Anglo Irish Bank – What Next?

The CEO of Anglo Irish Bank has written to customers  this week .

In the letter he says

“It has also been widely reported that the Bank is likely to close by the end of January. I can assure you that this is not the case. There is no plan or intention to pursue such an outcome. There is, however, an initiative underway to change the name of the Bank. ”

He states that there are no plans in place to transfer deposits to another bank – but goes on to say how it would work if it was to happen…
The letter says
”   it may, however, be more benecial for Ireland if the most stable and valuable customers, with their deposits, are concentrated in a small number of Banks that will be key to supporting the nation’s growth as the economy bottoms out and moves into recovery. It is very important that Ireland re-builds its banking sector as doing so is an absolute pre-requisite to supporting lending activities to individuals and businesses in the future. We would be very sorry to see any of our long standing and loyal customers move their business to another bank, but understand if it does happen, that there may be very good reasons for this. ”

Full Letter