First Active
Encyclopedia
First Active was an Irish bank
, and former building society
which was merged in to Ulster Bank
in late 2009, ceasing trading in February 2010. It traditionally offered a range of mortgages, savings, investment
, pension
and life assurance products, but from 2007 onwards, also offered credit cards, ATM accounts and current accounts as well as online banking and Laser/Maestro debit cards.
in 1875 under the Building Societies Act, 1874. In 1960 the name of the Society was changed to First National Building Society. Over a period of years First National grew both organically, through expansion of its branch network, and by the acquisition of the business of five small building societies:
In 1994 First National acquired Mortgage Trust Limited, a UK
centralised mortgage lending business. In 1995 a deposit taking subsidiary commenced business in Guernsey
, Channel Islands
. The Group's UK operations were expanded in 1996 through the acquisition of The Mortgage Corporation. A retail deposit taking operation was established in England
in 1996 to obtain sterling deposits to fund the Group's growing mortgage business in the UK.
At the 1998 Annual General Meeting
the members voted to convert to a public limited company
and to list the Company shares on the Irish and London Stock Exchange
. Conversion occurred on 7 September 1998, the shares were listed on 6 October 1998 and simultaneously the company raised IR£
132 million in new capital from existing members and from the institutional markets.
Between September 2000 and December 2002 First Active sold its investments in First Active Financial in the UK to Britannic Assurance plc.
From the 1990s, it used an advertising campaign which involved contradicting received knowledge about finance. Examples included the First Active representative telling "Most people" that there's no need to keep switching mortgage companies, finding "whoever said that you need to keep switching mortgages in order to get the best deal", and finding where it is written that it takes ages to get a decision on your mortgage.
On 5 January 2004, First Active became a wholly owned subsidiary of the Royal Bank of Scotland Group that also owns Ulster Bank
. On 26 January 2009, it was announced that First Active would cease to operate as a separate entity and its operations would be merged with those of Ulster Bank, with the loss of 750 jobs (550 in the Republic of Ireland and the balance in Northern Ireland). From September 2009, it ceased offering any new products to customers in preparation for the merger.
Bank
A bank is a financial institution that serves as a financial intermediary. The term "bank" may refer to one of several related types of entities:...
, and former building society
Building society
A building society is a financial institution owned by its members as a mutual organization. Building societies offer banking and related financial services, especially mortgage lending. These institutions are found in the United Kingdom and several other countries.The term "building society"...
which was merged in to Ulster Bank
Ulster Bank
Ulster Bank is a large commercial bank, one of the Big Four in both Northern Ireland and the Republic of Ireland. The Ulster Bank Group is subdivided into two separate legal entities, Ulster Bank Limited and Ulster Bank Ireland Limited...
in late 2009, ceasing trading in February 2010. It traditionally offered a range of mortgages, savings, investment
Investment
Investment has different meanings in finance and economics. Finance investment is putting money into something with the expectation of gain, that upon thorough analysis, has a high degree of security for the principal amount, as well as security of return, within an expected period of time...
, pension
Pension
In general, a pension is an arrangement to provide people with an income when they are no longer earning a regular income from employment. Pensions should not be confused with severance pay; the former is paid in regular installments, while the latter is paid in one lump sum.The terms retirement...
and life assurance products, but from 2007 onwards, also offered credit cards, ATM accounts and current accounts as well as online banking and Laser/Maestro debit cards.
History
First Active was founded in 1861 as the Workingman's Benefit Building Society. It was incorporated in IrelandIreland
Ireland is an island to the northwest of continental Europe. It is the third-largest island in Europe and the twentieth-largest island on Earth...
in 1875 under the Building Societies Act, 1874. In 1960 the name of the Society was changed to First National Building Society. Over a period of years First National grew both organically, through expansion of its branch network, and by the acquisition of the business of five small building societies:
- Grafton Savings and Building Society, acquired in 1974
- The Guinness Permanent Building Society, acquired in 1984
- Ireland Benefit Building Society, acquired in 1984
- Irish Life Building Society, acquired in 1993, and
- Postal Service Permanent Building Society, acquired in 1985.
In 1994 First National acquired Mortgage Trust Limited, a UK
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
centralised mortgage lending business. In 1995 a deposit taking subsidiary commenced business in Guernsey
Guernsey
Guernsey, officially the Bailiwick of Guernsey is a British Crown dependency in the English Channel off the coast of Normandy.The Bailiwick, as a governing entity, embraces not only all 10 parishes on the Island of Guernsey, but also the islands of Herm, Jethou, Burhou, and Lihou and their islet...
, Channel Islands
Channel Islands
The Channel Islands are an archipelago of British Crown Dependencies in the English Channel, off the French coast of Normandy. They include two separate bailiwicks: the Bailiwick of Guernsey and the Bailiwick of Jersey...
. The Group's UK operations were expanded in 1996 through the acquisition of The Mortgage Corporation. A retail deposit taking operation was established in England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
in 1996 to obtain sterling deposits to fund the Group's growing mortgage business in the UK.
At the 1998 Annual General Meeting
Annual general meeting
An annual general meeting is a meeting that official bodies, and associations involving the public , are often required by law to hold...
the members voted to convert to a public limited company
Public limited company
A public limited company is a limited liability company that sells shares to the public in United Kingdom company law, in the Republic of Ireland and Commonwealth jurisdictions....
and to list the Company shares on the Irish and London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
. Conversion occurred on 7 September 1998, the shares were listed on 6 October 1998 and simultaneously the company raised IR£
Irish pound
The Irish pound was the currency of Ireland until 2002. Its ISO 4217 code was IEP, and the usual notation was the prefix £...
132 million in new capital from existing members and from the institutional markets.
Between September 2000 and December 2002 First Active sold its investments in First Active Financial in the UK to Britannic Assurance plc.
From the 1990s, it used an advertising campaign which involved contradicting received knowledge about finance. Examples included the First Active representative telling "Most people" that there's no need to keep switching mortgage companies, finding "whoever said that you need to keep switching mortgages in order to get the best deal", and finding where it is written that it takes ages to get a decision on your mortgage.
On 5 January 2004, First Active became a wholly owned subsidiary of the Royal Bank of Scotland Group that also owns Ulster Bank
Ulster Bank
Ulster Bank is a large commercial bank, one of the Big Four in both Northern Ireland and the Republic of Ireland. The Ulster Bank Group is subdivided into two separate legal entities, Ulster Bank Limited and Ulster Bank Ireland Limited...
. On 26 January 2009, it was announced that First Active would cease to operate as a separate entity and its operations would be merged with those of Ulster Bank, with the loss of 750 jobs (550 in the Republic of Ireland and the balance in Northern Ireland). From September 2009, it ceased offering any new products to customers in preparation for the merger.