Premier Cash Account News
It was announced on Thursday 15 January that
Anglo Irish Bank, the provider of our Premier Cash Account, has
been nationalised by the Irish Government. The following
information is provided for our Premier Account
customers.
Information provided by the Irish Regulator
Anglo Irish Bank plc: Information for
consumers
Q: What is the Government
doing?
A: The Government is taking
Anglo Irish Bank 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 will continue to open as normal
and the staff there will continue to assist you with your banking
requirements. All customers will be communicated with directly by
Anglo in the coming days.
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 Government’s deposit guarantee scheme up to a
limit of €100,000. Up until September 2010, this protection is
supplemented by the Bank Guarantee Scheme which guarantees all
deposits. The nationalisation of Anglo will in no way adversely
impact the deposits of customers.
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: Is my money safe forever or is
there a time limit to the Government ownership/state
guarantee?
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: 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. It will be business as
usual for the bank's customers. All customers will be communicated
with directly by Anglo in the coming days.
Q: Will Anglo's offices remain
open in the normal way?
A: Yes – normal office opening hours will apply and it will be
‘business as usual’ from the customer’s perspective. All customers
will be communicated with directly by Anglo in the coming days.
Q: Will Anglo's staff be there to
answer my calls and tell me what is going on?
A: Yes. 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 in the coming days.
Q: If I leave my money there will it
still earn interest?
A: It will be business as usual for the bank's customers and
the terms and conditions of your account will remain the same. All
customers will be communicated with directly by Anglo in the coming
days.
Q: If I lodge more money to my
account is it safe/is it guaranteed?
A: Yes, under the Deposit Protection Scheme and the Government
Guarantee Scheme all deposits in the bank are covered.
Q: I have a (commercial) loan with
Anglo. How will it 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 management of Anglo with
regard to the running of the business.
Information provided by Anglo Irish Bank
Your questions answered
What does the
"nationalisation" of Anglo Irish Bank
mean?
The Irish Government decided, having consulted with the Board of
Anglo Irish Bank Corporation plc, to take steps that will enable
the Bank to be taken into public ownership. This means the Irish
Government now owns the Bank.
Are my savings still secure and available as
before?
All customers of Anglo Irish Bank can be assured that the full
amount of their deposits and savings are further safeguarded by the
Bank being taken into public ownership. The terms and conditions of
your account are not affected by the change in ownership of the
Bank.
Will this affect how I operate my
account?
You can be assured that you can and should continue
transacting with Anglo as normal and there is no need for customers
to take any steps as a result of this announcement. Anglo Irish
Bank will communicate directly with all customers in the coming
days.
Who will run the Bank now?
Anglo will be managed on an arms length basis as a commercial
entity. A new Board will be appointed having regard to the need for
appropriate continuity. The Irish Government has made clear that it
will ensure its continued viability. Anglo Irish Bank will continue
to trade normally as a going concern, with appropriate Government
support as necessary. The recently appointed Chairman of the Board,
Mr. Donal O’Connor, will stay on as Chairman.
What is the impact on my Savings products and interest
rates?
All products and interest rates are unchanged. We review rates from
time to time. Our current rates are available here
and we will notify you of any rate changes on products you hold by
mail when appropriate.
What does this mean for my deposit
protection?
There is no change to your deposit protection. See
FAQs for details.
I've applied for an account but it is not yet open. What
happens now?
There is no change. You will hear about the status of your
application when we have processed it, as normal.
What is the impact on my account and
service?
There is no change. Your accounts and our service commitments
remain unchanged.
This information is also contained within the
following websites:
whttp://www.itsyourmoney.ie
http://www.angloirishbank.co.uk/
If you have any further questions please
contact us.