This excerpt taken from the IRE 6-K filed Feb 12, 2009.
The deterioration in global equity markets has resulted in increased fund outflows and significant falls in the value of assets under management in our asset management businesses. This is negatively impacting valuations resulting in a reduction in the carrying value of the Group’s investments in our asset management businesses in the United States. We expect goodwill impairment of circa €300 million which will be reflected in the year-end Income Statement and will have a negative impact on basic earnings per share. This has no cash or regulatory capital impact.