Irish Nationwide assets and liabilities transferred to Anglo
The assets and liabilities of Irish Nationwide Building Society have been transferred to Anglo Irish Bank as part of the Government’s plan for the work-out of the two entities.
The transfer includes the management of the INBS commercial loan book on behalf of NAMA and the remaining commercial banking operations and mortgage business of INBS.
Under this transfer all mortgage holders previously with Irish Nationwide have now transferred to Anglo. Mortgage customers will continue to have the same payment obligations in line with existing terms and conditions, and mortgage accounts will transfer with existing terms and conditions. No action is required by customers.
All property held by Irish Nationwide is also included as part of today’s transfer announcement.
As a result of this action, all Irish Nationwide employees automatically transfer to the employment of Anglo with immediate effect.
The name of the new entity will change to Irish Bank Resolution Corporation (IBRC), but this will not come into effect until approved integration processes have been completed.
Irish Nationwide boss Gerry McGinn, Chief Executive said: "(This) is the culmination of many months hard work by the employees at Irish Nationwide as we prepared the Society for work out…We remain very thankful to the Irish government and taxpayer for their support through this process."
