Anglo Irish Bank nationalised by Irish government
The Irish government nationalised Anglo Irish Bank on 16 January 2009 following consultation with the Central Bank and financial regulator, which confirmed Anglo Irish remains solvent. The bank's shares had been suspended the previous morning.
The bank's funding position had weakened due to "unacceptable circumstances" causing "serious reputational damage" at a time of negative investor sentiment. In December, former chairman Sean FitzPatrick resigned after failing to disclose EUR87 million in personal loans from the bank.
Offshore savers' deposits in Anglo Irish Bank International will be fully protected. The group has operations in Jersey and the Isle of Man, providing offshore personal savings products, commercial lending and corporate treasury.
Under the Isle of Man Depositors' Compensation Scheme, 100% of an individual's account balance up to the first GBP50,000 is guaranteed. If deposits exceed this amount, Anglo Irish Bank fully guarantees all deposits made with the Isle of Man arm. Depositors with the Jersey subsidiary are also fully guaranteed by the parent bank.
Anglo Irish Bank (Austria) was sold to Swiss bank Valartis on 5 September 2008. Following approval of the regulatory authorities, the bank in Vienna continues to operate as an independent subsidiary under the new name of Valartis Bank (Austria). This sale followed the disposal of Anglo Irish's Isle of Man trust operations in 2006 and of its Swiss private bank earlier in 2008.
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