Monday 5 December 2016

Anglo lodges patent to rename savings unit 'Banc Nua'

Published 13/11/2010 | 05:00

ANGLO Irish Bank is considering naming its planned new savings unit 'Banc Nua'.

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Showing the same lack of inspiration it displayed in its financial dealings, the bank has lodged an application with the Patents Office to register the name.

The trademark submission notes that Banc Nua's potential activities include the provision of financial services, internet banking and retail banking.

It also notes that the 'Banc Nua' name could be used for various marketing purposes -- including printing it on "toys, games and playthings", as well as golf balls.

Anglo spent €208,000 on golf balls and €218,000 on golf umbrellas prior to being nationalised. Of the 125,000 golf balls bought, just 1,000 were located.

The trademark application was made by a company called Phaenom, which is part of the web of subsidiaries that's part of the Anglo group.

The Banc Nua name was one of those in the mix when the Government originally planned to split the institution into a 'bad bank' and 'good bank'.

That plan has now been scrapped, with Anglo's abysmal lending record deemed a major obstacle by the Government and the European Commission to undertaking the move.

It is now planned to create a savings bank and an asset recovery bank from Anglo's carcass.

Irish Independent

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