Irish Nationwide
Encyclopedia
Irish Nationwide Building Society was a financial institution in Ireland
Ireland
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...

 from 1873 to 2011. One of the country's oldest financial institutions, it was originally called the Irish Industrial Building Society; it changed its name in 1975 when it had just five staff. It ceased to exist when its assets, liabilities and branch network were transferred to Anglo Irish Bank
Anglo Irish Bank
Anglo Irish Bank was a bank based in Ireland with its headquarters in Dublin from 1964 to 2011. It went into wind-down mode after nationalisation in 2009....

.

The headquarters of Irish Nationwide were in Grand Parade, Dublin 6. The Society's chairman was Danny Kitchen and its last Chief Executive was Gerry McGinn who succeeded Michael Fingleton
Michael Fingleton
Michael "Fingers" Fingleton is a former chief executive of Irish Nationwide Building Society. He joined the building society in 1971 and retired in April 2009 as the effects of the banking crisis became apparent. He is known as “Fingers” in the banking community.-Early life and career:Michael...

 in 2009. It had around 100,000 members, with a branch network throughout Ireland. It also had branches in Belfast
Belfast
Belfast is the capital of and largest city in Northern Ireland. By population, it is the 14th biggest city in the United Kingdom and second biggest on the island of Ireland . It is the seat of the devolved government and legislative Northern Ireland Assembly...

 and London in the 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...

, and an Isle of Man
Isle of Man
The Isle of Man , otherwise known simply as Mann , is a self-governing British Crown Dependency, located in the Irish Sea between the islands of Great Britain and Ireland, within the British Isles. The head of state is Queen Elizabeth II, who holds the title of Lord of Mann. The Lord of Mann is...

 division, based in Douglas
Douglas, Isle of Man
right|thumb|250px|Douglas Promenade, which runs nearly the entire length of beachfront in Douglasright|thumb|250px|Sea terminal in DouglasDouglas is the capital and largest town of the Isle of Man, with a population of 26,218 people . It is located at the mouth of the River Douglas, and a sweeping...

. Irish Nationwide (IOM) Ltd still exists in Douglas, Isle of Man. Irish Nationwide (IOM) Limited ("INIOM") is a wholly owned subsidiary of Irish Life & Permanent plc ("IL&P") and is licensed by the Financial Supervision Commission of the Isle of Man to take deposits. IL&P is registered in Ireland, regulated by the Central Bank of Ireland and take deposits in the name of Permanent TSB. INIOM places funds with other parts of its group and thus its financial standing is linked to that of the group. Depositors may wish to form their own view on the financial standing of INIOM, and the group, based on publicly available information. The latest report and accounts are available at www.iniom.com. INIOM is a participant in the Isle of Man Depositors' Compensation Scheme as set out in the Depositors' Compensation Scheme Regulations 2010.

"High risk and sloppy lending practices at the Building Society were reported to the Central Bank of Ireland by external accountants over a long period but did not change its behaviour", according to the management team which took over in 2010. The former head of compliance became a whistle blower by reporting "dodgy practices."

It reported a loss of €2.5 billion for 2009 after writing off €2.8 billion in loans – almost one-quarter of its loan book. The Chairman said "I don’t think it is an understatement to say that the losses are truly shocking, particularly in an undertaking the size of Irish Nationwide,".

In August 2010 the building society required a €5.4 billion Government bailout to stay afloat, leaving it effectively in State ownership. A letter which the Central Bank of Ireland received concerning the legality of the loans by the Building Society to Sean FitzPatrick
Sean FitzPatrick
Seán FitzPatrick was chairman of Anglo Irish Bank until he resigned in December 2008 amid mounting revelations over hidden loans...

 had "gone missing". Management at Irish Nationwide used to arrange meetings with the Central Bank of Ireland for late on a Friday afternoon, knowing that their staff would not want for the encounter to last for more than an hour because it would nibble into their weekend.

On 24th February, 2011, the deposits of Irish Nationwide were sold to Irish Life and Permanent
Irish Life and Permanent
Irish Life and Permanent, Plc or IL&P is a provider of personal financial services in Ireland. IL&P enjoys limited liability....

. The Building Society was consequently split between its deposit book and its loan book, which was to be merged with Anglo Irish Bank
Anglo Irish Bank
Anglo Irish Bank was a bank based in Ireland with its headquarters in Dublin from 1964 to 2011. It went into wind-down mode after nationalisation in 2009....

 In June 2011, Irish Life and Permanent itself collapsed into full state ownership. Following a court order, on 1st July 2011 all of Irish Nationwide's remaining assets and liabilities (including the branch network) were transferred to Anglo Irish Bank with immediate effect. The new merged institution was named "Irish Bank Resolution Corporation
Irish Bank Resolution Corporation
The Irish Bank Resolution Corporation is the name given to the entity formed in 2011 by the court-mandated merger of the state-owned banking institutions Anglo Irish Bank and Irish Nationwide Building Society....

." In making the transfer order the Finance Minister, Michael Noonan, "noted the importance of the name change for the new entity in order to remove the negative international references associated with the appalling failings of both institutions and their previous managements."

External links

The source of this article is wikipedia, the free encyclopedia.  The text of this article is licensed under the GFDL.
 
x
OK