ICAROM, the company set up to manage the remaining claims of the failed Insurance Corporation of Ireland (ICI) a quarter of a century ago, saw its deficit fall to €274m at the end of 2009. The €1.6m drop from the previous year was due to investment gains.
ICI, which was owned by AIB, collapsed in 1985 with debts of about €400m. The insurer was taken over by the government and placed in the hands of administrator Donal O'Connor, outgoing chairman of Anglo Irish Bank. O'Connor remains the administrator.
AIB makes a contribution of almost €12m a year to Icarom but this is due to stop in 2012. The company will still be paying out on claims for several years to come.
"The Icarom technical provisions include a significant number of latent claims relating to asbestos, pollution and health hazards," Icarom said.
The cost of the continuing administration was €443,000 in 2009, up from €414,000. Icarom's four staff shared €922,000 last year, up from €711,000. The 2009 figure includes severance costs of €400,000. General manager Ronald Carroll retired last September.