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Anglo Irish, Nationwide Wind-Downs Under Way
The Irish High Court has paved the way for the wind down of Anglo Irish Bank and Irish Nationwide Building Society to begin by approving a transfer of €12.2 billion ($16.78 billion) in deposits to other lenders, reports Irish Times.
The Irish High Court has paved the way for the wind down of Anglo Irish Bank and Irish Nationwide Building Society to begin by approving a transfer of €12.2 billion ($16.78 billion) in deposits to other lenders. AIB will receive €8.6 billion ($11.83 billion) of Anglo’s deposits, and Irish Life and Permanent will take €3.6 billion ($4.95 billion) from Nationwide. The wind-down of the two nationalized institutions was a condition of bailout by European Union and International Monetary Fund.