Business Irish

Thursday 22 March 2018

A few months down the line

It's taken more than two years to get things really moving on Anglo Irish Bank and Irish Nationwide -- how long will it take for yesterday's announcement to yield hard results?

- In the next fortnight . . .

The Department of Finance is hoping to have a buyer agreed for the €14bn loan book of Anglo and Irish Nationwide within "approximately" two weeks.

The actual transfer of the deposits, and the staff who'll move with them, is expected to take longer.

- In the next month . . .

The Government would like to have formal sign off from the European Commission on the wider restructuring plans for Anglo and Nationwide as soon as possible, hopefully within a month.

The detailed plans were only submitted on January 31, but Europe is understood to have already indicated support for the broad thrust of the measures. When the plan gets the nod from Brussels, a detailed announcement on job cuts is expected to be made.

- In the next six months . . .

By summer, the brand names of Anglo and Irish Nationwide should have disappeared, and the executive teams of the two institutions should have set up camp at a shared location.

The deposit books and staff may have physically transferred across to their new owner at this stage, and the process of "rationalising" the remaining bank should be well under way.

Irish Independent

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