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Court gives deposits transfer all- clear

MORE than 280,000 depositors will this morning find their savings moved from Anglo Irish Bank and Irish Nationwide to AIB and Permanent TSB.

The news comes after the High Court yesterday gave the State the all-clear to transfer €12.2bn of Anglo and Nationwide's deposits away from the failing institutions.

Nationwide's branches are expected to be rebranded as Permanent TSB over the coming months, while Anglo's brand will also be taken off all deposit literature.

The Department of Finance has stressed that all deposits will be unaffected by the move, with AIB and Permanent TBS guaranteeing to maintain all interest rates and all other existing terms and conditions.

Under the deal, 210 of Anglo's staff will be transferring to AIB with immediate effect and are expected to be moved to new AIB offices over the coming months.

Some 237 Nationwide staff are now employees of Permanent TSB, but most of them will stay in their current branches for the immediate future.

Both AIB and Permanent TSB have committed to maintaining the pay, terms and conditions of all transferring staff.

But the Irish Independent has learned that the Anglo and Nationwide staffers have been given no guarantees that they won't be affected by an upcoming round of banking job cuts.

AIB is expected to slash thousands of jobs over the coming months when it completes an internal review. Permanent TSB is also likely to cut jobs.

Irish Independent