IBRC Wealth Management Media Release
IBRC announced today, 30th January 2012, that a decision was taken by the Board last Wednesday, to wind down its Wealth Management Division, and to progress a mechanism to effect the orderly wind down. The Board has unanimously approved the strategy and direction put forward by management following a comprehensive process run by the Bank to evaluate all of the alternatives available for the future direction of its Wealth Management business.
The Bank will now seek ratification from the Minister for Finance, through the Department, pursuant to requirements imposed by the Minister under the Credit Institutions Stabilisation Act on April 7th 2011.
Further details are commercially sensitive at this point but will be disclosed in due course.
IBRC also stated today that the disposal of any loans connected to the Wealth Management business is being looked at comprehensively as part of the Bank’s overall disposal process. IBRC remains in ongoing talks with numerous parties for the disposal of all loans in line with its de-leveraging mandate.
The Bank’s loan disposal process is a completely separate process to the disposal of the Wealth Management Division, which is a business regulated by the Central Bank of Ireland, where the interests of the policy holders must be protected in line with regulatory obligations. As such IBRC will continue to balance its deleveraging obligation with the capital, regulatory, risk and legal obligations it has in order to maximise the outcome for the Irish taxpayer.
The IBRC Wealth Management business continues to operate as normal for clients.
-Ends-
For media enquiries please contact:
Peter Fitzgerald
Head of Corporate Affairs
IBRC
Tel: + 353 1 231 6050