# Anglo and Irish Nationwide Deposits have been transferred



## Lightning (20 Feb 2011)

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.


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## corkmike (21 Feb 2011)

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


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## theresa1 (22 Feb 2011)

http://www.independent.ie/business/...ult-is-delayed-until-end-of-week-2550049.html


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## Lightning (22 Feb 2011)

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



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.


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## Lightning (22 Feb 2011)

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.
> 
> ...


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## Lightning (22 Feb 2011)

Great piece by Nama Wine Lake on the auction:

http://namawinelake.wordpress.com/2011/02/22/a-very-irish-auction/


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## pator (24 Feb 2011)

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]


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## gnubbit (24 Feb 2011)

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.


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## pator (24 Feb 2011)

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.


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## gnubbit (24 Feb 2011)

Ah I see, thanks again.


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## Lightning (24 Feb 2011)

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.


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## Lightning (24 Feb 2011)

The National Consumer Agency have published this:
[broken link removed]

The Department of Finance have published this:
http://www.finance.gov.ie/viewdoc.asp?DocID=6704

RTE have more on the transfer here:
http://www.rte.ie/news/2011/0224/anglo.html


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## Gervan (24 Feb 2011)

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.


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## theresa1 (24 Feb 2011)

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?


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## Lightning (24 Feb 2011)

Great article on the "auction":
[broken link removed]


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## Lightning (24 Feb 2011)

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*



Next step would appear to be Anglo to AIB system deposit migration.


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## The_Banker (24 Feb 2011)

CiaranT said:


> Update from Anglo:
> 
> 
> 
> ...



That won't be today or tomorrow. It will take time to set up Comms links between the two organizations.


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## pator (24 Feb 2011)

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


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## theresa1 (25 Feb 2011)

"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?


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## Sunny (25 Feb 2011)

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?


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


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## Lightning (25 Feb 2011)

INBS clearly indicate on their website that they are not accepting new deposits. 

I am informed that Anglo is not accepting new deposits. Can anyone confirm this?

Best buys are updated.


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## theresa1 (26 Feb 2011)

http://www.independent.ie/business/...ering-high-anglo-rates-to-savers-2557051.html

Will People start withdrawing from AIB and move to Anglo after reading this article?


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## Lightning (26 Feb 2011)

Ok, so Anglo are still accepting deposits but INBS are not. Time to amend the best buys.


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## theresa1 (27 Feb 2011)

Article in The Sunday Times that AIB will keep the Old Anglo deposits in a special division and brand it - maybe like an online bank with high interest rates?
I only heard this on the radio and did not see the article.


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## Lightning (28 Feb 2011)

Yeah, I saw that Sunday Times article. 

AIB was always in a catch 22 situation. They needed to offer high deposit rates to attract new deposits but did not want to offer high rates to all their large existing customer base. Their solution seems to be dual branding for deposits.


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## theresa1 (2 Mar 2011)

Got my first letter from AIB in relation to my Anglo Deposits - nothing further to report. I was not previously an AIB Customer and was wondering if People already with AIB before Anglo move of Deposits got a different letter.


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## machu (2 Mar 2011)

i am an existing aib account holder and got the same letter welcoming me to aib


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## theresa1 (2 Mar 2011)

Got my letter from Anglo today in relation to my Deposits and telling me AIB will be writing to me shortly. AIB abit quick to send the letters out - first mistake. I should have got the Anglo letter first.


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## gipimann (3 Mar 2011)

I got the Anglo letter on Tuesday and the AIB letter yesterday, so they weren't leaving too much of a gap between both letters!


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## rob67 (5 Mar 2011)

Ciaran T, re: your answer 220211 to corkmike


  From itsyourmoney.ie:

  Deposit guarantee scheme 100k per person per institution, no end date.

  Government guarantee (eligible liabilities guarantee) over 100k per person per institution until 30th June 2011. An announcement will be made before that date if it is to be extended. Fixed term deposits covered for up to 5 years if made before that date.

  So, if someone had deposits of  100k in AIB and Anglo, and, as a result of transfer of the Anglo deposit to AIB the total amount in AIB is 200K it appears  not to be true that the transferred deposit continues to receive protection under the deposit guarantee scheme as it did in Anglo because it exceeds 100K. If left in a demand deposit account it will not be covered by the eligible liabilities guarantee after 30th  June 2011 unless the eligible liabilities guarantee is extended. If I'm wrong about this please clarify.


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## Lightning (6 Mar 2011)

rob67 said:


> So, if someone had deposits of  100k in AIB and Anglo, and, as a result of transfer of the Anglo deposit to AIB the total amount in AIB is 200K it appears  not to be true that the transferred deposit continues to receive protection under the deposit guarantee scheme as it did in Anglo because it exceeds 100K. If left in a demand deposit account it will not be covered by the eligible liabilities guarantee after 30th  June 2011 unless the eligible liabilities guarantee is extended. If I'm wrong about this please clarify.



You are correct under the Deposit Protection Scheme but as you said all deposits regardless of their amount are guaranteed by the Irish state under the government guarantee/eligible liabilities guarantee that currently expires on June 30th 2011.

At the end of the day, it is 95%+ likely that the government guarantee will be extended beyond June 30th 2011, otherwise there will be another massive flow of deposits out of Irish banks.


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## theresa1 (6 Mar 2011)

It would be interesting to see a AIB 'Anglo' or whatever they re-brand it as offer a Current A/c and a Credit Card. Probably unlikely but you never know.


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## Lightning (9 Mar 2011)

*Irish Times: No Liquid Market for NAMA Bonds that back up the new AIB and PTSB deposits. *

[broken link removed]



> *The €12.2 billion in deposits were backed by bonds issued by the National Asset Management Agency (Nama)*, the price of which has been cut by the European Central Bank (ECB) since the deposits transferred on February 25th.
> 
> *There is no liquid market for the bonds* – which were issued to the banks in exchange for land and development loans – but they can be used as collateral to borrow funds from the ECB.


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## roker (12 Mar 2011)

Got my interest statement from INBS share account, = €0.02 I would have prefered they gave me the postage. What a let down from an account that was promising me a windfall of about €11,000 a few years ago.


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## Lightning (13 Mar 2011)

0.02 EUR on an account with a minimum balance of 20,000 EUR. What interest rate is that ?? 0.0001% ?!?


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## roker (13 Mar 2011)

The minimum balance is only €150 it's 20 year old. It €20,000 if you required to open an account recently. As I said earlier, it is no longer a share account it is being transfered to PTSB


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## camlin90 (13 Mar 2011)

Anyone have information regarding what happens to rolled over fixed term accounts at INBS? Called their helpline on Saturday but couldn't get a proper answer. 
I have a 3 month fixed term due to rollover on the 24th March, and another shortly after, apparantly my funds will be reinvested at the "prevailing rate", which could well be zero if PTSB have decided to pull a fast one. In effect it's a new account, so clauses about "current rates" might not apply. 

No details of interest rates on either INBS or PTSB websites. Will pull the funds i can't get a proper answer from them.

A pretty shoddy start from PTSB if they want to avoid losing all of these deposts.


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## Gervan (13 Mar 2011)

I phoned INBS re a 12 month term deposit which matures today, and was told PTSB would honour 3.5% if we reinvested with INBS. I have nothing on paper though.


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## theresa1 (20 Mar 2011)

Anyone actually get a Bank Statement yet showing AIB or PTSB rather than Anglo which I got or INBS?


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## justforgroup (21 Mar 2011)

Gervan said:


> I phoned INBS re a 12 month term deposit which matures today, and was told PTSB would honour 3.5% if we reinvested with INBS. I have nothing on paper though.


 I went into a branch on Friday 18th and the clerk said the same thing to me. The rate stays the same until it roll-overs, which for me is June. I presume then the rate will be whatever PTSB have at that time.


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## Lightning (22 Mar 2011)

justforgroup said:


> I went into a branch on Friday 18th and the clerk said the same thing to me. The rate stays the same until it roll-overs, which for me is June. I presume then the rate will be whatever PTSB have at that time.


 
PTSB may keep INBS customers on different 'legacy not open to new business' rates to their other customers.


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## theresa1 (7 Apr 2011)

Got another "Confirmation" letter from Anglo for a recent lodgement I made to my Premium Demand Account. No mention of AIB - not even a little sticker on the letter. I still use AngloConnnect Online service - you would forget that your money is actually with AIB. I wonder when the next 'update' on the transfer process will be. I would imagine you would get a new AIB a/c number for example.


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## theresa1 (28 Apr 2011)

[broken link removed]

AIB seem to be going about this 'transfer process' in an oddball fashion (see my previous post also).


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## Lightning (28 Apr 2011)

theresa1 said:


> [broken link removed]
> 
> AIB seem to be going about this 'transfer process' in an oddball fashion (see my previous post also).


 
Hi Theresa,

Totally agree. 

AIB have kept all instant access and term deposit products for sale via Anglo branches and the Anglo website. However, their 1 year term deposit "reward" product is now only available via a new AIB call center "Personal Savings Team". 

What are AIB at? Are they slowly moving the products one by one to a new AIB call center?


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## theresa1 (9 Jun 2011)

Got another "Confirmation" letter from *Anglo dated June 1 *for a recent lodgement I made to my Premium Demand Account. No mention of AIB - not even a little sticker on the letter.


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## Lightning (10 Jun 2011)

They seem to be making the changes in a piecemeal fashion. Bit by bit. 

The Anglo Fixed Reward Account is now re-branded as AIB Direct and listed on the AIB website. 

The Anglo instant access accounts are now re-branded as AIB Direct and listed on the AIB website but also still listed on the Anglo website. Also, as Teresa pointed out, docs are still going out with the Anglo brand. 

The Anglo 1 month, 3 months & 6 months term deposits are now re-branded as AIB Direct and listed on the AIB website. 

Strangely, the Anglo 2 year+ term deposits are still branded as Anglo and not listed on the AIB website.


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## theresa1 (19 Aug 2011)

theresa1 said:


> Got another "Confirmation" letter from *Anglo dated June 1 *for a recent lodgement I made to my Premium Demand Account. No mention of AIB - not even a little sticker on the letter.


 

- Same again a few days ago. It's also very odd still being able to log in to Anglo Connect and checking your money and again not a mention of AIB.


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## Lightning (19 Aug 2011)

Yeah, AIB have been dragging their heals with the Anglo integration process.

Multiple term deposit products are still only available under the Anglo brand and not the new AIB Direct brand.


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## theresa1 (28 Sep 2011)

http://www.prweb.com/releases/2011/9/prweb8827645.htm


[broken link removed]

Offshore AIB Customer's more important than it's onshore.


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## theresa1 (8 Oct 2011)

Just got a letter from Anglo (AIB Direct) to inform me my Fixed Term Reward Account will be maturing this month. They invite me to phone them to discuss the options or go to Anglo website. Again no mention whatsoever of AIB in the letter.


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## TSThomas (12 Oct 2011)

Sorry if this was posted previously - only noticed it myself in my *Spam* folder from mid-September - from AIB!


_...
We hope to develop this service even further and will continue to offer attractive savings products which are competitively priced. However, as we complete the transfer process there will be changes to how your account operates.

From 14th October 2011, the following changes will take effect:


Your ability to view the balance on your account(s) online, via AngloConnect will no longer be available and all queries relating to your account(s) should be directed to our dedicated team on 1850 44 22 22

We will no longer email you regarding your account and all communications including statements will be issued by post rather than email. The address we have on file for you is as follows:
..._


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## theresa1 (12 Oct 2011)

_"From 14th October 2011, the following changes will take effect:
_

Your ability to view the balance on your account(s) online, via AngloConnect will no longer be available and all queries relating to your account(s) should be directed to our dedicated team on 1850 44 22 22"
Thanks for your post - first I heard about this and a backward step without an AIB Direct online alternative.


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## Lightning (13 Oct 2011)

It really is shocking how long it is taking AIB to rebrand the Anglo deposits. Also, it is shocking that they are not providing online access. 

By contrast, PTSB seem to have finished the INBS integration and they are providing online access.


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## elcato (13 Oct 2011)

I just rang them as I hadn't received anything since Febuary and they confirmed closure of online services from tomorrow but phone services remain the same with Anglo for the near future. Apparently they are waiting on the IT department to upgrade and merge the systems.


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## Lightning (20 May 2012)

AIB have now ended the IBRC (Anglo) branch service for their 'Direct' deposit customers (former Anglo products). 

All AIB Direct deposit customers must now operate their account online/by phone only. 

From The Examiner:



> AIB has withdrawn staff from branches of IBRC where they were providing deposit account banking facilities to former Anglo Irish customers.
> Customers of IBRC branches in Cork, Dublin, Galway, Limerick and Waterford will be affected by the withdrawal of staff.
> 
> A note posted on the door of IBRC in Cork said that customers could operate their deposit accounts using telephone banking or post.
> ...


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## theresa1 (1 Aug 2012)

Still no sign of AIB Direct issuing new account number's to replace old Anglo account number's.


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## SlugBreath (1 Aug 2012)

I contacted my local branch to open a 1 year fixed account at AIB's 3.85%. I was told that this only applied to AIB direct. I contacted AIB direct to be told that I could not walk in off the street to open an account. I could not drop in an envelope either. I had to post my cheque plus copies of my passport, utility bills etc or deliver it through the AIB blue bag system. It took a while for the application forms to be posted out to me as well.


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## theresa1 (25 Feb 2013)

AIB Bank will be withdrawing the Premium Demand Account (Old Anglo Bank) commencing 22nd March 2013. Existing account holders will be moved to a new AIB Direct Deposit Access Account by the end of July 2013. New Account number and National Sort Code will be issued.

The special liquidation of IBRC must have hurried them up - alot of stationery into the bin I'd imagine.


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## Lightning (26 Feb 2013)

theresa1 said:


> AIB Bank will be withdrawing the Premium Demand Account (Old Anglo Bank) commencing 22nd March 2013. Existing account holders will be moved to a new AIB Direct Deposit Access Account by the end of July 2013. New Account number and National Sort Code will be issued.



Thanks for sharing this. 

AIB currently don't have any account called "AIB Direct Deposit Access Account" , although, AIB have very similarly named accounts. Is this a new account that they are launching? Do you know if you will be given a new rate?


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## theresa1 (26 Feb 2013)

On a date between March and July 2013 the balance of your account will be moved from the Premium Demand Account, including interest which has accrued on your existing account which will be capitalised net of DIRT, where applicable.

The variable interest rate on the Premium Demand Account will be the rate applied to your new AIB Direct Deposit Access Account at the time of opening.

You will get a final statement for Premium and an opening statement for Access Account.


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## Lightning (26 Feb 2013)

Thanks Theresa. 

"The rate at the time of opening", so whatever low rate they choose in other words. Time to switch!


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