# Anglo vs IBRC vs AIB Direct



## zag (15 Jun 2012)

Did you ever hear the one about the bank that failed, was split into two, but in fact wasn't really split at all ?

Here's the pitch -
* Along with many others, I had money on deposit with Anglo
* Anglo went boom
* We were told that Anglo was being split
    * good stuff (which I take to mean deposits such as mine) went to AIB Direct - which is like AIB, only it doesn't share account holder details with AIB so I can't see it in my AIB online banking
    * bad stuff (which I take to mean loans to developers which are unlikely to be repaid in full) went to IBRC - which to all intents and purposes is still "Anglo"
* For the last year or so, any correspondence has come from AIB Direct and I have received nothing from IBRC
* I rang AIB Direct and drew down some money yesterday
* Today the draft arrived - it's an IBRC draft

So, I had money in Anglo, it was transferred to AIB Direct, but when I went to draw it down it actually came from IBRC . . . where I supposedly don't have an account.

Here's the question -
I know that AIB could have sent me a draft drawn on "The Personal Bank of the King of Nigeria" and as long as it was made out to me and the money ended up in my account then there's no real problem, but is there not something odd about the draft coming from IBRC if the whole point of splitting Anglo up into AIB Direct & IBRC was to separate the good from the bad ?

If AIB Direct have *their* money with IBRC then does that not sort of make a bit of a mockery of the process of splitting them up ?

And if it's actually *my* money that is still with IBRC, then does that not make a bit of a mockery of the process in a different way - if my money never moved from Anglo (let's call a spade a spade) then why tell me that my money has moved ?

Does anyone have any sort of explanation of how this whole setup works ?

z


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## Squonk (15 Jun 2012)

Good post. I've spent the last few days trying to track down money that I had with Anglo, that's kind of now with AIB but where I can't use AIB Direct nor use Anglo Connect. I have to ring a number (1850 44 22 22) to make any transactions and the phone gets answered as "Hello, you're through to Deposits Direct".


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## Brendan Burgess (15 Jun 2012)

There was some change in May 2012 according to this article 

This is what I think may have happened. 

AIB received the "value" of the deposits but they continue to be managed by IBRC staff. 

A bit like a securitised mortgage. My mortgage may have been sold off but my original lender continues to deal with me. 

Why not move your deposit to some other provider so you will know who you are dealing with. 

brendan


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## zag (15 Jun 2012)

Well, I thought I knew who my money was with - AIB Direct.  That's what they told me in all the letters.  I got my statements from AIB Direct.  I rang AIB Direct to get my money, etc . . .

At the end of the day, as long as I get my interest and I can get my money back I'm happy enough.

I could move it to get an extra 0.1% or 0.2% with someone else, but all other things being equal (and given the overhead opening new accounts) I felt that it was as good in AIB Direct as anywhere else.  After all, it's not like I left it with a failed bank like Anglo . . . oh, wait - I now realise that that's what seems to have happened.

In truth I did try to open a new deposit account with NIB (to move the Anglo money to) last year but ultimately gave up as the process was just crazy.  We wanted to open a joint account so we wandered up to the local branch.  We talked to the front desk.  We waited.  We waited.  The new accounts person was on lunch.  Could we just get a form ?  No.  Can you come back when the new accounts person is around ?  Well, OK, but it seems mad.  We came back at the next arranged time, met the new accounts person and she gave us the forms.  We gave in copies of passports, utility bills, etc . . .  We mailed in the form and eventually got a letter back asking us to come in to meet the new account person.  We both work in different locations, so it's not like we can just wander up to the branch at the drop of a hat.  We had already been to the branch twice, we had our paperwork in order, we had our money at the ready.  At this point we decided it was easier to leave it with Anglo/AIB Direct/IBRC.  It's not like we were looking to take out a loan with them - we wanted to give them our money.

I've just read that article - that's mad entirely.  Last I heard, Anglo/IBRC had shut up shop and had no 'retail' (i.e. walk in the door with money in your hand) presence for the last 18 months or so.  They didn't need one because all their depositors had been moved to AIB.  Yet, here it looks like AIB (which has a branch network of its own, remember) retained the use of their retail space, despite telling people that the only way to access their money was over the phone or by post.

It's mad, Ted, mad.

z


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## zag (15 Jun 2012)

Squonk said:


> Good post. I've spent the last few days trying to track down money that I had with Anglo, that's kind of now with AIB but where I can't use AIB Direct nor use Anglo Connect. I have to ring a number (1850 44 22 22) to make any transactions and the phone gets answered as "Hello, you're through to Deposits Direct".



Yeah, I had a problem tracking down my money initially.  The correspondence that I had talked of moving my money to AIB Direct, but I didn't actually get a statement or account number from them.  It took me a while to work out that *nothing* had changed and the account numbers were all the same.

z


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## theresa1 (1 Nov 2012)

I just closed a 1 year reward account with AIB Direct and was abit surprised when I saw the cheque was printed on IBRC paper although thankfully I had remembered reading this thread.

The letter said AIB have not completed the process of changing over all correspondence relating to my account. Why? The most important part - cheque and it's an IBRC cheque and not AIB.

If they still where using Anglo stationary - ok I wouldnt be happy but at least it would make sense but IBRC is relatively new just like AIB Direct so I don't understand why of all things they leave changing the paper cheques are printed on, to the last thing.

Maybe some Legal implications they are not telling us about?


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## theresa1 (9 Nov 2012)

I lodged my IBRC cheque in to state savings and took out a 4 year bond. Meanwhile I just got a letter from AIB Direct to say my reward period and associated reward rate will end shortly. They are delighted to extend an additional reward period for a further 12 months.
The reward rate is fixed at 1.25% aer and i would also get standard rate of 0.50% aer -total 1.75%.

I think more money heading for state savings.


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## theresa1 (1 Mar 2013)

[broken link removed]


Accounts no longer available to open. It seem's like they want to get rid of the old anglo bank account holders and ditch the Direct Deposits brand.


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## Lightning (1 Mar 2013)

Yeah, goodbye Anglo deposits/AIB direct deposits. Once upon a time they offered the highest rates.


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## Madangan (2 Mar 2013)

I tried to transfer money from Hungary to my account in AIB Direct deposits in January. I did not know that Aib Dd were incapable of receiving money in a currency other than EURO so AIB DD rejected the transfer on 31 January.

My money, a size able sum in excess of (euro equivalent) 30,000, has not been seen since.

I have received little or no assistance from AIB DD and last week was told they could not send any swift transfer message down the line to the other Banks because AIB DD used the old Anglo/ IBRC swift platform and as soon as IBRC went into liquidation it ceased to exist.

As far as I am concerned the sooner the entity known as AIB DD ceases to exist that will be a day for rejoicing.


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## theresa1 (24 Mar 2013)

[broken link removed]


EBS Limited (“EBS”), which is a wholly owned subsidiary of Allied Irish Banks, p.l.c. (“AIB”) and a member of the AIB Group, is to become the sole channel for Broker-originated deposit products within AIB.


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## MrEarl (25 Mar 2013)

Madangan said:


> I tried to transfer money from Hungary to my account in AIB Direct deposits in January. I did not know that Aib Dd were incapable of receiving money in a currency other than EURO so AIB DD rejected the transfer on 31 January.
> 
> My money, a size able sum in excess of (euro equivalent) 30,000, has not been seen since....



Hello,

I would have thought it was up to the Hungarian Bank to put a trace on these funds for you and evidence, where the funds have been paid to (ensuring that the funds were not subsequently returned (most likely, with deduction of transfer charges)).

Once the above has been done, then go with your evidence to that particular Bank and hit them with a bill for daily interest on top of the sum involved.

Regards

Mr. Earl.


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## Madangan (25 Mar 2013)

Thanks for that, Mr. Earl!

Turns out that for 5 weeks my money was sitting in a frozen IBRC account, which, ya know, it would have been nice to know about!!!  

Despite specifically asking if that was a possibility I was told " no" but yup that's where it was


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## Lightning (25 Mar 2013)

AIB are launching a new Direct Deposit product on 8 April 2013. 

The rates are awful. 0.75% for instant access. I am not going to add this to the best buys. 

Meanwhile, AIB still list their 1 year Direct Deposits term deposit product rate on their website, despite the fact that the product is closed for new customers.


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