Corporate risk manager of the year: Electricity Supply Board of Ireland

Risk Awards 2015: Utility found a new way to tackle bank break clauses

Cathal Marley and Colm Moriarty, Electricity Supply Board of Ireland

When the Electricity Supply Board of Ireland (ESB) purchased Northern Ireland Electricity (NIE) in December 2010, payment didn't end with the €1.2 billion price tag. The acquisition brought with it €272 million of inflation swaps linked to the UK retail prices index (RPI) – and a problem many utilities in the UK have been trying to fix in recent years.

The swaps all contained mandatory breaks, giving dealers the periodic right to alter or terminate the trade, which is often exercised – or at