Thursday 26 April 2018

Toxic Anglo gets a makeover to the all new Irish Bank Resolution Corporation

A workman removes the Anglo signage from the bank's headquarters earlier this year. Photo: Collins
A workman removes the Anglo signage from the bank's headquarters earlier this year. Photo: Collins

Lyndsey Telford

The brand which symbolised the most toxic parts of the Irish economy is no more - Anglo Irish Bank has officially switched to a new identity.

The institution has formally changed to the Irish Bank Resolution Corporation (IBRC) in the latest move to shake off its notorious past of reckless lending.

Group chief executive Mike Aynsley insisted the disastrous practices and cost to the Irish taxpayer were gone but would not be forgotten or forgiven.

"With these infamous names now committed to history, the new board and management of the bank will continue with focus and determination to recover as much money as possible for the State, as the organisation is fully wound down under the name IBRC," he said.

The new brand incorporates both Anglo and a second bust lender Irish Nationwide Building Society.

Its eventual wind down is expected to cost Irish citizens up to €30 billion.

Mr Aynsley added: "The Anglo name will cease to exist from today and the recently merged institution of Anglo and INBS will be officially known by this new name.

"I strongly believe that, in addition to meeting practical requirements for the merged organisation, this name change is of symbolic importance to all of us as we move on from the past.

"The cost to the Irish taxpayer caused by the disastrous lending practices and poor stewardship of Anglo Irish Bank and INBS will not be forgotten or forgiven."

State-owned Anglo dramatically reduced losses to just over €100 million this year, down from the record-breaking losses of €8.2 billion it suffered in 2010.

Signs and logos on Anglo offices were removed from last April, including the most high profile from above the Stephen's Green headquarters in Dublin.

Under the restructuring, 120,000 Anglo deposit customers had accounts holding €8.6 billion moved to Allied Irish Banks.

About €3.6 billion of deposits held by 160,000 Irish Nationwide customers were moved to Irish Life and Permanent.

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