Anglo Irish Nationwide Bank plan to go before European Commission-IT 8/12/10

powderfinger

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Jun 13, 2007
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Simon Carswell reports that a joint proposal from Anglo Irish Bank and Irish Nationwide Building Society is in preparation for presentation to the EC.This plan involves the merger and eventual run down of the two.
The Dept. of Finance and NTMA along with executives from the two distressed lenders will co-ordinate the merger/rundown project.
Troubled lenders propose to merge and be run down - The Irish Times - Wed, Dec 08, 2010

The plan covers issues such as how to transfer deposits at Anglo, which stand at about €14 billion, and about €4 billion in deposits at Irish Nationwide, elsewhere within the banking system. The future of the building society’s 50 branches is also under discussion.
An assessment of the staffing requirements of the merged entity will be examined in detail. Anglo employs about 1,300 staff and Irish Nationwide about 400.
A spokesman for the department said he could not immediately comment. An NTMA spokesman had no comment to make. Neither Anglo nor Irish Nationwide had a comment. Among the other areas under discussion is how to handle the bonds issued by Nama in return for the purchase of loans totalling about €43 billion from the two institutions. Both have large deposit bases in their subsidiaries in the Isle of Man which are also subject to detailed planning.
 


Newsy

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Aug 23, 2009
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A little off point, but how does anglo have 1,300 staff??

How many branches does it have??

Do these numbers include international branches??

It seems a hell of a lot of employees, for a busted bank??
 


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