Winding Down of Anglo Irish and Irish Nationwide

The promised “restructuring” of Anglo Irish Bank and Irish Nationwide Building Society (INBS) can now begin after a  A High  Court order was made today (Feb 8th 2011) permitting  an auction of deposits and  assets  in both of the financial institutions.

The auction will result in  the deposits and assets in both institutions being transferred to another institution. Eventually Anglo Irish and the INBS will be merged into a smaller government controlled bank.

The deposits at deposits at Anglo Irish are about  €14 billion  and about €4 billion at Irish Nationwide . These will still be covered by existing Government guarantees
Irish Nationwide said ” Customer deposits remain fully secure, our branch network remains open and customers should continue to transact as normal. ”

The Dept of Finance said  that INBS and Anglo branches and call centres are expected to  continue to operate as normal .  INBS and Anglo will  set out any  transitional arrangements that will  apply following any transfer of the deposits and assets in both institutions.

Mortgages –  The Court Order in respect of INBS does not affect the mortgage assets of INBS. Any mortgage loan a person has with INBS is not affected. Anglo Irish did not do residential mortgages.

Jobs – Anglo Irish  has around 1,200 staff and Irish Nationwide about 440 – job losses are to be expected in the regionof 200.

728x90