Bank of America NA Dublin Branch Market Discipline. Basel II - Disclosures

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1 Bank of America NA Dublin Branch Market Discipline Basel II - Disclosures

2 Disclosure 1 - Scope of application The Basel II disclosures contained herein relate to Bank of America, NA Dublin Branch herein referred to as the Branch or BANA Dublin for the year ended 31 st December BANA Dublin is licensed by the Financial Regulator in Ireland and accordingly must comply with the Regulatory Document for Credit Institutions and Investment Firms Implementation of the CRD 1 dated 28 December 2006 and specifically Section 6 relating to Pillar 3 and subsequent notices issued by the Financial Regulator. BANA Dublin is not required to publish separate accounts and in consideration of its relative size in the local market it will make it s disclosures on an annual basis within three months of the 31 December financial year end. As a branch of a US Bank, BANA Dublin reports according to US GAAP. BANA Dublin is a branch of Bank of America NA (BANA) and is not subject to limitations or restrictions related to funding from BANA or its ultimate parent Bank of America Corporation herein referred to as the Corporation. For more information on the Corporation and associated Liquidity Risk and Capital Management please refer to the Corporation s most recently filed Form 10-K. Bank of America Corporation (BAC) (USA Delaware Corporation) NB Holdings Corporation (USA Delaware Corporation) 100% BAC North America Holding Company (US Corporation) 100% Bank of America NA (BANA) Holding Corporation (US Corporation) 100% Bank of America NA (US Corporation) 100% Bank of America NA Dublin Branch (Irish Branch) Figure 1. BANA Dublin Branch Legal Organisation Chart (31 December 2008) Ownership Structure 1 CRD European Union Directives 2006/48/EC and 2006/49/EC commonly referred to as The Capital Requirements Directive

3 Disclosure 2 - Capital Resources By virtue of its Irish Banking License BANA Dublin is required to calculate and report its risk weighted assets for regulatory reporting purposes. However as a branch entity BANA Dublin is not required to hold specific balance sheet capital resources in-country to cover those exposures.

4 Disclosure 3 - Capital Adequacy Qualitative disclosures Internal Capital Adequacy Assessment Process BANA Dublin must comply with all applicable laws and regulations of the Republic of Ireland and other jurisdictions affecting its businesses, as well as with all guidelines on best practices issued by the Financial Regulator, the Revenue Commissioners and other relevant regulatory bodies. BANA Dublin is wholly owned by Bank of America Corporation and as such must also comply with all relevant US regulations. Pillar 2 establishes a framework for banks to perform a comprehensive assessment of the risks they face and to relate capital adequacy to these risks. Furthermore, the capital analysis performed by banks is expected to encompass all risks, not only those risks captured by the Pillar 1 minimum regulatory capital calculation. The BANA Dublin Local Management Team is responsible for ensuring branch compliance with the Corporation s policies, procedures and corporate governance practices including those relating to Basel II and as such is guided by the principles and policies laid out in it s internal policy document; Bank of America: Interim Internal Capital Adequacy Assessment Process (ICAAP) For International Entities. The Corporation uses an Economic Capital (EC) framework to capture and quantify risks across the entire organization. Within the bank, EC is used for (1) measuring Line of Business (LOB) performance (Risk Adjusted Return on Capital (RAROC); Shareholder Value Added (SVA) analysis) and (2) internally assessing the adequacy of capital relative to the risks in the Corporation s consolidated operations. It is calibrated to a 99.97% solvency level which corresponds to AA rating from Standard & Poor. The risk parameters used for this EC framework are also the same parameters to be used for Consolidated US Basel II regulatory capital calculations under the Advanced IRB approach. The Corporation is leveraging this EC allocation process to fulfill the Pillar 2 ICAAP requirements across the international entities. It accomplishes this by breaking out the current Line of Business (LOB) allocations to derive a "legal entity" (branch or subsidiary) EC requirement that can then be compared to the capital resources of each entity. A description of the EC allocation process, along with detailed information regarding the calculation methodologies, board and management oversight, controls and extent to which the capital process is used in decision making, is provided within the ICAAP. Pillar 1 Bank of America is using the Standardised Approach (SA) for credit risk and the Basic Indicator approach (BIA) for operational risk across all the international entities that are in-scope for Basel II. This is the result of a corporate decision to have the international entities adopt the most basic approaches available in their respective countries until the infrastructure for consolidated implementation within the US is in place.

5 Under the Standardised Approach for credit risk, BANA Dublin relies upon the ratings assigned to counterparties by the external credit rating agencies recognised by the Committee of European Banking Supervisors (CEBS) for assigning risk weights for capital adequacy purposes. In addition BANA Dublin utilises the Credit Quality Steps assigned by CEBS to the external credit ratings utilised by the agencies it has recognised. Quantitative Disclosures Capital Requirement for Credit Risk The capital requirement for credit risk is as follows; Capital Requirement Exposure Class 000 s 31 Dec 2008 Central Banks 0 Institutions 25,418 Corporate 7,512 Other Items 535 Total 33,465 Capital Requirement for Operational Risk The capital requirement for operational risk is 4,615k using the three year average gross income shown below; Year Gross Income 000 s , , ,506 Three year average 30,765

6 Disclosure 4 - Credit Risk General Disclosures Qualitative disclosures Credit risk is defined as the potential risk of financial loss arising from the failure of a customer or counterparty to settle its financial and contractual obligations. The extension of commercial credit by BANA Dublin for its banking book includes term loans, overdrafts, and commitments and off balance sheet facilities such as guarantees and letters of credit. Each is governed by the Corporation s group wide credit policies. Those credit policies govern the approval, measurement, reporting and monitoring process for various exposures including country risk and counterparty risk. Credit risk is managed based on the risk profile of the borrower or counterparty, repayment sources and other support given the current events, conditions and expectations. The Corporation is focused on; Quality of assets Return on those assets / risk capital required on account of those assets Targeting counterparties with a strong credit profile The Corporation examines its portfolio and monitors these factors on an on-going basis. As a result of which the Bank will exit relationships on account of credit concerns or inadequate returns for the risk capital required to continue the lending relationship. Ongoing monitoring helps the Corporation control credit quality and respond quickly to deterioration in credit profile of any particular borrower in a timely fashion. Credit risk is viewed conservatively as a matter of policy. Each extension of commercial credit noted above is assigned an individual internal risk rating (RR) from 1 to 11 (from best to worst) by Credit Risk Management. Exposures to RR 8 and below are classified as Substandard, Doubtful and finally Loss and are subject to intense scrutiny by Credit Risk Management. Non-performing Assets The Corporation defines non-performing in relation to commercial assets as outlined below; Non accrual loans or loan equivalents are loans on which the Corporation has ceased to automatically record or accrue interest income prior to the receipt of cash payments. Loans are generally placed on non-accrual status when either principal or interest becomes 90 days past due, if payment in full or principal or interest is not expected, if all or part of the asset is classified as Doubtful, or if a full or partial charge off if recorded on the asset. Overdrafts are treated as non-performing when they remain out of order for a period of more than 90 days. An account will be treated out of order if the outstanding balance remains continuously in excess of the sanctioned limit/drawing power. In case where the outstanding balance is less than the sanctioned limit/drawing power, but there are no credits continuously for three months

7 as on balance-sheet date or credits are not enough to cover the interest debited during the same period, these accounts will be treated as out of order. Quantitative Disclosures a) Total Gross Credit Exposures by Exposure Class Exposure Class Gross Exposure 000 s 31 Dec 2008 Central Government or Central Banks 2,583 Institutions 1,586,980 Corporate 150,556 Other Items 20,950 Total 1,761,069 b) Total Gross Credit Exposures by Geographic Distribution Geographic Location Gross Exposure 000 s 31 Dec 2008 United Kingdom 1,556,149 Ireland 96,360 United States 84,978 Germany 15,708 Other 7,874 Total 1,761,069 c) Total Gross Credit Exposures by Industry Group Industry Group Gross Exposure 000 s 31 Dec 2008 Credit Institutions 1,589,808 Manufacturing (Building Products) 82,633 Manufacturing (Food) 26,774 Other Financial Institutions 24,041 Manufacturing (Other) 17,248 Other (Internal Accounts) 20,565 Total 1,761,069

8 d. Total Gross Credit Exposures by Residual Maturity Residual Maturity Gross Exposure 000 s 31 Dec 2008 Next Day 835, Days 657,746 9 Days - 1 Month 82, Months 31,270 3 Months 1 Year 26,999 1 Year or more 126,440 Total 1,761,069 d) Past Due Exposures 2 and Impairments 3 In 2007 and 2008 BANA Dublin did not have any exposures which were past due, placed on non accrual status or subsequently considered to be impaired. 2 If a payment is not made on or prior to the due date as stated in the terms and conditions, the Corporation considers it to be past due. 3 If a commercial past due asset is placed on non accrual status and the Corporation does not expect to receive contractual payment then it is considered to be impaired.

9 Disclosure 5 Credit Risk Rating Selection Qualitative Disclosures BANA Dublin has adopted the following basis for credit risk rating selection under the Standardised Approach; Central Governments and Central Banks Exposure to the Central Bank of Ireland has been weighted at 0% in accordance with the CRD 2006/48/EC Annex IV Part 1 Section 1. Institutions Ratings for Institutions have been sourced from Standard & Poor, Moody s and Fitch and have been applied in accordance with the Critical Quality Step mappings determined by CEBS and by reference to the CRD 2006/48/EC Annex IV Part 1 Section 6. Corporate Ratings for Corporate have been sourced from Standard & Poor s, Moody s and Fitch and have been applied in accordance with the Critical Quality Step mappings determined by CEBS and by reference to the CRD 2006/48/EC Annex IV Part 1 Section 7. Other Items Exposures in the form of Other Items have been weighted in accordance with the CRD 2006/48/EC Annex IV Part 1 section 16.

10 Disclosure 6 Operational Risk Operational Risk is defined as the risk of loss resulting from inadequate or failed internal processes, people, and systems or from external events. It is determined for each business using historical loss event data, statistical models of the frequency and severity of loss events and a Monte Carlo simulation model. To minimise operational risk, BANA Dublin maintains a system of controls commensurate with the characteristics of the business and markets in which it operates, best practice principles and regulatory considerations. The lines of business which operate within BANA Dublin are responsible for all the risks within the business line, including operational risks. Operational and Compliance Risk Management, working in conjunction with senior line of business executives, have developed key tools to help manage, monitor and report operational risk in each business line. Examples of these include personnel management practices, data reconciliation processes, fraud management, transaction processing monitoring and analysis, business recovery planning, and new product introduction processes. In addition, the lines of business are responsible for monitoring adherence to corporate practices. LOB Management use a self-assessment process (LOBSA Line of Business Self Assessment), which helps to identify and evaluate the status of risk issues, including mitigation plans, as appropriate. The goal of the self-assessment process is to periodically assess changing market and business conditions and to evaluate key operational risks impacting each line of business. In addition to information gathered from the self-assessment process, key operational risk indicators have been developed and are used to help identify trends and issues on both a corporate and a business line level. Lines of business use various tools and defined measures to determine whether the level of operational risk is within an acceptable range. Effective tools and measures use current data, are objective, are based on sound quantitative/analytical methods, and provide both point in time information as well as indicate performance over time. Risk measures assess the likelihood and impact on an inherent (level of risk before consideration of mitigation activity) and residual risk basis (level of risk after consideration of mitigation activity). Corporate Audit is responsible for performing independent reviews and tests to ensure that appropriate controls over risk are in place and functioning properly. The controls include limits, policies, procedures, processes, systems and governance so that resources are adequately protected; significant financial, managerial, and operating information is accurate and reliable; and associates actions are in compliance with the Corporation s policies, standards, procedures, and applicable laws and regulations. The Audit Department covers all areas of the Corporation and performs reviews based upon assessments of the higher risk items to the company.

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