Anglo Irish Bank Corporation Limited: Information for consumers
Q: What is the Government doing?
A: The Government has taken Anglo Irish Bank Corporation plc ("Anglo") into public ownership. This means that it is the Government and not the shareholders that own the institution and it will appoint people to run Anglo and to continue business as normal.
Q: What does it mean for me?
A: This development will make no difference to how you interact with Anglo and you can expect your business to be handled as normal. Anglo's branches (see contact details below) will continue to open as normal and the staff there will continue to assist you with your banking requirements. The staff of Anglo are being kept informed of developments and they should be able to answer all of your questions. All customers will be communicated with directly by Anglo.
Q: Is my money safe?
A: Depositors in Ireland enjoy robust protection when it comes to the security of their money. Existing deposits in Anglo are protected under the deposit protection scheme up to a limit of €100,000. Up until September 2010, this protection is supplemented by the Government Bank Guarantee Scheme which guarantees all deposits. The nationalisation of Anglo will in no way adversely impact the deposits of customers.
Q: Is my money safe forever or is there a time limit to the Government ownership?
A: The Government intends to take control of the bank and to put it on a sound financial and commercial footing. No time limit to Government ownership has been determined. You can be assured that the State will continue to ensure the viability of the bank. All customers will be communicated with directly by Anglo in the coming days.
Q: I am a UK resident (any other non Irish resident), are my savings protected?
A: The current Government guarantee scheme covers all deposits regardless of their nationality – this includes subsidiaries of Anglo and all customers. All customers will be communicated with directly by Anglo in the coming days.
Q: Can I withdraw my money immediately?
A: You can continue to bank as usual with Anglo under the normal terms and conditions of your account. If you have a notice account and you withdraw money, you may lose out on interest due, so check with Anglo directly.
Q: I have a (commercial) loan with Anglo. How will I be affected?
A: You should continue to make your repayments to Anglo in the normal way. There will be no change to your loan terms and conditions. All customers will be communicated with directly by Anglo in the coming days.
Q: Who is Anglo now regulated by?
A: Anglo remains regulated by the Financial Regulator and it will continue to be subject to the normal prudential and consumer protection rules. The Financial Regulator will work closely with the Department of Finance and the new Board of Anglo with regard to the running of the business.
Q: I have shares with Anglo. How will I be affected?
A: As part of the legislation introduced by the Minister for Finance, shares in Anglo will be transferred to him. The Minister has said that he will appoint an independent assesor, who will decide the value of the shares and decide what level (if any) of compensation shareholders will get. You can get more information on the Department of Finance website.
If you have further questions, please contact the following:
Anglo Personal Customers: 1850 44 22 22 / +353 1 616 2494
Anglo Investor Relations: +353 1 616 2542
Relevant links:
Minister's statement on the Department of Finance website
Anglo Irish Bank Corporation Bill 2009
Published Date: 15/01/2009