans and
advances at
FVTPL
Equities
at FVTPL
Total
Derivatives
Total
Debt
Equities
at FVOCI
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
At 1 January 2022
301
\u2014
\u2014
243
248
792
96
96
Transfers into/out of level 3(1)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total gains or (losses) in:
Profit or loss:
Net trading income
(213)
\u2014
\u2014
\u2014
\u2014
(213)
336
336
Net change in FVTPL
\u2014
\u2014
\u2014
14
89
103
\u2014
\u2014
(213)
\u2014
\u2014
14
89
(110)
336
336
Other comprehensive income:
Net change in fair value of
investment securities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net change in fair value of
cash flow hedges
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Purchases/additions
\u2014
\u2014
\u2014
25
72
97
\u2014
\u2014
Sales/disposals
\u2014
\u2014
\u2014
(1)
(125)
(126)
\u2014
\u2014
Cash received:
Principal
\u2014
\u2014
\u2014
(32)
\u2014
(32)
\u2014
\u2014
At 31 December 2022
88
\u2014
\u2014
249
284
621
432
432
44\u00a0 Fair value of financial instruments continued
Significant unobservable inputs
The table below sets out information about significant unobservable inputs used in measuring financial instruments categorised as
Level 3 in the fair value hierarchy:
Fair value
Range of estimates
Financial
instrument
2022
\u20ac m
2021
\u20ac m
Valuation
technique
Significant
unobservable
input
31 December
2022
31 December
2021
Uncollateralised
customer
derivatives
Asset
88
301
CVA
LGD
26% - 43%
29% - 46%
Liability
423
96
(Base 34%)
(Base 38%)
PD
0.8% - 4.6%
0.5% - 2.6%
(Base 2.1% 1year
PD)
(Base 1.2%, 1year PD)
FVA
Funding spreads
(0.1%) to 0.2%
(0.2%) to 0.3%
Ulster Bank
forward contract
Liability
9
n/a
Discounted
Expected
Future Cash
flows
PD
(0.5%) to 0.5%
n/a
Discount Yield
(0.5%) to 0.5%
n/a
Visa Inc.
Series B
Preferred
Stock
Asset
22
50
Quoted market
price (to which a
discount has
been applied)
Final conversion
rate
0% - 90%
0% - 90%
Loans and
advances to
customers
measured at
FVTPL
Asset
249
243
Discounted
cash flows*
Discount on
market value
(4%) - 3%
(1)% - 9%
Collateral
values
Collateral
changes
n/a
n/a
*Expected cash flows discounted at market rates, taking into consideration the fair value of collateral where relevant.
Uncollateralised customer derivatives
Interest rate derivatives (assets and liabilities) include negative XVA valuation adjustments amounting to net \u20ac 18 million (2021:
\u20ac\u00a028\u00a0million). The sensitivity to unobservable inputs for this XVA valuation adjustment at 31 December 2022 ranges from (i) negative
\u20ac\u00a012 million to positive \u20ac 6 million for CVA (2021: negative \u20ac 23 million to positive \u20ac 1 million) and (ii) negative \u20ac 2 million to positive
\u20ac\u00a01\u00a0million for FVA (2021: negative \u20ac 5 million to positive \u20ac 3 million).
A number of other derivatives are subject to valuation methodologies which use unobservable inputs. As the variability of the valuation
is not greater than \u20ac 1 million in any individual case or collectively, the detail is not disclosed here.
Ulster Bank forward contract
The Group entered into a binding agreement in 2021 to acquire performing Ulster Bank corporate and commercial loans which was
subject to regulatory approval. This transaction is an asset acquisition as the Group concluded that it did not meet the definition of a
business combination. Following the receipt of regulatory authority approval, the contract to acquire the loans (which is not considered a
regular way transaction) is a forward contract which recognises the change in fair value from the agreement date to the earlier of the
reporting date or the acquisition date for a loan. The notional value of the forward contract at 31 December 2022 represents the
principal amount of performing loans to be acquired by the Group in 2023. Refer to note 17.
The following are key considerations in determining the fair value of the forward contract at 31 December 2022:
\u2013\u00a0 Valuation technique: The loans are valued by discounting the expected future cash flows, allowing for interest and principal
payments to date and fees/charges. Key drivers of the valuation include PDs which determine potential reductions in expected cash
flows due to changes in credit quality, and the discount yield which is used to calculate a present value of the expected future cash
flows. The updated value for the loans is then compared with the agreed transaction price to determine the change in fair value.
\u2013\u00a0 Unobservable input: The PDs used for generation of the underlying expected cash flows are unobservable as the loans are not
publicly quoted, and the discount yield is also unobservable due to lack of publicly available information for transactions of this type.
\u2013\u00a0 Range of estimates: The range of estimates is based on the application of favourable/adverse scenarios for customer PDs and
discounting yields, based on the trend of previous movements in these rates.
44\u00a0 Fair value of financial instruments continued
The fair value sensitivity to unobservable inputs ranges from negative \u20ac 3.1 million to positive \u20ac 2.9 million for PDs at 31 December
2022, and negative \u20ac 8.7 million to a positive of \u20ac 8.9 million for discount yield.
A number of other derivatives are subject to valuation methodologies which use unobservable inputs. As the variability of the valuation
is not greater than \u20ac 1 million in any individual case or collectively, the detail is not disclosed here.
Visa Inc. Series B Preferred Stock
In June 2016, the Group received Series B Preferred Stock in Visa Inc. with a fair value of \u20ac 65 million as part consideration for its
holding of shares in Visa Europe. The preferred stock is convertible into Class A Common Stock of Visa Inc. over time, with partial
conversions having occurred in 2020 and 2022. The remaining conversion is subject to certain Visa Europe litigation risks that may
affect the ultimate conversion rate. In addition, the stock, being denominated in US dollars, is subject to foreign exchange risk.
\u2013\u00a0 Valuation technique: Quoted market price of Visa Inc. Class A Common Stock to which a discount has been applied for the
illiquidity and the conversion rate variability of the preferred stock of Visa Inc. 71% haircut (2021: 69%). This was converted at the
year end exchange rate.
\u2013\u00a0 Unobservable input: Final conversion rate of Visa Inc. Series B Preferred Stock into Visa Inc. Class A Common Stock.
\u2013\u00a0 Range of estimates: Estimates range from (a) no discount for conversion rate variability with a discount for illiquidity only; to (b)
90% discount for conversion rate variability.
Loans and advances to customers measured at FVTPL
The fair value measurement sensitivity to unobservable collateral values and interest rates ranges from negative \u20ac 9 million to positive
\u20ac 8 million at 31 December 2022 (2021: negative \u20ac 2 million to positive \u20ac 21 million).
Fair value is applied in respect of secondary facilities arising on restructured loans subject to forbearance measures, on the likelihood
that additional cash flows, in excess of their primary facilitates, will be received from customers. Given the significant uncertainty with
regard to such cash flows, the Group does not attribute a fair value unless it is reasonably certain that this value will be realised.
Sensitivity of Level 3 measurements
The implementation of valuation techniques involves a considerable degree of judgement. While the Group believes its estimates of fair
value are appropriate, the use of different measurements or assumptions could lead to different fair values. The following table sets out
the impact of using reasonably possible alternative assumptions in the valuation methodology at 31 December 2022 and 2021:
2022
Level 3
Effect on income
statement
Effect on other
comprehensive income
Favourable
Unfavourable
Favourable
Unfavourable
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Classes of financial assets
Derivative financial instruments
6
(11)
\u2014
\u2014
Investment securities \u2013 equity
24
(1)
(15)
(1)
Loans and advances to customers measured at FVTPL
8
(9)
\u2014
\u2014
Total
38
(35)
\u2014
\u2014
Classes of financial liabilities
Derivative financial liabilities
1
(2)
\u2014
\u2014
Total
1
(2)
\u2014
\u2014
(1) Included in \u2018Loans and advances to banks\u2019 total of \u20ac 1,502 million (2021: \u20ac 1,323 million) set out in note 18.
(2) Includes \u20ac 5 million relating to restricted balances held in trust in respect of certain payables which are included in \u2018Other liabilities\u2019 (note 33).
Cash and balances at central banks (net of ECL allowance of Nil) comprise:
2022
2021
\u20ac m
\u20ac m
Central Bank of Ireland
32,573
35,222
Bank of England
4,584
6,555
Federal Reserve Bank of New York
408
331
Other (cash on hand)
573
545
Total
38,138
42,654
(1) Comprises (a) in the case of Executive Directors and Senior Executive Officers: salary and a non-pensionable cash allowance in lieu of company car, medical
insurance and other contractual benefits including, where relevant, payment in lieu of notice, and (b) in the case of Non-Executive Directors: Directors\u2019 fees and
travel and subsistence expenses incurred in the performance of the duties of their office, which are paid by the Group.
(2) Comprises payments to defined benefit or defined contribution pension schemes, in accordance with actuarial advice, to provide post-retirement pensions. The
Group\u2019s defined benefit pension schemes closed to future accrual with effect from 31 December 2013 and all employee pension benefits have accrued on the
basis of defined contributions since that date.
(ii)Transactions with Key Management Personnel
Loans to KMP and their close family members are made in the ordinary course of business on substantially the same terms, including
interest rates and collateral, as those prevailing at the time for comparable transactions with other persons of similar standing not
connected with the Group, and do not involve more than the normal risk of collectability or present other unfavourable features. Loans
to Directors and Senior Executive Officers are made on terms available to other employees in the Group generally, in accordance with
established policy, within limits set on a case by case basis.
The aggregate amounts outstanding, in respect of all loans, quasi loans and credit transactions between the Group and KMP, as
defined above, together with members of their close families and entities controlled by them are shown in the following table:
Loans outstanding
2022
2021
\u20ac m
\u20ac m
At 1 January
1.51
1.56
Loans issued during the year
\u2014
\u2014
Loan repayments during the year/change of KMP/other
0.05
(0.05)
At 31 December
1.56
1.51
Total commitments outstanding refers to the total of any undrawn amounts on credit cards and/or overdraft facilities provided to KMP.
Total commitments outstanding as at 31 December 2022 were \u20ac 0.13 million (2021: \u20ac 0.13 million).
Deposit and other credit balances held by KMP and their close family members as at 31 December 2022 amounted to \u20ac 2.48 million
(2021: \u20ac 3.21 million).
47\u00a0 Related party transactions continued
(f) Companies Act 2014 disclosures
(i)Loans to Directors
The following information is presented in accordance with the Companies Act 2014. For the purposes of the Companies Act
disclosures, Director means the Board of Directors and any past Directors who are Directors during the relevant period.
There were 16 Directors in office during the year, 6 of whom availed of credit facilities (2021: 6). Of the Directors who availed of credit
facilities, 3 had balances outstanding at 31 December 2022 (2021: 3 of 6).
Details of transactions with Directors for the year ended 31 December 2022 are as follows:
Balance at
31 December
2021
Amounts
advanced
during 2022
Amounts repaid
during 2022
Balance at
31 December
2022
\u20ac 000
\u20ac 000
\u20ac 000
\u20ac 000
Tanya Horgan
Loans
55
\u2014
8
47
Overdraft/credit card*
\u2014
\u2014
\u2014
\u2014
Total
55
\u2014
8
47
Interest charged during the year
2
Maximum debit balance during the year**
55
Colin Hunt
Loans
691
\u2014
49
642
Overdraft/credit card*
12
\u2014
\u2014
16
Total
703
\u2014
49
658
Interest charged during the year
8
Maximum debit balance during the year**
714
Carolan Lennon
Loans
\u2014
\u2014
\u2014
\u2014
Overdraft/credit card*
8
\u2014
\u2014
10
Total
8
\u2014
\u2014
10
Interest charged during the year
\u2014
Maximum debit balance during the year**
16
*Amounts advanced and repaid are not shown for overdraft/credit card facilities as these are revolving in nature (i.e. they may be drawn, repaid and redrawn up to
their limit over the course of the year).
**The maximum debit balance is calculated by aggregating the maximum debit balance drawn on each facility during the year.
Ms Helen Normoyle and Mr Fergal O\u2019Dwyer held overdraft facilities which were not used during the year. Ms Ann O\u2019Brien held a credit
card facility with the Group, which had a Nil opening and closing balance, and a maximum debit balance of less than \u20ac 1,000 in the
period.
Ms Anik Chaumartin, Mr Donal Galvin, Mr Basil Geoghegan, Ms Sandy Kinney Pritchard, Mr Andy Maguire, Ms Elaine MacLean,
Mr\u00a0Brendan McDonagh, Mr Jim Pettigrew, Mr Jan Sijbrand and Mr Raj Singh had no credit facilities with the Group in 2022.
All facilities are performing to their terms and conditions. An expected credit loss allowance is held for all loans and advances.
Accordingly, a total expected credit loss allowance of under \u20ac1,000 was held on the above facilities at 31 December 2022.
47\u00a0 Related party transactions continued
(f) Companies Act 2014 disclosures
(i) Loans to Directors (continued)
Details of transactions with Directors for the year ended 31 December 2021 are as follows:
Balance at
31 December
2020
Amounts
advanced
during 2021
Amounts repaid
during 2021
Balance at
31 December
2021
\u20ac 000
\u20ac 000
\u20ac 000
\u20ac 000
Tanya Horgan
Loans
59
\u2014
4
55
Overdraft/credit card*
\u2014
\u2014
\u2014
\u2014
Total
59
\u2014
4
55
Interest charged during the year
2
Maximum debit balance during the year**
59
Colin Hunt
Loans
741
\u2014
50
691
Overdraft/credit card*
12
\u2014
\u2014
12
Total
753
\u2014
50
703
Interest charged during the year
5
Maximum debit balance during the year**
760
Carolan Lennon
Loans
\u2014
\u2014
\u2014
\u2014
Overdraft/credit card*
13
\u2014
\u2014
8
Total
13
\u2014
\u2014
8
Interest charged during the year
\u2014
Maximum debit balance during the year**
15
* Amounts advanced and repaid are not shown for overdraft/credit card facilities as these are revolving in nature (i.e. they may be drawn, repaid and redrawn up to
their limit over the course of the year).
**The maximum debit balance is calculated by aggregating the maximum debit balance drawn on each facility during the year.
Ms Helen Normoyle and Mr Fergal O\u2019Dwyer held overdraft facilities which were not used during the year. Ms Ann O\u2019Brien held a credit
card facility with the Group, which had a Nil opening and closing balance, and a maximum debit balance of less than \u20ac 100 in the
period.
Ms Anik Chaumartin, Mr Donal Galvin, Mr Basil Geoghegan, Ms Sandy Kinney Pritchard, Mr Andy Maguire, Ms Elaine MacLean,
Mr\u00a0Brendan McDonagh, Mr Jim Pettigrew, Mr Jan Sijbrand and Mr Raj Singh had no credit facilities with the Group in 2021.
All facilities are performing to their terms and conditions. An expected credit loss allowance is held for all loans and advances.
Accordingly, a total expected credit loss allowance of under \u20ac 500 was held on the above facilities at 31 December 2021.
47\u00a0 Related party transactions continued
(f)\u00a0 Companies Act 2014 disclosures
(ii) Connected persons
The aggregate of loans to connected persons of Directors, in office during the year, at 31 December, as defined in Section 220 of the
Companies Act 2014, are as follows (aggregate of 9 persons; 2021: 7 persons):
Balance at
31 December
2022
Balance at
31 December
2021
\u20ac 000
\u20ac 000
Loans
649
691
Overdraft/credit card*
8
8
Total
657
699
Interest charged during the year
13
15
Maximum debit balance during the year**
594
927
Irish bank levy
The bank levy is calculated based on each financial institution\u2019s Deposit Interest Retention Tax (\u201cDIRT\u201d) payment in a base year with
2019 being the base year for 2022. The annual levy paid by the Group for 2022 and reflected in operating expenses (note 11) in the
income statement amounted to \u20ac 37 million (2021: \u20ac 37 million).
(h) Indemnities
The Group has indemnified the Directors of Allied Irish Banks Pensions Limited and AIB DC Pensions (Ireland) Limited, the trustees of
the Group\u2019s Ireland defined benefit pension scheme and defined contribution pension scheme, respectively, against any actions, claims
or demands arising out of their actions as Directors of the trustee companies, other than by reason of wilful default.
48\u00a0 Employees
The following table shows the geographical analysis of average employees for 2022 and 2021:
Average number of staff (Full time equivalents)
2022
2021
Ireland
8,517
8,188
United Kingdom
672
922
United States of America
32
44
Total
9,221
9,154
The following table shows the segmental analysis of average employees for 2022 and 2021:
2022
2021
Retail Banking
4,194
4,376
Capital Markets
1,016
766
AIB UK
605
844
Group(1)
3,406
3,168
Total
9,221
9,154
(1) Group comprises wholesale treasury activities and Group control and support functions. Treasury manages the Group\u2019s liquidity and funding positions and
provides customer treasury services and economic research. The Group control and support functions in the period included Technology, Operations, Finance,
Risk, Legal, Corporate Governance & Customer Care, Human Resources, Sustainability and Corporate Affairs, Enterprise Development and Group Internal Audit.
The average number of employees for 2022 and 2021 set out above excludes employees on career breaks and other unpaid long
term leaves.
Actual full time equivalent numbers at 31 December 2022 were 9,590 (2021: 8,916).
49\u00a0 Regulatory compliance
During the years ended 31 December 2022 and 2021, the Group and its regulated subsidiaries complied with their externally imposed
capital ratios.
50\u00a0 Financial and other information
2022
2021
%
%
Operating ratios
Operating expenses/operating income
70.8
84.4
Other income/operating income
25.9
24.5
Rates of exchange
2022
2021
\u20ac/$*
Closing
1.0666
1.1326
Average
1.0531
1.1831
\u20ac/\u00a3*
Closing
0.8869
0.8403
Average
0.8527
0.8598
51\u00a0 Dividends
Final dividends are not accounted for until they have been approved at the Annual General Meeting of shareholders or in the case of
the interim dividend, when they become irrevocable having already been approved for payment by the Board of Directors. Interim
dividends may be cancelled at any time prior to the actual payment.
A final dividend for the year ended 31 December 2021 of 4.5 cent per ordinary share, amounting in total to \u20ac 122 million, was approved
at the Annual General Meeting on 5 May 2022 and subsequently paid on 13 May 2022.
52\u00a0 Non-adjusting events after the reporting period
Ulster Bank tracker mortgage portfolio
On 1 June 2022, the Group confirmed that Allied Irish Banks, p.l.c had entered into a binding agreement with NatWest Group plc and
Ulster Bank Ireland DAC for the acquisition of a performing Ulster Bank tracker (and linked) mortgage portfolio of c.\u20ac 5.7 billion for a
consideration of c. \u20ac 5.4billion. Under the agreement, the Group acquires an economic interest in the mortgage portfolio from 1
September 2022. The agreement received CCPC approval in January 2023 with formal completion expected in 2023.
The final consideration payable depends on movements in the portfolio up to completion. As at 31 December 2022 the eligible portfolio
of loans that are subject to the agreement amounted to \u20ac 5.4 billion. Additional movements are anticipated in the portfolio up to
completion.
As the Group committed to purchase these loans under a contract, which is not considered a regular-way transaction, the loans are not
recognised until the acquisition contract is settled. Having received CCPC approval, the agreement to purchase the loans becomes
unconditional and therefore in 2023 the Group will recognise a forward contract measured at fair value which will reflect changes in
valuation parameters since the original transaction pricing as well as the Group\u2019s economic interest in the acquired portfolio from 1
September 2022 to completion.
Ulster Bank corporate and commercial loans
Subsequent to the year end, the Group has acquired performing loans of \u20ac 0.2 billion with a further \u20ac 1.0 billion of eligible loans
expected to be acquired on a phased basis in 2023. Additional movements are anticipated in the portfolio up to completion.
53\u00a0 Approval of financial Statements The financial statements were approved by the Board of Directors on 7 March 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8xOTMvZnJhZzoxODk2NzRmMWRmOWU0NjQxOTNmMDUxNWI4MDFmMTdkYy90ZXh0cmVnaW9uOjE4OTY3NGYxZGY5ZTQ2NDE5M2YwNTE1YjgwMWYxN2RjXzIxMjIwNTc0NDQwNTU4OA_830e9e7b-2fee-44ad-b06b-508841553e17": { "value": "
Directors\u2019 remuneration*
The following table details the total remuneration of the Directors in office during 2022 and 2021:
2022
2021
Directors\u2019
fees
(1)
Salary
Pension
contri-
bution(2)
Annual
taxable
benefits(3)
Total
Directors\u2019
fees
(1)
Salary
Pension
contri-
bution(2)
Annual
taxable
benefits(3)
Total
Remuneration
\u20ac 000
\u20ac 000
\u20ac 000
\u20ac 000
\u20ac 000
\u20ac 000
\u20ac 000
\u20ac 000
\u20ac 000
\u20ac 000
Executive Directors
Colin Hunt
500
100
\u2014
600
500
100
\u2014
600
Donal Galvin
485
97
15
597
283
56
13
352
(Appointed 28 May 2021)
985
197
15
1,197
783
156
13
952
Non-Executive Directors
Anik Chaumartin
75
75
38
38
Basil Geoghegan
75
75
81
81
Tanya Horgan
80
80
22
22
Sandy Kinney Pritchard
95
95
95
95
Elaine McLean
85
85
85
85
Andy Maguire
80
80
64
64
Brendan McDonagh
135
135
218
218
(Deputy Chair)
Helen Normoyle
165
165
115
115
Ann O'Brien
91
91
95
95
Fergal O'Dwyer
115
115
71
71
Jim Pettigrew
365
365
63
63
(Chair)
Jan Sijbrand
78
78
22
22
Raj Singh
80
80
80
80
1,519
1,519
1,049
1,049
Former Directors
Carolan Lennon
53
53
109
109
(Resigned 30 June 2022)
Anne Maher(4)
16
17
Tom\u00e1s O\u2019Midheach
59
8
67
Total
1,507
2,785
1,158
2,194
(1) All Non-Executive Directors were paid a basic, non-pensionable fee in respect of service as a Director of \u20ac65,000 and additional non-pensionable remuneration
in\u00a0respect of other responsibilities, such as through the chairmanship or membership of Board Committees or\u00a0performing the role of Deputy Chair or Senior
Independent Director. Current or former Directors who serve on the board of any Group Irish subsidiary company are also paid a non-pensionable flat fee for their
services as a Director, chairmanship or membership of Board Committees. In that regard, Mr. Fergal O' Dwyer earned fees during 2022 of \u20ac55k in his role as
Director and Chair of the Audit Committee of Goodbody. Current or former Non-Executive Directors of AIB Group plc and Allied Irish Banks, p.l.c., as applicable,
who also serve as Directors of AIB Group (UK) p.l.c. (\u201cAIB\u00a0UK\u201d) are separately paid a non-pensionable flat fee, which is independently agreed and paid by AIB
UK, in respect of their service as a Director of that company. In that regard, Ms Helen Normoyle earned fees during 2022 of \u20ac65k (2021: \u20ac30k);
(2)\u201cPension Contribution\u201d represents agreed payments to a defined contribution scheme to provide post-retirement pension benefits for Executive Directors from
normal retirement date. The fees of the Chair, Deputy Chair and Non-Executive Directors are non-pensionable;
(3)\u201cAnnual Taxable Benefit\u201d represents a non-pensionable cash allowance in lieu of company car, medical insurance and other contractual benefits; and
(4) Ms Anne Maher is a former Non-Executive Director of Allied Irish Banks, p.l.c. who has, since her resignation, continued as a Director of the Corporate Trustee
of\u00a0the AIB Irish Pension Scheme and of the AIB Defined Contribution Scheme, in respect of which she earned fees as quoted, during 2022.
*Forms an integral part of the audited financial statements
CORPORATE GOVERNANCE REMUNERATION\u00a0STATEMENT CONTINUED
Directors\u2019 remuneration* continued
Interests in shares
The beneficial interests of the Directors and the Company Secretary in office at 31 December 2022, and of their spouses and minor
children, in the Company\u2019s ordinary shares are set out in the Directors\u2019 Report on page 123.
Share options
No share options were granted or exercised during 2022, and there were no options to subscribe for ordinary shares outstanding in
favour of the Executive Directors or Company Secretary at 31 December 2022.
Performance shares
There were no conditional grants of awards of ordinary shares outstanding to Executive Directors or the Company Secretary at
31\u00a0December 2022.
Apart from the interests set out in the Directors\u2019 Report on page 123, the Directors and Company Secretary in office at 31 December
2022 and their spouses and minor children, have no other interests in the shares of the Company.
The year end closing price of the Company\u2019s ordinary shares on the Main Market of the Euronext Dublin Stock Exchange was \u20ac 3.616
per share.
Service contracts
All Executive Directors have a service contract whereas all Non-Executive Directors have a letter of appointment.
In respect of Executive Directors, no service contract exists between the Company and any Director which provides for a notice period
from the Group of greater than one year.
Non-Executive Directors are appointed for an initial term of three years. Terms of office for Non-Executive Directors will not be extended
beyond nine years in total unless the Board, on the recommendation of the Nomination and Corporate Governance Committee,
concludes that such extension is necessary and appropriate.
All Directors, should they choose to stand, are subject to annual re-election by shareholders.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8xMDkvZnJhZzo3MDZjOTZkYzgwNTc0MWRjOTZlOWFmNzllZmRlNjAxZC90ZXh0cmVnaW9uOjcwNmM5NmRjODA1NzQxZGM5NmU5YWY3OWVmZGU2MDFkXzIxMDU1NjQ3NzQwODc2OQ_509023bc-38a2-4f16-b79e-97fceac40eaa": { "value": "
Credit risk principles and policy*
The Group implements and operates policies to govern the
identification, assessment, approval, monitoring and reporting of
credit risk. The Group Credit Risk Framework and Group Credit
Risk Policy are overarching Board approved documents which
set\u00a0out the principles of how the Group identifies, assesses,
approves, monitors and reports credit risk to ensure that robust
credit risk management is in place. These documents contain the
minimum standards and principles that are applied across the
Group to provide a common, robust and consistent approach to
the management of credit risk.
The Group Credit Risk Policy is supported by a suite of credit
policies, standards and guidelines which define in greater detail
the minimum standards and credit risk metrics to be applied for
specific products, business lines, and market segments.
Credit Risk, as an independent risk management function,
monitors key credit risk metrics and trends, including policy
exceptions and breaches, reviews the overall quality of the loan
book, challenges variances to planned outcomes and tracks
portfolio performance against agreed credit risk indicators. This
allows the Group, if required, to take early and proactive mitigating
actions for any potential areas of concern.
Internal credit ratings*
One of the objectives of credit risk management is to accurately
quantify the level of credit risk to which the Group is exposed
through the initial credit approval and ongoing review process.
All\u00a0relevant exposures are assigned to a rating model and within
that to an internal risk grade (rating). A grade is assigned on the
basis of rating criteria within each rating model from which
estimates of probability of default (PD) are derived.
Internal credit grades are fundamental in assessing the credit
quality of loan exposures, and for assessing capital requirements
for portfolios where prior regulatory approval has been received.
Internal credit grades are key to management reporting, credit
portfolio analysis, credit quality monitoring and in determining the
level and nature of management attention applied to exposures.
Changes in the objective information are reflected in the credit
grade of the borrower/loan with the resultant grade influencing the
management of individual loans. In line with the Group\u2019s credit
management lifecycle, heightened credit management and
special attention is paid to lower quality performing loans or
\u2018criticised\u2019 loans and non-performing/defaulted loans which are
defined below.
Using internal models, the Group has designed and implemented
a credit grading masterscale that gives it the ability to categorise
credit risk across different rating models and portfolios in
a\u00a0consistent manner. Masterscale consolidates complex credit
information into a single attribute, aligning the output from the risk
models with the Group\u2019s Forbearance and Definition of Default
and Credit Impairment policies. Masterscale grades are driven by
grading model appropriate through the cycle (TTC) PDs combined
with other asset quality indicators such as default, forbearance
and arrears in order to provide the Group with a mechanism for
ranking and comparing credit risk associated with a range of
customers. Masterscale categorises loans into a broad range of
grades which can be summarised into the following categories:
strong/satisfactory grades; criticised grades; and non-performing/
default loans. Page 158 and 159 sets out the profile of the
Group\u2019s loan portfolio under each of the above grade categories.
The IFRS 9 PD modelling approach uses a combination of rating
grades and scores obtained from these credit risk models along
with key factors such as the current/recent arrears status or the
current/recent forbearance status and macroeconomic factors to
obtain the relevant IFRS 9 12 month and Lifetime PDs (i.e. point
in time). The Group has set out its methodologies and judgements
exercised in determining its expected credit loss (\u201cECL\u201d) under
IFRS 9 on pages 140 to 151.
Strong/satisfactory
Accounts are considered strong/satisfactory if they have no
current or recent credit distress and the probability of default is
typically less than 6.95%, they are not in arrears and there are no
indications that they are unlikely to repay.
Strong (typically with PD less than 0.99%): Strong credit with no
weakness evident.
Satisfactory (typically with PD greater than or equal to 0.99% and
less than 6.95%): Satisfactory credit with no weakness evident.
*Forms an integral part of the audited financial statements
2.1 Credit risk
Internal credit ratings* continued
Criticised
Accounts of lower credit quality and considered as less than
satisfactory are referred to as criticised and include the following:
Criticised watch: The credit is exhibiting weakness in terms of
credit quality and may need additional management attention; the
credit may or may not be in arrears.
Criticised recovery: Includes forborne cases that are classified
as performing including those which have transitioned from non-
performing forborne, but still require additional management
attention to monitor for re-default and continuing improvement in
terms of credit quality.
Non-performing/default
The Group\u2019s definition of default is aligned with the EBA
\u2018Guidelines on the application of the definition of default\u2019 under
Article 178 of Capital Requirements Regulation and ECB Banking
Supervision Guidance to Banks on non-performing loans.
The Group has aligned the definitions of \u2018non-performing\u2019,
\u2018classification of default\u2019 and IFRS 9 Stage 3 \u2018credit impaired\u2019, with
the exception of loans measured at fair value through profit and
loss, and those loans which have been derecognised and newly
originated in Stage 1 or POCI (purchased or originated credit
impaired) which are no longer classified as credit impaired but
continue to be classified as non-performing and in default. This
alignment ensures consistency with the Group\u2019s internal credit risk
management and assessment practices.
Loans are identified as non-performing or defaulted by a number
of characteristics. The key criteria resulting in a classification of
non-performing are:
\u2022Where the Group considers a borrower to be unlikely to pay
their loans in full without realisation of collateral, regardless of
the existence of any past-due amount; or
\u2022The borrower is 90 days or more past due on any material loan.
Day count starts when any material amount of principal, interest
or fee has not been paid by a borrower on the due date.
The Group\u2019s definition of financial distress and forbearance are
included in the Group\u2019s Forbearance Policy. Identification of non-
performing exposures and unlikeliness to pay are included in the
Group\u2019s Definition of Default and Credit Impairment Policy.
Credit risk monitoring*
The Group has developed and implemented processes and
information systems to monitor and report on individual credits
and credit portfolios in order to manage credit risk effectively.
It\u00a0is\u00a0the Group\u2019s practice to ensure that adequate up-to-date
credit\u00a0management information is available to support the credit
management of individual account relationships and the overall
loan portfolio.
Credit risk, at a portfolio level, is monitored using key risk
indicators and early warning indicators which are reported
regularly to senior management and to the Board Risk
Committee. Credit managers proactively manage the Group\u2019s
credit risk exposures at a transaction and relationship level.
Monitoring includes credit exposure and excess management,
regular review of accounts, being up-to-date with any
developments in customer business, obtaining updated financial
information and monitoring of covenant compliance. This is
reported on a regular basis to senior management and includes
information and detailed commentary on loan book growth, quality
of the loan book and expected credit losses including individual
large non-performing exposures.
*Forms an integral part of the audited financial statements
Changes in sectoral and single name concentrations are tracked
on a regular basis highlighting changes to risk concentration in the
Group\u2019s loan book. The Group allocates significant resources to
ensure ongoing monitoring and compliance with approved risk
limits. Credit risk, including compliance with key credit risk limits,
is reported monthly. Once an account has been placed on a watch
list, the exposure is carefully monitored and where appropriate,
exposure reductions are effected.
As a matter of policy, non-retail facilities are subject to a review
on, at least, an annual basis, even when they are performing
satisfactorily. Annual review processes are supplemented by more
frequent portfolio and case review processes in addition to arrears
or excess management processes. Borrowers in Stage 2 are
subject to an \u2018unlikely to pay\u2019 test at the time of annual review, or
earlier, if there is a material adverse change or event in their credit
risk profile.
Through a range of forbearance solutions as outlined on
page\u00a0186, the Group employs a dedicated approach to loan
workout, monitoring and proactive management of non-performing
loans. A specialised recovery function focuses on managing the
majority of criticised loans and deals with customers in default,
collection or insolvency. Their mandate is to support customers
in\u00a0difficulty while maximising the return on non-performing loans.
Whilst the basic principles for managing weaknesses in corporate,
commercial and retail exposures are broadly similar, the solutions
reflect the differing nature of the assets.
Further details on forbearance are set out in \u2018Risk management
2.1 Additional credit quality and forbearance disclosures on loans
and advances to customers\u2019.
Credit risk mitigants*
The perceived strength of a borrower\u2019s repayment capacity is
the\u00a0primary factor in granting a loan. However, the Group uses
various approaches to help mitigate risks relating to individual
credits, including transaction structure, collateral and guarantees.
Collateral and/or guarantees are usually required as a secondary
source of repayment in the event of a borrower\u2019s default. The
main types of collateral for loans and advances to customers are
described under the section on collateral. Credit policy and credit
management standards are controlled and set centrally by the
Credit Risk function.
Occasionally, credit derivatives are purchased to hedge credit risk.
Current levels are minimal and their use is subject to the normal
credit approval process.
The Group enters into netting agreements for derivatives with
certain counterparties, to ensure that in the event of default, all
amounts outstanding with those counterparties will be settled on
a\u00a0net basis. Derivative transactions with wholesale counterparties
are typically collateralised under a Credit Support Annex in
conjunction with the International Swaps and Derivatives
Association (\u201cISDA\u201d) Master Agreement.
The Group also has in place an Interbank Exposure Policy which
establishes the maximum exposure for each counterparty bank,
depending on credit grade rating. Each bank is assessed for the
appropriate maximum exposure limit in line with the policy. Risk
generating business units in each segment are required to have
an approved bank and country limit prior to granting any credit
facility, or approving any credit obligation or commitment which
has the potential to create interbank or country exposure.
2.1 Credit risk
Credit risk mitigants* continued
Collateral
Credit risk mitigation may include a requirement to obtain
collateral as set out in the Group\u2019s lending policies. Where
collateral and/or guarantees are required, they are usually taken
as a secondary source of repayment in the event of a borrower\u2019s
default. The Group maintains policies which detail the
acceptability of specific classes of collateral.
The principal collateral types for loans and advances are:
\u2022Charges over business assets such as premises, inventory and
accounts receivable;
\u2022Charges over other assets such as plant and machinery, marine
vessels etc.;
\u2022Mortgage/legal charge over residential and commercial real
estate; and
\u2022Charges over financial instruments such as debt securities
and\u00a0equities.
The nature and level of collateral required depends on a number
of factors such as the type of the credit facility, the term of the
credit facility and the amount of exposure. Collateral held as
security for financial assets, other than for loans and advances,
is\u00a0determined by the nature of the instrument. Debt securities and
treasury products are generally unsecured, with the exception of
asset backed securities, which are secured by a portfolio of
financial assets.
Collateral is not usually held against loans and advances to
banks, including central banks, except where securities are held
as part of reverse repurchase or securities borrowing transactions
or where a collateral agreement has been entered into under
a\u00a0master netting agreement or where the bank purchases covered
bonds as part of its liquidity portfolio.
For non-mortgage/non-property lending, where collateral is taken,
it will typically include a charge over the business assets such as
inventory and accounts receivables. In some cases, a charge over
property collateral or a personal guarantee supported by a lien
over personal assets may also be taken. Where cash flows arising
from the realisation of collateral held are included in the expected
credit loss (\"ECL\") assessments, in many cases management rely
on valuations or business appraisals from independent external
professionals.
Methodologies for valuing collateral
Details on the valuation rule methodologies applied and
processes used to assess the value of property assets taken as
collateral are described in the Group Property Valuation Policy
and Property Valuation Guidance. Both documents are subject to
an annual review.
As property loans, including residential mortgages, represent
a\u00a0significant concentration within the Group\u2019s loans and advances
to customer\u2019s portfolio, some key principles have been applied in
respect of the valuation of property collateral held by the Group.
The value of property collateral is assessed at loan origination
and\u00a0at certain stages throughout the credit lifecycle in accordance
with the Group Property Valuation Policy e.g. at annual review
where required.
In accordance with the Group Property Valuation Policy and
guidelines, the Group employs a number of methods to assist in
reaching appropriate valuations for property collateral held:
*Forms an integral part of the audited financial statements
a.External valuation firms on the Group\u2019s Valuers Panel, are
engaged by the Group to undertake valuations of immovable
property collateral in accordance with the rules set out in the
Group Property Valuation Policy.
b.Independent professional internal valuations are completed in
limited circumstances (e.g. agricultural land) using a desktop
valuation approach by professional qualified internal valuers
who are independent of the credit process in the second line of
defence. The assets being valued by this means must have an
independent professional external valuation completed within
the past 3 years.
c.Internal valuations are completed by first line of defence case
managers pursuant to the rules in the Property Valuation Policy
and in line with the Property Valuation Guidance, which
provides appropriate valuation methodology guidance. These
include the following valuation methodologies:
I.Index valuation approach \u2013 used for residential property;
II.Comparable valuation approach \u2013 a basic level of valuation
methodology used to value agricultural land or as a sense
check for the valuation of residential, commercial or
development land;
III.Commercial investment valuation approach \u2013 used for the
valuation of commercial property using the Group\u2019s
commercial investment yield matrices;
IV.Residual valuation approach \u2013 used for the valuation of
development land or land with development potential; and
V.Profits valuation approach \u2013 used for the valuation of
trading assets i.e. hotels, licensed, convenience stores etc.
using the Group\u2019s stabilized EBITDA matrices.
Collateral and ECLs
Applying one or a combination of the above methodologies, in
line\u00a0with the Group Property Valuation Policy, has resulted in an
appropriate range of discounts to original collateral valuations,
influenced by the nature, status and year of purchase of the asset.
The frequency and availability of such up-to-date valuations
remain a key factor in ECL determination. Additionally, relevant
costs likely to be associated with the realisation of the collateral
are taken into account in the cash flow forecasts. The spread of
discounts is influenced by the type of collateral, e.g. land,
developed land or investment property and also its location.
The\u00a0valuation arrived at, is therefore, a function of the nature
of\u00a0the asset.
When assessing the level of ECL allowance required for property
loans, apart from the value to be realised from the collateral, other
cash flows, such as recourse to other assets or sponsor support,
are also considered, where available. The other key driver is the
time it takes to receive the funds from the realisation of collateral.
While this depends on the type of collateral and the stage of its
development, the period of time to realisation is typically one to
five years but sometimes this time period is exceeded. These
estimates are periodically reassessed on a case by case basis.
When undertaking an ECL review for individually assessed cases
that have been deemed unlikely to pay, the present value of future
cash flows, including the value of collateral held, and the likely
time required to realise such collateral is estimated. An ECL
allowance is raised for the difference between this present value
and the carrying value of the loan.
2.1 Credit risk
Credit risk mitigants* continued
Summary of risk mitigants by selected portfolios\u00a0 \u00a0
Set out below are details of risk mitigants used by the Group in relation to financial assets detailed in the maximum exposure to credit
risk table on page 152.
Loans and advances to customers - residential mortgages
The following table shows the estimated fair value of collateral held for the Group\u2019s residential mortgage portfolio at 31 December 2022
and 2021:
2022
2021
At amortised cost
At amortised cost
Stage 1
Stage 2
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
POCI
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Fully collateralised(1)
Loan-to-value ratio:
Less than 50%
15,109
691
375
45
16,220
13,192
703
447
35
14,377
50% \u2013 70%
9,340
375
176
31
9,922
8,657
486
237
39
9,419
71% \u2013 80%
2,288
56
40
5
2,389
3,843
158
86
13
4,100
81% \u2013 90%
1,452
15
12
1
1,480
1,040
54
51
8
1,153
91% \u2013 100%
123
6
11
\u2014
140
102
19
51
1
173
28,312
1,143
614
82
30,151
26,834
1,420
872
96
29,222
Partially collateralised
Collateral value relating to loans over
100% loan-to-value
43
9
12
\u2014
64
61
18
28
1
108
Total collateral value
28,355
1,152
626
82
30,215
26,895
1,438
900
97
29,330
Gross residential mortgages
28,396
1,158
638
87
30,279
26,937
1,446
921
103
29,407
ECL allowance
(40)
(38)
(196)
(9)
(283)
(34)
(41)
(276)
(31)
(382)
Net residential mortgages
28,356
1,120
442
78
29,996
26,903
1,405
645
72
29,025
(1) The value of collateral held for residential mortgages which are fully collateralised has been capped at the carrying value of the loans outstanding at each year
end.
For residential mortgages, the Group takes collateral in support of
lending transactions for the purchase of residential property.
Collateral valuations are required at the time of origination of each
residential mortgage. The value at 31 December 2022 and 2021 is
estimated based on property values at origination or date of latest
valuation and applying the CSO Residential Property Price Index
(Republic of Ireland) and Nationwide House Price Index (Great
Britain & Northern Ireland) to these values to take account of price
movements in the interim.
Securities financing
In addition to the credit risk mitigants outlined on the previous
pages, the Group, from time to time, enters securities financing
transactions. Securities financing consists of securities borrowing,
securities lending, sale agreements and repurchase agreements.
At 31\u00a0December 2022, the total fair value of the collateral received
was \u20ac 6,282 million (2021: \u20ac 3,890 million) in relation to
repurchase agreements, reverse repurchase agreements and
securities borrowing agreements (note 20).
Derivatives
Derivative financial instruments are recognised in the statement of
financial position at their fair value. Those with a positive fair value
are reported as assets which at 31 December 2022 amounted to
\u20ac 2,511 million (2021: \u20ac 882\u00a0 million) and those with a negative fair
value are reported as liabilities which at 31 December 2022
amounted to \u20ac 2,982 million (2021: \u20ac 1,062 million).
*Forms an integral part of the audited financial statements
The enforcement of netting agreements would potentially reduce
the statement of financial position carrying amount of derivative
assets and liabilities by \u20ac 2,220 million at 31 December 2022
(2021: \u20ac 529 million). The Group also has Credit Support Annexes
(\u201cCSAs\u201d) in place which provide collateral for derivative contracts.
At 31 December 2022, \u20ac 795 million (2021: \u20ac 570 million) of CSAs
are included within financial assets as collateral for derivative
liabilities and \u20ac 245 million (2021: \u20ac 100 million) of CSAs are
included within financial liabilities as collateral for derivative assets
(note 39 to the consolidated financial statements). Additionally, the
Group has agreements in place which may allow it to net the
termination values of cross currency swaps upon occurrence of
an event of default.
Investment securities
At 31 December 2022, government guaranteed senior bank debt
which amounted to \u20ac 259 million (2021: \u20ac 317 million) was held
within the investment securities portfolio.
Measurement, methodologies and judgements*
Introduction
The Group has set out the methodologies used and judgements
exercised in determining its expected credit loss (\u201cECL\u201d)
allowance for the year to 31 December 2022.
The Group, in estimating its ECL allowance does so in line with
the expected credit loss impairment model as set out by the
International Financial Reporting Standard 9 Financial Instruments
(\u201cthe standard\u201d). This model requires a timely recognition of ECL
across the Group. The standard does not prescribe specific
approaches to be used in estimating ECL allowance, but stresses
that the approach must reflect the following:
\u2022An unbiased and probability weighted amount that is
determined by evaluating a range of possible outcomes;
\u2022Underlying models should be point in time and forward looking
\u2013 recognising economic conditions;
\u2022The ECL must reflect the time value of money;
\u2022A lifetime ECL is calculated for financial assets in Stages 2 and
3 and Purchased or Originated Credit Impaired (\u201cPOCI\u201d); and
\u2022The ECL calculation must incorporate reasonable and
supportable information that is available without undue cost or
effort at the reporting date about past events, current conditions
and forecasts of future economic conditions.
The standard defines credit loss as the difference between all
contractual cash flows that are due to an entity in accordance with
the contract and all the cash flows that the entity expects to
receive (i.e. all cash shortfalls), discounted at the original effective
interest rate (\u201cEIR\u201d) or an approximation thereof.
ECLs are defined in the standard as the weighted average of
credit losses across multiple macroeconomic scenarios, with
weights assigned based on the probability of each scenario
occurring and are an estimate of credit losses over the life of
a\u00a0financial instrument.
The ECL model applies to financial instruments measured at
amortised cost or at fair value through other comprehensive
income. In addition, the ECL approach applies to lease
receivables, loan commitments and financial guarantee contracts
that are not measured at fair value through profit or loss.
A key principle of the ECL model is to reflect any relative
deterioration or improvement in the credit quality of financial
instruments occurring (e.g. change in the risk of a default).
The\u00a0ECL amount recognised as a loss allowance or provision
depends on the extent of credit deterioration since initial
recognition together with the impact on credit risk parameters.
Bases of measurement
Under the standard, there are two measurement bases:
1.12-month ECL (Stage 1), which applies to all financial
instruments from initial recognition as long as there has been
no significant increase in credit risk; and
2.Lifetime ECL (Stages 2 and 3 and POCI), which applies when
a significant increase in credit risk has been identified on an
account (Stage 2), an account has been identified as being
credit-impaired (Stage 3) or when an account meets the
POCI\u00a0criteria.
Staging
Financial assets are allocated to stages dependent on credit
quality relative to when assets were originated.
*Forms an integral part of the audited financial statements
Credit risk at origination
Credit risk at origination (\u201cCRAO\u201d) is a key input into the staging
allocation process. The origination date of an account is
determined by the date on which the Group became irrevocably
committed to the contractual obligation and the account was first
graded on an appropriate model.
For undrawn credit facilities, the Group uses the date of
origination as the date when it becomes party to the irrevocably
contractual arrangements or irrevocable commitment. For
overdrafts which have both drawn and undrawn components, the
date of origination is the same for both.
The Group uses best available information for facilities which
originated prior to a credit risk rating model or scorecard being
in\u00a0place.
For accounts that originated prior to 1 January 2018, a neutral
view of the macroeconomic outlook at the time is used, i.e. where
macroeconomic variables are used in the Lifetime PD models,
long-run averages are used instead of historical forecasts.
Stage 1 characteristics
Obligations are classified Stage 1 at origination, unless POCI, with
a 12 month ECL being recognised. These obligations remain in
Stage 1 unless there has been a significant increase in credit risk.
Accounts can also return to Stage 1 if they no longer meet either
the Stage 2 or Stage 3 criteria, subject to satisfaction of the
appropriate probation periods, in line with regulatory
requirements.
Stage 2 characteristics
Obligations where there has been a \u2018significant increase in credit
risk\u2019 (\u201cSICR\u201d) since initial recognition but do not have objective
evidence of credit impairment are classified as Stage 2. For these
assets, lifetime ECLs are recognised.
The Group assesses at each reporting date whether a significant
increase in credit risk has occurred on its financial obligations
since their initial recognition. This assessment is performed on
individual obligations rather than at a portfolio level. If the increase
is considered significant, the obligation will be allocated to Stage 2
and a lifetime expected credit loss will apply to the obligation. If the
change is not considered significant, a 12 month expected credit
loss will continue to apply and the obligation will remain in Stage 1.
SICR assessment
The Group\u2019s SICR assessment is determined based on both
quantitative and qualitative measures:
Quantitative measure: This measure reflects an arithmetic
assessment of the change in credit risk arising from changes in
the probability of default. The Group compares each obligation\u2019s
annualised average probability weighted residual origination
lifetime probability of default (\u201cLTPD\u201d) (see \u2018Credit risk at
origination\u2019) to its current estimated annualised average
probability weighted residual LTPD at the reporting date. If the
difference between these two LTPDs meets the quantitative
definition of SICR, the Group transfers the financial obligation
into\u00a0Stage 2. Increases in LTPD may be due to credit deterioration
of the individual obligation or due to macroeconomic factors or
a\u00a0combination of both. The Group has determined that an account
had met the quantitative measure if the average residual LTPD
at\u00a0the reporting date was at least double the average residual
LTPD at origination, and the difference between the LTPDs was at
least 50bps or 85bps in the case of residential mortgages. The
appropriateness of this threshold is kept under review by
the\u00a0Group.
2.1 Credit risk
Measurement, methodologies and judgements* continued
Qualitative measure: This measure reflects the assessment of
the change in credit risk based on the Group\u2019s credit management
and the individual characteristics of the financial asset. This is not
model driven and seeks to capture any change in credit quality
that may not be already captured by the quantitative criteria. The
qualitative assessment reflects pro-active credit management
including monitoring of account activity on an individual or portfolio
level, knowledge of client behaviour, and cognisance of industry
and economic trends.
The criteria for this Qualitative trigger include, for example:
\u2022A downgrade of the borrower\u2019s/facility\u2019s credit grade reflecting
the increased credit management focus on these accounts;
and/or
\u2022Forbearance has been provided and the account is within the
probationary period.
Lender assessed SICR triggers: The qualitative SICR criteria for
non-retail portfolio Stage 2 classification have been further
enhanced and embedded in the year. Further specific qualitative
SICR indicators have been identified in order to ensure
appropriate and timely identification of increased credit risk, which
when occur, trigger a SICR event.
The criteria for this lender assessed trigger include, for example:
\u2022A post distressed restructure payment default occurs where the
borrower is neither in default nor forborne;
\u2022A material adverse event has occurred for the borrower which
may impact the borrower\u2019s ability to repay such as: adverse
publicity which raises concerns over the viability of a business;
loss of key personnel (CEO/CFO/COO) which raises concerns
over the strategy/viability of the business or significant negative
macroeconomic events (including but not limited to economic or
market volatility, changes in legislation and technological threats
to an industry, changes in access to markets) where the
financial impact to the borrower is deemed material.
Backstop indicators: The Group has adopted the rebuttable
presumption within IFRS 9 that loans greater than 30 days past
due represent a significant increase in credit risk.
Where SICR criteria are no longer a trigger, the account can exit
Stage 2 and return to Stage 1.
Stage 3 characteristics
Defaulted loans (with the exception of newly originated loans that
are in Stage 1 or POCI) are classed as credit impaired and
allocated to Stage 3. Where default criteria are no longer met, the
borrower exits Stage 3 subject to probation period, in line with
regulatory requirements.
The key criteria resulting in a classification of default are:
\u2022Where the Group considers a borrower to be unlikely to pay
their loans in full without realisation of collateral, regardless of
the existence of any past-due amount; or
\u2022The borrower is 90 days or more past due on any material loan
(day count starts when any material amount of principal,
interest or fee has not been paid by a borrower at the date it
was due).
Identification of non-performing exposures and unlikeliness to pay
are included in the Group\u2019s Definition of Default and Credit
Impairment Policy.
*Forms an integral part of the audited financial statements
Purchased or originated credit impaired (\u201cPOCI\u201d)
POCIs are assets originated credit impaired and that have a
discount to the contractual value when measured at fair value.
The Group uses an appropriate discount rate for measuring ECL
in the case of POCIs which is the credit-adjusted effective interest
rate. This rate is used to discount the expected cash flows of such
assets to fair value on initial recognition.
POCI obligations remain outside of the normal stage allocation
process for the lifetime of the obligation. The ECL for POCI
obligations is always measured at an amount equal to lifetime
expected credit losses. The amount recognised as a loss
allowance for these assets is the cumulative change in lifetime
expected credit losses since the initial recognition of the assets
rather than the total amount of lifetime expected credit losses.
Measurement of expected credit loss
The measurement of ECL is estimated through one of the
following approaches:
i.Standard approach: This approach is used for the majority of
exposures where each ECL input parameter (Probability of
Default \u2013 PD, Loss Given Default \u2013 LGD, Exposure at Default \u2013
EAD, and Prepayments \u2013 PP) is developed in line with standard
modelling methodology. The Group\u2019s IFRS 9 models have been
developed and approved in line with the Group\u2019s Model Risk
Management Framework. (An overview of credit risk models is
outlined on pages 142 and 143).
ii.Simplified approach: For portfolios not on the standard
approach, the Group has followed a simplified approach. This
approach consists of applying portfolio level ECL averages,
drawn from similar portfolios, where it is not possible to estimate
individual parameters. These generally relate to portfolios
where specific IFRS 9 models have not been developed due to
immateriality, low volumes or where there are no underlying
grading models. As granular PDs are not available for these
portfolios, a non-standard approach to staging is required with
reliance on the qualitative criteria (along with the 30 days past
due back-stop).
iii.Discounted cash-flows (\u201cDCFs\u201d): Assets are grouped together
and modelled based on asset classification and sector with the
exception of those Stage 3 assets where a DCF is used. DCFs
are used as an input to the ECL calculation for Stage 3 credit
impaired exposures where gross credit exposure is \u2265 \u20ac 1 million
(Republic of Ireland) or \u2265 \u00a3 500,000 (UK). Multiple DCFs are
captured where gross credit exposure is \u2265 \u20ac 5 million (Republic
of Ireland) or \u2265 \u00a3 5 million (UK) or cases in scope for the Group
Leveraged Lending Policy, to reflect the case specific impacts of
up and downside scenarios for these higher value exposures.
Collateral valuations and the estimated time to realisation of
collateral is a key component of the DCF model. The Group
incorporates forward looking information in the assessment
of\u00a0individual borrowers through the credit assessment process.
Where a single DCF is utilised this assessment produces
a\u00a0\u00a0base case ECL. This is then adjusted to incorporate the
impact of multiple scenarios on the base ECL, by using a
proportional uplift obtained from ECL modelled sensitivities in
the same/similar portfolio. Where a range of scenarios are
captured through multiple DCFs these are probability weighted
to produce the final ECL. An adjustment is made for cases
with\u00a0very low final ECL to ensure a minimum level of ECL is
maintained, this is derived through reference to ECL
model\u00a0outputs.
2.1 Credit risk
Measurement, methodologies and judgements* continued
iv.Management judgement: Where the estimate of ECL does not
adequately capture all available forward looking information
about the range of possible outcomes, or where there is a
significant degree of uncertainty, management judgement may
be considered appropriate for an adjustment to ECL. The
management adjustment must consider all relevant and
supportable information, including but not limited to, historical
data analysis, predictive modelling and management
experience. The methodology to incorporate the adjustment
should consider the degree of any relevant over collateralisation
(headroom) and should not result in a zero overall ECL unless
there is sufficient headroom to support this. The key
judgements in the 2022 year end ECL estimates are outlined on
pages 150 and 151.
Effective interest rate
The ECL must incorporate the time value of money discounted to
the reporting date using the effective interest rate (\u201cEIR\u201d)
determined at initial recognition or an approximation thereof.
\u2022The Group uses an approximation approach based on the
account level interest rate when calculating ECL which is
applied to both drawn and undrawn commitments.
\u2022This approach is subject to an annual assessment that all
approximations remain appropriate and do not result in
a\u00a0material misstatement of the ECL.
\u2022The Group has tested the appropriateness of using current
interest rates as an approximation for the discount rates
required for measuring ECLs. This testing determined that using
the current interest rates as the discount rates is an appropriate
approximation.
Policy elections and simplifications
Low credit risk exemption
The Group utilises practical expedients, as allowed by IFRS 9, for
the stage allocation of particular financial instruments which are
deemed \u2018low credit risk\u2019. This practical expedient permits the
Group to assume, without more detailed analysis, that the credit
risk on a financial instrument has not increased significantly since
initial recognition if the financial instrument is determined to have
\u2018low credit risk\u2019 at the reporting date. The Group allocates such
assets to Stage 1.
Under IFRS 9, the credit risk on a financial instrument is
considered low if:
\u2022the financial instrument has a low risk of default;
\u2022the borrower has a strong capacity to meet its contractual cash
flow obligations in the near term; and
\u2022adverse changes in economic business conditions in the longer
term may, (but will not necessarily) reduce the ability of the
borrower to fulfil its contractual cash flow obligations.
This low credit risk exemption is applied to particular assets within
the debt securities investment portfolio and for loans and
advances to banks, specifically, assets which have an internal
grade equivalent to an external investment grade rating (BBB-)
or\u00a0higher.
If an asset does not meet the above criteria for the low credit risk
exemption, further assessment is required to determine stage
allocation. If such assets are on a watch list, they are allocated
to\u00a0Stage 2.
*Forms an integral part of the audited financial statements
Short term cash
The Group\u2019s IFRS 9 Impairment Policy does not require
calculation of an ECL for short term cash at central banks and
other banks which have a low risk of default with a very low risk
profile. The calculation of the ECL at each reporting date would be
immaterial given these exposures\u2019 short term nature and their
daily management.
Lease receivables and trade receivables
For lease receivables, the Group has elected to use its standard
approach for both stage allocation and the ECL calculation and
has elected to use an expedient (simplified approach) for
trade\u00a0receivables.
IFRS 9 ECL Credit Risk models
The IFRS 9 ECL models provide the risk parameters which are
the inputs into the model driven estimate of ECL which is used
across all Stage 1 and Stage 2 portfolios plus all non-DCF Stage
3 exposures.
IFRS 9 Portfolio Delineation
The IFRS 9 models are delineated into retail and non-retail
portfolios. The retail IFRS 9 portfolios provide exposure level risk
parameter estimates which take into account borrower level
characteristics and metrics where appropriate, whilst the non-retail
portfolios provide metrics which are either borrower or connection
level estimates.
Probability of default
Probability of default (\u201cPD\u201d) is the likelihood that an account or
borrower defaults over an observation period, given that they are
not currently in default, for each year of the expected contractual
lifetime of the exposure. The PD is a point in time estimate which
is reflective of the current and expected economic conditions.
In order to capture the appropriate risk dynamics across the
lifetime of the exposure the development process considers:
\u2022Macroeconomic effects captured through factors such as
unemployment rate and GDP;
\u2022Cross-sectional risk discriminators in particular the internal
rating model outputs plus other factors such as forbearance
and\u00a0days past due; and
\u2022Seasoning factors such as product type, delinquency and
forbearance status.
Loss given default
Loss given default (\u201cLGD\u201d) is a current assessment of the amount
that will not be recovered in the event of default, taking account of
future conditions. It can be thought of as the difference between
the amount owed to the Group (i.e. the exposure) and the net
present value of future cash flows less any relevant costs
expected to be incurred in the recovery process. If an account
returns to performing from default (excluding any loss making
concession) or if the discounted post-default recoveries are equal
to or greater than the exposure, the realised loss is zero.
2.1 Credit risk
Measurement, methodologies and judgements* continued
The LGD modelling approach depends on whether the facility has
underlying security and, if so, the nature of that security. The
following sets out the general approaches for the retail and non-
retail portfolios:
\u2013Retail portfolios
For unsecured loans, a cash flow curve, which estimates the
cumulative cash received following default until the loan is
written-off or returns to performing, is used to estimate the
future recovery amount. This is discounted at the effective
interest rate and compared to the current outstanding balance.
Any shortfall between the recovery amount and the
outstanding balance is the LGD used to estimate ECL. Where
appropriate, this may then be adjusted to reflect economic
conditions.
For secured loans the following may be considered:
\u2022The value of underlying collateral is estimated at the
forecasted time of disposal (taking into account forecasted
market price growth/falls and haircuts on market values
that are expected at the date of sale plus associated costs)
in order to calculate the future recovery amount;
\u2022The potential for the exposure to be deleveraged through
a\u00a0portfolio sale taking into account the costs associated
with same; and
\u2022Paths for returning to the performing portfolios such as
forbearance and self-cure.
\u2013Non-retail portfolios
For unsecured loans, characteristics such as borrower sector
and nature of collateral linked to affiliated accounts under the
same customer group are used to determine future losses
based on historical experience of discounted recoveries.
For secured loans, the value of the underlying collateral is
estimated at the reporting date. This is used to estimate the
ECL based on historical experience of discounted recoveries.
Exposure at default
Exposure at default (\u201cEAD\u201d) is defined as the exposure amount
that will be owed by a customer at the time of default. This will
comprise changes in the exposure amount between the reporting
date and the date that the customer defaults. This may be due to
repayments, interest and fees charged and additional drawdowns
by the customer.
Prepayments
For term credit products, prepayment occurs where a customer
fully prepays an account prior to the end of its contractual term.
For\u00a0revolving credit products, \u2018prepayment\u2019 is defined as the
cessation of use and withdrawal of the facility provided that the
account was not in default prior to closure.
Prepayment is used in the lifetime ECL calculation for Stage 2
loans to account for the proportion of the facilities/customers that
prepay each year.
Determining the period over which to measure ECL
Both the origination date and the expected maturity of a facility
must be determined for ECL purposes. The origination date is
used to measure credit risk at origination.
The expected maturity is used for assets in Stage 2, where the
ECL must be estimated over the remaining life of the facility.
The expected maturity approach is:
*Forms an integral part of the audited financial statements
\u2022Term credit products: the contractual maturity date, with
exposure and survival probability adjusted to reflect behaviour
i.e. amortisation and prepayment;
\u2022Revolving credit products: the period may extend beyond the
contractual period over which the Group is exposed to credit
risk, e.g. overdrafts and credit cards. The Group\u2019s approach for
these is to assume an appropriate remaining term based on the
characteristics of the portfolio.
Forward looking indicators in the models
For ECL calculations reliant on models in the standard and
simplified approaches, forward looking indicators are incorporated
into the models through the use of macroeconomic variables.
These have been identified statistically as the key macroeconomic
variables that drive the parameter being assessed (e.g. PD or
LGD). The final model structure incorporates these as inputs with
the 12 month and lifetime calculations utilising the macroeconomic
forecasts for each scenario. See \u2018macroeconomic scenarios and
weightings\u2019 section for more detail on the process for generating
scenarios and associated key macroeconomic factors relevant
for\u00a0the models. In circumstances where there is a risk that the
modelled output fails to capture the appropriate response to
changes in the macroeconomic environment such as inflation and
interest rate changes, these risks are captured through the use of
post model adjustments.
Write-offs
When the prospects of recovering a loan, either partially or fully,
do not improve, a point may come when it will be concluded that
as there is no realistic prospect of recovery, the loan and any
related ECL will be written-off. The Group determines, based
on\u00a0specific criteria, the point at which there is no reasonable
expectation of recovery. When the following criteria exist (or
comparable circumstances arise), the loan can be subject to
a\u00a0partial or full write-off:
\u2022A decision has been taken to enforce on a loan, due to no
agreement with the customer for a restructure / settlement and
all customer engagement with the Bank regarding their loan
agreement has ceased;
\u2022Inception of informal insolvency proceedings has commenced
or is about to commence;
\u2022Receivership or other formal recovery action (e.g. where
expectation of recovery of collateral is expected through
enforcement activity but no additional recoveries above the
collateral value are anticipated) has commenced or is about to
commence; and
\u2022A loan is substantially provided for or no material repayments
have been received for a period of time (minimum 12 months)
and all customer engagement with the Bank regarding their
loan agreement has ceased.
Debt forgiveness may subsequently arise where there is a formal
contract with the customer for the write-off of the loan. In addition,
certain forbearance solutions and restructuring agreements may
include an element of debt write down (debt forgiveness). Details
of forbearance are set out in Risk management 2.1 Additional
credit quality and forbearance disclosures on loans and advances
to customers.
The contractual amount outstanding of loans written-off during the
year that are still subject to enforcement activity are outlined on
page 177 and relate to non-contracted write-offs, both full and
partial. The Group recognises cash received from the customer in
excess of the carrying value of the loan after a non-contracted
write-off as \u2018recoveries of amounts previously written-off\u2019 in the
income statement.
Measurement, methodologies and judgements* continued
Critical Judgements during the year:
\u2022ECL allowance stock relating to post model adjustments (PMAs) has increased by \u20ac 54 million in the year to \u20ac 608 million. ECL
allowance stock relating to PMAs as a percentage of total ECL stock is 37% (2021: 29%). New PMAs in the year seek to capture
potential impacts due to inflationary and interest rate pressures including elevated probability of default in performing commercial
real estate exposures and an increase in ECL stock relating to non-legacy NPE exposures reflecting the economic uncertainty.
Further details are outlined in the management judgements section on pages 150 and 151.
\u2022Despite recovering strongly following the COVID-19 recession, the Irish economy has been impacted through the course of 2022
by a number of headwinds affecting the global economy which are likely to weigh on the outlook (Base scenario) in 2023 and
2024. These include higher inflation and interest rates, tight labour markets, supply chain bottlenecks, a less supportive fiscal
stance and further, albeit less severe, waves of COVID-19 infections. Against this backdrop, the economies in which the Group
operates are projected to grow at more modest rates over the next two years (the UK is an exception as a mild recession is
expected in 2023 and 2024) with a gradual rise in unemployment rates in prospect. Inflationary pressures in these markets should
dissipate somewhat in 2023 but are unlikely to revert toward the 2% target rate set by central banks until 2025 onwards.
\u2022The Group is of the view that risks to the economic outlook are firmly tilted to the downside and, for the purposes of IFRS 9 ECL
reporting, has applied the following weightings for year-end 2022 with Base 45% (change -5% compared to year-end 2021),
Moderate Upside 10% (change -10%), Moderate Downside 30% (change +5%) and Severe 15% (change +10%). Further details
are outlined in the macroeconomic scenarios and weightings section below.
\u2022The Group\u2019s sensitivity analysis to the macroeconomic scenario weightings are outlined on page 149. Under the 100% downside
\u2018Energy shock and persistently high inflation\u2019 scenario, this would result in a 15% increase compared to the reported ECL
allowance stock.
Macroeconomic scenarios and weightings
The macroeconomic scenarios used by the Group for ECL
allowance calculation purposes have been developed in a
consistent way with that set out in the 2021 Annual Financial
Report and have been subject to the Group\u2019s established
governance process covering the development and approval of
macroeconomic scenarios used for planning and internal stress
testing purposes. The macroeconomic scenarios and attached
probabilities are reviewed by the Asset and Liability Committee
(\u201cALCo\u201d) regularly, and such reviews took place frequently
during\u00a02022 in response to economic developments. The
macroeconomic scenarios are then reviewed by the Board Risk
Committee (\u201cBRC\u201d) and approved for use by the Board. The
scenario probabilities are approved by the Board Audit
Committee\u00a0(\u201cBAC\u201d).
The parameters used within the Group\u2019s ECL models include
macroeconomic factors which have been established as drivers
of\u00a0the default risk and loss estimates. Therefore, a different credit
loss estimate is produced for each scenario based on
a\u00a0combination of these identified macroeconomic factors. The
credit loss estimates for each scenario are then weighted by the
assessed likelihood of occurrence of the respective scenarios to
yield the ECL outcome.
Macroeconomic scenarios:
Following the Russian invasion of Ukraine in February 2022,
global energy and food commodity prices surged. This intensified
pre-existing inflationary pressures caused by supply bottlenecks
in many economies as they recovered following the lifting of
COVID-19 restrictions. Against this background, the greatest risk
to the outlook (Base scenario) is for persistently elevated inflation
coupled with higher interest rates which depress economic
activity. A range of possible scenarios has been considered in
formulating the ECL calculation, as at the financial reporting date.
These entail credible risks and uncertainties to the economic
outlook including inter alia possible energy supply rationing,
a\u00a0deterioration in financial conditions, renewed short waves of
COVID-19 infections, as well as a prolonged period of elevated
inflation \u2013 all possible triggers of a future economic downturn.
AIB have used four scenarios in the ECL calculation consisting of
a base scenario, along with three alternative scenarios. These
consist of one upside; a mild downside scenario entailing
disruptions to energy supplies and a re-emergence of the
COVID-19 virus; while a more severe downside considers a cut-
off of Russian gas supplies to Europe with persistently high
inflation which necessitates a hike in official interest rates. Non-
linear effects are captured in the development of risk parameters
as well as through the inclusion of both the single upside and two
downside scenarios.
The Group\u2019s Economic Research Unit (\u201cERU\u201d) provide the
scenario forecasts over five years. These are then independently
reviewed and challenged, on both a quantitative and qualitative
basis, by the Group Risk function. The Base case is benchmarked
against the outlook available from official sources (e.g. Central
Bank of Ireland, Bank of England, Department of Finance, ESRI,
ECB, IMF, etc.) to ensure it is appropriate. Upside and downside
scenarios, relative to the Base case, are provided to ensure
a\u00a0reasonable range of possible outcomes is available for the
IFRS\u00a09 process. These scenarios are benchmarked to alternative
scenarios from official sources, where possible. The longer term
economic projections (beyond five years) are sourced from
a\u00a0reputable external provider with the internal scenarios
converging on a linear basis towards the external forecasts from
years 5 to 8. External long term forecasts represent long term
base line forecasts for the parameter/economy in question. The
forecasted scenarios are kept under review by the Group ALCo
and approved by the Board.
*Forms an integral part of the audited financial statements
2.1 Credit risk
Measurement, methodologies and judgements* continued
Macroeconomic scenarios and weightings continued
The long term projections reflect the relatively limited climate
change mitigation policies, mainly comprising the continued
gradual substitution of gas for coal, that have been announced so
far. Without significantly enhanced mitigating actions, the world is
on course to warm by about 2\u00b0C above pre-industrial levels by
2050. The AIB long term baseline scenario seeks to follow the
IEA\u2019s \u201cstated policies\u201d scenario and implies emissions remaining
roughly constant. The Group participated in the ECB Climate
Stress Tests in early 2022; it was evident that the scale of the
economic shocks applied was quite modest compared to those
applied in stress testing for ICAAP and ECL calculations. The
impacts considered under this ECB Climate Stress Test process
will be repeated every second year. The nature of the shock is
different with a long term horizon compared to front loaded shocks
as part of quarterly stress tests.
The scenarios used for the year-end ECL process are described
below and reflect the views of the Group as at the reporting date.
Base case: A combination of a very sharp acceleration in
inflation, partly owing to the war in Ukraine, and marked tightening
of monetary policy & financial conditions has seen a pronounced
slowdown in global growth in 2022, which is expected to extend
well into 2023. The economic backdrop has become far more
challenging as we move into a period of weak growth, elevated
inflation and rising interest rates. As a result, global growth
forecasts for 2022-23 have been scaled back significantly from
earlier in the year.
The Base scenario assumes very weak GDP growth in the US
and Euro Area of 0.7% and 0.5% respectively in 2023, with the
latter seeing a technical recession. The UK economy is expected
to contract by 1.0% in 2023. As a small open economy, in line with
this global trend, Ireland is expected to see growth moderating
albeit remaining relatively strong given a continued favourable
product mix in its large multi-national sector. Overall Irish GDP
growth of 4% is projected, which is somewhat below most official
forecasts reflecting a higher inflation projection by AIB.
A moderate pick-up in global growth is anticipated from 2024
onwards (boosted by real household incomes and easing financial
conditions) which will mean a continued solid expansion for the
Irish economy where average GDP growth of close to 4% is
assumed for 2024 and 2025. The UK market will remain weak
however (contraction in both 2023 and 2024) with the economy
recovery delayed until 2025.
House price growth in Ireland is expected to moderate
significantly over the forecast period but remain positive due to
the ongoing supply shortfall, high savings and a relatively strong
labour market. By comparison the UK housing market is expected
to contract as the sharp increase in interest rates and reduction in
disposable incomes take hold. Given the challenges it faces, most
especially from remote working, both Irish and UK Commercial
property prices are forecast to contract sharply in 2023 (by 9%
and 8% respectively).
Unemployment is expected to rise only moderately over the
period 2023 to 2025, as most labour markets are characterised by
a shortage of workers and high job vacancies. For Ireland the
unemployment rate is expected to remain in a low range of
4.5-5.0% over the period 2022-27.
*Forms an integral part of the audited financial statements
The combination of weakening activity and positive base effects,
should see Irish inflation fall back to circa 2% by end 2024.
Although a similar trajectory is expected in the major economies,
with inflation still running above levels they are comfortable with,\u00a0
Central Banks are expected to continue to hike interest rates
aggressively into 2023, hitting 3.5% in the Euro Area, circa 5.13%
in the US and 4.75% in the UK. .
Downside 1 (\u2018Lower growth in 2023\u2019): In the AIB Moderate
Downside scenario, risks to growth prove to have a more negative
impact on activity than provided for in the Base scenario. For
Ireland these are primarily driven by global conditions. In
particular, the war in Ukraine has a more significant impact on
growth than expected, with ongoing disruptions of gas supplies to
Europe from Russia. There are continuing short waves of
COVID-19 infections necessitating some restrictions on activity,
most notably in China.
As a result, the major economies all experience a significant
recession in 2023, with the downturn continuing in the UK in 2024.
This is followed by a sluggish recovery in activity. In Ireland\u2019s
case, GDP growth slows sharply to 2.5% in 2023 and 2024. There
is a marked rise in unemployment everywhere, climbing to circa
7.5% in both the UK and Ireland during 2025.
There are significant falls in property prices. House prices in
Ireland & the UK decline by circa 9% and 15%, respectively, over
the 2023-2024 period. There are even bigger falls in commercial
property prices of circa 16% in both markets in 2023-24.
Interest rates peak at the end of 2022, with central banks
implementing rate cuts in 2023-24 on the view that leaving policy
unchanged would see inflation fall to 2% by end 2024 onwards.
Rates are cut to 0.5% in the Euro Area/UK and circa 0.63% in
the\u00a0US.
Downside 2 (\u2018Energy shock and persistently high inflation\u2019):
Under the second downside scenario, the war in Ukraine has
a\u00a0much more severe impact on global economic activity than
anticipated. Inflation stays very high in 2023-2024 with ongoing
interruptions in European gas imports from Russia, continuing
disruptions to global supply chains, greater second round price
effects and wage inflation picking up. Central banks are forced
into a very sharp tightening of monetary policy. Conditions in
financial markets tighten further, with a surge in bond yields, blow
out in credit spreads and more sharp falls on stock markets.
Emerging markets come under severe pressure in particular.
The combination of energy and financial market shocks as well as
the very sharp tightening of monetary policy triggers a severe
global recession in 2023-24. The main economies see GDP
decline by circa 2% in 2023 and 2.0-2.5% in 2024. Irish GDP
growth slows to 1.0-1.5% in 2023-24 and is 6.3% lower by 2025
than in Base scenario. There is a moderate pick up in global
activity from 2025.
Unemployment rates rise to very high levels in the main
economies with Irish unemployment increasing sharply to 10% by
end 2025 and remaining high in 2026-2027. In line with the global
trend, Irish inflation remains high in the initial period (8% in 2023 V
5.2% in base) before graduating to 2.0% in 2026 due to the
slowdown in economic activity led by the tighter financial
conditions.
2.1 Credit risk
Measurement, methodologies and judgements* continued
Macroeconomic scenarios and weightings continued
The sharp fall in economic activity and confidence levels imply
very large property price falls in Ireland and the UK. Irish and UK
residential property prices fall by 24% and 29%, respectively,
between 2023 and early 2025 and are circa 26-28% lower versus
the Base scenario by 2025. CRE prices in Ireland and the UK fall
by circa 35-36% in the period 2023-25.
Central banks raise rates to 5.25-5.38% in the UK and US and
4.0% in the Euro Area in the first half of 2024. Inflation falls back
in the second half of 2024 allowing central banks to lower rates
aggressively. Rates do not return to previous lows as inflation
settles around its 2% target in 2025-26. Thus, rates come down to
1% in the Euro Area/UK and circa 1.13% in the US, some 250 to
300 basis points below the levels assumed in the Base scenario.
Upside (\u2018Quick economic recovery\u2019): In the upside scenario,
the key assumptions consist of a combination of a relatively quick
cessation of hostilities in Ukraine in early 2023 coupled with an
accelerated deployment of vaccines globally which brings about a
quicker than expected suppression of the coronavirus. In addition,
a strong rebound in business and consumer confidence facilitates
a rundown of personal and corporate savings. The confluence of
these developments helps boost global growth and consequently
this feeds into the Irish economy.
In this scenario, GDP is some 3.2% higher in most economies
than in the base case by 2025. Irish GDP growth averages 5%
over the period 2023-2025 before returning to more moderate
rates of growth (3-4%) over 2026-27. As a result, unemployment
falls further reaching 3.6% on 2026-27 (5.0% in base). With a
stronger economy, inflation goes even higher and is slower to
decline than in the base case, only getting back to 2% in 2027.
With the stronger growth in economic activity, Irish and UK
property prices perform much better than in the base case
scenario. Irish house price rise by 4-5% per annum over 2023-25,
with UK prices up 2-3%. Meanwhile, Commercial property prices
rise by circa 3% per annum over 2023-2025 in both countries.
Central banks hike rates at a quicker pace than in the base. Rates
rise to circa 5.13%% in the US, 5% in the UK and 3.75% in the
Euro Area.
The table below sets out the five year average forecast for each
of\u00a0the key macroeconomic variables that are required to generate
the scenarios or are material drivers of the ECL under (i) Base,
(ii)\u00a0Downside 1, (iii) Downside 2 and (iv) Upside scenarios at
31\u00a0December 2022 (average over 2023-2027) and at
31\u00a0December 2021 (average over 2022-2026).
December 2022
5 year (2023-2027) average forecast
December 2021
5 year (2022-2026) average forecast
Macroeconomic factor (%)
Base
Downside 1
(\u2018Lower
growth in
2023\u2019)
Downside 2
(\u2018Energy
shock and
persistently
high
inflation\u2019)
Upside
(\u2018Quick
economic
recovery\u2019)
Base
Downside 1
(\u2018Lower
growth in
2022\u2019)
Downside 2
(\u2018Persistent
high
inflation\u2019)
Upside
(\u2018Quick
economic
recovery\u2019)
Republic of Ireland
GDP growth
3.6
3.4
2.6
4.3
3.8
3.4
2.6
4.5
Residential property price growth
2.5
0.2
(4.3)
3.8
2.9
1.4
(2.1)
5.0
Unemployment rate
5.0
6.8
8.5
3.9
5.7
9.7
11.9
4.8
Commercial property price growth
1.0
(1.6)
(6.6)
2.7
1.7
0.3
(4.6)
4.0
Employment growth
1.6
1.1
0.2
1.9
2.6
2.0
1.4
2.9
Average disposable Income growth
5.1
4.3
3.4
6.0
3.5
2.6
1.8
3.8
Inflation
2.7
2.7
3.9
3.5
1.7
1.3
2.4
2.2
United Kingdom
GDP growth
0.4
0.3
(0.3)
1.5
2.4
1.8
1.1
3.0
Residential property price growth
0.2
(1.6)
(5.7)
2.2
2.0
(0.1)
(3.7)
3.0
Unemployment rate
5.1
6.8
8.3
3.7
4.6
6.6
8.0
4.3
Commercial property price growth
0.2
(2.2)
(6.9)
2.6
1.5
(0.6)
(5.1)
3.6
Inflation
3.3
3.3
4.4
4.2
2.0
1.7
2.5
2.4
Measurement, methodologies and judgements* continued
Macroeconomic scenarios and weightings continued
Additional information is provided in the table below which details the individual macroeconomic factor forecast for each year across the
four scenarios, at 31 December 2022.
Estimate
Base
Downside 1
(\u2018Lower growth in 2023\u2019)
Macroeconomic factor
2022
%
2023
%
2024
%
2025
%
2026
%
2027
%
2023
%
2024
%
2025
%
2026
%
2027
%
Republic of Ireland
GDP growth
8.0
4.0
3.7
4.0
3.5
3.0
2.5
2.5
3.5
4.0
4.5
Residential property price growth
5.0
2.5
2.5
2.5
2.5
2.5
(7.0)
(2.5)
5.0
3.0
2.5
Unemployment rate
4.6
4.8
5.0
5.0
5.0
5.0
5.6
6.8
7.4
7.5
7.0
Commercial property price growth
(3.5)
(9.0)
5.0
3.0
3.0
3.0
(12.5)
(4.5)
3.0
3.0
3.0
Employment growth
6.0
1.5
1.5
1.7
1.6
1.5
0.6
0.4
0.9
1.4
2.0
Average disposable income growth
3.5
6.5
5.3
4.7
4.6
4.5
5.0
4.0
4.0
4.0
4.5
Inflation
8.3
5.2
2.5
2.0
2.0
2.0
5.2
2.5
2.0
2.0
2.0
United Kingdom
GDP growth
4.3
(1.0)
(0.5)
0.6
1.3
1.5
(1.5)
(1.2)
0.8
1.5
1.7
Residential property price growth
4.5
(3.0)
(1.0)
1.0
2.0
2.0
(11.0)
(4.5)
1.5
3.0
3.0
Unemployment rate
3.9
4.6
5.2
5.5
5.3
5.0
5.5
6.7
7.5
7.5
7.0
Commercial property price growth
(3.5)
(8.0)
(2.0)
3.0
4.0
4.0
(12.5)
(4.0)
1.5
2.0
2.0
Inflation
9.2
7.5
3.0
2.0
2.0
2.0
7.5
3.0
2.0
2.0
2.0
The key changes to the scenario forecasts in the reporting period
have been driven by the outbreak of war in Ukraine, following the
Russian invasion, in addition to mounting inflationary pressures
and monetary policy tightening by global central banks. The wider
economic impact of the war in Ukraine has generated elevated
uncertainty with respect to the economic outlook largely due to
concerns over energy security and a surge in pre-existing
inflationary pressures largely driven by much higher commodity
prices (in particular gas and raw foodstuffs). These developments
feed directly into the Irish economy and have resulted in
a\u00a0significant re-assessment of the outlook and balance of risks
during 2022.
The four scenarios detailed above are used to reflect a
representative sample of possible outcomes. The ECL allowance
reflects a weighted average of the credit loss estimates under the
four scenarios.
Similar to the scenario forecasts, the probability weight assigned
to each scenario is proposed by the ERU, with a review and
challenge from the Group Risk function. These are reviewed
regularly at Group ALCo and are subject to approval at Board
Audit Committee. The probabilities described below reflect the
views of the Group at the reporting date.
*Forms an integral part of the audited financial statements
2.1 Credit risk
Measurement, methodologies and judgements* continued
Macroeconomic scenarios and weightings continued
The weights for the scenarios are derived based on expert
judgement, with reference to external market information where
possible. Given the unprecedented nature and impact of
COVID-19 (\u2018cliff edge\u2019 effect on economic activity), the standard
quantitative approaches, such as statistical distribution analysis
of\u00a0Irish GDP growth over different time horizons informed by
historic patterns in the economic data, used to assess scenario
likelihoods are less useful than normal in this environment.
As\u00a0a\u00a0result, they have not been a key driver in determining the
selection of weightings at the reporting date.
These weightings are reviewed regularly by Group ALCo and
adjusted where required. The key drivers of the weightings are:
\u2022The Base scenario assumptions were regularly benchmarked
against consensus projections which were subject to downward
revision in light of the weak global backdrop and downside risks
facing the macroeconomic outlook.
\u2022Forecasts released in the closing months of 2022 from the IMF,
OECD, ECB, ESRI, Central Bank of Ireland and the Department
of Finance were close to the AIB projections. The AIB forecasts
remain on the conservative side of most recent external
benchmarks, especially in relation to Ireland. Most releases of
Irish economic data, have been trending stronger than our
forecasts. This includes variables such as GDP, Modified Final
Domestic Demand, unemployment and house prices.
\u2022The balance of risks to the forecasts is still heavily skewed to
the downside with revisions to consensus forecasts for growth
in 2023-2024 trending firmly downwards. Forecasters also
highlight that the balance of risks to their latest projections
remain tilted to the downside, with real concerns that the world
economy could be hit by recession in 2023 \u2013 the AIB moderate
downside and severe scenarios entail significant recessions in
the major economies and a significant departure from its trend
growth rate in the case of Ireland.
\u2022The risk that inflation will prove slow to fall back remains a real
concern, which would pose a downside risk to Irish growth
prospects in 2023-24 in terms of an ongoing hit to real
disposable incomes and consumer spending. The war in
Ukraine has added to downside risks, especially in relation to
the flow of European gas supplies in 2023-24.
The weightings that have been applied as at the reporting date are:
Scenario
Weighting
Weighting
December
2022
December
2021
Base
45%
Base
50%
Downside 1 (\u2018Lower growth in 2023\u2019)
30%
Downside 1 (\u2018Lower growth in 2022\u2019)
25%
Downside 2 (\u2018Energy shock and persistently high
inflation\u2019)
15%
Downside 2 (\u2018Persistent high inflation\u2019)
5%
Upside (\u2018Quick economic recovery\u2019)
10%
Upside (\u2018Quick economic recovery\u2019)
20%
In assessing the adequacy of the ECL allowance, the Group has considered all available forward looking information as of the balance
sheet date in order to estimate the future expected credit losses. The Group, through its risk management processes (including the use
of expert credit judgement and other techniques) assesses its ECL allowance for events that cannot be captured by the statistical
models it uses and for other risks and uncertainties. The assessment of ECL at the balance sheet date does not reflect the worst case
outcome, but rather a probability-weighted outcome of the four scenarios. Should the credit environment deteriorate beyond the Group\u2019s
expectation, the Group\u2019s estimate of ECL would increase accordingly.
*Forms an integral part of the audited financial statements
Measurement, methodologies and judgements* continued
Sensitivities
The Group\u2019s estimates of expected credit losses are responsive
to\u00a0varying economic conditions and forward looking information.
These estimates are driven by the relationship between historic
experienced loss and the combination of macroeconomic
variables. Given the co-relationship of each of the macroeconomic
variables to one another and the fact that loss estimates do not
follow a linear path, a sensitivity to any single economic variable is
not meaningful. As such, the following sensitivities are provided
which indicate the approximate impact on the current ECL
allowance before the application of probability weights to the
forward looking macroeconomic scenarios. The sensitivities
provide an indication of ECL movements that include changes in
model parameters, quantitative \u2018significant increase in credit
risk\u2019 (\u201cSICR\u201d) staging assignments with post model adjustments
sensitivity predominantly reflected only where scenario specific
features form an integral part of the adjustment. Further details on
post model adjustments are outlined on pages 150 and 151.
Relative to the base scenario, in the 100% downside \u2018Lower
growth in 2023\u2019 and \u2018Energy shock and persistently high inflation\u2019
scenarios, the ECL allowance increases by 9% and 21%
respectively. In the 100% upside scenario, the ECL allowance
declines by 7%, showing that the ECL impact of the two downside
scenarios is greater than that of the upside scenario. For
31\u00a0December 2022, a 100% downside \u2018Lower growth in 2023\u2019 and
\u2018Energy shock and persistently high inflation\u2019 scenario sees a
higher ECL allowance sensitivity of \u20ac\u00a0142 million and \u20ac 342 million
respectively compared to base (\u20ac\u00a056 million and \u20ac 256 million
respectively compared to reported).
Higher relative impacts are observed for the AIB UK\u00a0portfolio
partly due to a scenario specific post model adjustment being
applied to reflect greater impact within the downside scenarios
than that currently observed, based on the deployed
macroeconomic scenarios.
ECL allowance at 31 December 2022
Reported
100% Base
100% Downside
Scenario
(\u2018Lower growth
in 2023\u2019)
100% Downside
Scenario
(\u2018Energy shock and
persistently high
inflation\u2019)
100% Upside
Scenario
(\u2018Quick economic
recovery\u2019)
Total
Total
Total
Total
Total
Loans and advances to customers
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Residential mortgages
283
275
284
318
271
Other personal
177
175
179
185
173
Property and construction
320
298
331
385
282
Non-property business
838
790
878
977
711
Total
1,618
1,538
1,672
1,865
1,437
Off-balance sheet loan commitments
59
55
60
65
53
Financial guarantee contracts
19
17
20
22
13
1,696
1,610
1,752
1,952
1,503
Of which:
AIB UK segment
245
214
259
336
196
ECL allowance at 31 December 2021
Reported
100% Base
100% Downside
Scenario (\u2018Lower
growth in 2022\u2019)
100% Downside
Scenario
(\u2018Persistent high
inflation\u2019)
100% Upside
Scenario (\u2018Quick
economic
recovery\u2019)
Total
Total
Total
Total
Total
Loans and advances to customers
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Residential mortgages
382
376
392
434
370
Other personal
222
216
237
257
213
Property and construction
313
284
378
473
266
Non-property business
968
921
1,074
1,236
895
Total
1,885
1,797
2,081
2,400
1,744
Off-balance sheet loan commitments
53
49
63
80
45
Financial guarantee contracts
26
24
30
35
22
1,964
1,870
2,174
2,515
1,811
Of which:
AIB UK segment
268
266
277
321
253
*Forms an integral part of the audited financial statements
2.1 Credit risk
Measurement, methodologies and judgements* continued
Management judgements
Post model adjustments (PMAs) are applied where Management
believe that they are necessary to ensure an adequate level of
ECL provision and to address known model limitations and/or
emerging trends not captured in the models. All PMAs are
approved under the ECL governance process through which the
appropriateness of PMAs are considered against the backdrop of
the risk profile of the loan book, recent loss history or changes in
underlying resolution strategies not captured in the models and
management\u2019s view of emerging trends.
The PMAs approved for 31 December 2022 (and 2021
comparison, where applicable), are set out below and categorised
as follows:
\u2022NPE resolution \u2013 ECL adjustments where the current model
does not take into account alternative resolution strategies such
as portfolio sales and to ensure that downside risks are
appropriately incorporated into the final loss estimate.
\u2022Emerging headwinds \u2013 ECL adjustments required where the
modelled outcomes are not sensitive to the uncertainties
associated with the impact of current emerging economic
headwinds.
\u2022Macroeconomic factors \u2013 ECL adjustments reflecting a greater
impact from downside scenarios / timing of certain
macroeconomic factors.
\u2022Other \u2013 ECL adjustments where it was judged that an
amendment to the modelled ECL was required.
2022
Residential
mortgages
Other personal
Property and
construction
Non-property
business
Total
Management Judgements
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
NPE resolution
140
\u2014
37
73
250
Emerging headwinds
43
11
69
124
247
Macroeconomic factors
20
\u2014
10
20
50
Other
\u2014
\u2014
\u2014
61
61
PMA Total
203
11
116
278
608
2021
Residential
mortgages
Other personal
Property and
construction
Non-property
business
Total
Management Judgements
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
NPE resolution
207
5
26
28
266
Uncertainty due to the impact of COVID-19
18
9
5
153
185
Macroeconomic factors
29
\u2014
\u2014
\u2014
29
Other
1
\u2014
1
72
74
PMA Total
255
14
32
253
554
NPE resolution
At 31 December 2022, the Retail Banking PMA mainly related to
mortgages which have been classified as non-performing for a
considerable length of time has been retained to reflect expected
outcomes from alternative strategies which may be adopted, such
as portfolio sales. LGD models are based on empirical internal
data assuming business as usual resolution and given that the
models do not account for alternative strategies, post model
adjustments have been applied to reflect the potential outcomes,
pending model redevelopment.
The completion of a non-performing portfolio sale in the year has
resulted in a reduction in this PMA, particularly within residential
mortgages where the ECL PMA stock has reduced from
\u20ac\u00a0207\u00a0million at 31 December 2021 to \u20ac 140 million at
31\u00a0December 2022.
A new post model adjustment was introduced for year end 2022
in\u00a0order to increase the ECL cover for non-performing exposures
classified as non legacy (defaulted subsequent to December
2018). This adjustment reflects management judgement that the
downside scenario for these cases may be more severe than
currently reflected through the modelled process.
*Forms an integral part of the audited financial statements
The impact of potential reductions in future cash flows and
security values, particularly within commercial real estate and
small and medium enterprise exposures, have been considered
as part of the governance process.
This PMA primarily impacts the Retail Banking and Capital
Markets property (\u20ac 29 million) and non-property business\u00a0 \u00a0 \u00a0 \u00a0 \u00a0
(\u20ac 51 million) portfolios.
Similarly in AIB UK, a post model adjustment of \u00a3 26 million
includes the impact of the above non-performing PMA and also
reflects the impact of alternative strategies such as portfolio sales.
Emerging headwinds
Particular focus from management was on assessing portfolios
impacted by the combined effects of cost of living challenges,
persistent inflationary pressures and rising interest rates on
customers' ability to repay. The ultimate impact of these effects is
highly uncertain, however should they lead to a reduction in
customers' ability to meet their loan repayment obligations, there
could be an increase in credit risk which could have a negative
impact on the asset quality of the Group\u2019s loan portfolios.\u00a0
Within the Retail Banking portfolio, a PMA of \u20ac 72 million has been
introduced to reflect the increased probability of default due to
rising interest rates and increased cost of living. The PMA has
been applied within the performing portion of the residential
mortgage portfolio, \u20ac 43 million, personal portfolio, \u20ac 11 million,
and non-property business portfolio, \u20ac 18 million.
2.1 Credit risk
Measurement, methodologies and judgements* continued
Within Capital Markets a PMA of \u20ac 163 million represents the
potential impacts on the non-property business (\u20ac 99 million) and
property (\u20ac 64 million) portfolios due to the potential impact of
inflation (including higher energy costs) and higher interest rates
on non-property business and property exposures resulting in an
increase in borrower forbearance arrangements. This has been an
area of particular focus for management.
Within AIB UK, a new PMA of \u00a3 10 million (\u00a3 7 million non-
property business and \u00a3 3 million property) also reflects the
impact of higher interest rates and a slowdown within CRE.
While COVID-19 specific PMAs have now been significantly
released, those affected borrowers whose recovery may be
impacted by emerging headwinds are incorporated within this
PMA.
Macroeconomic factors
In Retail Banking, an ECL adjustment continues to be applied to
reflect limitations within the mortgage model relating to the house
price index (HPI) growth. This is to ensure that the ECL remains
appropriate for the underlying portfolio acknowledging the
limitations within the model.
The HPI index parameter, which assumes growth over the long
term, has reduced the LGD thereby impacting ECL cover on
Stage 1, Stage 2 and Stage 3 loans (not covered by the NPE
resolution strategy adjustment above). An adjustment has been
made to reflect the Group\u2019s potential alternative recovery
strategies for the impacted loans that are or could become credit
impaired.
This adjustment amounted to \u20ac 20 million (Stage 1: \u20ac 5 million,
Stage 2: \u20ac 5 million and Stage 3: \u20ac 10 million).
In addition, in AIB UK, an ECL adjustment of \u00a3 27 million (Stage 1:
\u00a3 11 million and Stage 2: \u00a3 16 million) has been applied
predominately in the non-property business (\u00a3 18 million) and
property (\u00a3 9 million) portfolios to reflect a greater impact within
the downside scenarios than that currently observed, based on the
deployed macroeconomic scenarios at 31 December 2022.
Other
For the Syndicated & International Finance (SIF) portfolio in
Capital Markets, it was previously determined that historically
observed relationships between default rates and macroeconomic
factors in the modelled probabilities of default needs to be
increased for this portfolio.
Accordingly, expert credit judgement has determined a post model
adjustment is required of \u20ac 61 million at 31 December 2022
(Stage 1: \u20ac 17 million and Stage 2: \u20ac 44 million).
Other post model adjustments in this category are not individually
significant.
ECL governance
The Board has put in place a framework, incorporating the
governance and delegation structures commensurate with a
material risk, to ensure credit risk is appropriately managed
throughout the Group.
*Forms an integral part of the audited financial statements
The key governance points in the ECL allowance approval
process during 2022 were:
\u2022Model Risk Committee;
\u2022Asset and Liability Committee;
\u2022Business level ECL Committees;
\u2022Group Credit Committee; and
\u2022Board Audit Committee
For ECL governance, the Group\u2019s senior management employ
expert judgement in assessing the adequacy of the ECL
allowance. This is supported by detailed information on the
portfolios of credit risk exposures, and by the outputs of the
measurement and classification approaches described above,
coupled with internal and external data provided on both short
term and long term economic outlook. Business segments and
Group management are required to ensure that there are
appropriate levels of cover for all of the credit portfolios and must
take account of both accounting and regulatory compliance when
assessing the expected levels of loss.
Assessment of the credit quality of each business segment and
subsidiaries is initially informed by the output of the quantitative
analytical models but may be subject to management
adjustments. This ECL output is then scrutinised and approved at
individual business unit level (ECL Committee), which also
includes subsidiaries, prior to onward submission to the Group
Credit Committee (\u201cGCC\u201d). GCC reviews and challenges ECL
levels for onward recommendation to the Board Audit Committee
as the final approval authority.
Credit risk management consideration of ESG risks
The Group continues to adapt its credit risk management
processes and policies to capture environmental, social, and
governance (\"ESG\") risks. Throughout 2022, the Group has
remained focused in embedding the following key initiatives:
\u2022Continued use of heat mapping exercises in order to scale
individual sub-sector exposures to levels of climate change and
environment risks.
\u2022Relevant Business Credit Application Guidelines/Procedures
and Credit Sanctioning policies requirements in respect of the
assessment of certain borrowers' exposure to ESG factors, in
particular environmental factors and impact of climate change
and the appropriateness of mitigating strategies as set out by
the borrower are continuing to embed.
\u2022The ESG questionnaire was implemented in our credit risk
management process in 2021 for certain cohorts requiring a
more intensive analysis of borrowers in sub-sectors considered
as part of the heat mapping exercise to have a higher risk to
climate change related and environmental risks. In 2022 work
commenced to further enhance and refine this tool, broadening
the scope of coverage at both counterparty and sector level.
\u2022The property valuation process continues to obtain BER/EPC
ratings where applicable, which are captured in collateral
valuations and recorded on the Group\u2019s systems.
\u2022A Sustainable Lending Framework was introduced in 2021 and
continues to categorise and identify relevant lending activities
as green/transition for internal tracking and external disclosure
purposes.
\u2022The impact of climate risk was considered as part of the ECL
governance process for the position at 31 December 2022 and
it was deemed that insufficient evidence of the likely loss
impacts from climate events is available to adjust ECLs. The
impact of climate risk will continue to be monitored in 2023 to
ensure ECLs appropriately reflect latent risk from potentially
emerging climate risks.
2.1 Credit risk \u2013 Credit exposure overview
Key Credit Profile Metrics in 2022:
\u2022There was a \u20ac 7 million net credit impairment charge in the year (2021: \u20ac 238 million writeback). This comprised of a \u20ac 316 million
charge in the second half of the year which incorporates post model adjustments to address emerging headwinds and downside
risks from inflation and interest rate impacts on credit quality; and a \u20ac 309 million writeback in the first half of the year reflecting the
economic environment in Ireland with robust credit quality & repayments, updated macroeconomic assumptions as well as some
release of post model adjustments.
\u2022Total gross loans and advances to customers have increased from \u20ac 58.4 billion to \u20ac 61.2 billion in the year which was due to new
lending and the ongoing Ulster Bank corporate and commercial portfolio acquisition. ECL stock of \u20ac 1.6 billion represents 2.7%
ECL cover (2021: \u20ac 1.9 billion, 3.2%).
\u2022Total new lending in the year was \u20ac 12.6 billion which reflects an increase of \u20ac 2.2 billion versus last year (2021: \u20ac 10.4 billion).
The increase in new lending was primarily driven by mortgage lending in Retail Banking and real estate finance in Capital Markets.
\u2022The credit quality composition of the portfolio has remained relatively stable during the year. Non-Performing loans at \u20ac 2.2 billion,
have decreased by \u20ac\u00a00.9 billion or 31% in the year and now represent 3.5% of total gross loans (2021: 5.4%).
Maximum exposure to credit risk*
Maximum exposure to credit risk from on-balance sheet and off-balance sheet financial instruments is presented before taking account
of any collateral held or other credit enhancements (unless such enhancements meet accounting offsetting requirements). For financial
assets recognised on the statement of financial position, the maximum exposure to credit risk is their carrying amount, and for financial
guarantees and similar contracts granted, it is the maximum amount the Group would have to pay if the guarantees were called upon.
For loan commitments and other credit related commitments that are irrevocable over the life of the respective facilities, it is generally
the full amount of the committed facilities.
The following table sets out the maximum exposure to credit risk that arises within the Group and distinguishes between those assets
that are carried in the statement of financial position at amortised cost and those carried at fair value at 31 December 2022 and 2021
2022
2021
Amortised
cost(1)
Fair
value(2)
Total
Amortised
cost(1)
Fair
value(2)
Total
Maximum exposure to credit risk
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Balances at central banks(3)
37,565
\u2014
37,565
42,109
\u2014
42,109
Derivative financial instruments
\u2014
2,511
2,511
\u2014
882
882
Loans and advances to banks
1,502
\u2014
1,502
1,323
\u2014
1,323
Loans and advances to customers
59,364
249
59,613
56,265
243
56,508
Securities financing
6,282
\u2014
6,282
3,890
\u2014
3,890
Investment securities(4)
4,131
11,837
15,968
4,071
12,589
16,660
Included elsewhere:
Trade receivables
99
\u2014
99
372
\u2014
372
Items in course of collection
51
\u2014
51
44
\u2014
44
Accrued interest
281
\u2014
281
307
\u2014
307
109,275
14,597
123,872
108,381
13,714
122,095
Loan commitments and other credit
related commitments
15,060
\u2014
15,060
13,727
\u2014
13,727
Financial guarantees
802
\u2014
802
819
\u2014
819
15,862
\u2014
15,862
14,546
\u2014
14,546
Total
125,137
14,597
139,734
122,927
13,714
136,641
(1) All amortised cost items are loans and advances and investment securities which are in a \u2018held-to-collect\u2019 business model.
(2) All items measured at fair value are classified as \u2018fair value through profit or loss\u2019 except investment securities at FVOCI, net investment hedge derivatives and
cash flow hedging derivatives.
(3) Included within cash and balances at central banks of \u20ac 38,138 million (2021: \u20ac42,654 million).
(4) Excluding equity shares of \u20ac 302 million (2021: \u20ac 274 million).
*Forms an integral part of the audited financial statements
The following table summarises financial instruments in the statement of financial position at 31 December 2022 and 2021:
2022*
2021*
Statement
of financial
position
Income
statement
Statement
of financial
position
Income
statement
Exposure
ECL
allowance
Carrying
amount
Net credit
impairment
writeback/
(charge)
Exposure
ECL
allowance
Carrying
amount
Net credit
impairment
(charge)/
writeback
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Cash and balances at central banks
38,138
\u2014
38,138
\u2014
42,654
\u2014
42,654
\u2014
Loans and advances to banks
1,502
\u2014
1,502
\u2014
1,323
\u2014
1,323
\u2014
Loans and advances to customers:
at amortised cost
60,982
(1,618)
59,364
(5)
58,150
(1,885)
56,265
233
at FVTPL
249
n/a
249
\u2014
243
n/a
243
\u2014
61,231
(1,618)
59,613
(5)
58,393
(1,885)
56,508
233
Securities financing
6,283
(1)
6,282
\u2014
3,891
(1)
3,890
(1)
Investment debt securities(1)
15,971
(3)
15,968
(2)
16,661
(1)
16,660
\u2014
Other \u2013 Stockbroking client debtors
36
(1)
35
\u2014
36
(1)
35
\u2014
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u2013 Items in course of collection
51
\u2014
51
\u2014
44
\u2014
44
\u2014
Loan commitments
15,060
(59)
(59)
(7)
13,727
(53)
(53)
2
Financial guarantee contracts
802
(19)
(19)
7
819
(26)
(26)
4
Total(2)
(7)
238
*Forms an integral part of the audited financial statements
2.1 Credit risk \u2013 Credit profile of the loan portfolio
Internal credit grade profile by ECL staging continued
2022*
2021*
Stage 1
Stage 2
Stage 3
POCI
Total
Stage 1
Stage 2
Stage 3
POCI
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Non-property business
Strong
10,955
166
\u2014
\u2014
11,121
9,243
142
\u2014
\u2014
9,385
Satisfactory
4,133
1,152
\u2014
\u2014
5,285
4,385
1,326
\u2014
\u2014
5,711
Total strong/satisfactory
15,088
1,318
\u2014
\u2014
16,406
13,628
1,468
\u2014
\u2014
15,096
Criticised watch
185
566
\u2014
\u2014
751
237
611
\u2014
\u2014
848
Criticised recovery
98
1,333
\u2014
\u2014
1,431
7
1,638
\u2014
\u2014
1,645
Total criticised
283
1,899
\u2014
\u2014
2,182
244
2,249
\u2014
\u2014
2,493
Non-performing
1
\u2014
774
\u2014
775
1
\u2014
1,089
\u2014
1,090
Gross carrying amount
15,372
3,217
774
\u2014
19,363
13,873
3,717
1,089
\u2014
18,679
ECL allowance
(115)
(454)
(269)
\u2014
(838)
(122)
(535)
(311)
\u2014
(968)
Carrying amount
15,257
2,763
505
\u2014
18,525
13,751
3,182
778
\u2014
17,711
The following table analyses the residential mortgage portfolio at amortised cost by segment, internal credit ratings and ECL staging at
31 December 2022 and 2021:
2022*
2021*
Retail
Banking
Capital
Markets
AIB UK
Group
Total
Retail
Banking
Capital
Markets
AIB
UK
Group
Total
Gross carrying amount
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Owner occupier
27,526
429
928
\u2014
28,883
26,181
429
1,038
\u2014
27,648
Buy-to-let
1,238
99
59
\u2014
1,396
1,563
119
77
\u2014
1,759
Total
28,764
528
987
\u2014
30,279
27,744
548
1,115
\u2014
29,407
Analysed by internal credit ratings
Strong
22,151
343
819
\u2014
23,313
21,337
352
692
\u2014
22,381
Satisfactory
4,832
168
89
\u2014
5,089
4,165
175
319
\u2014
4,659
Total strong/satisfactory
26,983
511
908
\u2014
28,402
25,502
527
1,011
\u2014
27,040
Criticised watch
865
9
37
\u2014
911
889
12
45
\u2014
946
Criticised recovery
303
2
4
\u2014
309
415
5
10
\u2014
430
Total criticised
1,168
11
41
\u2014
1,220
1,304
17
55
\u2014
1,376
Non-performing
613
6
38
\u2014
657
938
4
49
\u2014
991
Gross carrying amount
28,764
528
987
\u2014
30,279
27,744
548
1,115
\u2014
29,407
Analysed by ECL staging
Stage 1
26,976
496
924
\u2014
28,396
25,393
511
1,033
\u2014
26,937
Stage 2
1,107
26
25
\u2014
1,158
1,380
33
33
\u2014
1,446
Stage 3
594
6
38
\u2014
638
868
4
49
\u2014
921
POCI
87
\u2014
\u2014
\u2014
87
103
\u2014
\u2014
\u2014
103
Total
28,764
528
987
\u2014
30,279
27,744
548
1,115
\u2014
29,407
ECL allowance \u2013 statement of financial position
Stage 1
40
\u2014
\u2014
\u2014
40
34
\u2014
\u2014
\u2014
34
Stage 2
37
\u2014
1
\u2014
38
40
1
\u2014
\u2014
41
Stage 3
191
1
4
\u2014
196
270
\u2014
6
\u2014
276
POCI
9
\u2014
\u2014
\u2014
9
31
\u2014
\u2014
\u2014
31
Total
277
1
5
\u2014
283
375
1
6
\u2014
382
ECL allowance cover percentage
%
%
%
%
%
%
%
%
%
%
Stage 1
0.1
\u2014
\u2014
\u2014
0.1
0.1
\u2014
\u2014
\u2014
0.1
Stage 2
3.3
\u2014
0.9
\u2014
3.2
2.9
1.8
\u2014
\u2014
2.8
Stage 3
32.3
12.8
10.1
\u2014
30.8
31.1
\u2014
10.9
\u2014
29.9
POCI
10.6
\u2014
\u2014
\u2014
10.6
29.9
\u2014
\u2014
\u2014
29.9
Income statement
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Net remeasurement of ECL allowance
(4)
\u2014
(1)
\u2014
(5)
(42)
(5)
(8)
\u2014
(55)
Recoveries of amounts previously written-off
(14)
\u2014
(1)
\u2014
(15)
(24)
\u2014
(1)
\u2014
(25)
Net credit impairment (writeback)/charge
(18)
\u2014
(2)
\u2014
(20)
(66)
(5)
(9)
\u2014
(80)
%
%
%
%
%
%
%
%
%
%
Net credit impairment (writeback)/charge
on\u00a0average loans
(0.07)
0.07
(0.18)
\u2014
(0.07)
(0.24)
(0.96)
(0.76)
\u2014
(0.27)
*Forms an integral part of the audited financial statements
2.1 Credit risk \u2013 Credit profile of the loan portfolio \u2013 Asset class analysis
Loans and advances to customers \u2013 Republic of Ireland residential mortgages
The following table analyses the Republic of Ireland residential mortgage portfolio at amortised cost by ECL staging at 31 December
2022 and\u00a02021:
2022*
2021*
Owner-
occupier
Buy-to-let
Total
Owner-
occupier
Buy-to-let
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Gross carrying amount
27,955
1,337
29,292
26,610
1,682
28,292
Analysed as to ECL staging
Stage 1
26,321
1,151
27,472
24,572
1,332
25,904
Stage 2
1,024
109
1,133
1,226
187
1,413
Stage 3
526
74
600
714
158
872
POCI
84
3
87
98
5
103
Total
27,955
1,337
29,292
26,610
1,682
28,292
ECL allowance \u2013 statement of financial position
Stage 1
39
1
40
32
2
34
Stage 2
35
2
37
35
6
41
Stage 3
172
20
192
203
67
270
POCI
8
1
9
28
3
31
Total
254
24
278
298
78
376
Republic of Ireland residential mortgages
at amortised cost
27,701
1,313
29,014
26,312
1,604
27,916
ECL allowance cover percentage
%
%
%
%
%
%
Stage 1
0.1
0.1
0.1
0.1
0.1
0.1
Stage 2
3.5
1.7
3.3
2.8
3.2
2.9
Stage 3
32.7
27.9
32.1
28.4
42.6
30.9
POCI
9.9
38.4
10.6
28.8
51.7
29.9
Income statement
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Net remeasurement of ECL allowance
26
(30)
(4)
(37)
(10)
(47)
Recoveries of amounts previously written-off
(10)
(4)
(14)
(16)
(8)
(24)
Net credit impairment (writeback)/charge
16
(34)
(18)
(53)
(18)
(71)
%
%
%
%
%
%
Net credit impairment (writeback)/charge on average loans
0.06
(2.25)
(0.06)
\u2014
(0.01)
\u2014
The following table analyses other personal lending at amortised cost by segment, internal credit ratings and ECL staging at
31 December 2022 and 2021:
2022*
2021*
Retail
Banking
Capital
Markets
AIB UK
Group
Total
Retail
Banking
Capital
Markets
AIB UK
Group
Total
Gross carrying amount
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Credit cards
644
8
23
\u2014
675
590
6
24
\u2014
620
Loans/overdrafts
1,956
41
51
\u2014
2,048
1,960
57
67
\u2014
2,084
Total
2,600
49
74
\u2014
2,723
2,550
63
91
\u2014
2,704
Analysed by internal credit ratings
Strong
1,232
17
62
\u2014
1,311
1,208
16
69
\u2014
1,293
Satisfactory
1,015
29
7
\u2014
1,051
944
42
16
\u2014
1,002
Total strong/satisfactory
2,247
46
69
\u2014
2,362
2,152
58
85
\u2014
2,295
Criticised watch
163
1
2
\u2014
166
135
2
2
\u2014
139
Criticised recovery
14
\u2014
1
\u2014
15
23
\u2014
\u2014
\u2014
23
Total criticised
177
1
3
\u2014
181
158
2
2
\u2014
162
Non-performing
176
2
2
\u2014
180
240
3
4
\u2014
247
Gross carrying amount
2,600
49
74
\u2014
2,723
2,550
63
91
\u2014
2,704
Analysed by ECL staging
Stage 1
2,171
42
61
\u2014
2,274
2,102
54
82
\u2014
2,238
Stage 2
254
5
11
\u2014
270
208
6
5
\u2014
219
Stage 3
175
2
2
\u2014
179
240
3
4
\u2014
247
POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
2,600
49
74
\u2014
2,723
2,550
63
91
\u2014
2,704
ECL allowance \u2013 statement of financial position
Stage 1
24
\u2014
\u2014
\u2014
24
30
\u2014
\u2014
\u2014
30
Stage 2
37
\u2014
\u2014
\u2014
37
33
\u2014
\u2014
\u2014
33
Stage 3
114
1
1
\u2014
116
156
1
2
\u2014
159
POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
175
1
1
\u2014
177
219
1
2
\u2014
222
ECL allowance cover percentage
%
%
%
%
%
%
%
%
%
%
Stage 1
1.1
\u2014
\u2014
\u2014
1.1
1.4
\u2014
\u2014
\u2014
1.3
Stage 2
14.4
\u2014
\u2014
\u2014
13.6
16.0
\u2014
\u2014
\u2014
15.4
Stage 3
65.2
24.9
52.5
\u2014
64.6
65.1
21.7
42.1
\u2014
64.2
POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Income statement
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Net remeasurement of
ECL allowance
22
\u2014
\u2014
\u2014
22
12
(2)
\u2014
\u2014
10
Recoveries of amounts
previously written-off
(5)
\u2014
\u2014
\u2014
(5)
(15)
\u2014
\u2014
\u2014
(15)
Net credit impairment (writeback)/charge
17
\u2014
\u2014
\u2014
17
(3)
(2)
\u2014
\u2014
(5)
%
%
%
%
%
%
%
%
%
%
Net credit impairment (writeback)/charge
on\u00a0average loans
0.68
(1.16)
0.60
\u2014
0.65
(0.10)
(3.13)
(0.16)
\u2014
(0.16)
The following table analyses property and construction lending at amortised cost by segment, internal credit ratings and ECL staging at
31 December 2022 and 2021:
2022*
2021*
Retail
Banking
Capital
Markets
AIB UK
Group
Total
Retail
Banking
Capital
Markets
AIB UK
Group
Total
Gross carrying amount
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Investment:
Commercial investment
184
3,375
653
\u2014
4,212
281
2,907
614
\u2014
3,802
Residential investment
46
1,775
679
\u2014
2,500
89
724
676
\u2014
1,489
Total investment
230
5,150
1,332
\u2014
6,712
370
3,631
1,290
\u2014
5,291
Land and development:
Commercial development
56
209
53
\u2014
318
106
377
34
\u2014
517
Residential development
26
586
147
\u2014
759
50
606
124
\u2014
780
Total land and development
82
795
200
\u2014
1,077
156
983
158
\u2014
1,297
Contractors
140
88
51
\u2014
279
110
78
115
\u2014
303
Housing associations
\u2014
133
416
\u2014
549
\u2014
108
361
\u2014
469
Total
452
6,166
1,999
\u2014
8,617
636
4,800
1,924
\u2014
7,360
Analysed by internal credit ratings
Strong
117
4,866
1,142
\u2014
6,125
113
3,187
1,061
\u2014
4,361
Satisfactory
180
816
719
\u2014
1,715
213
994
667
\u2014
1,874
Total strong/satisfactory
297
5,682
1,861
\u2014
7,840
326
4,181
1,728
\u2014
6,235
Criticised watch
33
57
22
\u2014
112
58
98
45
\u2014
201
Criticised recovery
30
196
33
\u2014
259
25
246
25
\u2014
296
Total criticised
63
253
55
\u2014
371
83
344
70
\u2014
497
Non-performing
92
231
83
\u2014
406
227
275
126
\u2014
628
Gross carrying amount
452
6,166
1,999
\u2014
8,617
636
4,800
1,924
\u2014
7,360
Analysed by ECL staging
Stage 1
284
4,828
1,708
\u2014
6,820
312
3,358
1,676
\u2014
5,346
Stage 2
76
1,107
208
\u2014
1,391
97
1,167
122
\u2014
1,386
Stage 3
92
231
83
\u2014
406
227
275
126
\u2014
628
POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
452
6,166
1,999
\u2014
8,617
636
4,800
1,924
\u2014
7,360
ECL allowance \u2013 statement of financial position
Stage 1
1
65
18
\u2014
84
5
33
12
\u2014
50
Stage 2
6
103
8
\u2014
117
10
77
4
\u2014
91
Stage 3
30
60
29
\u2014
119
107
39
26
\u2014
172
POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
37
228
55
\u2014
320
122
149
42
\u2014
313
ECL allowance cover percentage
%
%
%
%
%
%
%
%
%
%
Stage 1
0.4
1.3
1.0
\u2014
1.2
1.8
1.0
0.7
\u2014
0.9
Stage 2
7.5
9.3
4.1
\u2014
8.5
10.0
6.6
3.8
\u2014
6.6
Stage 3
32.7
26.1
35.2
\u2014
29.4
47.3
14.4
20.7
\u2014
27.5
POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Income statement
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Net remeasurement of ECL allowance
(53)
77
26
\u2014
50
3
(52)
(4)
\u2014
(53)
Recoveries of amounts
previously written-off
(10)
(2)
\u2014
\u2014
(12)
(18)
\u2014
(1)
\u2014
(19)
Net credit impairment (writeback)/charge
(63)
75
26
\u2014
38
(15)
(52)
(5)
\u2014
(72)
%
%
%
%
%
%
%
%
%
%
Net credit impairment (writeback)/charge
on\u00a0average loans
(11.42)
1.37
1.31
\u2014
0.48
(2.31)
(1.14)
(0.27)
\u2014
(1.00)
*Forms an integral part of the audited financial statements
The following table analyses non-property business lending at amortised cost by segment, internal credit ratings and ECL staging at
31 December 2022 and 2021:
2022*
2021*
Retail
Banking
Capital
Markets
AIB UK
Group
Total
Retail
Banking
Capital
Markets
AIB
UK
Group
Total
Gross carrying amount
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Agriculture
1,191
398
67
\u2014
1,656
1,232
351
94
\u2014
1,677
Energy
21
1,395
1,398
\u2014
2,814
21
996
1,197
\u2014
2,214
Manufacturing
166
2,509
189
\u2014
2,864
185
2,109
248
\u2014
2,542
Distribution:
Hotels
109
1,164
431
\u2014
1,704
146
1,136
806
\u2014
2,088
Licensed premises
134
116
43
\u2014
293
179
135
108
\u2014
422
Retail/wholesale
431
1,185
160
\u2014
1,776
474
1,040
233
\u2014
1,747
Other distribution
89
190
86
\u2014
365
93
195
140
\u2014
428
763
2,655
720
\u2014
4,138
892
2,506
1,287
\u2014
4,685
Transport
197
1,885
550
\u2014
2,632
212
1,494
503
\u2014
2,209
Financial
10
356
96
15
477
14
359
135
13
521
Other services
678
2,979
1,125
\u2014
4,782
669
2,536
1,626
\u2014
4,831
Total
3,026
12,177
4,145
15
19,363
3,225
10,351
5,090
13
18,679
Analysed by internal credit ratings
Strong
794
7,587
2,740
\u2014
11,121
748
6,023
2,614
\u2014
9,385
Satisfactory
1,627
3,010
633
15
5,285
1,566
2,799
1,333
13
5,711
Total strong/satisfactory
2,421
10,597
3,373
15
16,406
2,314
8,822
3,947
13
15,096
Criticised watch
180
429
142
\u2014
751
307
337
204
\u2014
848
Criticised recovery
84
980
367
\u2014
1,431
104
1,058
483
\u2014
1,645
Total criticised
264
1,409
509
\u2014
2,182
411
1,395
687
\u2014
2,493
Non-performing
341
171
263
\u2014
775
500
134
456
\u2014
1,090
Gross carrying amount
3,026
12,177
4,145
15
19,363
3,225
10,351
5,090
13
18,679
Analysed by ECL staging
Stage 1
2,374
9,951
3,032
15
15,372
2,328
8,062
3,470
13
13,873
Stage 2
312
2,055
850
\u2014
3,217
398
2,155
1,164
\u2014
3,717
Stage 3
340
171
263
\u2014
774
499
134
456
\u2014
1,089
POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
3,026
12,177
4,145
15
19,363
3,225
10,351
5,090
13
18,679
ECL allowance \u2013 statement of financial position
Stage 1
23
67
25
\u2014
115
51
46
25
\u2014
122
Stage 2
32
337
85
\u2014
454
55
387
93
\u2014
535
Stage 3
133
71
65
\u2014
269
189
35
87
\u2014
311
POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total
188
475
175
\u2014
838
295
468
205
\u2014
968
ECL allowance cover percentage
%
%
%
%
%
%
%
%
%
%
Stage 1
1.0
0.7
0.8
\u2014
0.7
2.2
0.6
0.7
\u2014
0.9
Stage 2
10.3
16.4
10.0
\u2014
14.1
13.9
18.0
7.9
\u2014
14.4
Stage 3
39.1
41.5
24.7
\u2014
34.8
37.9
26.2
19.2
\u2014
28.6
POCI
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Income statement
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Net remeasurement of ECL allowance
(66)
19
30
\u2014
(17)
12
(72)
\u2014
\u2014
(60)
Recoveries of amounts previously written-off
(9)
(1)
(3)
\u2014
(13)
(12)
(2)
(2)
\u2014
(16)
Net credit impairment (writeback)/charge
(75)
18
27
\u2014
(30)
\u2014
(74)
(2)
\u2014
(76)
%
%
%
%
%
%
%
%
%
%
Net credit impairment (writeback)/
charge on\u00a0average loans
(2.42)
0.16
0.58
\u2014
(0.16)
\u2014
(0.72)
(0.04)
\u2014
(0.40)
*Forms an integral part of the audited financial statements
The contractual amount outstanding of loans written-off during the year that are subject to enforcement activity amounted to \u20ac 8 million
(2021: \u20ac 5 million) which includes both full and partial write-offs. Total cumulative non-contracted loans written-off at 31 December 2022
has reduced to \u20ac 261 million following the non-performing loan portfolio sales completed during the year (2021: \u20ac 1,082 million).*
*Forms an integral part of the audited financial statements
Gross carrying amount movements \u2013 total
2022*
Stage 1
Stage 2
Stage 3
POCI
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
At 1 January
48,394
6,768
2,885
103
58,150
Transferred from Stage 1 to Stage 2
(3,599)
3,599
\u2014
\u2014
\u2014
Transferred from Stage 2 to Stage 1
2,317
(2,317)
\u2014
\u2014
\u2014
Transferred to Stage 3
(91)
(623)
714
\u2014
\u2014
Transferred from Stage 3
39
301
(340)
\u2014
\u2014
New loans originated/top-ups (2)
14,594
\u2014
\u2014
\u2014
14,594
Redemptions/repayments
(10,071)
(1,768)
(657)
(12)
(12,508)
Interest credited
1,566
202
71
2
1,841
Write-offs
\u2014
\u2014
(94)
\u2014
(94)
Derecognised due to disposals
(151)
(109)
(541)
(6)
(807)
Exchange translation adjustments
(212)
(69)
(25)
\u2014
(306)
Impact of model, parameter and overlay changes
\u2014
\u2014
\u2014
\u2014
\u2014
Other movements
76
52
(16)
\u2014
112
At 31 December
52,862
6,036
1,997
87
60,982
2021*
Stage 1
Stage 2
Stage 3
POCI
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
At 1 January
45,609
9,408
4,075
184
59,276
Transferred from Stage 1 to Stage 2
(3,817)
3,817
\u2014
\u2014
\u2014
Transferred from Stage 2 to Stage 1
4,012
(4,012)
\u2014
\u2014
\u2014
Transferred to Stage 3
(116)
(912)
1,028
\u2014
\u2014
Transferred from Stage 3
55
335
(390)
\u2014
\u2014
New loans originated/top-ups
10,460
\u2014
\u2014
\u2014
10,460
Redemptions/repayments
(9,324)
(2,390)
(751)
(16)
(12,481)
Interest credited
1,363
240
69
4
1,676
Write-offs
\u2014
\u2014
(104)
(1)
(105)
Derecognised due to disposals
(295)
(138)
(988)
(72)
(1,493)
Exchange translation adjustments
641
170
45
\u2014
856
Impact of model, parameter and overlay changes
(209)
209
\u2014
\u2014
\u2014
Other movements
15
41
(99)
4
(39)
At 31 December
48,394
6,768
2,885
103
58,150
(1) Movements on the gross loans table have been prepared on a \u2018sum of the months\u2019 basis.
(2) Includes \u20ac 2.1 billion of loans acquired from Ulster Bank.
*Forms an integral part of the audited financial statements
ECL allowance movements \u2013 total
2022*
Stage 1
Stage 2
Stage 3
POCI
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
At 1 January
236
700
918
31
1,885
Transferred from Stage 1 to Stage 2
(40)
146
\u2014
\u2014
106
Transferred from Stage 2 to Stage 1
30
(102)
\u2014
\u2014
(72)
Transferred to Stage 3
(3)
(71)
126
\u2014
52
Transferred from Stage 3
3
39
(91)
\u2014
(49)
Net remeasurement
31
(16)
(16)
(5)
(6)
New loans originated/top-ups
66
\u2014
\u2014
\u2014
66
Redemptions/repayments
(26)
(67)
\u2014
\u2014
(93)
Impact of model and overlay changes
21
20
48
(12)
77
Impact of credit or economic risk parameters
(59)
22
6
\u2014
(31)
Income statement net credit impairment (writeback)/charge(1)
23
(29)
73
(17)
50
Write-offs
\u2014
\u2014
(94)
\u2014
(94)
Derecognised due to disposals
(1)
(7)
(202)
\u2014
(210)
Exchange translation adjustments
(1)
(5)
(7)
\u2014
(13)
Other movements
6
(13)
12
(5)
\u2014
At 31 December
263
646
700
9
1,618
2021*
Loan commitments
Financial guarantee contracts
Stage 1
Stage 2
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
At 1 January
11,259
1,113
132
12,504
544
147
31
722
Transferred from Stage 1 to Stage 2
(266)
266
\u2014
\u2014
(17)
17
\u2014
\u2014
Transferred from Stage 2 to Stage 1
814
(814)
\u2014
\u2014
101
(101)
\u2014
\u2014
Transferred to Stage 3
(17)
(7)
24
\u2014
(1)
(1)
2
\u2014
Transferred from Stage 3
11
5
(16)
\u2014
1
1
(2)
\u2014
Net movement
1,023
205
(5)
1,223
115
(13)
(5)
97
At 31 December
12,824
768
135
13,727
743
50
26
819
ECL allowance movements
2022*
Loan commitments
Financial guarantee contracts
Stage 1
Stage 3
Total
Stage 1
Stage 2
Stage 3
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
At 1 January
16
29
8
53
5
7
14
26
Transferred from Stage 1 to Stage 2
(2)
16
\u2014
14
(4)
3
\u2014
(1)
Transferred from Stage 2 to Stage 1
6
(15)
\u2014
(9)
1
(3)
\u2014
(2)
Transferred to Stage 3
\u2014
(1)
2
1
(1)
\u2014
1
\u2014
Transferred from Stage 3
\u2014
\u2014
(1)
(1)
1
\u2014
(1)
\u2014
Net re-measurement
(1)
6
(3)
2
\u2014
(3)
(1)
(4)
Net income statement (credit)/charge(1)
3
6
(2)
7
(3)
(3)
(1)
(7)
Other movements
\u2014
\u2014
(1)
(1)
\u2014
\u2014
\u2014
\u2014
At 31 December
19
35
5
59
2
4
13
19
2021
At amortised cost
At FVOCI
Total
Bank
Corporate
Sovereign
Other
Total
Bank
Corporate
Sovereign
Other
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
AAA/AA
595
\u2014
289
896
1,780
3,883
72
1,182
495
5,632
7,412
A/A-
3,756
919
2,391
201
7,267
1,283
248
3,721
\u2014
5,252
12,519
BBB+/BBB/BBB-
25
2
37
5
69
399
197
1,109
\u2014
1,705
1,774
Sub investment
1
105
\u2014
\u2014
106
\u2014
\u2014
\u2014
\u2014
\u2014
106
Unrated
\u2014
62
\u2014
\u2014
62
\u2014
\u2014
\u2014
\u2014
\u2014
62
Total
4,377
1,088
2,717
1,102
(1)
9,284
5,565
517
6,012
(2)
495
12,589
21,873
Of which:
Stage 1
4,377
1,088
2,717
1,102
9,284
5,565
486
6,012
495
12,558
21,842
Stage 2
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
31
\u2014
\u2014
31
31
Stage 3
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(1) Relates to asset backed securities.
(2) Includes supranational banks and government agencies.
*Forms an integral part of the audited financial statements
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8xMTgvZnJhZzo5YWE4MjliY2E1NjM0OTYxODY5NjczZDRlMTUxMzQ4NS90ZXh0cmVnaW9uOjlhYTgyOWJjYTU2MzQ5NjE4Njk2NzNkNGUxNTEzNDg1XzgyNDYzMzcyNjEwMTQ_36a18b3f-6ad1-4933-9ce5-3ae61b451f8a": { "value": "38138000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:CashAndBankBalancesAtCentralBanks", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8xNTEvZnJhZzoxOGNkOTNkZGQ4ODg0OGNjOTY0NDQ5MTg4NWRmYjM5Mi90ZXh0cmVnaW9uOjE4Y2Q5M2RkZDg4ODQ4Y2M5NjQ0NDkxODg1ZGZiMzkyXzIxMjIwNTc0NDI1ODcxMg_7590925b-0196-4447-8b7a-c1a7689f5287": { "value": "
Management and measurement*
The objective of liquidity management is to ensure that, at all
times, the Group holds sufficient funds to meet its contracted and
contingent commitments to customers and counterparties at an
economic price. The ILAAP framework and supporting Funding
and Liquidity risk policy set out the key requirements for managing
the risk. These include:
\u2022Adherence to both internal limits and regulatory defined liquidity
ratios including the Liquidity Coverage Ratio (\u201cLCR\u201d) and the
Net Stable Funding Ratio (\u201cNSFR\u201d). The LCR is designed to
promote short term resilience of the Group\u2019s liquidity risk profile
by ensuring that it has sufficient high quality liquid resources to
survive an acute stress scenario lasting for 30 days. The NSFR
has a time horizon of one year and has been developed to
promote a sustainable maturity structure of assets and
liabilities;
\u2022Performing a multiyear projection of the Group\u2019s funding
sources taking into account its baseline scenario, strategy and
operational plans as outlined in the Group\u2019s Funding and
Liquidity Plan. The purpose of this Plan is to set out a
comprehensive, forward looking liquidity and funding strategy
for the Group including subsidiary companies;
\u2022Assessing the Funding and Liquidity plan under a range of
adverse scenarios, the outcomes of which should ensure
sufficient liquidity to implement a sustainable strategy even in a
stressed environment;
\u2022Maintaining a Contingency Funding Plan that identifies and
quantifies actions that are available to the Group in deteriorating
liquidity conditions and emerge from a temporary liquidity crisis
as a credit worthy institution;
\u2022Monitoring a further set of triggers and liquidity options outlined
in the Group\u2019s Recovery Plan, which presents the actions
available to the Group to restore viability in the event of extreme
stress; and
\u2022Having an approved liquidity cost-benefit allocation mechanism
in place to attribute funding costs, benefits and risks to the
Group\u2019s business lines.
Funding structure*
The Group\u2019s funding strategy is to deliver a sustainable,
diversified and robust customer deposit base at economic pricing
and to further enhance and strengthen the wholesale funding
franchise with appropriate access to term markets to support core
lending activities. The strategy aims to deliver a solid funding
structure that complies with internal and regulatory policy
requirements and reduces the probability of a liquidity stress, i.e.
an inability to meet funding obligations as they fall due.
Customer deposits represent the largest source of funding for the
Group with the core retail franchises and accompanying deposit
base in both Ireland and the UK providing a stable and reasonably
predictable source of funds.
2022
2021
Customer accounts
\u20ac m
\u20ac m
Total
102,359
92,866
Of which:
Euro
89,816
77,129
Sterling
10,478
13,200
US dollar
1,925
2,347
\u00a0 \u00a0 Other currencies
140
190
Customer accounts increased by \u20ac 9,493 million in 2022 driven by
higher personal balances and inflows from banks exiting the Irish
market. This was reflected in Euro current and demand deposit
accounts offset by a reduction across all other Group significant
currencies (GBP and USD). The decrease in GBP deposits was
primarily due to the exit from the SME market in the UK. There
was an underlying decrease in GBP and USD deposits of \u20ac 2,674
million on a constant currency basis coupled with a \u20ac 582 million
decrease in the value of GBP offset by a \u20ac 112 million increase in
the value of USD deposits due to currency movements.
Financial assets and financial liabilities by contractual residual maturity*
The following table analyses financial assets and financial liabilities by contractual residual maturity at 31 December 2022 and 2021(1):
2022
On demand
<3 months
but not on
demand
3 months to
1 year
1\u20135 years
Over 5
years
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Financial assets(2)
Cash and balances at central banks
38,138
\u2014
\u2014
\u2014
\u2014
38,138
Derivative financial instruments(3)
\u2014
114
93
624
1,680
2,511
Loans and advances to banks(4)
470
1,032
\u2014
\u2014
\u2014
1,502
Loans and advances to customers(4)
1,954
1,297
2,568
18,262
37,150
61,231
Securities financing
\u2014
849
1,943
3,490
\u2014
6,282
Investment securities(5)
\u2014
1,461
576
5,781
8,150
15,968
Other financial assets
\u2014
592
\u2014
\u2014
\u2014
592
40,562
5,345
5,180
28,157
46,980
126,224
Financial liabilities(6)(7)
Deposits by central banks and banks
22
210
\u2014
282
\u2014
514
Customer accounts
96,897
4,294
988
151
29
102,359
Securities financing
\u2014
898
\u2014
\u2014
\u2014
898
Derivative financial instruments(3)
\u2014
72
150
923
1,837
2,982
Debt securities in issue
\u2014
1,251
126
4,155
1,671
7,203
Subordinated liabilities and other capital instruments
\u2014
\u2014
\u2014
\u2014
1,404
1,404
Other financial liabilities
1,375
\u2014
\u2014
\u2014
\u2014
1,375
98,294
6,725
1,264
5,511
4,941
116,735
2021
On demand
<3 months
but not on
demand
3 months
to 1 year
1\u20135 years
Over 5
years
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Financial assets(2)
Cash and balances at central banks
42,654
\u2014
\u2014
\u2014
\u2014
42,654
Derivative financial instruments(3)
\u2014
58
28
211
585
882
Loans and advances to banks(4)
619
703
1
\u2014
\u2014
1,323
Loans and advances to customers(4)
2,213
1,501
1,993
16,776
35,910
58,393
Securities financing
\u2014
853
1,324
1,713
\u2014
3,890
Investment securities(5)
\u2014
522
1,111
6,286
8,741
16,660
Other financial assets
\u2014
886
\u2014
\u2014
\u2014
886
45,486
4,523
4,457
24,986
45,236
124,688
Financial liabilities(6)(7)
Deposits by central banks and banks
27
57
\u2014
10,298
\u2014
10,382
Customer accounts
87,575
4,220
851
192
28
92,866
Securities financing
\u2014
45
\u2014
\u2014
\u2014
45
Derivative financial instruments(3)
\u2014
116
104
170
672
1,062
Debt securities in issue
\u2014
750
\u2014
4,368
763
5,881
Subordinated liabilities and other capital instruments
\u2014
\u2014
\u2014
\u2014
1,530
1,530
Other financial liabilities
1,375
\u2014
\u2014
\u2014
\u2014
1,375
88,977
5,188
955
15,028
2,993
113,141
(1) The Group has changed its classification of cash collateral placed with/received from derivative counterparties. This has resulted in the 2021 comparative period
being restated with \u20ac 602 million in financial assets and \u20ac 110 million in financial liabilities moving from on demand to the 0-3 month maturity time-bucket.
(2) Excludes trading portfolio financial assets \u20ac 8 million (2021: \u20ac 8 million).
(3) Shown by maturity date of contract.
(4) Shown gross of expected credit losses.
(5) Excluding equity shares.
(6) A maturity of lease liabilities is disclosed in note 32.
(7) Excludes trading portfolio financial liabilities \u20ac 4 million (2021: \u20ac 2 million).
*Forms an integral part of the audited financial statements
2.2 Liquidity and funding risk
Financial liabilities by undiscounted contractual maturity*
The balances in the table below include the undiscounted cash
flows relating to principal and interest on financial liabilities and as
such will not agree directly with the balances on the consolidated
statement of financial position. All derivative financial instruments
have been analysed based on their contractual maturity
undiscounted cash flows.
In the daily management of liquidity risk, the Group adjusts the
contractual outflows on customer deposits to reflect the inherent
stability of these deposits. Offsetting the liability outflows are cash
inflows from the assets on the statement of financial position.
Additionally, the Group holds a stock of high quality liquid assets,
which are held for the purpose of covering unexpected cash
outflows.
The following table analyses, on an undiscounted basis, financial
liabilities by remaining contractual maturity at 31 December 2022
and\u00a02021(1):
2022
On
demand
<3 months
but not on
demand
3 months
to 1 year
1\u20135 years
Over 5
years
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Financial liabilities(2)(3)
Deposits by central banks and banks
22
210
\u2014
320
\u2014
552
Customer accounts
96,897
4,296
999
158
49
102,399
Securities financing
\u2014
903
\u2014
\u2014
\u2014
903
Derivative financial instruments
\u2014
245
703
1,652
688
3,288
Debt securities in issue
\u2014
1,271
304
4,714
1,918
8,207
Subordinated liabilities and other capital instruments
\u2014
\u2014
38
150
1,883
2,071
Other financial liabilities
1,375
\u2014
\u2014
\u2014
\u2014
1,375
98,294
6,925
2,044
6,994
4,538
118,795
2021
On
demand
<3 months
but not on
demand
3 months
to 1 year
1\u20135 years
Over 5
years
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Financial liabilities(2)(3)
Deposits by central banks and banks
27
57
\u2014
10,124
\u2014
10,208
Customer accounts
87,575
4,219
853
194
32
92,873
Securities financing
\u2014
45
\u2014
\u2014
\u2014
45
Derivative financial instruments
\u2014
140
152
391
355
1,038
Debt securities in issue
\u2014
771
94
4,586
768
6,219
Subordinated liabilities and other capital instruments
\u2014
\u2014
38
159
1,831
2,028
Other financial liabilities
1,339
\u2014
\u2014
\u2014
\u2014
1,339
88,941
5,232
1,137
15,454
2,986
113,750
(1) The Group has changed its classification of cash collateral placed with/received from derivative counterparties. This has resulted in the 2021 comparative period
being restated with \u20ac 110 million in financial liabilities moving from on demand to the 0-3 month maturity time-bucket.
(2) Excludes trading portfolio financial liabilities \u20ac 4 million (2021: \u20ac 2 million).
(3) A maturity of lease liabilities is disclosed in note 32.
*Forms an integral part of the audited financial statements
2.2 Liquidity and funding risk
Financial liabilities by undiscounted contractual maturity*
(continued)
The undiscounted cash flows potentially payable under
guarantees and similar contracts
The undiscounted cash flows potentially payable under
guarantees and similar contracts, included below within contingent
liabilities, are classified on the basis of the earliest date the
facilities can be called. The Group is only called upon to satisfy a
guarantee when the guaranteed party fails to meet their
obligations. The Group expects that most guarantees it provides
will expire unused.
The Group has given commitments to provide funds to customers
under undrawn facilities. The undiscounted cash flows have been
classified on the basis of the earliest date that the facility can be
drawn. The Group does not expect all facilities to be drawn, and
some may lapse before drawdown. For further details see note 40
\u2018Contingent liabilities and commitments\u2019 to the consolidated
financial statements.
The following table analyses undiscounted cash flows potentially
payable under guarantees and similar contracts at 31 December
2022 and 2021:
2022
On demand
<3 months
but not on
demand
3 months to
1 year
1\u20135 years
Over 5
years
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Contingent liabilities
802
\u2014
\u2014
\u2014
\u2014
802
Commitments
15,060
\u2014
\u2014
\u2014
\u2014
15,060
15,862
\u2014
\u2014
\u2014
\u2014
15,862
2021
On demand
<3 months
but not on
demand
3 months to
1 year
1\u20135 years
Over 5
years
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Contingent liabilities
819
\u2014
\u2014
\u2014
\u2014
819
Commitments
13,727
\u2014
\u2014
\u2014
\u2014
13,727
14,546
\u2014
\u2014
\u2014
\u2014
14,546
*Forms an integral part of the audited financial statements
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8xNTEvZnJhZzoxOGNkOTNkZGQ4ODg0OGNjOTY0NDQ5MTg4NWRmYjM5Mi90ZXh0cmVnaW9uOjE4Y2Q5M2RkZDg4ODQ4Y2M5NjQ0NDkxODg1ZGZiMzkyXzgyNDYzMzcyOTc0NDY_abc64c89-2a6f-494d-8005-8b3a8e482627": { "value": "8000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTrading", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8xNTEvZnJhZzoxOGNkOTNkZGQ4ODg0OGNjOTY0NDQ5MTg4NWRmYjM5Mi90ZXh0cmVnaW9uOjE4Y2Q5M2RkZDg4ODQ4Y2M5NjQ0NDkxODg1ZGZiMzkyXzgyNDYzMzcyOTc0NTA_8cac808b-a75f-4608-81e7-7ea125d8265f": { "value": "8000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossClassifiedAsHeldForTrading", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8xNTEvZnJhZzoxOGNkOTNkZGQ4ODg0OGNjOTY0NDQ5MTg4NWRmYjM5Mi90ZXh0cmVnaW9uOjE4Y2Q5M2RkZDg4ODQ4Y2M5NjQ0NDkxODg1ZGZiMzkyXzgyNDYzMzcyOTc0NTQ_fbee5025-1557-46f2-a8aa-1e391b99318e": { "value": "4000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossClassifiedAsHeldForTrading", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2023-01-01T00:00:00", "unit": "iso4217:EUR" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8xNTEvZnJhZzoxOGNkOTNkZGQ4ODg0OGNjOTY0NDQ5MTg4NWRmYjM5Mi90ZXh0cmVnaW9uOjE4Y2Q5M2RkZDg4ODQ4Y2M5NjQ0NDkxODg1ZGZiMzkyXzgyNDYzMzcyOTc0NTk_60037e50-4190-4f19-8ac4-0e092759c2b6": { "value": "2000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:FinancialLiabilitiesAtFairValueThroughProfitOrLossClassifiedAsHeldForTrading", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00", "unit": "iso4217:EUR" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8xNTcvZnJhZzozMTk4MTc0ZDBmOTU0ZDAwOWM1NjcwOGQzNzYzNzIwYS90ZXh0cmVnaW9uOjMxOTgxNzRkMGY5NTRkMDA5YzU2NzA4ZDM3NjM3MjBhXzIxMjIwNTc0NDIyNTc4NQ_44fb34fe-4058-47e3-8da8-eb530b1eedf1": { "value": "
Management and measurement*
The Market Risk Management framework and policies set out the
key requirements for managing market risk. The key aspects of
this are:
\u2022The Group\u2019s Treasury function is responsible for managing
market risk that has been transferred to it by the customer
facing businesses and the Group\u2019s Asset and Liability
Management (\u201cALM\u201d) function which exists within Finance.
Treasury also has a mandate to trade on its own account in
selected wholesale markets with risk tolerances approved on an
annual basis through the Group\u2019s Risk Appetite process;
\u2022The Group documents its annual Market Risk Strategy and
Appetite statement as part of the annual financial planning cycle
which ensures market risk aligns with the Group\u2019s strategic
business plan; and
\u2022Market risk is managed against a range of Board approved VaR
limits which cover market risk in the trading book, interest rate
risk and credit spread risk in the banking book. The Board
approved limits are supplemented by a range of ALCo approved
limits which include nominal, sensitivity limits and \u2018stop loss\u2019
limits.
Market risk is managed and measured using portfolio sensitivities,
Value at Risk (\u201cVaR\u201d) and stress testing. Interest rate gaps and
sensitivities to various risk factors are measured and reported on
a daily basis. In terms of the VaR metric, the Group calculates a
daily historical simulation VaR to a 95% confidence level, using a
one day holding period and based on one year of historic data. In
addition to VaR, Capital at Risk (\u201cCaR\u201d) is also measured to a one
year(1) time horizon, a 99% confidence level and a longer set of
data.
Credit risk issues inherent in the market risk portfolios are also
subject to the credit risk framework that is described in Section
2.1.
(1)The Capital at Risk on core trading book positions is assessed using a ten
day horizon, with the exception of FX which is assessed using a one year
horizon.
Monitoring, escalating and reporting*
On a daily basis front office and risk functions receive a range of
valuation, sensitivity and market risk measurement reports, while
ALCo receives a monthly market risk commentary and summary
risk profile. Market risk exposures are reported to the Group Risk
Committee (\u201cGRC\u201d) and Board Risk Committee (\u201cBRC\u201d) on a
monthly basis through the CRO Report.
*Forms an integral part of the audited financial statements
2.3 Financial risks
(a) Market risk continued
The following table sets out financial assets and financial liabilities at 31 December 2022 and 2021 subject to market risk analysed
between trading and non-trading portfolios, showing the principal market risks to which the assets and liabilities are exposed:
2022
Market risk measures
Carrying
amount
Trading
portfolios
Non-trading
portfolios
\u20ac m
\u20ac m
\u20ac m
Risk factors
Assets subject to market risk
Cash and balances at central banks
38,138
\u2014
38,138
Interest rate, foreign exchange
Trading portfolio financial assets
8
8
\u2014
Interest rate, foreign exchange, equity
Derivative financial instruments
2,511
646
1,865
Interest rate, foreign exchange, credit
spreads, equity, inflation swap rates
Loans and advances to banks
1,502
\u2014
1,502
Interest rate, foreign exchange
Loans and advances to customers
59,613
\u2014
59,613
Interest rate, foreign exchange
Securities financing
6,282
\u2014
6,282
Interest rate, credit spreads, foreign
exchange
Investment securities
16,270
\u2014
16,270
Interest rate, foreign exchange, credit
spreads, equity
Liabilities subject to market risk
Deposits by central banks and banks
514
\u2014
514
Interest rate, foreign exchange
Customer accounts
102,359
\u2014
102,359
Interest rate, foreign exchange
Securities financing
898
\u2014
898
Interest rate, credit spreads, foreign
exchange
Trading portfolio financial liabilities
4
4
\u2014
Interest rate, foreign exchange, equity
Derivative financial instruments
2,982
599
2,383
Interest rate, foreign exchange, credit
spreads, equity, inflation swap rates
Debt securities in issue
7,203
\u2014
7,203
Interest rate, credit spreads, foreign
exchange
Subordinated liabilities and other capital instruments
1,404
\u2014
1,404
Interest rate, credit spreads
*Forms an integral part of the audited financial statements
2.3 Financial risks \u2013 (a) Market risk \u2013 Interest rate sensitivity continued
2021*
0<1 Month
1<3 Months
3<12
Months
1<2 Years
2<3 Years
3<4 Years
4<5 Years
5 years +
Non-interest
bearing
Trading
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Assets
Trading portfolio financial assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
8
8
Loans and advances to banks
1,047
\u2014
1
\u2014
\u2014
\u2014
\u2014
\u2014
275
\u2014
1,323
Loans and advances to customers
35,168
7,191
3,498
2,996
3,454
2,757
2,759
682
(1,997)
\u2014
56,508
Securities financing
3,890
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
3,890
Investment securities
1,929
783
1,071
1,989
1,222
918
1,459
6,716
847
\u2014
16,934
Other assets
42,109
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6,645
458
49,212
Total assets
84,143
7,974
4,570
4,985
4,676
3,675
4,218
7,398
5,770
466
127,875
Liabilities
Deposits by central banks and banks
10,382
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
10,382
Customer accounts
50,274
385
850
162
\u2014
\u2014
\u2014
26
41,169
\u2014
92,866
Securities financing
28
17
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
45
Trading portfolio financial liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
2
2
Debt securities in issue
\u2014
750
\u2014
2,162
1,633
500
750
25
61
\u2014
5,881
Subordinated liabilities and other capital instruments
\u2014
\u2014
\u2014
\u2014
500
\u2014
1,000
121
(91)
\u2014
1,530
Other liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
2,944
565
3,509
Equity
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
13,660
\u2014
13,660
Total liabilities and equity
60,684
1,152
850
2,324
2,133
500
1,750
172
57,743
567
127,875
Derivatives affecting interest rate sensitivity
10,359
(2,319)
(1,803)
(2,199)
(1,966)
(228)
(1,434)
(410)
\u2014
\u2014
Interest sensitivity gap
13,100
9,141
5,523
4,860
4,509
3,403
3,902
7,636
(51,973)
(101)
Cumulative interest sensitivity gap
13,100
22,241
27,764
32,624
37,133
40,536
44,438
52,074
101
\u2014
(Euro currency amounts)
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Interest sensitivity gap
13,834
4,863
3,100
4,104
4,151
3,003
2,972
5,870
(43,232)
(103)
Cumulative interest sensitivity gap
13,834
18,697
21,797
25,901
30,052
33,055
36,027
41,897
(1,335)
(1,438)
($ in euro equivalents)
$ m
$ m
$ m
$ m
$ m
$ m
$ m
$ m
$ m
$ m
Interest sensitivity gap
1,596
586
56
(20)
(32)
30
150
59
(1,316)
(18)
Cumulative interest sensitivity gap
1,596
2,182
2,238
2,218
2,186
2,216
2,366
2,425
1,109
1,091
(\u00a3 in euro equivalents)
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
Interest sensitivity gap
(2,210)
3,633
2,367
776
390
370
770
1,707
(7,362)
19
Cumulative interest sensitivity gap
(2,210)
1,423
3,790
4,566
4,956
5,326
6,096
7,803
441
460
(Other currencies in euro equivalents)
Other \u20ac m
Other \u20ac m
Other \u20ac m
Other \u20ac m
Other \u20ac m
Other \u20ac m
Other \u20ac m
Other \u20ac m
Other \u20ac m
Other \u20ac m
Interest sensitivity gap
(120)
59
\u2014
\u2014
\u2014
\u2014
10
\u2014
(63)
1
Cumulative interest sensitivity gap
(120)
(61)
(61)
(61)
(61)
(61)
(51)
(51)
(114)
(113)
Management and measurement*
The pension risk framework and policies set out the key risk
management rules in place for this risk. The ability of the pension
schemes to meet the projected pension payments is managed by
the Trustees through the active management of the investment
portfolios. Although the Group has interaction with the trustees, it
cannot direct the investment strategy of the schemes.
The Group has developed a strategy for each of its defined
benefit schemes which include the following steps:
1.All defined benefit schemes are closed to future accrual.
2.They have funding plans (or are funded as required for the US
schemes) and each defined benefit scheme has an investment
strategy in place.
3.All schemes have a strategy of de-risking in line with their
regulatory requirements, funding positions and funding plans,
taking into account the nature of their liabilities.
*Forms an integral part of the audited financial statements
2.3 Financial risks
(b) Pension risk continued
As part of a strategy to increase the holding in inflation linked
assets, an allocation to a Liability Driven Investment (\u201cLDI\u201d)
portfolio is used. The LDI fund is comprised of a mixture of
nominal bonds, inflation linked bonds and inflation derivatives.
Inflation linked bond holdings are relatively stable, accounting for
30% of assets (31% at 31st December 2021). The scheme
maintained a similar weighting in equities in 2022 and has
removed the equity protection strategy that previously was
in\u00a0place.
Independent actuarial valuations for the AIB Group Irish Pension
Scheme and the AIB Group UK Pension Scheme are carried out
on a triennial basis by the Schemes\u2019 actuary, Mercer. The most
recent valuation of the Irish scheme was carried out at 30 June
2021 and reported the scheme to be in surplus. The next actuarial
valuation of the Irish scheme will be 30 June 2024. This actuarial
valuation report is provided at least every 3 years to the trustees
in order to set out the Target Funding level of the scheme along
with a contribution recommendation if one is required. No deficit
funding is anticipated at this time as the Irish scheme continues to
meet the minimum funding standard.
The most recent valuation of the UK scheme was carried out at
31\u00a0December 2020. The next actuarial valuation of the UK
scheme will be 31 December 2023. The Group and the Trustee of
the UK scheme agreed funding payments under an arrangement
agreed in December 2019 which is described below.
As part of the investment strategy in the UK scheme, it was
significantly de-risked in December 2019. The Group agreed a
revised funding arrangement for the UK scheme with the Scheme
Trustee to support the purchase of the pensioner buy-in policy in
respect of the pensioner members and an assured payment policy
(\u201cAPP\u201d) in respect of the deferred members. A contribution of \u00a3
18.5 million was made in 2022.\u00a0Under this funding arrangement,
the Group also expects to make payments of \u00a3 18.5 million in
2023, with a final balancing payment, based on latest estimates of
c. \u00a327 million. This is subject to change prior to finalisation.
Monitoring, escalating and reporting*
Pension risk is monitored and controlled in line with the
requirements of the Group\u2019s pension risk framework and policy.
The surplus or deficit is monitored on a monthly basis by the
Group\u2019s risk team and is currently reported monthly in both the
financial risk report to the Group Assets & Liabilities Committee
and the Group Chief Risk Officer (\u201cCRO\u201d) report to Group Risk
Committee and Board Risk Committee.
Pension risk is also included in the quarterly internal stress test.
The output of quarterly stress tests is reviewed by ALCo and on
an annual basis an ICAAP Report is produced which is a
comprehensive analysis of the Group\u2019s capital position in base
and stress scenarios over a three year horizon. This document is
reviewed and approved by the Board and is submitted to the Joint
Supervisory Team.
The pension capital at risk exposure is measured and reported
monthly in the CRO report against a Group Risk Appetite
Statement watch trigger. While the Group has taken certain risk
mitigating actions, a level of volatility associated with pension
funding remains due to potential financial market fluctuations and
possible changes to pension and accounting regulations.
*Forms an integral part of the audited financial statements
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8xNTcvZnJhZzozMTk4MTc0ZDBmOTU0ZDAwOWM1NjcwOGQzNzYzNzIwYS90ZXh0cmVnaW9uOjMxOTgxNzRkMGY5NTRkMDA5YzU2NzA4ZDM3NjM3MjBhXzIxMjIwNTc0NDIyNTc4NQ_497845b6-5786-4e60-ba63-a4123d2cf6dd": { "value": "
Management and measurement*
The Market Risk Management framework and policies set out the
key requirements for managing market risk. The key aspects of
this are:
\u2022The Group\u2019s Treasury function is responsible for managing
market risk that has been transferred to it by the customer
facing businesses and the Group\u2019s Asset and Liability
Management (\u201cALM\u201d) function which exists within Finance.
Treasury also has a mandate to trade on its own account in
selected wholesale markets with risk tolerances approved on an
annual basis through the Group\u2019s Risk Appetite process;
\u2022The Group documents its annual Market Risk Strategy and
Appetite statement as part of the annual financial planning cycle
which ensures market risk aligns with the Group\u2019s strategic
business plan; and
\u2022Market risk is managed against a range of Board approved VaR
limits which cover market risk in the trading book, interest rate
risk and credit spread risk in the banking book. The Board
approved limits are supplemented by a range of ALCo approved
limits which include nominal, sensitivity limits and \u2018stop loss\u2019
limits.
Market risk is managed and measured using portfolio sensitivities,
Value at Risk (\u201cVaR\u201d) and stress testing. Interest rate gaps and
sensitivities to various risk factors are measured and reported on
a daily basis. In terms of the VaR metric, the Group calculates a
daily historical simulation VaR to a 95% confidence level, using a
one day holding period and based on one year of historic data. In
addition to VaR, Capital at Risk (\u201cCaR\u201d) is also measured to a one
year(1) time horizon, a 99% confidence level and a longer set of
data.
Credit risk issues inherent in the market risk portfolios are also
subject to the credit risk framework that is described in Section
2.1.
(1)The Capital at Risk on core trading book positions is assessed using a ten
day horizon, with the exception of FX which is assessed using a one year
horizon.
Monitoring, escalating and reporting*
On a daily basis front office and risk functions receive a range of
valuation, sensitivity and market risk measurement reports, while
ALCo receives a monthly market risk commentary and summary
risk profile. Market risk exposures are reported to the Group Risk
Committee (\u201cGRC\u201d) and Board Risk Committee (\u201cBRC\u201d) on a
monthly basis through the CRO Report.
*Forms an integral part of the audited financial statements
2.3 Financial risks
(a) Market risk continued
The following table sets out financial assets and financial liabilities at 31 December 2022 and 2021 subject to market risk analysed
between trading and non-trading portfolios, showing the principal market risks to which the assets and liabilities are exposed:
2022
Market risk measures
Carrying
amount
Trading
portfolios
Non-trading
portfolios
\u20ac m
\u20ac m
\u20ac m
Risk factors
Assets subject to market risk
Cash and balances at central banks
38,138
\u2014
38,138
Interest rate, foreign exchange
Trading portfolio financial assets
8
8
\u2014
Interest rate, foreign exchange, equity
Derivative financial instruments
2,511
646
1,865
Interest rate, foreign exchange, credit
spreads, equity, inflation swap rates
Loans and advances to banks
1,502
\u2014
1,502
Interest rate, foreign exchange
Loans and advances to customers
59,613
\u2014
59,613
Interest rate, foreign exchange
Securities financing
6,282
\u2014
6,282
Interest rate, credit spreads, foreign
exchange
Investment securities
16,270
\u2014
16,270
Interest rate, foreign exchange, credit
spreads, equity
Liabilities subject to market risk
Deposits by central banks and banks
514
\u2014
514
Interest rate, foreign exchange
Customer accounts
102,359
\u2014
102,359
Interest rate, foreign exchange
Securities financing
898
\u2014
898
Interest rate, credit spreads, foreign
exchange
Trading portfolio financial liabilities
4
4
\u2014
Interest rate, foreign exchange, equity
Derivative financial instruments
2,982
599
2,383
Interest rate, foreign exchange, credit
spreads, equity, inflation swap rates
Debt securities in issue
7,203
\u2014
7,203
Interest rate, credit spreads, foreign
exchange
Subordinated liabilities and other capital instruments
1,404
\u2014
1,404
Interest rate, credit spreads
*Forms an integral part of the audited financial statements
2.3 Financial risks \u2013 (a) Market risk \u2013 Interest rate sensitivity continued
2021*
0<1 Month
1<3 Months
3<12
Months
1<2 Years
2<3 Years
3<4 Years
4<5 Years
5 years +
Non-interest
bearing
Trading
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Assets
Trading portfolio financial assets
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
8
8
Loans and advances to banks
1,047
\u2014
1
\u2014
\u2014
\u2014
\u2014
\u2014
275
\u2014
1,323
Loans and advances to customers
35,168
7,191
3,498
2,996
3,454
2,757
2,759
682
(1,997)
\u2014
56,508
Securities financing
3,890
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
3,890
Investment securities
1,929
783
1,071
1,989
1,222
918
1,459
6,716
847
\u2014
16,934
Other assets
42,109
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
6,645
458
49,212
Total assets
84,143
7,974
4,570
4,985
4,676
3,675
4,218
7,398
5,770
466
127,875
Liabilities
Deposits by central banks and banks
10,382
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
10,382
Customer accounts
50,274
385
850
162
\u2014
\u2014
\u2014
26
41,169
\u2014
92,866
Securities financing
28
17
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
45
Trading portfolio financial liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
2
2
Debt securities in issue
\u2014
750
\u2014
2,162
1,633
500
750
25
61
\u2014
5,881
Subordinated liabilities and other capital instruments
\u2014
\u2014
\u2014
\u2014
500
\u2014
1,000
121
(91)
\u2014
1,530
Other liabilities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
2,944
565
3,509
Equity
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
13,660
\u2014
13,660
Total liabilities and equity
60,684
1,152
850
2,324
2,133
500
1,750
172
57,743
567
127,875
Derivatives affecting interest rate sensitivity
10,359
(2,319)
(1,803)
(2,199)
(1,966)
(228)
(1,434)
(410)
\u2014
\u2014
Interest sensitivity gap
13,100
9,141
5,523
4,860
4,509
3,403
3,902
7,636
(51,973)
(101)
Cumulative interest sensitivity gap
13,100
22,241
27,764
32,624
37,133
40,536
44,438
52,074
101
\u2014
(Euro currency amounts)
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Interest sensitivity gap
13,834
4,863
3,100
4,104
4,151
3,003
2,972
5,870
(43,232)
(103)
Cumulative interest sensitivity gap
13,834
18,697
21,797
25,901
30,052
33,055
36,027
41,897
(1,335)
(1,438)
($ in euro equivalents)
$ m
$ m
$ m
$ m
$ m
$ m
$ m
$ m
$ m
$ m
Interest sensitivity gap
1,596
586
56
(20)
(32)
30
150
59
(1,316)
(18)
Cumulative interest sensitivity gap
1,596
2,182
2,238
2,218
2,186
2,216
2,366
2,425
1,109
1,091
(\u00a3 in euro equivalents)
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
\u00a3 m
Interest sensitivity gap
(2,210)
3,633
2,367
776
390
370
770
1,707
(7,362)
19
Cumulative interest sensitivity gap
(2,210)
1,423
3,790
4,566
4,956
5,326
6,096
7,803
441
460
(Other currencies in euro equivalents)
Other \u20ac m
Other \u20ac m
Other \u20ac m
Other \u20ac m
Other \u20ac m
Other \u20ac m
Other \u20ac m
Other \u20ac m
Other \u20ac m
Other \u20ac m
Interest sensitivity gap
(120)
59
\u2014
\u2014
\u2014
\u2014
10
\u2014
(63)
1
Cumulative interest sensitivity gap
(120)
(61)
(61)
(61)
(61)
(61)
(51)
(51)
(114)
(113)
Management and measurement*
The pension risk framework and policies set out the key risk
management rules in place for this risk. The ability of the pension
schemes to meet the projected pension payments is managed by
the Trustees through the active management of the investment
portfolios. Although the Group has interaction with the trustees, it
cannot direct the investment strategy of the schemes.
The Group has developed a strategy for each of its defined
benefit schemes which include the following steps:
1.All defined benefit schemes are closed to future accrual.
2.They have funding plans (or are funded as required for the US
schemes) and each defined benefit scheme has an investment
strategy in place.
3.All schemes have a strategy of de-risking in line with their
regulatory requirements, funding positions and funding plans,
taking into account the nature of their liabilities.
*Forms an integral part of the audited financial statements
2.3 Financial risks
(b) Pension risk continued
As part of a strategy to increase the holding in inflation linked
assets, an allocation to a Liability Driven Investment (\u201cLDI\u201d)
portfolio is used. The LDI fund is comprised of a mixture of
nominal bonds, inflation linked bonds and inflation derivatives.
Inflation linked bond holdings are relatively stable, accounting for
30% of assets (31% at 31st December 2021). The scheme
maintained a similar weighting in equities in 2022 and has
removed the equity protection strategy that previously was
in\u00a0place.
Independent actuarial valuations for the AIB Group Irish Pension
Scheme and the AIB Group UK Pension Scheme are carried out
on a triennial basis by the Schemes\u2019 actuary, Mercer. The most
recent valuation of the Irish scheme was carried out at 30 June
2021 and reported the scheme to be in surplus. The next actuarial
valuation of the Irish scheme will be 30 June 2024. This actuarial
valuation report is provided at least every 3 years to the trustees
in order to set out the Target Funding level of the scheme along
with a contribution recommendation if one is required. No deficit
funding is anticipated at this time as the Irish scheme continues to
meet the minimum funding standard.
The most recent valuation of the UK scheme was carried out at
31\u00a0December 2020. The next actuarial valuation of the UK
scheme will be 31 December 2023. The Group and the Trustee of
the UK scheme agreed funding payments under an arrangement
agreed in December 2019 which is described below.
As part of the investment strategy in the UK scheme, it was
significantly de-risked in December 2019. The Group agreed a
revised funding arrangement for the UK scheme with the Scheme
Trustee to support the purchase of the pensioner buy-in policy in
respect of the pensioner members and an assured payment policy
(\u201cAPP\u201d) in respect of the deferred members. A contribution of \u00a3
18.5 million was made in 2022.\u00a0Under this funding arrangement,
the Group also expects to make payments of \u00a3 18.5 million in
2023, with a final balancing payment, based on latest estimates of
c. \u00a327 million. This is subject to change prior to finalisation.
Monitoring, escalating and reporting*
Pension risk is monitored and controlled in line with the
requirements of the Group\u2019s pension risk framework and policy.
The surplus or deficit is monitored on a monthly basis by the
Group\u2019s risk team and is currently reported monthly in both the
financial risk report to the Group Assets & Liabilities Committee
and the Group Chief Risk Officer (\u201cCRO\u201d) report to Group Risk
Committee and Board Risk Committee.
Pension risk is also included in the quarterly internal stress test.
The output of quarterly stress tests is reviewed by ALCo and on
an annual basis an ICAAP Report is produced which is a
comprehensive analysis of the Group\u2019s capital position in base
and stress scenarios over a three year horizon. This document is
reviewed and approved by the Board and is submitted to the Joint
Supervisory Team.
The pension capital at risk exposure is measured and reported
monthly in the CRO report against a Group Risk Appetite
Statement watch trigger. While the Group has taken certain risk
mitigating actions, a level of volatility associated with pension
funding remains due to potential financial market fluctuations and
possible changes to pension and accounting regulations.
*Forms an integral part of the audited financial statements
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8xNjYvZnJhZzpiMDg4YjU5NmMzYmY0YzYwOWMwNTcxNTI1NTA4ZjAxMS90ZXh0cmVnaW9uOmIwODhiNTk2YzNiZjRjNjA5YzA1NzE1MjU1MDhmMDExXzIxMjIwNTc0NDUxMzk1Ng_5e1ba366-8796-4850-80e4-d57694ab2791": { "value": "
2.9 Capital adequacy risk*
Capital adequacy risk is the risk that the Group breaches or may
breach regulatory capital ratios and internal targets, measured on
a forward looking basis across a range of scenarios, including
a\u00a0severe but plausible stress.
Identification and assessment
Capital adequacy risk is primarily evaluated through the annual
financial planning and the Group\u2019s ICAAP processes where the
level of capital required to support growth plans and meet
regulatory requirements is assessed over the three year planning
horizon. Plans are assessed across a range of scenarios ranging
from base case and moderate downside scenarios to a severe but
plausible stress using the Group\u2019s stress testing methodologies.
An annual material risk assessment is conducted to identify all
relevant (current and anticipated) material risks which are then
assessed from a capital perspective.
Management and measurement
The ICAAP is fully integrated and embedded in the strategic,
financial and risk management processes of the Group. The
Business Model and Capital Adequacy Framework sets out the
key processes, governance arrangements and roles and
responsibilities which support the ICAAP. Embedding of the
ICAAP is facilitated through capital planning, the setting of risk
appetite and risk adjusted performance monitoring. In addition to
the capital plan, a capital contingency plan is in place which
identifies and quantifies actions which are available to the Group
in order to mitigate against the impact of a stress event. Trigger
points at which these actions will be considered are also
identified. The impact of changing regulatory requirements,
changes in the risk profile of the Group\u2019s balance sheet and other
internal factors, and changing external risks are regularly
assessed by first line of defence and second line of defence
teams via regular monitoring of performance against the agreed
financial plan, monthly capital updates to ALCo and Group Risk
Committees and are also assessed via quarterly internal stress
testing. A further set of triggers and capital options are set out in
the Group\u2019s recovery plan, which presents the actions available
to\u00a0the Group to restore viability in the event of extreme stress.
The Group uses risk adjusted return on capital for capital
allocation purposes and as a behavioural driver of sound risk
management. The use of risk adjusted return on capital for
portfolio management and in new lending decisions continues
to\u00a0be an area of focus and a key consideration for pricing of
lending products, both at portfolio level and individually for
large\u00a0transactions.
The Board reviews and approves the ICAAP on an annual basis
and is also responsible for approving a capital adequacy
statement attesting that the Board has reviewed and is satisfied
with the capital adequacy of the Group.
Monitoring, escalating and reporting
The Group monitors its capital adequacy on a monthly basis when
a capital reporting pack is presented to senior executives and
Board setting out the evolution of the Group\u2019s capital position. The
risk profile including performance against risk appetite is
presented to the Board Risk Committee via the CRO report
produced independently by the second line of defence. The
escalation process as stipulated under the RAS policy is
commenced in the event of a breach of either the RAS watch
trigger or limit for any of the metrics. This ensures Board and
Regulator notification, where appropriate, within approved
timeframes. The output of quarterly stress tests is reviewed by
ALCo and on an annual basis an ICAAP report is produced which
is a comprehensive analysis of the Group\u2019s capital position in
base and stress scenarios over a three year horizon. The ICAAP
document is reviewed and approved by the Board and is
submitted to the Joint Supervisory Team, where it forms the basis
of their supervisory review and evaluation process.
*Forms an integral part of the audited financial statements
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1\u00a0 Accounting policies
The significant accounting policies that the Group applied in the preparation of the financial statements are set out in this section.
(a) Reporting entity
AIB Group plc (\u2018the parent company\u2019 or \u2018the Company\u2019) is a company domiciled in Ireland. The address of the Company\u2019s registered
office is 10 Molesworth Street, Dublin 2, Ireland. AIB Group plc is registered under the Companies Act 2014 as a public limited company
under the company number 594283 and is the holding company of the Group.
The consolidated financial statements for the year ended 31 December 2022 include the financial statements of AIB Group plc and its
subsidiary undertakings, collectively referred to as \u2018AIB Group\u2019 or \u2018the Group\u2019, where appropriate, including certain special purpose
entities and the Group\u2019s interest in associates/joint ventures using the equity method of accounting and are prepared to the end of the
financial period. The Group is and has been primarily involved in retail and corporate banking.
(b) Statement of compliance
The consolidated financial statements have been prepared in accordance with International Accounting Standards and International
Financial Reporting Standards (collectively \u201cIFRSs\u201d) as adopted by the European Union (\u201cEU\u201d) and applicable for the financial year
ended 31 December 2022. The consolidated financial statements also comply with those parts of the Companies Act 2014 and the
European Union (Credit Institutions: Financial Statements) Regulations 2015 applicable to companies reporting under IFRS, and the
Asset Covered Securities Acts 2001 and 2007 and Article 4 of the IAS Regulation. The accounting policies have been consistently
applied by Group entities and are consistent with the previous year, unless otherwise described.
(c) Basis of preparation
Functional and presentation currency
The financial statements are presented in euro, which is the functional currency of the parent company and a significant number of its
subsidiaries, rounded to the nearest million.
Basis of measurement and presentation
The financial statements have been prepared under the historical cost basis, with the exception of the following assets and liabilities
which are stated at their fair value: derivative financial instruments, financial instruments at fair value through profit or loss, certain
hedged financial assets and financial liabilities and investment securities at fair value through other comprehensive income (\u201cFVOCI\u201d).
The carrying values of recognised assets and liabilities that are hedged items in fair value hedges, and otherwise carried at amortised
cost, are adjusted to record changes in fair value attributable to the risks that are being hedged.
The financial statements comprise the consolidated income statement, the consolidated statement of comprehensive income, the
consolidated and the holding company\u2019s separate statements of financial position, the consolidated and the holding company\u2019s
separate statements of cash flows, and the consolidated and the holding company\u2019s separate statements of changes in equity together
with the related notes. These notes also include financial instrument related disclosures which are required by IFRS 7, Financial
Instruments: Disclosures and IAS 1, Presentation of Financials Statements, contained in the \u2018Business review\u2019 and the \u2018Risk
management\u2019 sections of this Annual Financial Report. The relevant information on those pages is identified as forming an integral part
of the audited financial statements.
Change in presentation of certain items in the primary statements
The Group has changed the presentation of certain line items in the consolidated statement of financial position and the consolidated
income statement to a more appropriate presentation as those line items are no longer material. \u2018Items in course of collection\u2019 and
\u2018disposal groups and non-current assets held for sale\u2019 are reported within \u2018other assets\u2019 in 2022. The comparatives for 2021 of \u20ac 44
million and \u20ac 8 million respectively have been restated accordingly. In the consolidated income statement \u2018loss on disposal of property\u2019,
previously presented outside of operating profit, is now reported within \u2018other operating income\u2019 in 2022. The comparative for 2021 of
a\u00a0loss of \u20ac 3 million has been restated accordingly.
For fair value hedges where the hedged financial assets and liabilities are measured at amortised cost, the Group has changed the
presentation of the fair value adjustments that is attributable to the hedged risk. The Group has adjusted the carrying amount of
impacted financial assets and liabilities presented within \u2018investment securities\u2019, \u2018debt securities in issue\u2019 and \u2018subordinated liabilities
and other capital instruments\u2019 for the gain or loss that is attributable to the hedged risk in 2022 and the related comparatives for 2021
have been restated by (\u20ac 38 million), \u20ac 62 million and (\u20ac 26 million) respectively. The Group historically presented those amounts in
a\u00a0single separate line item within other assets and other liabilities as those amounts were not material.
Use of judgements and estimates
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the
application of policies and reported amounts of certain assets, liabilities, revenues and expenses, and disclosures of contingent assets
and liabilities. The estimates and assumptions are based on historical experience and various other factors that are believed to be
reasonable under the circumstances. Since management\u2019s judgement may involve making estimates concerning the likelihood of future
events, the actual results could differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future period affected.
The judgements that have a significant effect on the consolidated financial statements and estimates with a significant risk of material
adjustment in the next year are in the areas of expected credit losses on financial instruments; the recoverability of deferred tax;
retirement benefit obligations; and provisions for liabilities and commitments. A\u00a0description of these judgements and estimates is set out
in note 2.
1\u00a0 Accounting policies continued
(c) Basis of preparation continued
Consideration of climate change
In preparing the financial statements, the Directors have considered the impact of climate change, particularly in the context of the risks
identified in the TCFD disclosure on pages 30 to 41 this year. There has been no material impact identified on the financial reporting
judgements and estimates of the Group. In particular, the Directors considered the impact of climate change in respect of the following
areas:
\u2022Credit risk: The impact of climate risk on the management, escalating and reporting of credit risk was considered by the Group.
It\u00a0was deemed that insufficient evidence of the likely loss impacts from climate events is available to adjust expected credit losses
(\u201cECL\u201d) materially but that the Group\u2019s approach to individual counterparty risk assessment adequately captures climate risk where
appropriate. This is set out in further detail on page 151.\u00a0
\u2022Going concern and viability: The assessment of the group\u2019s going concern and viability over the next three years did not identify
material climate-related risks, both in terms of commitment to being Net Zero on its own operations on Scope 1 and Scope 2
emissions by 2030 and the physical risks from climate change. This is set out in further detail on page 121.\u00a0
\u2022Provisions and contingent liabilities: The Group\u2019s publicly announced commitment to being Net Zero on its own operations on
Scope 1 and Scope 2 emissions by 2030 is not considered a constructive obligation or a contingent liability. The timeframe to 2030
allows opportunities for the Group to evolve its plans for how the Net Zero commitment will be met and therefore it would not be
appropriate for the Group to recognise a provision or a contingent liability in relation to its net zero commitment (i.e. as the Group
does not have an obligation as a result of a past event). IAS 37 Provisions, Contingent Liabilities and Contingent Assets sets out that
it is only those obligations arising from past events existing independently of an entity's future actions that are recognised as
provisions or disclosed as contingent liabilities.
\u2022Impairment of non-financial assets: The Group applies the requirements of IAS 36 Impairment of Assets in assessing whether
impacted assets are impaired at a reporting date. The Group has a robust process to identify assets which may be impaired which
requires the identification of all material potential impairment triggers including identification of climate related impairment triggers.
In\u00a0addition, the Group\u2019s published commitment to be net zero in its own operations does not impact the useful lives of the Group\u2019s
impacted assets as the Group proposes to replace impacted assets as their useful lives expire.
Whilst there is currently no short or medium-term impact expected from climate change, the Directors are aware of the ever-changing
risks attached to climate change and will assess these risks against judgements and estimates made in preparation of the Group\u2019s
financial statements.
Going concern
The financial statements for the year ended 31 December 2022 have been prepared on a going concern basis as the Directors are
satisfied, having considered the risks and uncertainties impacting the Group, that it has the ability to continue in business for the period
of assessment. In making this assessment, the Directors have considered a wide range of information relating to present and future
conditions. This includes capital forecasts and internally generated stress scenarios with additional scenarios to take account of the
inorganic initiatives that the Group has committed to. The scenarios include the impacts of persistent inflation, disruptions to energy
supplies, increased interest rates and significant impacts on unemployment and property prices. The period of assessment used by the
Directors is at least 12 months from the date of approval of these annual financial statements.
Adoption of new accounting standards/amendments to standards
The were no new accounting standards/amendments to standards effective for annual periods beginning 1 January 2022 apart from
minor amendments to IFRSs through both standalone amendments and through the Annual Improvements to IFRS Standards 2018 \u2013
2020 cycle. None of these had a significant impact on reported results or disclosures.
The Group has not early adopted any other standard or amendment that has been issued but is not yet effective.
(d) Basis of consolidation
Subsidiary undertakings
A subsidiary undertaking is an investee controlled by the Group. The Group controls an investee when it has power over the investee,
is\u00a0exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its
power over the investee. Subsidiaries are consolidated in the Group\u2019s financial statements from the date on which control commences
until the date that control ceases.
The Group reassesses whether it controls a subsidiary when facts and circumstances indicate that there are changes to one or more
elements of control.
1\u00a0 Accounting policies continued
(d) Basis of consolidation continued
Loss of control
If the Group loses control of a subsidiary, the Group:
(i)Derecognises the assets (including any goodwill) and liabilities of the former subsidiary at their carrying amounts at the date control
is lost;
(ii)Derecognises the carrying amount of any non-controlling interests in the former subsidiary at the date control is lost (including any
attributable amounts in other comprehensive income);
(iii)Derecognises the fair value of any consideration received and any distribution of shares of the subsidiary;
(iv)Derecognises any investment retained in the former subsidiary at its fair value at the date when control is lost;
(v) Reclassifies to profit or loss, or transfers directly to retained earnings if required by IFRS, the amounts recognised in other
comprehensive income in relation to the subsidiary; and
(vi)Recognises any resulting difference of the above items as a gain or loss in the income statement.
The Group subsequently accounts for any investment retained in the former subsidiary in accordance with IFRS 9 Financial
Instruments, or when appropriate, IAS 28 Investments in Associates and Joint Ventures.
Structured entities
A structured entity is an entity designed so that its activities are not governed by way of voting rights. The Group assesses whether it
has control over such an entity by considering factors such as the purpose and design of the entity; the nature of its relationship with
the entity; and the size of its exposure to the variability of returns of the entity.
Business combinations
The Group accounts for the acquisition of a business using the acquisition method except for a business under common control. Under
the acquisition method, the consideration transferred in a business combination is measured at fair value, which is calculated as the
sum of:
\u2022The acquisition date fair value of assets transferred by the Group;
\u2022Liabilities incurred by the Group to the former owners of the acquiree; and
\u2022The equity interests issued by the Group in exchange for control of the acquiree.
Acquisition related costs are recognised in the income statement as incurred.
Goodwill is measured as the excess of the sum of:
\u2022The fair value of the consideration transferred;
\u2022The amount of any non-controlling interests in the acquiree; and
\u2022The fair value of the acquirer\u2019s previously held equity interest in the acquiree, if any; less
\u2022The net of the acquisition date fair value of the identifiable assets acquired and liabilities assumed.
The Group in its capacity as a trustee
The Group commonly acts as trustee and in other fiduciary capacities that result in the holding or placing of assets on behalf of
individuals, trusts, retirement benefit plans and other institutions. These assets, and income arising thereon, are excluded from the
financial statements, as they are not assets of the Group.
Non-controlling interests
For each business combination, the Group recognises any non-controlling interest in the acquiree either:
\u2022At fair value; or
\u2022At their proportionate share of the acquiree\u2019s identifiable net assets.
For changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control, the Group adjusts the carrying amounts of the
controlling and non-controlling interests to reflect the changes in their relative interests in the subsidiary. The difference between the
change in value of the non-controlling interest and the fair value of the consideration paid or received is recognised directly in equity
and attributed to the equity holders of the parent.
Common control transactions
The Group accounts for the acquisition of businesses and investments in subsidiary undertakings between members of the Group at
carrying value at the date of the transaction unless prohibited by company law or IFRS. This policy also applies to the acquisition of
businesses by the Group of other entities under the common control of the Irish Government. Where the carrying value of the acquired
net assets exceeds the fair value of the consideration paid, the excess is accounted for as a capital contribution (accounting policy
(aa)). On impairment of the subsidiary, in the parent company\u2019s separate financial statements, an amount equal to the impairment
charge net of tax in the income statement is transferred from capital contribution reserves to revenue reserves.
The\u00a0entire capital contribution is transferred to revenue reserves on final sale of the subsidiary.
For acquisitions under common control, comparative data is not restated. The consolidation of the acquired entity is effective from the
acquisition date with intercompany balances eliminated at a Group level on this date.
1\u00a0 Accounting policies continued
(d) Basis of consolidation continued
Investments accounted for using the equity method
The Group\u2019s investments accounted for using the equity method comprise its investments in associates and joint ventures.
An associated undertaking is an entity over which the Group has significant influence, but not control, over the entity\u2019s operating and
financial policy decisions. If the Group holds 20% or more of the voting power of an entity, it is presumed that the Group has significant
influence, unless it can be clearly demonstrated that this is not the case.
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the
arrangement.
Investments in associated undertakings and joint ventures are initially recorded at cost and increased (or decreased) each year by the
Group\u2019s share of the post acquisition net income (or loss), and other movements reflected directly in other comprehensive income of the
associated undertaking or joint venture.
Goodwill arising on the acquisition of an associated undertaking is included in the carrying amount of the investment. When the Group\u2019s
share of losses in an associate has reduced the carrying amount to zero, including any other unsecured receivables, the Group does
not recognise further losses, unless it has incurred obligations to make payments on behalf of the associate.
Where the Group continues to hold more than 20% of the voting power in an investment but ceases to have significant influence, the
investment is no longer accounted for as an associate. On the loss of significant influence, the Group measures the investment at fair
value and recognises any difference between the carrying value and fair value in profit or loss and accounts for the investment in
accordance with IFRS 9 Financial Instruments.
The Group\u2019s share of the results of associated undertakings or joint venture after tax reflects the Group\u2019s proportionate interest and is
based on financial statements made up to a date not earlier than three months before the period end reporting date, adjusted to
conform with the accounting policies of the Group.
Since goodwill that forms part of the carrying amount of the investment in an associate is not recognised separately, it is, therefore, not
tested for impairment separately. Instead, the entire amount of the investment in an associate is tested for impairment as a single asset
when there is objective evidence that the investment in an associate may be impaired.
Transactions eliminated on consolidation
Intra-group balances and any unrealised income and expenses arising from intra-group transactions are eliminated on consolidation.
Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
Unrealised gains and losses on transactions with associated undertakings are eliminated to the extent of the Group\u2019s interest in the
investees.
Consistent accounting policies are applied throughout the Group for the purposes of consolidation.
Parent Company financial statements: Investment in subsidiary and associated undertakings
The Company accounts for investments in subsidiary and associated undertakings, that are not classified as held for sale at cost less
provisions for impairment. If the investment is classified as held for sale, the Company accounts for it at the lower of its carrying value
and fair value less costs to sell.
The Company reviews its equity investment for impairment at the end of each reporting period if there are indications that impairment
may have occurred.
The testing for possible impairment involves comparing the estimated recoverable amount of an investment with its carrying amount.
Where the recoverable amount is less than the carrying amount, the difference is recognised as an impairment provision in the
Company\u2019s financial statements. The recoverable amount is the higher of fair value less costs to sell and value-in-use (\u201cVIU\u201d).
Dividends from a subsidiary or an associated undertaking are recognised in the income statement when the Company\u2019s right to receive
the dividend is established.
(e) Foreign currency translation
Items included in the financial statements of each of the Group\u2019s entities are measured using their functional currency, being the
currency of the primary economic environment in which the entity operates.
Transactions and balances
Foreign currency transactions are translated into the respective entity\u2019s functional currency using the exchange rates prevailing at the
dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are re-translated at the rate prevailing at the
period end. Foreign exchange gains and losses resulting from the settlement of such transactions and from the re-translation at period
end exchange rates of the amortised cost of monetary assets and liabilities denominated in foreign currencies are recognised in the
income statement.
1\u00a0 Accounting policies continued
(e) Foreign currency translation continued
Transactions and balances continued
Exchange differences on equities and similar non-monetary items held at fair value through profit or loss are reported as part of the fair
value gain or loss. Exchange differences on a financial instruments designated as a hedge of the net investment in a foreign operation
are reported in other comprehensive income.
Foreign operations
The results and financial position of all Group entities that have a functional currency different from the euro are translated into euro as
follows:
\u2022Assets and liabilities including goodwill and fair value adjustments arising on consolidation of foreign operations are translated at the
closing rate;
\u2022Income and expenses are translated into euro at the average rates of exchange during the period where these rates approximate to
the foreign exchange rates ruling at the dates of the transactions;
\u2022Foreign currency translation differences are recognised in other comprehensive income; and
\u2022Since 1 January 2004, the Group\u2019s date of transition to IFRS, all such exchange differences are included in the foreign currency
cumulative translation reserve within shareholders\u2019 equity. When a foreign operation is disposed of in full, the relevant amount of this
reserve is transferred to the income statement. When a subsidiary is partly disposed of, the relevant proportion of foreign currency
translation reserve is re-attributed to the non-controlling interest. In the case of a partial disposal, a pro-rata amount of the foreign
currency cumulative translation reserve is transferred to the income statement. This also applies in the case where there has not
been a reduction in the overall percentage holding, i.e. repayment of capital.
(f) Interest income and expense recognition
Interest income and expense is recognised in the income statement using the effective interest rate method.
Effective interest rate
The effective interest rate is the rate that exactly discounts the estimated future cash payments or receipts through the expected life of
the financial instrument to:
\u2022The gross carrying amount of the financial asset; or
\u2022The amortised cost of the financial liability.
The application of the method has the effect of recognising income receivable and expense payable on the instrument evenly in
proportion to the amount outstanding over the period to maturity or repayment. In calculating the effective interest rate for financial
instruments, other than credit impaired assets, the Group estimates cash flows (using projections based on its experience of customers\u2019
behaviour) considering all contractual terms of the financial instrument but excluding expected credit losses. The calculation takes into
account all fees, including those for any expected early redemption, and points paid or received between parties to the contract that are
an integral part of the effective interest rate, transaction costs and all other premiums and discounts.
All costs associated with mortgage incentive schemes are included in the effective interest rate calculation. Fees and commissions
payable to third parties in connection with lending arrangements, where these are direct and incremental costs related to the issue of a
financial instrument, are included in interest income as part of the effective interest rate.
Amortised cost and gross carrying amount
The amortised cost of a financial asset or financial liability is the amount at which the financial asset or financial liability is measured at
initial recognition minus the principal repayments, plus or minus the cumulative amortisation using the effective interest rate method of
any difference between that initial amount and the maturity amount and, for financial assets, adjusted for any loss allowance.
The gross carrying amount of a financial asset is the amortised cost before adjusting for any loss allowance.
Calculation of interest income and interest expense
In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the
asset is not credit impaired) or to the amortised cost of the liability.
For financial assets that have become credit impaired subsequent to initial recognition, interest income is calculated by applying the
effective interest rate to the amortised cost of the financial asset. If the asset is no longer credit impaired, the calculation of interest
income reverts to the gross basis.
However, for financial assets that were credit impaired on initial recognition, interest income is calculated by applying the credit adjusted
effective interest rate to the amortised cost of the financial asset. The calculation of interest income does not revert to a gross basis,
even if the credit risk of the asset improves.
When a financial asset is no longer credit impaired or has been repaid in full (i.e. cured without financial loss), the Group presents
previously unrecognised interest income as a reversal of credit impairment/recovery of amounts previously written-off.
Interest income and expense on financial assets and liabilities classified as held for trading or at FVTPL is recognised in \u2018other interest
income and similar income\u2019 or \u2018interest expense\u2019 in the income statement, as applicable.
1\u00a0 Accounting policies continued
(f) Interest income and expense recognition continued
Presentation
Interest income and expense presented in the consolidated income statement include:
\u2022Interest on financial assets and financial liabilities measured at amortised cost calculated on an effective interest rate basis;
\u2022Interest on investment debt securities measured at FVOCI calculated on an effective interest rate basis;
\u2022Interest on financial assets measured at FVTPL;
\u2022Net interest income and expense on qualifying hedge derivatives designated as cash flow hedges or fair value hedges which are
recognised in interest income or interest expense; and
\u2022Interest income and funding costs of trading portfolio financial assets.
The Group policy for the recognition of leasing income is set out in Accounting policy (n).
Targeted Long Term Refinancing Operation III (\u201cTLTRO III\u201d)
Eurosystem refinancing operations are credit facilities from the Eurosystem secured by a fixed charge over securities and relates to
Targeted Long Term Refinancing Operation III (\u201cTLTRO III\u201d).
TLTRO III has specific terms attached to it which are different from other sources of funding available to banks including other sources
of funds provided by the European Central Bank (\u201cECB\u201d). The financial conditions incorporated into TLTRO III reflect ECB monetary
policy initiatives to prospectively reduce the cost of funding for banking institutions. Accordingly, the Group has concluded that the ECB
has established a separate market for TLTRO programmes and TLTRO III transactions are at market rates and the requirements of IAS
20 Accounting for Government Grants do not apply.
The borrowing rate applicable to the TLTRO III loans is linked to the lending patterns of the Group and are subject to the achievement
of predefined lending performance thresholds based on the eligible net lending of the Group in certain specified periods.
The amount of interest income recognised during the period on TLTRO III depends on whether the Group had a reasonable expectation
of meeting the relevant lending performance thresholds. The Group interprets reasonable expectations as highly probable (i.e. the
probability of meeting the lending targets is substantially greater than the probability that it will not). As a result, if interest income is
recognised during the period based on the expectation of meeting the targets, there should be only a limited possibility that the interest
may need to be reversed in future periods.
If the Group does not have a reasonable expectation that the lending targets will be met but subsequently determines it will meet the
relevant lending performance thresholds, it revises its estimates of receipts and recalculates the present value of the estimated future
contractual cash flows that are discounted at the original effective interest rate and recognises the adjustment in the Group\u2019s
consolidated income statement as negative interest on financial liabilities at amortised cost.
(g) Dividend income
Dividends on equity investments measured at FVTPL / FVOCI are recognised in the income statement when the entity\u2019s right to receive
payment is established and provided that they represent a return on capital.
(h) Fee and commission income
The measurement and timing of recognition of fee and commission income is based on the core principles of IFRS 15 Revenue from
Contracts with Customers.
The principles in IFRS 15 are applied using the following 5 step model:
\u2022Identify the contract(s) with a customer;
\u2022Identify the performance obligations in the contract;
\u2022Determine the transaction price;
\u2022Allocate the transaction price to the performance obligations in the contract; and
\u2022Recognise revenue when or as the Group satisfies its performance obligations.
Fee and commission income is recognised when the performance obligation in the contract has been performed, either at a \u2018point in
time\u2019 or \u2018over time\u2019 if the performance obligation is performed over a period of time unless the income has been included in the effective
interest rate calculation.
The Group includes in the transaction price, some or all of an amount of variable consideration estimated only to the extent that it is
highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty
associated with the variable consideration is subsequently resolved.
1\u00a0 Accounting policies continued
(h) Fee and commission income continued
The majority of the Group\u2019s fee and commission income arises from retail banking activities. Loan syndication fees are recognised as
revenue when the syndication has been completed and the Group has retained no part of the loan package for itself or retained a part
at the same effective interest rate as applicable to the other participants.
Foreign exchange income is fee income that is derived from arranging foreign exchange transactions on behalf of customers.
Such\u00a0income is recognised when the individual performance obligation has been fulfilled.
Portfolio and other management advisory and service fees are recognised based on the applicable service contracts. Asset
management fees relating to investment funds are recognised over time in line with the performance obligation. The same principle is
applied to the recognition of income from wealth management, financial planning and custody services that are continuously provided
over an extended period of time.
Commitment fees together with related direct costs, for loan facilities where drawdown is probable, are deferred and recognised as an
adjustment to the effective interest rate on the loan once drawn. Commitment fees in relation to facilities where drawdown is not
probable are recognised over the term of the commitment on a straight line basis. Other credit related fees are recognised over time in
line with the performance obligation except arrangement fees where it is likely that the facility will be drawn down, and which are
included in the effective interest rate calculation.
Fee income and fee expenses in respect of services and prepaid credits for cellular phone and utilities sold to third parties are classified
as specialised payment services and are recognised when the performance obligation is satisfied.
(i) Net trading income
Net trading income comprises gains less losses relating to trading assets and trading liabilities and includes all realised and unrealised
fair value changes. Interest and dividend income on trading assets are shown in \u2018interest income\u2019 and \u2018dividend income\u2019 respectively.
(j) Employee benefits
Retirement benefit obligations
The Group provides employees with post-retirement benefits mainly in the form of pensions.
The Group provides a number of retirement benefit schemes including defined benefit and defined contribution as well as a hybrid
scheme that has both defined benefit and defined contribution elements. In addition, the Group contributes, according to local law in the
various countries in which it operates, to governmental and other schemes which have the characteristics of defined contribution
schemes. The majority of the defined benefit schemes are funded.
Full actuarial valuations of defined benefit schemes are undertaken every three years and are updated to reflect current conditions at
each year end reporting date.
Scheme assets are measured at fair value determined by using current bid prices, except for insurance policies acquired as part of a
buy in. If the policies are qualifying policies under IAS 19 Employee Benefits and if the timing and amount of payments under the
policies exactly match some or all of the benefits payable under the scheme, then the present value of the related obligation is
determined and is deemed to be the fair value of the insurance policies to be included in plan assets.
Scheme liabilities are measured on an actuarial basis by estimating the amount of future benefit that employees have earned for their
service in current and prior periods and discounting that benefit at the market yield on a high quality corporate bond of equivalent term
and currency to the liability. The calculation is performed by a qualified actuary using the projected unit credit method. The difference
between the fair value of the scheme assets and the present value of the defined benefit obligation at the year end reporting date is
recognised in the statement of financial position. Schemes in surplus are shown as assets and schemes in deficit, together with
unfunded schemes, are shown as liabilities. A surplus is only recognised as an asset to the extent that it is recoverable through a refund
from the scheme or through reduced contributions in the future. Actuarial gains and losses are recognised immediately in other
comprehensive income.
1\u00a0 Accounting policies continued
(j) Employee benefits continued
Retirement benefit obligations continued
The cost of providing defined benefit pension schemes to employees, comprising the net interest on the net defined benefit liability/
(asset), calculated by applying the discount rate to the net defined benefit liability/(asset) at the start of the annual reporting period,
taking into account contributions and benefit payments during the period, is charged to the income statement within personnel
expenses.
Remeasurements of the net defined benefit liability/(asset), comprising actuarial gains and losses and the return on scheme assets
(excluding amounts included in net interest on the net defined benefit liability/(asset)) are recognised in other comprehensive income.
Amounts recognised in other comprehensive income in relation to remeasurements of the net defined benefit liability/(asset) will not be
reclassified to profit or loss in a subsequent period.
In early 2017, the Board reassessed its obligation to fund increases in pensions in payment. The Board confirmed that funding of
increases in pensions in payment is a decision to be made by the Board each year where increases are discretionary. This was based
on actuarial and external legal advice obtained. Accordingly, a decision by the Board to fund a pension increase does not constitute a
constructive obligation to fund future pension in payment increases.
The Group recognises the effect of an amendment to a defined benefit scheme when the plan amendment occurs, which is when the
Group introduces or withdraws a defined benefit scheme, or changes the benefits payable under existing defined benefit schemes.
A\u00a0curtailment is recognised when a significant reduction in the number of employees covered by a defined benefit scheme occurs. A
settlement is a transaction that eliminates all further legal or constructive obligations for part or all of the benefits provided under a
defined benefit scheme. Gains or losses on plan amendments, curtailments and settlements are recognised in the income statement.
Changes with regard to benefits payable to retirees which represent a constructive obligation under IAS 37 Provisions, Contingent
Liabilities and Contingent Assets are accounted for as a past service cost. These are recognised in the income statement.
The costs of managing the defined benefit scheme assets are deducted from the return on scheme assets. All costs of running the
defined benefit schemes are recognised in the income statement when they are incurred.
The cost of the Group\u2019s defined contribution schemes is charged to the income statement in the accounting period in which it is
incurred. Any contributions unpaid at the year end reporting date are included as a liability. The Group has no further obligation under
these schemes once these contributions have been paid.
Short term employee benefits
Short term employee benefits, such as salaries and other benefits, are accounted for on an accruals basis over the period during which
employees have provided services. Bonuses are recognised to the extent that the Group has a legal or constructive obligation to its
employees that can be measured reliably. The cost of providing subsidised staff loans is charged within personnel expenses.
Termination benefits
Termination benefits are recognised as an expense at the earlier of when the Group can no longer withdraw the offer of those benefits
and when the Group recognises costs for a restructuring under IAS 37 Provisions, Contingent Liabilities and Contingent Assets, which
includes the payment of termination benefits.
For termination benefits payable as a result of an employee\u2019s decision to accept an offer of voluntary redundancy, which is not within
the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets, the Group recognises the expense at the earlier of when
the employee accepts the offer and when a restriction on the Group\u2019s ability to withdraw the offer takes effect.
(k) Income tax, including deferred income tax
Income tax comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to
items recognised in other comprehensive income, in which case it is recognised in other comprehensive income. Income tax relating to
items in equity is recognised directly in equity. However, the income tax consequences of payments on financial instruments that are
classified as equity but treated as liabilities for tax purposes are recognised in profit or loss if those payments are distributions of profits
previously recognised in profit or loss.
Current tax is the expected tax payable on the taxable income for the year using tax rates enacted or substantively enacted at the
reporting date and any adjustment to tax payable in respect of previous years.
1\u00a0 Accounting policies continued
(k) Income tax, including deferred income tax continued
Deferred income tax is provided, using the balance sheet liability method, on temporary differences between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax is determined using tax rates based on
legislation enacted or substantively enacted at the reporting date and expected to apply when the deferred tax asset is realised or the
deferred tax liability is settled. Deferred income tax assets are recognised when it is probable that future taxable profits will be available
against which the temporary differences will be utilised. The deferred tax asset is reviewed at the end of each reporting period and the
carrying amount will reflect the extent that it is probable that sufficient taxable profits will be available to allow all of the asset to be
recovered.
The tax effects of income tax losses available for carry forward are recognised as an asset to the extent that it is probable that future
taxable profits will be available against which these losses can be utilised.
Deferred and current tax assets and liabilities are only offset when they arise in the same tax reporting group and where there is both
the legal right and the intention to settle the current tax assets and liabilities on a net basis or to realise the asset and settle the liability
simultaneously.
The principal temporary differences arise from depreciation of property, plant and equipment, revaluation of certain financial assets and
financial liabilities including derivative contracts, provisions for pensions and other post-retirement benefits, and in relation to
acquisitions, on the difference between the fair values of the net assets acquired and their tax base.
Deferred income tax is provided on temporary differences arising from investments in subsidiaries and associates, except where the
timing of the reversal of the temporary difference is controlled by the Group and it is probable that the difference will not reverse in the
foreseeable future. In addition, temporary differences are not provided for assets and liabilities the initial recognition of which, in a
transaction that is not a business combination, affects neither accounting nor taxable profit. Income tax payable on profits, based on the
applicable tax law in each jurisdiction, is recognised as an expense in the period in which the profits arise.
(l) Financial assets
Recognition and initial measurement
The Group initially recognises financial assets on the trade date, being the date on which the Group commits to purchase the assets.
Loan assets are recognised when cash is advanced to borrowers. In a situation where the Group commits to purchase financial assets
under a contract which is not considered a regular-way transaction, the assets to be acquired are not recognised until the acquisition
contract is settled. In this case, the contract to acquire the financial asset is a derivative that is measured at FVTPL in the period
between the trade date and the settlement date.
Financial assets measured at amortised cost or at fair value through other comprehensive income (\u201cFVOCI\u201d) are recognised initially at
fair value adjusted for direct and incremental transaction costs. Financial assets measured at fair value through profit or loss (\u201cFVTPL\u201d)
are recognised initially at fair value and transaction costs are taken directly to the income statement.
Derivatives are measured initially at fair value on the date on which the derivative contract is entered into. The best evidence of the fair
value of a derivative at initial recognition is the transaction price (i.e. the fair value of the consideration given or received) unless the fair
value of that instrument is evidenced by comparison with other observable current market transactions in the same instrument (i.e.
without modification or repackaging) or based on a valuation technique whose variables include only data from observable markets.
Profits or losses are only recognised on initial recognition of derivatives when there are observable current market transactions or
valuation techniques that are based on observable market inputs.
Classification and subsequent measurement
On initial recognition, a financial asset is classified and subsequently measured at amortised cost, FVOCI or FVTPL.
The classification and subsequent measurement of financial assets depend on:
\u2022The Group\u2019s business model for managing the asset; and
\u2022The cash flow characteristics of the asset (for assets in a \u2018hold-to-collect\u2019 or \u2018hold-to-collect-and-sell\u2019 business model).
Based on these factors, the Group classifies its financial assets into one of the following categories:
1\u00a0 Accounting policies continued
(l) Financial assets continued
\u2013 Amortised cost
Assets that have not been designated as at FVTPL, and are held within a \u2018hold-to-collect\u2019 business model whose objective is to hold
assets to collect contractual cash flows; and whose contractual terms give rise on specified dates to cash flows that are solely
payments of principal and interest. The carrying amount of these assets is calculated using the effective interest rate method and is
adjusted on each measurement date by the expected credit loss allowance for each asset, with movements recognised in profit or loss.
\u2013 Fair value through other comprehensive income (\u201cFVOCI\u201d)
Assets that have not been designated as at FVTPL, and are held within a \u2018hold-to-collect-and-sell\u2019 business model whose objective is
achieved by both collecting contractual cash flows and selling financial assets; and whose contractual terms give rise on specified dates
to cash flows that are solely payments of principal and interest (\u201cSPPI\u201d). Movements in the carrying amount of these assets are taken
through other comprehensive income (\u201cOCI\u201d), except for the recognition of credit impairment gains or losses, interest revenue or foreign
exchange gains and losses, which are recognised in profit or loss. When a financial asset is derecognised, the cumulative gain or loss
previously recognised in OCI is reclassified from equity to profit or loss other than in the case of equity instruments designated
at\u00a0FVOCI.
\u2013 Fair value through profit or loss (\u201cFVTPL\u201d)
Financial assets that do not meet the criteria for amortised cost or FVOCI are measured at FVTPL. Gains or losses (excluding interest
income or expense) on such assets are recognised in profit or loss on an ongoing basis.
In addition, the Group may irrevocably designate a financial asset as at FVTPL that otherwise meets the requirements to be measured
at amortised cost or at FVOCI if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.
\u2013 Embedded derivatives
Certain hybrid contracts may contain both a non-derivative host and an \u2018embedded derivative\u2019. Under IFRS 9 Financial Instruments,
there is no bifurcation of embedded derivatives from the host financial asset. As a result, such financial assets will generally fail the
SPPI test unless the embedded derivative does not substantially modify the cash flows that would otherwise be required by the
contract. Those failing the SPPI test will be classified and measured at FVTPL.
Business model assessment
The Group makes an assessment of the objective of the business model at a portfolio level, as this reflects how portfolios of assets are
managed to achieve a particular objective, rather than management\u2019s intentions for individual assets.
The assessment considers the following:
\u2022The strategy for the portfolio as communicated by management;
\u2022How the performance of the portfolio is evaluated and reported to senior management;
\u2022The risks that impact the performance of the business model, and how those risks are managed;
\u2022How managers of the business are compensated (i.e. based on fair value of assets managed or on the contractual cash flows
collected); and
\u2022The frequency, value and timing of sales in prior periods, reasons for those sales, and expectations of future sales activity.
Financial assets that are held for trading or managed within a business model that is evaluated on a fair value basis are measured at
FVTPL because the business objective is neither hold-to-collect contractual cash flows nor hold-to-collect-and-sell contractual cash
flows.
Characteristics of the contractual cash flows
An assessment (\u2018SPPI test\u2019) is performed on all financial assets at origination that are held within a \u2018hold-to-collect\u2019 or \u2018hold-to-collect-
and-sell\u2019 business model to determine whether the contractual terms of the financial assets give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal outstanding. For the purposes of this assessment, \u2018principal\u2019 is defined
as the fair value of the financial asset at initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money, for the
credit risk associated with the principal amount outstanding, for other basic lending risks and costs (i.e. liquidity, administrative costs)
and profit margin.
1\u00a0 Accounting policies continued
(l) Financial Assets continued
The SPPI test requires an assessment of the contractual terms and conditions to determine whether a financial asset contains any
terms that could modify the timing or amount of contractual cash flows of the asset, to the extent that they could not be described as
solely payments of principal and interest. In making this assessment, the Group considers:
\u2022Features that modify the time value of money element of interest (e.g. tenor of the interest rate does not correspond with the
frequency within which it resets);
\u2022Terms providing for prepayment and extension;
\u2022Leverage features;
\u2022Contingent events that could change the amount and timing of cash flows;
\u2022Terms that limit the Group\u2019s claim to cash flows from specified assets; and
\u2022Contractually linked instruments.
Contractual terms that introduce exposure to risks or volatility in the contractual cash flows that are unrelated to a basic lending
arrangement do not give rise to contractual cash flows that are solely payments of principal and interest on the principal amount
outstanding.
Reclassifications
Reclassifications of financial assets to alternative asset categories, (e.g. from amortised cost to FVOCI), should be very infrequent, and
will only occur when, and only when, the Group changes its business model for managing a specific portfolio of financial assets.
Investments in equity instruments
Equity instruments are classified and measured at FVTPL with gains and losses reflected in profit or loss.
On initial recognition, the Group may elect to irrevocably designate at FVOCI, an equity instrument that is not held for trading. This
election is made on an instrument-by-instrument basis. When this election is used, fair value gains and losses are recognised in OCI
and are not subsequently reclassified to profit or loss on derecognition of the equity instrument.
(m) Financial liabilities and equity
The Group categorises financial liabilities as at amortised cost or as at fair value through profit or loss.
The Group recognises a financial liability when it becomes party to the contractual provisions of the contract.
Issued financial instruments or their components are classified as liabilities where the substance of the contractual arrangement results
in the Group having a present obligation to either deliver cash or another financial asset to the holder, to exchange financial instruments
on terms that are potentially unfavourable or to satisfy the obligation otherwise than by the exchange of a fixed amount of cash or
another financial asset for a fixed number of equity shares.
Financial liabilities are initially recognised at fair value, being their issue proceeds (fair value of consideration received), net of
transaction costs incurred. Financial liabilities are subsequently measured at amortised cost, with any difference between the proceeds
net of transaction costs and the redemption value recognised in the income statement using the effective interest rate method.
Where financial liabilities are classified as trading they are also initially recognised at fair value with the related transaction costs taken
directly to the income statement. Gains and losses arising from subsequent changes in fair value are recognised directly in the income
statement within net trading income.
Preference shares which carry a mandatory coupon are classified as financial liabilities. The dividends on these preference shares are
recognised in the income statement as interest expense using the effective interest rate method.
The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. Any gain or loss on
the extinguishment or remeasurement of a financial liability is recognised in profit or loss.
Issued financial instruments are classified as equity when the Group has no contractual obligation to transfer cash, or other financial
assets or to issue a variable number of its own equity instruments. Incremental costs directly attributable to the issue of equity
instruments are shown as a deduction from the proceeds of issue, net of tax.
1\u00a0 Accounting policies continued
(n) Leases
Lessor
Assets leased to customers are classified as finance leases if the lease agreements transfer substantially all the risks and rewards of
ownership, with or without ultimate legal title. When assets are held subject to a finance lease, the present value of the lease payments,
discounted at the rate of interest implicit in the lease, is recognised as a receivable. The difference between the total payments
receivable under the lease and the present value of the receivable is recognised as unearned finance income, which is allocated to
accounting periods under the pre-tax net investment method to reflect a constant periodic rate of return.
Assets leased to customers are classified as operating leases if the lease agreements do not transfer substantially all the risks and
rewards of ownership. The leased assets are included within property, plant and equipment on the statement of financial position and
depreciation is provided on the depreciable amount of these assets on a systematic basis over their estimated useful lives. Lease
income is recognised on a straight line basis over the period of the lease unless another systematic basis is more appropriate.
Lessee
Lease rentals payables are recognised, measured and presented in line with IFRS 16 Leases.
Identifying a lease
The Group assesses whether a contract is, or contains, a lease at inception of the contract. A contract is, or contains, a lease if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. This assessment
involves the exercise of judgement about whether it depends on a specified asset, whether the Group obtains substantially all the
economic benefits from the use of that asset, and whether the Group has the right to direct the use of the asset.
Lease term
The lease term comprises the non-cancellable period of the lease contract for which the Group has the right to use an underlying asset
together with:
\u2022Periods covered by an option to extend the lease if the Group is reasonably certain to exercise that option; and
\u2022Periods covered by an option to terminate the lease if the Group is reasonably certain not to exercise that option.
Recognition
The Group recognises a right-of-use asset and a lease liability at the commencement date of the contract for all leases except for short
term leases of 12 months or less or leases where the underlying asset is of low value i.e. the value of the underlying asset, when new,
is less than \u20ac 5,000/\u00a3 5,000. The commencement date is the date on which a lessor makes an underlying asset available for use by the
Group.
Initial measurement of right-of-use asset
The right-of-use asset is initially measured at cost, which comprises the amount of the initial measurement of the lease liability, any
lease payments made at or before the commencement date, less any lease incentives, any initial direct costs incurred by the Group
and an estimate of costs to be incurred by the Group in dismantling and removing the underlying asset or restoring the site on which the
asset is located.
The Group provides for dilapidations/restoration costs where it has been identified or planned that it intends on exiting the premises,
and/or where it has completed extensive modifications. The Group recognises asset restoration obligations mainly in relation to leased
head office locations and branches and any other space which would need to be restored to their previous condition when the lease
ends.
Subsequent measurement of right-of-use asset
After the commencement date, a right-of-use asset is measured at cost less any accumulated depreciation and any accumulated
impairment losses and adjusted for any remeasurement of the lease liability. The Group applies IAS 36 Impairment of Assets as set out
in the Group\u2019s accounting policy (x) to determine whether the right-of-use asset is impaired and to account for any impairment loss
identified.
The Group depreciates the right-of-use asset from the commencement date to the earlier of the end of the useful life of the right-of-use
asset and the end of the lease term on a straight-line basis.
1\u00a0 Accounting policies continued
(n) Leases continued
Initial measurement of lease liability
The lease liability is initially measured at the present value of the lease payments that are payable over the lease term, discounted
using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. The
Group uses its incremental borrowing rate as the discount rate.
The lease payments include fixed payments (including in-substance fixed payments), variable lease payments that depend on an index
or a rate and amounts expected to be payable by the Group under a residual value guarantee. The lease payments also include the
exercise price of a purchase option if the Group is reasonably certain to exercise, lease payments in an optional renewal period if the
Group is reasonably certain to exercise an extension option and payments of penalties for terminating the lease, if the lease term
reflects the Group exercising an option to terminate the lease.
Lease payments exclude variable elements which are dependent on external factors, e.g. payments that are based on transaction
volume/usage. Variable lease payments that are not included in the initial measurement of the lease liability are recognised directly in
the income statement in the period in which the event or condition that triggers these payments occurs.
Subsequent measurement of lease liability
After the commencement date, the Group measures the lease liability by increasing the carrying amount to reflect interest on the lease
liability, reducing the carrying amount to reflect lease payments made and remeasuring the carrying amount to reflect any reassessment
or lease modifications.
The lease liability is measured at amortised cost using the effective interest rate method. It is remeasured when there is a change in
future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to
be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension
or termination option.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset,
or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to Nil.
Lease modifications
Lease modifications arise from changes to the underlying contract between the Group and the lessor. The accounting for the
modification is dependent on whether the modification is considered a separate lease or not.
A lease modification is accounted for as a separate lease if both the modification increases the scope of the lease by adding the right to
use one or more underlying assets and the consideration for the lease increases by an amount commensurate with the standalone
price for the increase in scope. If both criteria are met, the Group adopts the accounting policy on the initial recognition and
measurement of lease liabilities and right-of-use assets.
If a lease modification fails the test above or the modification is of any other type (e.g. a decrease in scope from the original contract),
the Group must allocate the consideration in the modified contract to the lease components, determine the lease term of the modified
lease and remeasure the lease liability by discounting the revised lease payments using a revised discount rate.
Sublease accounting
Where the Group sub-leases an asset (intermediate lessor) which it has leased from another lessor (the \u2018head lessor\u2019 who ultimately
owns the asset from a legal perspective), the Group assesses whether the sub-lease is a finance or operating lease by reference to the
right-of-use asset being leased, not the actual underlying asset.
1\u00a0 Accounting policies continued
(o) Determination of fair value of financial instruments
The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date in the principal, or in its absence, the most advantageous market to
which the Group has access at that date. The Group considers the impact of non-performance risk when valuing its financial liabilities.
Financial instruments are initially recognised at fair value and, with the exception of financial assets at fair value through profit or loss,
the initial carrying amount is adjusted for direct and incremental transaction costs. In the normal course of business, the fair value on
initial recognition is the transaction price (fair value of consideration given or received). If the Group determines that the fair value at
initial recognition differs from the transaction price and the fair value is determined by a quoted price in an active market for the same
financial instrument, or by a valuation technique which uses only observable market inputs, the difference between the fair value at
initial recognition and the transaction price is recognised as a gain or loss. If the fair value is calculated by a valuation technique that
features significant market inputs that are not observable, the difference between the fair value at initial recognition and the transaction
price is deferred. Subsequently, the difference is recognised in the income statement on an appropriate basis over the life of the
financial instrument, but no later than when the valuation is supported by wholly observable inputs; the transaction matures; or is
closed\u00a0out.
Subsequent to initial recognition, the methods used to determine the fair value of financial instruments include quoted prices in active
markets where those prices are considered to represent actual and regularly occurring market transactions. Where quoted prices are
not available or are unreliable because of market inactivity, fair values are determined using valuation techniques.
Quoted prices in active markets
Quoted market prices are used where those prices are considered to represent actual and regularly occurring market transactions for
financial instruments in active markets.
Valuations for negotiable instruments such as debt and equity securities are determined using bid prices for asset positions and ask
prices for liability positions.
Where securities are traded on an exchange, the fair value is based on prices from the exchange. The market for debt securities largely
operates on an \u2018over-the-counter\u2019 basis which means that there is not an official clearing or exchange price for these security
instruments. Therefore, market makers and/or investment banks (\u2018contributors\u2019) publish bid and ask levels which reflect an indicative
price that they are prepared to buy and sell a particular security. The Group\u2019s valuation policy requires that the prices used in
determining the fair value of securities quoted in active markets must be sourced from established market makers and/or investment
banks.
Valuation techniques
In the absence of quoted market prices, and in the case of over-the-counter derivatives, fair value is calculated using valuation
techniques. These valuation techniques maximise the use of relevant observable inputs and minimise the use of unobservable inputs.
The valuation techniques used incorporate the factors that market participants would take into account in pricing a transaction.
Valuation techniques include the use of recent orderly transactions between market participants, reference to other similar instruments,
option pricing models, discounted cash flow analysis and other valuation techniques commonly used by market participants.
Fair value may be estimated using quoted market prices for similar instruments, adjusted for differences between the quoted instrument
and the instrument being valued. Where the fair value is calculated using discounted cash flow analysis, the methodology is to use, to
the extent possible, market data that is either directly observable or is implied from instrument prices, such as interest rate yield curves,
equities and commodities prices, credit spreads, option volatilities and currency rates. In addition, the Group considers the impact of
own credit risk and counterparty risk when valuing its derivative liabilities.
The valuation methodology is to calculate the expected cash flows under the terms of each specific contract and then discount these
values back to a present value. The assumptions involved in these valuation techniques include:
\u2022The likelihood and expected timing of future cash flows of the instrument. These cash flows are generally governed by the terms of
the instrument, although management judgement may be required when the ability of the counterparty to service the instrument in
accordance with the contractual terms is in doubt. In addition, future cash flows may also be sensitive to the occurrence of future
events, including changes in market rates; and
\u2022Selecting an appropriate discount rate for the instrument, based on the interest rate yield curves including the determination of an
appropriate spread for the instrument over the risk-free rate. The spread is adjusted to take into account the specific credit risk profile
of the exposure.
1\u00a0 Accounting policies continued
(o) Determination of fair value of financial instruments continued
All adjustments in the calculation of the present value of future cash flows are based on factors market participants would take into
account in pricing the financial instrument.
Certain financial instruments (both assets and liabilities) may be valued on the basis of valuation techniques that feature one or more
significant market inputs that are not observable. When applying a valuation technique with unobservable data, estimates are made to
reflect uncertainties in fair values resulting from a lack of market data, for example, as a result of illiquidity in the market. For these
instruments, the fair value measurement is less reliable. Inputs into valuations based on non-observable data are inherently uncertain
because there is little or no current market data available from which to determine the price at which an orderly transaction between
market participants would occur under current market conditions. However, in most cases there is some market data available on which
to base a determination of fair value, for example historical data, and the fair values of most financial instruments will be based on some
market observable inputs even where the non-observable inputs are significant. All unobservable inputs used in valuation techniques
reflect the assumptions market participants would use when fair valuing the financial instrument.
The Group tests the outputs of the valuation model to ensure that it reflects current market conditions. The calculation of fair value for
any financial instrument may require adjustment of the quoted price or the valuation technique output to reflect the cost of credit risk
and the liquidity of the market, if market participants would include one, where these are not embedded in underlying valuation
techniques or prices used.
The choice of contributors, the quality of market data used for pricing and the valuation techniques used are all subject to internal
review and approval procedures.
Transfers between levels of the fair value hierarchy
The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change
occurred.
(p) Sale and repurchase agreements (including securities borrowing and lending)
Financial assets may be lent or sold subject to a commitment to repurchase them (\u2018repos\u2019). Such securities are retained on the
statement of financial position when substantially all the risks and rewards of ownership remain with the Group. The liability to the
counterparty is included separately on the statement of financial position. Similarly, when securities are purchased subject to a
commitment to resell (\u2018reverse repos\u2019), or where the Group borrows securities, but does not acquire the risks and rewards of ownership,
the transactions are treated as collateralised loans, and the securities are not usually included in the statement of financial position. The
difference between the sale and repurchase price is accrued over the life of the agreements using the effective interest rate method.
Securities lent to counterparties are also retained in the financial statements. The exception to this is where these are sold to third
parties, at which point the obligation to repurchase the securities is recorded as a trading liability at fair value and any subsequent gain
or loss included in trading income.
(q) Derivatives and hedge accounting
Derivatives, such as interest rate swaps, options and forward rate agreements, futures, currency swaps and options, and equity index
options are used for trading purposes whereas interest rate swaps, currency swaps, cross currency interest rate swaps and credit
derivatives are used for hedging purposes.
The Group maintains trading positions in a variety of financial instruments including derivatives. Trading transactions arise both as a
result of activity generated by customers and from proprietary trading with a view to generating incremental income.
Non-trading derivative transactions comprise transactions held for hedging purposes as part of the Group\u2019s risk management strategy
against assets, liabilities, positions and cash flows.
Derivatives
Derivatives are measured initially at fair value on the date on which the derivative contract is entered into and subsequently remeasured
at fair value. Fair values are obtained from quoted market prices in active markets, including recent market transactions, and from
valuation techniques using discounted cash flow models and option pricing models as appropriate. Derivatives are included in assets
when their fair value is positive, and in liabilities when their fair value is negative, unless there is the legal ability and intention to settle
an asset and liability on a net basis.
The best evidence of the fair value of a derivative at initial recognition is the transaction price (i.e. the fair value of the consideration
given or received) unless the fair value of that instrument is evidenced by comparison with other observable current market transactions
in the same instrument (i.e. without modification or repackaging) or based on a valuation technique whose variables include only data
from observable markets.
Profits or losses are only recognised on initial recognition of derivatives when there are observable current market transactions or
valuation techniques that are based on observable market inputs.
1\u00a0 Accounting policies continued
(q) Derivatives and hedge accounting continued
Hedging
The Group has opted to remain with the IAS 39 Financial Instruments: Recognition and Measurement hedge accounting requirements
until macro hedge accounting is addressed by the IASB as part of a separate project. This is an accounting policy choice allowed by
IFRS 9 Financial Instruments.
All derivatives are carried at fair value and the accounting treatment of the resulting fair value gain or loss depends on whether the
derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Where derivatives are held for risk
management purposes, and where transactions meet the criteria specified in IAS 39 Financial Instruments: Recognition and
Measurement, the Group designates certain derivatives as either:
\u2022Hedges of the fair value of recognised assets or liabilities or firm commitments (\u2018fair value hedge\u2019); or
\u2022Hedges of the exposure to variability of cash flows attributable to a recognised asset or liability, or a highly probable forecasted
Transaction (\u2018cash flow hedge\u2019); or
\u2022Hedges of a net investment in a foreign operation.
When a financial instrument is designated as a hedge, the Group formally documents the relationship between the hedging instrument
and hedged item as well as its risk management objectives and its strategy for undertaking the various hedging transactions. The
Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in
hedging transactions are highly effective in offsetting changes in fair values or cash flows of the hedged items.
The Group discontinues hedge accounting when:
a) it is determined that a derivative is not, or has ceased to be, highly effective as a hedge;
b) the derivative expires, or is sold, terminated, or exercised;
c) the hedged item matures or is sold or repaid; or
d) a forecast transaction is no longer deemed highly probable.
To the extent that the changes in the fair value of the hedging derivative differ from changes in the fair value of the hedged risk in the
hedged item, or the cumulative change in the fair value of the hedging derivative differs from the cumulative change in the fair value of
expected future cash flows of the hedged item, ineffectiveness arises. The amount of ineffectiveness, (taking into account the timing of
the expected cash flows, where relevant) provided it is not so great as to disqualify the entire hedge for hedge accounting, is recorded
in the income statement.
In certain circumstances, the Group may decide to cease hedge accounting even though the hedge relationship continues to be highly
effective by no longer designating the financial instrument as a hedge.
Some of the Group cash flow and fair value hedge relationships were affected by the interest rate benchmark reform. All the affected
hedged items and hedging instruments were either transitioned to risk free rates or will be in line with regulatory deadlines which will
change the basis for determining the interest cash flows from the relevant term rate to the relevant risk free rate at an agreed point in
time. The hedge documentation has been amended accordingly.
Fair value hedge accounting
Changes in fair value of derivatives that qualify and are designated as fair value hedges are recorded in the income statement, together
with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. If the hedge no longer meets the
criteria for hedge accounting, the fair value hedging adjustment cumulatively made to the carrying value of the hedged item is, for items
carried at amortised cost, amortised over the period to maturity of the previously designated hedge relationship using the effective
interest rate method. For debt securities measured at FVOCI, the fair value adjustment for hedged items is recognised in the income
statement using the effective interest rate method. If the hedged item is sold or repaid, the unamortised fair value adjustment is
recognised immediately in the income statement.
1\u00a0 Accounting policies continued
(q) Derivatives and hedge accounting continued
Cash flow hedge accounting
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is initially
recognised directly in other comprehensive income and included in the cash flow hedging reserve in the statement of changes in equity.
The amount recognised in other comprehensive income is reclassed to profit or loss as a reclassification adjustment in the same period
as the hedged cash flows affect profit or loss, and in the same line item in the statement of comprehensive income. Any ineffective
portion of the gain or loss on the hedging instrument is recognised in the income statement immediately.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain
or loss recognised in other comprehensive income from the time when the hedge was effective remains in equity and is reclassified to
the income statement as a reclassification adjustment as the forecast transaction affects profit or loss. When a forecast transaction is
no longer expected to occur, the cumulative gain or loss that was recognised in other comprehensive income from the period when the
hedge was effective is reclassified to the income statement.
Net investment hedge
Hedges of net investments in foreign operations, including monetary items that are accounted for as part of the net investment, are
accounted for similarly to cash flow hedges. The effective portion of the gain or loss on the hedging instrument is recognised in other
comprehensive income and the ineffective portion is recognised immediately in the income statement. The cumulative gain or loss
previously recognised in other comprehensive income is recognised in the income statement on the disposal or partial disposal of the
foreign operation. Hedges of net investments may include non-derivative liabilities as well as derivative financial instruments.
Derivatives that do not qualify for hedge accounting
Certain derivative contracts entered into as economic hedges do not qualify for hedge accounting. Changes in the fair value of these
derivative instruments are recognised immediately in the income statement.
(r) Derecognition
Financial assets
The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the
rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the
financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership
and it does not retain control of the financial asset.
On derecognition of a financial asset, the difference between the carrying amount of the asset and the sum of (i) the consideration
received (including any new asset obtained less any new liability assumed) and (ii) any cumulative gain or loss that had been
recognised in OCI is recognised in profit or loss. Relevant costs incurred with the disposal of a financial asset are deducted in
computing the gain or loss on disposal.
Any cumulative gain/loss recognised in OCI in respect of equity investment securities designated as at FVOCI is not recognised in profit
or loss on derecognition of such securities. However, the amount held in investment securities reserves is transferred to revenue
reserves on derecognition. Any interest in transferred financial assets that qualify for derecognition, that is created or retained by the
Group, is recognised as a separate asset or liability.
The Group enters into transactions whereby it transfers assets recognised on its statement of financial position, but retains either all or
substantially all of the risks and rewards of the transferred assets or a portion of them. In such cases, the transferred assets are not
derecognised. Examples of such transactions are securities lending and sale-and-repurchase transactions.
In transactions in which the Group neither retains nor transfers substantially all of the risks and rewards of ownership of a financial
asset and it retains control over the asset, the Group continues to recognise the asset to the extent of its continuing involvement,
determined by the extent to which it is exposed to changes in the value of the transferred asset.
In certain transactions, the Group retains the obligation to service the transferred financial asset for a fee. The transferred asset is
derecognised if it meets the derecognition criteria. An asset or liability is recognised for the servicing contract if the servicing fee is more
than adequate or is less than adequate for performing the servicing.
The write-off of a financial asset constitutes a derecognition event. Where a financial asset is partially written-off, and the portion
written-off comprises specifically identified cash flows, this will constitute a derecognition event for that part written-off.
1\u00a0 Accounting policies continued
(s) Impairment of financial assets
The Group recognises loss allowances for expected credit losses at each balance sheet date for the following financial instruments that
are not measured at FVTPL:
\u2022Financial assets at amortised cost;
\u2022Financial assets at FVOCI (except for equity instruments);
\u2022Lease receivables;
\u2022Financial guarantee contracts issued; and
\u2022Loan commitments issued.
Investments in equity instruments are recognised at fair value and accordingly, expected credit losses (\u201cECLs\u201d) are not recognised
separately for equity instruments.
ECLs are the weighted average of credit losses. When measuring ECLs, the Group takes into account:
\u2022Probability-weighted outcomes;
\u2022The time value of money so that ECLs are discounted to the reporting date; and
\u2022Reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current
conditions and forecasts of future economic conditions.
The amount of ECLs recognised as a loss allowance depends on the extent of credit deterioration since initial recognition. There are
two measurement bases:
\u202212-month ECLs (Stage 1), which applies to all items as long as there is no significant deterioration in credit quality since initial
recognition; and
\u2022Lifetime ECLs (Stages 2 and 3), which applies when a significant increase in credit risk has occurred on an individual or collective
basis.
The 12 month ECL is the portion of lifetime expected credit losses that represent the expected credit losses that result from default
events on a financial instrument that are possible within the 12 months after the reporting date. Lifetime ECL is the expected credit
losses that result from all possible default events over the expected life of a financial instrument.
In the case of Stage 2, credit risk on the financial instrument has increased significantly since initial recognition but the instrument is not
considered credit impaired. For a financial instrument in Stage 3, credit risk has increased significantly since initial recognition and the
instrument is considered credit impaired.
Financial assets are allocated to stages dependent on credit quality relative to when the asset was originated.
A financial asset can only originate in either Stage 1 or as purchased or originated credit impaired (\u201cPOCI\u201d). The ECL held against an
asset depends on a number of factors, one of which is its stage allocation. Assets allocated to Stage 2 and Stage 3 have lifetime ECLs.
Collateral and other credit enhancements are not considered as part of stage allocation. Collateral is reflected in the Group\u2019s loss given
default models (\u201cLGD\u201d).
Purchased or originated credit impaired
POCI financial assets are those that are credit-impaired on initial recognition. The Group may originate a credit-impaired financial asset
following a substantial modification of a distressed financial asset that resulted in derecognition of the original financial asset.
POCIs are financial assets originated credit impaired that have a discount to the contractual value when measured at fair value. The
Group uses an appropriate discount rate for measuring ECL in the case of POCIs which is the credit-adjusted EIR. This rate is used to
discount the expected cash flows of such assets to fair value on initial recognition.
POCIs remain outside of the normal stage allocation process for the lifetime of the obligation. The ECL for POCIs is always measured
at an amount equal to lifetime expected credit losses. The amount recognised as a loss allowance for these assets is the cumulative
changes in lifetime expected credit losses since the initial recognition of the assets rather than the total amount of lifetime expected
credit losses.
1\u00a0 Accounting policies continued
(s) Impairment of financial assets continued
At each reporting date, the Group recognises the amount of the change in lifetime expected credit losses as a credit impairment gain or
loss in the income statement. Favourable changes in lifetime expected credit losses are recognised as a credit impairment gain, even if
the favourable changes exceed the amount previously recognised in profit or loss as a credit impairment loss.
Modification
From time to time, the Group will modify the original terms of a customer\u2019s loan either as part of the ongoing relationship or arising from
changes in the customer\u2019s circumstances such as when that customer is unable to make the agreed original contractual repayments.
A modification refers to either:
\u2022A change to the previous terms and conditions of a debt contract; or
\u2022A total or partial refinancing of a debt contract.
Modifications may occur for both customers in distress and for those not in distress. Any financial asset that undergoes a change or
renegotiation of cash flows and is not derecognised is a modified financial asset.
When modification does not result in derecognition, the modified assets are treated as the same continuous lending agreement and a
modification gain or loss is taken to profit or loss immediately. The gross carrying amount of the financial asset is recalculated as the
present value of the renegotiated or modified contractual cash flows discounted at the financial asset\u2019s original effective interest rate.
Any costs or fees incurred adjust the carrying amount of the modified financial asset and are amortised over the remaining term of the
modified financial asset.
The stage allocation for modified assets which are not derecognised is by reference to the credit risk at initial recognition of the original,
unmodified contractual terms i.e. the date of initial recognition is not reset.
Where renegotiation of the terms of a financial asset leads to a customer granting equity to the Group in exchange for any loan balance
outstanding, the new instrument is recognised at fair value with any difference to the loan carrying amount recognised in the income
statement.
Derecognition occurs if a modification or restructure is substantial on a qualitative or quantitative basis. Accordingly, certain forborne
assets are derecognised. The modified/restructured asset (derecognised forborne asset (\u2018DFA\u2019)) is considered a \u2018new financial
instrument\u2019 and the date that the new asset is recognised is the date of initial recognition from this point forward. DFAs are allocated to
Stage 1 on origination and follow the normal staging process thereafter.
If there is evidence of credit impairment at the time of initial recognition of a DFA, and the fair value at recognition is at a discount to the
contractual amount of the obligation, the asset is deemed to be a POCI. POCIs are not allocated to stages but are assigned a lifetime
PD and ECL for the duration of the obligation\u2019s life. Where the modification/restructure of a non-forborne credit obligation results in
derecognition, the new loan is originated in Stage 1 and follows the normal staging process thereafter.
Collateralised financial assets \u2013 Repossessions
The ECL calculation for a collateralised financial asset reflects the cash flows that may result from foreclosure, costs for obtaining and
settling the collateral, and whether or not foreclosure is probable.
For loans that are credit impaired, the Group may repossess collateral previously pledged as security in order to achieve an orderly
realisation of the loan. The Group will then offer this repossessed collateral for sale. However, if the Group believes the proceeds of the
sale will comprise only part of the recoverable amount of the loan with the customer remaining liable for any outstanding balance, the
loan continues to be recognised and the repossessed asset is not recognised. However, if the Group believes that the sale proceeds of
the asset will comprise all or substantially all of the recoverable amount of the loan, the loan is derecognised and the acquired asset is
accounted for in accordance with the applicable accounting standard. Any further impairment of the repossessed asset is treated as an
impairment of that asset and not as a credit impairment of the original loan.
Financial assets at FVOCI
The ECL allowance for financial assets measured at FVOCI does not reduce the carrying amount in the statement of financial position
because the carrying amount of these assets is fair value. However, an amount equal to the ECL allowance that would arise if the
assets were measured at amortised cost is recognised in other comprehensive income (\u2018OCI\u2019) as an accumulated credit impairment
amount, with a corresponding charge to profit or loss. The accumulated loss recognised in OCI is recycled to the profit or loss upon
derecognition of the assets (together with other accumulated gains and losses in OCI).
1\u00a0 Accounting policies continued
(s) Impairment of financial assets continued
Write-offs and debt forgiveness
The Group reduces the gross carrying amount of a financial asset either partially or fully when there is no reasonable expectation of
recovery.
Where there is no formal debt forgiveness agreed with the customer, the Group may write off a loan either partially or fully when there is
no reasonable expectation of recovery. This is considered a non-contracted write-off. In this case, the borrower remains fully liable for
the credit obligation and is not advised of the write-off.
Once a financial asset is written-off either partially or fully, the amount written-off cannot subsequently be recognised on the balance
sheet. It is only when cash is received in relation to the amount written-off that income is recognised in the income statement as a
\u2018recovery of bad debt previously written-off.
Debt forgiveness arises where there is a formal contract agreed with the customer for the write-off of a loan.
(t) Collateral and netting
The Group enters into master netting agreements with counterparties, to ensure that if an event of default occurs, all amounts
outstanding with those counterparties will be settled on a net basis.
Collateral
The Group obtains collateral in respect of customer advances where this is considered appropriate. The collateral normally takes the
form of a lien over the customer\u2019s assets and gives the Group a claim on these assets for both existing and future customer liabilities.
The collateral is, in general, not recorded on the statement of financial position.
The Group also receives collateral in the form of cash or securities in respect of other credit instruments, such as securities borrowing
contracts and derivative contracts in order to reduce credit risk. Collateral received in the form of securities is not recorded on the
statement of financial position. Collateral received in the form of cash is recorded on the statement of financial position with a
corresponding liability. Therefore, in the case of cash collateral, these amounts are assigned to deposits received from banks or other
counterparties. Any interest payable or receivable arising is recorded as interest expense or interest income respectively.
In certain circumstances, the Group will pledge collateral in respect of its own liabilities or borrowings. Collateral pledged in the form of
securities or loans and advances continues to be recorded on the statement of financial position. Collateral paid away in the form of
cash is recorded in loans and advances to banks or customers. Any interest payable or receivable arising is recorded as interest
expense or interest income respectively.
Netting
Financial assets and financial liabilities are offset and the net amount reported on the statement of financial position if, and only if, there
is a currently enforceable legal right to set off the recognised amounts and there is an intention to settle on a net basis, or to realise the
asset and settle the liability simultaneously. This is not generally the case with master netting agreements, therefore, the related assets
and liabilities are presented gross on the statement of financial position.
(u) Financial guarantees and loan commitment contracts
Financial guarantees are given to banks, financial institutions and other bodies on behalf of customers to secure loans, overdrafts and
other banking facilities (\u2018facility guarantees\u2019) and to other parties in connection with the performance of customers under obligations
relating to contracts, advance payments made by other parties, tenders, retentions and the payment of import duties. In its normal
course of business, Allied Irish Banks, p.l.c. (the principal operating company) issues financial guarantees to other Group entities.
A loan commitment is a contract with a borrower to provide a loan or credit on specified terms at a future date. The contract may or may
not be cancelled unconditionally at any time without notice depending on the terms of the contract.
The origination date for financial guarantees and loan commitment contracts is the date when the contracts become irrevocable. The
credit risk at this date is used to determine if a significant increase in credit risk has subsequently occurred.
Financial guarantees and loan commitments are initially recognised in the financial statements at fair value on the date that the
guarantee is given. Subsequent to initial recognition, the Group applies the impairment provisions of IFRS 9 Financial Instruments and
calculates an ECL allowance for financial guarantees and loan commitment contracts (i.e. those that are not measured at FVTPL).\u00a0
The ECL allowance calculated on financial guarantees and loan commitment contracts is reported within Provisions for liabilities and
commitments.
1\u00a0 Accounting policies continued
(v) Property, plant and equipment
Property, plant and equipment are stated at cost, or deemed cost, less accumulated depreciation and provisions for impairment, if any.
Additions and subsequent expenditures are capitalised only to the extent that they enhance the future economic benefits expected to
be derived from the asset. No depreciation is provided on freehold land. Property, plant and equipment are depreciated on a straight
line basis over their estimated useful economic lives. Depreciation is calculated based on the gross carrying amount, less the estimated
residual value at the end of the assets\u2019 economic lives.
The Group uses the following useful lives when calculating depreciation:
Freehold buildings and long-leasehold property50 years
Short leasehold propertylife of lease, up to 50 years
Costs of adaptation of freehold and leasehold property
Branch propertiesup to 10 years(1)
Office propertiesup to 15 years(1)
Computers and similar equipment 3 \u2013 7 years
Fixtures and fittings and other equipment 5 \u2013 10 years
The Group depreciates right-of-use assets arising under lease obligations from the commencement date of a lease to the earlier of the
end of the useful life of the right-of-use asset and the end of the lease term on a straight line basis.
The Group reviews its depreciation rates regularly, at least annually, to take account of any change in circumstances. When deciding on
useful lives and methods, the principal factors that the Group takes into account are the expected rate of technological developments
and expected market requirements for, and the expected pattern of usage of, the assets. When reviewing residual values, the Group
estimates the amount that it would currently obtain for the disposal of the asset, after deducting the estimated cost of disposal if the
asset was already of the age and condition expected at the end of its useful life.
Gains and losses on disposal of property, plant and equipment are included in the income statement. It is Group policy not to revalue its
property, plant and equipment.
(1)Subject to the maximum remaining life of the lease.
(w) Intangible assets
Computer software and other intangible assets
Computer software and other intangible assets are stated at cost, less amortisation on a straight line basis and provisions for
impairment, if any. The identifiable and directly associated external and internal costs of acquiring and developing software are
capitalised where the software is controlled by the Group, and where it is probable that future economic benefits that exceed its cost will
flow from its use over more than one year. Costs associated with maintaining software are recognised as an expense when incurred.
Capitalised computer software is amortised over 3 to 9 years. Other intangible assets are amortised over the life of the asset. Computer
software and other intangible assets are reviewed for impairment when there is an indication that the asset may be impaired. Intangible
assets not yet available for use are reviewed for impairment on an annual basis.
Acquired intangible assets
Customer related intangible assets and brands acquired in a business combination are recognised at fair value at acquisition date.
Customer related intangible assets and brands have a finite useful life and are carried at cost less accumulated amortisation and
provision for impairment, if any. Amortisation is calculated using the straight line basis to allocate the cost over their estimated useful life
(6 years).
(x) Impairment of property, plant and equipment, goodwill and intangible assets
Annually, or more frequently where events or changes in circumstances dictate, property, plant and equipment, goodwill and intangible
assets are assessed for indications of impairment. If indications are present, these assets are subject to an impairment review. Goodwill
and intangible assets not yet available for use are subject to an annual impairment review.
The impairment review comprises a comparison of the carrying amount of the asset or cash generating unit with its recoverable
amount. Cash-generating units are the lowest level at which management monitors the return on investment in assets. The recoverable
amount is determined as the higher of fair value less costs to sell the asset or cash generating unit and its value in use. Value in use is
calculated by discounting the expected future cash flows obtainable as a result of the asset\u2019s continued use, including those resulting
from its ultimate disposal, at a market-based discount rate on a pre-tax basis. For intangible assets not yet available for use, the
impairment review takes into account the cash flows required to bring the asset into use.
1\u00a0 Accounting policies continued
(x) Impairment of property, plant and equipment, goodwill and intangible assets continued
The carrying values of property, plant and equipment, goodwill and intangible assets are written down by the amount of any impairment
and this loss is recognised in the income statement in the period in which it occurs. A previously recognised impairment loss may be
reversed in part or in full when there is an indication that the impairment loss may no longer exist and there has been a change in the
estimates used to determine the asset\u2019s recoverable amount. The carrying amount of the asset will only be increased up to the amount
that it would have been had the original impairment not been recognised. Impairment losses on goodwill are not reversed.
(y) Disposal groups and non-current assets held for sale
A non-current asset or a disposal group comprising assets and liabilities is classified as held for sale if it is expected that its carrying
amount will be recovered principally through sale rather than through continuing use, it is available for immediate sale and sale is highly
probable within one year. For the sale to be highly probable, the appropriate level of management must be committed to a plan to sell
the asset or disposal group.
On initial classification as held for sale, generally, non-current assets and disposal groups are measured at the lower of previous
carrying amount and fair value less costs to sell with any adjustments taken to the income statement. The same applies to gains and
losses on subsequent remeasurement. However, financial assets within the scope of IFRS 9 Financial Instruments continue to be
measured in accordance with that standard.
Impairment losses subsequent to classification of assets as held for sale are recognised in the income statement. Subsequent
increases in fair value, less costs to sell of the assets that have been classified as held for sale are recognised in the income statement
to the extent that the increase is not in excess of any cumulative impairment loss previously recognised in respect of the asset. Assets
classified as held for sale are not depreciated.
Gains and losses on remeasurement and impairment losses subsequent to classification as disposal groups and non-current assets
held for sale are shown within continuing operations in the income statement, unless they qualify as discontinued operations.
Disposal groups and non-current assets held for sale which are not classified as discontinued operations are presented within other
assets and other liabilities on the statement of financial position.
(z) Non-credit risk provisions
Provisions are recognised for present legal or constructive obligations arising as consequences of past events where it is probable that
a transfer of economic benefit will be necessary to settle the obligation, and it can be reliably estimated.
When the effect is material, provisions are determined by discounting expected future cash flows at a pre-tax rate that reflects current
market assessments of the time value of money and, where appropriate, the risks specific to the liability. Payments are deducted from
the present value of the provision, and interest at the relevant discount rate is charged annually to interest expense using the effective
interest rate method. Changes in the present value of the liability as a result of movements in interest rates are included in other
income. These are reported within Provisions for liabilities and commitments in the statement of financial position.
Restructuring costs
Where the Group has a formal plan for restructuring a business and has raised valid expectations in the areas affected by the
restructuring by starting to implement the plan or announcing its main features, provision is made for the anticipated cost of
restructuring, including retirement benefits and redundancy costs, when an obligation exists. The provision raised is normally utilised
within twelve months. Future operating costs are not provided for.
Legal claims and other contingencies
Provisions are made for legal claims where the Group has present legal or constructive obligations as a result of past events and it is
more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.
Contingent liabilities are possible obligations whose existence will be confirmed only by the occurrence of uncertain future events or
present obligations where the transfer of economic benefit is uncertain or cannot be reliably estimated. Contingent liabilities are not
recognised but are disclosed in the notes to the financial statements unless the possibility of the transfer of economic benefit is remote.
A provision is recognised for a constructive obligation where a past event has led to an obligating event. This obligating event has left
the Group with little realistic alternative but to settle the obligation and the Group has created a valid expectation in other parties that it
will discharge the obligation.
1\u00a0 Accounting policies continued
(aa) Equity
Issued financial instruments, or their components, are classified as equity where they meet the definition of equity and confer on the
holder a residual interest in the assets of the Group.
On extinguishment of equity instruments, gains or losses arising are recognised net of tax directly in the statement of changes in equity.
Share capital
Share capital represents funds raised by issuing shares in return for cash or other consideration. Share capital comprises ordinary
shares of the entity.
Share premium
When shares are issued at a premium, whether for cash or otherwise, the excess of the amount received over the par value of the
shares is transferred to share premium.
Share issue costs
Incremental costs directly attributable to the issue of new shares or options are charged, net of tax, to equity.
Dividends and distributions
Dividends on ordinary shares are recognised in equity in the period in which they are approved by the Company\u2019s shareholders, or in
the case of the interim dividend when they become irrevocable having already been approved for payment by the Board of Directors.
The interim dividend may be cancelled at any time prior to the actual payment.
Dividends declared after the end of the reporting date are disclosed in note 51.
Other equity interests
Other equity interests include:
\u2022Additional Tier 1 Perpetual Contingent Temporary Write-down Securities (AT1s) (note 37); and
\u2022Warrants to acquire a fixed number of the company shares for a fixed amount of currency are classified as equity instruments and are
recognised on initial recognition at the fair value of consideration received.
Distributions on the AT1s are recognised in equity when approved for payment by the Board of Directors.
Other capital reserves
Other capital reserves represent transfers from retained earnings in accordance with relevant legislation.
Capital contributions
Capital contributions represent the receipt of non-refundable considerations arising from transactions with the Irish Government
(note 47). These contributions comprise both financial and non-financial net assets. The contributions are classified as equity and may
be either distributable or non-distributable. Capital contributions are distributable if the assets received are in the form of cash or
another asset that is readily convertible to cash, otherwise, they are treated as non-distributable. Capital contributions in the statement
of financial position arose during 2011 from (a) EBS transaction and (b) non-refundable receipts from the Irish Government and the
NPRFC.
The capital contribution from the EBS transaction is treated as non-distributable as the related net assets received were largely non-
cash in nature.
Non-refundable receipts of \u20ac 6,054 million from the Irish Government and the NPRFC are distributable. These are included in revenue
reserves.
1\u00a0 Accounting policies continued
(aa) Equity continued
Capital redemption reserves
Capital redemption reserves initially arose in 2015 from the redemption of 2,140 million 2009 Preference Shares whereby on
redemption, the\u00a0nominal value of shares redeemed was transferred from the share capital account to the capital redemption reserve
account. In\u00a0addition, the nominal value of cancelled ordinary shares is also transferred from the share capital to the capital redemption
reserve\u00a0account.
Revaluation reserves
Revaluation reserves represent the unrealised surplus, net of tax, which arose on revaluation of properties prior to the implementation
of IFRS at 1 January 2004.
Investment securities reserves
Investment securities reserves represent the net unrealised gain or loss, net of tax, arising from the recognition in the statement of
financial position of investment securities at FVOCI.
On disposal of equity securities which had been designated at FVOCI on initial recognition, any amounts held in the investment
securities reserves account is transferred directly to revenue reserves without recycling through profit or loss.
Cash flow hedging reserves
Cash flow hedging reserves represent the net gains or losses, net of tax, on effective cash flow hedging instruments that will be
reclassified to the income statement when the hedged transaction affects profit or loss.
Revenue reserves
Revenue reserves include the following:
\u2022Retained earnings of the parent company, subsidiaries and associated undertakings;
\u2022Amounts transferred from issued share capital, share premium and capital redemption reserves following Irish High Court approval;
\u2022Amounts arising from the capital reduction which followed the \u2018Scheme of Arrangement\u2019 undertaken by the Group in December 2017;
\u2022Remeasurements of defined benefit pension schemes; and
\u2022Transactions with owners including distributions and buybacks.
Foreign currency cumulative translation reserves
The foreign currency cumulative translation reserves represent the cumulative gains and losses on the retranslation of the Group\u2019s net
investment in foreign operations, at the rate of exchange at the year end reporting date net of the cumulative gain or loss on
instruments designated as net investment hedges.
Merger reserve
The merger reserve arose following the Scheme of Arrangement approved by the Irish High Court in December 2017 where a new
company, AIB Group plc (\u2018the Company\u2019), was introduced as the holding company of AIB Group (note 38).
In the consolidated financial statements of AIB Group plc, the carrying value of the investment in Allied Irish Banks, p.l.c. by AIB Group
plc was eliminated against the share capital and share premium account in Allied Irish Banks, p.l.c. and the merger reserve in AIB
Group plc resulting in a negative merger reserve.
In AIB Group plc\u2019s company financial statements, impairment losses which arise from AIB Group plc\u2019s investment in Allied Irish Banks,
p.l.c. will be charged to the profit or loss account and transferred to the merger reserve in so far as a credit balance remains in the
merger reserve.
Non-controlling interests
Non-controlling interests comprise equity interests which relate to the interests of outside shareholders in consolidated subsidiaries.
They also include other equity instruments such as additional tier 1 securities if issued by consolidated subsidiaries.
1\u00a0 Accounting policies continued
(ab) Cash and cash equivalents
For the purposes of the cash flow statement, cash comprises cash on hand and demand deposits, and cash equivalents comprise
highly liquid investments that are convertible into cash with an insignificant risk of changes in value and with a maturity of less than
three months from the date of acquisition.
(ac) Segment reporting
An operating segment is a component of the Group that engages in business activities from which it earns revenues and incurs
expenses. The Group has identified reportable segments on the basis of internal reports about components of the Group that are
regularly reviewed by the Chief Operating Decision Maker (\u201cCODM\u201d) in order to allocate resources to the segment and assess its
performance. Based on this identification, the reportable segments are the operating segments within the Group, the head of each
being a member of the Executive Committee. The Executive Committee is the CODM and it relies primarily on the management
accounts to assess performance of the reportable segments and when making resource allocation decisions.
Transactions between operating segments are on normal commercial terms and conditions, with internal charges and transfer pricing
adjustments reflected in the performance of each operating segment. Revenue sharing agreements are used to allocate external
customer revenues to an operating segment on a reasonable basis.
Geographical segments provide products and services within a particular economic environment that is subject to risks and rewards
that are different to those components operating in other economic environments. The geographical distribution of revenue is based
primarily on the location of the office recording the transaction. The geographic distribution of loans and related impairment is based on
the country of risk.
(ad) Prospective accounting changes
The following amendments to existing standards which have been approved by the IASB, but not early adopted by the Group, will
impact the Group\u2019s financial reporting in future periods. The Group will consider the impact of these amendments as the situation
requires. The amendments which are most relevant to the Group are detailed below.
IFRS 17 Insurance Contracts
In May 2017, the IASB issued IFRS 17 Insurance Contracts, a comprehensive new accounting standard for insurance contracts
covering recognition and measurement, presentation and disclosure. Once effective, IFRS 17 will replace IFRS 4 Insurance Contracts
as issued in 2005. IFRS 17 applies to all types of insurance contracts (i.e., life, non-life, direct insurance and re-insurance), regardless
of the type of entities that issues them, as well as certain guarantees and financial instruments with discretionary participation features.
A few scope exceptions will apply.
IFRS 17 is effective for reporting periods beginning on or after 1 January 2023, with comparative figures required. The Group has
completed an initial assessment of the impacts of adopting IFRS 17 and it has concluded that it does not expect any material impact on
its financial statements from the adoption of the new standard in 2023.
Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies
The amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 regarding disclosure of accounting
policies which were issued in February 2021, amends IAS 1 in the following way:
\u2022Disclosure of material accounting policy information is now required instead of significant accounting policies.
\u2022Amendments have been included to clarify that accounting policy information may be material because of its nature, even if the
related amounts are immaterial and if users of an entity\u2019s financial statements would need it to understand other material information
in the financial statements.
Effective date: Annual reporting periods beginning on or after 1 January 2023.\u00a0 These amendments will not have a material impact on
the Group.
Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates
The amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors were issued in February 2021 to help
entities to distinguish between accounting policies and accounting estimates. The changes relate entirely to accounting estimates and
clarify the following:
\u2022The definition of a change in accounting estimates is replaced with a definition of accounting estimates.
\u2022Entities develop accounting estimates if accounting policies require items in financial statements to be measured in a way that
involves measurement uncertainty.
\u2022A change in accounting estimate that results from new information or new developments is not the correction of an error.
\u2022A change in an accounting estimate may affect only the current period\u2019s profit or loss, or the profit or loss of both the current period
and future periods.
Effective date: Annual reporting periods beginning on or after 1 January 2023. These amendments will not have a material impact on
the Group.
1\u00a0 Accounting policies continued
(ad) Prospective accounting changes continued
Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction
The amendments to IAS 12 Income Taxes regarding deferred taxes related to assets and liabilities arising from a single transaction
which were issued in May 2021, require the following change:
\u2013 An exemption from the initial recognition exemption provided in IAS 12.15(b) and IAS 12.24.
Accordingly, the initial recognition exemption does not apply to transactions in which equal amounts of deductible and taxable
temporary differences arise on initial recognition.
Effective date: Annual reporting periods beginning on or after 1 January 2023. These amendments will not have a material impact on
the Group.
Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback
In September 2022, the IASB issued amendments to IFRS 16 Leases that require a seller-lessee to subsequently measure lease
liabilities arising from a leaseback in a way that it does not recognise any amount of the gain or loss that relates to the right of use it
retains.
The new requirements do not prevent a seller-lessee from recognising in profit or loss any gain or loss relating to the partial or full
termination of a lease.
Effective date: Annual reporting periods beginning on or after 1 January 2024.
Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current
In January 2020, July 2020 and October 2022, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 Presentation of Financial
Statements to specify the requirements for classifying liabilities as current or non-current. The amendments clarify:
\u2022What is meant by a right to defer settlement;
\u2022That a right to defer must exist at the end of the reporting period;
\u2022That classification is unaffected by the likelihood that an entity will exercise its deferral right;
\u2022That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its
classification; and
\u2022That covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the
reporting date. Instead, information about these covenants should be disclosed in the notes to the financial statements.
Effective date: Annual reporting periods beginning on or after 1 January 2024.
Other
The IASB has published a number of minor amendments to IFRSs through standalone amendments. None of the other amendments
are expected to have a significant impact on reported results or disclosures.
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(a) Reporting entity
AIB Group plc (\u2018the parent company\u2019 or \u2018the Company\u2019) is a company domiciled in Ireland. The address of the Company\u2019s registered
office is 10 Molesworth Street, Dublin 2, Ireland. AIB Group plc is registered under the Companies Act 2014 as a public limited company
under the company number 594283 and is the holding company of the Group.
The consolidated financial statements for the year ended 31 December 2022 include the financial statements of AIB Group plc and its
subsidiary undertakings, collectively referred to as \u2018AIB Group\u2019 or \u2018the Group\u2019, where appropriate, including certain special purpose
entities and the Group\u2019s interest in associates/joint ventures using the equity method of accounting and are prepared to the end of the
financial period. The Group is and has been primarily involved in retail and corporate banking.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzEyNjQ0MzgzODQ0MTYy_18c6e25a-912f-4da0-90f9-b79cc58209a1": { "value": "AIB Group plc", "dimensions": { "concept": "ifrs-full:NameOfParentEntity", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzEyNjQ0MzgzODQ0MTYy_2bdecac5-d3fb-4db1-b0c4-74519e15c455": { "value": "AIB Group plc", "dimensions": { "concept": "ifrs-full:NameOfUltimateParentOfGroup", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzEyNjQ0MzgzODQ0MTYy_e30e0da5-429f-48a7-a1b2-a58266b9d639": { "value": "AIB Group plc", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzEyNjQ0MzgzODQ0MTYx_5ca0d9bc-084e-467d-8a11-7144ca0e1f57": { "value": "Ireland", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzEyNjQ0MzgzODQ0MTYx_a5559915-6cf4-496a-8d78-4c8fe0684771": { "value": "Ireland", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzEyNjQ0MzgzODQ0MTYw_27151f6b-3e81-45fe-84f2-2dd30dc1fb12": { "value": "10 Molesworth Street, Dublin 2, Ireland", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzEyNjQ0MzgzODQ0MTYw_439a560e-67db-40e1-81e3-61c1ef78cbb5": { "value": "10 Molesworth Street, Dublin 2, Ireland", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzEyNjQ0MzgzODQ0MTU5_160b05c4-34da-483e-a21d-10993faacff0": { "value": "public limited company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzEyNjQ0MzgzODQ0MTU4_5512136e-e34e-4656-ad65-85f691c27fde": { "value": "retail and corporate banking", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQzOQ_2ecc49f5-3637-4560-8616-569c2f2895f5": { "value": "
(b) Statement of compliance
The consolidated financial statements have been prepared in accordance with International Accounting Standards and International
Financial Reporting Standards (collectively \u201cIFRSs\u201d) as adopted by the European Union (\u201cEU\u201d) and applicable for the financial year
ended 31 December 2022. The consolidated financial statements also comply with those parts of the Companies Act 2014 and the
European Union (Credit Institutions: Financial Statements) Regulations 2015 applicable to companies reporting under IFRS, and the
Asset Covered Securities Acts 2001 and 2007 and Article 4 of the IAS Regulation. The accounting policies have been consistently
applied by Group entities and are consistent with the previous year, unless otherwise described.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ0MA_ef5fca70-3066-4a37-b452-d59bcdb783b3": { "value": "Basis of preparation
Functional and presentation currency
The financial statements are presented in euro, which is the functional currency of the parent company and a significant number of its
subsidiaries, rounded to the nearest million.
Basis of measurement and presentation
The financial statements have been prepared under the historical cost basis, with the exception of the following assets and liabilities
which are stated at their fair value: derivative financial instruments, financial instruments at fair value through profit or loss, certain
hedged financial assets and financial liabilities and investment securities at fair value through other comprehensive income (\u201cFVOCI\u201d).
The carrying values of recognised assets and liabilities that are hedged items in fair value hedges, and otherwise carried at amortised
cost, are adjusted to record changes in fair value attributable to the risks that are being hedged.
The financial statements comprise the consolidated income statement, the consolidated statement of comprehensive income, the
consolidated and the holding company\u2019s separate statements of financial position, the consolidated and the holding company\u2019s
separate statements of cash flows, and the consolidated and the holding company\u2019s separate statements of changes in equity together
with the related notes. These notes also include financial instrument related disclosures which are required by IFRS 7, Financial
Instruments: Disclosures and IAS 1, Presentation of Financials Statements, contained in the \u2018Business review\u2019 and the \u2018Risk
management\u2019 sections of this Annual Financial Report. The relevant information on those pages is identified as forming an integral part
of the audited financial statements.
Change in presentation of certain items in the primary statements
The Group has changed the presentation of certain line items in the consolidated statement of financial position and the consolidated
income statement to a more appropriate presentation as those line items are no longer material. \u2018Items in course of collection\u2019 and
\u2018disposal groups and non-current assets held for sale\u2019 are reported within \u2018other assets\u2019 in 2022. The comparatives for 2021 of \u20ac 44
million and \u20ac 8 million respectively have been restated accordingly. In the consolidated income statement \u2018loss on disposal of property\u2019,
previously presented outside of operating profit, is now reported within \u2018other operating income\u2019 in 2022. The comparative for 2021 of
a\u00a0loss of \u20ac 3 million has been restated accordingly.
For fair value hedges where the hedged financial assets and liabilities are measured at amortised cost, the Group has changed the
presentation of the fair value adjustments that is attributable to the hedged risk. The Group has adjusted the carrying amount of
impacted financial assets and liabilities presented within \u2018investment securities\u2019, \u2018debt securities in issue\u2019 and \u2018subordinated liabilities
and other capital instruments\u2019 for the gain or loss that is attributable to the hedged risk in 2022 and the related comparatives for 2021
have been restated by (\u20ac 38 million), \u20ac 62 million and (\u20ac 26 million) respectively. The Group historically presented those amounts in
a\u00a0single separate line item within other assets and other liabilities as those amounts were not material.
Use of judgements and estimates
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the
application of policies and reported amounts of certain assets, liabilities, revenues and expenses, and disclosures of contingent assets
and liabilities. The estimates and assumptions are based on historical experience and various other factors that are believed to be
reasonable under the circumstances. Since management\u2019s judgement may involve making estimates concerning the likelihood of future
events, the actual results could differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future period affected.
The judgements that have a significant effect on the consolidated financial statements and estimates with a significant risk of material
adjustment in the next year are in the areas of expected credit losses on financial instruments; the recoverability of deferred tax;
retirement benefit obligations; and provisions for liabilities and commitments. A\u00a0description of these judgements and estimates is set out
in note 2.
1\u00a0 Accounting policies continued
(c) Basis of preparation continued
Consideration of climate change
In preparing the financial statements, the Directors have considered the impact of climate change, particularly in the context of the risks
identified in the TCFD disclosure on pages 30 to 41 this year. There has been no material impact identified on the financial reporting
judgements and estimates of the Group. In particular, the Directors considered the impact of climate change in respect of the following
areas:
\u2022Credit risk: The impact of climate risk on the management, escalating and reporting of credit risk was considered by the Group.
It\u00a0was deemed that insufficient evidence of the likely loss impacts from climate events is available to adjust expected credit losses
(\u201cECL\u201d) materially but that the Group\u2019s approach to individual counterparty risk assessment adequately captures climate risk where
appropriate. This is set out in further detail on page 151.\u00a0
\u2022Going concern and viability: The assessment of the group\u2019s going concern and viability over the next three years did not identify
material climate-related risks, both in terms of commitment to being Net Zero on its own operations on Scope 1 and Scope 2
emissions by 2030 and the physical risks from climate change. This is set out in further detail on page 121.\u00a0
\u2022Provisions and contingent liabilities: The Group\u2019s publicly announced commitment to being Net Zero on its own operations on
Scope 1 and Scope 2 emissions by 2030 is not considered a constructive obligation or a contingent liability. The timeframe to 2030
allows opportunities for the Group to evolve its plans for how the Net Zero commitment will be met and therefore it would not be
appropriate for the Group to recognise a provision or a contingent liability in relation to its net zero commitment (i.e. as the Group
does not have an obligation as a result of a past event). IAS 37 Provisions, Contingent Liabilities and Contingent Assets sets out that
it is only those obligations arising from past events existing independently of an entity's future actions that are recognised as
provisions or disclosed as contingent liabilities.
\u2022Impairment of non-financial assets: The Group applies the requirements of IAS 36 Impairment of Assets in assessing whether
impacted assets are impaired at a reporting date. The Group has a robust process to identify assets which may be impaired which
requires the identification of all material potential impairment triggers including identification of climate related impairment triggers.
In\u00a0addition, the Group\u2019s published commitment to be net zero in its own operations does not impact the useful lives of the Group\u2019s
impacted assets as the Group proposes to replace impacted assets as their useful lives expire.
Whilst there is currently no short or medium-term impact expected from climate change, the Directors are aware of the ever-changing
risks attached to climate change and will assess these risks against judgements and estimates made in preparation of the Group\u2019s
financial statements.
Going concern
The financial statements for the year ended 31 December 2022 have been prepared on a going concern basis as the Directors are
satisfied, having considered the risks and uncertainties impacting the Group, that it has the ability to continue in business for the period
of assessment. In making this assessment, the Directors have considered a wide range of information relating to present and future
conditions. This includes capital forecasts and internally generated stress scenarios with additional scenarios to take account of the
inorganic initiatives that the Group has committed to. The scenarios include the impacts of persistent inflation, disruptions to energy
supplies, increased interest rates and significant impacts on unemployment and property prices. The period of assessment used by the
Directors is at least 12 months from the date of approval of these annual financial statements.
Adoption of new accounting standards/amendments to standards
The were no new accounting standards/amendments to standards effective for annual periods beginning 1 January 2022 apart from
minor amendments to IFRSs through both standalone amendments and through the Annual Improvements to IFRS Standards 2018 \u2013
2020 cycle. None of these had a significant impact on reported results or disclosures.
The Group has not early adopted any other standard or amendment that has been issued but is not yet effective.
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the
application of policies and reported amounts of certain assets, liabilities, revenues and expenses, and disclosures of contingent assets
and liabilities. The estimates and assumptions are based on historical experience and various other factors that are believed to be
reasonable under the circumstances. Since management judgement involves making estimates concerning the likelihood of future
events, the actual results could differ from those estimates.
The accounting judgements that are deemed critical to the Group\u2019s results and financial position, in terms of the materiality of the items
to which the judgements are applied, and the estimates that have a significant risk of material adjustment in the next year are set out
below.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ0MQ_0a81b3b4-1275-4a16-9607-7c8a3add3611": { "value": "
Functional and presentation currency
The financial statements are presented in euro, which is the functional currency of the parent company and a significant number of its
subsidiaries, rounded to the nearest million.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ0Mw_e57d23b0-5bd8-42df-8e36-ec2e379cc1fd": { "value": "
Use of judgements and estimates
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the
application of policies and reported amounts of certain assets, liabilities, revenues and expenses, and disclosures of contingent assets
and liabilities. The estimates and assumptions are based on historical experience and various other factors that are believed to be
reasonable under the circumstances. Since management\u2019s judgement may involve making estimates concerning the likelihood of future
events, the actual results could differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future period affected.
The judgements that have a significant effect on the consolidated financial statements and estimates with a significant risk of material
adjustment in the next year are in the areas of expected credit losses on financial instruments; the recoverability of deferred tax;
retirement benefit obligations; and provisions for liabilities and commitments. A\u00a0description of these judgements and estimates is set out
in note 2.
1\u00a0 Accounting policies continued
(c) Basis of preparation continued
2\u00a0 Critical accounting judgements and estimates
The preparation of financial statements requires management to make judgements, estimates and assumptions that affect the
application of policies and reported amounts of certain assets, liabilities, revenues and expenses, and disclosures of contingent assets
and liabilities. The estimates and assumptions are based on historical experience and various other factors that are believed to be
reasonable under the circumstances. Since management judgement involves making estimates concerning the likelihood of future
events, the actual results could differ from those estimates.
The accounting judgements that are deemed critical to the Group\u2019s results and financial position, in terms of the materiality of the items
to which the judgements are applied, and the estimates that have a significant risk of material adjustment in the next year are set out
below.
Significant judgements
The significant judgements made by the Group in applying its accounting policies are as follows:
\u2022Deferred taxation;
\u2022Impairment of financial assets; and
\u2022Provisions for liabilities and commitments.
The application of certain of these judgements also necessarily involves estimations which are discussed separately.
Deferred taxation
The Group\u2019s accounting policy for deferred tax is set out in accounting policy (k) in note 1. Details of the Group\u2019s deferred tax assets
and liabilities are set out in note 27.
A key judgement in relation to the recoverability of deferred tax assets is that it is probable that there will be sufficient future taxable
profits against which the losses can be used:
\u2022The estimated utilisation period for such losses in Ireland is within the timeframe that taxable profits are considered more likely
than not; and
\u202215 years is the period that taxable profits are considered more likely than not in the UK.
Deferred tax assets are recognised for unused tax losses to the extent that it is probable (defined for this purpose as more likely than
not) that there will be sufficient future taxable profits against which the losses can be used. For a company with a history of recent
losses, there must be convincing other evidence to underpin this assessment.
The recognition of these deferred tax assets relies on the assessment of future profitability and the sufficiency of those profits to absorb
losses carried forward. It requires significant judgements to be made about the projection of long term future profitability because of the
period over which recovery extends.
In assessing the future profitability of the Group, the Board has considered a range of positive and negative evidence for this purpose.
Among this evidence, the principal positive factors include:
\u2022AIB as a pillar bank with a strong Irish franchise;
\u2022The absence of any expiry dates for Irish and UK tax losses;
\u2022The changing banking landscape in Ireland as KBC and Ulster Bank exit the Irish market as evidenced by the acquisition of certain
Ulster Bank loans by the Group;
\u2022The strong performance of the Irish economy in 2022 with growth forecasts being revised higher during the year;
\u2022A positive interest rate environment with Central Banks increasing Euro, Sterling and Dollar interest rates during 2022;
\u2022The recent inorganic activity of the Group including the completed acquisition of Goodbody in 2021 and the Group\u2019s investment in AIB
JV Holdings Limited being the Group\u2019s joint venture with Great-West Lifeco Inc.;
\u2022The turnaround evident in the financial performance over the years 2021-2022;
\u2022External economic forecasts for Ireland in the medium term, with forecasted growth in 2023 of 4%, outperforming the global
economy;
\u2022The introduction of the bank resolution framework under the BRRD and the establishment in 2017 of AIB Group plc as the new
holding company of the Group provides greater confidence in relation to the future viability of Allied Irish Banks, p.l.c. (as the principal
operating bank subsidiary) as there are now effective tools in place that should facilitate its recapitalisation in a future crisis; and
\u2022The non-enduring nature of the loan impairments at levels which resulted in the losses in the 2009 to 2013 prior years.
The Board considered negative evidence and the inherent uncertainties in any long term financial assumptions and projections,
including:
\u2022The absolute level of deferred tax assets compared to the Group\u2019s equity;
\u2022The quantum of profits required to be earned and the extended period over which it is projected that the tax losses will be utilised;
\u2022The challenge of forecasting over a long period, taking account of the level of competition, market dynamics (including the interest
rate environment) and resultant margin and funding pressures;
\u2022Any potential longer term residual impacts of COVID-19 and post-Brexit EU/UK trade deal on the Irish economy;
\u2022Potential instability arising from macroeconomic headwinds and geopolitical issues over an extended period; and
\u2022Taxation changes (including Organisation for Economic Co-operation and Development (\u201cOECD\u201d) tax reform) and the likelihood of
future developments and their impact on profitability and utilisation.
2\u00a0 Critical accounting judgements and estimates continued
Deferred taxation continued
Profitability and growth were reassessed in the annual planning exercise covering the period 2023 to 2025 undertaken by the Group in
the second half of 2022. Profitability levels underpinning the plan have been revised upwards compared to last year given the changing
banking landscape and evolving operating environment.
Taking account of all relevant factors, and in the absence of any expiry date for tax losses in Ireland, the Group further believes that it is
more likely than not that there will be future profits in the medium term, and beyond, in the relevant Irish Group companies against
which to use the tax losses. In this regard, the Group has carried out an exercise to determine the likely number of years required to
utilise the deferred tax asset under the following scenario. Using the Group\u2019s financial plan 2023 to 2025 as a base and a profit growth
rate of 2% from 2026, it was assessed that it will take less than 15 years for the Irish deferred tax asset (\u20ac 2.5 billion) to be utilised.
Furthermore, under this scenario, it is expected that c. 65% will be utilised within 10 years. If the growth rate assumption was decreased
by 1%, then the utilisation period increases by a further c.1 year. The Group\u2019s analysis of this and other scenarios examined would not
alter the basis of recognition or the current carrying value. In 2021, the Group reported that it expected that it would take in excess of 20
years for the deferred tax asset to be utilised with 92% being utilised within 20 years and 64% within 15 years.
Given the relative size of the Group\u2019s operations in the UK compared to the role that the Irish operations play in supporting a functioning
banking environment, a different judgement has been applied to the period that taxable profits are considered more likely than not in the
UK. Despite the absence of any expiry date for tax losses in the UK, the Group has concluded that the recognition of deferred tax
assets in its UK subsidiary be limited to the amount projected to be realised within a time period of 15 years. This is the timescale within
which the Group believes that it can assess the likelihood of its UK profits arising as being more likely than not.
However, for certain other subsidiaries and branches, the Group has also concluded that it is more likely than not that there will be
insufficient profits to support the recognition of deferred tax assets.
The amount of recognised deferred tax assets arising from unused tax losses amounts to \u20ac 2,741 million (2021: \u20ac 2,840 million) of
which \u20ac 2,546 million (2021: \u20ac 2,645 million) relates to Irish tax losses and \u20ac 196 million (2021: \u20ac 195 million) relates to UK tax losses.
IAS 12 Income Tax does not permit a company to apply present value discounting to its deferred tax assets or liabilities, regardless of
the estimated timescales over which those assets or liabilities are projected to be realised. The Group\u2019s deferred tax assets are
projected to be realised over a long timescale, benefiting from the absence of any expiry date for Irish or UK tax losses. As a result, the
carrying value of the deferred tax assets on the statement of financial position does not reflect the economic value of those assets.
Impairment of financial assets
The Group\u2019s accounting policy for impairment of financial assets is set out in accounting policy (s) in note 1. Details of the Group\u2019s ECL
allowance are set out in note 21.
The calculation of the ECL allowance is complex and requires the use of a number of accounting judgements.
The most significant judgements applied by the Group in determining the ECL allowance are as follows:
\u2022Determining the criteria for a significant increase in credit risk and for being classified as credit impaired;
\u2022Applying the definition of default policy for classifying financial assets as credit impaired; and
\u2022Determining the need for and an appropriate methodology for post-model adjustments.
The significant management judgements and the governance process, relating to ECL, are set out on page 150 and 151 in the Risk
Management section.
Provisions for liabilities and commitments
The Group\u2019s accounting policy for provisions for liabilities and commitments is set out in accounting policy (z) in note 1. Details of the
Group\u2019s provision for liabilities and commitments are shown in note 34.
Significant management judgement is required to determine whether the Group has a present obligation as a result of a past event
and whether it is probable an outflow of resources will be required to settle the obligation.
The Group recognises liabilities where it has present legal or constructive obligations as a result of past events and it is more likely than
not that these obligations will result in an outflow of resources to settle the obligations and the amount can be reliably estimated.
Judgement is required in determining whether the Group has a present obligation and whether it is probable that an outflow of
economic benefits will be required to settle this obligation. This judgement is applied to information available at the time of determining
the provision including, but not limited to, judgements around interpretations of legislation, regulations and case law depending on the
nature of the provision.
2\u00a0 Critical accounting judgements and estimates continued
Critical accounting estimates
The accounting estimates with a significant risk of material adjustment to the carrying amounts of assets and liabilities within the next
financial year were in relation to:
\u2022Deferred taxation;
\u2022Impairment of financial assets;
\u2022Retirement benefit obligations;
\u2022Provisions for liabilities and commitments; and
\u2022Investment in subsidiary in the separate financial statements.
Deferred taxation
The Group\u2019s accounting policy for deferred tax is set out in accounting policy (k) in note 1. Details of the Group\u2019s deferred tax assets
and liabilities are set out in note 27.
The most significant source of estimation uncertainty in relation to deferred tax is the forecast profit over the 15 year period that is
used to determine the deferred tax asset for unutilised losses in the Group's principal UK subsidiary, which is based on the Group\u2019s
annual plan.
The deferred tax asset for unutilised tax losses in the Group\u2019s principal UK subsidiary amounts to \u00a3 165 million at 31 December 2022
(31 December 2021: \u00a3 164 million).
On an annual basis profitability and growth are reassessed in the annual planning exercise undertaken by the Group. Growth
assumptions and profitability levels underpinning the plan are reassessed and reflect the revised macroeconomic outlook and the
current market as well as revised business strategies.
Forecast profits for the 15 year period are subject to uncertainty with a range of possibilities. Subsequent forecasts of profits in future
years may be higher or lower which could result in a significant risk of adjustment to the carrying amounts of deferred tax assets, within
the next financial year.
Impairment of financial assets
The Group\u2019s accounting policy for impairment of financial assets is set out in accounting policy (s) in note 1. Details of the Group\u2019s
expected credit loss (\u201cECL\u201d) allowance are set out in note 21.
The calculation of the ECL allowance is complex and therefore an entity must consider large amounts of information in their
determination. This process requires significant use of estimates and assumptions, some of which by their nature, are highly subjective
and very sensitive to risk factors such as changes to economic conditions. Changes in the ECL allowance can materially affect net
income.
ECL allowance for Loans and advances to customers at 31 December 2022 amounted to \u20ac 1,618 million (2021: \u20ac 1,885 million). The
ECL for financial assets represents management\u2019s best estimate of the expected credit losses on the various portfolios at the respective
reporting dates.
The key estimates and assumptions that the Directors have used in determining the ECL allowance are as follows:
\u2022Inputs into discounted cash-flows (\u2018DCFs\u2019) for certain Stage 3 credit impaired obligors;
\u2022Establishing the number and relative weightings for forward looking scenarios;
\u2022The assumptions for measuring ECL (e.g. PD, LGD and EAD and the parameters to be included within the models for modelled
ECL); and
\u2022The estimation of post model adjustments where required.
Discounted cash flows (\"DCFs\") are the most significant input to the ECL calculation for Stage 3 credit impaired borrowers where the
gross credit exposure is \u2265 \u20ac 1 million for Ireland or \u2265 \u00a3 500,000 for the UK. Collateral valuations and the estimated time to realisation of
collateral is a key component of the DCF model. The DCF assessment produces a base case ECL which is then adjusted to incorporate
the impact of multiple scenarios on the base ECL. The size of the adjustment must consider all relevant and supportable information,
including but not limited to, historical data analysis, predictive modelling and management judgement.
The macroeconomic variables used in models to calculate ECL allowance are based on assumptions, forecasts and estimates against
a backdrop of the residual impact of the COVID-19 pandemic and the economic landscape which are continuously evolving.
Accordingly, developments with regard to the pandemic and changes in local and international factors could have a material bearing on
the ECL allowance within the next financial year. The Group\u2019s sensitivity to a range of macroeconomic factors under (i) base forecast;
(ii) upside; and (iii) downside scenarios is set out on pages 144 to 148 of the Risk Management section of this report.
Certain of these estimates may have a significant risk of material adjustment to carrying amounts of assets within the next financial
year.
2\u00a0 Critical accounting judgements and estimates continued
Impairment of financial assets continued
The Group has developed a standard approach for the measurement of ECL for the majority of the Group\u2019s exposures where each ECL
input parameter (e.g. PD, LGD and EAD) is developed in line with standard modelling methodology. These are discussed further on
page 142 and 143 of the Risk Management section. In addition, where the estimate of ECL does not adequately capture all available
forward looking information about the range of possible outcomes, or where there is a significant degree of uncertainty, management
may consider it appropriate for an adjustment to ECL. These are referred to as post model adjustments and are set out in detail on
page 150 and 151.
On an ongoing basis, the various estimates and assumptions are reviewed in light of differences between actual and previously
calculated expected losses. These are then recalibrated and refined to reflect current and evolving economic conditions. The
management process for the calculation of ECL allowance is underpinned by second-line levels of review. The ECL allowance is, in
turn, reviewed and approved by the Group Credit Committee on a quarterly basis with final Group levels being approved by the Board
Audit Committee. Further detail on the ECL governance process is set out on page 151.
Retirement benefit obligations
The Group\u2019s accounting policy for retirement benefit obligations is set out in accounting policy (j) in note 1. Details of the Group\u2019s
retirement benefit obligations are set out in note 28.
The key estimates and assumptions that the Directors have used in determining the retirement benefit obligation are as follows:
\u2022In a situation where the Group believes the Trustee has the ability to grant discretionary increases without any funding being
provided by the Group, the Group has assumed that the Trustee will grant increases and as a result the scheme\u2019s liabilities
include an estimate for this matter; and
\u2022The significant actuarial assumptions used to determine the present value of the retirement benefit obligation.
The Trustee of the Irish Scheme has awarded an increase, in certain years, in respect of pensions eligible for discretionary pension in
payment increases notwithstanding a decision by the Group not to fund such increases. This reflected the ability of the Trustee to grant
an increase when the financial position of the scheme would enable such an increase at that point in time.
Taking these decisions by the Trustee into consideration, the long term assumption for future increases in pension in payment reflects
an assessment of the Trustee\u2019s ability to grant further increases without any funding from the Group, capped at a long-term inflation
assumption.
Having taken actuarial advice the Group has adopted a rate of 2.6%, being a long term inflation assumption, and which has increased
the scheme liabilities by \u20ac 886 million at 31 December 2022 (31 December 2021: 0.65%, \u20ac 350 million respectively).
The actuarial valuation of the schemes\u2019 liabilities is dependent upon a number of financial and demographic assumptions which are
inherently uncertain. Changes to those assumptions could materially impact the reported amount for schemes\u2019 liabilities and the
actuarial gains/losses reported in equity. Details of the assumptions adopted by the Group in calculating the schemes\u2019 liabilities are set
out in note 28 to the financial statements. A sensitivity analysis for the principal assumptions used to measure the schemes\u2019 liabilities is
set out in note 28 to the financial statements.
Provisions for liabilities and commitments
The Group\u2019s accounting policy for provisions for liabilities and commitments is set out in accounting policy (z) in note 1. Details of the
Group\u2019s provision for liabilities and commitments are shown in note 34.
The most significant source of estimation uncertainty, in relation to provisions, is the assumptions that the Group makes about
future events affecting different classes of provisions including the future outcome of litigation as well as the outcome of restitution
activities.
The recognition and measurement of liabilities, in certain instances, may involve a high degree of uncertainty, and thereby, considerable
time is expended on research in establishing the facts, scenario testing, assessing the probability of the outflow of resources and
estimating the amount of any loss. However, at the earlier stages of provisioning, the amount provided for can be very sensitive to the
assumptions used and there may be a wide range of possible outcomes in particular cases. Accordingly, in such cases, it is often not
practicable to quantify a range of possible outcomes. In addition, it is also not practicable to measure ranges of outcomes in aggregate
in a meaningful way because of the diverse nature of these provisions and the differing fact patterns. The estimated potential losses will
change over time and the actual losses may vary significantly.
The overall provision amounting to \u20ac 262 million includes \u20ac 60 million in respect of the FSPO decision relating to tracker mortgage
customers and a number of separate provisions, the majority of which are not individually significant and which do not have a significant
risk of a material adjustment in the next financial year. The Group has not disclosed a range of outcomes for such provisions given their
diverse nature and the number of provisions involved.
2\u00a0 Critical accounting judgements and estimates continued
Provisions for liabilities and commitments continued
Note 34 sets out the background and the current position as regards the FSPO decision regarding a tracker complaint and the level of
provisions that were set aside. Notwithstanding the payments to customers have effectively concluded the level of provision required for
other costs, including tax liabilities arising that the Group will be required to discharge on behalf of impacted customers, has been
reassessed at \u20ac 60 million. These issues are subject to uncertainty with a range of outcomes possible with the final outcome being
higher or lower depending on finalisation of such issues.
Investment in subsidiary in the separate financial statements
The Group\u2019s accounting policy for the impairment of investment in subsidiary undertakings is set out in accounting policy (d) in note 1 of
the Group financial statements. Details of the Company\u2019s investment in subsidiary are shown in note (e) to the Company\u2019s financial
statements.
The key estimates and assumptions that the Directors have used, in assessing the value-in-use (VIU) of its investment in subsidiary
undertakings, are as follows:
\u2022The estimation of expected cash flows based on the financial plan for 2023-2025;
\u2022The assumption of an appropriate growth rate; and
\u2022The estimation of an appropriate discount rate including the assumption of an appropriate risk free rate and the assumption of an
appropriate credit spread.
The investment in subsidiary in the separate financial statements of the Company are reviewed for impairment when there are
indications that impairment losses may have occurred. If any such indications exist, the Company undertakes an impairment review by
comparing the carrying value of the investment in the subsidiary with its estimated recoverable amount with any shortfall being reported
as an impairment charge in the Company\u2019s financial statements. The estimated recoverable amount is based on VIU calculations.
The Company tested its investment in Allied Irish Banks, p.l.c. at 31 December 2022 to determine whether the impairment losses
recognised in previous periods no longer existed or may have decreased. In determining the VIU, the estimated pre-tax cash flow
projections in the Company\u2019s financial plan for the period 2023 to 2025 were used as a base and a growth rate of 2% from 2025 was
assumed into perpetuity. These projections were discounted at a risk adjusted interest rate of 12.5%. The VIU was calculated at\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u20ac 12,260 million which resulted in a reversal of \u20ac 3,282 million of previous impairments.
Given the uncertainties and the high level of subjectivity involved in the estimation process, it is possible that the outcomes in the next
financial year could differ from the expectations on which the Company\u2019s estimates are based resulting in the recognition and
measurement of materially different amounts from those estimated in these financial statements.
Details of the VIU calculation and the sensitivity of current estimates to possible changes in key variables are set out in note e to the
Company\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ0NA_5689950f-b732-4f09-ac58-b23b6bd4e9be": { "value": "
Going concern
The financial statements for the year ended 31 December 2022 have been prepared on a going concern basis as the Directors are
satisfied, having considered the risks and uncertainties impacting the Group, that it has the ability to continue in business for the period
of assessment. In making this assessment, the Directors have considered a wide range of information relating to present and future
conditions. This includes capital forecasts and internally generated stress scenarios with additional scenarios to take account of the
inorganic initiatives that the Group has committed to. The scenarios include the impacts of persistent inflation, disruptions to energy
supplies, increased interest rates and significant impacts on unemployment and property prices. The period of assessment used by the
Directors is at least 12 months from the date of approval of these annual financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ0NQ_d1dc8626-b665-4dbe-9780-5d5bfe4bc1da": { "value": "
Adoption of new accounting standards/amendments to standards
The were no new accounting standards/amendments to standards effective for annual periods beginning 1 January 2022 apart from
minor amendments to IFRSs through both standalone amendments and through the Annual Improvements to IFRS Standards 2018 \u2013
2020 cycle. None of these had a significant impact on reported results or disclosures.
The Group has not early adopted any other standard or amendment that has been issued but is not yet effective.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ1OQ_61486407-44b5-476d-850f-7738a1e60fd1": { "value": "
(d) Basis of consolidation
Subsidiary undertakings
A subsidiary undertaking is an investee controlled by the Group. The Group controls an investee when it has power over the investee,
is\u00a0exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its
power over the investee. Subsidiaries are consolidated in the Group\u2019s financial statements from the date on which control commences
until the date that control ceases.
The Group reassesses whether it controls a subsidiary when facts and circumstances indicate that there are changes to one or more
elements of control.
1\u00a0 Accounting policies continued
(d) Basis of consolidation continued
Loss of control
If the Group loses control of a subsidiary, the Group:
(i)Derecognises the assets (including any goodwill) and liabilities of the former subsidiary at their carrying amounts at the date control
is lost;
(ii)Derecognises the carrying amount of any non-controlling interests in the former subsidiary at the date control is lost (including any
attributable amounts in other comprehensive income);
(iii)Derecognises the fair value of any consideration received and any distribution of shares of the subsidiary;
(iv)Derecognises any investment retained in the former subsidiary at its fair value at the date when control is lost;
(v) Reclassifies to profit or loss, or transfers directly to retained earnings if required by IFRS, the amounts recognised in other
comprehensive income in relation to the subsidiary; and
(vi)Recognises any resulting difference of the above items as a gain or loss in the income statement.
The Group subsequently accounts for any investment retained in the former subsidiary in accordance with IFRS 9 Financial
Instruments, or when appropriate, IAS 28 Investments in Associates and Joint Ventures.
Structured entities
A structured entity is an entity designed so that its activities are not governed by way of voting rights. The Group assesses whether it
has control over such an entity by considering factors such as the purpose and design of the entity; the nature of its relationship with
the entity; and the size of its exposure to the variability of returns of the entity.
Business combinations
The Group accounts for the acquisition of a business using the acquisition method except for a business under common control. Under
the acquisition method, the consideration transferred in a business combination is measured at fair value, which is calculated as the
sum of:
\u2022The acquisition date fair value of assets transferred by the Group;
\u2022Liabilities incurred by the Group to the former owners of the acquiree; and
\u2022The equity interests issued by the Group in exchange for control of the acquiree.
Acquisition related costs are recognised in the income statement as incurred.
Goodwill is measured as the excess of the sum of:
\u2022The fair value of the consideration transferred;
\u2022The amount of any non-controlling interests in the acquiree; and
\u2022The fair value of the acquirer\u2019s previously held equity interest in the acquiree, if any; less
\u2022The net of the acquisition date fair value of the identifiable assets acquired and liabilities assumed.
The Group in its capacity as a trustee
The Group commonly acts as trustee and in other fiduciary capacities that result in the holding or placing of assets on behalf of
individuals, trusts, retirement benefit plans and other institutions. These assets, and income arising thereon, are excluded from the
financial statements, as they are not assets of the Group.
Non-controlling interests
For each business combination, the Group recognises any non-controlling interest in the acquiree either:
\u2022At fair value; or
\u2022At their proportionate share of the acquiree\u2019s identifiable net assets.
For changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control, the Group adjusts the carrying amounts of the
controlling and non-controlling interests to reflect the changes in their relative interests in the subsidiary. The difference between the
change in value of the non-controlling interest and the fair value of the consideration paid or received is recognised directly in equity
and attributed to the equity holders of the parent.
Common control transactions
The Group accounts for the acquisition of businesses and investments in subsidiary undertakings between members of the Group at
carrying value at the date of the transaction unless prohibited by company law or IFRS. This policy also applies to the acquisition of
businesses by the Group of other entities under the common control of the Irish Government. Where the carrying value of the acquired
net assets exceeds the fair value of the consideration paid, the excess is accounted for as a capital contribution (accounting policy
(aa)). On impairment of the subsidiary, in the parent company\u2019s separate financial statements, an amount equal to the impairment
charge net of tax in the income statement is transferred from capital contribution reserves to revenue reserves.
The\u00a0entire capital contribution is transferred to revenue reserves on final sale of the subsidiary.
For acquisitions under common control, comparative data is not restated. The consolidation of the acquired entity is effective from the
acquisition date with intercompany balances eliminated at a Group level on this date.
1\u00a0 Accounting policies continued
(d) Basis of consolidation continued
Investments accounted for using the equity method
The Group\u2019s investments accounted for using the equity method comprise its investments in associates and joint ventures.
An associated undertaking is an entity over which the Group has significant influence, but not control, over the entity\u2019s operating and
financial policy decisions. If the Group holds 20% or more of the voting power of an entity, it is presumed that the Group has significant
influence, unless it can be clearly demonstrated that this is not the case.
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the
arrangement.
Investments in associated undertakings and joint ventures are initially recorded at cost and increased (or decreased) each year by the
Group\u2019s share of the post acquisition net income (or loss), and other movements reflected directly in other comprehensive income of the
associated undertaking or joint venture.
Goodwill arising on the acquisition of an associated undertaking is included in the carrying amount of the investment. When the Group\u2019s
share of losses in an associate has reduced the carrying amount to zero, including any other unsecured receivables, the Group does
not recognise further losses, unless it has incurred obligations to make payments on behalf of the associate.
Where the Group continues to hold more than 20% of the voting power in an investment but ceases to have significant influence, the
investment is no longer accounted for as an associate. On the loss of significant influence, the Group measures the investment at fair
value and recognises any difference between the carrying value and fair value in profit or loss and accounts for the investment in
accordance with IFRS 9 Financial Instruments.
The Group\u2019s share of the results of associated undertakings or joint venture after tax reflects the Group\u2019s proportionate interest and is
based on financial statements made up to a date not earlier than three months before the period end reporting date, adjusted to
conform with the accounting policies of the Group.
Since goodwill that forms part of the carrying amount of the investment in an associate is not recognised separately, it is, therefore, not
tested for impairment separately. Instead, the entire amount of the investment in an associate is tested for impairment as a single asset
when there is objective evidence that the investment in an associate may be impaired.
Transactions eliminated on consolidation
Intra-group balances and any unrealised income and expenses arising from intra-group transactions are eliminated on consolidation.
Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
Unrealised gains and losses on transactions with associated undertakings are eliminated to the extent of the Group\u2019s interest in the
investees.
Consistent accounting policies are applied throughout the Group for the purposes of consolidation.
Parent Company financial statements: Investment in subsidiary and associated undertakings
The Company accounts for investments in subsidiary and associated undertakings, that are not classified as held for sale at cost less
provisions for impairment. If the investment is classified as held for sale, the Company accounts for it at the lower of its carrying value
and fair value less costs to sell.
The Company reviews its equity investment for impairment at the end of each reporting period if there are indications that impairment
may have occurred.
The testing for possible impairment involves comparing the estimated recoverable amount of an investment with its carrying amount.
Where the recoverable amount is less than the carrying amount, the difference is recognised as an impairment provision in the
Company\u2019s financial statements. The recoverable amount is the higher of fair value less costs to sell and value-in-use (\u201cVIU\u201d).
Dividends from a subsidiary or an associated undertaking are recognised in the income statement when the Company\u2019s right to receive
the dividend is established.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ0OA_2922561c-3f01-4aab-b0da-2ea654960332": { "value": "
Subsidiary undertakings
A subsidiary undertaking is an investee controlled by the Group. The Group controls an investee when it has power over the investee,
is\u00a0exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its
power over the investee. Subsidiaries are consolidated in the Group\u2019s financial statements from the date on which control commences
until the date that control ceases.
The Group reassesses whether it controls a subsidiary when facts and circumstances indicate that there are changes to one or more
elements of control.
Parent Company financial statements: Investment in subsidiary and associated undertakings
The Company accounts for investments in subsidiary and associated undertakings, that are not classified as held for sale at cost less
provisions for impairment. If the investment is classified as held for sale, the Company accounts for it at the lower of its carrying value
and fair value less costs to sell.
The Company reviews its equity investment for impairment at the end of each reporting period if there are indications that impairment
may have occurred.
The testing for possible impairment involves comparing the estimated recoverable amount of an investment with its carrying amount.
Where the recoverable amount is less than the carrying amount, the difference is recognised as an impairment provision in the
Company\u2019s financial statements. The recoverable amount is the higher of fair value less costs to sell and value-in-use (\u201cVIU\u201d).
Dividends from a subsidiary or an associated undertaking are recognised in the income statement when the Company\u2019s right to receive
the dividend is established.
Investment in subsidiary in the separate financial statements
The Group\u2019s accounting policy for the impairment of investment in subsidiary undertakings is set out in accounting policy (d) in note 1 of
the Group financial statements. Details of the Company\u2019s investment in subsidiary are shown in note (e) to the Company\u2019s financial
statements.
The key estimates and assumptions that the Directors have used, in assessing the value-in-use (VIU) of its investment in subsidiary
undertakings, are as follows:
\u2022The estimation of expected cash flows based on the financial plan for 2023-2025;
\u2022The assumption of an appropriate growth rate; and
\u2022The estimation of an appropriate discount rate including the assumption of an appropriate risk free rate and the assumption of an
appropriate credit spread.
The investment in subsidiary in the separate financial statements of the Company are reviewed for impairment when there are
indications that impairment losses may have occurred. If any such indications exist, the Company undertakes an impairment review by
comparing the carrying value of the investment in the subsidiary with its estimated recoverable amount with any shortfall being reported
as an impairment charge in the Company\u2019s financial statements. The estimated recoverable amount is based on VIU calculations.
The Company tested its investment in Allied Irish Banks, p.l.c. at 31 December 2022 to determine whether the impairment losses
recognised in previous periods no longer existed or may have decreased. In determining the VIU, the estimated pre-tax cash flow
projections in the Company\u2019s financial plan for the period 2023 to 2025 were used as a base and a growth rate of 2% from 2025 was
assumed into perpetuity. These projections were discounted at a risk adjusted interest rate of 12.5%. The VIU was calculated at\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0
\u20ac 12,260 million which resulted in a reversal of \u20ac 3,282 million of previous impairments.
Given the uncertainties and the high level of subjectivity involved in the estimation process, it is possible that the outcomes in the next
financial year could differ from the expectations on which the Company\u2019s estimates are based resulting in the recognition and
measurement of materially different amounts from those estimated in these financial statements.
Details of the VIU calculation and the sensitivity of current estimates to possible changes in key variables are set out in note e to the
Company\u2019s financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ1MA_8aad465a-e6df-4d99-9261-289981391710": { "value": "
Business combinations
The Group accounts for the acquisition of a business using the acquisition method except for a business under common control. Under
the acquisition method, the consideration transferred in a business combination is measured at fair value, which is calculated as the
sum of:
\u2022The acquisition date fair value of assets transferred by the Group;
\u2022Liabilities incurred by the Group to the former owners of the acquiree; and
\u2022The equity interests issued by the Group in exchange for control of the acquiree.
Acquisition related costs are recognised in the income statement as incurred.
Goodwill is measured as the excess of the sum of:
\u2022The fair value of the consideration transferred;
\u2022The amount of any non-controlling interests in the acquiree; and
\u2022The fair value of the acquirer\u2019s previously held equity interest in the acquiree, if any; less
\u2022The net of the acquisition date fair value of the identifiable assets acquired and liabilities assumed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ1NA_e26fb4f0-1330-4533-b0be-125a1f9f53bf": { "value": "
Non-controlling interests
For each business combination, the Group recognises any non-controlling interest in the acquiree either:
\u2022At fair value; or
\u2022At their proportionate share of the acquiree\u2019s identifiable net assets.
For changes in the Group\u2019s interest in a subsidiary that do not result in a loss of control, the Group adjusts the carrying amounts of the
controlling and non-controlling interests to reflect the changes in their relative interests in the subsidiary. The difference between the
change in value of the non-controlling interest and the fair value of the consideration paid or received is recognised directly in equity
and attributed to the equity holders of the parent.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ1Nw_8423b39d-7127-4c36-ab71-71f073e918fb": { "value": "
1\u00a0 Accounting policies continued
(d) Basis of consolidation continued
Investments accounted for using the equity method
The Group\u2019s investments accounted for using the equity method comprise its investments in associates and joint ventures.
An associated undertaking is an entity over which the Group has significant influence, but not control, over the entity\u2019s operating and
financial policy decisions. If the Group holds 20% or more of the voting power of an entity, it is presumed that the Group has significant
influence, unless it can be clearly demonstrated that this is not the case.
A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the
arrangement.
Investments in associated undertakings and joint ventures are initially recorded at cost and increased (or decreased) each year by the
Group\u2019s share of the post acquisition net income (or loss), and other movements reflected directly in other comprehensive income of the
associated undertaking or joint venture.
Goodwill arising on the acquisition of an associated undertaking is included in the carrying amount of the investment. When the Group\u2019s
share of losses in an associate has reduced the carrying amount to zero, including any other unsecured receivables, the Group does
not recognise further losses, unless it has incurred obligations to make payments on behalf of the associate.
Where the Group continues to hold more than 20% of the voting power in an investment but ceases to have significant influence, the
investment is no longer accounted for as an associate. On the loss of significant influence, the Group measures the investment at fair
value and recognises any difference between the carrying value and fair value in profit or loss and accounts for the investment in
accordance with IFRS 9 Financial Instruments.
The Group\u2019s share of the results of associated undertakings or joint venture after tax reflects the Group\u2019s proportionate interest and is
based on financial statements made up to a date not earlier than three months before the period end reporting date, adjusted to
conform with the accounting policies of the Group.
Since goodwill that forms part of the carrying amount of the investment in an associate is not recognised separately, it is, therefore, not
tested for impairment separately. Instead, the entire amount of the investment in an associate is tested for impairment as a single asset
when there is objective evidence that the investment in an associate may be impaired.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ2MA_2812194f-658e-4140-8a3c-439afa4f1d49": { "value": "
Parent Company financial statements: Investment in subsidiary and associated undertakings
The Company accounts for investments in subsidiary and associated undertakings, that are not classified as held for sale at cost less
provisions for impairment. If the investment is classified as held for sale, the Company accounts for it at the lower of its carrying value
and fair value less costs to sell.
The Company reviews its equity investment for impairment at the end of each reporting period if there are indications that impairment
may have occurred.
The testing for possible impairment involves comparing the estimated recoverable amount of an investment with its carrying amount.
Where the recoverable amount is less than the carrying amount, the difference is recognised as an impairment provision in the
Company\u2019s financial statements. The recoverable amount is the higher of fair value less costs to sell and value-in-use (\u201cVIU\u201d).
Dividends from a subsidiary or an associated undertaking are recognised in the income statement when the Company\u2019s right to receive
the dividend is established.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ2MQ_455174d7-083b-42ec-95e4-5ca4bba4d513": { "value": "
(e) Foreign currency translation
Items included in the financial statements of each of the Group\u2019s entities are measured using their functional currency, being the
currency of the primary economic environment in which the entity operates.
Transactions and balances
Foreign currency transactions are translated into the respective entity\u2019s functional currency using the exchange rates prevailing at the
dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are re-translated at the rate prevailing at the
period end. Foreign exchange gains and losses resulting from the settlement of such transactions and from the re-translation at period
end exchange rates of the amortised cost of monetary assets and liabilities denominated in foreign currencies are recognised in the
income statement.
1\u00a0 Accounting policies continued
(e) Foreign currency translation continued
Transactions and balances continued
Exchange differences on equities and similar non-monetary items held at fair value through profit or loss are reported as part of the fair
value gain or loss. Exchange differences on a financial instruments designated as a hedge of the net investment in a foreign operation
are reported in other comprehensive income.
Foreign operations
The results and financial position of all Group entities that have a functional currency different from the euro are translated into euro as
follows:
\u2022Assets and liabilities including goodwill and fair value adjustments arising on consolidation of foreign operations are translated at the
closing rate;
\u2022Income and expenses are translated into euro at the average rates of exchange during the period where these rates approximate to
the foreign exchange rates ruling at the dates of the transactions;
\u2022Foreign currency translation differences are recognised in other comprehensive income; and
\u2022Since 1 January 2004, the Group\u2019s date of transition to IFRS, all such exchange differences are included in the foreign currency
cumulative translation reserve within shareholders\u2019 equity. When a foreign operation is disposed of in full, the relevant amount of this
reserve is transferred to the income statement. When a subsidiary is partly disposed of, the relevant proportion of foreign currency
translation reserve is re-attributed to the non-controlling interest. In the case of a partial disposal, a pro-rata amount of the foreign
currency cumulative translation reserve is transferred to the income statement. This also applies in the case where there has not
been a reduction in the overall percentage holding, i.e. repayment of capital.
Foreign currency cumulative translation reserves
The foreign currency cumulative translation reserves represent the cumulative gains and losses on the retranslation of the Group\u2019s net
investment in foreign operations, at the rate of exchange at the year end reporting date net of the cumulative gain or loss on
instruments designated as net investment hedges.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ2Mg_3f6597fa-50fa-4d10-b711-a12e14100cc0": { "value": "
(f) Interest income and expense recognition
Interest income and expense is recognised in the income statement using the effective interest rate method.
Effective interest rate
The effective interest rate is the rate that exactly discounts the estimated future cash payments or receipts through the expected life of
the financial instrument to:
\u2022The gross carrying amount of the financial asset; or
\u2022The amortised cost of the financial liability.
The application of the method has the effect of recognising income receivable and expense payable on the instrument evenly in
proportion to the amount outstanding over the period to maturity or repayment. In calculating the effective interest rate for financial
instruments, other than credit impaired assets, the Group estimates cash flows (using projections based on its experience of customers\u2019
behaviour) considering all contractual terms of the financial instrument but excluding expected credit losses. The calculation takes into
account all fees, including those for any expected early redemption, and points paid or received between parties to the contract that are
an integral part of the effective interest rate, transaction costs and all other premiums and discounts.
All costs associated with mortgage incentive schemes are included in the effective interest rate calculation. Fees and commissions
payable to third parties in connection with lending arrangements, where these are direct and incremental costs related to the issue of a
financial instrument, are included in interest income as part of the effective interest rate.
Amortised cost and gross carrying amount
The amortised cost of a financial asset or financial liability is the amount at which the financial asset or financial liability is measured at
initial recognition minus the principal repayments, plus or minus the cumulative amortisation using the effective interest rate method of
any difference between that initial amount and the maturity amount and, for financial assets, adjusted for any loss allowance.
The gross carrying amount of a financial asset is the amortised cost before adjusting for any loss allowance.
Calculation of interest income and interest expense
In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the
asset is not credit impaired) or to the amortised cost of the liability.
For financial assets that have become credit impaired subsequent to initial recognition, interest income is calculated by applying the
effective interest rate to the amortised cost of the financial asset. If the asset is no longer credit impaired, the calculation of interest
income reverts to the gross basis.
However, for financial assets that were credit impaired on initial recognition, interest income is calculated by applying the credit adjusted
effective interest rate to the amortised cost of the financial asset. The calculation of interest income does not revert to a gross basis,
even if the credit risk of the asset improves.
When a financial asset is no longer credit impaired or has been repaid in full (i.e. cured without financial loss), the Group presents
previously unrecognised interest income as a reversal of credit impairment/recovery of amounts previously written-off.
Interest income and expense on financial assets and liabilities classified as held for trading or at FVTPL is recognised in \u2018other interest
income and similar income\u2019 or \u2018interest expense\u2019 in the income statement, as applicable.
1\u00a0 Accounting policies continued
(f) Interest income and expense recognition continued
Presentation
Interest income and expense presented in the consolidated income statement include:
\u2022Interest on financial assets and financial liabilities measured at amortised cost calculated on an effective interest rate basis;
\u2022Interest on investment debt securities measured at FVOCI calculated on an effective interest rate basis;
\u2022Interest on financial assets measured at FVTPL;
\u2022Net interest income and expense on qualifying hedge derivatives designated as cash flow hedges or fair value hedges which are
recognised in interest income or interest expense; and
\u2022Interest income and funding costs of trading portfolio financial assets.
The Group policy for the recognition of leasing income is set out in Accounting policy (n).
Targeted Long Term Refinancing Operation III (\u201cTLTRO III\u201d)
Eurosystem refinancing operations are credit facilities from the Eurosystem secured by a fixed charge over securities and relates to
Targeted Long Term Refinancing Operation III (\u201cTLTRO III\u201d).
TLTRO III has specific terms attached to it which are different from other sources of funding available to banks including other sources
of funds provided by the European Central Bank (\u201cECB\u201d). The financial conditions incorporated into TLTRO III reflect ECB monetary
policy initiatives to prospectively reduce the cost of funding for banking institutions. Accordingly, the Group has concluded that the ECB
has established a separate market for TLTRO programmes and TLTRO III transactions are at market rates and the requirements of IAS
20 Accounting for Government Grants do not apply.
The borrowing rate applicable to the TLTRO III loans is linked to the lending patterns of the Group and are subject to the achievement
of predefined lending performance thresholds based on the eligible net lending of the Group in certain specified periods.
The amount of interest income recognised during the period on TLTRO III depends on whether the Group had a reasonable expectation
of meeting the relevant lending performance thresholds. The Group interprets reasonable expectations as highly probable (i.e. the
probability of meeting the lending targets is substantially greater than the probability that it will not). As a result, if interest income is
recognised during the period based on the expectation of meeting the targets, there should be only a limited possibility that the interest
may need to be reversed in future periods.
If the Group does not have a reasonable expectation that the lending targets will be met but subsequently determines it will meet the
relevant lending performance thresholds, it revises its estimates of receipts and recalculates the present value of the estimated future
contractual cash flows that are discounted at the original effective interest rate and recognises the adjustment in the Group\u2019s
consolidated income statement as negative interest on financial liabilities at amortised cost.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ2Mw_f4853503-64ba-4395-9f6b-29b8bb147927": { "value": "
(g) Dividend income
Dividends on equity investments measured at FVTPL / FVOCI are recognised in the income statement when the entity\u2019s right to receive
payment is established and provided that they represent a return on capital.
Dividends and distributions
Dividends on ordinary shares are recognised in equity in the period in which they are approved by the Company\u2019s shareholders, or in
the case of the interim dividend when they become irrevocable having already been approved for payment by the Board of Directors.
The interim dividend may be cancelled at any time prior to the actual payment.
Dividends declared after the end of the reporting date are disclosed in note 51.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ2NA_fed4f586-a654-490b-8d61-86cec4f43f10": { "value": "
(h) Fee and commission income
The measurement and timing of recognition of fee and commission income is based on the core principles of IFRS 15 Revenue from
Contracts with Customers.
The principles in IFRS 15 are applied using the following 5 step model:
\u2022Identify the contract(s) with a customer;
\u2022Identify the performance obligations in the contract;
\u2022Determine the transaction price;
\u2022Allocate the transaction price to the performance obligations in the contract; and
\u2022Recognise revenue when or as the Group satisfies its performance obligations.
Fee and commission income is recognised when the performance obligation in the contract has been performed, either at a \u2018point in
time\u2019 or \u2018over time\u2019 if the performance obligation is performed over a period of time unless the income has been included in the effective
interest rate calculation.
The Group includes in the transaction price, some or all of an amount of variable consideration estimated only to the extent that it is
highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur when the uncertainty
associated with the variable consideration is subsequently resolved.
1\u00a0 Accounting policies continued
(h) Fee and commission income continued
The majority of the Group\u2019s fee and commission income arises from retail banking activities. Loan syndication fees are recognised as
revenue when the syndication has been completed and the Group has retained no part of the loan package for itself or retained a part
at the same effective interest rate as applicable to the other participants.
Foreign exchange income is fee income that is derived from arranging foreign exchange transactions on behalf of customers.
Such\u00a0income is recognised when the individual performance obligation has been fulfilled.
Portfolio and other management advisory and service fees are recognised based on the applicable service contracts. Asset
management fees relating to investment funds are recognised over time in line with the performance obligation. The same principle is
applied to the recognition of income from wealth management, financial planning and custody services that are continuously provided
over an extended period of time.
Commitment fees together with related direct costs, for loan facilities where drawdown is probable, are deferred and recognised as an
adjustment to the effective interest rate on the loan once drawn. Commitment fees in relation to facilities where drawdown is not
probable are recognised over the term of the commitment on a straight line basis. Other credit related fees are recognised over time in
line with the performance obligation except arrangement fees where it is likely that the facility will be drawn down, and which are
included in the effective interest rate calculation.
Fee income and fee expenses in respect of services and prepaid credits for cellular phone and utilities sold to third parties are classified
as specialised payment services and are recognised when the performance obligation is satisfied.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ2NQ_b14081f1-1cba-437b-859d-c437615f725e": { "value": "
(i) Net trading income
Net trading income comprises gains less losses relating to trading assets and trading liabilities and includes all realised and unrealised
fair value changes. Interest and dividend income on trading assets are shown in \u2018interest income\u2019 and \u2018dividend income\u2019 respectively.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradingIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ2Ng_6ce97e96-eaa9-422b-99ce-0f51daae793d": { "value": "
(j) Employee benefits
Retirement benefit obligations
The Group provides employees with post-retirement benefits mainly in the form of pensions.
The Group provides a number of retirement benefit schemes including defined benefit and defined contribution as well as a hybrid
scheme that has both defined benefit and defined contribution elements. In addition, the Group contributes, according to local law in the
various countries in which it operates, to governmental and other schemes which have the characteristics of defined contribution
schemes. The majority of the defined benefit schemes are funded.
Full actuarial valuations of defined benefit schemes are undertaken every three years and are updated to reflect current conditions at
each year end reporting date.
Scheme assets are measured at fair value determined by using current bid prices, except for insurance policies acquired as part of a
buy in. If the policies are qualifying policies under IAS 19 Employee Benefits and if the timing and amount of payments under the
policies exactly match some or all of the benefits payable under the scheme, then the present value of the related obligation is
determined and is deemed to be the fair value of the insurance policies to be included in plan assets.
Scheme liabilities are measured on an actuarial basis by estimating the amount of future benefit that employees have earned for their
service in current and prior periods and discounting that benefit at the market yield on a high quality corporate bond of equivalent term
and currency to the liability. The calculation is performed by a qualified actuary using the projected unit credit method. The difference
between the fair value of the scheme assets and the present value of the defined benefit obligation at the year end reporting date is
recognised in the statement of financial position. Schemes in surplus are shown as assets and schemes in deficit, together with
unfunded schemes, are shown as liabilities. A surplus is only recognised as an asset to the extent that it is recoverable through a refund
from the scheme or through reduced contributions in the future. Actuarial gains and losses are recognised immediately in other
comprehensive income.
1\u00a0 Accounting policies continued
(j) Employee benefits continued
Retirement benefit obligations continued
The cost of providing defined benefit pension schemes to employees, comprising the net interest on the net defined benefit liability/
(asset), calculated by applying the discount rate to the net defined benefit liability/(asset) at the start of the annual reporting period,
taking into account contributions and benefit payments during the period, is charged to the income statement within personnel
expenses.
Remeasurements of the net defined benefit liability/(asset), comprising actuarial gains and losses and the return on scheme assets
(excluding amounts included in net interest on the net defined benefit liability/(asset)) are recognised in other comprehensive income.
Amounts recognised in other comprehensive income in relation to remeasurements of the net defined benefit liability/(asset) will not be
reclassified to profit or loss in a subsequent period.
In early 2017, the Board reassessed its obligation to fund increases in pensions in payment. The Board confirmed that funding of
increases in pensions in payment is a decision to be made by the Board each year where increases are discretionary. This was based
on actuarial and external legal advice obtained. Accordingly, a decision by the Board to fund a pension increase does not constitute a
constructive obligation to fund future pension in payment increases.
The Group recognises the effect of an amendment to a defined benefit scheme when the plan amendment occurs, which is when the
Group introduces or withdraws a defined benefit scheme, or changes the benefits payable under existing defined benefit schemes.
A\u00a0curtailment is recognised when a significant reduction in the number of employees covered by a defined benefit scheme occurs. A
settlement is a transaction that eliminates all further legal or constructive obligations for part or all of the benefits provided under a
defined benefit scheme. Gains or losses on plan amendments, curtailments and settlements are recognised in the income statement.
Changes with regard to benefits payable to retirees which represent a constructive obligation under IAS 37 Provisions, Contingent
Liabilities and Contingent Assets are accounted for as a past service cost. These are recognised in the income statement.
The costs of managing the defined benefit scheme assets are deducted from the return on scheme assets. All costs of running the
defined benefit schemes are recognised in the income statement when they are incurred.
The cost of the Group\u2019s defined contribution schemes is charged to the income statement in the accounting period in which it is
incurred. Any contributions unpaid at the year end reporting date are included as a liability. The Group has no further obligation under
these schemes once these contributions have been paid.
Short term employee benefits
Short term employee benefits, such as salaries and other benefits, are accounted for on an accruals basis over the period during which
employees have provided services. Bonuses are recognised to the extent that the Group has a legal or constructive obligation to its
employees that can be measured reliably. The cost of providing subsidised staff loans is charged within personnel expenses.
Termination benefits
Termination benefits are recognised as an expense at the earlier of when the Group can no longer withdraw the offer of those benefits
and when the Group recognises costs for a restructuring under IAS 37 Provisions, Contingent Liabilities and Contingent Assets, which
includes the payment of termination benefits.
For termination benefits payable as a result of an employee\u2019s decision to accept an offer of voluntary redundancy, which is not within
the scope of IAS 37 Provisions, Contingent Liabilities and Contingent Assets, the Group recognises the expense at the earlier of when
the employee accepts the offer and when a restriction on the Group\u2019s ability to withdraw the offer takes effect.
Retirement benefit obligations
The Group\u2019s accounting policy for retirement benefit obligations is set out in accounting policy (j) in note 1. Details of the Group\u2019s
retirement benefit obligations are set out in note 28.
The key estimates and assumptions that the Directors have used in determining the retirement benefit obligation are as follows:
\u2022In a situation where the Group believes the Trustee has the ability to grant discretionary increases without any funding being
provided by the Group, the Group has assumed that the Trustee will grant increases and as a result the scheme\u2019s liabilities
include an estimate for this matter; and
\u2022The significant actuarial assumptions used to determine the present value of the retirement benefit obligation.
The Trustee of the Irish Scheme has awarded an increase, in certain years, in respect of pensions eligible for discretionary pension in
payment increases notwithstanding a decision by the Group not to fund such increases. This reflected the ability of the Trustee to grant
an increase when the financial position of the scheme would enable such an increase at that point in time.
Taking these decisions by the Trustee into consideration, the long term assumption for future increases in pension in payment reflects
an assessment of the Trustee\u2019s ability to grant further increases without any funding from the Group, capped at a long-term inflation
assumption.
Having taken actuarial advice the Group has adopted a rate of 2.6%, being a long term inflation assumption, and which has increased
the scheme liabilities by \u20ac 886 million at 31 December 2022 (31 December 2021: 0.65%, \u20ac 350 million respectively).
The actuarial valuation of the schemes\u2019 liabilities is dependent upon a number of financial and demographic assumptions which are
inherently uncertain. Changes to those assumptions could materially impact the reported amount for schemes\u2019 liabilities and the
actuarial gains/losses reported in equity. Details of the assumptions adopted by the Group in calculating the schemes\u2019 liabilities are set
out in note 28 to the financial statements. A sensitivity analysis for the principal assumptions used to measure the schemes\u2019 liabilities is
set out in note 28 to the financial statements.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ2Nw_1a22ba1e-d330-4d26-b934-f90be8b38215": { "value": "
(k) Income tax, including deferred income tax
Income tax comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to
items recognised in other comprehensive income, in which case it is recognised in other comprehensive income. Income tax relating to
items in equity is recognised directly in equity. However, the income tax consequences of payments on financial instruments that are
classified as equity but treated as liabilities for tax purposes are recognised in profit or loss if those payments are distributions of profits
previously recognised in profit or loss.
Current tax is the expected tax payable on the taxable income for the year using tax rates enacted or substantively enacted at the
reporting date and any adjustment to tax payable in respect of previous years.
1\u00a0 Accounting policies continued
(k) Income tax, including deferred income tax continued
Deferred income tax is provided, using the balance sheet liability method, on temporary differences between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax is determined using tax rates based on
legislation enacted or substantively enacted at the reporting date and expected to apply when the deferred tax asset is realised or the
deferred tax liability is settled. Deferred income tax assets are recognised when it is probable that future taxable profits will be available
against which the temporary differences will be utilised. The deferred tax asset is reviewed at the end of each reporting period and the
carrying amount will reflect the extent that it is probable that sufficient taxable profits will be available to allow all of the asset to be
recovered.
The tax effects of income tax losses available for carry forward are recognised as an asset to the extent that it is probable that future
taxable profits will be available against which these losses can be utilised.
Deferred and current tax assets and liabilities are only offset when they arise in the same tax reporting group and where there is both
the legal right and the intention to settle the current tax assets and liabilities on a net basis or to realise the asset and settle the liability
simultaneously.
The principal temporary differences arise from depreciation of property, plant and equipment, revaluation of certain financial assets and
financial liabilities including derivative contracts, provisions for pensions and other post-retirement benefits, and in relation to
acquisitions, on the difference between the fair values of the net assets acquired and their tax base.
Deferred income tax is provided on temporary differences arising from investments in subsidiaries and associates, except where the
timing of the reversal of the temporary difference is controlled by the Group and it is probable that the difference will not reverse in the
foreseeable future. In addition, temporary differences are not provided for assets and liabilities the initial recognition of which, in a
transaction that is not a business combination, affects neither accounting nor taxable profit. Income tax payable on profits, based on the
applicable tax law in each jurisdiction, is recognised as an expense in the period in which the profits arise.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ2Nw_b0b40da4-0d52-421a-ae73-ad9ffb25cc0c": { "value": "
(k) Income tax, including deferred income tax
Income tax comprises current and deferred tax. Income tax is recognised in the income statement except to the extent that it relates to
items recognised in other comprehensive income, in which case it is recognised in other comprehensive income. Income tax relating to
items in equity is recognised directly in equity. However, the income tax consequences of payments on financial instruments that are
classified as equity but treated as liabilities for tax purposes are recognised in profit or loss if those payments are distributions of profits
previously recognised in profit or loss.
Current tax is the expected tax payable on the taxable income for the year using tax rates enacted or substantively enacted at the
reporting date and any adjustment to tax payable in respect of previous years.
1\u00a0 Accounting policies continued
(k) Income tax, including deferred income tax continued
Deferred income tax is provided, using the balance sheet liability method, on temporary differences between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes. Deferred income tax is determined using tax rates based on
legislation enacted or substantively enacted at the reporting date and expected to apply when the deferred tax asset is realised or the
deferred tax liability is settled. Deferred income tax assets are recognised when it is probable that future taxable profits will be available
against which the temporary differences will be utilised. The deferred tax asset is reviewed at the end of each reporting period and the
carrying amount will reflect the extent that it is probable that sufficient taxable profits will be available to allow all of the asset to be
recovered.
The tax effects of income tax losses available for carry forward are recognised as an asset to the extent that it is probable that future
taxable profits will be available against which these losses can be utilised.
Deferred and current tax assets and liabilities are only offset when they arise in the same tax reporting group and where there is both
the legal right and the intention to settle the current tax assets and liabilities on a net basis or to realise the asset and settle the liability
simultaneously.
The principal temporary differences arise from depreciation of property, plant and equipment, revaluation of certain financial assets and
financial liabilities including derivative contracts, provisions for pensions and other post-retirement benefits, and in relation to
acquisitions, on the difference between the fair values of the net assets acquired and their tax base.
Deferred income tax is provided on temporary differences arising from investments in subsidiaries and associates, except where the
timing of the reversal of the temporary difference is controlled by the Group and it is probable that the difference will not reverse in the
foreseeable future. In addition, temporary differences are not provided for assets and liabilities the initial recognition of which, in a
transaction that is not a business combination, affects neither accounting nor taxable profit. Income tax payable on profits, based on the
applicable tax law in each jurisdiction, is recognised as an expense in the period in which the profits arise.
Deferred taxation
The Group\u2019s accounting policy for deferred tax is set out in accounting policy (k) in note 1. Details of the Group\u2019s deferred tax assets
and liabilities are set out in note 27.
A key judgement in relation to the recoverability of deferred tax assets is that it is probable that there will be sufficient future taxable
profits against which the losses can be used:
\u2022The estimated utilisation period for such losses in Ireland is within the timeframe that taxable profits are considered more likely
than not; and
\u202215 years is the period that taxable profits are considered more likely than not in the UK.
Deferred tax assets are recognised for unused tax losses to the extent that it is probable (defined for this purpose as more likely than
not) that there will be sufficient future taxable profits against which the losses can be used. For a company with a history of recent
losses, there must be convincing other evidence to underpin this assessment.
The recognition of these deferred tax assets relies on the assessment of future profitability and the sufficiency of those profits to absorb
losses carried forward. It requires significant judgements to be made about the projection of long term future profitability because of the
period over which recovery extends.
In assessing the future profitability of the Group, the Board has considered a range of positive and negative evidence for this purpose.
Among this evidence, the principal positive factors include:
\u2022AIB as a pillar bank with a strong Irish franchise;
\u2022The absence of any expiry dates for Irish and UK tax losses;
\u2022The changing banking landscape in Ireland as KBC and Ulster Bank exit the Irish market as evidenced by the acquisition of certain
Ulster Bank loans by the Group;
\u2022The strong performance of the Irish economy in 2022 with growth forecasts being revised higher during the year;
\u2022A positive interest rate environment with Central Banks increasing Euro, Sterling and Dollar interest rates during 2022;
\u2022The recent inorganic activity of the Group including the completed acquisition of Goodbody in 2021 and the Group\u2019s investment in AIB
JV Holdings Limited being the Group\u2019s joint venture with Great-West Lifeco Inc.;
\u2022The turnaround evident in the financial performance over the years 2021-2022;
\u2022External economic forecasts for Ireland in the medium term, with forecasted growth in 2023 of 4%, outperforming the global
economy;
\u2022The introduction of the bank resolution framework under the BRRD and the establishment in 2017 of AIB Group plc as the new
holding company of the Group provides greater confidence in relation to the future viability of Allied Irish Banks, p.l.c. (as the principal
operating bank subsidiary) as there are now effective tools in place that should facilitate its recapitalisation in a future crisis; and
\u2022The non-enduring nature of the loan impairments at levels which resulted in the losses in the 2009 to 2013 prior years.
The Board considered negative evidence and the inherent uncertainties in any long term financial assumptions and projections,
including:
\u2022The absolute level of deferred tax assets compared to the Group\u2019s equity;
\u2022The quantum of profits required to be earned and the extended period over which it is projected that the tax losses will be utilised;
\u2022The challenge of forecasting over a long period, taking account of the level of competition, market dynamics (including the interest
rate environment) and resultant margin and funding pressures;
\u2022Any potential longer term residual impacts of COVID-19 and post-Brexit EU/UK trade deal on the Irish economy;
\u2022Potential instability arising from macroeconomic headwinds and geopolitical issues over an extended period; and
\u2022Taxation changes (including Organisation for Economic Co-operation and Development (\u201cOECD\u201d) tax reform) and the likelihood of
future developments and their impact on profitability and utilisation.
2\u00a0 Critical accounting judgements and estimates continued
Deferred taxation continued
Profitability and growth were reassessed in the annual planning exercise covering the period 2023 to 2025 undertaken by the Group in
the second half of 2022. Profitability levels underpinning the plan have been revised upwards compared to last year given the changing
banking landscape and evolving operating environment.
Taking account of all relevant factors, and in the absence of any expiry date for tax losses in Ireland, the Group further believes that it is
more likely than not that there will be future profits in the medium term, and beyond, in the relevant Irish Group companies against
which to use the tax losses. In this regard, the Group has carried out an exercise to determine the likely number of years required to
utilise the deferred tax asset under the following scenario. Using the Group\u2019s financial plan 2023 to 2025 as a base and a profit growth
rate of 2% from 2026, it was assessed that it will take less than 15 years for the Irish deferred tax asset (\u20ac 2.5 billion) to be utilised.
Furthermore, under this scenario, it is expected that c. 65% will be utilised within 10 years. If the growth rate assumption was decreased
by 1%, then the utilisation period increases by a further c.1 year. The Group\u2019s analysis of this and other scenarios examined would not
alter the basis of recognition or the current carrying value. In 2021, the Group reported that it expected that it would take in excess of 20
years for the deferred tax asset to be utilised with 92% being utilised within 20 years and 64% within 15 years.
Given the relative size of the Group\u2019s operations in the UK compared to the role that the Irish operations play in supporting a functioning
banking environment, a different judgement has been applied to the period that taxable profits are considered more likely than not in the
UK. Despite the absence of any expiry date for tax losses in the UK, the Group has concluded that the recognition of deferred tax
assets in its UK subsidiary be limited to the amount projected to be realised within a time period of 15 years. This is the timescale within
which the Group believes that it can assess the likelihood of its UK profits arising as being more likely than not.
However, for certain other subsidiaries and branches, the Group has also concluded that it is more likely than not that there will be
insufficient profits to support the recognition of deferred tax assets.
The amount of recognised deferred tax assets arising from unused tax losses amounts to \u20ac 2,741 million (2021: \u20ac 2,840 million) of
which \u20ac 2,546 million (2021: \u20ac 2,645 million) relates to Irish tax losses and \u20ac 196 million (2021: \u20ac 195 million) relates to UK tax losses.
IAS 12 Income Tax does not permit a company to apply present value discounting to its deferred tax assets or liabilities, regardless of
the estimated timescales over which those assets or liabilities are projected to be realised. The Group\u2019s deferred tax assets are
projected to be realised over a long timescale, benefiting from the absence of any expiry date for Irish or UK tax losses. As a result, the
carrying value of the deferred tax assets on the statement of financial position does not reflect the economic value of those assets.
Deferred taxation
The Group\u2019s accounting policy for deferred tax is set out in accounting policy (k) in note 1. Details of the Group\u2019s deferred tax assets
and liabilities are set out in note 27.
The most significant source of estimation uncertainty in relation to deferred tax is the forecast profit over the 15 year period that is
used to determine the deferred tax asset for unutilised losses in the Group's principal UK subsidiary, which is based on the Group\u2019s
annual plan.
The deferred tax asset for unutilised tax losses in the Group\u2019s principal UK subsidiary amounts to \u00a3 165 million at 31 December 2022
(31 December 2021: \u00a3 164 million).
On an annual basis profitability and growth are reassessed in the annual planning exercise undertaken by the Group. Growth
assumptions and profitability levels underpinning the plan are reassessed and reflect the revised macroeconomic outlook and the
current market as well as revised business strategies.
Forecast profits for the 15 year period are subject to uncertainty with a range of possibilities. Subsequent forecasts of profits in future
years may be higher or lower which could result in a significant risk of adjustment to the carrying amounts of deferred tax assets, within
the next financial year.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ2OA_31b48def-1115-4541-84ed-b7179a44a79c": { "value": "
(l) Financial assets
Recognition and initial measurement
The Group initially recognises financial assets on the trade date, being the date on which the Group commits to purchase the assets.
Loan assets are recognised when cash is advanced to borrowers. In a situation where the Group commits to purchase financial assets
under a contract which is not considered a regular-way transaction, the assets to be acquired are not recognised until the acquisition
contract is settled. In this case, the contract to acquire the financial asset is a derivative that is measured at FVTPL in the period
between the trade date and the settlement date.
Financial assets measured at amortised cost or at fair value through other comprehensive income (\u201cFVOCI\u201d) are recognised initially at
fair value adjusted for direct and incremental transaction costs. Financial assets measured at fair value through profit or loss (\u201cFVTPL\u201d)
are recognised initially at fair value and transaction costs are taken directly to the income statement.
Derivatives are measured initially at fair value on the date on which the derivative contract is entered into. The best evidence of the fair
value of a derivative at initial recognition is the transaction price (i.e. the fair value of the consideration given or received) unless the fair
value of that instrument is evidenced by comparison with other observable current market transactions in the same instrument (i.e.
without modification or repackaging) or based on a valuation technique whose variables include only data from observable markets.
Profits or losses are only recognised on initial recognition of derivatives when there are observable current market transactions or
valuation techniques that are based on observable market inputs.
Classification and subsequent measurement
On initial recognition, a financial asset is classified and subsequently measured at amortised cost, FVOCI or FVTPL.
The classification and subsequent measurement of financial assets depend on:
\u2022The Group\u2019s business model for managing the asset; and
\u2022The cash flow characteristics of the asset (for assets in a \u2018hold-to-collect\u2019 or \u2018hold-to-collect-and-sell\u2019 business model).
Based on these factors, the Group classifies its financial assets into one of the following categories:
1\u00a0 Accounting policies continued
(l) Financial assets continued
\u2013 Amortised cost
Assets that have not been designated as at FVTPL, and are held within a \u2018hold-to-collect\u2019 business model whose objective is to hold
assets to collect contractual cash flows; and whose contractual terms give rise on specified dates to cash flows that are solely
payments of principal and interest. The carrying amount of these assets is calculated using the effective interest rate method and is
adjusted on each measurement date by the expected credit loss allowance for each asset, with movements recognised in profit or loss.
\u2013 Fair value through other comprehensive income (\u201cFVOCI\u201d)
Assets that have not been designated as at FVTPL, and are held within a \u2018hold-to-collect-and-sell\u2019 business model whose objective is
achieved by both collecting contractual cash flows and selling financial assets; and whose contractual terms give rise on specified dates
to cash flows that are solely payments of principal and interest (\u201cSPPI\u201d). Movements in the carrying amount of these assets are taken
through other comprehensive income (\u201cOCI\u201d), except for the recognition of credit impairment gains or losses, interest revenue or foreign
exchange gains and losses, which are recognised in profit or loss. When a financial asset is derecognised, the cumulative gain or loss
previously recognised in OCI is reclassified from equity to profit or loss other than in the case of equity instruments designated
at\u00a0FVOCI.
\u2013 Fair value through profit or loss (\u201cFVTPL\u201d)
Financial assets that do not meet the criteria for amortised cost or FVOCI are measured at FVTPL. Gains or losses (excluding interest
income or expense) on such assets are recognised in profit or loss on an ongoing basis.
In addition, the Group may irrevocably designate a financial asset as at FVTPL that otherwise meets the requirements to be measured
at amortised cost or at FVOCI if doing so eliminates or significantly reduces an accounting mismatch that would otherwise arise.
\u2013 Embedded derivatives
Certain hybrid contracts may contain both a non-derivative host and an \u2018embedded derivative\u2019. Under IFRS 9 Financial Instruments,
there is no bifurcation of embedded derivatives from the host financial asset. As a result, such financial assets will generally fail the
SPPI test unless the embedded derivative does not substantially modify the cash flows that would otherwise be required by the
contract. Those failing the SPPI test will be classified and measured at FVTPL.
Business model assessment
The Group makes an assessment of the objective of the business model at a portfolio level, as this reflects how portfolios of assets are
managed to achieve a particular objective, rather than management\u2019s intentions for individual assets.
The assessment considers the following:
\u2022The strategy for the portfolio as communicated by management;
\u2022How the performance of the portfolio is evaluated and reported to senior management;
\u2022The risks that impact the performance of the business model, and how those risks are managed;
\u2022How managers of the business are compensated (i.e. based on fair value of assets managed or on the contractual cash flows
collected); and
\u2022The frequency, value and timing of sales in prior periods, reasons for those sales, and expectations of future sales activity.
Financial assets that are held for trading or managed within a business model that is evaluated on a fair value basis are measured at
FVTPL because the business objective is neither hold-to-collect contractual cash flows nor hold-to-collect-and-sell contractual cash
flows.
Characteristics of the contractual cash flows
An assessment (\u2018SPPI test\u2019) is performed on all financial assets at origination that are held within a \u2018hold-to-collect\u2019 or \u2018hold-to-collect-
and-sell\u2019 business model to determine whether the contractual terms of the financial assets give rise on specified dates to cash flows
that are solely payments of principal and interest on the principal outstanding. For the purposes of this assessment, \u2018principal\u2019 is defined
as the fair value of the financial asset at initial recognition. \u2018Interest\u2019 is defined as consideration for the time value of money, for the
credit risk associated with the principal amount outstanding, for other basic lending risks and costs (i.e. liquidity, administrative costs)
and profit margin.
1\u00a0 Accounting policies continued
(l) Financial Assets continued
The SPPI test requires an assessment of the contractual terms and conditions to determine whether a financial asset contains any
terms that could modify the timing or amount of contractual cash flows of the asset, to the extent that they could not be described as
solely payments of principal and interest. In making this assessment, the Group considers:
\u2022Features that modify the time value of money element of interest (e.g. tenor of the interest rate does not correspond with the
frequency within which it resets);
\u2022Terms providing for prepayment and extension;
\u2022Leverage features;
\u2022Contingent events that could change the amount and timing of cash flows;
\u2022Terms that limit the Group\u2019s claim to cash flows from specified assets; and
\u2022Contractually linked instruments.
Contractual terms that introduce exposure to risks or volatility in the contractual cash flows that are unrelated to a basic lending
arrangement do not give rise to contractual cash flows that are solely payments of principal and interest on the principal amount
outstanding.
Reclassifications
Reclassifications of financial assets to alternative asset categories, (e.g. from amortised cost to FVOCI), should be very infrequent, and
will only occur when, and only when, the Group changes its business model for managing a specific portfolio of financial assets.
Investments in equity instruments
Equity instruments are classified and measured at FVTPL with gains and losses reflected in profit or loss.
On initial recognition, the Group may elect to irrevocably designate at FVOCI, an equity instrument that is not held for trading. This
election is made on an instrument-by-instrument basis. When this election is used, fair value gains and losses are recognised in OCI
and are not subsequently reclassified to profit or loss on derecognition of the equity instrument.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ2OQ_cb560391-cf99-4b95-99c4-7a93c746efad": { "value": "
(m) Financial liabilities and equity
The Group categorises financial liabilities as at amortised cost or as at fair value through profit or loss.
The Group recognises a financial liability when it becomes party to the contractual provisions of the contract.
Issued financial instruments or their components are classified as liabilities where the substance of the contractual arrangement results
in the Group having a present obligation to either deliver cash or another financial asset to the holder, to exchange financial instruments
on terms that are potentially unfavourable or to satisfy the obligation otherwise than by the exchange of a fixed amount of cash or
another financial asset for a fixed number of equity shares.
Financial liabilities are initially recognised at fair value, being their issue proceeds (fair value of consideration received), net of
transaction costs incurred. Financial liabilities are subsequently measured at amortised cost, with any difference between the proceeds
net of transaction costs and the redemption value recognised in the income statement using the effective interest rate method.
Where financial liabilities are classified as trading they are also initially recognised at fair value with the related transaction costs taken
directly to the income statement. Gains and losses arising from subsequent changes in fair value are recognised directly in the income
statement within net trading income.
Preference shares which carry a mandatory coupon are classified as financial liabilities. The dividends on these preference shares are
recognised in the income statement as interest expense using the effective interest rate method.
The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. Any gain or loss on
the extinguishment or remeasurement of a financial liability is recognised in profit or loss.
Issued financial instruments are classified as equity when the Group has no contractual obligation to transfer cash, or other financial
assets or to issue a variable number of its own equity instruments. Incremental costs directly attributable to the issue of equity
instruments are shown as a deduction from the proceeds of issue, net of tax.
(n) Leases
Lessor
Assets leased to customers are classified as finance leases if the lease agreements transfer substantially all the risks and rewards of
ownership, with or without ultimate legal title. When assets are held subject to a finance lease, the present value of the lease payments,
discounted at the rate of interest implicit in the lease, is recognised as a receivable. The difference between the total payments
receivable under the lease and the present value of the receivable is recognised as unearned finance income, which is allocated to
accounting periods under the pre-tax net investment method to reflect a constant periodic rate of return.
Assets leased to customers are classified as operating leases if the lease agreements do not transfer substantially all the risks and
rewards of ownership. The leased assets are included within property, plant and equipment on the statement of financial position and
depreciation is provided on the depreciable amount of these assets on a systematic basis over their estimated useful lives. Lease
income is recognised on a straight line basis over the period of the lease unless another systematic basis is more appropriate.
Lessee
Lease rentals payables are recognised, measured and presented in line with IFRS 16 Leases.
Identifying a lease
The Group assesses whether a contract is, or contains, a lease at inception of the contract. A contract is, or contains, a lease if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. This assessment
involves the exercise of judgement about whether it depends on a specified asset, whether the Group obtains substantially all the
economic benefits from the use of that asset, and whether the Group has the right to direct the use of the asset.
Lease term
The lease term comprises the non-cancellable period of the lease contract for which the Group has the right to use an underlying asset
together with:
\u2022Periods covered by an option to extend the lease if the Group is reasonably certain to exercise that option; and
\u2022Periods covered by an option to terminate the lease if the Group is reasonably certain not to exercise that option.
Recognition
The Group recognises a right-of-use asset and a lease liability at the commencement date of the contract for all leases except for short
term leases of 12 months or less or leases where the underlying asset is of low value i.e. the value of the underlying asset, when new,
is less than \u20ac 5,000/\u00a3 5,000. The commencement date is the date on which a lessor makes an underlying asset available for use by the
Group.
Initial measurement of right-of-use asset
The right-of-use asset is initially measured at cost, which comprises the amount of the initial measurement of the lease liability, any
lease payments made at or before the commencement date, less any lease incentives, any initial direct costs incurred by the Group
and an estimate of costs to be incurred by the Group in dismantling and removing the underlying asset or restoring the site on which the
asset is located.
The Group provides for dilapidations/restoration costs where it has been identified or planned that it intends on exiting the premises,
and/or where it has completed extensive modifications. The Group recognises asset restoration obligations mainly in relation to leased
head office locations and branches and any other space which would need to be restored to their previous condition when the lease
ends.
Subsequent measurement of right-of-use asset
After the commencement date, a right-of-use asset is measured at cost less any accumulated depreciation and any accumulated
impairment losses and adjusted for any remeasurement of the lease liability. The Group applies IAS 36 Impairment of Assets as set out
in the Group\u2019s accounting policy (x) to determine whether the right-of-use asset is impaired and to account for any impairment loss
identified.
The Group depreciates the right-of-use asset from the commencement date to the earlier of the end of the useful life of the right-of-use
asset and the end of the lease term on a straight-line basis.
1\u00a0 Accounting policies continued
(n) Leases continued
Initial measurement of lease liability
The lease liability is initially measured at the present value of the lease payments that are payable over the lease term, discounted
using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. The
Group uses its incremental borrowing rate as the discount rate.
The lease payments include fixed payments (including in-substance fixed payments), variable lease payments that depend on an index
or a rate and amounts expected to be payable by the Group under a residual value guarantee. The lease payments also include the
exercise price of a purchase option if the Group is reasonably certain to exercise, lease payments in an optional renewal period if the
Group is reasonably certain to exercise an extension option and payments of penalties for terminating the lease, if the lease term
reflects the Group exercising an option to terminate the lease.
Lease payments exclude variable elements which are dependent on external factors, e.g. payments that are based on transaction
volume/usage. Variable lease payments that are not included in the initial measurement of the lease liability are recognised directly in
the income statement in the period in which the event or condition that triggers these payments occurs.
Subsequent measurement of lease liability
After the commencement date, the Group measures the lease liability by increasing the carrying amount to reflect interest on the lease
liability, reducing the carrying amount to reflect lease payments made and remeasuring the carrying amount to reflect any reassessment
or lease modifications.
The lease liability is measured at amortised cost using the effective interest rate method. It is remeasured when there is a change in
future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to
be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension
or termination option.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset,
or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to Nil.
Lease modifications
Lease modifications arise from changes to the underlying contract between the Group and the lessor. The accounting for the
modification is dependent on whether the modification is considered a separate lease or not.
A lease modification is accounted for as a separate lease if both the modification increases the scope of the lease by adding the right to
use one or more underlying assets and the consideration for the lease increases by an amount commensurate with the standalone
price for the increase in scope. If both criteria are met, the Group adopts the accounting policy on the initial recognition and
measurement of lease liabilities and right-of-use assets.
If a lease modification fails the test above or the modification is of any other type (e.g. a decrease in scope from the original contract),
the Group must allocate the consideration in the modified contract to the lease components, determine the lease term of the modified
lease and remeasure the lease liability by discounting the revised lease payments using a revised discount rate.
Sublease accounting
Where the Group sub-leases an asset (intermediate lessor) which it has leased from another lessor (the \u2018head lessor\u2019 who ultimately
owns the asset from a legal perspective), the Group assesses whether the sub-lease is a finance or operating lease by reference to the
right-of-use asset being leased, not the actual underlying asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ5OQ_5c85b377-4321-4d96-93db-f3baf9427b2a": { "value": "
(n) Leases
Lessor
Assets leased to customers are classified as finance leases if the lease agreements transfer substantially all the risks and rewards of
ownership, with or without ultimate legal title. When assets are held subject to a finance lease, the present value of the lease payments,
discounted at the rate of interest implicit in the lease, is recognised as a receivable. The difference between the total payments
receivable under the lease and the present value of the receivable is recognised as unearned finance income, which is allocated to
accounting periods under the pre-tax net investment method to reflect a constant periodic rate of return.
Assets leased to customers are classified as operating leases if the lease agreements do not transfer substantially all the risks and
rewards of ownership. The leased assets are included within property, plant and equipment on the statement of financial position and
depreciation is provided on the depreciable amount of these assets on a systematic basis over their estimated useful lives. Lease
income is recognised on a straight line basis over the period of the lease unless another systematic basis is more appropriate.
Lessee
Lease rentals payables are recognised, measured and presented in line with IFRS 16 Leases.
Identifying a lease
The Group assesses whether a contract is, or contains, a lease at inception of the contract. A contract is, or contains, a lease if the
contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. This assessment
involves the exercise of judgement about whether it depends on a specified asset, whether the Group obtains substantially all the
economic benefits from the use of that asset, and whether the Group has the right to direct the use of the asset.
Lease term
The lease term comprises the non-cancellable period of the lease contract for which the Group has the right to use an underlying asset
together with:
\u2022Periods covered by an option to extend the lease if the Group is reasonably certain to exercise that option; and
\u2022Periods covered by an option to terminate the lease if the Group is reasonably certain not to exercise that option.
Recognition
The Group recognises a right-of-use asset and a lease liability at the commencement date of the contract for all leases except for short
term leases of 12 months or less or leases where the underlying asset is of low value i.e. the value of the underlying asset, when new,
is less than \u20ac 5,000/\u00a3 5,000. The commencement date is the date on which a lessor makes an underlying asset available for use by the
Group.
Initial measurement of right-of-use asset
The right-of-use asset is initially measured at cost, which comprises the amount of the initial measurement of the lease liability, any
lease payments made at or before the commencement date, less any lease incentives, any initial direct costs incurred by the Group
and an estimate of costs to be incurred by the Group in dismantling and removing the underlying asset or restoring the site on which the
asset is located.
The Group provides for dilapidations/restoration costs where it has been identified or planned that it intends on exiting the premises,
and/or where it has completed extensive modifications. The Group recognises asset restoration obligations mainly in relation to leased
head office locations and branches and any other space which would need to be restored to their previous condition when the lease
ends.
Subsequent measurement of right-of-use asset
After the commencement date, a right-of-use asset is measured at cost less any accumulated depreciation and any accumulated
impairment losses and adjusted for any remeasurement of the lease liability. The Group applies IAS 36 Impairment of Assets as set out
in the Group\u2019s accounting policy (x) to determine whether the right-of-use asset is impaired and to account for any impairment loss
identified.
The Group depreciates the right-of-use asset from the commencement date to the earlier of the end of the useful life of the right-of-use
asset and the end of the lease term on a straight-line basis.
1\u00a0 Accounting policies continued
(n) Leases continued
Initial measurement of lease liability
The lease liability is initially measured at the present value of the lease payments that are payable over the lease term, discounted
using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. The
Group uses its incremental borrowing rate as the discount rate.
The lease payments include fixed payments (including in-substance fixed payments), variable lease payments that depend on an index
or a rate and amounts expected to be payable by the Group under a residual value guarantee. The lease payments also include the
exercise price of a purchase option if the Group is reasonably certain to exercise, lease payments in an optional renewal period if the
Group is reasonably certain to exercise an extension option and payments of penalties for terminating the lease, if the lease term
reflects the Group exercising an option to terminate the lease.
Lease payments exclude variable elements which are dependent on external factors, e.g. payments that are based on transaction
volume/usage. Variable lease payments that are not included in the initial measurement of the lease liability are recognised directly in
the income statement in the period in which the event or condition that triggers these payments occurs.
Subsequent measurement of lease liability
After the commencement date, the Group measures the lease liability by increasing the carrying amount to reflect interest on the lease
liability, reducing the carrying amount to reflect lease payments made and remeasuring the carrying amount to reflect any reassessment
or lease modifications.
The lease liability is measured at amortised cost using the effective interest rate method. It is remeasured when there is a change in
future lease payments arising from a change in an index or rate, if there is a change in the Group\u2019s estimate of the amount expected to
be payable under a residual value guarantee, or if the Group changes its assessment of whether it will exercise a purchase, extension
or termination option.
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset,
or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to Nil.
Lease modifications
Lease modifications arise from changes to the underlying contract between the Group and the lessor. The accounting for the
modification is dependent on whether the modification is considered a separate lease or not.
A lease modification is accounted for as a separate lease if both the modification increases the scope of the lease by adding the right to
use one or more underlying assets and the consideration for the lease increases by an amount commensurate with the standalone
price for the increase in scope. If both criteria are met, the Group adopts the accounting policy on the initial recognition and
measurement of lease liabilities and right-of-use assets.
If a lease modification fails the test above or the modification is of any other type (e.g. a decrease in scope from the original contract),
the Group must allocate the consideration in the modified contract to the lease components, determine the lease term of the modified
lease and remeasure the lease liability by discounting the revised lease payments using a revised discount rate.
Sublease accounting
Where the Group sub-leases an asset (intermediate lessor) which it has leased from another lessor (the \u2018head lessor\u2019 who ultimately
owns the asset from a legal perspective), the Group assesses whether the sub-lease is a finance or operating lease by reference to the
right-of-use asset being leased, not the actual underlying asset.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ3MQ_d92322d7-5e1b-496e-9abf-91704e4bc149": { "value": "
(o) Determination of fair value of financial instruments
The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly
transaction between market participants at the measurement date in the principal, or in its absence, the most advantageous market to
which the Group has access at that date. The Group considers the impact of non-performance risk when valuing its financial liabilities.
Financial instruments are initially recognised at fair value and, with the exception of financial assets at fair value through profit or loss,
the initial carrying amount is adjusted for direct and incremental transaction costs. In the normal course of business, the fair value on
initial recognition is the transaction price (fair value of consideration given or received). If the Group determines that the fair value at
initial recognition differs from the transaction price and the fair value is determined by a quoted price in an active market for the same
financial instrument, or by a valuation technique which uses only observable market inputs, the difference between the fair value at
initial recognition and the transaction price is recognised as a gain or loss. If the fair value is calculated by a valuation technique that
features significant market inputs that are not observable, the difference between the fair value at initial recognition and the transaction
price is deferred. Subsequently, the difference is recognised in the income statement on an appropriate basis over the life of the
financial instrument, but no later than when the valuation is supported by wholly observable inputs; the transaction matures; or is
closed\u00a0out.
Subsequent to initial recognition, the methods used to determine the fair value of financial instruments include quoted prices in active
markets where those prices are considered to represent actual and regularly occurring market transactions. Where quoted prices are
not available or are unreliable because of market inactivity, fair values are determined using valuation techniques.
Quoted prices in active markets
Quoted market prices are used where those prices are considered to represent actual and regularly occurring market transactions for
financial instruments in active markets.
Valuations for negotiable instruments such as debt and equity securities are determined using bid prices for asset positions and ask
prices for liability positions.
Where securities are traded on an exchange, the fair value is based on prices from the exchange. The market for debt securities largely
operates on an \u2018over-the-counter\u2019 basis which means that there is not an official clearing or exchange price for these security
instruments. Therefore, market makers and/or investment banks (\u2018contributors\u2019) publish bid and ask levels which reflect an indicative
price that they are prepared to buy and sell a particular security. The Group\u2019s valuation policy requires that the prices used in
determining the fair value of securities quoted in active markets must be sourced from established market makers and/or investment
banks.
Valuation techniques
In the absence of quoted market prices, and in the case of over-the-counter derivatives, fair value is calculated using valuation
techniques. These valuation techniques maximise the use of relevant observable inputs and minimise the use of unobservable inputs.
The valuation techniques used incorporate the factors that market participants would take into account in pricing a transaction.
Valuation techniques include the use of recent orderly transactions between market participants, reference to other similar instruments,
option pricing models, discounted cash flow analysis and other valuation techniques commonly used by market participants.
Fair value may be estimated using quoted market prices for similar instruments, adjusted for differences between the quoted instrument
and the instrument being valued. Where the fair value is calculated using discounted cash flow analysis, the methodology is to use, to
the extent possible, market data that is either directly observable or is implied from instrument prices, such as interest rate yield curves,
equities and commodities prices, credit spreads, option volatilities and currency rates. In addition, the Group considers the impact of
own credit risk and counterparty risk when valuing its derivative liabilities.
The valuation methodology is to calculate the expected cash flows under the terms of each specific contract and then discount these
values back to a present value. The assumptions involved in these valuation techniques include:
\u2022The likelihood and expected timing of future cash flows of the instrument. These cash flows are generally governed by the terms of
the instrument, although management judgement may be required when the ability of the counterparty to service the instrument in
accordance with the contractual terms is in doubt. In addition, future cash flows may also be sensitive to the occurrence of future
events, including changes in market rates; and
\u2022Selecting an appropriate discount rate for the instrument, based on the interest rate yield curves including the determination of an
appropriate spread for the instrument over the risk-free rate. The spread is adjusted to take into account the specific credit risk profile
of the exposure.
1\u00a0 Accounting policies continued
(o) Determination of fair value of financial instruments continued
All adjustments in the calculation of the present value of future cash flows are based on factors market participants would take into
account in pricing the financial instrument.
Certain financial instruments (both assets and liabilities) may be valued on the basis of valuation techniques that feature one or more
significant market inputs that are not observable. When applying a valuation technique with unobservable data, estimates are made to
reflect uncertainties in fair values resulting from a lack of market data, for example, as a result of illiquidity in the market. For these
instruments, the fair value measurement is less reliable. Inputs into valuations based on non-observable data are inherently uncertain
because there is little or no current market data available from which to determine the price at which an orderly transaction between
market participants would occur under current market conditions. However, in most cases there is some market data available on which
to base a determination of fair value, for example historical data, and the fair values of most financial instruments will be based on some
market observable inputs even where the non-observable inputs are significant. All unobservable inputs used in valuation techniques
reflect the assumptions market participants would use when fair valuing the financial instrument.
The Group tests the outputs of the valuation model to ensure that it reflects current market conditions. The calculation of fair value for
any financial instrument may require adjustment of the quoted price or the valuation technique output to reflect the cost of credit risk
and the liquidity of the market, if market participants would include one, where these are not embedded in underlying valuation
techniques or prices used.
The choice of contributors, the quality of market data used for pricing and the valuation techniques used are all subject to internal
review and approval procedures.
Transfers between levels of the fair value hierarchy
The Group recognises transfers between levels of the fair value hierarchy at the end of the reporting period during which the change
occurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ3Mg_a2639323-444f-4074-8d74-6a0cb937ca0d": { "value": "
(p) Sale and repurchase agreements (including securities borrowing and lending)
Financial assets may be lent or sold subject to a commitment to repurchase them (\u2018repos\u2019). Such securities are retained on the
statement of financial position when substantially all the risks and rewards of ownership remain with the Group. The liability to the
counterparty is included separately on the statement of financial position. Similarly, when securities are purchased subject to a
commitment to resell (\u2018reverse repos\u2019), or where the Group borrows securities, but does not acquire the risks and rewards of ownership,
the transactions are treated as collateralised loans, and the securities are not usually included in the statement of financial position. The
difference between the sale and repurchase price is accrued over the life of the agreements using the effective interest rate method.
Securities lent to counterparties are also retained in the financial statements. The exception to this is where these are sold to third
parties, at which point the obligation to repurchase the securities is recorded as a trading liability at fair value and any subsequent gain
or loss included in trading income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ3Mw_9c500026-dd31-4388-b1cd-dc9046659396": { "value": "
(q) Derivatives and hedge accounting
Derivatives, such as interest rate swaps, options and forward rate agreements, futures, currency swaps and options, and equity index
options are used for trading purposes whereas interest rate swaps, currency swaps, cross currency interest rate swaps and credit
derivatives are used for hedging purposes.
The Group maintains trading positions in a variety of financial instruments including derivatives. Trading transactions arise both as a
result of activity generated by customers and from proprietary trading with a view to generating incremental income.
Non-trading derivative transactions comprise transactions held for hedging purposes as part of the Group\u2019s risk management strategy
against assets, liabilities, positions and cash flows.
Derivatives
Derivatives are measured initially at fair value on the date on which the derivative contract is entered into and subsequently remeasured
at fair value. Fair values are obtained from quoted market prices in active markets, including recent market transactions, and from
valuation techniques using discounted cash flow models and option pricing models as appropriate. Derivatives are included in assets
when their fair value is positive, and in liabilities when their fair value is negative, unless there is the legal ability and intention to settle
an asset and liability on a net basis.
The best evidence of the fair value of a derivative at initial recognition is the transaction price (i.e. the fair value of the consideration
given or received) unless the fair value of that instrument is evidenced by comparison with other observable current market transactions
in the same instrument (i.e. without modification or repackaging) or based on a valuation technique whose variables include only data
from observable markets.
Profits or losses are only recognised on initial recognition of derivatives when there are observable current market transactions or
valuation techniques that are based on observable market inputs.
1\u00a0 Accounting policies continued
(q) Derivatives and hedge accounting continued
Hedging
The Group has opted to remain with the IAS 39 Financial Instruments: Recognition and Measurement hedge accounting requirements
until macro hedge accounting is addressed by the IASB as part of a separate project. This is an accounting policy choice allowed by
IFRS 9 Financial Instruments.
All derivatives are carried at fair value and the accounting treatment of the resulting fair value gain or loss depends on whether the
derivative is designated as a hedging instrument, and if so, the nature of the item being hedged. Where derivatives are held for risk
management purposes, and where transactions meet the criteria specified in IAS 39 Financial Instruments: Recognition and
Measurement, the Group designates certain derivatives as either:
\u2022Hedges of the fair value of recognised assets or liabilities or firm commitments (\u2018fair value hedge\u2019); or
\u2022Hedges of the exposure to variability of cash flows attributable to a recognised asset or liability, or a highly probable forecasted
Transaction (\u2018cash flow hedge\u2019); or
\u2022Hedges of a net investment in a foreign operation.
When a financial instrument is designated as a hedge, the Group formally documents the relationship between the hedging instrument
and hedged item as well as its risk management objectives and its strategy for undertaking the various hedging transactions. The
Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in
hedging transactions are highly effective in offsetting changes in fair values or cash flows of the hedged items.
The Group discontinues hedge accounting when:
a) it is determined that a derivative is not, or has ceased to be, highly effective as a hedge;
b) the derivative expires, or is sold, terminated, or exercised;
c) the hedged item matures or is sold or repaid; or
d) a forecast transaction is no longer deemed highly probable.
To the extent that the changes in the fair value of the hedging derivative differ from changes in the fair value of the hedged risk in the
hedged item, or the cumulative change in the fair value of the hedging derivative differs from the cumulative change in the fair value of
expected future cash flows of the hedged item, ineffectiveness arises. The amount of ineffectiveness, (taking into account the timing of
the expected cash flows, where relevant) provided it is not so great as to disqualify the entire hedge for hedge accounting, is recorded
in the income statement.
In certain circumstances, the Group may decide to cease hedge accounting even though the hedge relationship continues to be highly
effective by no longer designating the financial instrument as a hedge.
Some of the Group cash flow and fair value hedge relationships were affected by the interest rate benchmark reform. All the affected
hedged items and hedging instruments were either transitioned to risk free rates or will be in line with regulatory deadlines which will
change the basis for determining the interest cash flows from the relevant term rate to the relevant risk free rate at an agreed point in
time. The hedge documentation has been amended accordingly.
Fair value hedge accounting
Changes in fair value of derivatives that qualify and are designated as fair value hedges are recorded in the income statement, together
with changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. If the hedge no longer meets the
criteria for hedge accounting, the fair value hedging adjustment cumulatively made to the carrying value of the hedged item is, for items
carried at amortised cost, amortised over the period to maturity of the previously designated hedge relationship using the effective
interest rate method. For debt securities measured at FVOCI, the fair value adjustment for hedged items is recognised in the income
statement using the effective interest rate method. If the hedged item is sold or repaid, the unamortised fair value adjustment is
recognised immediately in the income statement.
1\u00a0 Accounting policies continued
(q) Derivatives and hedge accounting continued
Cash flow hedge accounting
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is initially
recognised directly in other comprehensive income and included in the cash flow hedging reserve in the statement of changes in equity.
The amount recognised in other comprehensive income is reclassed to profit or loss as a reclassification adjustment in the same period
as the hedged cash flows affect profit or loss, and in the same line item in the statement of comprehensive income. Any ineffective
portion of the gain or loss on the hedging instrument is recognised in the income statement immediately.
When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain
or loss recognised in other comprehensive income from the time when the hedge was effective remains in equity and is reclassified to
the income statement as a reclassification adjustment as the forecast transaction affects profit or loss. When a forecast transaction is
no longer expected to occur, the cumulative gain or loss that was recognised in other comprehensive income from the period when the
hedge was effective is reclassified to the income statement.
Net investment hedge
Hedges of net investments in foreign operations, including monetary items that are accounted for as part of the net investment, are
accounted for similarly to cash flow hedges. The effective portion of the gain or loss on the hedging instrument is recognised in other
comprehensive income and the ineffective portion is recognised immediately in the income statement. The cumulative gain or loss
previously recognised in other comprehensive income is recognised in the income statement on the disposal or partial disposal of the
foreign operation. Hedges of net investments may include non-derivative liabilities as well as derivative financial instruments.
Derivatives that do not qualify for hedge accounting
Certain derivative contracts entered into as economic hedges do not qualify for hedge accounting. Changes in the fair value of these
derivative instruments are recognised immediately in the income statement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ3NA_9cb9bdc1-f4cd-4b88-a859-b4e15b7f6826": { "value": "
(r) Derecognition
Financial assets
The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire or it transfers the
rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the
financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership
and it does not retain control of the financial asset.
On derecognition of a financial asset, the difference between the carrying amount of the asset and the sum of (i) the consideration
received (including any new asset obtained less any new liability assumed) and (ii) any cumulative gain or loss that had been
recognised in OCI is recognised in profit or loss. Relevant costs incurred with the disposal of a financial asset are deducted in
computing the gain or loss on disposal.
Any cumulative gain/loss recognised in OCI in respect of equity investment securities designated as at FVOCI is not recognised in profit
or loss on derecognition of such securities. However, the amount held in investment securities reserves is transferred to revenue
reserves on derecognition. Any interest in transferred financial assets that qualify for derecognition, that is created or retained by the
Group, is recognised as a separate asset or liability.
The Group enters into transactions whereby it transfers assets recognised on its statement of financial position, but retains either all or
substantially all of the risks and rewards of the transferred assets or a portion of them. In such cases, the transferred assets are not
derecognised. Examples of such transactions are securities lending and sale-and-repurchase transactions.
In transactions in which the Group neither retains nor transfers substantially all of the risks and rewards of ownership of a financial
asset and it retains control over the asset, the Group continues to recognise the asset to the extent of its continuing involvement,
determined by the extent to which it is exposed to changes in the value of the transferred asset.
In certain transactions, the Group retains the obligation to service the transferred financial asset for a fee. The transferred asset is
derecognised if it meets the derecognition criteria. An asset or liability is recognised for the servicing contract if the servicing fee is more
than adequate or is less than adequate for performing the servicing.
The write-off of a financial asset constitutes a derecognition event. Where a financial asset is partially written-off, and the portion
written-off comprises specifically identified cash flows, this will constitute a derecognition event for that part written-off.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ3NQ_8f9501f6-dddf-4253-b2ee-9a7b2adb1a80": { "value": "
(s) Impairment of financial assets
The Group recognises loss allowances for expected credit losses at each balance sheet date for the following financial instruments that
are not measured at FVTPL:
\u2022Financial assets at amortised cost;
\u2022Financial assets at FVOCI (except for equity instruments);
\u2022Lease receivables;
\u2022Financial guarantee contracts issued; and
\u2022Loan commitments issued.
Investments in equity instruments are recognised at fair value and accordingly, expected credit losses (\u201cECLs\u201d) are not recognised
separately for equity instruments.
ECLs are the weighted average of credit losses. When measuring ECLs, the Group takes into account:
\u2022Probability-weighted outcomes;
\u2022The time value of money so that ECLs are discounted to the reporting date; and
\u2022Reasonable and supportable information that is available without undue cost or effort at the reporting date about past events, current
conditions and forecasts of future economic conditions.
The amount of ECLs recognised as a loss allowance depends on the extent of credit deterioration since initial recognition. There are
two measurement bases:
\u202212-month ECLs (Stage 1), which applies to all items as long as there is no significant deterioration in credit quality since initial
recognition; and
\u2022Lifetime ECLs (Stages 2 and 3), which applies when a significant increase in credit risk has occurred on an individual or collective
basis.
The 12 month ECL is the portion of lifetime expected credit losses that represent the expected credit losses that result from default
events on a financial instrument that are possible within the 12 months after the reporting date. Lifetime ECL is the expected credit
losses that result from all possible default events over the expected life of a financial instrument.
In the case of Stage 2, credit risk on the financial instrument has increased significantly since initial recognition but the instrument is not
considered credit impaired. For a financial instrument in Stage 3, credit risk has increased significantly since initial recognition and the
instrument is considered credit impaired.
Financial assets are allocated to stages dependent on credit quality relative to when the asset was originated.
A financial asset can only originate in either Stage 1 or as purchased or originated credit impaired (\u201cPOCI\u201d). The ECL held against an
asset depends on a number of factors, one of which is its stage allocation. Assets allocated to Stage 2 and Stage 3 have lifetime ECLs.
Collateral and other credit enhancements are not considered as part of stage allocation. Collateral is reflected in the Group\u2019s loss given
default models (\u201cLGD\u201d).
Purchased or originated credit impaired
POCI financial assets are those that are credit-impaired on initial recognition. The Group may originate a credit-impaired financial asset
following a substantial modification of a distressed financial asset that resulted in derecognition of the original financial asset.
POCIs are financial assets originated credit impaired that have a discount to the contractual value when measured at fair value. The
Group uses an appropriate discount rate for measuring ECL in the case of POCIs which is the credit-adjusted EIR. This rate is used to
discount the expected cash flows of such assets to fair value on initial recognition.
POCIs remain outside of the normal stage allocation process for the lifetime of the obligation. The ECL for POCIs is always measured
at an amount equal to lifetime expected credit losses. The amount recognised as a loss allowance for these assets is the cumulative
changes in lifetime expected credit losses since the initial recognition of the assets rather than the total amount of lifetime expected
credit losses.
1\u00a0 Accounting policies continued
(s) Impairment of financial assets continued
At each reporting date, the Group recognises the amount of the change in lifetime expected credit losses as a credit impairment gain or
loss in the income statement. Favourable changes in lifetime expected credit losses are recognised as a credit impairment gain, even if
the favourable changes exceed the amount previously recognised in profit or loss as a credit impairment loss.
Modification
From time to time, the Group will modify the original terms of a customer\u2019s loan either as part of the ongoing relationship or arising from
changes in the customer\u2019s circumstances such as when that customer is unable to make the agreed original contractual repayments.
A modification refers to either:
\u2022A change to the previous terms and conditions of a debt contract; or
\u2022A total or partial refinancing of a debt contract.
Modifications may occur for both customers in distress and for those not in distress. Any financial asset that undergoes a change or
renegotiation of cash flows and is not derecognised is a modified financial asset.
When modification does not result in derecognition, the modified assets are treated as the same continuous lending agreement and a
modification gain or loss is taken to profit or loss immediately. The gross carrying amount of the financial asset is recalculated as the
present value of the renegotiated or modified contractual cash flows discounted at the financial asset\u2019s original effective interest rate.
Any costs or fees incurred adjust the carrying amount of the modified financial asset and are amortised over the remaining term of the
modified financial asset.
The stage allocation for modified assets which are not derecognised is by reference to the credit risk at initial recognition of the original,
unmodified contractual terms i.e. the date of initial recognition is not reset.
Where renegotiation of the terms of a financial asset leads to a customer granting equity to the Group in exchange for any loan balance
outstanding, the new instrument is recognised at fair value with any difference to the loan carrying amount recognised in the income
statement.
Derecognition occurs if a modification or restructure is substantial on a qualitative or quantitative basis. Accordingly, certain forborne
assets are derecognised. The modified/restructured asset (derecognised forborne asset (\u2018DFA\u2019)) is considered a \u2018new financial
instrument\u2019 and the date that the new asset is recognised is the date of initial recognition from this point forward. DFAs are allocated to
Stage 1 on origination and follow the normal staging process thereafter.
If there is evidence of credit impairment at the time of initial recognition of a DFA, and the fair value at recognition is at a discount to the
contractual amount of the obligation, the asset is deemed to be a POCI. POCIs are not allocated to stages but are assigned a lifetime
PD and ECL for the duration of the obligation\u2019s life. Where the modification/restructure of a non-forborne credit obligation results in
derecognition, the new loan is originated in Stage 1 and follows the normal staging process thereafter.
Collateralised financial assets \u2013 Repossessions
The ECL calculation for a collateralised financial asset reflects the cash flows that may result from foreclosure, costs for obtaining and
settling the collateral, and whether or not foreclosure is probable.
For loans that are credit impaired, the Group may repossess collateral previously pledged as security in order to achieve an orderly
realisation of the loan. The Group will then offer this repossessed collateral for sale. However, if the Group believes the proceeds of the
sale will comprise only part of the recoverable amount of the loan with the customer remaining liable for any outstanding balance, the
loan continues to be recognised and the repossessed asset is not recognised. However, if the Group believes that the sale proceeds of
the asset will comprise all or substantially all of the recoverable amount of the loan, the loan is derecognised and the acquired asset is
accounted for in accordance with the applicable accounting standard. Any further impairment of the repossessed asset is treated as an
impairment of that asset and not as a credit impairment of the original loan.
Financial assets at FVOCI
The ECL allowance for financial assets measured at FVOCI does not reduce the carrying amount in the statement of financial position
because the carrying amount of these assets is fair value. However, an amount equal to the ECL allowance that would arise if the
assets were measured at amortised cost is recognised in other comprehensive income (\u2018OCI\u2019) as an accumulated credit impairment
amount, with a corresponding charge to profit or loss. The accumulated loss recognised in OCI is recycled to the profit or loss upon
derecognition of the assets (together with other accumulated gains and losses in OCI).
1\u00a0 Accounting policies continued
(s) Impairment of financial assets continued
Write-offs and debt forgiveness
The Group reduces the gross carrying amount of a financial asset either partially or fully when there is no reasonable expectation of
recovery.
Where there is no formal debt forgiveness agreed with the customer, the Group may write off a loan either partially or fully when there is
no reasonable expectation of recovery. This is considered a non-contracted write-off. In this case, the borrower remains fully liable for
the credit obligation and is not advised of the write-off.
Once a financial asset is written-off either partially or fully, the amount written-off cannot subsequently be recognised on the balance
sheet. It is only when cash is received in relation to the amount written-off that income is recognised in the income statement as a
\u2018recovery of bad debt previously written-off.
Debt forgiveness arises where there is a formal contract agreed with the customer for the write-off of a loan.
Impairment of financial assets
The Group\u2019s accounting policy for impairment of financial assets is set out in accounting policy (s) in note 1. Details of the Group\u2019s ECL
allowance are set out in note 21.
The calculation of the ECL allowance is complex and requires the use of a number of accounting judgements.
The most significant judgements applied by the Group in determining the ECL allowance are as follows:
\u2022Determining the criteria for a significant increase in credit risk and for being classified as credit impaired;
\u2022Applying the definition of default policy for classifying financial assets as credit impaired; and
\u2022Determining the need for and an appropriate methodology for post-model adjustments.
The significant management judgements and the governance process, relating to ECL, are set out on page 150 and 151 in the Risk
Management section.
Provisions for liabilities and commitments
The Group\u2019s accounting policy for provisions for liabilities and commitments is set out in accounting policy (z) in note 1. Details of the
Group\u2019s provision for liabilities and commitments are shown in note 34.
Significant management judgement is required to determine whether the Group has a present obligation as a result of a past event
and whether it is probable an outflow of resources will be required to settle the obligation.
The Group recognises liabilities where it has present legal or constructive obligations as a result of past events and it is more likely than
not that these obligations will result in an outflow of resources to settle the obligations and the amount can be reliably estimated.
Judgement is required in determining whether the Group has a present obligation and whether it is probable that an outflow of
economic benefits will be required to settle this obligation. This judgement is applied to information available at the time of determining
the provision including, but not limited to, judgements around interpretations of legislation, regulations and case law depending on the
nature of the provision.
mpairment of financial assets
The Group\u2019s accounting policy for impairment of financial assets is set out in accounting policy (s) in note 1. Details of the Group\u2019s
expected credit loss (\u201cECL\u201d) allowance are set out in note 21.
The calculation of the ECL allowance is complex and therefore an entity must consider large amounts of information in their
determination. This process requires significant use of estimates and assumptions, some of which by their nature, are highly subjective
and very sensitive to risk factors such as changes to economic conditions. Changes in the ECL allowance can materially affect net
income.
ECL allowance for Loans and advances to customers at 31 December 2022 amounted to \u20ac 1,618 million (2021: \u20ac 1,885 million). The
ECL for financial assets represents management\u2019s best estimate of the expected credit losses on the various portfolios at the respective
reporting dates.
The key estimates and assumptions that the Directors have used in determining the ECL allowance are as follows:
\u2022Inputs into discounted cash-flows (\u2018DCFs\u2019) for certain Stage 3 credit impaired obligors;
\u2022Establishing the number and relative weightings for forward looking scenarios;
\u2022The assumptions for measuring ECL (e.g. PD, LGD and EAD and the parameters to be included within the models for modelled
ECL); and
\u2022The estimation of post model adjustments where required.
Discounted cash flows (\"DCFs\") are the most significant input to the ECL calculation for Stage 3 credit impaired borrowers where the
gross credit exposure is \u2265 \u20ac 1 million for Ireland or \u2265 \u00a3 500,000 for the UK. Collateral valuations and the estimated time to realisation of
collateral is a key component of the DCF model. The DCF assessment produces a base case ECL which is then adjusted to incorporate
the impact of multiple scenarios on the base ECL. The size of the adjustment must consider all relevant and supportable information,
including but not limited to, historical data analysis, predictive modelling and management judgement.
The macroeconomic variables used in models to calculate ECL allowance are based on assumptions, forecasts and estimates against
a backdrop of the residual impact of the COVID-19 pandemic and the economic landscape which are continuously evolving.
Accordingly, developments with regard to the pandemic and changes in local and international factors could have a material bearing on
the ECL allowance within the next financial year. The Group\u2019s sensitivity to a range of macroeconomic factors under (i) base forecast;
(ii) upside; and (iii) downside scenarios is set out on pages 144 to 148 of the Risk Management section of this report.
Certain of these estimates may have a significant risk of material adjustment to carrying amounts of assets within the next financial
year.
2\u00a0 Critical accounting judgements and estimates continued
Impairment of financial assets continued
The Group has developed a standard approach for the measurement of ECL for the majority of the Group\u2019s exposures where each ECL
input parameter (e.g. PD, LGD and EAD) is developed in line with standard modelling methodology. These are discussed further on
page 142 and 143 of the Risk Management section. In addition, where the estimate of ECL does not adequately capture all available
forward looking information about the range of possible outcomes, or where there is a significant degree of uncertainty, management
may consider it appropriate for an adjustment to ECL. These are referred to as post model adjustments and are set out in detail on
page 150 and 151.
On an ongoing basis, the various estimates and assumptions are reviewed in light of differences between actual and previously
calculated expected losses. These are then recalibrated and refined to reflect current and evolving economic conditions. The
management process for the calculation of ECL allowance is underpinned by second-line levels of review. The ECL allowance is, in
turn, reviewed and approved by the Group Credit Committee on a quarterly basis with final Group levels being approved by the Board
Audit Committee. Further detail on the ECL governance process is set out on page 151.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ3Ng_730b173e-f2f5-424c-a1cb-77b1996247b2": { "value": "
Collateral
The Group obtains collateral in respect of customer advances where this is considered appropriate. The collateral normally takes the
form of a lien over the customer\u2019s assets and gives the Group a claim on these assets for both existing and future customer liabilities.
The collateral is, in general, not recorded on the statement of financial position.
The Group also receives collateral in the form of cash or securities in respect of other credit instruments, such as securities borrowing
contracts and derivative contracts in order to reduce credit risk. Collateral received in the form of securities is not recorded on the
statement of financial position. Collateral received in the form of cash is recorded on the statement of financial position with a
corresponding liability. Therefore, in the case of cash collateral, these amounts are assigned to deposits received from banks or other
counterparties. Any interest payable or receivable arising is recorded as interest expense or interest income respectively.
In certain circumstances, the Group will pledge collateral in respect of its own liabilities or borrowings. Collateral pledged in the form of
securities or loans and advances continues to be recorded on the statement of financial position. Collateral paid away in the form of
cash is recorded in loans and advances to banks or customers. Any interest payable or receivable arising is recorded as interest
expense or interest income respectively.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCollateralExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ3OQ_81efc5aa-f0dd-4074-874d-f6b856e73e5a": { "value": "
(u) Financial guarantees and loan commitment contracts
Financial guarantees are given to banks, financial institutions and other bodies on behalf of customers to secure loans, overdrafts and
other banking facilities (\u2018facility guarantees\u2019) and to other parties in connection with the performance of customers under obligations
relating to contracts, advance payments made by other parties, tenders, retentions and the payment of import duties. In its normal
course of business, Allied Irish Banks, p.l.c. (the principal operating company) issues financial guarantees to other Group entities.
A loan commitment is a contract with a borrower to provide a loan or credit on specified terms at a future date. The contract may or may
not be cancelled unconditionally at any time without notice depending on the terms of the contract.
The origination date for financial guarantees and loan commitment contracts is the date when the contracts become irrevocable. The
credit risk at this date is used to determine if a significant increase in credit risk has subsequently occurred.
Financial guarantees and loan commitments are initially recognised in the financial statements at fair value on the date that the
guarantee is given. Subsequent to initial recognition, the Group applies the impairment provisions of IFRS 9 Financial Instruments and
calculates an ECL allowance for financial guarantees and loan commitment contracts (i.e. those that are not measured at FVTPL).\u00a0
The ECL allowance calculated on financial guarantees and loan commitment contracts is reported within Provisions for liabilities and
commitments.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialGuaranteesExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ4MA_98d88aee-391d-48ba-bd69-826a4ef9438f": { "value": "
(v) Property, plant and equipment
Property, plant and equipment are stated at cost, or deemed cost, less accumulated depreciation and provisions for impairment, if any.
Additions and subsequent expenditures are capitalised only to the extent that they enhance the future economic benefits expected to
be derived from the asset. No depreciation is provided on freehold land. Property, plant and equipment are depreciated on a straight
line basis over their estimated useful economic lives. Depreciation is calculated based on the gross carrying amount, less the estimated
residual value at the end of the assets\u2019 economic lives.
The Group uses the following useful lives when calculating depreciation:
Freehold buildings and long-leasehold property50 years
Short leasehold propertylife of lease, up to 50 years
Costs of adaptation of freehold and leasehold property
Branch propertiesup to 10 years(1)
Office propertiesup to 15 years(1)
Computers and similar equipment 3 \u2013 7 years
Fixtures and fittings and other equipment 5 \u2013 10 years
The Group depreciates right-of-use assets arising under lease obligations from the commencement date of a lease to the earlier of the
end of the useful life of the right-of-use asset and the end of the lease term on a straight line basis.
The Group reviews its depreciation rates regularly, at least annually, to take account of any change in circumstances. When deciding on
useful lives and methods, the principal factors that the Group takes into account are the expected rate of technological developments
and expected market requirements for, and the expected pattern of usage of, the assets. When reviewing residual values, the Group
estimates the amount that it would currently obtain for the disposal of the asset, after deducting the estimated cost of disposal if the
asset was already of the age and condition expected at the end of its useful life.
Gains and losses on disposal of property, plant and equipment are included in the income statement. It is Group policy not to revalue its
property, plant and equipment.
(1)Subject to the maximum remaining life of the lease.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ4MQ_577b83e9-6c09-4b3e-8a6b-a8a15626ea0f": { "value": "
(w) Intangible assets
Computer software and other intangible assets
Computer software and other intangible assets are stated at cost, less amortisation on a straight line basis and provisions for
impairment, if any. The identifiable and directly associated external and internal costs of acquiring and developing software are
capitalised where the software is controlled by the Group, and where it is probable that future economic benefits that exceed its cost will
flow from its use over more than one year. Costs associated with maintaining software are recognised as an expense when incurred.
Capitalised computer software is amortised over 3 to 9 years. Other intangible assets are amortised over the life of the asset. Computer
software and other intangible assets are reviewed for impairment when there is an indication that the asset may be impaired. Intangible
assets not yet available for use are reviewed for impairment on an annual basis.
Acquired intangible assets
Customer related intangible assets and brands acquired in a business combination are recognised at fair value at acquisition date.
Customer related intangible assets and brands have a finite useful life and are carried at cost less accumulated amortisation and
provision for impairment, if any. Amortisation is calculated using the straight line basis to allocate the cost over their estimated useful life
(6 years).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ4Mg_13fe8943-7b97-4aa2-8977-c369b5385efc": { "value": "
(x) Impairment of property, plant and equipment, goodwill and intangible assets
Annually, or more frequently where events or changes in circumstances dictate, property, plant and equipment, goodwill and intangible
assets are assessed for indications of impairment. If indications are present, these assets are subject to an impairment review. Goodwill
and intangible assets not yet available for use are subject to an annual impairment review.
The impairment review comprises a comparison of the carrying amount of the asset or cash generating unit with its recoverable
amount. Cash-generating units are the lowest level at which management monitors the return on investment in assets. The recoverable
amount is determined as the higher of fair value less costs to sell the asset or cash generating unit and its value in use. Value in use is
calculated by discounting the expected future cash flows obtainable as a result of the asset\u2019s continued use, including those resulting
from its ultimate disposal, at a market-based discount rate on a pre-tax basis. For intangible assets not yet available for use, the
impairment review takes into account the cash flows required to bring the asset into use.
1\u00a0 Accounting policies continued
(x) Impairment of property, plant and equipment, goodwill and intangible assets continued
The carrying values of property, plant and equipment, goodwill and intangible assets are written down by the amount of any impairment
and this loss is recognised in the income statement in the period in which it occurs. A previously recognised impairment loss may be
reversed in part or in full when there is an indication that the impairment loss may no longer exist and there has been a change in the
estimates used to determine the asset\u2019s recoverable amount. The carrying amount of the asset will only be increased up to the amount
that it would have been had the original impairment not been recognised. Impairment losses on goodwill are not reversed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ4Mw_f1e20895-d6e1-45f9-a8d7-89b0262c5922": { "value": "
(y) Disposal groups and non-current assets held for sale
A non-current asset or a disposal group comprising assets and liabilities is classified as held for sale if it is expected that its carrying
amount will be recovered principally through sale rather than through continuing use, it is available for immediate sale and sale is highly
probable within one year. For the sale to be highly probable, the appropriate level of management must be committed to a plan to sell
the asset or disposal group.
On initial classification as held for sale, generally, non-current assets and disposal groups are measured at the lower of previous
carrying amount and fair value less costs to sell with any adjustments taken to the income statement. The same applies to gains and
losses on subsequent remeasurement. However, financial assets within the scope of IFRS 9 Financial Instruments continue to be
measured in accordance with that standard.
Impairment losses subsequent to classification of assets as held for sale are recognised in the income statement. Subsequent
increases in fair value, less costs to sell of the assets that have been classified as held for sale are recognised in the income statement
to the extent that the increase is not in excess of any cumulative impairment loss previously recognised in respect of the asset. Assets
classified as held for sale are not depreciated.
Gains and losses on remeasurement and impairment losses subsequent to classification as disposal groups and non-current assets
held for sale are shown within continuing operations in the income statement, unless they qualify as discontinued operations.
Disposal groups and non-current assets held for sale which are not classified as discontinued operations are presented within other
assets and other liabilities on the statement of financial position.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ4NA_ac15d3fc-6778-425f-bb44-b5571add53ef": { "value": "
(z) Non-credit risk provisions
Provisions are recognised for present legal or constructive obligations arising as consequences of past events where it is probable that
a transfer of economic benefit will be necessary to settle the obligation, and it can be reliably estimated.
When the effect is material, provisions are determined by discounting expected future cash flows at a pre-tax rate that reflects current
market assessments of the time value of money and, where appropriate, the risks specific to the liability. Payments are deducted from
the present value of the provision, and interest at the relevant discount rate is charged annually to interest expense using the effective
interest rate method. Changes in the present value of the liability as a result of movements in interest rates are included in other
income. These are reported within Provisions for liabilities and commitments in the statement of financial position.
Restructuring costs
Where the Group has a formal plan for restructuring a business and has raised valid expectations in the areas affected by the
restructuring by starting to implement the plan or announcing its main features, provision is made for the anticipated cost of
restructuring, including retirement benefits and redundancy costs, when an obligation exists. The provision raised is normally utilised
within twelve months. Future operating costs are not provided for.
Legal claims and other contingencies
Provisions are made for legal claims where the Group has present legal or constructive obligations as a result of past events and it is
more likely than not that an outflow of resources will be required to settle the obligation and the amount can be reliably estimated.
Contingent liabilities are possible obligations whose existence will be confirmed only by the occurrence of uncertain future events or
present obligations where the transfer of economic benefit is uncertain or cannot be reliably estimated. Contingent liabilities are not
recognised but are disclosed in the notes to the financial statements unless the possibility of the transfer of economic benefit is remote.
A provision is recognised for a constructive obligation where a past event has led to an obligating event. This obligating event has left
the Group with little realistic alternative but to settle the obligation and the Group has created a valid expectation in other parties that it
will discharge the obligation.
Provisions for liabilities and commitments
The Group\u2019s accounting policy for provisions for liabilities and commitments is set out in accounting policy (z) in note 1. Details of the
Group\u2019s provision for liabilities and commitments are shown in note 34.
The most significant source of estimation uncertainty, in relation to provisions, is the assumptions that the Group makes about
future events affecting different classes of provisions including the future outcome of litigation as well as the outcome of restitution
activities.
The recognition and measurement of liabilities, in certain instances, may involve a high degree of uncertainty, and thereby, considerable
time is expended on research in establishing the facts, scenario testing, assessing the probability of the outflow of resources and
estimating the amount of any loss. However, at the earlier stages of provisioning, the amount provided for can be very sensitive to the
assumptions used and there may be a wide range of possible outcomes in particular cases. Accordingly, in such cases, it is often not
practicable to quantify a range of possible outcomes. In addition, it is also not practicable to measure ranges of outcomes in aggregate
in a meaningful way because of the diverse nature of these provisions and the differing fact patterns. The estimated potential losses will
change over time and the actual losses may vary significantly.
The overall provision amounting to \u20ac 262 million includes \u20ac 60 million in respect of the FSPO decision relating to tracker mortgage
customers and a number of separate provisions, the majority of which are not individually significant and which do not have a significant
risk of a material adjustment in the next financial year. The Group has not disclosed a range of outcomes for such provisions given their
diverse nature and the number of provisions involved.
2\u00a0 Critical accounting judgements and estimates continued
Provisions for liabilities and commitments continued
Note 34 sets out the background and the current position as regards the FSPO decision regarding a tracker complaint and the level of
provisions that were set aside. Notwithstanding the payments to customers have effectively concluded the level of provision required for
other costs, including tax liabilities arising that the Group will be required to discharge on behalf of impacted customers, has been
reassessed at \u20ac 60 million. These issues are subject to uncertainty with a range of outcomes possible with the final outcome being
higher or lower depending on finalisation of such issues.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ5MA_36c3c8cc-77d0-4d83-9565-6ba246d12886": { "value": "
Share capital
Share capital represents funds raised by issuing shares in return for cash or other consideration. Share capital comprises ordinary
shares of the entity.
Share premium
When shares are issued at a premium, whether for cash or otherwise, the excess of the amount received over the par value of the
shares is transferred to share premium.
Share issue costs
Incremental costs directly attributable to the issue of new shares or options are charged, net of tax, to equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ5Mg_deb02c6a-bd30-4ea7-9091-02f924fccff5": { "value": "
Cash flow hedging reserves
Cash flow hedging reserves represent the net gains or losses, net of tax, on effective cash flow hedging instruments that will be
reclassified to the income statement when the hedged transaction affects profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ5NQ_ddf584db-ebc8-4188-8004-5e11d0a6b89d": { "value": "
(ab) Cash and cash equivalents
For the purposes of the cash flow statement, cash comprises cash on hand and demand deposits, and cash equivalents comprise
highly liquid investments that are convertible into cash with an insignificant risk of changes in value and with a maturity of less than
three months from the date of acquisition.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ5Ng_3f649dc9-4256-4882-a97f-9fb3e67431a5": { "value": "
(ac) Segment reporting
An operating segment is a component of the Group that engages in business activities from which it earns revenues and incurs
expenses. The Group has identified reportable segments on the basis of internal reports about components of the Group that are
regularly reviewed by the Chief Operating Decision Maker (\u201cCODM\u201d) in order to allocate resources to the segment and assess its
performance. Based on this identification, the reportable segments are the operating segments within the Group, the head of each
being a member of the Executive Committee. The Executive Committee is the CODM and it relies primarily on the management
accounts to assess performance of the reportable segments and when making resource allocation decisions.
Transactions between operating segments are on normal commercial terms and conditions, with internal charges and transfer pricing
adjustments reflected in the performance of each operating segment. Revenue sharing agreements are used to allocate external
customer revenues to an operating segment on a reasonable basis.
Geographical segments provide products and services within a particular economic environment that is subject to risks and rewards
that are different to those components operating in other economic environments. The geographical distribution of revenue is based
primarily on the location of the office recording the transaction. The geographic distribution of loans and related impairment is based on
the country of risk.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yMzUvZnJhZzpiYWQ5YjVjOTgzMDU0ODRiOTRlMjdkNTIyNDcyNmIwNi90ZXh0cmVnaW9uOmJhZDliNWM5ODMwNTQ4NGI5NGUyN2Q1MjI0NzI2YjA2XzIxMDU1NjQ3Njg5NDQ5OA_e72345bf-670b-48ed-b1ed-d2365caab79b": { "value": "
(ad) Prospective accounting changes
The following amendments to existing standards which have been approved by the IASB, but not early adopted by the Group, will
impact the Group\u2019s financial reporting in future periods. The Group will consider the impact of these amendments as the situation
requires. The amendments which are most relevant to the Group are detailed below.
IFRS 17 Insurance Contracts
In May 2017, the IASB issued IFRS 17 Insurance Contracts, a comprehensive new accounting standard for insurance contracts
covering recognition and measurement, presentation and disclosure. Once effective, IFRS 17 will replace IFRS 4 Insurance Contracts
as issued in 2005. IFRS 17 applies to all types of insurance contracts (i.e., life, non-life, direct insurance and re-insurance), regardless
of the type of entities that issues them, as well as certain guarantees and financial instruments with discretionary participation features.
A few scope exceptions will apply.
IFRS 17 is effective for reporting periods beginning on or after 1 January 2023, with comparative figures required. The Group has
completed an initial assessment of the impacts of adopting IFRS 17 and it has concluded that it does not expect any material impact on
its financial statements from the adoption of the new standard in 2023.
Amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies
The amendments to IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 regarding disclosure of accounting
policies which were issued in February 2021, amends IAS 1 in the following way:
\u2022Disclosure of material accounting policy information is now required instead of significant accounting policies.
\u2022Amendments have been included to clarify that accounting policy information may be material because of its nature, even if the
related amounts are immaterial and if users of an entity\u2019s financial statements would need it to understand other material information
in the financial statements.
Effective date: Annual reporting periods beginning on or after 1 January 2023.\u00a0 These amendments will not have a material impact on
the Group.
Amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates
The amendments to IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors were issued in February 2021 to help
entities to distinguish between accounting policies and accounting estimates. The changes relate entirely to accounting estimates and
clarify the following:
\u2022The definition of a change in accounting estimates is replaced with a definition of accounting estimates.
\u2022Entities develop accounting estimates if accounting policies require items in financial statements to be measured in a way that
involves measurement uncertainty.
\u2022A change in accounting estimate that results from new information or new developments is not the correction of an error.
\u2022A change in an accounting estimate may affect only the current period\u2019s profit or loss, or the profit or loss of both the current period
and future periods.
Effective date: Annual reporting periods beginning on or after 1 January 2023. These amendments will not have a material impact on
the Group.
1\u00a0 Accounting policies continued
(ad) Prospective accounting changes continued
Amendments to IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction
The amendments to IAS 12 Income Taxes regarding deferred taxes related to assets and liabilities arising from a single transaction
which were issued in May 2021, require the following change:
\u2013 An exemption from the initial recognition exemption provided in IAS 12.15(b) and IAS 12.24.
Accordingly, the initial recognition exemption does not apply to transactions in which equal amounts of deductible and taxable
temporary differences arise on initial recognition.
Effective date: Annual reporting periods beginning on or after 1 January 2023. These amendments will not have a material impact on
the Group.
Amendments to IFRS 16 Leases: Lease Liability in a Sale and Leaseback
In September 2022, the IASB issued amendments to IFRS 16 Leases that require a seller-lessee to subsequently measure lease
liabilities arising from a leaseback in a way that it does not recognise any amount of the gain or loss that relates to the right of use it
retains.
The new requirements do not prevent a seller-lessee from recognising in profit or loss any gain or loss relating to the partial or full
termination of a lease.
Effective date: Annual reporting periods beginning on or after 1 January 2024.
Amendments to IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current
In January 2020, July 2020 and October 2022, the IASB issued amendments to paragraphs 69 to 76 of IAS 1 Presentation of Financial
Statements to specify the requirements for classifying liabilities as current or non-current. The amendments clarify:
\u2022What is meant by a right to defer settlement;
\u2022That a right to defer must exist at the end of the reporting period;
\u2022That classification is unaffected by the likelihood that an entity will exercise its deferral right;
\u2022That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its
classification; and
\u2022That covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the
reporting date. Instead, information about these covenants should be disclosed in the notes to the financial statements.
Effective date: Annual reporting periods beginning on or after 1 January 2024.
Other
The IASB has published a number of minor amendments to IFRSs through standalone amendments. None of the other amendments
are expected to have a significant impact on reported results or disclosures.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yNDEvZnJhZzozZmYzODdlNjI5Zjc0YTAxOTZiODljOGFjYzUxN2Q5NS90ZXh0cmVnaW9uOjNmZjM4N2U2MjlmNzRhMDE5NmI4OWM4YWNjNTE3ZDk1XzIxMDU1NjQ3NjczMDk4MA_7b5b02bd-c2ef-43b3-959d-87a71f85f665": { "value": "
3\u00a0 Segmental information
Segment overview
The Group\u2019s performance is managed and reported across the Retail Banking, AIB Capital Markets (\u201cCapital Markets\u201d), AIB UK and
Group segments. Segment performance excludes exceptional items.
Retail Banking
Our leading Irish retail franchise provides a comprehensive range of products and services to over 2.9m customers delivered through
our branch, digital and phone banking channels; with an expanded reach into the retail customer base via EBS, Haven, AIB Merchant
Services, Payzone, Nifti and AIB Life.
\u2022Homes & Consumer are responsible for meeting the homes and everyday banking needs of customers in Ireland by delivering
\u00a0 innovative products, propositions and services and for growing our market leading positions. Our aim is to achieve a
\u00a0 seamless and transparent customer experience across all our products and services including mortgages, current accounts, personal
\u00a0 lending, payments and credit cards, deposits, insurance and wealth.
\u2022SME serves our micro and small SME customers through our sector-led strategy and local expertise with an extensive product and
services offering. Our aim is to help our customers create and build sustainable businesses in their communities.
\u2022FSG is our dedicated centre of excellence for the management of the vast majority of the Group\u2019s non-performing exposures (NPEs),
with the objective of supporting our customers in difficulty and delivering the Group\u2019s strategy to reduce NPEs.
Capital Markets
Capital Markets provides institutional, corporate and business banking services to the Group\u2019s larger customers and customers
requiring specific sector or product expertise. Capital Markets\u2019 relationship driven model serves customers through sector specialist
teams including: corporate banking, real estate finance, business banking and energy, climate action & infrastructure.
In addition to traditional credit products, Capital Markets offers customers foreign exchange and interest rate risk management
products, cash management products, trade finance, mezzanine finance, structured and specialist finance and equity investments, as
well as Private Banking services and advice. Capital Markets also has syndicated and international finance teams based in Dublin and
in New York. In 2021 Goodbody became part of Capital Markets, bringing additional capability in wealth management, corporate
finance, asset management and wider capital markets propositions.
AIB UK
AIB UK offers corporate, retail and business banking services in two distinct markets;
\u2022a sector-led corporate bank supporting mid to large corporates focused on renewables, infrastructure, housing, commercial real
estate, health and manufacturing/industrial businesses across both Great Britain and Northern Ireland, where the Bank has
recognised expertise. Services include lending, treasury, trade facilities, asset finance and invoice discounting.
\u2022a full service retail bank in Northern Ireland (\u201cAIB (NI)\u201d) to personal and business customers with a focus on mortgage and business
lending.
Group
Group comprises wholesale treasury activities and Group control and support functions. Treasury manages the Group\u2019s liquidity and
funding positions and provides customer treasury services and economic research. The Group control and support functions in the
period included Technology, Operations, Finance, Risk, Legal, Corporate Governance & Customer Care, Human Resources,
Sustainability and Corporate Affairs, Enterprise Development and Group Internal Audit.
Segment allocations
In 2022 the Group made changes to the methodologies used to allocate cost and income across operating segments in order to
enhance the management of standalone segment performance. Under the Group\u2019s revised cost allocation methodology substantially all
of the costs of the Group\u2019s control, support and Treasury functions are now allocated to Retail Banking, Capital Markets and AIB UK
whereas the previous methodology resulted in overheads which were managed centrally being reported in the Group segment. In
addition certain Bank levies and regulatory fees, such as the Irish bank levy, which were previously reported in Group segment, are now
allocated to the Retail Banking and Capital Market segments. Figures for the prior year have been restated on a comparative basis.
Funding and liquidity income/charges are based on each segment\u2019s funding requirements and the Group\u2019s funding cost profile, which is
informed by wholesale and retail funding costs. Income attributable to capital is allocated to segments based on each segment\u2019s capital
requirement.
3\u00a0 Segmental information continued
2022
Retail
Banking
Capital
Markets
AIB UK
Group
Total
Excep-
tional
items
(1)
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Operations by business segment
Net interest income
1,186
565
294
114
2,159
\u2014
2,159
Net fee and commission income*
387
149
46
5
587
1
(7)
588
Other
31
84
10
24
149
17
(2)(5)
166
Other income
418
233
56
29
736
18
754
Total operating income
1,604
798
350
143
2,895
18
2,913
Other operating expenses
(1,151)
(325)
(172)
(11)
(1,659)
(249)
(1,908)
\u00a0 Of which: Personnel expenses
(502)
(196)
(80)
(2)
(780)
(17)
(3)-(5)
(797)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 General and administrative expenses
(414)
(87)
(67)
(7)
(575)
(195)
(4)-(7)
(770)
\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 Depreciation, impairment and amortisation
(235)
(42)
(25)
(2)
(304)
(37)
(5)
(341)
Bank levies and regulatory fees
(50)
(12)
(1)
(92)
(155)
\u2014
(155)
Total operating expenses
(1,201)
(337)
(173)
(103)
(1,814)
(249)
(2,063)
Operating profit/(loss) before
impairment losses
403
461
177
40
1,081
(231)
850
Net credit impairment writeback/(charge)
144
(102)
(49)
\u2014
(7)
\u2014
(7)
Operating profit/(loss)
547
359
128
40
1,074
(231)
843
Income from equity accounted investments
7
25
5
\u2014
37
\u2014
37
Profit/(loss) before taxation
554
384
133
40
1,111
(231)
880
(1) Exceptional items are shown separately above. These are items that Management view as distorting comparability of performance year-on-year. Exceptional
items include:
\u00a0 \u00a0 (2) Gain on disposal of loan portfolios;\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (5) Restructuring costs;
\u00a0 \u00a0 (3) Termination benefits;\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (6) Inorganic transaction costs; and
\u00a0 \u00a0 (4) Restitution costs;\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (7) Other.
For further information on these items see page 60.
2022
Retail
Banking
Capital
Markets
AIB UK
Group
Total
*Analysis of net fee and commission income
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Customer accounts
176
18
14
18
226
Card income
134
9
13
\u2014
156
Foreign exchange fees
44
30
10
2
86
Credit related fees
7
29
14
\u2014
50
Specialised payment services fees
137
\u2014
\u2014
\u2014
137
Stockbroking client fees and commissions
\u2014
47
\u2014
\u2014
47
Asset management and advisory fees
\u2014
12
\u2014
\u2014
12
Other fees and commissions
51
11
2
(13)
(1)
51
Fee and commission income
549
156
53
7
765
Specialised payment services expenses
(120)
\u2014
\u2014
\u2014
(120)
Card expenses
(37)
(2)
(5)
\u2014
(44)
Other fee and commission expenses
(5)
(5)
(1)
(2)
(13)
Fee and commission expense
(162)
(7)
(6)
(2)
(177)
387
149
47
(2)
5
588
(1) Exceptional items are shown separately above. These are items that Management view as distorting comparability of performance year-on-year. Exceptional
items include:
\u00a0 \u00a0 (2) Termination benefits;\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (5) Inorganic transaction costs; and
\u00a0 \u00a0 (3) Restitution costs;\u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 \u00a0 (6) Other.
\u00a0 \u00a0 (4) Restructuring costs;
For further information on these items see page 60.
2021
Retail
Banking
Capital
Markets
AIB UK
Group
Total
*Analysis of net fee and commission income
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Customer accounts
160
15
15
18
208
Card income
93
7
11
\u2014
111
Foreign exchange fees
38
25
8
(4)
67
Credit related fees
9
27
14
\u2014
50
Specialised payment services fees
133
\u2014
\u2014
\u2014
133
Stockbroking client fees and commissions
\u2014
18
\u2014
\u2014
18
Asset management and advisory fees
\u2014
6
\u2014
\u2014
6
Other fees and commissions
50
11
1
(15)
(1)
47
Fee and commission income
483
109
49
(1)
640
Specialised payment services expenses
(118)
\u2014
\u2014
\u2014
(118)
Card expenses
(28)
(1)
(4)
\u2014
(33)
Other fee and commission expenses
(4)
(2)
\u2014
(3)
(9)
Fee and commission expense
(150)
(3)
(4)
(3)
(160)
333
106
45
(4)
480
(1) Reflects the allocation of the Group\u2019s segment fee and commission income to Retail Banking and Capital Markets segments.
Further information on \u2018Net fee and commission income\u2019 is set out in note 6.
3\u00a0 Segmental information continued
Other amounts \u2013 statement of financial position
31 December 2022
Retail
Banking
Capital
Markets
AIB UK
Group
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Loans and advances to customers:
\u2013 measured at amortised cost
34,165
18,215
6,969
15
59,364
\u2013 measured at FVTPL
\u2014
249
\u2014
\u2014
249
Total loans and advances to customers
34,165
18,464
6,969
15
59,613
Customer accounts
75,798
16,240
9,097
1,224
102,359
31 December 2021
Retail
Banking
Capital
Markets
AIB UK
Group
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Loans and advances to customers:
\u2013 measured at amortised cost
33,144
15,143
7,965
13
56,265
\u2013 measured at FVTPL
\u2014
243
\u2014
\u2014
243
Total loans and advances to customers
33,144
15,386
7,965
13
56,508
Customer accounts
65,227
14,470
11,831
1,338
92,866
Year to 31 December 2022
Ireland
United
Kingdom
Rest of the
World
Total
Geographic information(1)(2)
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Gross external revenue
2,868
64
(19)
2,913
Inter-geographical segment revenue
(316)
292
24
\u2014
Total revenue
2,552
356
5
2,913
Year to 31 December 2021
Ireland
United
Kingdom
Rest of the
World
Total
Geographic information(1)(2)
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Gross external revenue
2,194
180
2
2,376
Inter-geographical segment revenue
(105)
100
5
\u2014
Total revenue
2,089
280
7
2,376
Revenue from external customers comprises interest and similar income (note 4) and interest and similar expense (note 5), and all
other items of income (notes 6 to 10).
31 December 2022
Ireland
United
Kingdom
Rest of the
World
Total
Geographic Information
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Non-current assets(3)
1,426
48
2
1,476
31 December 2021
Ireland
United
Kingdom
Rest of the
World
Total
Geographic Information
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Non-current assets(3)
1,562
62
3
1,627
(1) The geographical distribution of total revenue is based primarily on the location of the office recording the transaction.
(2) For details of significant geographic concentrations, see the Risk management section.
(3) Non-current assets comprise intangible assets and goodwill and property, plant and equipment.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOperatingSegmentsExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yNDQvZnJhZzplOGMyNjI1MmMwZmY0MjY5YTkyYmYwYTJhMTlmNDEyMC90ZXh0cmVnaW9uOmU4YzI2MjUyYzBmZjQyNjlhOTJiZjBhMmExOWY0MTIwXzIxMDU1NjQ3NjcyNTQzMA_98fb2bf5-0efd-44e9-8182-c99ddfd63dc6": { "value": "
4\u00a0 Interest and similar income
2022
2021
\u20ac m
\u20ac m
Interest on loans and advances to customers at amortised cost
1,877
1,765
Interest on loans and advances to banks at amortised cost
237
7
Interest on securities financing at amortised cost
42
3
Interest on investment securities
193
70
Interest income on financial assets
2,349
1,845
Deposits by central banks and banks at amortised cost
25
103
Customer accounts at amortised cost
57
55
Securities financing at amortised cost
1
\u2014
Negative interest on financial liabilities
83
158
Interest income calculated using the effective interest rate method
2,432
2,003
Interest income on finance leases and hire purchase contracts
70
74
Interest income on financial assets at FVTPL
10
7
Other interest income and similar income
80
81
Total interest and similar income
2,512
2,084
The Group presents interest resulting from negative effective interest rates on financial liabilities as interest income rather than as offset
against interest expense.
Included in negative interest on financial liabilities is interest from the TLTRO III programme(1)(2). In 2022 negative interest expense of\u00a0 \u20ac
25 million was recognised. From 1 January 2022 to 23 June 2022 the negative interest expense was recognised using the Main
Refinancing Operations rate minus 50 bps. The interest rate that applied for the period from 24 June 2022 to 22 November 2022 was
the average interest rate on the Deposit Facility over the life of the respective TLTRO III funding up to 22 November. The interest rate
that applied from 23 November 2022 to the final repayment date in December 2022 was the average ECB deposit facility rate over that
period. In 2021 negative interest expense of \u20ac 102 million was recognised of which c. \u20ac 36 million was recognised using the Main
Refinancing Operations rate minus 50 bps and the Group recognised additional interest income of \u20ac 66 million when it was determined
that the Group had a reasonable expectation that the relevant lending targets would be met.
Interest income includes a credit of \u20ac 70 million (2021: a credit of \u20ac 161 million) transferred from other comprehensive income in respect
of cash flow hedges which is included in \u2018Interest on loans and advances to customers at amortised cost\u2019.
(1)The Group participated in the TLTRO programme for \u20ac 4 billion in September 2020 and a further \u20ac 6 billion in June 2021. Following a decision by the European
Central Bank, in October 2022, to recalibrate the conditions of TLTRO III, the Group repaid its TLTRO borrowings in December 2022.
(2)The accounting policy and related judgements made by the Group in relation to interest income recognition for TLTRO are set out in note 1(f).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yNDcvZnJhZzo5MjIwODdmYWRkYWQ0NTAxODVmZDk0NDk1ZmY2Zjg1NS90ZXh0cmVnaW9uOjkyMjA4N2ZhZGRhZDQ1MDE4NWZkOTQ0OTVmZjZmODU1XzIxMDU1NjQ3NjcyMTE2Mg_b280a23e-72b0-41fd-b49c-a6ab324958d5": { "value": "
5\u00a0 Interest and similar expense
2022
2021
\u20ac m
\u20ac m
Interest on deposits by central banks and banks
5
1
Interest on customer accounts
46
53
Interest on securities financing
11
\u2014
Interest on debt securities in issue
134
54
Interest on lease liabilities
11
12
Interest on subordinated liabilities and other capital instruments
50
41
Interest expense on financial liabilities
257
161
Cash and balances at central banks
87
115
Loans and advances to banks
2
3
Securities financing
5
6
Investment securities
2
5
Negative interest on financial assets
96
129
Interest expense calculated using the effective interest rate method
353
290
The Group presents interest resulting from negative effective interest rates on financial assets as interest expense rather than as offset
against interest income.
Interest expense reported above, calculated using the effective interest rate method, relates to financial liabilities not carried at fair
value through profit or loss.
Interest expense includes a credit of \u20ac 4 million (2021: a charge of \u20ac 19 million) transferred from other comprehensive income in respect
of cash flow hedges which is included in \u2018Interest on customer accounts\u2019.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yNTMvZnJhZzplYzM3ZmRhNDAwMzE0OTFkYWZhM2RkNzQ3YzI5M2VlYy90ZXh0cmVnaW9uOmVjMzdmZGE0MDAzMTQ5MWRhZmEzZGQ3NDdjMjkzZWVjXzk4OTU2MDQ2NTU5NDg_414eb391-3b6d-4450-a735-bf1422ae2db5": { "value": "
6\u00a0 Net fee and commission income
2022
2021
\u20ac m
\u20ac m
Customer accounts
226
208
Card income
156
111
Foreign exchange fees
86
67
Credit related fees
50
50
Specialised payment services fees(1)
137
133
Stockbroking client fees and commissions
47
18
Asset management and advisory fees
12
6
Other fees and commissions(2)
51
47
Fee and commission income
765
640
Specialised payment services expenses(1)
(120)
(118)
Card expenses(3)
(44)
(33)
Other fee and commissions expenses
(13)
(9)
Fee and commission expense
(177)
(160)
588
480
(1) Excludes interest income (note 4).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yNjUvZnJhZzpkMGVhYTU3MWFkMGU0YjU5YTdmMWFkMTk5MGVkNmU3ZC90ZXh0cmVnaW9uOmQwZWFhNTcxYWQwZTRiNTlhN2YxYWQxOTkwZWQ2ZTdkXzIxMDU1NjQ3NjcxOTczMg_4a1fd1c7-bd59-4bf9-b867-7a88c3db9a41": { "value": "
10\u00a0 Other operating income
2022
2021
\u20ac m
\u20ac m
(Loss)/gain on disposal of investment securities at FVOCI \u2013 debt
(7)
18
Gain/(loss) on termination of hedging swaps(1)
4
(12)
Miscellaneous operating income/(expense)
11
(1)
8
5
(1) The majority of the gain/(loss) on termination of hedging swaps relates to the disposal of debt securities at FVOCI. In addition, it includes Nil (2021: \u20ac 1 million)
transferred from other comprehensive income in respect of cash flow hedges.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yNjgvZnJhZzpkMzc1ZWZiOGMzMGU0NmZkOWNiYzdiZjVmMTFmMDhmMC90ZXh0cmVnaW9uOmQzNzVlZmI4YzMwZTQ2ZmQ5Y2JjN2JmNWYxMWYwOGYwXzIxMDU1NjQ3NjcyNTM2OA_e3474874-0c2d-4d47-b04e-1be1d15eee9e": { "value": "
11\u00a0 Operating expenses
2022
2021
\u20ac m
\u20ac m
Personnel expenses:
Wages and salaries
620
597
Termination benefits(1)
7
51
Retirement benefits(2)
93
91
Social security costs
69
67
Other personnel expenses(3)(4)
30
15
819
821
Less: staff costs capitalised(5)
(22)
(25)
Personnel expenses
797
796
General and administrative expenses(6)
676
548
Restitution and associated costs(7)
94
173
770
721
Bank levies and regulatory fees
155
162
Operating expenses
1,722
1,679
(1) Relates to the voluntary severance programmes which includes a charge of \u00a3 2 million (2021: \u00a3 10 million) for the anticipated cost of voluntary severance arising
as part of the restructuring of the UK business.
(2) Comprises a defined contribution charge of \u20ac 80 million (2021: a charge of \u20ac 79 million), a charge of \u20ac 4 million in relation to defined benefit expense (2021: a
charge of \u20ac 3 million), and a long term disability payments/death in service benefit charge of \u20ac 9 million (2021: a charge of \u20ac 9 million). For details of retirement
benefits, see note 28.
(3) Share-based payment charge of Nil (2021: Nil).
(4) Other personnel expenses include staff training, recruitment and various other staff costs.
(5) Staff costs capitalised relate to intangible assets.
(6) Includes \u20ac 27 million (2021: Nil) relating to the CBI Tracker Mortgage Examination fine. See note 34 for further information.
(7) Relates primarily to (a) Belfry provisions and associated costs and (b) the associated costs related to the Tracker Mortgage Examination.
The average number of employees for 2022 and 2021 is set out in note 48.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yNzEvZnJhZzpjM2EyMjE3ZGMwMTQ0NDVlOTFmYzI3NTE5ODE1MDM4Yi90ZXh0cmVnaW9uOmMzYTIyMTdkYzAxNDQ0NWU5MWZjMjc1MTk4MTUwMzhiXzIxMDU1NjQ3NjcxOTcwNg_0da93431-76a3-4ae8-8540-7b9d26210399": { "value": "
12\u00a0 Net credit impairment (charge)/writeback
The following table analyses the income statement net credit impairment (charge)/writeback on financial instruments for the years to 31
December 2022 and 2021.
2022
2021
Credit impairment (charge)/writeback
on financial instruments
Measured
at amortised
cost
Measured
at FVOCI
Total
Measured
at amortised
cost
Measured
at FVOCI
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Net remeasurement of ECL allowance
Loans and advances to banks
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Loans and advances to customers
(50)
\u2014
(50)
158
\u2014
158
Securities financing
\u2014
\u2014
\u2014
(1)
\u2014
(1)
Loan commitments
(7)
\u2014
(7)
2
\u2014
2
Financial guarantee contracts
7
\u2014
7
4
\u2014
4
Investment securities \u2013 debt
(2)
\u2014
(2)
\u2014
\u2014
\u2014
Credit impairment (charge)/ writeback
(52)
\u2014
(52)
163
\u2014
163
Recoveries of amounts previously written-off
45
\u2014
45
75
\u2014
75
Net credit impairment (charge)/writeback
(7)
\u2014
(7)
238
\u2014
238
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yNzEvZnJhZzpjM2EyMjE3ZGMwMTQ0NDVlOTFmYzI3NTE5ODE1MDM4Yi90ZXh0cmVnaW9uOmMzYTIyMTdkYzAxNDQ0NWU5MWZjMjc1MTk4MTUwMzhiXzIxMDU1NjQ3NjcxOTcwNg_5758eb6b-8a9f-45a8-a4f8-8c96248901af": { "value": "
12\u00a0 Net credit impairment (charge)/writeback
The following table analyses the income statement net credit impairment (charge)/writeback on financial instruments for the years to 31
December 2022 and 2021.
2022
2021
Credit impairment (charge)/writeback
on financial instruments
Measured
at amortised
cost
Measured
at FVOCI
Total
Measured
at amortised
cost
Measured
at FVOCI
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Net remeasurement of ECL allowance
Loans and advances to banks
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Loans and advances to customers
(50)
\u2014
(50)
158
\u2014
158
Securities financing
\u2014
\u2014
\u2014
(1)
\u2014
(1)
Loan commitments
(7)
\u2014
(7)
2
\u2014
2
Financial guarantee contracts
7
\u2014
7
4
\u2014
4
Investment securities \u2013 debt
(2)
\u2014
(2)
\u2014
\u2014
\u2014
Credit impairment (charge)/ writeback
(52)
\u2014
(52)
163
\u2014
163
Recoveries of amounts previously written-off
45
\u2014
45
75
\u2014
75
Net credit impairment (charge)/writeback
(7)
\u2014
(7)
238
\u2014
238
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentLossAndReversalOfImpairmentLossExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yNzcvZnJhZzphZTM1YjJmY2NlMjE0NTFmODE5MzA3ZGE3NDE4OTc4ZC90ZXh0cmVnaW9uOmFlMzViMmZjY2UyMTQ1MWY4MTkzMDdkYTc0MTg5NzhkXzIxMDU1NjQ3NjcyMDYzOA_f27b68a2-70d3-4097-98a8-cb306495597b": { "value": "
13\u00a0 Auditor's remuneration
The disclosure of auditor\u2019s remuneration is in accordance with Section 322 of the Companies Act 2014. This mandates disclosure of
remuneration paid/payable to the Group Auditor only (Deloitte Ireland LLP) for services relating to the audit of the Group and relevant
subsidiary financial statements in the categories set out below.
2022
2021
\u20ac m
\u20ac m
Auditor\u2019s remuneration (excluding VAT):
Audit of Group financial statements
3.0
2.7
Other assurance services
0.9
0.8
Other non-audit services
0.2
0.1
Taxation advisory services
\u2014
\u2014
4.1
4
.
1
3.6
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yODAvZnJhZzozZjYxY2MxZTQyNTg0NjlhYWVmODgyNmY1NzM3NGM0ZS90ZXh0cmVnaW9uOjNmNjFjYzFlNDI1ODQ2OWFhZWY4ODI2ZjU3Mzc0YzRlXzIxMDU1NjQ3NjcyMTM2NA_8e73ac9d-6e3d-474c-9da1-43f9ab457d96": { "value": "
14\u00a0 Taxation
2022
2021
\u20ac m
\u20ac m
Current tax
Corporation tax in Ireland
Current tax on income for the year
(5)
(8)
Adjustments in respect of prior years
(1)
3
(6)
(5)
Foreign tax
Current tax on income for the year
(27)
(13)
Adjustments in respect of prior years
\u2014
\u2014
(27)
(13)
Current tax charge for the year
(33)
(18)
Deferred tax
Origination and reversal of temporary differences
(6)
(26)
Adjustments in respect of prior years
\u2014
7
Recognition of deferred tax assets in respect of current period losses
\u2014
4
(Decrease)/Increase in carrying value of deferred tax assets in respect of carried forward losses
(76)
49
Deferred tax (charge)/credit for the year
(82)
34
Total tax (charge)/credit for the year
(115)
16
Effective tax rate
13.1%
(2.5)%
Factors affecting the effective tax rate
The following table sets out the difference between the tax charge that would result from applying the standard corporation tax rate in
Ireland of 12.5% and the actual tax charge for the year:
2022
2021
\u20ac m
%
\u20ac m
%
Profit before tax
880
629
Tax charge at standard corporation tax rate in Ireland of 12.5%
(110)
12.5
(79)
12.5
Effects of:
Foreign profits taxed at other rates
(12)
1.4
(9)
1.4
Expenses not deductible for tax purposes
(17)
1.9
(12)
1.9
Exempted income, income at reduced rates and tax credits
1
(0.1)
2
(0.3)
Share of results of investments accounted for using the equity method shown post tax
in the income statement
2
(0.2)
2
(0.3)
Income taxed at higher tax rates
(11)
1.3
(11)
1.7
Tax legislation on equity distributions
8
(0.9)
8
(1.3)
Reversal of amounts previously not recognised
16
(1.8)
82
(13.0)
Other tax adjustments
10
(1.2)
1
\u2014
Change in tax rates
(1)
0.1
22
(3.5)
Adjustments to tax charge in respect of prior years
(1)
0.1
10
(1.6)
Tax (charge)/credit
(115)
13.1
16
(2.5)
14\u00a0 Taxation continued
Analysis of selected other comprehensive income
2022
2021
Gross
Tax
Net
Gross
Tax
Net
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Retirement benefit schemes
Remeasurement of defined benefit asset
(20)
12
(8)
19
(2)
17
Total
(20)
12
(8)
19
(2)
17
Foreign currency translation reserves
Amounts reclassified from the foreign currency translation reserves
to the income statement as a reclassification adjustment:
\u2013 amounts for which hedge accounting had previously been used,
but for which the hedged future cash flows are no longer
expected to occur
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013 amounts that have been transferred because the hedged item
has affected the income statement
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Recognised in other comprehensive income:
\u2013 Net gains/(losses) on net investment hedges
79
(10)
69
(100)
13
(87)
\u2013 Exchange differences on translation of foreign operations
(140)
\u2014
(140)
174
\u2014
174
Total
(61)
(10)
(71)
74
13
87
Cash flow hedging reserves
Amounts reclassified from the cash flow hedging reserves to the
income statement as a reclassification adjustment:
\u2013 amounts for which hedge accounting had previously been used,
but for which the hedged future cash flows are no longer
expected to occur
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2013 amounts that have been transferred because the hedged item
has affected the income statement
(74)
9
(65)
(141)
18
(123)
Hedging (losses) recognised in other comprehensive income
(1,833)
279
(1,554)
(307)
39
(268)
Total
(1,907)
288
(1,619)
(448)
57
(391)
Investment debt securities at FVOCI reserves
Fair value losses/(gains) transferred to income statement
7
(1)
6
(18)
2
(16)
Fair value losses recognised in other comprehensive income
(216)
22
(194)
(44)
6
(38)
Total
(209)
21
(188)
(62)
8
(54)
", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8yODMvZnJhZzpmYjg0N2YyMTM2MzI0MDFiOGNlODUyZDM1OTVjMThkMy90ZXh0cmVnaW9uOmZiODQ3ZjIxMzYzMjQwMWI4Y2U4NTJkMzU5NWMxOGQzXzIxMDU1NjQ3NjcyMDIxOA_6408dfc3-6c5a-46f5-b7d3-771e634f001e": { "value": "
15\u00a0 Earnings per share
The calculation of basic earnings per unit of ordinary shares is based on the profit attributable to ordinary shareholders divided by the
weighted average number of ordinary shares in issue, excluding own shares held.
The diluted earnings per share is based on the profit attributable to ordinary shareholders divided by the weighted average number of
ordinary shares in issue, excluding own shares held, adjusted for the effect of dilutive potential ordinary shares.
2022
2021
(a) Basic
\u20ac m
\u20ac m
Profit attributable to equity holders of the parent
767
647
Distributions on other equity interests (note 37)
(65)
(65)
Profit attributable to ordinary shareholders of the parent
702
582
Number of shares (millions)
Weighted average number of ordinary shares in issue during the year
2,688.3
2,714.4
Earnings per share \u2013 basic
EUR26.1c
EUR21.4c
2022
2021
(b) Diluted
\u20ac m
\u20ac m
Profit attributable to ordinary shareholders of the parent (note 15 (a))
702
582
Number of shares (millions)
Weighted average number of ordinary shares in issue during the year
2,688.3
2,714.4
Potential weighted average number of shares
2,688.3
2,714.4
Earnings per share \u2013 diluted
EUR26.1c
EUR21.4c
The ordinary shares are included in the weighted average number of shares on a time apportioned basis.
Warrants
The Minister for Finance was issued warrants in 2017 to subscribe for 271,166,685 ordinary shares of AIB Group plc.
The warrants are exercisable during the period commencing 27 June 2018 and ending 27 June 2027 (see note 36 for further detail).
These warrants were not included in calculating the diluted earnings per share as they were antidilutive.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8xMDk5NTExNjMxOTQ1L2ZyYWc6M2NjZGE0YjZhMzBjNDM5YWFkODFlNzRkZGJhOWZjNWEvdGV4dHJlZ2lvbjozY2NkYTRiNmEzMGM0MzlhYWQ4MWU3NGRkYmE5ZmM1YV8yMTA1NTY0NzY3MTk0NjU_e531a8c6-526c-4a23-89ae-07dac05c457a": { "value": "
16\u00a0 Trading portfolio
Trading portfolio
financial assets
Trading portfolio
financial liabilities
2022
2021
2022
2021
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Equity securities
8
8
4
2
(1) Represents the fixed rate on the hedged item which is being swapped for a variable rate.
(2) Includes interest rate swaps and cross currency swaps used to hedge interest rate risk on variable rate EUR/GBP and EUR/USD assets and liabilities.
(3) This is the average interest rate on the fixed leg of swap agreements where the variable rate on the assets and liabilities in cash flow hedges is being swapped
for a fixed rate.
(4) Being the forward FX rates on the hedging derivatives which are being used to hedge the Group\u2019s net investment in foreign operations.
17\u00a0 Derivative financial instruments continued
Nominal values and average interest rates by residual maturity continued
2021
Less than 1
month
1 to 3
months
3 months to
1 year
1 to 5 years
5 years +
Total
Fair value hedges \u2013 Interest rate swaps
Assets
Hedges of investment securities \u2013 debt
Nominal principal amount (\u20ac m)
283
166
676
4,163
6,618
11,906
Average interest rate (%)(1)
0.34
0.09
0.65
0.43
0.23
0.32
Liabilities
Hedges of debt securities in issue
Nominal principal amount (\u20ac m)
\u2014
750
\u2014
5,045
25
5,820
Average interest rate (%)(1)
\u2014
0.63
\u2014
2.17
5.12
1.99
Hedges of subordinated debt
Nominal principal amount (\u20ac m)
\u2014
\u2014
\u2014
1,500
\u2014
1,500
Average interest rate (%)(1)
\u2014
\u2014
\u2014
2.54
\u2014
2.54
Cash flow hedges \u2013 Interest rate swaps(2)
Hedges of financial assets
Nominal principal amount (\u20ac m)
94
1,567
2,238
4,687
7,689
16,275
Average interest rate (%)(3)
0.22
0.08
0.43
0.48
0.29
0.34
Hedges of financial liabilities
Nominal principal amount (\u20ac m)
422
1,508
280
767
843
3,820
Average interest rate (%)(3)
0.22
0.21
0.54
0.95
1.75
0.72
Net investment hedges \u2013 Forward exchange contracts
Nominal principal amount (\u20ac m)
387
850
230
\u2014
\u2014
1,467
Forward FX rate (%)(4)
0.87
0.87
0.86
\u2014
\u2014
0.87
(1) Represents the fixed rate on the hedged item which is being swapped for a variable rate.
(2) Includes interest rate swaps and cross currency swaps used to hedge interest rate risk on variable rate EUR/GBP and EUR/USD assets and liabilities.
(3) This is the average interest rate on the fixed leg of swap agreements where the variable rate on the assets and liabilities in cash flow hedges is being swapped
for a fixed rate.
(4) Being the forward FX rates on the hedging derivatives which are being used to hedge the Group\u2019s net investment in foreign operations.
17\u00a0 Derivative financial instruments continued
Fair value hedges of interest rate risk
The tables below set out the amounts relating to items designated as (a) hedging instruments and (b) hedged items in fair value hedges
of interest rate risk together with the related hedge ineffectiveness at 31 December 2022 and 2021:
2022
Carrying amount(1)
Nominal
Assets
Liabilities
Line item in
SOFP* where
the hedging
instrument is
included
Change in fair
value used for
calculating hedge
ineffectiveness for
the year
Hedge
ineffectiveness
recognised in
the income
statement
Line item in
the income
statement that
includes hedge
ineffectiveness
(a) Hedging instruments
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Interest rate swaps hedging:
Investment securities \u2013 debt
13,049
1,669
(1)
Derivative financial
instruments
1,679
18
Net trading
income
Debt securities in issue
7,547
8
(294)
Derivative financial
instruments
(407)
\u2014
Net trading
income
Subordinated debt
1,500
\u2014
(138)
Derivative financial
instruments
(128)
(2)
Net trading
income
2022
Carrying amount
of hedged items
recognised in
the SOFP*
Accumulated amount
of fair value hedge
adjustments on the
hedged items included
in the carrying amount
of the hedged item
Line item in
SOFP* where
hedged item
is included
Change in fair
value of hedged
items used for
calculating hedge
ineffectiveness
for the year
Accumulated
amount of fair value
hedge adjustments
remaining in the SOFP*
for any hedged items
that have ceased to be
adjusted for hedging
gains and losses
Assets
Liabilities
Assets
Liabilities
(b) Hedged items
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Investment securities \u2013 debt
11,652
(1,649)
Investment securities
(1,661)
\u2014
Debt securities in issue
(7,203)
342
Debt securities in issue
407
\u2014
Subordinated debt
(1,347)
153
Subordinated liabilities
and other capital
instruments
126
\u2014
2021
Carrying amount
of hedged items
recognised in
the SOFP*
Accumulated amount
of fair value hedge
adjustments on the
hedged items included
in the carrying amount of
the hedged items
Line item in
SOFP* where
hedged item
is included
Change in fair
value of hedged
items used for
calculating hedge
ineffectiveness
for the year
Accumulated
amount of fair value
hedge adjustments
remaining in the SOFP*
for any hedged items
that have ceased to be
adjusted for hedging
gains and losses
Assets
Liabilities
Assets
Liabilities
(b) Hedged items
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Investment securities \u2013 debt
12,226
9
Investment securities
(397)
\u2014
Debt securities in issue
(5,881)
(62)
Debt securities in issue
149
\u2014
Subordinated debt
(1,474)
26
Subordinated liabilities
and other capital
instruments
(22)
\u2014
(1) Hedging interest rate risk. These include both interest rate swaps and cross currency swaps, both of which are hedging interest rate risk.
2022
Line item
in SOFP* in
which hedged
item is included
Change in fair
value of hedged
items used for
calculating hedge
ineffectiveness
for the year
Amounts in
the cash flow
hedging
reserves for
continuing
hedges(1)
pre tax
Amounts in
the cash flow
hedging
reserves for
continuing
hedges(1)
post tax
Amounts
remaining in the
cash flow hedging
reserves from
any hedging
relationship for
which hedge
accounting is no
longer applied
pre tax
Amounts
remaining in the
cash flow hedging
reserves from
any hedging
relationship for
which hedge
accounting is no
longer applied
post tax
(b) Hedged items
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Interest rate risk
Loans and advances to
customers
1,879
(1,913)
(1,623)
47
41
Interest rate risk
Customer accounts
(165)
127
111
\u2014
\u2014
(1) The cash flow hedging reserves are adjusted to the lower of either the cumulative gain or loss or the cumulative change in fair value (present value) of the hedged item from inception of the hedge.
The portion that is offset by the change in the cash flow hedging reserves is recognised in other comprehensive income with any hedge ineffectiveness recognised in the income statement.
*Statement of financial position
17\u00a0 Derivative financial instruments continued
Cash flow hedges of interest rate continued
2021
Carrying amount
Hedge ineffectiveness
Amounts reclassified from cash flow
hedging reserves to the income statement
Nominal
amount
Assets
Liabilities
Line item in
the SOFP*
where
hedging
instruments
are included
Change in fair
value of hedging
instruments used
for calculating
hedge
ineffectiveness
in the year
Change in
fair value of
the hedging
instruments
recognised
in OCI in
the year
Hedge
Ineffectiveness
recognised in the
income
statement
Line item in
the\u00a0income
statement that
includes hedge
ineffectiveness
Amounts for
which hedge
accounting had
been used but for
which the hedged
future cash flows
are no longer
expected to occur
Amounts that
have been
transferred
because the
hedged item
has affected
the income
statement
Line item in
the\u00a0income
statement
affected\u00a0by the
reclassification
(a) Hedging instruments
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Interest rate swaps(1)
Derivative assets
16,275
153
(209)
Derivative financial
instruments
(606)
(514)
\u2014
Net trading
income
\u2014
161
Interest and
similar income
Derivative liabilities
3,820
15
(56)
Derivative financial
instruments
67
66
\u2014
Net trading
income
\u2014
(19)
Interest and
similar expense
(1) Hedging interest rate risk. These include both interest rate swaps and cross currency interest rate swaps, both of which are hedging interest rate risk.
2021
Line item
in SOFP* in
which hedged
item is included
Change in fair
value of hedged
items used for
calculating hedge
ineffectiveness
for the year
Amounts in
the cash flow
hedging
reserves for
continuing
hedges(1)
pre tax
Amounts in
the cash flow
hedging
reserves for
continuing
hedges(1)
post tax
Amounts
remaining in the
cash flow hedging
reserves from
any hedging
relationship for
which hedge
accounting is no
longer applied
pre tax
Amounts
remaining in the
cash flow hedging
reserves from
any hedging
relationship for
which hedge
accounting is no
longer applied
post tax
(b) Hedged items
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Interest rate risk
Loans and advances to
customers
606
(13)
(11)
221
193
Interest rate risk
Customer accounts
(67)
(38)
(33)
\u2014
\u2014
(1) The cash flow hedging reserves are adjusted to the lower of either the cumulative gain or loss or the cumulative change in fair value (present value) of the hedged item from inception of the hedge.
The portion that is offset by the change in the cash flow hedging reserves is recognised in other comprehensive income with any hedge ineffectiveness recognised in the income statement.
* Statement of financial position
17\u00a0 Derivative financial instruments continued
Cash flow hedges
The table below sets out the hedged cash flows which are expected to occur in the following periods:
2022
Within 1 year
Between 1 and
2 years
Between 2 and
5 years
More than
5 years
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Forecast receivable cash flows
940
610
1,038
810
3,398
Forecast payable cash flows
67
55
106
66
294
2022
Line item
in SOFP* in
which hedged
item is included
Change in fair
value of hedged
items used for
calculating hedge
ineffectiveness
for the year
Amount in the
foreign currency
translation
reserves for
continuing
hedges
pre tax
Amounts in the
foreign currency
translation
reserves for
continuing
hedges
post tax
Amounts
remaining in the
foreign currency
translation reserves
from any hedging
relationship for
which hedge
accounting is no
longer applied
pre tax
Amounts
remaining in the
foreign currency
translation reserves
from any hedging
relationship for
which hedge
accounting is no
longer applied
post tax
(b) Hedged items
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Net investment in UK subsidiary
Reserves
(79)
(22)
(19)
\u2014
\u2014
*Statement of financial position
17\u00a0 Derivative financial instruments continued
Hedges of net investment in foreign operations continued
2021
Carrying amount
Hedge ineffectiveness
Amounts reclassified from foreign currency
translation reserves to the income statement
Nominal
amount
Assets
Liabilities
Line item in
the SOFP*
where
hedging
instruments
are included
Change in fair
value of hedging
instruments used
for calculating
hedge
ineffectiveness
in the year
Change in fair
value of
hedging
instruments
recognised
in OCI in
the year
Hedge
Ineffectiveness
recognised in
the income
statement
Line item in
the income
statement
that includes
hedge
ineffectiveness
Amounts for
which hedge
accounting had
been used but for
which the hedged
future cash flows
are no longer
expected to occur
Amounts that
have been
transferred
because the
hedged item
has affected
the income
statement
Line item in the
income
statement
affected by the
reclassification
(a) Hedging Instruments
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Foreign exchange
contracts
Derivative assets
1,467
\u2014
(40)
Derivative Financial
Instruments
(100)
(100)
\u2014
Net trading
income
\u2014
\u2014
Other Income
Derivative liabilities
\u2014
\u2014
\u2014
Derivative Financial
Instruments
\u2014
\u2014
\u2014
Net trading
income
\u2014
\u2014
Other Income
2021
Line item
in SOFP* in
which hedged
item is included
Change in fair
value of hedged
items used for
calculating hedge
ineffectiveness
for the year
Amount in the
foreign currency
translation
reserves for
continuing
hedges
pre tax
Amounts in the
foreign currency
translation
reserves for
continuing
hedges
post tax
Amounts
remaining in the
foreign currency
translation reserves
from any hedging
relationship for
which hedge
accounting is no
longer applied
pre tax
Amounts
remaining in the
foreign currency
translation reserves
from any hedging
relationship for
which hedge
accounting is no
longer applied
post tax
(b) Hedged items
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Net investment in UK subsidiary
Reserves
100
(100)
(87)
\u2014
\u2014
", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8zMDEvZnJhZzo4ZDUwYTZiYzEyNzg0NWUwOGVjNTEwNjBkYmFiZDYyMi90ZXh0cmVnaW9uOjhkNTBhNmJjMTI3ODQ1ZTA4ZWM1MTA2MGRiYWJkNjIyXzIxMDU1NjQ3NjcyMjUyNQ_54b72adb-c508-48ad-9351-34b2c8caeff3": { "value": "
18\u00a0 Loans and advances to banks
2022
2021
\u20ac m
\u20ac m
At amortised cost
Funds placed with central banks
262
361
Funds placed with other banks
1,240
962
1,502
1,323
ECL allowance
\u2014
\u2014
Total loans and advances to banks
1,502
1,323
(1) The classification of loans and advances to banks by geographical area is based primarily on the location of the office recording the transaction.
Loans and advances to banks include cash collateral of \u20ac 963 million (2021: \u20ac 590 million) placed with derivative counterparties in
relation to net derivative positions and placed with repurchase agreement counterparties. In addition, these include \u20ac 5 million
(2021: \u20ac 4 million) relating to restricted balances held in trust in respect of certain payables which are included in \u2018other
liabilities\u2019 (note\u00a033).", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8zMDQvZnJhZzo3OWE5NDhhOWY4NDA0N2QwOWFhODNkYmQ5YjAyY2U1MS90ZXh0cmVnaW9uOjc5YTk0OGE5Zjg0MDQ3ZDA5YWE4M2RiZDliMDJjZTUxXzIxMDU1NjQ3NjcyMDU4MQ_f31735f3-312e-4223-afd2-da5250596d5e": { "value": "
19\u00a0 Loans and advances to customers
2022
2021
\u20ac m
\u20ac m
At amortised cost
Loans and advances to customers
59,397
56,496
Amounts receivable under finance leases and hire purchase contracts
1,585
1,654
60,982
58,150
ECL allowance
(1,618)
(1,885)
59,364
56,265
Mandatorily at fair value through profit or loss
Loans and advances to customers
249
243
Total loans and advances to customers
59,613
56,508
Additional information:
Amounts which are repayable on demand or at short notice
1,954
2,213
Amounts due from associated undertakings(1)
18
3
(1) Included in 'ECL allowance on financial assets' (note 21).", "dimensions": { "concept": "ifrs-full:DisclosureOfLoansAndAdvancesToCustomersExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV80MTE4L2ZyYWc6OWQxYjVkNjY0NDI1NGFmZWFlNzExNWEyZjllNGQzYzAvdGV4dHJlZ2lvbjo5ZDFiNWQ2NjQ0MjU0YWZlYWU3MTE1YTJmOWU0ZDNjMF8yMTA1NTY0NzY3NTY0MzY_8904c127-9067-4400-85a5-7db6d061ced4": { "value": "
20\u00a0 Securities financing
Securities financing consists of (a) securities borrowing and lending and (b) sale and repurchase transactions.
Reverse repurchase agreements involve purchases of securities with an agreement to resell substantially identical investments at a
fixed price on a certain future date. Securities borrowing and securities lending transactions are generally entered into on a
collateralised basis, with debt securities and equities, usually advanced or received as collateral. Securities sold under agreements to
repurchase involves sales of securities with agreements to repurchase substantially identical investments at a fixed price on a certain
future date.
2022
2021
Banks
Customers
Total
Banks
Customers
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Assets
Reverse repurchase agreements
2,888
29
2,917
1,463
\u2014
1,463
Securities borrowing transactions
2,431
934
3,365
1,506
921
2,427
Total (1)
5,319
963
6,282
2,969
921
3,890
Liabilities
Securities sold under agreements to repurchase
898
\u2014
898
45
\u2014
45
Total
898
\u2014
898
45
\u2014
45
(1) Classified as ECL Stage 1 and have an ECL of \u20ac 1 million at 31 December 2022 (31 December 2021: \u20ac 1 million).
In accordance with the terms of the reverse repurchase agreements and securities borrowing agreements, the Group accepts collateral
that it is permitted to sell or repledge in the absence of default by the owner of the collateral. At 31 December 2022, the total fair value
of the collateral received was \u20ac 6,282 million (2021: \u20ac 3,890 million), none of which had been resold or repledged. These transactions
were conducted under terms that are usual and customary to standard reverse repurchase agreements and securities borrowing
agreements.
Securities sold under agreements to repurchase mature within six months and are secured by debt securities and eligible assets.
At 31 December 2022, in relation to securities sold under agreements to repurchase, the Group had pledged collateral with a fair
value\u00a0of \u20ac 898 million (2021: \u20ac 45 million). These transactions were conducted under the normal market agreements for standard
repurchase\u00a0transactions.", "dimensions": { "concept": "ifrs-full:DisclosureOfRepurchaseAndReverseRepurchaseAgreementsExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8zMDcvZnJhZzoyODRmMzI0Y2QyNjQ0MDhlYmM1NTI5NDMxMzc2YzBhMC90ZXh0cmVnaW9uOjI4NGYzMjRjZDI2NDQwOGViYzU1Mjk0MzEzNzZjMGEwXzIxMDU1NjQ3NjcyMDE4Mg_ea2c7517-bc91-4fdf-b137-82df139b2845": { "value": "
21\u00a0 ECL allowance on financial assets
The following table shows the movements on the ECL allowance on financial assets. Further information is disclosed in the \u2018Risk
management\u2019 section of this report.
2022
2021
\u20ac m
\u20ac m
At 1 January
1,888
2,511
Exchange translation adjustments
(13)
30
Net re-measurement of ECL allowance \u2013 investment securities-debt
2
\u2014
Net re-measurement of ECL allowance \u2013 banks
\u2014
\u2014
Net re-measurement of ECL allowance \u2013 customers
50
(158)
Net re-measurement of ECL allowance \u2013 securities financing
\u2014
1
Changes in ECL allowance due to write-offs
(94)
(105)
Changes in ECL allowance due to disposals
(210)
(393)
Acquisition of subsidiary \u2013 stockbroking client debtors
\u2014
1
Other
\u2014
1
At 31 December
1,623
1,888
Amount included in financial assets measured at amortised cost:
Investment securities \u2013 debt
3
1
Loans and advances to banks
\u2014
\u2014
Loans and advances to customers
1,618
1,885
Securities financing
1
1
Other assets \u2013 stockbroking client debtors
1
1
At 31 December
1,623
1,888
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV81NDk3NTU4MTQzNTI1L2ZyYWc6ZGY0ZWRhZTM0YThlNDg2YjgzZTFkOTA0OGY4NzhiYWYvdGV4dHJlZ2lvbjpkZjRlZGFlMzRhOGU0ODZiODNlMWQ5MDQ4Zjg3OGJhZl8yMTA1NTY0NzY3MjA5MDE_9457fb79-48ca-4aa6-ae0b-cb0076f76fd0": { "value": "
22\u00a0 Investment securities
The following table analyses the carrying value of investment securities by major classification at 31 December 2022 and 2021.
2022
2021
\u20ac m
\u20ac m
Debt securities at FVOCI
Government securities
3,824
4,752
Supranational banks and government agencies securities
1,298
1,260
Asset backed securities
453
495
Bank securities
5,763
5,565
Corporate securities
499
517
Total debt securities at FVOCI
11,837
12,589
Debt securities at amortised cost
Government securities
2,052
2,514
Supranational banks and government agencies securities
166
203
Asset backed securities
1,628
1,102
Bank securities
73
85
Corporate securities
212
167
Total debt securities at amortised cost
4,131
4,071
Total debt securities
15,968
16,660
Equity securities
Equity investments at FVTPL
302
274
Total equity securities
302
274
Total investment securities
16,270
16,934
The following table analyses total debt securities by ECL stage:
Gross amount
Stage 1
15,961
16,661
Stage 2
10
\u2014
Total debt securities
15,971
16,661
ECL(1)
(3)
(1)
Carrying value
15,968
16,660
Investments in associated undertakings comprises the Group\u2019s investment in AIB Merchant Services, Synch Payments d.a.c, Clearpay
d.a.c., First Home Scheme DAC and Autolease Fleet Management.
Investments in joint ventures comprises the Group's investment in AIB JV Holdings Limited being the Group's joint venture with Great-
West Lifeco Inc.
Included in the income statement is the contribution net of tax from investments accounted for using the equity method as follows:
2022
2021
Income statement
\u20ac m
\u20ac m
Share of results of equity accounted investments (after tax)
Associates(1)
25
21
Joint ventures
(13)
\u2014
12
21
Profit on disposal of investment in associated undertaking
25
\u2014
Income from equity accounted investments
37
21
All associates and joint ventures are accounted for using the equity method in these consolidated financial statements.
Banking transactions between the Group and its associated undertakings/joint ventures are entered into in the normal course of
business. For further information see notes 19 and 30.
In accordance with Sections 316 and 348 of the Companies Act 2014 and the European Communities (Credit Institutions: Financial
Statements) Regulations 2015, AIB Group plc will annex a full listing of associated undertakings to its annual return to the Companies
Registration Office.
There was no unrecognised share of losses of associates or joint ventures at 31 December 2022 or 2021.
Change in the Group\u2019s ownership interest in associates
The Group\u2019s interests in Fulfil Holdings Limited were disposed of in 2022.
Significant restrictions
There is no significant restriction on the ability of associates or joint ventures to transfer funds to the Group in the form of cash or
dividends, or to repay loans or advances made by the Group.", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8zMTYvZnJhZzpkNGRjYmIxMzIyYWY0Y2EzYTU3ZjIwYmRlMmQzNjM5Ni90ZXh0cmVnaW9uOmQ0ZGNiYjEzMjJhZjRjYTNhNTdmMjBiZGUyZDM2Mzk2XzIxMDU1NjQ3NjcyMTY0Ng_886926ac-6e9f-47a7-bba4-103e2279aa4a": { "value": "
24\u00a0 Intangible assets and goodwill
2022
Software
externally
purchased
Software
internally
generated
Software
under
construction
Goodwill(1)
Other
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Cost
At 1 January
238
1,472
167
120
40
2,037
Additions
11
71
92
\u2014
\u2014
174
Transfers in/(out)
\u2014
102
(102)
\u2014
\u2014
\u2014
Amounts written-off(2)
(6)
(4)
(8)
\u2014
\u2014
(18)
Exchange translation adjustments
\u2014
(3)
\u2014
\u2014
\u2014
(3)
At 31 December
243
1,638
149
120
40
2,190
Amortisation/impairment
At 1 January
219
804
\u2014
\u2014
18
1,041
Amortisation for the year
8
204
\u2014
\u2014
6
218
Impairment for the year(3)
\u2014
2
8
\u2014
\u2014
10
Amounts written-off(2)
(6)
(4)
(8)
\u2014
\u2014
(18)
Exchange translation adjustments
\u2014
(1)
\u2014
\u2014
\u2014
(1)
At 31 December
221
1,005
\u2014
\u2014
24
1,250
Carrying value at 31 December
22
633
149
120
16
940
2021
Software
externally
purchased
Software
internally
generated
Software under
construction
Goodwill(1)
Other
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Cost
At 1 January
292
1,334
172
70
40
1,908
Additions
10
99
95
\u2014
\u2014
204
Acquisition of subsidiary
\u2014
1
\u2014
50
\u2014
51
Transfers in/(out)
\u2014
99
(99)
\u2014
\u2014
\u2014
Amounts written-off(2)
(64)
(65)
(1)
\u2014
\u2014
(130)
Exchange translation adjustments
\u2014
4
\u2014
\u2014
\u2014
4
At 31 December
238
1,472
167
120
40
2,037
Amortisation/impairment
At 1 January
274
685
\u2014
\u2014
12
971
Amortisation for the year
9
182
\u2014
\u2014
6
197
Impairment for the year(3)
\u2014
\u2014
1
\u2014
\u2014
1
Amounts written-off(2)
(64)
(65)
(1)
\u2014
\u2014
(130)
Exchange translation adjustments
\u2014
2
\u2014
\u2014
\u2014
2
At 31 December
219
804
\u2014
\u2014
18
1,041
Carrying value at 31 December
19
668
167
120
22
996
(1) Relates to Goodwill recognised on the acquisition of subsidiaries.
(2) Relates to assets which are no longer in use with a Nil carrying value.
(3) Included in \u2018Impairment and amortisation of intangible assets\u2019 in the consolidated income statement.
Future capital expenditure in relation to both intangible assets and property, plant and equipment is set out in note 25.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8zMTkvZnJhZzpkOGU2YmY3NDE3YjE0NjljYjcxN2I2MjQxNzVmNDlhNy90ZXh0cmVnaW9uOmQ4ZTZiZjc0MTdiMTQ2OWNiNzE3YjYyNDE3NWY0OWE3XzIxMDU1NjQ3NjcyMjg1Mw_6b11074e-2607-4a5f-b910-30782a6d083e": { "value": "
25\u00a0 Property, plant and equipment
2022
Owned assets
Leased assets
Property
Equipment
Assets under
construction
Right-of-use assets
Total
Freehold
Long
leasehold
Leasehold
under
50 years
Property
Other
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Cost
At 1 January
174
41
124
377
5
479
3
1,203
Transfers in/(out)
1
\u2014
1
1
(3)
\u2014
\u2014
\u2014
Additions
7
\u2014
1
17
7
7
1
40
Net remeasurements
\u2014
\u2014
\u2014
\u2014
\u2014
(11)
\u2014
(11)
Transfers (to)/from
held for sale
(12)
(3)
(1)
(1)
\u2014
\u2014
\u2014
(17)
Early termination/maturities
\u2014
\u2014
\u2014
\u2014
\u2014
(97)
\u2014
(97)
Amounts written off(1)
(1)
\u2014
(18)
(15)
\u2014
\u2014
\u2014
(34)
Exchange translation
adjustments
(1)
\u2014
\u2014
(1)
\u2014
(1)
\u2014
(3)
At 31 December
168
38
107
378
9
377
4
1,081
Depreciation/impairment
At 1 January
50
13
53
290
\u2014
164
2
572
Depreciation charge
for the year
5
1
10
23
\u2014
37
1
77
Impairment charge
for the year(2)
1
\u2014
9
2
\u2014
24
\u2014
36
Early termination/maturities
\u2014
\u2014
\u2014
\u2014
\u2014
(97)
\u2014
(97)
Amounts written off(1)
(1)
\u2014
(18)
(15)
\u2014
\u2014
\u2014
(34)
Transfers (to)/from
held for sale
(5)
(1)
(1)
(1)
\u2014
\u2014
\u2014
(8)
Exchange translation
adjustments
\u2014
\u2014
\u2014
(1)
\u2014
\u2014
\u2014
(1)
At 31 December
50
13
53
298
\u2014
128
3
545
Carrying value
at 31 December
118
25
54
80
9
249
1
536
(1) Relates to assets which are no longer in use with a Nil carrying value.
(2) Included in \u2018Impairment and depreciation of property, plant and equipment\u2019 in the consolidated income statement.
25\u00a0 Property, plant and equipment continued
2021
Owned assets
Leased assets
Property
Equipment
Assets under
construction
Right-of-use assets
Total
Freehold
Long
leasehold
Leasehold
under
50 years
Property
Other
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Cost
At 1 January
172
43
128
397
8
491
3
1,242
Transfers in/(out)
2
\u2014
2
1
(5)
\u2014
\u2014
\u2014
Acquisition of subsidiary
\u2014
\u2014
1
2
\u2014
5
\u2014
8
Additions
4
\u2014
1
23
3
5
1
37
Net re-measurements
\u2014
\u2014
\u2014
\u2014
\u2014
(11)
\u2014
(11)
Transfers (to)/from
held for sale
(4)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(4)
Amounts written off(1)
(1)
(2)
(9)
(47)
(1)
(14)
(1)
(75)
Exchange translation
adjustments
1
\u2014
1
1
\u2014
3
\u2014
6
At 31 December
174
41
124
377
5
479
3
1,203
Depreciation/impairment
At 1 January
45
14
46
308
\u2014
103
1
517
Depreciation charge
for the year
5
1
11
24
\u2014
44
2
87
Impairment charge
for the year(2)
2
\u2014
5
4
1
30
\u2014
42
Amounts written off(1)
(1)
(2)
(9)
(47)
(1)
(14)
(1)
(75)
Transfers (to)/from
held for sale
(1)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
(1)
Exchange translation
adjustments
\u2014
\u2014
\u2014
1
\u2014
1
\u2014
2
At 31 December
50
13
53
290
\u2014
164
2
572
Carrying value at
31 December
124
28
71
87
5
315
1
631
(1) Relates to assets which are no longer in use with a Nil carrying value.
(2) Included in \u2018impairment and depreciation of property, plant and equipment\u2019 in the consolidated income statement.
The carrying value of property occupied by the Group for its own activities was \u20ac 189 million (2021: \u20ac 223 million) in relation to owned
assets and \u20ac 249 million in relation to right-of-use assets (2021: \u20ac 305 million), excluding those held as disposal groups and non-current
assets held for sale. Property leased to others by the Group had a carrying value of \u20ac 8 million (2021: Nil).
Future capital expenditure
The table below shows future capital expenditure in relation to both property, plant and equipment and intangible assets (excluding
right-of-use assets).
2022
2021
\u20ac m
\u20ac m
Estimated outstanding commitments for capital expenditure not provided for in the financial statements
6
1
Capital expenditure authorised but not yet contracted for
22
18
25\u00a0 Property, plant and equipment continued
Leased assets
Property
The Group leases property for its offices and retail branch outlets. Lease terms are negotiated on an individual basis and contain a wide
range of different terms and conditions. Most of these leases carry statutory renewal rights, or include an option to renew the lease for
an additional period after the end of the contract term. Where the Group is likely to exercise these options, this has been taken into
account in determining the lease liability and the right-of-use asset.
Other
The Group leases motor vehicles, ATM offsite locations and IT equipment.
Lease liabilities
A maturity analysis of lease liabilities is shown in note 32.
Amounts recognised in income statement
2022
2021
\u20ac m
\u20ac m
Depreciation expense on right-of-use assets
38
46
Interest on lease liabilities (note 5)
11
12
Expense relating to short term leases
\u2014
1
Amounts recognised in statement of cash flows
2022
2021
\u20ac m
\u20ac m
Total cash outflow for leases during the year(1)
55
55
(1) Includes amounts reported as interest expense on lease liabilities of \u20ac 11 million (2021: \u20ac 12 million) and amounts reported as principal repayments on lease
liabilities of \u20ac 44 million (2021: \u20ac 43 million). Refer to note 32.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8zMjIvZnJhZzplNWFjZjcxZjNiODQ0ZjEwODc2ZTFiZGFiOGJmN2JiZS90ZXh0cmVnaW9uOmU1YWNmNzFmM2I4NDRmMTA4NzZlMWJkYWI4YmY3YmJlXzIxMDU1NjQ3NjcxOTc1OQ_19bee7f6-1194-4089-8e14-cbd8c0c95b71": { "value": "
26\u00a0 Other assets
2022
2021
\u20ac m
\u20ac m
Proceeds due from disposal of loan portfolio(1)
41
302
Stockbroking client debtors
17
35
Items in transit
84
97
Items in course of collection
51
44
Other(2)
103
95
Total
296
573
For each of the years ended 31 December 2022 and 2021, full provision has been made for capital allowances and other temporary
differences.
Analysis of movements in deferred taxation
2022
2021
\u20ac m
\u20ac m
At 1 January
2,781
2,667
Exchange translation and other adjustments
(8)
4
Deferred tax through other comprehensive income (note 14)
311
76
Income statement (note 14)
(82)
34
At 31 December
3,002
2,781
(1) Located in Europe.
(2) A quoted market price in an active market is not available.
(3) Further details on these contracts are set out in the section \"De-risking of the UK Scheme\" within this note.
28\u00a0 Retirement benefits continued
Sensitivity analysis for principal assumptions used to measure scheme liabilities
There are inherent uncertainties surrounding the financial assumptions adopted in calculating the liabilities of the pension schemes. Set
out in the table below is a sensitivity analysis of the key assumptions for the Irish scheme and the UK scheme at 31 December 2022. A
sensitivity analysis for the rate of increase of pensions in payment is not provided, as this rate is dependent on the surplus available to
the Trustee to distribute and the advice of the actuary. See page 300.
Note that the changes in assumptions are independent of each other i.e. the effect of the reflected change in the discount rate assumes
that there has been no change in the rate of mortality assumption and vice versa.
Irish scheme
defined benefit obligation
UK scheme
defined benefit obligation
Increase
Decrease
Increase
Decrease
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Discount rate (0.25% movement)
(102)
105
(22)
23
Inflation (0.25% movement)
43
(41)
22
(21)
Future mortality (1 year change in life expectancy)
100
(100)
22
(22)
Maturity of the defined benefit obligation
The weighted average duration of the Irish scheme at 31 December 2022 is 14 years and of the UK scheme at 31 December 2022 is 13
years.
Asset-liability matching strategies
The Irish scheme continued to de-risk in 2022, with further allocations to liability matching assets. As part of a strategy to increase the
scheme\u2019s level of interest rate and inflation hedging, the allocation to the Liability Driven Investment (\u201cLDI\u201d) portfolio has increased
further. The LDI fund is comprised of a mixture of nominal bonds, inflation linked bonds and interest rate and inflation derivatives. The
scheme\u2019s exposure to equities was reduced during 2022 due to a combination of asset sales and market movements.
As part of the investment strategy of the UK scheme, it was significantly de-risked in 2019 when the Scheme entered into two insurance
contracts with LGAS as described above (a pensioner buy-in contract in respect of the pensioner members and an APP contract in
respect of the deferred members).
Other long term employee benefits
Other long term employee benefits include additional benefits which the Group provides to employees who suffer prolonged periods of
sickness, subject to the qualifying terms of the insurer. It provides for the partial replacement of income in event of illness or injury
resulting in the employee\u2019s long term absence from work.
Furthermore, on the death of an employee before their normal retirement date, the Group has in place insurance policies to cover the
additional financial costs to the Group under the terms of the schemes.
In 2022, the Group contributed \u20ac 9 million (2021: \u20ac 9 million) towards insuring these benefits which are included in 'Operating
expenses' (note 11).
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8zMzEvZnJhZzpmNzdiZjI1OGM4NmE0NTJmYTM4NzlkMzE0ZWNkNDczNS90ZXh0cmVnaW9uOmY3N2JmMjU4Yzg2YTQ1MmZhMzg3OWQzMTRlY2Q0NzM1XzIxMDU1NjQ3NjcyMTI3NA_7801137a-18d0-4588-bbbc-72c384649427": { "value": "
29\u00a0 Deposits by central banks and banks
2022
2021
\u20ac m
\u20ac m
Central Banks
Eurosystem refinancing operations
\u2014
10,000
Borrowings \u2013 secured
282
298
\u2013 unsecured
\u2014
\u2014
282
10,298
Banks
Other borrowings \u2013 unsecured
232
84
514
10,382
(1) The Group has issued covered bonds secured on pools of residential mortgages. Securities, other than those issued to external investors, have been pledged as
collateral in addition to other securities held by the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepositsFromBanksExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8zMzQvZnJhZzpiOTAzMjA5ZWZhMDM0ZWYzYmIyMTdjMWRhZjUwMmVkZC90ZXh0cmVnaW9uOmI5MDMyMDllZmEwMzRlZjNiYjIxN2MxZGFmNTAyZWRkXzIxMDU1NjQ3NjcyMDE0OQ_de9f593a-c5ea-46fe-89f6-50520bfc2727": { "value": "
30\u00a0 Customer accounts
2022
2021
\u20ac m
\u20ac m
Current accounts
64,402
57,895
Demand deposits
32,595
29,762
Time deposits
5,335
5,183
Other non-controlling interests(1)
27
26
102,359
92,866
Of which:
Non-interest bearing current accounts
59,266
41,169
Interest bearing deposits, current accounts and short term borrowings
43,093
51,697
102,359
92,866
Amounts include:
Due to associated undertakings
271
280
2021
Legal claims
Belfry related
provisions
FSPO decision
Restructuring
costs
Other
provisions
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Provisions (excluding loan commitments
and financial guarantee contracts)
At 1 January 2021
34
\u2014
80
29
170
313
Charged to income statement
30
75
\u2014
26
65
196
(1)
Released to income statement
(4)
\u2014
(1)
(1)
(9)
(15)
(1)
Dilapidation provisions
\u2014
\u2014
\u2014
\u2014
2
2
Provisions utilised
(29)
\u2014
\u2014
(28)
(19)
(76)
Exchange translation adjustments
\u2014
\u2014
\u2014
1
1
2
At 31 December 2021
31
75
79
27
210
422
(2)
Loan commitments and financial
guarantees contracts
At 1 January 2021
83
Net (writeback) to income statement
(6)
(3)
Exchange translation adjustments
2
At 31 December 2021
79
Total provisions for liabilities and commitments
501
(1) Included in note 11.
(2) Amounts expected to be settled within one year are \u20ac 190 million (31 December 2021: \u20ac 368 million).
(3) Included in note 12.
The ECL allowance on loan commitments and financial guarantee contracts are presented as a provision in the balance sheet (i.e. as a
liability under IFRS 9 Financial Instruments) and separate from the ECL allowance on financial assets. For details of the internal credit
ratings and geographic concentration of contingent liabilities and commitments, see pages 154 and 184 in the \u2018Risk management\u2019
section of this report.
34\u00a0 Provisions for liabilities and commitments continued
(a) Belfry related provisions
During the period 2002 to 2006 the Group sold a series of investment property funds, known as Belfry, which subsequently incurred
losses to c. 2,500 individual investors (c. \u00a3 214 million invested). The Group settled claims from certain of those investors in 2021 which
resulted in a \u20ac 25 million charge including amounts for legal and settlement costs (reported in Legal claims in 2021). Following this, the
Group instigated a programme to review the suitability of advice outcomes for individual investors to determine if redress may be due in
certain instances. Based on an initial assessment, a provision was also recorded for \u20ac 75 million in 2021.
Following the approval by the Board during 2022 of the customer treatment methodology and the close out of the individual case
assessments, the provision for the cost of redress was reassessed and increased by \u20ac 82 million. Payments to impacted customers are
ongoing with the Group making payments of \u20ac 85 million in 2022.
Furthermore associated costs, required to conclude the redress programme, of \u20ac 12 million were separately provided for of which
\u20ac\u00a05\u00a0million was utilised during the period.
While the provision of \u20ac 79 million at 31 December 2022 represents the Group\u2019s best estimate, the final cost is subject to uncertainty as
individual investors will have the right to appeal the outcome of their case assessment to an independent appeals panel.
(b) FSPO decision
The provision at 31 December 2022 for customer redress and compensation and other related costs amounted to \u20ac 60 million (31
December 2021: \u20ac 79 million) in respect of certain mortgage customers \u2013 the \u201806-09 Ts & Cs(1) who never had a tracker\u2019 cohort.
In 2020, following a Financial Services and Pensions Ombudsman (\"FSPO\") decision in relation to a complaint by a customer from the
\u201806-09 Ts & Cs who never had a tracker\u2019 cohort, which found that the Bank had breached the terms of the customer\u2019s mortgage loan
contract and directed it to remedy the matter in what the FSPO believed was a fair and proportionate manner, the Group decided to
accept the decision in full.
Furthermore, the Group decided to apply the remedy to all other customers within this cohort, and payments to customers on that basis
have effectively concluded.
The Group has continued to engage with stakeholders over the intervening period and a number of related issues continue to exist that
have yet to be resolved, including tax liabilities arising that the Group will be required to discharge on behalf of impacted customers.
Following utilisations of \u20ac 3 million in the year the level of provision required for these other costs has been reassessed at \u20ac 60 million at
31 December 2022.
These issues remain subject to uncertainty with a range of outcomes possible with the final outcome being higher or lower depending
on finalisation of such issues.
(1) Terms and conditions
(c) Restructuring costs
This mainly relates to the UK restructuring with other amounts relating to the property transformation strategy.
UK restructuring provision
A provision for restructuring costs in relation to the implementation of the revised UK strategy of \u20ac 19 million was held at 31 December
2021. Following utilisations of \u20ac 16 million, and a charge of \u20ac 3 million, the closing provision at 31 December 2022 was \u20ac 6 million.
(d) Other provisions
Other provisions includes provisions for the Tracker Mortgage Examination CBI Fine, other regulatory provisions, other customer
redress and related matters, ROU commitments, onerous contracts and other miscellaneous provisions.
Tracker Mortgage Examination \u2013 CBI fine:
At 31 December 2021, the Group held a provision of \u20ac 70 million for the impact of monetary penalties that were expected to be imposed
on the Group by the Central Bank of Ireland (CBI) as part of an administrative sanctions procedure in connection with the Tracker
Mortgage Examination. The CBI concluded its Enforcement Investigation in June 2022 and the Group agreed to pay a fine of \u20ac 96.7
million. Accordingly, this provision was increased by \u20ac 26.7 million and the fine was settled. This brought the CBI\u2019s investigation into
tracker mortgages at the Group to a close.
Regulatory provision
The Group previously conducted a review of certain technical matters relating to previous submissions to the Single Resolution Board
which was the basis of the annual fee to the Single Resolution Fund. At 31 December 2021, the Group provided \u20ac 31 million in relation
to matters arising from this review. The provision has been retained at 31 December 2022 as it is still subject to finalisation with the
relevant regulatory authorities.", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV81Mzg3NjA2OTc2NjU4OC9mcmFnOmExYjYzNzA0NDE4YzRhYWI4ZTMzM2JhMDM2YWQwM2RlL3RleHRyZWdpb246YTFiNjM3MDQ0MThjNGFhYjhlMzMzYmEwMzZhZDAzZGVfMjEwNTU2NDc2NzI0MzA1_0710173c-d9cc-4ff1-962e-50895c999793": { "value": "
34\u00a0 Provisions for liabilities and commitments
The Group has presented legal claims, Belfry related provisions, FSPO decision, restructuring costs and other provisions as separate
classes of provisions in 2022. Onerous contracts and ROU commitments, which were previously presented separately, are now
included within other provisions. The related comparatives for 2021 have been restated.
2022
Legal claims
Belfry related
provisions
FSPO decision
Restructuring
costs
Other
provisions
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Provisions (excluding loan commitments
and financial guarantee contracts)
At 1 January 2022
31
75
79
27
210
422
Charged to income statement
6
94
\u2014
4
36
140
(1)
Released to income statement
(3)
\u2014
(16)
(4)
(30)
(53)
(1)
Provisions utilised
(5)
(90)
(3)
(18)
(130)
(246)
Exchange translation adjustments
\u2014
\u2014
\u2014
(1)
\u2014
(1)
At 31 December 2022
29
79
60
8
86
262
(2)
Loan commitments and financial
guarantees contracts
At 1 January 2022
79
Net charge to income statement
\u2014
(3)
Disposals
(1)
Exchange translation adjustments
\u2014
At 31 December 2022
78
Total provisions for liabilities and commitments
340
2021
Legal claims
Belfry related
provisions
FSPO decision
Restructuring
costs
Other
provisions
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Provisions (excluding loan commitments
and financial guarantee contracts)
At 1 January 2021
34
\u2014
80
29
170
313
Charged to income statement
30
75
\u2014
26
65
196
(1)
Released to income statement
(4)
\u2014
(1)
(1)
(9)
(15)
(1)
Dilapidation provisions
\u2014
\u2014
\u2014
\u2014
2
2
Provisions utilised
(29)
\u2014
\u2014
(28)
(19)
(76)
Exchange translation adjustments
\u2014
\u2014
\u2014
1
1
2
At 31 December 2021
31
75
79
27
210
422
(2)
Loan commitments and financial
guarantees contracts
At 1 January 2021
83
Net (writeback) to income statement
(6)
(3)
Exchange translation adjustments
2
At 31 December 2021
79
Total provisions for liabilities and commitments
501
(1) Included in note 11.
(2) Amounts expected to be settled within one year are \u20ac 190 million (31 December 2021: \u20ac 368 million).
(3) Included in note 12.
The ECL allowance on loan commitments and financial guarantee contracts are presented as a provision in the balance sheet (i.e. as a
liability under IFRS 9 Financial Instruments) and separate from the ECL allowance on financial assets. For details of the internal credit
ratings and geographic concentration of contingent liabilities and commitments, see pages 154 and 184 in the \u2018Risk management\u2019
section of this report.
34\u00a0 Provisions for liabilities and commitments continued
(a) Belfry related provisions
During the period 2002 to 2006 the Group sold a series of investment property funds, known as Belfry, which subsequently incurred
losses to c. 2,500 individual investors (c. \u00a3 214 million invested). The Group settled claims from certain of those investors in 2021 which
resulted in a \u20ac 25 million charge including amounts for legal and settlement costs (reported in Legal claims in 2021). Following this, the
Group instigated a programme to review the suitability of advice outcomes for individual investors to determine if redress may be due in
certain instances. Based on an initial assessment, a provision was also recorded for \u20ac 75 million in 2021.
Following the approval by the Board during 2022 of the customer treatment methodology and the close out of the individual case
assessments, the provision for the cost of redress was reassessed and increased by \u20ac 82 million. Payments to impacted customers are
ongoing with the Group making payments of \u20ac 85 million in 2022.
Furthermore associated costs, required to conclude the redress programme, of \u20ac 12 million were separately provided for of which
\u20ac\u00a05\u00a0million was utilised during the period.
While the provision of \u20ac 79 million at 31 December 2022 represents the Group\u2019s best estimate, the final cost is subject to uncertainty as
individual investors will have the right to appeal the outcome of their case assessment to an independent appeals panel.
(b) FSPO decision
The provision at 31 December 2022 for customer redress and compensation and other related costs amounted to \u20ac 60 million (31
December 2021: \u20ac 79 million) in respect of certain mortgage customers \u2013 the \u201806-09 Ts & Cs(1) who never had a tracker\u2019 cohort.
In 2020, following a Financial Services and Pensions Ombudsman (\"FSPO\") decision in relation to a complaint by a customer from the
\u201806-09 Ts & Cs who never had a tracker\u2019 cohort, which found that the Bank had breached the terms of the customer\u2019s mortgage loan
contract and directed it to remedy the matter in what the FSPO believed was a fair and proportionate manner, the Group decided to
accept the decision in full.
Furthermore, the Group decided to apply the remedy to all other customers within this cohort, and payments to customers on that basis
have effectively concluded.
The Group has continued to engage with stakeholders over the intervening period and a number of related issues continue to exist that
have yet to be resolved, including tax liabilities arising that the Group will be required to discharge on behalf of impacted customers.
Following utilisations of \u20ac 3 million in the year the level of provision required for these other costs has been reassessed at \u20ac 60 million at
31 December 2022.
These issues remain subject to uncertainty with a range of outcomes possible with the final outcome being higher or lower depending
on finalisation of such issues.
(1) Terms and conditions
(c) Restructuring costs
This mainly relates to the UK restructuring with other amounts relating to the property transformation strategy.
UK restructuring provision
A provision for restructuring costs in relation to the implementation of the revised UK strategy of \u20ac 19 million was held at 31 December
2021. Following utilisations of \u20ac 16 million, and a charge of \u20ac 3 million, the closing provision at 31 December 2022 was \u20ac 6 million.
(d) Other provisions
Other provisions includes provisions for the Tracker Mortgage Examination CBI Fine, other regulatory provisions, other customer
redress and related matters, ROU commitments, onerous contracts and other miscellaneous provisions.
Tracker Mortgage Examination \u2013 CBI fine:
At 31 December 2021, the Group held a provision of \u20ac 70 million for the impact of monetary penalties that were expected to be imposed
on the Group by the Central Bank of Ireland (CBI) as part of an administrative sanctions procedure in connection with the Tracker
Mortgage Examination. The CBI concluded its Enforcement Investigation in June 2022 and the Group agreed to pay a fine of \u20ac 96.7
million. Accordingly, this provision was increased by \u20ac 26.7 million and the fine was settled. This brought the CBI\u2019s investigation into
tracker mortgages at the Group to a close.
Regulatory provision
The Group previously conducted a review of certain technical matters relating to previous submissions to the Single Resolution Board
which was the basis of the annual fee to the Single Resolution Fund. At 31 December 2021, the Group provided \u20ac 31 million in relation
to matters arising from this review. The provision has been retained at 31 December 2022 as it is still subject to finalisation with the
relevant regulatory authorities.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8zNDkvZnJhZzo1NWFiNWJlMjI5NTU0YWU1ODNlNTliYTRmNzNlM2QxYS90ZXh0cmVnaW9uOjU1YWI1YmUyMjk1NTRhZTU4M2U1OWJhNGY3M2UzZDFhXzIxMDU1NjQ3NjcyMjk2Mw_834df8b2-1995-4c88-bbaa-72328bd0753a": { "value": "
35\u00a0 Subordinated liabilities and other capital instruments
2022
2021
\u20ac m
\u20ac m
Dated loan capital \u2013 European Medium Term Note Programme:
Issued by AIB Group plc
\u20ac 500 million Subordinated Tier 2 Notes due 2029, Callable 2024
(a)
466
496
\u20ac 1 billion Subordinated Tier 2 Notes due 2031, Callable 2026
(b)
881
978
Issued by subsidiaries
\u20ac 500m Callable Step-up Floating Rate Notes due October 2017
\u2013 nominal value \u20ac 25.5 million (maturity extended to 2035 as a result of the SLO)
(c)
12
12
\u00a3 368m 12.5% Subordinated Notes due June 2019
\u2013 nominal value \u00a3 79 million (maturity extended to 2035 as a result of the SLO)
(c)
44
43
\u00a3 500m Callable Fixed/Floating Rate Notes due March 2025
\u2013 nominal value \u00a3 1 million (maturity extended to 2035 as a result of the SLO)
(c)
1
1
57
56
1,404
1,530
Dated loan capital
The dated loan capital in this section is subordinated in right of payment to senior creditors, including depositors, of the respective
issuing entities. Following the implementation in Ireland of the EU (Bank Recovery and Resolution) Regulations 2015, these notes are
loss absorbing at the point of non-viability.
(a) \u20ac 500 million Subordinated Tier 2 Notes due 2029, Callable 2024
On 19 November 2019, AIB Group plc issued \u20ac 500 million Subordinated Tier 2 Notes due 2029, Callable 2024.
These notes mature on 19 November 2029 but may be redeemed in whole, but not in part, at the option of the Group on the optional
redemption date on 19 November 2024, subject to the approval of the regulatory authorities, with approval being conditional on meeting
the requirements of the EU Capital Requirements Regulation.
The notes bear interest on the outstanding nominal amount at a fixed rate of 1.875%, payable annually in arrears on 19 November each
year. The interest rate will be reset on 19 November 2024 to Eur 5 year Mid Swap rate plus the initial margin of 215 basis points.
(b) \u20ac 1 billion Subordinated Tier 2 Notes due 2031, Callable 2026
On 23 September 2020, AIB Group plc issued \u20ac 1 billion Subordinated Tier 2 Notes due 2031, Callable 2026.
These notes mature on 30 May 2031 but may be redeemed in whole, but not in part, at the option of the Group on the optional
redemption date on 30 May 2026, subject to the approval of the regulatory authorities, with approval being conditional on meeting the
requirements of the EU Capital Requirements Regulation.
The notes bear interest on the outstanding nominal amount at a fixed rate of 2.875%, payable annually in arrears on 30 May each year.
The interest rate will be reset on 30 May 2026 to Eur 5 year Mid Swap rate plus the initial margin of 330 basis points.
(c)Other dated subordinated loan capital
Following liability management exercises and the Subordinated Liabilities Order (\u201cSLO\u201d) in 2011, residual balances remained on the
dated loan capital instruments above. The SLO, which was effective from 22 April 2011, changed the terms of all of those outstanding
dated loan capital instruments. The original liabilities were derecognised and new liabilities were recognised, with their initial
measurement based on the fair value at the SLO effective date. The contractual maturity date changed to 2035 as a result of the SLO,
and payment of coupons became optional at the discretion of the Group. The Board of Allied Irish Banks, p.l.c. has considered the
matter and as at the date of this report, the Group\u2019s position is that coupons are not paid on these instruments. These instruments will
amortise to their nominal value in the period to their maturity in 2035.", "dimensions": { "concept": "ifrs-full:DisclosureOfSubordinatedLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8zNTIvZnJhZzpiODhmZWYwNmM2YmY0NjQ3OWJkOTBkZWM5NGMwNjVmYy90ZXh0cmVnaW9uOmI4OGZlZjA2YzZiZjQ2NDc5YmQ5MGRlYzk0YzA2NWZjXzIxMDU1NjQ3NjcyMDg1OA_f3c481b7-db0e-4cd0-a767-f8c17a4e3402": { "value": "
36\u00a0 Share capital
31 December 2022
31 December 2021
Number of shares
Number of shares
m
\u20ac m
m
\u20ac m
Authorised
Ordinary share capital
Ordinary shares of \u20ac 0.625 each
4,000.0
2,500
4,000.0
2,500
Issued and fully paid
Ordinary share capital
Ordinary shares of \u20ac 0.625 each
2,673.4
1,671
2,714.4
1,696
Movements in share capital
In May 2022, AIB Group plc completed a Share Buyback Programme which resulted in the repurchase of 40,952,764 ordinary shares
for an aggregate amount of \u20ac 91 million. These shares were subsequently cancelled and the nominal amount, \u20ac 25 million, was
transferred from share capital to capital redemption reserve. The number of ordinary shares in issue at 31 December 2022 was
2,673,428,473 (31 December 2021: 2,714,381,237).
Warrants
In 2017, AIB issued warrants to the Minister for Finance to subscribe for 271,166,685 ordinary shares of AIB representing 9.99% of the
issued share capital at the time (31 December 2022: 10.14%). The exercise price for the warrants is 200% of the Offer Price of \u20ac 4.40
per ordinary share, the Offer Price being the price in euro per ordinary share which was payable under the IPO. This price may be
adjusted in accordance with the terms of the Warrant Instrument and the warrants will be capable of exercise by the holder of the
warrants during the period commencing on 27 June 2018 and ending on 27 June 2027. Following the Share Buyback Programme the
exercise price has been adjusted to \u20ac 8.663.
In accordance with the terms of the Warrant Agreement, no cash consideration was payable by the Minister to AIB in respect of the
issue of the warrants.
Structure of the Company\u2019s share capital
The following table shows the structure of the Company\u2019s share capital:
31 December 2022
31 December 2021
Authorised
share capital
%
Issued share
capital
%
Authorised
share capital
%
Issued share
capital
%
Class of share
Ordinary share capital
100
100
100
100
37\u00a0 Other equity interests
2022
2021
\u20ac m
\u20ac m
Issued by AIB Group plc
\u20ac 500 million Additional Tier 1 Perpetual Contingent Temporary Write-Down Securities issued 2019
(a)
496
496
\u20ac 625 million Additional Tier 1 Perpetual Contingent Temporary Write-Down Securities issued 2020
(b)
619
619
Total
1,115
1,115
For details regarding merger reserve, refer to accounting policy (aa) in note 1.
Capital redemption reserves
2022
2021
\u20ac m
\u20ac m
At 1 January
14
14
Transfer from ordinary share capital (note 36)
25
\u2014
At 31 December
39
14
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8zNTUvZnJhZzo1ODRkZTI4MDU4OTc0MThiYTQzNmQ2ZGIzMzllMmFlMS90ZXh0cmVnaW9uOjU4NGRlMjgwNTg5NzQxOGJhNDM2ZDZkYjMzOWUyYWUxXzgyNDYzMzcyMTM4NzE_a8619e57-0387-4010-aeec-17a36ec44e88": { "value": "65000000", "decimals": -6, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToNoncontrollingInterests", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8zNjQvZnJhZzowODM2MmRiYjdhZjY0Mjc0OTg1OGQ1OWQ1ZmFlOGU5Zi90ZXh0cmVnaW9uOjA4MzYyZGJiN2FmNjQyNzQ5ODU4ZDU5ZDVmYWU4ZTlmXzIxMjc1NTQ5OTk3OTg2Mg_1db29fec-1359-43b8-8817-cbad18d4713a": { "value": "
39\u00a0 Offsetting financial assets and financial liabilities
The disclosures set out in the tables below include financial assets and financial liabilities that:
\u2022Are offset in the Group\u2019s statement of financial position; or
\u2022Are subject to enforceable master netting arrangements or similar agreements that cover similar financial instruments, irrespective of
whether they are offset in the statement of financial position.
The similar agreements include derivative clearing agreements, global master repurchase agreements and global master securities
lending agreements. Similar financial instruments include derivatives, sales and repurchase agreements, reverse sale and repurchase
agreements, and securities borrowing and lending agreements. Financial instruments such as loans and advances and customer
accounts are not included in the tables below unless they are offset in the statement of financial position.
The Group has a number of ISDA Master Agreements (netting agreements) in place which allow it to net the termination values of
derivative contracts upon the occurrence of an event of default with respect to its counterparties. The enforcement of netting
agreements would potentially reduce the statement of financial position carrying amount of derivative assets and liabilities by
\u20ac\u00a02,220\u00a0million at 31 December 2022 (2021: \u20ac 529 million).
The Group\u2019s sale and repurchase and reverse sale and repurchase transactions and securities borrowing and lending are covered by
netting agreements with terms similar to those of ISDA Master Agreements. Additionally, the Group has agreements in place which may
allow it to net the termination values of cross currency swaps upon the occurrence of an event of default.
The ISDA Master Agreements and similar master netting arrangements do not meet the criteria for offsetting in the statement of
financial position as they create a right of set-off of recognised amounts that become enforceable only following an event of default,
insolvency or bankruptcy of the Group or the counterparties. In addition, the Group and its counterparties do not intend to settle on a
net basis or to realise the assets and settle the liabilities simultaneously.
The Group provides and accepts collateral in the form of cash and marketable securities in respect of the following transactions:
\u2022Derivatives
\u2022Sale and repurchase agreements
\u2022Reverse sale and repurchase agreements
\u2022Securities lending and borrowing
Collateral is subject to the standard industry terms of Credit Support Annexes (\"CSAs\"), which enable the Group to pledge or sell
securities received during the term of the transaction. The collateral must be returned on the maturity of the transaction. The terms also
give each counterparty the right to terminate the related transactions where the counterparty fails to post collateral. The CSAs in place
provide collateral for derivative contracts. At 31 December 2022, \u20ac 795 million (2021: \u20ac 570 million) of CSAs are included within
financial assets and \u20ac 245 million (2021: \u20ac 100 million) of CSAs are included within financial liabilities.
39\u00a0 Offsetting financial assets and financial liabilities continued
The following table shows financial assets and financial liabilities subject to offsetting, enforceable master netting arrangements and
similar agreements at 31 December 2022 and 2021. The effects of over-collateralisation have not been taken into account in the table
below.
2022
Gross
amounts of
recognised
financial
assets
Gross
amounts of
recognised
financial
liabilities
offset in the
statement
of financial
position
Net
amounts of
financial
assets
presented
in the
statement
of financial
position
Related amounts not
offset in the statement of
financial position
Financial
instruments
Cash
collateral
Net
amount
Financial assets
Note
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Derivative financial instruments
17
2,501
\u2014
2,501
(2,220)
(200)
81
Securities financing
Reverse repurchase agreements
20
8,222
(5,305)
2,917
(2,899)
(18)
\u2014
Securities borrowings
20
3,365
\u2014
3,365
(3,365)
\u2014
\u2014
Total
14,088
(5,305)
8,783
(8,484)
(218)
81
2022
Gross
amounts of
recognised
financial
liabilities
Gross
amounts of
recognised
financial
assets
offset in the
statement of
financial
position
Net amounts
of financial
liabilities
presented in
the
statement of
financial
position
Related amounts not
offset in the statement of
financial position
Financial
instruments
Cash
collateral
Net
amount
Financial liabilities
Note
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Securities financing
Securities sold under agreements to
repurchase
20
6,203
(5,305)
898
(879)
(19)
\u2014
Derivative financial instruments
17
2,932
\u2014
2,932
(2,220)
(749)
(37)
Total
9,135
(5,305)
3,830
(3,099)
(768)
(37)
39\u00a0 Offsetting financial assets and financial liabilities continued
2021
Gross
amounts of
recognised
financial
assets
Gross
amounts of
recognised
financial
liabilities
offset in the
statement
of financial
position
Net
amounts of
financial
assets
presented
in the
statement
of financial
position
Related amounts not offset
in the statement of financial
position
Financial
instruments
Cash
collateral
Net
amount
Financial assets
Note
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Derivative financial instruments
17
788
\u2014
788
(529)
(56)
203
Securities financing
Reverse repurchase agreements
20
4,788
(3,325)
1,463
(1,463)
(10)
(10)
Securities borrowings
20
2,427
\u2014
2,427
(2,427)
\u2014
\u2014
Total
8,003
(3,325)
4,678
(4,419)
(66)
193
2021
Gross
amounts of
recognised
financial
liabilities
Gross
amounts of
recognised
financial
assets
offset in the
statement of
financial
position
Net
amounts of
financial
liabilities
presented
in the
statement of
financial
position
Related amounts not offset
in the statement of financial
position
Financial
instruments
Cash
collateral
Net
amount
Financial liabilities
Note
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Securities financing
Securities sold under agreements to repurchase
20
3,370
(3,325)
45
(45)
(32)
(32)
Derivative financial instruments
17
1,049
\u2014
1,049
(529)
(526)
(6)
Total
4,419
(3,325)
1,094
(574)
(558)
(38)
The gross amounts of financial assets and financial liabilities and their net amounts as presented in the statement of financial position
that are disclosed in the above tables are measured on the following bases:
\u2022Derivative assets and liabilities \u2013 fair value; and
\u2022Securities financing \u2013 amortised cost.
39\u00a0 Offsetting financial assets and financial liabilities continued
The following table reconciles the \u2018Net amounts of financial assets and financial liabilities presented in the statement of financial
position\u2019, as set out in the previous pages to the line items presented in the statement of financial position at 31 December 2022
and\u00a02021:
2022
Net amounts of
financial assets
presented in the
statement of financial
position
Line item in
statement of
financial position
Carrying
amounts in
statement
of financial
position
Financial
assets not
in scope of
offsetting
disclosures
Financial assets
\u20ac m
\u20ac m
\u20ac m
Derivative financial instruments
2,501
Derivative financial instruments
2,511
10
Securities financing
Reverse repurchase agreements
2,917
Securities borrowings
3,365
Securities financing
6,282
\u2014
2022
Net amounts of
financial liabilities
presented in the
statement of financial
position
Line item in
statement of
financial position
Carrying
amounts in
statement
of financial
position
Financial
liabilities not in
scope of
offsetting
disclosures
Financial liabilities
\u20ac m
\u20ac m
\u20ac m
Securities financing
Securities sold under agreements to
repurchase
898
Securities financing
898
\u2014
Derivative financial instruments
2,932
Derivative financial instruments
2,982
50
2021
Net amounts of financial
assets presented in the
statement of financial
position
Line item in
statement of
financial position
Carrying
amounts in
statement
of financial
position
Financial
assets not
in scope of
offsetting
disclosures
Financial assets
\u20ac m
\u20ac m
\u20ac m
Derivative financial instruments
788
Derivative financial instruments
882
94
Securities financing
Reverse repurchase agreements
1,463
Securities borrowing
2,427
Securities financing
3,890
\u2014
2021
Net amounts of financial
liabilities presented in the
statement of financial
position
Line item in
statement of
financial position
Carrying
amounts in
statement
of financial
position
Financial
liabilities not
in scope of
offsetting
disclosures
Financial liabilities
\u20ac m
\u20ac m
\u20ac m
Securities financing
Securities sold under agreements to
repurchase
45
Securities financing
45
\u2014
Derivative financial instruments
1,049
Derivative financial instruments
1,062
13
", "dimensions": { "concept": "ifrs-full:DisclosureOfOffsettingOfFinancialAssetsAndFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8zNjcvZnJhZzo2YjgxMTVjYzcwYjE0ZWU0OTM3NGIxODU3MjEzZDAxMy90ZXh0cmVnaW9uOjZiODExNWNjNzBiMTRlZTQ5Mzc0YjE4NTcyMTNkMDEzXzIxMDU1NjQ3NjczODA0Mw_85113d7c-e3d1-4eea-b2e1-aebb0c36aa1f": { "value": "
40\u00a0 Contingent liabilities and commitments
In the normal course of business, the Group is a party to financial instruments with off-balance sheet risk to meet the financing needs of
customers. These instruments involve, to varying degrees, elements of credit risk which are not reflected in the consolidated statement
of financial position. Credit risk is defined as the possibility of sustaining a loss because the other party to a financial instrument fails to
perform in accordance with the terms of the contract.
The Group\u2019s maximum exposure to credit loss under contingent liabilities and commitments to extend credit, in the event of non-
performance by the other party where all counterclaims, collateral or security prove valueless, is represented by the contractual
amounts of those instruments.
The Group uses the same credit control and risk management policies in undertaking off-balance sheet commitments as it does for\u00a0
\u2018on-balance sheet lending\u2019.
The following table gives the nominal or contract amounts of contingent liabilities and commitments:
Contract amount
2022
2021
\u20ac m
\u20ac m
Contingent liabilities(1) \u2013 credit related
Guarantees and assets pledged as collateral security:
Guarantees and irrevocable letters of credit
764
775
Other contingent liabilities
38
44
802
819
Commitments(2)
Documentary credits and short term trade-related transactions
121
129
Undrawn formal standby facilities, credit lines and other commitments to lend:
Less than 1 year
9,173
9,135
1 year and over
5,766
4,463
15,060
13,727
15,862
14,546
(1) Contingent liabilities are off-balance sheet products and include guarantees, irrevocable letters of credit and other contingent liability products such as
performance bonds.
(2) A commitment is an off-balance sheet product where there is an agreement to provide an undrawn credit facility. The contract may or may not be cancelled
unconditionally at any time without notice depending on the terms of the contract.
For details of the credit ratings and geographic concentration of contingent liabilities and commitments, see pages 154 and 184 in the
\u2018Risk management\u2019 section of this report.
Provisions for ECLs on loan commitments and financial guarantee contracts are set out in note 34.
40\u00a0 Contingent liabilities and commitments continued
Legal proceedings
The\u2008Group, in the course of its business, is frequently involved in litigation cases. However, it is not, nor has been involved in, nor are
there, so far as the Group is aware, (other than as set out in the following paragraphs), pending or threatened by or against the Group
any legal or arbitration proceedings, including governmental proceedings, which may have, or have had during the previous twelve
months, a material effect on the financial position, profitability or cash flows of the\u2008Group.
Specifically, litigation has been served on the Group by customers that are pursuing claims in relation to tracker mortgages. Customers
have also lodged complaints to the Financial Services and Pensions Ombudsman (\u201cFSPO\u201d) in relation to tracker mortgages issues.\u00a0
Further claims may also be served in the future in relation to tracker mortgages. The Group will also receive further rulings by the FSPO
in relation to complaints concerning tracker mortgages.
Based on the facts currently known and the current stages that the litigation and the FSPO\u2019s complaints process is at, it is not
practicable at this time to predict the final outcome of this litigation/FSPO complaints, nor the timing and possible impact on the Group.
Participation in TARGET 2 \u2013 Ireland
AIB participates in the TARGET 2-Ireland system, the Irish component of TARGET 2, which is the real time gross settlement system for
large volume interbank payments in euro. The following disclosures relate to charges provided by AIB to secure its payment obligations
arising from participation in TARGET 2.
On 15 February 2008, AIB executed a deed of charge pursuant to which it created a first floating charge in favour of the Central Bank of
Ireland ('Central Bank') over all of its right, title, interest and benefit, present and future, in and to the balances then or at any time
standing to the accounts held by AIB with any Eurosystem central bank for the purpose of participation in TARGET 2.
In addition, AIB and the Central Bank entered into a Framework Agreement in respect of Eurosystem Operations (dated 7 April 2014),
which include the credit line facility for intra-day credit in TARGET 2-Ireland. In order to secure its obligations under the Framework
Agreement, AIB executed a deed of charge (dated 7 April 2014). Pursuant to the deed, AIB created a first fixed charge in favour of the
Central Bank over all of its right, title, interest and benefit, present and future, in and to eligible assets (as identified as such by the
Central Bank) which are held in a designated collateral account.
Both deeds of charge contain provisions that during the existence of the security, otherwise than with the prior written consent of the
Central Bank, AIB shall not:
(a) Create or attempt to create or permit to arise or permit any encumbrance on or over the charged property or any part thereof; or
(b) Otherwise than in the ordinary course of business, sell, transfer, lend or otherwise dispose of the property subject to the floating
charge or any part thereof or attempt or agree to do so whether by means of one or a number of transactions related or not and
whether at one time or over a period of time.
In addition, under the 2014 charge, AIB undertakes not to sell, transfer, lend or otherwise dispose of or deal in the assets subject to the
fixed charge or any part thereof or, in each case, attempt or agree to do so whether by means of one or a number of transactions
related or not and whether at one time or over a period of time.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8zNzAvZnJhZzo2Mzk5NDhjMDA4YzI0YTUzODRlOWJlNGVmZTI1ZGZlZi90ZXh0cmVnaW9uOjYzOTk0OGMwMDhjMjRhNTM4NGU5YmU0ZWZlMjVkZmVmXzIxMDU1NjQ3NjczMDA0Nw_0ad0736a-0707-4616-9c7e-b4ae27a77705": { "value": "
41\u00a0 Subsidiaries and consolidated structured entities
The material Group subsidiary companies at 31 December 2022 and 2021 are:
Name of company
Principal activity
Place of
incorporation
Registered
Office
Allied Irish Banks, p.l.c.
A direct subsidiary of AIB Group plc and the
principal operating company of the Group and
holds the majority of the subsidiaries within
the Group. Its activities include banking and
financial services \u2013 a licensed bank
Ireland
10 Molesworth Street,
Dublin 2,
Ireland.
AIB Mortgage Bank Unlimited Company
Issue of mortgage covered securities
\u2013 a licensed bank
Ireland
10 Molesworth Street,
Dublin 2,
Ireland.
EBS d.a.c.
Mortgages and savings
\u2013 a licensed bank
Ireland
10 Molesworth Street,
Dublin 2,
Ireland.
AIB Group (UK) p.l.c. trading as Allied Irish Bank (GB)
in Great Britain and AIB (NI) in Northern Ireland
Banking and financial services
\u2013 a licensed bank
Northern Ireland
92 Ann Street,
Belfast BT1 3HH.
The proportion of ownership interest and voting power held by AIB Group plc in Allied Irish Banks, p.l.c. is 100% of the ordinary share
capital. All subsidiaries of Allied Irish Banks, p.l.c., being the immediate subsidiary of AIB Group plc, are wholly owned apart from
Augmentum Limited in which there are non-controlling interests. Practically all subsidiaries in the Group are involved in the provision of
financial services or ancillary services.
Acquisition of subsidiary
On 31 August 2021 the Group acquired Goodbody, a leading Irish provider of wealth management, corporate finance and capital
markets services, by acquiring 100% of the voting shares of GANMAC Holdings (BVI) Limited and its subsidiaries. Under the terms of
the agreement, the Group acquired the entire share capital for a total consideration, including deferred contingent consideration, of\u00a0 \u00a0 \u00a0
\u20ac 139 million. The acquisition gave rise to the recognition of goodwill of \u20ac 50 million.
Significant restrictions
Each of the subsidiaries listed above which is a licensed bank is required by its respective financial regulator to maintain capital ratios
above a certain minimum level. These minimum ratios restrict the payment of dividend by the subsidiary and, where the ratios fall below
the minimum requirement, will require the parent company to inject capital to make up the shortfall.
Consolidated structured entities
The Group has acted as sponsor and invested in a number of special purpose entities (\u201cSPEs\u201d) in order to generate funding for the
Group\u2019s lending activities (with the exception of AIB\u2008PFP Scottish Limited Partnership). The Group considers itself a sponsor of a
structured entity when it facilitates the establishment of the structured entity.
The following SPEs are consolidated by the Group:
\u2022Burlington Mortgages No. 1 DAC;
\u2022AIB PFP Scottish Limited Partnership.
Further details on these SPEs are set out in note 42.
There are no contractual arrangements that could require AIB Group plc or its subsidiaries to provide financial support to the
consolidated structured entities listed above. During the year, neither AIB Group plc nor any of its subsidiaries provided financial support
to a consolidated structured entity and there is no current intention to provide financial support.
Unconsolidated structured entities
The Group acts as a fund or investment manager for a number of unconsolidated structured entities for which it receives investment or
fund management fees. The Group acts as sponsor of these entities. The Group has no units within these funds. Therefore the carrying
amount of assets and liabilities in relation to these entities in the Group\u2019s statement of financial position is Nil (2021: Nil).
The Group\u2019s maximum exposure to loss is equal to the value of outstanding fees owed from these entities of \u20ac 2 million at 31 December
2022 (31 December 2021: \u20ac 2 million). These entities are financed by investors in the entities. During the year the Group has not
provided any non-contractual financial or other support to these entities and has no current intention of providing any financial or other
support.
Non-controlling interests in subsidiary undertaking
On 31 October 2019, Augmentum Limited (\u2018Augmentum\u2019), of which 75% is owned by the Group and 25% by a non-controlling interest,
First Data Global Services Limited (part of First Data Corporation which is owned by Fiserv Inc.), acquired 96.77% of the equity share
capital and voting rights of Semeral Limited (\u2018Semeral\u2019), the holding company for Payzone Ireland Limited (\u2018Payzone\u2019).
Semeral/Payzone place of business:\u00a04 Heather Road, Sandyford Industrial Estate, Dublin 18
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8zNzMvZnJhZzoxMzBlYTdlNWQzN2Q0OWRjYjY5ODllYmZhZmUxYjViMy90ZXh0cmVnaW9uOjEzMGVhN2U1ZDM3ZDQ5ZGNiNjk4OWViZmFmZTFiNWIzXzIxMDU1NjQ3Njc0NDAzMw_da16b15b-6b83-4cd7-baa9-4cb14fab5c07": { "value": "
42\u00a0 Off-balance sheet arrangements and transferred financial assets
Under IFRS, transactions and events are accounted for and presented in accordance with their substance and economic reality and not
merely their legal form. As a result, the substance of transactions with a special purpose entity (\u201cSPE\u201d) forms the basis for their
treatment in the Group\u2019s financial statements. An SPE is consolidated in the financial statements when the substance of the relationship
between the Group and the SPE indicates that the SPE is controlled by the entity and meets the criteria set out in IFRS 10
Consolidated Financial Statements. The principal forms of SPE utilised by the Group are securitisations and employee compensation
trusts.
Securitisations
The Group utilises securitisations primarily to support the following business objectives:
\u2022As an investor, the Group has primarily been an investor in securitisations issued by other credit institutions as part of the
management of its interest rate and liquidity risks through the Treasury function;
\u2022As an investor, securitisations have been utilised by the Group to invest in transactions that offered an appropriate risk-adjusted
return opportunity; and
\u2022As an originator of securitisations to support the funding activities of the Group.
The Group controls certain special purpose entities which were set up to support its funding activities. Details of these special purpose
entities are set out below under the heading \u2018Special purpose entities\u2019. The Group controls two special purpose entities set up in relation
to the funding of the Group Pension Schemes which are also detailed below.
Securities borrowing and lending
Securities borrowed are not recognised in the financial statements, unless these are sold to third parties, at which point the obligation to
repurchase the securities is recorded as a trading liability at fair value and any subsequent gain or loss is included in trading income.
Employee compensation trusts
The Group and some of its subsidiary companies use trust structures to benefit employees and to facilitate the ownership of the
Group\u2019s equity by employees. The Group consolidates these trust structures where the risks and rewards of the underlying shares have
not been transferred to the employees. All outstanding shares held by Trustees were disposed of during 2018.
Transfer of financial assets
The Group enters into transactions in the normal course of business in which it transfers previously recognised financial assets.
Transferred financial assets may, in accordance with IFRS 9 Financial Instruments:
(i) Continue to be recognised in their entirety; or
(ii) Be derecognised in their entirety but the Group retains some continuing involvement.
The most common transactions where the transferred assets are not derecognised in their entirety are sale and repurchase
agreements, issuance of covered bonds and securitisations.
(i) Transferred financial assets not derecognised in their entirety
Sale and repurchase agreements/securities lending
Sale and repurchase agreements are transactions in which the Group sells a financial asset to another party, with an obligation to
repurchase it at a fixed price on a certain later date. The Group continues to recognise the financial assets in full in the statement of
financial position as it retains substantially all the risks and rewards of ownership. The Group\u2019s sale and repurchase agreements are
with banks and customers. The obligation to pay the repurchase price is recognised within \u2018Securities financing\u2019 (note 20). As the Group
sells the contractual rights to the cash flows of the financial assets, it does not have the ability to use or pledge the transferred assets
during the term of the sale and repurchase agreement. The Group remains exposed to credit risk and interest rate risk on the financial
assets sold. Details of sale and repurchase activity are set out in note 20. The obligation arising as a result of sale and repurchase
agreements together with the carrying value of the financial assets pledged are set out in the table below.
The Group enters into securities lending in the form of collateral swap agreements with other parties. The Group continues to recognise
the financial assets in full in the statement of financial position as it retains substantially all the risks and rewards of ownership. As a
result of these transactions, the Group is unable to use, sell or pledge the transferred assets for the duration of the transaction. A fee is
generated for the Group under this transaction.
Issuance of covered bonds
Covered bonds, which the Group issues, are debt securities backed by cash flows from mortgages for the purpose of financing loans
secured on residential property through its wholly owned subsidiary, AIB Mortgage Bank Unlimited Company. The Group retains all the
risks and rewards of these mortgage loans, including credit risk and interest rate risk, and therefore, the loans continue to be
recognised on the Group\u2019s statement of financial position with the related covered bonds held by external investors included within
\u2018Debt securities in issue\u2019 (note 31). As the Group segregates the assets which back these debt securities into \u201ccover asset pools\u201d it does
not have the ability to otherwise use such segregated financial assets during the term of these debt securities. However, of the total
debt securities of this type issued amounting to \u20ac 8.3 billion, internal Group companies hold \u20ac 7.3 billion which are eliminated on
consolidation.
42\u00a0 Off-balance sheet arrangements and transferred financial assets continued
Special purpose entities
Securitisations are transactions in which the Group sells loans and advances to customers (mainly mortgages) to special purpose
entities (\u201cSPEs\u201d), which, in turn, issue notes to external investors. The notes issued by the SPEs are on terms which result in the Group
retaining the majority of ownership risks and rewards and therefore, the loans continue to be recognised in the Group\u2019s statement of
financial position. The Group remains exposed to credit risk, interest rate risk and foreign exchange risk on the loans sold. The liability
in respect of the cash received from the external investors is included within \u2018Debt securities in issue\u2019 (note 31). Under the terms of the
securitisations, the rights of the investors are limited to the assets in the securitised portfolios and any related income generated by the
portfolios, without further recourse to the Group. The Group does not have the ability to otherwise use the assets transferred as part of
securitisation transactions during the term of the arrangement.
Burlington Mortgages No. 1 DAC
In 2020, the Group securitised \u20ac 4 billion of its residential mortgage portfolio held in two of its subsidiaries, EBS d.a.c. and Haven
Mortgages Limited. These mortgages were transferred to a securitisation vehicle, Burlington Mortgages No. 1 DAC \u201cBurlington\u201d. In
order to fund the acquired mortgages, Burlington issued twelve classes of notes to EBS d.a.c. and Haven in the same proportion as the
mortgages securitised. The transferred mortgages have not been derecognised as the Group retains substantially all the risks and
rewards of ownership and continue to be reported in the Group\u2019s financial statements. Burlington is consolidated into the Group\u2019s
financial statements with all the notes being eliminated on consolidation. At 31 December 2022, the carrying amount of the transferred
financial assets which the Group continues to recognise is \u20ac 2.8 billion (2021: \u20ac 3.2 billion) (fair value is \u20ac 2.6 billion (2021: \u20ac 2.9 billion))
and the carrying amount of the associated liabilities is Nil (2021: Nil).
The following table summarises as at 31 December 2022 and 2021, the carrying value and fair value of financial assets which did not
qualify for derecognition together with their associated financial liabilities.
2022
Carrying
amount of
transferred
assets
Carrying
amount of
associated
liabilities
Fair
value of
transferred
assets
Fair
value of
associated
liabilities
Net fair
value
position
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Sale and repurchase
agreements/similar products
5,945
(1)(2)
898
(1)
5,949
898
5,051
Covered bond programmes
Residential mortgage backed
1,845
(3)
1,024
(4)
1,756
1,026
730
2021
Carrying
amount of
transferred
assets
Carrying
amount of
associated
liabilities
Fair
value of
transferred
assets
Fair
value of
associated
liabilities
Net fair
value
position
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Sale and repurchase
agreements/similar products
3,368
(1)(2)
45
(1)
3,371
45
3,326
Covered bond programmes
Residential mortgage backed
2,820
(3)
1,789
(4)
2,693
1,799
894
(1) See note 20.
(2) Includes \u20ac 5,030 million of assets pledged in relation to securities lending arrangements (2021: \u20ac 3,306 million).
(3) The asset pools of \u20ac 15 billion (2021: \u20ac 15 billion) in the covered bond programme have been apportioned on a pro-rata basis in relation to the value of bonds
held by external investors and those held by the Group companies. The \u20ac 1,845 million (2021: \u20ac 2,820 million) above refers to those assets apportioned to
external investors.
(4) Included in \u2018Bonds and other medium term notes\u2019 issued by subsidiaries (note 31).
42\u00a0 Off-balance sheet arrangements and transferred financial assets continued
AIB Group (UK) p.l.c. Pension Scheme interest in the AIB\u2008PFP Scottish Limited Partnership
In December 2013, the Group agreed with the Trustee of the AIB UK Defined Benefit Pension Scheme (\u201cthe UK scheme\u201d) a restructure
of the funding of the deficit in the UK scheme.
The Group established a pension funding partnership, AIB PFP Scottish Limited Partnership (\u201cSLP\u201d) under which a portfolio of loans
were transferred to the SLP from another Group entity, AIB UK Loan Management Limited (\u201cUKLM\u201d) for the purpose of ring-fencing the
repayments on these loans to fund future deficit payments of the UK scheme.
Assets ring\u2013fenced for this purpose entitled the UK Scheme to expected annual payments in the range of \u00a3 15 million to \u00a3 35 million per
annum from 2016 until 2032, with a potential termination payment in 2032 of up to \u00a3 60 million. Following the approval of the 2017
triennial valuation in May 2019, the annual payments were set at \u00a3 15 million per annum, commencing 1 January 2019. However, this
funding plan was replaced in December 2019, as part of the de-risking of the UK scheme (note 28).Under this funding arrangement, the
Group expects to make payments of \u00a3 18.5 million in 2023 with a final balancing payment, based on latest estimates from LGAS of
c.\u00a0\u00a3\u00a027 million. This is subject to change prior to finalisation.
The general partner in the partnership, AIB PFP (General Partner) Limited which is an indirect subsidiary of Allied Irish Banks, p.l.c., has
controlling power over the partnership. In addition, the majority of the risks and rewards will be borne by the Group as the pension
scheme has a priority right to the cash flows from the partnership, such that the variability in recoveries is expected to be borne by the
Group through UKLM\u2019s junior partnership interest. As UKLM continues to bear substantially all the risks and rewards of the loans, the
loans are not derecognised from UKLM\u2019s balance sheet and accordingly, the Group has determined that the SLP should be
consolidated into the Group.
(ii) Transferred financial assets derecognised in their entirety but the Group retains some continuing involvement
AIB has a continuing involvement in transferred financial assets where it retains any of the risks and rewards of ownership of the
transferred financial assets. Set out below are transactions in which AIB has a continuing involvement in assets transferred.
Pension scheme
On 31 July 2012, AIB entered into a Contribution Deed with the Trustee of the AIB Group Irish Pension Scheme (\u2018the Irish Scheme\u2019),
whereby it agreed to make contributions to the scheme to enable the Trustee ensure that the regulatory Minimum Funding Standard
position of non-pensioner members of the pension scheme was not affected by the agreed early retirement scheme. These
contributions amounting to \u20ac 594 million were settled through the transfer to the Irish Scheme of interests in an SPE owning loans and
advances previously transferred at fair value from the Group. The loans and advances were derecognised in the Group\u2019s financial
statements as all of the risks and rewards of ownership had transferred.
A subsidiary company of the Group was appointed as a service provider for the loans and advances transferred. Under the servicing
agreement, the Group subsidiary company collects the cash flows on the transferred loans and advances on behalf of the pension
scheme in return for a fee. The fee is based on an annual rate of 0.125% of the principal balance outstanding of all transferred loans
and advances on the last day of each calendar month. The Group has not recognised a servicing asset/liability in relation to this
servicing arrangement as the fee is considered to be a market rate. Under the servicing agreement, the Irish Scheme has the right to
replace the Group subsidiary company as the service provider with an external third party. In 2022, the Group recognised \u20ac 0.5 million
(cumulative \u20ac 9.2 million) (2021: \u20ac 0.5 million (cumulative \u20ac 8.7 million)) in the income statement for the servicing of the loans and
advances transferred.
NAMA
During 2010 and 2011, AIB transferred financial assets with a net carrying value of \u20ac 15,428 million to NAMA. All assets transferred
were derecognised in their entirety.
As part of this transaction, the Group has provided NAMA with a series of indemnities relating to the transferred assets.
The Group was appointed by NAMA as a service provider for the loans and advances transferred, for which it receives a fee. The fee is
based on the lower of actual costs incurred or 0.1% of the value of the financial assets transferred. The Group has not recognised a
servicing asset/liability in relation to this servicing arrangement. In 2022, the Group recognised \u20ac 2 million (cumulative \u20ac 100 million)
(2021: \u20ac 2 million (cumulative \u20ac 98 million)) in the income statement for the servicing of financial assets transferred to NAMA.
43\u00a0 Classification and measurement of financial assets and financial liabilities
Financial assets and financial liabilities are measured on an ongoing basis either at fair value or at amortised cost. The accounting
policy for financial assets in note 1 (l) and financial liabilities in note 1 (m), describes how the classes of financial instruments are
measured, and how income and expenses, including fair value gains and losses, are recognised.
The following table analyses the carrying amounts of the financial assets and financial liabilities by measurement category and by
statement of financial position heading at 31 December 2022 and 2021.
2022
At fair value through
profit or loss
At fair value through other
comprehensive income
At amortised
cost
Total
Mandatorily
Debt
investments
Hedging
derivatives
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Financial assets
Cash and balances at central banks
\u2014
\u2014
\u2014
38,138
(1)
38,138
Trading portfolio financial assets
8
\u2014
\u2014
\u2014
8
Derivative financial instruments
2,323
(2)
\u2014
188
\u2014
2,511
Loans and advances to banks
\u2014
\u2014
\u2014
1,502
1,502
Loans and advances to customers
249
\u2014
\u2014
59,364
59,613
Securities financing
\u2014
\u2014
\u2014
6,282
6,282
Investment securities
302
11,837
\u2014
4,131
16,270
Other financial assets
\u2014
\u2014
\u2014
592
592
2,882
11,837
188
110,009
124,916
Financial liabilities
Deposits by central banks and banks
\u2014
\u2014
\u2014
514
514
Customer accounts
\u2014
\u2014
\u2014
102,359
102,359
Securities financing
\u2014
\u2014
\u2014
898
898
Trading portfolio financial liabilities
4
\u2014
\u2014
\u2014
4
Derivative financial instruments
1,032
(3)
\u2014
1,950
\u2014
2,982
Debt securities in issue
\u2014
\u2014
\u2014
7,203
7,203
Subordinated liabilities and
other capital instruments
\u2014
\u2014
\u2014
1,404
1,404
Other financial liabilities
\u2014
\u2014
\u2014
1,375
1,375
1,036
\u2014
1,950
113,753
116,739
(1) Includes cash on hand \u20ac 545 million.
(2) Held for trading \u20ac 458 million and fair value hedges \u20ac 256 million.
(3) Held for trading \u20ac 565 million and fair value hedges \u20ac 192 million.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV8zNzkvZnJhZzo4Yzc1ZmVhM2EzMjI0YTk3ODIyYzJmZWMxZTI1ZDM2ZS90ZXh0cmVnaW9uOjhjNzVmZWEzYTMyMjRhOTc4MjJjMmZlYzFlMjVkMzZlXzIxMDU1NjQ3Njc0NDE4Mg_e37109c0-6bad-4894-8cd6-e5d436b487f8": { "value": "
44\u00a0 Fair value of financial instruments
The term \u2018financial instruments\u2019 includes both financial assets and financial liabilities. The fair value of a financial instrument is the price
that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the
measurement date in the principal market, or in its absence, the most advantageous market to which the Group has access at that
date. The Group\u2019s accounting policy for the \u2018determination of fair value of financial instruments\u2019 is set out in note 1 accounting policy (o).
The valuation of financial instruments, including loans and advances, involves the application of judgement and estimation. Market and
credit risks are key assumptions in the estimation of the fair value of loans and advances. The Group has estimated the fair value of its
loans to customers taking into account market risk and the changes in credit quality of its borrowers.
Fair values are based on observable market prices where available, and on valuation models or techniques where the lack of market
liquidity means that observable prices are unavailable. The fair values of financial instruments are classified according to the following
fair value hierarchy that reflects the observability of significant market inputs:
Level 1 \u2013financial assets and liabilities measured using quoted market prices from an active market (unadjusted);
Level 2 \u2013financial assets and liabilities measured using valuation techniques which use quoted market prices from an active market or
measured using quoted market prices unadjusted from an inactive market; and
Level 3 \u2013financial assets and liabilities measured using valuation techniques which use unobservable market inputs.
All financial instruments are initially recognised at fair value. Financial instruments held for trading, those whose contractual terms do
not give rise on specified dates to cash flows that are solely payments of principal and interest (\u201cSPPI\u201d), and financial instruments in fair
value hedge relationships are subsequently measured at fair value through profit or loss. Financial assets in a held-to-collect-and-sell
business model which pass the SPPI test and cash flow hedge derivatives are subsequently measured at fair value through other
comprehensive income (\u201cFVOCI\u201d).
All valuations are carried out within the Finance function and valuation methodologies are validated by the independent Risk function
within the Group.
Readers of these financial statements are advised to use caution when using the data in the following tables to evaluate the Group\u2019s
financial position or to make comparisons with other institutions. Fair value information is not provided for items that do not meet the
definition of a financial instrument. These items include intangible assets such as the value of the branch network and the long term
relationships with depositors, premises and equipment and shareholders\u2019 equity. These items are material and accordingly, the fair
value information presented does not purport to represent, nor should it be construed to represent, the underlying value of the Group as
a going concern at 31 December 2022.
The methods used for calculation of fair value in 2022 are as follows:
Financial instruments measured at fair value in the financial statements
Trading portfolio financial instruments
The fair value of trading debt securities, together with quoted equity shares is based on quoted prices or bid/offer quotations sourced
from external securities dealers, where these are available on an active market. Where securities and equities are traded on an
exchange, the fair value is based on prices from the exchange.
Derivative financial instruments
Where derivatives are traded on an exchange, the fair value is based on prices from the exchange. The fair value of over-the-counter
derivative financial instruments is estimated based on standard market discounting and valuation methodologies which use reliable
observable inputs including yield curves and market rates. These methodologies are implemented by the Finance function and
validated by the Risk function. Where there is uncertainty around the inputs to a derivatives\u2019 valuation model, the fair value is estimated
using inputs which provide the Group\u2019s view of the most likely outcome in a disposal transaction between willing counterparties in a
functioning market. Where an unobservable input is material to the outcome of the valuation, a range of potential outcomes from
favourable to unfavourable is estimated.
Counterparty valuation adjustment (\u201cCVA\u201d) and Funding valuation adjustment (\u201cFVA\u201d) are applied to all uncollateralised over-the-
counter derivatives. The combination of CVA and FVA is referred to as XVA.
CVA is calculated as: Expected positive exposure (\u201cEPE\u201d) multiplied by probability of default (\u201cPD\u201d) multiplied by loss given default
(\u201cLGD\u201d). EPE profiles are generated at a counterparty netting set through simulation. PDs are derived from market based credit default
swaps (\u201cCDS\u201d) information. As most counterparties do not have a quoted CDS, PDs are derived by mapping each counterparty to an
index CDS credit grade. LGDs are based on the specific circumstances of the counterparty and take into account valuation of offsetting
security, where applicable. For smaller exposures where security valuations are not individually assessed, an LGD of 60% is applied
(2021: 60%).
44\u00a0 Fair value of financial instruments continued
FVA is calculated as: Expected exposure (\u201cEE\u201d) multiplied by funding spread (\u201cFS\u201d) multiplied by counterpart survival probability (1-PD).
EE profiles (net of expected positive and negative exposures) are generated at a counterparty netting set through simulation. Funding
spreads used are an average implied by CDSs for the Group\u2019s most active external derivative counterparties. The rationale in applying
these spreads is to best estimate the FVA which a counterparty would apply in a transaction to close out the Group\u2019s existing positions.
Where XVA valuation adjustments have been applied to a derivative instrument, the entire instrument is classified as Level 3 in the fair
value hierarchy on the basis that a component of the XVA valuation is derived from unobservable inputs.
Within the range of estimates and fair value sensitivity measurements, a favourable and an adverse scenario have been selected for
PDs and LGDs for CVA. The favourable/adverse scenario for customer PDs are (i) a single rating upgrade and (ii) a single rating
downgrade, respectively. Customer LGDs are shifted according to estimates of improvement in value of security compared with
potential derivatives market values. Within the combination of LGD and PD, both are shifted together yielding positive and negative
valuations which are disclosed as potential alternative valuations. See 'Sensitivity of Level 3 measurements' within this note. For FVA, a
favourable scenario is the use of the bond yields of the Group\u2019s most active derivative counterparties while an adverse scenario is a
downgrade in the CDS of the reference entities used to derive funding spreads.
Investment securities
The fair value of investment securities has been estimated based on expected sale proceeds. The expected sale proceeds are based
on bid prices which have been analysed and compared across multiple sources for reliability. Where bid prices are unavailable, fair
values are estimated by valuation techniques using observable market data for similar instruments. Where there is no market data for a
directly comparable instrument, management judgement on an appropriate credit spread to similar or related instruments with market
data available is used within the valuation technique. This is supported by cross referencing other similar or related instruments.
Loans and advances to customers
The Group provides lending facilities of varying rates and maturities to corporate and personal customers.
Valuation techniques are used in estimating the fair value of loans, primarily using discounted cash flows and applying market rates
where practicable and taking credit risk into account.
With regard to the above valuation techniques regarding cash flows and discount rates, a key assumption for loans and advances is
that the carrying amount of variable rate loans (excluding mortgage products) approximates to market value. For fixed rate loans, the
fair value is calculated by discounting expected cash flows using discount rates that reflect the interest rate risk in that portfolio.
The fair value of mortgage products, including tracker mortgages, is calculated by discounting expected cash flows using discount rates
that reflect the interest rate/credit risk in the portfolio.
The majority of loans and advances to customers are held at amortised cost, however, the Group has a small number of loans and
advances which are required to be measured at fair value through profit or loss (\u2018FVTPL\u2019) having failed the SPPI test. The valuation
techniques used apply equally to those held at FVTPL and those held at amortised cost.
Financial instruments not measured at fair value but with fair value information presented separately in the notes to the
financial statements
Loans and advances to banks
The fair value of loans and advances to banks is estimated using discounted cash flows applying either market rates, where
practicable, or rates currently offered by other financial institutions for placings with similar characteristics.
Loans and advances to customers at amortised cost
See methodology above under the heading \u2018Loans and advances to customers\u2019.
Securities financing
The fair value of securities financing assets and liabilities approximate their carrying amount as these balances are generally short-
dated and fully collateralised.
Deposits by central banks and banks and customer accounts
The fair value of current accounts and deposit liabilities which are repayable on demand, or which re-price frequently, approximates to
their book value. The fair value of all other deposits and other borrowings is estimated using discounted cash flows applying either
market rates, where applicable, or interest rates currently offered by the Group.
44\u00a0 Fair value of financial instruments continued
Subordinated liabilities and debt securities in issue
The estimated fair value of subordinated liabilities and other capital instruments, and debt securities in issue, is based on quoted prices
where available, or where these are unavailable, are estimated using valuation techniques using observable market data for similar
instruments. Where there is no market data for a directly comparable instrument, management judgement, on an appropriate credit
spread to similar or related instruments with market data available, is used within the valuation technique. This is supported by cross\u2013
referencing other similar or related instruments.
Other financial assets and other financial liabilities
This caption includes accrued interest receivable and payable and other receivables (including amounts awaiting settlement and
accounts payable). The carrying amount is considered representative of fair value.
Commitments pertaining to credit-related instruments
Details of the various credit-related commitments and other off-balance sheet financial guarantees entered into by the Group are
included in note 40. Fees for these instruments may be billed in advance or in arrears on an annual, quarterly or monthly basis. In
addition, the fees charged vary on the basis of instrument type and associated credit risk. As a result, it is not considered practicable to
estimate the fair value of these instruments because each customer relationship would have to be separately evaluated.
The table on the following pages sets out the carrying amount and fair value of financial instruments across the three levels of the fair
value hierarchy at 31 December 2022 and 2021:
44\u00a0 Fair value of financial instruments continued
2022
Carrying amount
Fair Value
Fair value hierarchy
Level 1
Level 2
Level 3
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Financial assets measured at fair value
Trading portfolio financial assets:
Equity securities
8
8
\u2014
\u2014
8
Derivative financial instruments:
Interest rate derivatives
2,343
\u2014
2,255
88
(1)
2,343
Exchange rate derivatives
164
\u2014
164
\u2014
164
Equity derivatives
4
\u2014
4
\u2014
4
Credit derivatives
\u2014
\u2014
\u2014
\u2014
\u2014
Loans and advances to customers at FVTPL
249
\u2014
\u2014
249
249
Investment debt securities at FVOCI:
Government securities
3,824
3,824
\u2014
\u2014
3,824
Supranational banks and government agencies
1,298
1,298
\u2014
\u2014
1,298
Asset backed securities
453
438
15
\u2014
453
Bank securities
5,763
5,763
\u2014
\u2014
5,763
Corporate securities
499
499
\u2014
\u2014
499
Equity investments at FVTPL
302
18
\u2014
284
302
14,907
11,848
2,438
621
14,907
Financial assets not measured at fair value
Cash and balances at central banks
38,138
573
(2)
37,565
\u2014
38,138
Loans and advances to banks
1,502
\u2014
262
1,240
1,502
Loans and advances to customers:
\u00a0 \u00a0 Mortgages(3)
30,031
\u2014
\u2014
28,625
28,625
Non-mortgages
29,333
\u2014
\u2014
29,253
29,253
Total loans and advances to customers
59,364
\u2014
\u2014
57,878
57,878
Securities financing:
Reverse repurchase agreements
2,917
\u2014
\u2014
2,917
2,917
Securities borrowing
3,365
\u2014
\u2014
3,365
3,365
Investment debt securities measured at amortised cost
4,131
2,413
\u2014
1,739
4,152
Other financial assets
592
\u2014
\u2014
592
592
110,009
2,986
37,827
67,731
108,544
Financial liabilities measured at fair value
Trading portfolio financial liabilities:
Equity securities
4
4
\u2014
\u2014
4
Derivative financial instruments:
Interest rate derivatives
2,900
\u2014
2,477
423
(1)
2,900
Exchange rate derivatives
72
\u2014
72
\u2014
72
Equity derivatives
\u2014
\u2014
\u2014
\u2014
\u2014
Credit derivatives
1
\u2014
1
\u2014
1
Other
9
(4)
\u2014
\u2014
9
9
2,986
4
2,550
432
2,986
Financial liabilities not measured at fair value
Deposits by central banks and banks:
Other borrowings
232
\u2014
\u2014
232
232
Secured borrowings
282
\u2014
282
\u2014
282
Customer accounts:
Current accounts
64,402
\u2014
\u2014
64,402
64,402
Demand deposits
32,595
\u2014
\u2014
32,595
32,595
Time deposits
5,362
\u2014
\u2014
5,348
5,348
Securities financing:
Securities sold under agreements to repurchase
898
\u2014
\u2014
898
898
Debt securities in issue
7,203
7,214
11
16
7,241
Subordinated liabilities and other capital instruments
1,404
1,401
\u2014
13
1,414
Other financial liabilities
1,375
\u2014
\u2014
1,375
1,375
113,753
8,615
293
104,879
113,787
(1) Includes \u20ac 40 million derivative assets and \u20ac 372 million derivative liabilities categorised as level 3 on the basis that a component of the XVA valuation is derived
from unobservable inputs.
(2) Comprises cash on hand.
(3) Includes residential and commercial mortgages.
(4) Relates to the forward contract to acquire corporate and commercial loans from Ulster Bank. See note 52 for further information.
44\u00a0 Fair value of financial instruments continued
2021
Carrying amount
Fair Value
Fair value hierarchy
Level 1
Level 2
Level 3
Total
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Financial assets measured at fair value
Trading portfolio financial assets:
Equity securities
8
8
\u2014
\u2014
8
Derivative financial instruments:
Interest rate derivatives
806
\u2014
505
301
(1)
806
Exchange rate derivatives
76
\u2014
76
\u2014
76
Credit derivatives
\u2014
\u2014
\u2014
\u2014
\u2014
Loans and advances to customers at FVTPL
243
\u2014
\u2014
243
243
Investment debt securities at FVOCI:
Government securities
4,752
4,752
\u2014
\u2014
4,752
Supranational banks and government agencies
1,260
1,260
\u2014
\u2014
1,260
Asset backed securities
495
456
39
\u2014
495
Bank securities
5,565
5,565
\u2014
\u2014
5,565
Corporate securities
517
517
\u2014
\u2014
517
Equity investments at FVTPL
274
26
\u2014
248
274
13,996
12,584
620
792
13,996
Financial assets not measured at fair value
Cash and balances at central banks
42,654
545
(2)
42,109
\u2014
42,654
Loans and advances to banks
1,323
\u2014
361
962
1,323
Loans and advances to customers:
Mortgages(3)
29,088
\u2014
\u2014
27,509
27,509
Non-mortgages
27,177
\u2014
\u2014
27,246
27,246
Total loans and advances to customers
56,265
\u2014
\u2014
54,754
54,754
Securities financing:
Reverse repurchase agreements
1,463
\u2014
\u2014
1,463
1,463
Securities borrowing
2,427
\u2014
\u2014
2,427
2,427
Investment debt securities measured at amortised cost
4,071
2,982
\u2014
1,138
4,120
Other financial assets
886
\u2014
\u2014
886
886
109,089
3,527
42,470
61,630
107,627
Financial liabilities measured at fair value
Trading portfolio financial assets:
Equity securities
2
2
\u2014
\u2014
2
Derivative financial instruments:
Interest rate derivatives
839
\u2014
743
96
(1)
839
Exchange rate derivatives
200
\u2014
200
\u2014
200
Equity derivatives
17
\u2014
17
\u2014
17
Credit derivatives
6
\u2014
6
\u2014
6
1,064
2
966
96
1,064
Financial liabilities not measured at fair value
Deposits by central banks and banks:
Other borrowings
84
\u2014
\u2014
84
84
Secured borrowings
10,298
\u2014
10,298
\u2014
10,298
Customer accounts:
Current accounts
57,895
\u2014
\u2014
57,895
57,895
Demand deposits
29,762
\u2014
\u2014
29,762
29,762
Time deposits
5,209
\u2014
\u2014
5,220
5,220
Securities financing:
Securities sold under agreements to repurchase
45
\u2014
\u2014
45
45
Debt securities in issue
5,881
5,953
13
20
5,986
Subordinated liabilities and other capital instruments
1,530
1,620
\u2014
16
1,636
Other financial liabilities
1,375
\u2014
\u2014
1,375
1,375
112,079
7,573
10,311
94,417
112,301
(1) Includes \u20ac 244 million derivative assets and \u20ac 38 million derivative liabilities categorised as level 3 on the basis that a component of the XVA valuation is derived
from unobservable inputs.
(2) Comprises cash on hand.
(3) Includes residential and commercial mortgages.
44\u00a0 Fair value of financial instruments continued
Significant transfers between Level 1 and Level 2 of the fair value hierarchy
There were no significant transfers between Level 1 and Level 2 of the fair value hierarchy for the years ended 31 December 2022
and\u00a02021.
Reconciliation of balances in Level 3 of the fair value hierarchy
The following table shows a reconciliation from the opening balances to the closing balances for fair value measurements in Level 3 of
the fair value hierarchy:
2022
Financial assets
Financial liabilities
Derivatives
Investment
securities
Loans and
advances at
FVTPL
Equities
at FVTPL
Total
Derivatives
Total
Debt
Equities
at FVOCI
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
\u20ac m
At 1 January 2022
301
\u2014
\u2014
243
248
792
96
96
Transfers into/out of level 3(1)
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Total gains or (losses) in:
Profit or loss:
Net trading income
(213)
\u2014
\u2014
\u2014
\u2014
(213)
336
336
Net change in FVTPL
\u2014
\u2014
\u2014
14
89
103
\u2014
\u2014
(213)
\u2014
\u2014
14
89
(110)
336
336
Other comprehensive income:
Net change in fair value of
investment securities
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Net change in fair value of
cash flow hedges
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
\u2014
Purchases/additions
\u2014
\u2014
\u2014
25
72
97
\u2014
\u2014
Sales/disposals
\u2014
\u2014
\u2014
(1)
(125)
(126)
\u2014
\u2014
Cash received:
Principal
\u2014
\u2014
\u2014
(32)
\u2014
(32)
\u2014
\u2014
At 31 December 2022
88
\u2014
\u2014
249
284
621
432
432
44\u00a0 Fair value of financial instruments continued
Significant unobservable inputs
The table below sets out information about significant unobservable inputs used in measuring financial instruments categorised as
Level 3 in the fair value hierarchy:
Fair value
Range of estimates
Financial
instrument
2022
\u20ac m
2021
\u20ac m
Valuation
technique
Significant
unobservable
input
31 December
2022
31 December
2021
Uncollateralised
customer
derivatives
Asset
88
301
CVA
LGD
26% - 43%
29% - 46%
Liability
423
96
(Base 34%)
(Base 38%)
PD
0.8% - 4.6%
0.5% - 2.6%
(Base 2.1% 1year
PD)
(Base 1.2%, 1year PD)
FVA
Funding spreads
(0.1%) to 0.2%
(0.2%) to 0.3%
Ulster Bank
forward contract
Liability
9
n/a
Discounted
Expected
Future Cash
flows
PD
(0.5%) to 0.5%
n/a
Discount Yield
(0.5%) to 0.5%
n/a
Visa Inc.
Series B
Preferred
Stock
Asset
22
50
Quoted market
price (to which a
discount has
been applied)
Final conversion
rate
0% - 90%
0% - 90%
Loans and
advances to
customers
measured at
FVTPL
Asset
249
243
Discounted
cash flows*
Discount on
market value
(4%) - 3%
(1)% - 9%
Collateral
values
Collateral
changes
n/a
n/a
*Expected cash flows discounted at market rates, taking into consideration the fair value of collateral where relevant.
Uncollateralised customer derivatives
Interest rate derivatives (assets and liabilities) include negative XVA valuation adjustments amounting to net \u20ac 18 million (2021:
\u20ac\u00a028\u00a0million). The sensitivity to unobservable inputs for this XVA valuation adjustment at 31 December 2022 ranges from (i) negative
\u20ac\u00a012 million to positive \u20ac 6 million for CVA (2021: negative \u20ac 23 million to positive \u20ac 1 million) and (ii) negative \u20ac 2 million to positive
\u20ac\u00a01\u00a0million for FVA (2021: negative \u20ac 5 million to positive \u20ac 3 million).
A number of other derivatives are subject to valuation methodologies which use unobservable inputs. As the variability of the valuation
is not greater than \u20ac 1 million in any individual case or collectively, the detail is not disclosed here.
Ulster Bank forward contract
The Group entered into a binding agreement in 2021 to acquire performing Ulster Bank corporate and commercial loans which was
subject to regulatory approval. This transaction is an asset acquisition as the Group concluded that it did not meet the definition of a
business combination. Following the receipt of regulatory authority approval, the contract to acquire the loans (which is not considered a
regular way transaction) is a forward contract which recognises the change in fair value from the agreement date to the earlier of the
reporting date or the acquisition date for a loan. The notional value of the forward contract at 31 December 2022 represents the
principal amount of performing loans to be acquired by the Group in 2023. Refer to note 17.
The following are key considerations in determining the fair value of the forward contract at 31 December 2022:
\u2013\u00a0 Valuation technique: The loans are valued by discounting the expected future cash flows, allowing for interest and principal
payments to date and fees/charges. Key drivers of the valuation include PDs which determine potential reductions in expected cash
flows due to changes in credit quality, and the discount yield which is used to calculate a present value of the expected future cash
flows. The updated value for the loans is then compared with the agreed transaction price to determine the change in fair value.
\u2013\u00a0 Unobservable input: The PDs used for generation of the underlying expected cash flows are unobservable as the loans are not
publicly quoted, and the discount yield is also unobservable due to lack of publicly available information for transactions of this type.
\u2013\u00a0 Range of estimates: The range of estimates is based on the application of favourable/adverse scenarios for customer PDs and
discounting yields, based on the trend of previous movements in these rates.
44\u00a0 Fair value of financial instruments continued
The fair value sensitivity to unobservable inputs ranges from negative \u20ac 3.1 million to positive \u20ac 2.9 million for PDs at 31 December
2022, and negative \u20ac 8.7 million to a positive of \u20ac 8.9 million for discount yield.
A number of other derivatives are subject to valuation methodologies which use unobservable inputs. As the variability of the valuation
is not greater than \u20ac 1 million in any individual case or collectively, the detail is not disclosed here.
Visa Inc. Series B Preferred Stock
In June 2016, the Group received Series B Preferred Stock in Visa Inc. with a fair value of \u20ac 65 million as part consideration for its
holding of shares in Visa Europe. The preferred stock is convertible into Class A Common Stock of Visa Inc. over time, with partial
conversions having occurred in 2020 and 2022. The remaining conversion is subject to certain Visa Europe litigation risks that may
affect the ultimate conversion rate. In addition, the stock, being denominated in US dollars, is subject to foreign exchange risk.
\u2013\u00a0 Valuation technique: Quoted market price of Visa Inc. Class A Common Stock to which a discount has been applied for the
illiquidity and the conversion rate variability of the preferred stock of Visa Inc. 71% haircut (2021: 69%). This was converted at the
year end exchange rate.
\u2013\u00a0 Unobservable input: Final conversion rate of Visa Inc. Series B Preferred Stock into Visa Inc. Class A Common Stock.
\u2013\u00a0 Range of estimates: Estimates range from (a) no discount for conversion rate variability with a discount for illiquidity only; to (b)
90% discount for conversion rate variability.
Loans and advances to customers measured at FVTPL
The fair value measurement sensitivity to unobservable collateral values and interest rates ranges from negative \u20ac 9 million to positive
\u20ac 8 million at 31 December 2022 (2021: negative \u20ac 2 million to positive \u20ac 21 million).
Fair value is applied in respect of secondary facilities arising on restructured loans subject to forbearance measures, on the likelihood
that additional cash flows, in excess of their primary facilitates, will be received from customers. Given the significant uncertainty with
regard to such cash flows, the Group does not attribute a fair value unless it is reasonably certain that this value will be realised.
Sensitivity of Level 3 measurements
The implementation of valuation techniques involves a considerable degree of judgement. While the Group believes its estimates of fair
value are appropriate, the use of different measurements or assumptions could lead to different fair values. The following table sets out
the impact of using reasonably possible alternative assumptions in the valuation methodology at 31 December 2022 and 2021:
2022
Level 3
Effect on income
statement
Effect on other
comprehensive income
Favourable
Unfavourable
Favourable
Unfavourable
\u20ac m
\u20ac m
\u20ac m
\u20ac m
Classes of financial assets
Derivative financial instruments
6
(11)
\u2014
\u2014
Investment securities \u2013 equity
24
(1)
(15)
(1)
Loans and advances to customers measured at FVTPL
8
(9)
\u2014
\u2014
Total
38
(35)
\u2014
\u2014
Classes of financial liabilities
Derivative financial liabilities
1
(2)
\u2014
\u2014
Total
1
(2)
\u2014
\u2014
(1) Included in \u2018Loans and advances to banks\u2019 total of \u20ac 1,502 million (2021: \u20ac 1,323 million) set out in note 18.
(2) Includes \u20ac 5 million relating to restricted balances held in trust in respect of certain payables which are included in \u2018Other liabilities\u2019 (note 33).
Cash and balances at central banks (net of ECL allowance of Nil) comprise:
2022
2021
\u20ac m
\u20ac m
Central Bank of Ireland
32,573
35,222
Bank of England
4,584
6,555
Federal Reserve Bank of New York
408
331
Other (cash on hand)
573
545
Total
38,138
42,654
(1) Comprises (a) in the case of Executive Directors and Senior Executive Officers: salary and a non-pensionable cash allowance in lieu of company car, medical
insurance and other contractual benefits including, where relevant, payment in lieu of notice, and (b) in the case of Non-Executive Directors: Directors\u2019 fees and
travel and subsistence expenses incurred in the performance of the duties of their office, which are paid by the Group.
(2) Comprises payments to defined benefit or defined contribution pension schemes, in accordance with actuarial advice, to provide post-retirement pensions. The
Group\u2019s defined benefit pension schemes closed to future accrual with effect from 31 December 2013 and all employee pension benefits have accrued on the
basis of defined contributions since that date.
(ii)Transactions with Key Management Personnel
Loans to KMP and their close family members are made in the ordinary course of business on substantially the same terms, including
interest rates and collateral, as those prevailing at the time for comparable transactions with other persons of similar standing not
connected with the Group, and do not involve more than the normal risk of collectability or present other unfavourable features. Loans
to Directors and Senior Executive Officers are made on terms available to other employees in the Group generally, in accordance with
established policy, within limits set on a case by case basis.
The aggregate amounts outstanding, in respect of all loans, quasi loans and credit transactions between the Group and KMP, as
defined above, together with members of their close families and entities controlled by them are shown in the following table:
Loans outstanding
2022
2021
\u20ac m
\u20ac m
At 1 January
1.51
1.56
Loans issued during the year
\u2014
\u2014
Loan repayments during the year/change of KMP/other
0.05
(0.05)
At 31 December
1.56
1.51
Total commitments outstanding refers to the total of any undrawn amounts on credit cards and/or overdraft facilities provided to KMP.
Total commitments outstanding as at 31 December 2022 were \u20ac 0.13 million (2021: \u20ac 0.13 million).
Deposit and other credit balances held by KMP and their close family members as at 31 December 2022 amounted to \u20ac 2.48 million
(2021: \u20ac 3.21 million).
47\u00a0 Related party transactions continued
(f) Companies Act 2014 disclosures
(i)Loans to Directors
The following information is presented in accordance with the Companies Act 2014. For the purposes of the Companies Act
disclosures, Director means the Board of Directors and any past Directors who are Directors during the relevant period.
There were 16 Directors in office during the year, 6 of whom availed of credit facilities (2021: 6). Of the Directors who availed of credit
facilities, 3 had balances outstanding at 31 December 2022 (2021: 3 of 6).
Details of transactions with Directors for the year ended 31 December 2022 are as follows:
Balance at
31 December
2021
Amounts
advanced
during 2022
Amounts repaid
during 2022
Balance at
31 December
2022
\u20ac 000
\u20ac 000
\u20ac 000
\u20ac 000
Tanya Horgan
Loans
55
\u2014
8
47
Overdraft/credit card*
\u2014
\u2014
\u2014
\u2014
Total
55
\u2014
8
47
Interest charged during the year
2
Maximum debit balance during the year**
55
Colin Hunt
Loans
691
\u2014
49
642
Overdraft/credit card*
12
\u2014
\u2014
16
Total
703
\u2014
49
658
Interest charged during the year
8
Maximum debit balance during the year**
714
Carolan Lennon
Loans
\u2014
\u2014
\u2014
\u2014
Overdraft/credit card*
8
\u2014
\u2014
10
Total
8
\u2014
\u2014
10
Interest charged during the year
\u2014
Maximum debit balance during the year**
16
*Amounts advanced and repaid are not shown for overdraft/credit card facilities as these are revolving in nature (i.e. they may be drawn, repaid and redrawn up to
their limit over the course of the year).
**The maximum debit balance is calculated by aggregating the maximum debit balance drawn on each facility during the year.
Ms Helen Normoyle and Mr Fergal O\u2019Dwyer held overdraft facilities which were not used during the year. Ms Ann O\u2019Brien held a credit
card facility with the Group, which had a Nil opening and closing balance, and a maximum debit balance of less than \u20ac 1,000 in the
period.
Ms Anik Chaumartin, Mr Donal Galvin, Mr Basil Geoghegan, Ms Sandy Kinney Pritchard, Mr Andy Maguire, Ms Elaine MacLean,
Mr\u00a0Brendan McDonagh, Mr Jim Pettigrew, Mr Jan Sijbrand and Mr Raj Singh had no credit facilities with the Group in 2022.
All facilities are performing to their terms and conditions. An expected credit loss allowance is held for all loans and advances.
Accordingly, a total expected credit loss allowance of under \u20ac1,000 was held on the above facilities at 31 December 2022.
47\u00a0 Related party transactions continued
(f) Companies Act 2014 disclosures
(i) Loans to Directors (continued)
Details of transactions with Directors for the year ended 31 December 2021 are as follows:
Balance at
31 December
2020
Amounts
advanced
during 2021
Amounts repaid
during 2021
Balance at
31 December
2021
\u20ac 000
\u20ac 000
\u20ac 000
\u20ac 000
Tanya Horgan
Loans
59
\u2014
4
55
Overdraft/credit card*
\u2014
\u2014
\u2014
\u2014
Total
59
\u2014
4
55
Interest charged during the year
2
Maximum debit balance during the year**
59
Colin Hunt
Loans
741
\u2014
50
691
Overdraft/credit card*
12
\u2014
\u2014
12
Total
753
\u2014
50
703
Interest charged during the year
5
Maximum debit balance during the year**
760
Carolan Lennon
Loans
\u2014
\u2014
\u2014
\u2014
Overdraft/credit card*
13
\u2014
\u2014
8
Total
13
\u2014
\u2014
8
Interest charged during the year
\u2014
Maximum debit balance during the year**
15
* Amounts advanced and repaid are not shown for overdraft/credit card facilities as these are revolving in nature (i.e. they may be drawn, repaid and redrawn up to
their limit over the course of the year).
**The maximum debit balance is calculated by aggregating the maximum debit balance drawn on each facility during the year.
Ms Helen Normoyle and Mr Fergal O\u2019Dwyer held overdraft facilities which were not used during the year. Ms Ann O\u2019Brien held a credit
card facility with the Group, which had a Nil opening and closing balance, and a maximum debit balance of less than \u20ac 100 in the
period.
Ms Anik Chaumartin, Mr Donal Galvin, Mr Basil Geoghegan, Ms Sandy Kinney Pritchard, Mr Andy Maguire, Ms Elaine MacLean,
Mr\u00a0Brendan McDonagh, Mr Jim Pettigrew, Mr Jan Sijbrand and Mr Raj Singh had no credit facilities with the Group in 2021.
All facilities are performing to their terms and conditions. An expected credit loss allowance is held for all loans and advances.
Accordingly, a total expected credit loss allowance of under \u20ac 500 was held on the above facilities at 31 December 2021.
47\u00a0 Related party transactions continued
(f)\u00a0 Companies Act 2014 disclosures
(ii) Connected persons
The aggregate of loans to connected persons of Directors, in office during the year, at 31 December, as defined in Section 220 of the
Companies Act 2014, are as follows (aggregate of 9 persons; 2021: 7 persons):
Balance at
31 December
2022
Balance at
31 December
2021
\u20ac 000
\u20ac 000
Loans
649
691
Overdraft/credit card*
8
8
Total
657
699
Interest charged during the year
13
15
Maximum debit balance during the year**
594
927
Irish bank levy
The bank levy is calculated based on each financial institution\u2019s Deposit Interest Retention Tax (\u201cDIRT\u201d) payment in a base year with
2019 being the base year for 2022. The annual levy paid by the Group for 2022 and reflected in operating expenses (note 11) in the
income statement amounted to \u20ac 37 million (2021: \u20ac 37 million).
(h) Indemnities
The Group has indemnified the Directors of Allied Irish Banks Pensions Limited and AIB DC Pensions (Ireland) Limited, the trustees of
the Group\u2019s Ireland defined benefit pension scheme and defined contribution pension scheme, respectively, against any actions, claims
or demands arising out of their actions as Directors of the trustee companies, other than by reason of wilful default.
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48\u00a0 Employees
The following table shows the geographical analysis of average employees for 2022 and 2021:
Average number of staff (Full time equivalents)
2022
2021
Ireland
8,517
8,188
United Kingdom
672
922
United States of America
32
44
Total
9,221
9,154
The following table shows the segmental analysis of average employees for 2022 and 2021:
2022
2021
Retail Banking
4,194
4,376
Capital Markets
1,016
766
AIB UK
605
844
Group(1)
3,406
3,168
Total
9,221
9,154
(1) Group comprises wholesale treasury activities and Group control and support functions. Treasury manages the Group\u2019s liquidity and funding positions and
provides customer treasury services and economic research. The Group control and support functions in the period included Technology, Operations, Finance,
Risk, Legal, Corporate Governance & Customer Care, Human Resources, Sustainability and Corporate Affairs, Enterprise Development and Group Internal Audit.
The average number of employees for 2022 and 2021 set out above excludes employees on career breaks and other unpaid long
term leaves.
Actual full time equivalent numbers at 31 December 2022 were 9,590 (2021: 8,916).", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV80MDAvZnJhZzowNTdlYzZmM2VhYzU0MWExOTE2NTk3ZmNiN2QwNDZhNS90ZXh0cmVnaW9uOjA1N2VjNmYzZWFjNTQxYTE5MTY1OTdmY2I3ZDA0NmE1XzIxMDU1NjQ3NjcyMjEwNg_b33e53e3-c767-4bcc-8e8a-2c4e68e89490": { "value": "
51\u00a0 Dividends
Final dividends are not accounted for until they have been approved at the Annual General Meeting of shareholders or in the case of
the interim dividend, when they become irrevocable having already been approved for payment by the Board of Directors. Interim
dividends may be cancelled at any time prior to the actual payment.
A final dividend for the year ended 31 December 2021 of 4.5 cent per ordinary share, amounting in total to \u20ac 122 million, was approved
at the Annual General Meeting on 5 May 2022 and subsequently paid on 13 May 2022.", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV80MDMvZnJhZzo2MjQwNWYxODFjZjk0NjhmOTNmOGVhOThkYTlhZmEwOS90ZXh0cmVnaW9uOjYyNDA1ZjE4MWNmOTQ2OGY5M2Y4ZWE5OGRhOWFmYTA5XzIxMDU1NjQ3NjcyMDk0MA_a20b3a9d-2765-4df8-8c5b-76b6d967e79d": { "value": "
52\u00a0 Non-adjusting events after the reporting period
Ulster Bank tracker mortgage portfolio
On 1 June 2022, the Group confirmed that Allied Irish Banks, p.l.c had entered into a binding agreement with NatWest Group plc and
Ulster Bank Ireland DAC for the acquisition of a performing Ulster Bank tracker (and linked) mortgage portfolio of c.\u20ac 5.7 billion for a
consideration of c. \u20ac 5.4billion. Under the agreement, the Group acquires an economic interest in the mortgage portfolio from 1
September 2022. The agreement received CCPC approval in January 2023 with formal completion expected in 2023.
The final consideration payable depends on movements in the portfolio up to completion. As at 31 December 2022 the eligible portfolio
of loans that are subject to the agreement amounted to \u20ac 5.4 billion. Additional movements are anticipated in the portfolio up to
completion.
As the Group committed to purchase these loans under a contract, which is not considered a regular-way transaction, the loans are not
recognised until the acquisition contract is settled. Having received CCPC approval, the agreement to purchase the loans becomes
unconditional and therefore in 2023 the Group will recognise a forward contract measured at fair value which will reflect changes in
valuation parameters since the original transaction pricing as well as the Group\u2019s economic interest in the acquired portfolio from 1
September 2022 to completion.
Ulster Bank corporate and commercial loans
Subsequent to the year end, the Group has acquired performing loans of \u20ac 0.2 billion with a further \u20ac 1.0 billion of eligible loans
expected to be acquired on a phased basis in 2023. Additional movements are anticipated in the portfolio up to completion.", "dimensions": { "concept": "ifrs-full:DisclosureOfNonadjustingEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } }, "id3VybDovL2RvY3MudjEvZG9jOjcxNWNlMjg5MjhlNjRkMmM4YmI4YzA1ZjY0YWY2YmMxL3NlYzo3MTVjZTI4OTI4ZTY0ZDJjOGJiOGMwNWY2NGFmNmJjMV80MDYvZnJhZzo2N2U5ZjY1OTc3NWI0YzFmYWE3YWUxZTgxNjQ0ZWNlMy90ZXh0cmVnaW9uOjY3ZTlmNjU5Nzc1YjRjMWZhYTdhZTFlODE2NDRlY2UzXzIxMDU1NjQ3NjcxOTI1NQ_c0c2749a-f0ef-49b1-88ab-b404fecfc99f": { "value": "53\u00a0 Approval of financial Statements The financial statements were approved by the Board of Directors on 7 March 2023.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:635400AKJBGNS5WNQL34", "period": "2022-01-01T00:00:00/2023-01-01T00:00:00" } } } }