AIB to be split up

Published on

Anglo Irish Bank (AIB) is to be split into a Funding Bank and an Asset Recovery Bank, the Ministry of Finance (MoF) in Ireland has announced.

The split is expected to take effect on 1 January 2011.

The MoF stated that the guaranteed position of depositors will be unchanged by the new arrangements and no action is required of them as a result of today’s announcement. It is planned that Anglo Irish Bank’s depositors – including those based in the UK – will become customers of the Funding Bank which will be fully capitalized and continue as a regulated bank.

Anglo Irish Bank operates in the UK through an EEA (European Economic Area) branch. It operates a commercial lending business and offers savings accounts through a telephone and post-based service.

Latest articles

Supporting downsizers could ease the housing crisis, says OPDA

Helping older homeowners to downsize could play a critical role in easing the UK’s...

Nearly half of landlords plan rent hikes ahead of new legislation

Almost half of UK buy-to-let landlords plan to increase rents in anticipation of the...

Bank of Ireland supports intermediaries with mentoring partnership

Bank of Ireland for Intermediaries has announced a new partnership with UK Business Mentoring,...

Roma Finance unveils new commercial development product

Roma Finance has unveiled a new commercial development finance product, marking the first extension...

Mikos Gyros turns to invoice finance to fuel expansion

Mikos Gyros, the Greek street food brand that has grown from a single shop...

Struggling homeowners warned to steer clear of mortgage scams

Homeowners facing mortgage arrears are being warned not to fall prey to fraudulent schemes...

Latest opinions

Seven things mortgage lenders can do to help landlords

As a mortgage broker, I receive countless emails from buy-to-let mortgage lenders boasting about...

Are you considering all product options for your customers?

Despite the ups and downs of the world’s money markets, today the UK Mortgage...

Execution-only or (Consumer) Duty of care? The FCA can’t have it both ways

Thankfully, there has been a growing amount of interest and analysis of the FCA’s...

The accessibility gap in mortgage tech — and why it matters now

In an industry built on trust and transparency, mortgage brokers can’t afford to overlook...

Professionalism, planning and portfolio strategy: the evolution of buy-to-let

I took part in a panel session in London earlier this month with some...

Rate cut momentum is welcome, but presents challenges for advisers

In recent weeks, we have seen a welcome shift in momentum across the mortgage...

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Other news

Supporting downsizers could ease the housing crisis, says OPDA

Helping older homeowners to downsize could play a critical role in easing the UK’s...

Nearly half of landlords plan rent hikes ahead of new legislation

Almost half of UK buy-to-let landlords plan to increase rents in anticipation of the...

Bank of Ireland supports intermediaries with mentoring partnership

Bank of Ireland for Intermediaries has announced a new partnership with UK Business Mentoring,...
Advertisement