Anglo and Irish Nationwide Deposits have been transferred

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The Sunday Business Post reports that the sale of INBS and Anglo deposits might be completed this week.

BoI, AIB, IL&P & others have all bid for the deposits. Cardinal Capital have expressed interest.
 
Hi
I am just wondering, i have savings with Anglo and INW, if they deposits are sold to one of the other institutions it will bring my savings to over 100k. Is there the possibility that they will be both sold to the same institution. I assume with the deposit guarantee i am still ok even if i go over the 100k and how would this be affected if your money from both institutions went to Cardinal Capital.
Regards
Mike
 
corkmike said:
Hi
I am just wondering, i have savings with Anglo and INW, if they deposits are sold to one of the other institutions it will bring my savings to over 100k. Is there the possibility that they will be both sold to the same institution. I assume with the deposit guarantee i am still ok even if i go over the 100k and how would this be affected if your money from both institutions went to Cardinal Capital.
Regards
Mike
Click to expand...

Yes, they could move to the same bank.

There is no 100,000 EUR limit, all assets and liabilities in Irish banks are guaranteed by the Irish state regardless of the amount.
 
What a mess. The 14,000,0000,000 EUR in deposits will be backed up by NAMA bonds.

From the Indo article linked above:

Complicated

The deposits auction is complicated because there are three crucial elements to every bid -- the percentage of the deposits they are willing to pay as a "purchase" fee; the assets they are willing to accept as backing for the deposits; and the volume of deposits they are willing to take on.

The National Treasury Management Agency (NTMA) ideally wants to sell off all the deposits in one chunk, but is also entertaining other offers.

At least one bidder -- IL&P -- is understood to want only a small portion of the deposits rather than the entire book.

The NTMA is also hoping that banks taking on the deposits will accept a corresponding volume of Nama bonds to back up the deposit book (since the deposits will be held as bank liabilities and must be backed up by assets).

Some bidders may demand that every €1 of deposits is backed by more than €1 of Nama bonds, since the Nama bonds are guaranteed by a weak sovereign (Ireland), while others may not be keen on Nama bonds at all.
Click to expand...
 
The High Court has ordered the immediate transfer of Anglo Irish Bank's deposit book to AIB.

The deposits of Irish Nationwide Building Society have also been transferred to Irish Life and Permanent.

Source: [broken link removed]
 
Thanks for link Pator.

I see some deposits were retained by Anglo and INBS, wonder when we find out where our money is. I've been able to login to my Anglo account ok, not sure if that means my deposit was part of those retained.
 
Not sure but from the various websites it seems things will continue as normal for a short while with Anglo still dealing with all customers queries etc and then in due course we will get a cut off date.
 
It will be interesting to see how much long Anglo and INBS branches stay open.

Also, it will be interesting to see if AIB & IL&P will continue to offer the same variable rates.
 
I have an INBS account maturing 12th March. Yesterday I received a letter from INBS notifying me of this and enclosing a sheet of their current accounts and interest rates for reinvestment. They are living in a parallel universe.
 
I have/had two a/c's with Anglo totalling 223,980.00 aprox. - a premium demand and a one year fixed term. This evening I actually dont know if all of this is now with AIB or some still with Anglo. I see Anglo will be sending out a letter and if money now with AIB also sending out a letter.
Wonder if I asked AIB for a transaction FREE Current a/c what would be the chances? Sort of a welcoming gift maybe?
 
Update from Anglo:


Anglo will continue to supply support services to Allied Irish Banks p.l.c. until the operational aspects of the transfer process have been completed
Click to expand...

Next step would appear to be Anglo to AIB system deposit migration.
 
They seem determined to make everything very clear and easy

Aib - [broken link removed]

and their q and a section - [broken link removed]


Always thought the customer service at anglo was top class, seems to be somewhat reflected in the changeover
 
"A decision was taken to exclude a limited number of deposit accounts from the Transfer Order. Anglo Irish Bank will be writing to you shortly to confirm if you are in this category of clients."

I wonder what the criteria for this is? Maybe the same Depositors have loans out with Anglo?
 
theresa1 said:
"A decision was taken to exclude a limited number of deposit accounts from the Transfer Order. Anglo Irish Bank will be writing to you shortly to confirm if you are in this category of clients."

I wonder what the criteria for this is? Maybe the same Depositors have loans out with Anglo?
Click to expand...

The only deposits being held onto by INBS and Anglo are ones linked to loans
 
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