Our focus
Since nationalisation, we have been focused on asset recovery. Restructuring initiatives have been in line with the Credit Institutions (Stabilisation) Act 2010 and the Bank's EC approved restructuring plan to:
- Maximise recovery for the Irish taxpayer whilst working cooperatively with our stakeholders
- Work-out our asset portfolio
- Reduce our costs
- Fully support external investigations
How are we doing it?
1. Our staff and management
In order to reach our goal of working out the Bank by 2020, we have made some staff and management changes. In 2009, we put in place a new senior team, experienced in asset recovery. We also launched a voluntary redundancy programme, to reduce staff and costs as fairly as possible. In 2011, we closed our European branches.
2. Our loan books
Initially, as part of the restructuring process, the Bank conducted a full review of its business areas and loan books to facilitate strategic decisions. We have sold our Scottish loan book and are well advanced in the sale process for the US loan book. We continue to review other opportunities for future phases of the Bank’s resolution.
3. Recovery
We have focused our entire organisation on the orderly work-out of the Bank’s loan books over time. A purpose built specialised unit within the Bank works with our remaining customers, to help retrieve as much as we can - through restructuring loans and resolution of individual cases.
Our mission
Our goal is to achieve full resolution of the Bank by 2020. Until then, we’ll work as effectively and efficiently as we can to recover as much as possible for the Irish taxpayer.