Transfer Order in relation to Irish Nationwide Building Society and Anglo Irish Bank
Following an application by the Minister for Finance, the High Court has granted a Transfer Order under the Credit Institutions (Stabilisation) Act 2010 that the assets and liabilities of Irish Nationwide Building Society (‘INBS’) transfer with immediate effect to Anglo Irish Bank Corporation Limited (‘Anglo Irish Bank’ or ‘the Bank’). The Minister sought the order after consultation with the Central Bank of Ireland.
On the granting of the Transfer Order, the Minister said:
“The granting of the Transfer Order combined with the EU Commission’s approval of the Joint Restructuring and Work Out Plan for Anglo Irish Bank and Irish Nationwide Building Society are significant milestones in removing these banks from the Irish banking system.
The removal of these banks from the system was a key element of the Government’s restructuring of the Irish Banking system as set out on 31st March last. The purpose of the merger is to ensure a concentrated and vigorous work out of the existing loans.”
The Minister noted the importance of the name change for the new entity in order to remove the negative international references associated with the appalling failings of both institutions and their previous managements.
In relation to the details of the announcement, the Minister pointed out that both Anglo Irish Bank and Irish Nationwide Building Society are in the process of communicating directly with their customers and suppliers.
The Minister emphasised that customers of the institutions do not have to take any action as a result of this transfer and they can continue to operate their accounts as normal.
1st July 2011
Department of Finance
Upper Merrion Street