INBS and Anglo Deposits Moving/Auctions

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There are going to be huge changes to the Irish banking landscape, possibly announced on Monday.

One big change will be the potential closure of INBS and the transfer of deposits to EBS ...

[broken link removed]

The transfer of Irish Nationwide's €4 billion deposits to the EBS, which is on the market, is also being considered.

The future of the EBS sale process is also being discussed.

Monday's announcement will be very interesting.
 
"The Government's proposal to split Anglo Irish Bank into a funding bank and asset recovery bank is likely to be shelved, owing to the difficulties in funding this."

This has me abit concerned. If they wont get BOI and AIB to merge maybe get AIB to take Anglo over and run it - could get rid of Anglo name in days this way.
 
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The Sunday Times are reporting:

INBS will be shut down and deposits will be transferred to EBS. So will INBS be open for new deposits from tomorrow/much longer?

Anglo will be shut down and deposits will be transferred to BOI or AIB. So will Anglo be open for new deposits from tomorrow/much longer?
 
The reports were correct, Anglo deposits are going to be moved.

RTE: Anglo Deposits to be Moved

http://www.rte.ie/news/2010/1129/economy.html

The Central Bank has said that the brand name of Anglo Irish Bank is expected to disappear in the coming weeks and its deposits will be moved to a separate entity.
However, its loan book will be wound down over a number of years.
In a statement, the bank said Anglo's depositors will remain fully covered by the deposit guarantee.
The announcement comes a day after the Government and the EU announced that funding of €85bn would be provided for Ireland.
Speaking on RTÉ's News At One, Governor of the Central Bank Professor Patrick Honohan said he discussed the winding down of Anglo with one of the international negotiators during the recent talks.

So it looks like Anglo will take deposits till the end of January.
 
Patrick Honohan said deposits will be moved to a separate entity and did not make this very clear - re-branding or shifted to AIB or BOI for example. Alan Dukes seems to think it's just simply a re-branding exercise.

They could have made it alot clearer.
 
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INBS Savings to be moved EBS

If a person has a Fixed Term Bond until next April with INBS and now that the savings are been moved will the rule still stand that it is fixed or could a person just demand the money instead of it going into EBS.
Surely this breaks the rules of the fixed term by INBS.It should no longer stand as they are been done away with.
 
Like you megabyte I too have a fixed 1 year saver in iNBS until next March.

Could anyone please advise if Irish Nationwide is be wound up, will be saving still be safe?? where are they likely to transfered too in such a wind up? and would the 3.5% interest that was agreed with the commencement of the one year saving scheme still stand? Or would it in fact now me prudent of me to break the saving scheme, pay the penalty within this in order to ensure that my saving are now safely in my hands??

appreciate your views
 
Safe as any other Irish Bank - dont do anything until it matures in March would be my advice and your 3.5% is locked in even if it ends up on the book's of AIB or BOI.
 
If a person has a Fixed Term Bond until next April with INBS and now that the savings are been moved will the rule still stand that it is fixed or could a person just demand the money instead of it going into EBS.
Surely this breaks the rules of the fixed term by INBS.It should no longer stand as they are been done away with.

Good point. When it is formerly announced that all INBS branches are closing, I think depositor's should have a right to be able to get access to their money without penalty. It surely breaks exceptional circumstances clauses.


Like you megabyte I too have a fixed 1 year saver in iNBS until next March.

Could anyone please advise if Irish Nationwide is be wound up, will be saving still be safe?? where are they likely to transfered too in such a wind up? and would the 3.5% interest that was agreed with the commencement of the one year saving scheme still stand? Or would it in fact now me prudent of me to break the saving scheme, pay the penalty within this in order to ensure that my saving are now safely in my hands??

appreciate your views

INBS will be wound up.

Your money will be as safe as EBS (assuming the deposits move there) and the solvency of the Irish state who guarantee your deposit.
 
But if you have deposits in both institutions and they merge you would end up with two deposits in the now merged entity, maybe in excess of the governments guarantee?
 
But if you have deposits in both institutions and they merge you would end up with two deposits in the now merged entity, maybe in excess of the governments guarantee?

That's a good question and the first thing I thought of when I heard about the deposits being moved to another bank.
 
Anglo have posted the below letter on their website about the potential for movement of deposits:

[broken link removed]
 
Maybe they will give us a choice as to the Bank they would move your deposits if this happens. It could make alot of sense if you already had an account with say BOI or AIB for example. I'm looking forward to my "comfortable" new home.
 
Maybe, I would guess that BOI and AIB are both fighting hard to get the deposits. Perhaps, BOI/AIB might split the deposits but that would be difficult to work.
 
am watching this topic with great interest. hope my deposits find a nice home:)
 
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