Tuesday 21 February 2017

State banks had €1m ad bill ahead of wind-down

Published 22/02/2011 | 05:00

STATE-owned Anglo Irish Bank and Irish Nationwide spent almost €1m on advertising last year -- in the period immediately before their wind-down was announced.

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The ad spend is revealed in new figures compiled for the Irish Independent using data from media monitor Nielsen.

Despite its far smaller size, Irish Nationwide was the bigger spender in the year, booking ads with a rate card value of just under €480,000.

The data also shows that Irish Nationwide continued spending right up until November, when €121,000 was spent on ads, even though the wind-down of Nationwide had been on the cards from early September.

"Until there was a definite sale process announced, Irish Nationwide continued to manage and promote its business as normal in order to keep its deposit and loan books in the best possible condition for a new owner," a spokeswoman for the agency said yesterday.

Anglo Irish Bank, meanwhile, racked up advertising with a rate card value of just over €450,000 last year, but did not spend any money between August and December.

The ad money stopped flowing more than a month before the September revelations that Anglo's plan to split itself into a 'good' bank and a 'bad' bank had gotten the thumbs down from Brussels.

A spokeswoman for Anglo declined to comment. It is understood that the bank's advertising activity related exclusively to two new deposit products launched in 2010.

Irish Independent

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