# INBS and Anglo Deposits Moving/Auctions



## Lightning

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.


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## theresa1

"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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## Lightning

Title edited. 

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?


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## Lightning

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.


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## theresa1

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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## megabyte

*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.


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## avfc641

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


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## theresa1

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.


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## Lightning

megabyte said:


> 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.




avfc641 said:


> 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.


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## WaterWater

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?


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## Firefly

WaterWater said:


> 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.


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## Lightning

WaterWater said:


> 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?



Your deposit is 100% Irish state guaranteed regardless of the amount.


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## Lightning

Anglo have posted the below letter on their website about the potential for  movement of deposits:

[broken link removed]


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## theresa1

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.


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## Lightning

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.


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## Lightning

Twitter: Karl Deeter: INBS Staff all told there will be no merger, INBS is closing, staff to be let go.

http://twitter.com/#!/karldeeter

So a decision on what happens to INBS depositor's will need to be made very soon.


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## Boi

am watching this topic with great interest. hope my deposits find a nice home


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## Lightning

It now looks like Anglo and INBS will be merged:
http://www.reuters.com/article/idUSLDE6B70DE20101208



> The plan will detail issues such as how to transfer Anglo Irish Bank's 14 billion euros deposits and Irish Nationwide's 4 billion elsewhere within the banking system.


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## sandra1

I am watching this too. Every time when I see an update I have mini heart attack


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## theresa1

http://www.nytimes.com/2010/12/11/business/global/11ireland.html?partner=rss&emc=rss

- Nothing startling but worth a read.


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## Lightning

The story continues ...

[broken link removed]



> t is expected that details regarding the proposed merger of Irish Nationwide Building Society and Anglo Irish Bank, which are to be wound down, will form a major strand of the legislation, with the Government announcing a plan to transfer the deposits of Irish Nationwide Building Society to Anglo Irish Bank.
> *
> This deposit book will then be sold off to other financial institutions, most likely AIB and Bank of Ireland.*
> 
> Anglo Irish Bank and Irish Nationwide are due to submit a joint restructuring plan to the European Commission by the end of January, outlining how both institutions are to be wound down over time.
> 
> The impact of the possible transfer of Irish Nationwide’s deposits to Anglo Irish Bank on the employees of the building society is unclear.


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## theresa1

This will need to be handled better than the AIB Bonus saga. I would imagine Anglo will already have a new name when they give the Irish Nationwide worker's p45's and hand over the €4 Billion aprox. deposits.


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## Lightning

Looks like the decision will be made in early January 2011:

http://www.reuters.com/article/idUSTRE6BM1WA20101223



> Lenihan also said the government would speed up the winding down of nationalized lenders Anglo Irish Bank ANGIB.UL and Irish Nationwide IRNBS.UL.
> 
> "We are going to have to accelerate the phasing out of Anglo Irish Bank and Irish Nationwide very early in the new year."


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## theresa1

Move all Deposits to AIB you would imagine now but then E.U. competion rules (yes right) maybe would mean BOI getting some of it.


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## Lightning

I would guess that BOI and AIB will get one set of deposits each.


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## serotoninsid

If on a fixed term deposit a/c with Anglo, is this likely to be transferred intact - or will this be broken as part of the transfer process? ie. interest rate maintained on whatever deal was started with Anglo?


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## Lightning

If you have a term deposit, then AIB or BOI or whoever will need to honor the terms including the rate.


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## Lightning

Looks like there is problems at the NTMA with the move of the deposits. 

[broken link removed]



> There was “a very strong logic” in merging the post-Nama rumps of Anglo and Irish Nationwide, he added.
> 
> Moving their deposits was *“clearly a challenge” *but he was *hopeful of retaining them* all if moved to “another institution of sufficient quality and repute” with the backing of the Government guarantee.



The NTMA can forget about retaining 100% of the deposits after they are moved to AIB or BOI or elsewhere. It won't happen.


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## theresa1

Probably unlikely but I would like to see my Anglo Deposits moved to An Post investment services.


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## homeboy

What guarantee - if any - is there that accounts moved from Anglo and INBS will carry the same terms and conditions, especially interest rates?

Consumers made a choice to transact business with Anglo & INBS on the basis of the prevailing terms and conditions.


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## horusd

Buyer beware on interest rates homeboy.  My First Active account taken over by Ulster 2 yrs (or so) ago, resulted in my interest on regular savings dropping from 4% to 2.9% this yr. I only found out when I rang Ulster (they only need to advertise the rate change in national papers). So if the accounts are moved I'd keep an eagle eye on the interest rates given on your deposits.


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## Lightning

theresa1 said:


> Probably unlikely but I would like to see my Anglo Deposits moved to An Post investment services.


 
Very unlikely. 



homeboy said:


> What guarantee - if any - is there that accounts moved from Anglo and INBS will carry the same terms and conditions, especially interest rates?.


 
None for variable rate products. 

AIB and BOI will either 
(1) force Anglo and INBS depositors to move to their products or 
(2) will try and seperate the Anglo and INBS deposits. 

Many of the depositors left in Anglo and INBS are rate chasers who do not care a lot about safety. If AIB or BOI take a step wrong with the transition there will be further deposit flights.


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## homeboy

CiaranT said:


> Very unlikely.
> 
> 
> 
> None for variable rate products.
> 
> AIB and BOI will either
> (1)* force* Anglo and INBS depositors to move to their products or
> (2) will try and seperate the Anglo and INBS deposits.
> 
> Many of the depositors left in Anglo and INBS are rate chasers who do not care a lot about safety. If AIB or BOI take a step wrong with the transition there will be further deposit flights.


 
But why might consumers be *FORCED* into something - and who is going to protect consumer interests when Anglo & INBS are wound up?

As regards rate chasers - Anglo & INBS head up the "Best Buys" list on *this very site*, albeit with a warning!


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## Lightning

homeboy said:


> But why might consumers be *FORCED* into something - and who is going to protect consumer interests when Anglo & INBS are wound up?


 
INBS/Anglo variable depositor's might be automatically converted to AIB/BOI variable rates. You can obviously walk with your feet.


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## theresa1

I might be a 'rate chaser' but I'm also concerned about safety. Anglo is as safe as any Irish Bank.


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## camlin90

Well said theresa1. This site gets very exercised over balanced views on the property market. Give your balanced summary on the direction of prices, or be gone. Yet various people here seem to have carte blanche as experts on deposit safety and they are raising doubts over the safety of Irish banks when, as far as I'm aware, they are no more qualified than anyone else to make such statements.

It has reached the point now where ordinary depositors in Irish banks are portrayed as being reckless in some sense.

For one my money remains in Irish banks, I'll take the favourable interest rates while they last and I'm confident that on the balance of probabilities in a year's time I'll have my euro capital sum (ECB will not countenance default on ordinary depositors in the eurosystem). In the process I'm helping in a small way to shore up our country's finances and get us out of this mess.

If you genuinely believe in the sort of scenarios being put across here in some posts, you need to be researching shotguns and beans rather than swiss francs versus australian dollars. Punt nua is the only remotely possible scenario that can be envisaged and I'd like to see how that would be carried through logistically - and if it did we'd have bigger problems as most multinationals shut up shop for our nearest eurozone corporation tax competitor rather than put up with an unstable currency.


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## Lightning

Karl Deeter thinks the move of the Anglo and INBS deposits is going to be problematic:

[broken link removed]



> Anglo/Nationwide deposit books will be auctioned; this may seem like an attractive option for the desperately deposit hungry Irish banks *but TUPE19 (Transfer of Undertakings and Protection of Employment) will likely apply meaning the buyer will have a large headache on their hands* of having to employ all of the origination staff with the service. The only way to fix that problem is for the banks to rapidly shed staff but they have been unwilling to do this in large numbers to date.  Banks are going to push clients toward automated transactions (online/phone/atm based) and use charges to punish branch users as a means to funnel more people away from the branches in conjunction with the closures.



As Karl points out, Transfer of Undertakings and Protection of Employment, might mean that INBS or Anglo staff will need to move with the deposits. This will add to huge extra cost for the taxpayer. 

It might be in everyone's interest if INBS and Anglo deposits are simply returned to the depositor's like what happened in Halifax/BoSI and PostBank.


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## Peter_R_Math

This needs a dual strategy. 

INBS deposits should be returned to their respective owner, the 50 branches closed and all loans moved to NAMA or NAMA II. INBS do not even have electronic banking and their small deposit base is getting smaller. It is not worth the cost in moving the deposits. Close the circus that is INBS ASAP. 

Anglo deposits should be moved to IL&P. IL&P have a 260% loans to deposits ratio, and it is probably worse now. Move the remaining deposits to IL&P.


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## Lightning

Fair point about INBS deposits. The INBS deposits may only be worth a 3% premium, this 3% premium will probably be eaten up with paper to electronic deposit cost conversation. Agreed, that the best strategy is probably to just return the deposits to their respective depositor.


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## Lightning

The latest twist ...

According to today's Sunday Business Post, Cardinal Capital are interested in purchasing Anglo deposits, INBS deposits, PTSB and EBS. Apparently discussions are at "beyond a preliminary stage". In one sweep, the deposits of 4 of the 6 Irish banks could fall into foreign ownership.


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## theresa1

Re-brand -use PTSB system's initially merging all other's into PTSB if you like and then hopefully give some real competition and not just move in with BOI and AIB as one of the lad's so to speak.


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## Lightning

*INBS Discontinue 3 Deposit Accounts*

Banks rarely discontinue deposit accounts. It is not in their interest. Banks generally let the rate gradually decrease and take advantage of consumer inertia (not that there is any inertia amongst Irish bank depositor's these days). 

Today was an exception. INBS have discontinued 3 deposit accounts. Namely, Classical Quarterly, Premium Access and Money Maker. It is unclear what happens to legacy depositor's in these accounts. 

INBS are clearly preparing for closure and deposit transfers to AIB or BOI or Cardinal Capital or back to the relevant depositor.


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## Lightning

*Anglo and INBS finalise run-downs*

[broken link removed]



> Under the proposals, the remains of Irish Nationwide left after the transfer of loans to the National Asset Management Agency will be merged with the rump of Anglo. The deposit books of both transferred out to improve the funding of other parts of the domestic banking system.
> 
> Deposits at both institutions – estimated at less than €14 billion at Anglo and about €4 billion at Irish Nationwide – will remain guaranteed by the Government.



Interesting that there is only 14 billion EUR of deposits left in Anglo, about 73% of Anglo deposits holders have now taken their money out of Anglo since 2008.


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## Brian_R

Only 73%? I find it hard to believe that 27% of Anglo deposit holders have kept their cash in Anglo after all that has happened.


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## seantheman

Brian_R said:


> Only 73%? I find it hard to believe that 27% of Anglo deposit holders have kept their cash in Anglo after all that has happened.


Deposits are still guaranteed, and as you can see http://www.askaboutmoney.com/showthread.php?t=102329
http://www.askaboutmoney.com/showthread.php?t=101813 they still offer some of the best savings rates available


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## theresa1

Anglo is as safe as any Irish Bank and still give good savings rates - this is the new Anglo and not the old and 100% owned by the Government.

Keeping your money at low rates with AIB or BOI thinking it's so much safer and they are all nicer people is madness.


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## cdee

*As F.Gael intend to close INBS - What happens Mortgage?*

Fine Gael have announced if elected they will shut down INBS. My mortgage is with them, am I right in assuming that it would just be transferred to say EBS. If so , would my current agreed fix rate with INBS still hold or would I be at the mercy of variable rates?


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## TSThomas

Won't know for sure until an announcement is made really. Can't imagine existing contracts would be torn up though.


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## Lightning

cdee said:


> Fine Gael have announced if elected they will shut down INBS. My mortgage is with them, am I right in assuming that it would just be transferred to say EBS. If so , would my current agreed fix rate with INBS still hold or would I be at the mercy of variable rates?



EBS/BoI/AIB/Cardinal Capital/NAMA II or whoever will need to honour your fixed rate mortgage conditions. 

The Sunday Business Post has said that the decision as to where deposits in Anglo & INBS are going will be approved by the EC later this month.


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## TSThomas

http://www.rte.ie/news/2011/0208/anglo.html


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## txirimiri

Interestng, thanks TSThomas for the link

I have my savings in Anglo - wonder whether it is worth now moving them. They still have the best instant access deposit rate on the market, although I assume this may not last the move to the new institution


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## theresa1

I would not move - wait and find out your new home and yes if they start dropping the rates then re-locate your Deposits.


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## TSThomas

I've deposits in both INBS & Anglo, not taking any action either, but ehh, figure an update's an update.


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## camlin90

Anyone clear if Anglo & INBS are still open to new business?


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## Lightning

Good question Calim. 

I am just starting to read up on today's events and I am trying to figure out if they are still taking new deposits. 

The INBS website does not clear it up:



> IMPORTANT NOTICE FOR CUSTOMERS
> 
> 8 FEBRUARY 2011
> 
> Irish Nationwide Building Society has today received instruction from the High Court in the form of a Direction Order, enabling the National Treasury Management Agency (NTMA) to:
> 
> begin a process, in accordance with State aid rules, to transfer deposits and assets held by Irish Nationwide Building Society to a third-party financial institution; and
> 
> take the initial steps to implement the restructuring plan for INBS as submitted to the European Commission for approval at the end of January this year.
> This order facilitates the Minister’s plan to restructure INBS which is in accordance with the provisions of the EU/IMF Programme of Financial Support for Ireland.
> 
> The Direction Order was granted under the Credit Institutions (Stabilisation) Act 2010.
> 
> Deposit Auction process
> 
> The NTMA will immediately commence an Auction process to invite interested, fully regulated financial institutions to tender for the INBS deposits.  It is intended that this Auction process will conclude as quickly as possible. Further information will be provided to customers following successful completion of the transfer.
> 
> Deposit Security
> 
> Deposits will be transferred in a seamless manner and no action will be required by depositors. It should be noted that the position of depositors in INBS remains fully secure and that any transfer will take place, and be accepted by, another institution on the basis of the existing terms and conditions.  Depositors will also continue to have full access to their funds during and after the Auction process in line with existing terms and conditions.
> 
> Restructuring Plan
> 
> The initial steps to implement the Restructuring Plan will involve making preparations for the orderly work out, in a manner which minimises losses, of the INBS loan book. It will also involve the combination of Anglo and INBS,  into a merged entity regulated by the Central Bank of Ireland.
> 
> The Direction Order enables and affords the necessary legal protection to INBS to commence the process of restructuring as envisaged in the restructuring plan.
> 
> Staff
> 
> The position of employees within INBS that will be affected by the transfer will be safeguarded in accordance with applicable employment legislation.
> 
> Commenting on the Direction Order, Gerry McGinn, Chief Executive said, “Today Irish Nationwide received direction from the High Court which provides further clarity on the future of the Society and the Government’s planned restructure of the banking system. We acknowledge the continued support of the State and will comply fully with the Direction Order. Customer deposits remain fully secure, our branch network remains open and customers should continue to transact as normal.”
> 
> Customers who wish to find out more about today’s announcement should visit the INBS website www.irishnationwide.ie.  Further information on today’s announcement can also be found on the Department of Finance website www.finance.gov.ie
> 
> Press Statement:
> 
> www.finance.gov.ie/viewdoc.asp?DocID=6685
> 
> Frequently Asked Questions
> 
> www.finance.gov.ie/documents/pressreleases/2011/bl174append.pdf



A deposit auction will be interesting. No guarantee that the deposits will go to an Irish bank but they do need the extra deposits badly.


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## Lightning

More from Anglo:



> Anglo Irish Bank Corporation Limited
> 
> Statement by Anglo Irish Bank Corporation Limited
> 
> Anglo Irish Bank Corporation Limited (Anglo) has today (8th February 2011) received a Direction Order from the High Court to;
> 
> (i) Begin a process, in accordance with EU State aid rules, to transfer deposits and assets held by Anglo to a third-party financial institution or institutions; and
> 
> (ii) Take the initial steps to implement the restructuring plan as submitted to the European Commission at the end of January this year.
> 
> This Order facilitates the Minister’s plan to restructure Anglo, which is in accordance with the provisions of the EU/IMF Programme of Financial Support for Ireland.
> 
> The Direction Order was granted under the Credit Institutions (Stabilisation) Act 2010.
> 
> Auction process
> 
> The NTMA will immediately commence an auction process to invite interested, fully- regulated financial institutions to tender for Anglo’s deposits. It is intended that this process will conclude as quickly as possible.
> 
> Restructuring Plan
> 
> The initial steps to implement the restructuring plan will involve the deposit transfer process described above and the preparation of Anglo’s loan book for its orderly work out, in a manner which minimises losses. The process will also involve the amalgamation of Anglo and Irish Nationwide Business Society (INBS) into a merged entity regulated by the Central Bank of Ireland, subject to EC approval of the Restructuring Plan. The Direction Order begins the process of restructuring Anglo as envisaged in the restructuring plan in a manner that benefits from necessary legal protections and is recognised in other EU Member States.
> 
> Depositors
> 
> Deposits will be transferred in a seamless manner and no action will be required by depositors. It should be noted that the position of depositors in Anglo remains fully secure and that any transfer will take place and be accepted by another institution on the basis of the existing terms and conditions. Depositors will also continue to have full access to their funds during and after the auction process.
> 
> Staff
> 
> The position of employees in the business areas of Anglo that will be affected by the transfer of deposits and assets will be safeguarded in accordance with applicable employment legislation. Commenting on the Direction Order, Mike Aynsley, Chief Executive Officer of Anglo said: ‘Today’s High Court Direction Order is the first step taken by the Minister for Finance in relation to the restructuring of our Bank. It is a necessary step in enabling the possibility of a wider restructure of the banking sector to happen. The Board and I welcome today’s Direction Order which brings further clarity about the future of the Bank. We acknowledge the continued support of the State and will comply fully with the Direction Order.’
> 
> Ends
> 
> For further information, please contact:
> 
> Billy Murphy / Martha Kavanagh
> Drury
> Tel: 01 260 5000
> 
> ------------------------------


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## Lightning

It would appear that they are still taking deposits. I will phone them tomorrow to confirm. 

Although, Karl Deeter tweeted:



> INBS not taking any new biz applications, any submitted already will still be dealt with


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## Lightning

A very good Q&A on the topic here:


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## Grizzly

When Bradford and Bingley were nationalised their deposits ended up in Santander. Unfortunately as a shareholder my shares ended up down the drain.


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## Lightning

The deposits could go to a hedge fund:

http://www.guardian.co.uk/business/...b/09/foreign-banks-bidding-anglo-irish-spoils



> The Irish Banking Officials Association told the Guardian it was concerned desperately needed Irish cash would now go abroad.
> 
> Larry Broderick, general secretary of the IBOA, said: "My biggest concern would be that they would let these go to a hedge fund or a foreign institution. That would not be good for Ireland Inc.
> 
> "If the deposits and assets are redistributed among the Irish banks it would have an enormous potential to stabilise the Irish banks and to protect more jobs."
> 
> Today it transpired that the auction is not taking place on a pure open market anyway.
> 
> Only those who signed a non-disclosure-agreement by Monday – the day before the court hearing – will be able to bid for the Anglo and INBS loot.
> 
> Letters went to out to credit institutions "licensed by the Irish Central Bank" last week advising them of the imminent opportunity to buy the deposits.
> 
> The list of licensed institutions according to the viewable central bank's register, includes everything from exotic outfits such as the Philippine National Bank (Europe) and the Piraeus Bank to more familiar names such as Rothschild, Morgan Stanley and Lloyds.


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## Lightning

INBS and Anglo are still taking new deposits.


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## phester

If access to my deposits at Anglo are unaffected by the transfer then when Anglo closes its doors do I have to go into the receiving banks branch to get access to my money or would it be through an Anglo branch (if they remain open)


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## Lightning

phester said:


> If access to my deposits at Anglo are unaffected by the transfer then when Anglo closes its doors do I have to go into the receiving banks branch to get access to my money or would it be through an Anglo branch (if they remain open)


 
You will need to go into the receiving bank, if they have a high street presence.


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## theresa1

I wonder are Ulster,Rabo,Northern Rock a possibility - BOI or AIB not a sure bet anymore.


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## messyleo

I definitely would rule out Rabo - they would not agree to pay that kind of interest rate. I think it could be PTSB given they need the deposits & are offering high enough rates these days anyway. But it's just a guess!


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## Lightning

theresa1 said:


> I wonder are Ulster,Rabo,Northern Rock a possibility



Possibility, yes. Likely, no.


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## gnubbit

Is there any advantage to leaving Irish Nationwide/Anglo deposits in place until they are moved?  

Also, I have an ancient Investment Share a/c in INBS; would that be covered by the usual deposit guarantees?


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## jpd

Given that IN/Anglo rates are generally higher than everyone else's you would be getting a lower rate. 

It seems that when they are moved, the existing t&cs will still apply but as these have a get-out clause, it would expect that the rates will be lowered shortly after the transfer anyway.


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## jackbetal

*Mortgage Rates*

Does anyone have any opinion on what may happen with INBS mortgage rates taken everything into account??


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## gnubbit

Thanks jpd.


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## serotoninsid

jpd said:


> Given that IN/Anglo rates are generally higher than everyone else's you would be getting a lower rate.


There's a get-out clause on this?  
I asked this very same question earlier in this thread - and CiaranT seemed to think that they (the 'new' or 'receiving' bank) would have to honour the rates?


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## theresa1

Yes say it's a fixed term they will honour it until maturity but say it's a premium demand a/c with Anglo for example the following day after taking over the Deposits they could lower the interest rate.


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## Lightning

theresa1 said:


> Yes say it's a fixed term they will honour it until maturity but say it's a premium demand a/c with Anglo for example the following day after taking over the Deposits they could lower the interest rate.



Exactly.


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## Lightning

Good article on the latest hiccup ...
http://namawinelake.wordpress.com/2011/02/15/4069/



> It’s like the Hotel Rwanda but instead of blood thirsty Hutus, you have the beleaguered Department of Finance whose intent isn’t to “chop the cockroaches” but to “burn the bondholders”. But first they needed the Blue Helmets (in our case represented by Granny Ni Houlihan’s life savings on deposit in Anglo) to leave before it becomes a free-fire zone. And perhaps as soon as next week, Granny Ni Houlihan’s deposits will have been transferred out of Anglo following the decision last week to auction off the deposit books of Anglo and INBS.


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## Brendan Burgess

Continued in this thread


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