annual report 2007 - sgkb · sean fitzpatrick chairman of the board of directors december 2007 3....

Annual Report 2007

THERE IS A DIFFERENCE

Contents

Board of Directors 2

Message from the Chairman 3

Balance sheet 4

Off balance sheet transactions 5

Profi t & Loss account 7

Notes 9

Auditor’s report 30

technical expertisepersistenceconsistency in performanceteam spirit

Board of Directors

Sean FitzPatrick Chairman

Yves Burrus Vice-Chairman

Peter Butler Director

Jean-Luc de Buman Director

Maurice de Preux Director

Jean-Pierre Jacquemoud Director

Maurice Turrettini Director

General ManagerDeclan McAdams

Statutory AuditorsErnst & Young SA

Message from the Chairman

I am delighted to report that in 2007 the bank continued the trend of recent years by growing the

business on all fronts. Pre-tax profi ts increased by 38% to CHF 15 million. The growth in profi ts was

driven by the strong infl ow of new clients, and additional assets under management, together with

the good performance of our client portfolios.

Through most of the last fi nancial year, the markets were relatively benign. However, the very low

levels of volatility in the early part of 2007 and the failure of the markets to recognise and reward

risk, signalled impending problems. They became a reality during the summer of 2007 with the

drying up of liquidity in the banking markets. Time will tell as to the impact of the fi nancial industry

disruptions on the real economy. Prudence is certainly the order of the day.

In this challenging environment, our bank’s long standing absolute return investment philosophy has

delivered good returns for our clients over the last year. The use of alternative investments which

protected from the uplift in volatility in the markets, paid dividends in this regard. We continue to

avoid strategies with signifi cant leverage and concentrate on those strategies which enable investors

participate in rising markets while protecting when markets are falling.

In addition to our absolute return philosophy, the bank’s open architecture policy and truly

personalised service, continues to mark it out in an increasingly commoditised private banking

industry. The consolidation which we are witnessing is reducing choice for clients and creating

an even more promising future for niche players like our bank.

We continue to invest in that future by recruiting new relationship managers in our key markets.

That investment will bear fruit in the coming years with continued growth in our business.

On behalf of the Board, I would like to thank our hard working and committed team of investment

professionals and support staff. I would also like to thank our clients for their continued loyalty and

confi dence – something we never take for granted, and which we will continue to work hard to

earn going forward.

Sean FitzPatrick Chairman of the Board of Directors

DECEMBER 2007

3

30.09.2007

CHF

30.09.2006

CHF

Assets

Cash 3,256,303 3,397,325

Due from banks 123,757,150 81,184,964

Due from clients 241,196,531 103,479,333

Securities trading portfolios 605,946 510,045

Investments 571,868 571,752

Fixed assets 1,542,764 718,967

Accrual and prepayments 3,676,536 13,494,120

Other assets 16,709,293 6,871,015

Total assets 391,316,391 210,227,521

Total due from Group companies and significant shareholders

98,814,148

54,016,848

Liabilities and Shareholder’s Equity

Due to banks 230’104’516 78’762’844

Due to clients 54’875’539 51’365’549

Accruals and provisions 9’796’313 6’715’155

Other liabilities 17’582’834 6’149’867

Reserve for general banking risks 12’112’534 12’112’534

Share capital 10’000’000 10’000’000

General legal reserve 2’200’000 2’200’000

Retained profits brought forward 42’921’573 35’054’600

Profit for the year 11’723’082 7’866’973

Total liabilities and Shareholder’s Equity 391’316’391 210’227’521

Total due to Group companies and significant shareholders

222’604’635

77’497’466

Balance Sheet as at 30 September 2007

5

30.09.2007

CHF

30.09.2006

CHF

Contingent liabilities 42,848,053 16,273,016

Commitments to make additional payments 4,877,471 8,580,601

Derivative fi nancial instruments

– notional values 1,089,990,176 951,138,751

– positive replacement values 16,601,569 5,768,249

– negative replacement values 16,170,395 5,365,190

Fiduciary transactions 521,107,631 427,752,885

Off Balance-Sheet Transactions as at 30 September 2007

Income Statement for the Year ended 30 September 2007

NET INCOME FROM ORDINARY BANKING ACTIVITIES

30.09.2007

CHF

30.09.2006

CHF

Net income from interest bearing activities

Interest and discount income 12,757,361 5,588,630

Interest and dividend income from trading portfolios

8,597

Interest expense (7,554,329) (2,127,198)

Sub-total from interest activities 5,211,629 3,461,432

Net income from commission and service fee activities

Commission income from lending activities 257,652 76,587

Commission income from securities and investments activities

25,221,440

21,557,435

Commission income on other services 163,863 42,199

Commission charges (257,459) (248,619)

Sub-total from commission and service fee activities

25,385,496

21,427,601

Net income from trading activities

Net income from trading activities 4,923,395 4,760,196

Other ordinary net income Income from investments

1,846,429

1,670,648

Sub-total from other activities 1,846,429 1,670,648

7

Income Statement for the Year ended 30 September 2007

NET INCOME FROM ORDINARYBANKING ACTIVITIES (cont.)

30.09.2007CHF

30.09.2006CHF

Operating costs

Staff costs (14,149,133) (13,029,160)

Other operating costs (7,729,631) (7,014,798)

Sub-total of operating costs (21,878,764) (20,043,958)

Net operating income before tax 15,488,185 11,275,919

Depreciation on fi xed assets (464,974) (319,249)

Value adjustments, provisions and losses (5,251) (75,261)

Profi t before extraordinary items and taxes 15,017,960 10,881,409

Extraordinary income 1,089,457 19,610

Extraordinary expenses (248,483) (46,543)

Taxes (4,135,852) (2,987,503)

Profi t for the year 11,723,082 7,866,973

Proposed Appropriation of Retained Earnings

30.09.2007

CHF

30.09.2006

CHF

Total available for appropriation

Profit for the year 11,723,082 7,866,973

Retained earnings brought forward 42,921,572 35,054,599

Total available for distribution 54,644,654 42,921,572

Proposal for appropriation of retained earnings

Appropriation to the general reserve – –

Dividend – –

Retained earnings carried forward 54,644,654 42,921,572

9

Notes to the Financial Statement as at 30 September 2007

1. Comments relating to the bank’s activities and its staff

1.1 General informationANGLO IRISH BANK (SUISSE) SA, Geneva, is a bank specialising in asset management for private and institutional clients.

As at 30 September 2007, 63 people were employed by the Bank (60 people as at 30 Septem-ber 2006).

1.2 Risk managementCredit riskCredit risk is strictly managed according to the amount of credit, the duration andthe quality of the collateral and the margins applied. A daily control is performed by the credit and risk control division to monitor collateral cover. This function is completely separate from client relations.

Rate risksIn a general manner, the Bank tries to match the maturities and needs of its clients and those of its own refi nancing, as well as those concerning the placement of excess treasury amounts. In this manner, it limits its interest rate risk.

Other market risksThe management of market risk follows very strict intervention limits. This risk is monitored on a daily basis.

1.3 Policy regarding the use of fi nancial derivativesTrades for clientsThe Bank trades mainly in forward transactions and OTC currency options on behalf ofits clients. These transactions are generally executed to cover foreign exchange risk.

Trades for the BankThe Bank executes forward transactions with the objective of covering part of its future foreign currency income. The result from these transactions is matched with the underlying hedged transaction in the income statement. The Bank does not trade in futures for its own account.

1.4 Outsourcing of activitiesThe Bank outsources its banking IT systems in accordance with the requirements of the Swiss Federal Banking Commission. In order to guarantee confi dentiality, client identifying data is held on a standalone computer system whose access is strictly limited to the Bank’s central register department.

2. Accounting principles and valuation methodsThe accounting principles of valuation and presentation conform to the provisions governing the preparation of fi nancial statements contained in the Ordinance on Banks and Savings Banks and the guidelines of the Swiss Federal Banking Commission.

2.1 Transaction AccountingAll transactions are accounted for and valued according to the transaction date.

2.2 AccrualsIncome and expenses are recorded in the period to which they relate. Accruals and prepayments are set up to ensure that income and expenses are matched to the relevant financial year.

2.3 Foreign currency conversionTransactions in foreign currencies are recorded at the rate effective at the date of the transaction. Assets and liabilities in foreign currencies are translated into Swiss francs at the exchange rates effective on the balance sheet date. Exchange gains and losses are accounted for in the income statement.

The principal exchange rates used to translate foreign currencies are the following:

Currency 30.09.2007 30.09.2006EUR 1.6624 1.5889USD 1.169 1.2544JPY 0.01016 0.0106

2.4 Cash, due from Banks and ClientsReceivables are recorded at nominal value. Specific risks are valued individually and may give rise to a value adjustment based on the principle of prudence, experience and any other relevant element. Off balance sheet positions are also included in this evaluation. The provisions are shown in the balance sheet under the item “value adjustments and provisions.” Interest and commission relating to receivables whose recovery is doubtful, is recorded as a value adjustment. Interest and commission due over 90 days but still unpaid, is considered as doubtful.

2.5 Securities trading portfoliosThe securities in the portfolios are valued at market price at the balance sheet date and the unrealized gain or loss is accounted for in the income statement.

2.6 InvestmentsInvestments are recorded at cost less provisions.

2.7 Fixed AssetsFixed assets are accounted for at cost and are depreciated on a straight line basis over their estimated useful economic lives:

Fixtures and fittings 20%

Furniture and equipment 25%

Computer software 50%

2.8 TaxesThe Bank provides for taxes still due for previous financial years, as well as an estimate for current taxes which are due on the profits made during the financial year and on the taxable share capital at the end of the financial year.


11

2.9 Value adjustments and provisionsFor all identifi ed risks at the balance sheet date, a provision is established on a prudent basis and accounted for under ”value adjustments and provisions”. At the end of the fi nancial year, the provisions which are no longer economically necessary are dissolved and credited to the income statement.

2.10 Reserve for general banking risksThe reserve for general banking risks covers risks of unforeseen losses due to the inherent risk in bank transactions.

2.11 Financial derivativesTradingReplacement values of client foreign currency forward transactions as well as OTC warrants and options which are covered in the market, are shown in the balance sheet under “Other assets” and “Other liabilities”, and where appropriate, in the profi t and loss account. All these trades appear in the analysis “Financial derivatives”.

HedgingTrades for hedging purposes are valued according to the same principle as the underlying hedged transaction. The results from these hedging trades are included under the same heading in the income statement as the result of the underlying hedged transaction.

2.12 Pension fund commitmentsThe Bank is affi liated under contract with a collective foundation for its employee’s pension scheme. It is a defi ned contribution scheme which covers both the legal provisions, in accordance with Swiss Law on employee pension rights, and the part of the salary which exceeds the maximum amount as defi ned by the basic scheme. As at 30 September 2007, the collective foundation covered 61 employees and 2 pensioners (2006: 59 employees and 1 pensioner). The collective foundation is funded by the employer and the employees on the basis of contributions fi xed by the pension scheme regulations. There is no employer’s contribution reserve.

As this pension scheme is a defi ned contribution scheme, no element of the legal provisions for pension schemes is included in the Bank’s balance sheet. The Bank transfers contributions to the collective foundation each month. Hence the payments made are identical to the charge shown in the note “Analysis of staff costs”.



3. Information regarding the balance sheet

ANALYSIS BY COLLATERAL (CHF 1,000)

Type of collateral

Mortgage collateral

Other collateral

Without collateral

Total

Loans

Due from customers – 240,512 685 241,197

30.09.2007 – 240,512 685 241,197

30.09.2006 – 103,232 247 102,190

Off–balance sheet transcations

Contingent liabilities – 42,696 152 42,848

Commitments to make additional payments

–

4,877

–

4,877

30.09.2007 – 47,573 152 47,725

30.09.2006 – 23,960 894 24,854

The Bank does not have any doubtful receivables at the year end or at the previous year end.

13


SECURITIES TRADING PORTFOLIOS(CHF 1,000)

30.09.2007

CHF

30.09.2006

CHF

Securities trading portfolios

Bonds and similar securities

— quoted* – –

— unquoted – –

Shares and similar securities 606 510

— of which, own equity investments – –

Total 606 510

Of which eligible for discount or pledge by central bank – –

* quoted = traded on a recognized stock exchange


INVESTMENTS (CHF 1,000)

30.09.2007

CHF

30.09.2006

CHF

Investments

Quoted* – –

Unquoted 572 796

Total 572 796

MAIN HOLDINGS

Company name

Head

Office

Activity

Share capital 1’000

% capital 2006

% capital 2007

% votes 2006

% votes 2007

Palmer Fund Management Services Ltd.

Guernsey Manage-ment

company

CHF 30 100 100 100 100

Palmer Fund Management Services Ltd is not listed on a stock exchange.

15


ANALYSIS OF INVESTMENTS AND FIXED ASSETS(CHF 1,000)

2007

Purchasecost

Accu-mulated

deprecia-tion

Book value asat 30.09

2006 Additions DisposalsDepre-ciation

Book value asat 30.09

2007

Investments

Otherinvestments 584 (12) 572 – – – 572

Totalinvestments

584

(12)

572

–

–

– 572

Other fi xed assets 5,536 (4,851) 685 302 – 295 692

Other intan-gible assets 675 (641) 34 987 – 170 851

Total fi xed assets 6,211 (5,492) 719 1,289 – 465 1,543

Fire insurance value of other fi xed assets: 2,177

PLEDGED ASSETS(CHF 1,000)

30.09.2007 30.09.2006

Book valueCorresponding

liabilities Book valueCorresponding

liabilities

Due from banks 2,104 – 2,258 –

Total pledged assets 2,104 – 2,258 –

These assets are pledged in favour of banking institutions.


ANALYSIS OF OTHER ASSETS AND OTHER LIABILITIES (CHF 1,000)

Other assets Other liabilities

30.09.2007 30.09.2006 30.09.2007 30.09.2006

Replacement values of financial derivatives resulting from transactions on behalf of clients and for the bank’s own account 16,602 5,768 16,170 5,366

Other 107 1,103 1,413 784

Total 16,709 6,871 17,583 6,150

Due to Pension Plans

The Bank has signed a contract with a collective Foundation, covering the benefits in favour of its employees, as required by Swiss law, as well as benefits in excess of legal requirements. The plan is based on the principle of a defined contribution plan. The pension fund has concluded an insurance contract with La Bâloise, Compagnie d’assurances sur la Vie, which includes the coverage of the whole insurance and investment risks.

At the balance sheet date, 61 employees and 2 retired persons are included in the plan (2006: respectively 59 and 1). In accordance with the by-laws of the plan, the contributions are financed by the employees and the Bank. The accounting treatment of the employee’ benefits are based on the Swiss GAAP RPC 16 which came into force on 1st January 2006. The employer’s contributions are recognized in the profit and loss account as current charges for the period. No contribution reserve exists.

The law requires that each pension fund must determine if the degree of coverage and the particular situation of the pension fund may bring an economic advantage or liability for the company. The estimate is based on the pension fund financial statements as of December 31, 2006.

Surplus/Deficit

Net advantage/obligation for the Bank Change in

the period30.09.2007 30.09.2006

Pension fund without surplus or deficit 0 0 0 0

Contributions paid by the Bank to the pension fund amounted to CHF 906’817 as at 30 september 2007 (2006: CHF 903’770) and corresponds to the amount accounted for employer’s contributions to the pension plan charges which are included in the personnel expenses.

17


VALUE ADJUSTEMENTS AND PROVISIONS / RESERVESFOR GENERAL BANKING RISKS(CHF 1,000)

Bala

nce

at 3

0.09

.200

6

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use

and

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rsal

of p

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s

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peci

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Rec

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inte

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, fo

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ge d

iffer

ence

s

New

pro

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ons

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e st

atem

ent

Rev

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Bala

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at 3

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7

Total value adjustments and provisions as per balance sheet – – – – – – –

Reserve for general banking risks 12,113 – – – – – 12,113


SHARE CAPITAL (CHF 1,000)

30.09.2007 30.09.2006

Share capitalNominal

valueNumber of shares

Dividend bearing capital

Nominal value

Number of shares

Dividend bearing capital

Capital–shares 10,000 100,000 10,000 10,000 100,000 10,000

Total 10,000 100,000 10,000 10,000 100,000 10,000

30.09.2007 30.09.2006

Substantial holders and groups of shareholders bound by voting agreements

Nominal value

% Holding

Nominal value

% Holding

With voting rights:

Anglo Irish Holding (Suisse) SA, Geneva 8,286 82.86 8,286 82.86

Anglo Irish Bank Corporation plc., Dublin 1,714 17.14 1,714 17.14

Total 10,000 100.00 10,000 100.00

All Anglo Irish Holding (Suisse) SA, Geneva shares are held by Anglo Irish Bank Corporation plc, Dublin.

19


STATEMENT OF CHANGES IN SHAREHOLDERS’ EQUITY(CHF 1,000)

Shareholders’ equity as at 01.10.2006

Share capital 10,000

General legal reserve 2,200

Reserve for general banking risks 12,113

Retained profi ts brought forward 42,922

Total share capital as at 01.10.2006(before appropriation of retained earnings)

67,235

+ Profi t for the year 11,723

Shareholders’ equity as at 30.09.2007(before appropriation of retained earnings)

78,958

of which Share capital 10,000

General legal reserve 2,200

Reserve for general banking risks 12,113

Retained profi ts carried forward 54,645


MATURITIES SCHEDULE FOR THE CURRENT ASSETS AND LIABILITIES(CHF 1,000)

At sight Callable Duration of residual maturity Total

Up to 3 months

3 to 12 months

12 months

to 5 years

Over 5

years Fixed

Current assets

Cash 3,256 – – – – – – 3,256

Due from banks

63,496

48,212

6,621

5,428

–

–

–

123,757

Due from clients

–

25,888

150,248

65,061

–

–

–

241,197

Securities trading porfolios

–

606

–

–

–

–

–

606

Total current assets

30.09.2007 66,752 74,706 156,869 70,489 – – – 368,816

30.09.2006 42,324 56,039 39,517 50,691 – – 188,571

Liabilities

Due to banks 20,210 80,506 60,404 54,840 14,145 – – 230,105

Due to clients 54,876 – – – – – – 54,876

Total liabilities

30.09.2007 75,086 80,506 60,404 54,840 14,145 – – 284,981

30.09.2006 54,520 15,014 12,893 41,093 6,609 – – 130,129

21


AMOUNTS DUE FROM AND DUE TO RELATED COMPANIESAND LOANS TO MEMBERS OF THE BANK’S GOVERNING BODIES(CHF 1,000)

30.09.2007 30.09.2006

Assets Liabilities Assets Liabilities

Related companies – – – –

Loans to members of the Bank’s governing bodies 9,576 221 4,634 385

Loans are granted in accordance with general market conditions.

ASSETS AND LIABILITIES ANALYSED BETWEEN SWITZERLAND AND ABROAD(CHF 1,000)

30.09.2007 30.09.2006

Switzerland Abroad Switzerland Abroad

Assets

Cash 3,256 – 3,397 –

Due from banks 3,265 120,492 3,710 77,476

Due from clients 33,692 207,504 18,058 85,421

Securities trading portfolios – 606 – 510

Investments – 572 – 572

Fixed assets 1,543 – 719 –

Accrual and prepayments 3,676 – 13,494 –

Other assets 108 16,602 1,103 5,768

Total assets 45,540 345,776 40,481 169,747

Liabilities and shareholders Equity

Due to banks 371 229,733 77 78,685

Due to clients 20,263 34,613 20,072 31,294

Accruals and provisions 9,796 – 6,715 –

Other liabilities 1,412 16,170 1 5,365

Reserve for general banking risks 12,113 – 12,113 –

Share capital 10,000 – 10,000 –

General legal reserve 2,200 – 2,200 –

Retained profits brought forward 42,922 – 35,055 –

Profit for the year 11,723 – 7,867 –

Total liabilities and Shareholders Equity

110,800

280,516

94,884

115,344


23


ANALYSIS OF ASSETS BY GEOGRAPHICAL REGION(CHF 1,000)

30.09.2007 30.09.2006

CHF 1,000 % CHF 1,000 %

Europe 357,282 91 177,451 86

North America 5,172 1 759 1

Asia, Australia 8,433 2 6,738 1

Others 20,429 5 25,280 12

Total 391,316 100 210,228 100

The analysis of assets by geographical region is made according to the residence, and not domicile of risk.


BALANCE SHEET BY CURRENCY(CHF 1,000)

CHF USD EUR JPY Others Total

Assets

Cash 2,440 65 693 – 59 3,256

Due from banks 69,448 20,120 25,066 1,521 7,602 123,757

Due from clients 30,079 56,053 123,371 5,231 26,462 241,197

Securities trading portfolios 289 265 50 – 2 606

Investments 569 – 3 – – 572

Fixed assets 1,543 – – – – 1,543

Accrual and prepayments 3,677 – – – – 3,677

Other assets 16,709 – – – – 16,709

Total “on balance” sheet positions 124,754 76,503 149,183 6,752 34,125 391,316

Claims on delivery arising from forward transactions 79,682 469,262 401,174 8,644 79,780

1,038,542

Total assets 204,436 545,765 550,357 15,396 113,905 1,429,858

25


BALANCE SHEET BY CURRENCY (cont.)(CHF 1,000)

CHF USD EUR JPY Others Total

Liabilities andShareholders Equity

Due to banks 8,950 55,391 134,096 5,281 26,386 230,104

Due to clients 7,960 17,331 20,383 1,462 7,739 54,876

Accruals and provisions 9,796 – – – – 9,796

Other liabilities 17,583 – – – – 17,583

Reserve for general banking risks 12,113 – – – – 12,113

Share capital 10,000 – – – – 10,000

General legal reserve 2’200 – – – – 2,200

Retained profi ts brought forward 42,922 – – – – 42,922

Profi t for the year 11,723 – – – – 11,723

Total “on balance” sheet positions 123,246 72,722 154,479 6,744 34,125 391,316

Commitments on delivery arising from forward transactions 80,337 473,603 396,184 8,667 79,751

1,038,542

Total liabilities and Shareholders Equity 203,583 546,325 550,663 15,411 113,876

1,429,858

Net currency positions 853 (561) (306) (15) 29 –


4. Information relating to off-balance sheet positions

ANALYSIS OF CONTINGENT LIABILITIES(CHF 1,000)

30.09.2007 30.09.2006

Irrevocable guarantees 42,848 16,273

42,848 16,273

FINANCIAL DERIVATIVES(CHF 1,000)

TRADING INVESTMENTS HEDGING INSTRUMENTS

Positive replace-

ment values

Negative replace-

ment values

Under-lying

notional values

Positive replace-

ment values

Negative replace-

ment values

Under-lying

notional values

Currencies

Forward contracts 16,546 16,166 995,340 52 – 2,362

Options (OTC) 4 4 40,842 – – –

Equities/Indices

Contract for difference (CFD)

–

–

51,447

–

–

–

Total

30.09.2007 16,550 16,170 1,087,629 52 – 2,362

30.09.2006 5,768 5,363 948,652 – 3 2,487

There is no netting arrangement.

27


FIDUCIARY TRANSACTIONS(CHF 1,000)

30.09.2007 30.09.2006

Fiduciary deposits 519,077 427,753

– Placed with Group 423,822 380,708

– Placed with third parties 95,255 47,045

Fiduciary loans 2,031 –

521,108 427,753

CLIENT ASSETS (CHF 1,000)

30.09.2007 30.09.2006

Assets held in own managed funds – –

Assets under discretionary management mandate 1,097,545 1,116,988

Other client assets 1,594,099 1,069,015

Total client assets (incl. Assets double counted) 2,691,644 2,186,003

Of which assets double counted 1,077 1,300

Net new money 238,552 164,110

5. Information relating to the income statement

ANALYSIS OF NET INCOME FROM TRADING ACTIVITIES(CHF 1,000)

30.09.2007 30.09.2006

Results from securities trading 164 87

Exchange gains 4,759 4,673

4,923 4,760

ANALYSIS OF STAFF COSTS(CHF 1,000)

30.09.2007 30.09.2006

Salaries 11,705 10,582

Social security costs:

– pension fund contributions 907 903

– other social security contributions 803 810

Other staff costs 734 734

14,149 13,029


29


ANALYSIS OF OTHER OPERATING COTS (CHF 1,000)

30.09.2007 30.09.2006

Technology 3,208 2,682

Financial information 786 775

Premises 1,012 945

Travelling and entertainment 1,205 1,229

Professional fees 682 654

Telecommunication, postal and courier charges 336 403

Stationery, printing and other administrative charges 222 291

Other operating charges 279 36

7,730 7,015

EXTRAORDINARY INCOME

The extraordinary income generated in 2007corresponds to :

– VAT reimbursement for the periodfrom 01.01.02 to 30.09.06 89,457

– Collection as per litigation convention 1,000,000

1,089,457

To the general meeting of shareholders ofANGLO IRISH BANK (SUISSE) SA, GENEVA

Geneva, 26 November 2007

Report of the statutory auditorsAs statutory auditors, we have audited the accounting records and the financial statements (balance sheet, income statement and notes) of Anglo Irish Bank (Suisse) SA, Geneva, for the year ended 30 September 2007.

These financial statements are the responsibility of the Board of Directors. Our responsibility is to express an opinion on these financial statements based on our audit. We confirm that we meet the legal requirements concerning professional qualification and independence.

Our audit was conducted in accordance with Swiss Auditing Standards, which require that an audit be planned and performed to obtain reasonable assurance about whether the financial statements are free from material misstatement. We have examined on a test basis evidence supporting the amounts and disclosures in the financial statements. We have also assessed the accounting principles used, significant estimates made and the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

In our opinion, the accounting records and financial statements and the proposed appropriation of available earnings comply with Swiss law and the company’s articles of incorporation.

We recommend that the financial statements submitted to you be approved.

Ernst & Young Ltd

Mario Mosca Hans Isler

Swiss Certified Accountant Swiss Certified Accountant(responsible for the mandate)

Report of the statutory auditors

Anglo Irish Bank locations

Dublin

Head Offi ceStephen Court18/21 St. Stephen’s GreenDublin 2Tel +353 1 616 2000Fax +353 1 616 2411www.angloirishbank.com

Registrar CorrespondenceComputershareInvestor Services(Ireland) Limited

Heron HouseCorrig RoadSandyford Industrial EstateDublin 18Tel +353 1 216 3100Freephone 1800 225 125(Shareholder enquiries)www.computershare.com

Private Banking

Connaught House1 Burlington RoadDublin 4Tel +353 1 631 0000Fax +353 1 631 0098

Cork

Anglo Irish Bank House11 Anglesea StreetCorkTel +353 21 453 7300Fax +353 21 453 7399

Galway

Anglo Irish Bank HouseForster StreetGalwayTel +353 91 536 900Fax +353 91 536 931

Limerick

Anglo Irish Bank House98 Henry StreetLimerickTel +353 61 461 800Fax +353 61 461 899

Sligo

Connacht HouseMarkievicz RoadSligoTel +353 71 911 9400Fax +353 71 911 9499

Waterford

Anglo Irish Bank HouseMaritana GateCanada StreetWaterfordTel +353 51 849 300Fax +353 51 849 398

London

10 Old JewryLondon EC2R 8DNTel +44 207 710 7000Fax +44 207 710 7050

Private Banking

6 Stratton StreetLondon W1J 8LDTel +44 207 016 1500Fax +44 207 016 1555

Banbury

Town Centre HouseSoutham RoadBanburyOxon OX16 2ENTel +44 1295 755 500Fax +44 1295 755 510

Belfast

14/18 Great Victoria StreetBelfast BT2 7BATel +44 2890 333 100Fax +44 2890 269 090

Birmingham

1 Colmore SquareBirmingham B4 6AJTel +44 121 232 0800Fax +44 121 232 0808

Glasgow

180 St.Vincent StreetGlasgow G2 5SGTel +44 141 204 7270Fax +44 141 204 7299

Leeds

1 Whitehall RiversideWhitehall RoadLeeds LS1 4BNTel +44 113 205 3100Fax +44 113 205 3111

Manchester

1 Marsden StreetManchester M2 1HWTel +44 161 214 3020Fax +44 161 214 3030

Isle of Man

Jubilee BuildingsVictoria StreetDouglasIsle of Man IM1 2SHTel +44 1624 698 000Fax +44 1624 698 001

Jersey

31 The ParadeSt HelierJersey JE2 3QQTel +44 1534 611 500Fax +44 1534 605 055

Geneva

7 Rue des AlpesP.O. Box 13801211 Geneva 1Tel +41 22 716 3636Fax +41 22 716 3619

Lisbon

Avenida da Liberdade190 - 5°A1250-147 LisbonTel +351 210 438 300Fax +351 210 438 383

Vienna

Rathausstrasse 20P.O. Box 306A - 1011 ViennaTel +43 1 406 6161Fax +43 1 405 8142

Boston

(Representative Offi ce)265 Franklin StreetBoston MA 02110Tel +1 617 720 2577Fax +1 617 720 6099

Chicago

(Representative Offi ce)71 South Wacker DriveChicago IL 60606Tel +1 312 924 2200Fax +1 312 924 2222

New York

(Representative Offi ce)222 East 41st StreetNew York NY 10017Tel +1 212 503 3000Fax +1 212 503 3033

Contents

Board of Directors 2

Message from the Chairman 3

Balance sheet 4

Off balance sheet transactions 5

Profi t & Loss account 7

Notes 9

Auditor’s report 30

Annual Report 2007

THERE IS A DIFFERENCE

annual report 2007 - sgkb · sean fitzpatrick chairman of the board of directors december 2007 3....

Documents