08 Sep 2010
Ireland’s Ministry of Finance (MoF) has today announced that Anglo Irish Bank will be split into a Funding Bank and an Asset Recovery Bank. This 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 is based in Ireland, and the lead regulator is the Irish Financial Regulator. The Financial Services Authorities (FSA) is working closely with the Irish authorities.
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.
