Trustee Savings Bank
Overview
 
The Trustee Savings Bank (or TSB as it was commonly known) was a British financial institution
Financial institution
In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...

 which specialised in accepting savings deposits from the poor. They did not trade their shares on the stock market
Stock market
A stock market or equity market is a public entity for the trading of company stock and derivatives at an agreed price; these are securities listed on a stock exchange as well as those only traded privately.The size of the world stock market was estimated at about $36.6 trillion...

 and, unlike mutual
Mutual organization
A mutual, mutual organization, or mutual society is an organization based on the principle of mutuality. Unlike a true cooperative, members usually do not contribute to the capital of the company by direct investment, but derive their right to profits and votes through their customer relationship...

ly held building societies, depositors had no voting rights nor the ability to direct the financial and managerial goals of the organisation. Directors were appointed as trustee
Trustee
Trustee is a legal term which, in its broadest sense, can refer to any person who holds property, authority, or a position of trust or responsibility for the benefit of another...

s (hence the name) on a voluntary basis.
Encyclopedia
The Trustee Savings Bank (or TSB as it was commonly known) was a British financial institution
Financial institution
In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries...

 which specialised in accepting savings deposits from the poor. They did not trade their shares on the stock market
Stock market
A stock market or equity market is a public entity for the trading of company stock and derivatives at an agreed price; these are securities listed on a stock exchange as well as those only traded privately.The size of the world stock market was estimated at about $36.6 trillion...

 and, unlike mutual
Mutual organization
A mutual, mutual organization, or mutual society is an organization based on the principle of mutuality. Unlike a true cooperative, members usually do not contribute to the capital of the company by direct investment, but derive their right to profits and votes through their customer relationship...

ly held building societies, depositors had no voting rights nor the ability to direct the financial and managerial goals of the organisation. Directors were appointed as trustee
Trustee
Trustee is a legal term which, in its broadest sense, can refer to any person who holds property, authority, or a position of trust or responsibility for the benefit of another...

s (hence the name) on a voluntary basis. Between 1970 and 1985, the various trustee savings banks in the United Kingdom
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...

 were amalgamated into a single institution known as the TSB Group Plc, which was floated on the 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...

. In 1995, the TSB merged with Lloyds Bank
Lloyds Bank
Lloyds Bank Plc was a British retail bank which operated in England and Wales from 1765 until its merger into Lloyds TSB in 1995; it remains a registered company but is currently dormant. It expanded during the nineteenth and twentieth centuries and took over a number of smaller banking companies...

 to form Lloyds TSB
Lloyds TSB
Lloyds TSB Bank Plc is a retail bank in the United Kingdom. It was established in 1995 by the merger of Lloyds Bank, established in Birmingham, England in 1765 and traditionally considered one of the Big Four clearing banks, with the TSB Group which traces its origins to 1810...

, at that point the largest bank in the UK by market share and the second-largest (to HSBC, which had taken over the Midland Bank in 1992) by market capitalisation; it remains a registered company but is currently dormant. In 2009, following the acquisition of HBOS
HBOS
HBOS plc is a banking and insurance company in the United Kingdom, a wholly owned subsidiary of the Lloyds Banking Group having been taken over in January 2009...

, Lloyds TSB Group was renamed Lloyds Banking Group
Lloyds Banking Group
Lloyds Banking Group plc is a major British financial institution, formed through the acquisition of HBOS by Lloyds TSB in 2009. As at February 2010, HM Treasury held a 41% shareholding through UK Financial Investments Limited . The Group headquarters is located at 25 Gresham Street in London, with...

, although the TSB initials survive in the name of its retail subsidiaries, Lloyds TSB Bank and Lloyds TSB Scotland.

The first trustee savings bank was established by Reverend Henry Duncan of Ruthwell
Ruthwell
Ruthwell is a village and parish on the Solway Firth between Dumfries and Annan in Dumfries and Galloway, Scotland.Ruthwell's most famous inhabitant was the Rev. Dr. Henry Duncan. He was a minister, author, antiquarian, geologist, publisher, philanthropist, artist and businessman.In 1810, Dr...

 in Dumfriesshire
Dumfriesshire
Dumfriesshire or the County of Dumfries is a registration county of Scotland. The lieutenancy area of Dumfries has similar boundaries.Until 1975 it was a county. Its county town was Dumfries...

 for his poorest parish
Parish
A parish is a territorial unit historically under the pastoral care and clerical jurisdiction of one parish priest, who might be assisted in his pastoral duties by a curate or curates - also priests but not the parish priest - from a more or less central parish church with its associated organization...

oners in 1810. Another form of savings bank
Savings bank
A savings bank is a financial institution whose primary purpose is accepting savings deposits. It may also perform some other functions.In Europe, savings banks originated in the 19th or sometimes even the 18th century. Their original objective was to provide easily accessible savings products to...

 in the United Kingdom is the National Savings Bank
National Savings Bank
National Savings Bank may refer to;*National Savings and Investments of the United Kingdom which was formerly known as the Post Office Savings Bank and National Savings.*National Savings Bank is a state owned savings bank....

, originally known as the Post Office Savings Bank, which is 100% backed by HM Treasury
HM Treasury
HM Treasury, in full Her Majesty's Treasury, informally The Treasury, is the United Kingdom government department responsible for developing and executing the British government's public finance policy and economic policy...

.

The Government of Ireland Act 1920
Government of Ireland Act 1920
The Government of Ireland Act 1920 was the Act of the Parliament of the United Kingdom which partitioned Ireland. The Act's long title was "An Act to provide for the better government of Ireland"; it is also known as the Fourth Home Rule Bill or as the Fourth Home Rule Act.The Act was intended...

 separated the TSB after the partition of Ireland
Partition of Ireland
The partition of Ireland was the division of the island of Ireland into two distinct territories, now Northern Ireland and the Republic of Ireland . Partition occurred when the British Parliament passed the Government of Ireland Act 1920...

. From the 1970s onwards however, they followed a similar path of amalgamation to their UK counterparts, becoming, in 1992, a single entity which was purchased by 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....

 in 2002.

It was announced in 2009 that Lloyds TSB Scotland including additional branches of Lloyds TSB in England and Wales are to be divested by Lloyds Banking Group under the Trustee Savings Bank brand, together with branches (although not the name) of Cheltenham and Gloucester. The process could take up to four years to complete.

History

Early history of the trustee savings banks

From the outset, savings banks were retail finance institutions generally operated through democratic and philanthropic guidelines. British savings bank
Savings bank
A savings bank is a financial institution whose primary purpose is accepting savings deposits. It may also perform some other functions.In Europe, savings banks originated in the 19th or sometimes even the 18th century. Their original objective was to provide easily accessible savings products to...

s sought to create thrifty habits amongst small and medium-sized savers such as craftsmen, house servants or the growing proletariat, who were outside the well-to-do market that the bank
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:...

s catered for at that time. In the first half of the 19th century, bank run
Bank run
A bank run occurs when a large number of bank customers withdraw their deposits because they believe the bank is, or might become, insolvent...

s or bank collapses were common, so savings banks had no safe outlet for deposits. To create trust among potential depositors, the Savings Bank (England) Act 1817 was passed, which as a matter of policy required funds to be invested in government bonds or deposited at the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...

. This regulation was extended to Scottish savings banks in 1835. From then on, regulation of savings bank
Savings bank
A savings bank is a financial institution whose primary purpose is accepting savings deposits. It may also perform some other functions.In Europe, savings banks originated in the 19th or sometimes even the 18th century. Their original objective was to provide easily accessible savings products to...

s in the UK was characterised as quite detailed. Several periods of “ill-health” and lack of trust in their capacity as a viable organisational form, resulted in government intervention in most aspects of the operation and day-to-day management of savings banks (particularly the nature of the business portfolio).

An essential feature of a savings bank in the UK was that depositors should have a guarantee of the nominal value of their savings, so that these could be withdrawn at their full value with interest (no matter how long the deposit had been with the bank). Funds of the savings banks would be under control of voluntary managers or trustee
Trustee
Trustee is a legal term which, in its broadest sense, can refer to any person who holds property, authority, or a position of trust or responsibility for the benefit of another...

s (hence the roots of the TSB acronym). The guarantee could not be achieved unless funds were invested in securities with a similar guarantee. As a result of the Act of Parliament of 1817, the payment of all money received by trustee savings banks, other than that needed for liquidity to deal with every day transactions, was transferred to the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...

 for the credit of the National Debt Commissioners. The Act also specified the duties of the treasurers, managers and trustees of the savings banks, none of whom was to derive any benefit whatsoever from that office. This feature was to dominate the management of the TSBs until the 1970s.

Savings banks paying interest on deposits (at a rate ranging from 3% to 5%) proliferated. The number of successful institutions in the UK grew until there were 645 in 1861. Their business remained in collecting low-volume deposits, as early attempts at market diversification had been curtailed by the Savings Bank Act 1891.

Modern history of the trustee savings banks

It became clear in the inter-war years that trustee savings banks could compete in the retail bank market. By 1919 the sum of cash and assets held on deposit for all the TSBs reached £100 million, which rose to £162 million in 1929 and £292 million in 1939.

Together, the TSBs were as big as any of the four main London clearing banks. There was little competition between the various trustee savings banks. Each individual TSB served a separate geographic area, although other organisations competed with them, and this competition grew stronger after 1945. By 1952 the percentage of deposit transactions of £1 or less with the Savings Bank of Glasgow had risen steadily over the previous five years from 3.5% to 4.7% and the average weekly number of transactions had climbed to 76,178. Although there was a “surprise” at the high turnover in most ordinary accounts, most savings bank accounts remained short-term deposit and mid-term savings through which individuals met short-term needs such as rents and the cost of holidays.

In 1955, inter-savings-bank clearing was extended to the whole country. The system had been in operation in Surrey
Surrey
Surrey is a county in the South East of England and is one of the Home Counties. The county borders Greater London, Kent, East Sussex, West Sussex, Hampshire and Berkshire. The historic county town is Guildford. Surrey County Council sits at Kingston upon Thames, although this has been part of...

 in the south of England for a short time and it had proven successful in helping to settle transactions between different savings banks and in improving the service to clients (particularly when on holiday within the UK). Also in 1955, increased competition for deposits (and most notably the growing popularity of hire purchase
Hire purchase
Hire purchase is the legal term for a contract, in this persons usually agree to pay for goods in parts or a percentage at a time. It was developed in the United Kingdom and can now be found in China, Japan, Malaysia, India, South Africa, Australia, Jamaica and New Zealand. It is also called...

) led to calls for the Trustee Savings Banks Association
Trustee Savings Banks Association
The Trustee Savings Banks Association was established in Manchester in 1887. However, throughout its history the Trustee Savings Banks Association failed to act as central provider of administrative functions to small independent savings banks....

 to ask the Exchequer
Exchequer
The Exchequer is a government department of the United Kingdom responsible for the management and collection of taxation and other government revenues. The historical Exchequer developed judicial roles...

 and the National Debt Commissioners to allow withdrawals by cheque
Cheque
A cheque is a document/instrument See the negotiable cow—itself a fictional story—for discussions of cheques written on unusual surfaces. that orders a payment of money from a bank account...

 (as originally proposed in 1926 by W.A. Barclay of the Perth Savings Bank). However, it was not until 1965 that a review of retail credit markets led to the TSB being allowed to issue current accounts, with cheque withdrawals but no overdraft
Overdraft
An overdraft occurs when money is withdrawn from a bank account and the available balance goes below zero. In this situation the account is said to be "overdrawn". If there is a prior agreement with the account provider for an overdraft, and the amount overdrawn is within the authorized overdraft...

 facilities, undertake the payment of utility bills, and safeguard securities and valuables. Accordingly, the TSB Trust Company was established in 1967 and a year later the first unit trust issue was offered.

Although most customers of trustee savings banks were lower middle- and working-class, and had little need for cheques or cheque guarantee card
Cheque guarantee card
A cheque guarantee card is essentially an abbreviated portable letter of credit granted by a bank to a qualified depositor, providing that when he is paying a business by cheque and the retailer writes the card number on the back of the cheque, the cheque is signed in the retailer's presence, and...

s, regulatory innovations which allowed the TSBs to diversify their business threatened to erode the deposit base of the clearing banks. But this potential diversification was limited by the over-restrictive central control by the Exchequer, the National Debt Commissioners and the Trustee Savings Bank Inspection Committee. This type of central control had been designed both to guarantee depositors that the savings banks would remain a secure alternative for their deposits and, by standardising general interest rates and regulations, to make it possible for local trustees to work autonomously.

By the early 1960s transactions at retail counters were increasing at around 5% per annum. In 1964 the London Trustee Savings Bank was the first to computerise standing orders, and all account records were put on the computer by 1967 - the first UK bank to do so. Some other savings banks still worked with leather-bound ledgers, and others used passbooks; either way handwritten record cards piled up in thousands and even the most basic management information and accounting (such as the annual balance sheet) was a huge task to compile, requiring a lot of overtime. The savings banks' administration was thus antiquated and time consuming. They needed modernization and streamlining.

Amalgamation into a single entity

In 1970 there were 75 savings banks in a loose association, with £2,806 million in total assets. There was a wide variation in size: five of the banks each had over £100m in assets (together accounting for 25% of the total), 14 had between £50m and £100m (35%), 39 between £10m and £50m (38%) and 17 under £10m (2%). The largest trustee savings banks were based in London
London
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...

, Glasgow
Glasgow
Glasgow is the largest city in Scotland and third most populous in the United Kingdom. The city is situated on the River Clyde in the country's west central lowlands...

, Edinburgh
Edinburgh
Edinburgh is the capital city of Scotland, the second largest city in Scotland, and the eighth most populous in the United Kingdom. The City of Edinburgh Council governs one of Scotland's 32 local government council areas. The council area includes urban Edinburgh and a rural area...

 and 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...

. However those based in the north of England accounted for 50% of total funds, while those in the south of England and Wales accounted for 27%, those in Scotland for 19% and those in Northern Ireland
Northern Ireland
Northern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west...

 for less than 5%. Geographical location of the 1,655 trustee savings bank branches was also unevenly distributed, with branch density higher in parts of Scotland and the north of England. In 1978 there was one savings bank branch per 18,000 persons in Scotland, but only one per 75,000 persons in London. There was a similar pattern for individual accounts, with two out of five persons in Scotland having a TSB account, one out of five in the north of England, but only one out of twenty in London and the Home Counties. Airdrie Savings Bank refused to join the single entity and today remains the only independent bank in the UK

In 1973 at the time of the report by the Page Committee, there were still 73 TSBs and 1,549 branch offices. Eight years had passed since the introduction of cheque accounts. The TSBs sensed the need to respond to changing customer needs. However some individual TSBs had grown faster than others. The assets of the Scottish TSBs, traditionally the strongest members of the TSB movement, had been growing more slowly than those in Lancashire
Lancashire
Lancashire is a non-metropolitan county of historic origin in the North West of England. It takes its name from the city of Lancaster, and is sometimes known as the County of Lancaster. Although Lancaster is still considered to be the county town, Lancashire County Council is based in Preston...

, Yorkshire
Yorkshire
Yorkshire is a historic county of northern England and the largest in the United Kingdom. Because of its great size in comparison to other English counties, functions have been increasingly undertaken over time by its subdivisions, which have also been subject to periodic reform...

, the Midlands
English Midlands
The Midlands, or the English Midlands, is the traditional name for the area comprising central England that broadly corresponds to the early medieval Kingdom of Mercia. It borders Southern England, Northern England, East Anglia and Wales. Its largest city is Birmingham, and it was an important...

, Wales
Wales
Wales is a country that is part of the United Kingdom and the island of Great Britain, bordered by England to its east and the Atlantic Ocean and Irish Sea to its west. It has a population of three million, and a total area of 20,779 km²...

 and the West Country
West Country
The West Country is an informal term for the area of south western England roughly corresponding to the modern South West England government region. It is often defined to encompass the historic counties of Cornwall, Devon, Dorset and Somerset and the City of Bristol, while the counties of...

, which had built up enviable reserves and were anxious to protect their territories. London and southern England remained the areas where the savings banks had little presence.

While savings banks and government were considering the movement's future organisational structure and functions as well as those of individual TSBs, the TSBs remained restricted in what services they could offer: they could not give loans to their customers, and there were still limits on how funds could be invested. At this critical stage, the Page Committee recommended that the TSBs be freed from government control, allowed to develop their service range, and thus become a third force in banking.

These recommendations were high on the agenda of the newly elected government of Harold Wilson
Harold Wilson
James Harold Wilson, Baron Wilson of Rievaulx, KG, OBE, FRS, FSS, PC was a British Labour Member of Parliament, Leader of the Labour Party. He was twice Prime Minister of the United Kingdom during the 1960s and 1970s, winning four general elections, including a minority government after the...

. But the pace of change was to be slow. Officials at the Bank of England
Bank of England
The Bank of England is the central bank of the United Kingdom and the model on which most modern central banks have been based. Established in 1694, it is the second oldest central bank in the world...

, with the support of Sir Athelstan Caröe, then chairman of the Trustee Savings Banks Association
Trustee Savings Banks Association
The Trustee Savings Banks Association was established in Manchester in 1887. However, throughout its history the Trustee Savings Banks Association failed to act as central provider of administrative functions to small independent savings banks....

, called for the establishment of a strong central authority to assume many of the control powers vested in the Government, bearing in mind the need to build up adequate capital reserves
Bank reserves
Bank reserves are banks' holdings of deposits in accounts with their central bank , plus currency that is physically held in the bank's vault . The central banks of some nations set minimum reserve requirements...

 virtually from scratch. For the Government, there was an advantage in widening the TSBs' investment powers only slowly.

TSBs actively computerised their administration. Two companies were set up in 1972 in preparation for future change: TSB Computer Services Ltd., co-ordinated all computer systems and related developments, and Central Trustee Savings Bank Ltd. dealt with volume transactions.

The Trustee Savings Banks Act in 1975 allowed TSBs to offer services equivalent to those of the clearing banks. But it also required that, in the space of one year, the number of independent TSBs was reduced from 73 to 19, under the central co-ordinating authority of the TSB Central Board. This organisational framework for savings banks was in place between 1976 and 1984, a period during which TSB management undertook a series of fundamental changes while pursuing the creation of independent and profitable financial services group.

Tom Bryans, general manager of the Northern Ireland Trustee Savings Bank, was the first chief executive of the newly amalgamated Trustee Savings Banks. He was in his mid-50, and had spent all his working life at the TSB movement, becoming a manager in 1956 and then becoming an expert in computerised banking. Bryans took the helm with a mandate to turn the savings banks from a quasi-government body into successful independent providers, but his salary of £17,000 per annum was well below those paid at similar posts at clearing banks.

The amalgamation of individual TSBs into purposely created regional banks and the establishment of a central board in 1975 provided the resources to support the introduction of personal lending in 1977. However, attempts to diversify across retail bank markets failed. Together with the National Giro Bank and the Co-operative Bank
Co-operative Bank
The Co-operative Bank plc is a commercial bank in the United Kingdom and Guernsey, with its headquarters in Manchester.The bank markets itself as an ethical bank, and refuses to invest in companies involved in the arms trade, global climate change, genetic engineering, animal testing and use of...

, the efforts of the TSBs to penetrate retail finance from scratch in 1971 resulted in only £200m in direct consumer loans in 1979, which accounted for less than 3% of total consumer lending that year.

In 1984, the government published a White Paper
White paper
A white paper is an authoritative report or guide that helps solve a problem. White papers are used to educate readers and help people make decisions, and are often requested and used in politics, policy, business, and technical fields. In commercial use, the term has also come to refer to...

 and a new TSB Bill, in which the quasi-federal decentralised structure was abandoned in favour of a single central organisation that no longer had a unique corporate status but was incorporated under the Companies Act 1985
Companies Act 1985
The Companies Act 1985 is an Act of the Parliament of the United Kingdom of Great Britain and Northern Ireland, enacted in 1985, which enabled companies to be formed by registration, and set out the responsibilities of companies, their directors and secretaries.The Act was a consolidation of...

. The purported aim was to give the TSB Group, as it was called, a more effective operating structure and also to establish clear ground rules on ownership and accountability, neither of which was clear under former legislation.

Flotation

In 1986, the shares of TSB Group plc
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....

 were floated on the stock market in an initial public offering
Initial public offering
An initial public offering or stock market launch, is the first sale of stock by a private company to the public. It can be used by either small or large companies to raise expansion capital and become publicly traded enterprises...

. The proceeds of the sale were retained by the TSB Group, adding to its ownership equity
Ownership equity
In accounting and finance, equity is the residual claim or interest of the most junior class of investors in assets, after all liabilities are paid. If liability exceeds assets, negative equity exists...

. The original holding company, Trustee Savings Banks (Holdings) Limited, also continues to be registered at Companies House
Companies House
Companies House is the United Kingdom Registrar of Companies and is an Executive Agency of the United Kingdom Government Department for Business, Innovation and Skills . All forms of companies are incorporated and registered with Companies House and file specific details as required by the...

.

The newly formed TSB Group's retail banking operations were consolidated into TSB England and Wales, TSB Scotland, TSB Northern Ireland and TSB Channel Islands, each trading as TSB Bank. In 1989, TSB England and Wales officially became TSB Bank, with TSB Bank Scotland and TSB Bank Northern Ireland becoming its subsidiary undertakings. The Northern Ireland business was sold to Allied Irish Banks
Allied Irish Banks
Allied Irish Banks p.l.c. is a major commercial bank based in Ireland.AIB is one of the so called "big four" commercial banks in the state. The bank has one of the largest branch networks in Ireland; only Bank of Ireland fully rivals it. AIB offers a full range of personal and corporate banking...

 in 1991 and now trades as First Trust Bank
First Trust Bank
First Trust Bank, part of the AIB Group, is a commercial bank in Northern Ireland. The bank was created in 1991 when TSB Northern Ireland merged with the AIB Group's other interests. The bank can trace its existence back to 1816 with the founding of the Belfast Savings Bank...

 and the Channel Islands business was integrated into TSB Bank in 1992. TSB Group merged with Lloyds Bank
Lloyds Bank
Lloyds Bank Plc was a British retail bank which operated in England and Wales from 1765 until its merger into Lloyds TSB in 1995; it remains a registered company but is currently dormant. It expanded during the nineteenth and twentieth centuries and took over a number of smaller banking companies...

 in 1995; the deal resulted in existing Lloyds Bank shareholders owning around 70% of the merged entity and TSB Group shareholders owning the remaining 30%.

See also

  • First Trust Bank
    First Trust Bank
    First Trust Bank, part of the AIB Group, is a commercial bank in Northern Ireland. The bank was created in 1991 when TSB Northern Ireland merged with the AIB Group's other interests. The bank can trace its existence back to 1816 with the founding of the Belfast Savings Bank...

     (Northern Ireland
    Northern Ireland
    Northern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west...

    )
  • Permanent TSB (Republic of Ireland
    Republic of Ireland
    Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...

    )

External links

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