Nationalisation
Anglo Irish Bank Corporation plc ('the Bank') was nationalised in January 2009 and its name was changed to Anglo Irish Bank Corporation Limited. The business of Irish Nationwide Building Society (INBS) was transferred to the Bank in July 2011 and the business was renamed IBRC in September 2011. See below for an overview of what happened and what happens next.
September 2008
The Irish Government announces a guarantee for all deposits and borrowings for six Irish owned banks, including the Bank and INBS
January 2009
The Anglo Irish Bank Corporation Act 2009 was signed, and the Bank was taken into State ownership. Subsequently in December 2009, the members of INBS passed a Special Resolution and enabling the society to issue special investment shares to the Minister or his nominee.
February 2011
The vast majority of the Bank's remaining Irish and UK customer deposits, plus over 200 staff transferred to the AIB Group. INBS deposits and approximately 240 staff transferred to Permanent TSB.
June 2011
The European Commission (EC) approved the Joint EC Restructuring and Work Out Plan for the Bank and INBS.
July 2011
The Business of INBS transferred to the Bank and the Bank's name change to Irish Bank Resolution Corporation Limited was announced.
What happened
In January 2009, the Irish Government in consultation with the Board of the Bank, the Central Bank of Ireland and the Financial Regulator, decided to nationalise the Bank. Shares were subsequently de-listed from the Irish and London Stock Exchanges and ownership of all shares transferred to the Minister for Finance. Click here for Minister's statement
The National Asset Management Agency Act 2009 amended The Building Societies Act 1989 to permit the issue by building societies of special investment shares to the Minister for Finance and at a Special General Meeting of INBS on 18 December 2009, the members of the society passed a Special Resolution entitling the society to issue special investment shares to the Minister of Finance, or his nominee.
What happens next
A joint restructuring plan for the Bank and INBS was approved by the European Commission in June 2011. The business of INBS was transferred to the Bank on 1 July 2011 and the combined entity will now be resolved within the next ten years.