A Dublin-based subsidiary of global investment bank Goldman Sachs that handed back its Irish banking licence last year made a loss of $1.8 million (€1.42 million), according to accounts just filed.
The latest accounts for Goldman Sachs Ireland Finance Ltd show the company paid a dividend of $50 million to its parent firm last year. This compares with a payment of $150 million in 2012.
In addition it made a distribution of $65 million from its share capital to its immediate parent company here, Goldman Sachs Ireland Holdings Ltd, which has since been placed into liquidation by the American investment bank. Documents filed with the Companies Registration Office in Dublin show Kieran Wallace of KPMG was appointed as liquidator on September 3rd.
Broader exercise
A spokeswoman for Goldman Sachs based in London said this was a voluntary wind-up that was part of a “broader exercise” by the group globally to streamline its corporate structures.
Goldman Sachs Ireland Finance Ltd was previously involved in banking activities that included deposit-taking, secured funding, loan origination and hedge fund administration services.
It had previously operated under the name Goldman Sachs Bank (Europe) plc and was regulated by the Central Bank. The company handed back its banking licence on January 18th last year.
The loss recorded last year contrasts with a profit after tax of $27.2 million in 2012. The company closed 2103 with total assets of $232.2 million, down from $6.5 billion a year earlier.
Operating income
Its total operating income declined to just under $1.8 million last year from $54.1 million in 2012. Employee numbers fell to six from 22 while staff costs were reduced to €775,000 from €6.5 million. The directors’ report said the company’s year-end financial position was “satisfactory”.
The accounts for Goldman Sachs Ireland Finance Ltd show eight directors resigned in March 2013, including Goldman Sachs International chairman Peter Sutherland and David Went, former head of Irish Life & Permanent and former chairman of The Irish Times Ltd. The current directors are listed as former rugby international Hugo MacNeill and Dermot McDonogh.
