Merger of Irish Nationwide Building Society and Anglo Irish Bank

A Transfer Order has been made today by the High Court in Dublin under the Credit Institutions (Stabilisation) Act 2010 transferring the assets and liabilities of Irish Nationwide Building Society (“INBS”) to Anglo Irish Bank Corporation Limited (“Anglo” or the “Bank”) with immediate effect. This achieves the legal merger of the INBS business into Anglo consistent with directions provided to both entities.

As a result, former INBS business units will be positioned in Anglo’s operating model as a stand-alone division and INBS as a brand will cease to exist from today. 

Under the terms of the Transfer Order, all INBS employees have automatically transferred to Anglo, with their terms and conditions safeguarded in accordance with applicable employment legislation.

Customers of INBS do not have to take any action as a result of this transfer and can continue to operate their accounts as normal. The existing Terms and Conditions of their accounts will continue to apply. Anglo will be writing to customers to update them on the details of the Transfer Order and will continue to advise them of any developments relating to Anglo.

It was also announced today that Anglo intends to change its name to Irish Bank Resolution Corporation Limited (“IBRC”). It is currently anticipated that the renaming process will take a few months to complete as there are a number of legal formalities and operational requirements to be satisfied. From then on the Anglo name will cease to exist and the newly merged institution will be officially known by its new name, IBRC.

Commenting on today’s merger and name change announcements, Mike Aynsley, Anglo CEO said:

“Today’s Transfer Order is another significant step towards the reshaping of the Irish banking landscape for future economic recovery. It also represents another materially progressive step for this Bank as we work with the Authorities to determine the shape of one ‘fit for purpose’ organisation to implement the ‘work out’ process. The Bank will now move to implement the next phase of this merger which, following planning and approval, will incorporate the full integration of INBS with Anglo. The merger of INBS into Anglo is part of an overall process that is fully aligned with and supports the Government’s financial system deleveraging agenda to secure financial sector stability in Ireland. The Bank is grateful for the full support and commitment of the Minister for Finance to this endeavour.

Referring to the upcoming name change, Mr Aynsley said:

”I strongly believe that, in addition to meeting practical requirements for both institutions, this name change is of symbolic importance toall ofus as we move on from the past and focus with energy and determination on the challenges ahead”.   

The events of today follow on from the Bank’s recent announcement of the launch of the sale of its US loan book and disposal of its Wealth Management business. Both of these processes are now underway and are unaffected by the legal merger with INBS or the intended name change for the merged organisation.  

ENDS

For media enquiries, please contact:

Billy Murphy/ Martha Kavanagh
Drury
Tel: + 353 1 260 5000

Related Links:

More Detailed Customer Mortgage Information

Department of Finance Statement on Transfer Order

Central Bank Statement on Transfer Order

INBS Transfer Order