494:
1280:
123:, prepared a report in August 2012 following Nationwide's collapse, finding that the Financial Regulator "understood and delineated the critical INBS issues well before they caused trouble, but equally failed fully to use its powers under the Act by pursuing these issues, being apparently mollified by bland assurances" and the Central Bank "did not meet standards which might be reasonably expected".
80:
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." Separately the vice chairman told the CBOI of his concerns in great detail, but
111:
In June 2011, Irish Life and
Permanent itself collapsed into full state ownership. Following a court order, on 1 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
68:
Irish
Nationwide (IOM) Ltd ("INIOM") under a different name, Permanent Bank International Ltd, remained operating in Douglas, Isle of Man. It closed down on 15 December 2017. Permanent Bank International Ltd was a wholly owned subsidiary of Permanent TSB Group Holdings plc ("PTSB") and was licensed
72:
PTSB is registered in
Ireland, regulated by the Central Bank of Ireland and take deposits in the name of Permanent TSB. PBI placed funds with other parts of its group and thus its financial standing was linked to that of the group. Depositors could form their own view on the financial standing of
84:
It reported a loss of âŹ2.5 billion for 2009 after writing off âŹ2.8 billion in loans â almost one-quarter of its loan book. The chairman said "I donât think it is an understatement to say that the losses are truly shocking, particularly in an undertaking the size of Irish
Nationwide,".
116:." 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."
69:
by the
Financial Supervision Commission of the Isle of Man to take deposits. PBI was a participant in the Isle of Man Depositors' Compensation Scheme as set out in the Depositors' Compensation Scheme Regulations 2010.
1319:
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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
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100:
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.
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In August 2010 the building society required a âŹ5.4 billion government bailout to stay afloat, leaving it effectively in state ownership. A letter which the
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38:; 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
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in 2009. It had around 100,000 members, with a branch network throughout
Ireland. It also had branches in
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from 1873 to 2011. One of the country's oldest financial institutions, it was originally called the
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had "gone missing". Management at Irish
Nationwide used to arrange meetings with the
76:"High risk and sloppy lending practices at the Building Society were reported to the
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Transfer Order in relation to Irish
Nationwide Building Society and Anglo Irish Bank
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received concerning the legality of the loans by the building society to
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Irish
Nationwide BS Assets, Liabilities Transferred To Anglo Irish Bank
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Murphy and Devlin, Banksters, Page 262, Hachette Books Ireland 2009,
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460:- Department of Finance, Irish Government press release, 1 July 2011
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On 24 February 2011, the deposits of Irish Nationwide were sold to
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PBI, and the group, based on publicly available information.
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241:Ăine Coffey, Brian Carey And Martin Wall (3 November 2002).
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349:"Cost of rescuing Nationwide may rise to âŹ3.2bn â RTĂ News"
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Ross Shane, The Bankers, Page 215, Penguin Ireland 2009,
190:"Fingleton's successor says events at INBS an outrage"
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Financial services companies based in Dublin (city)
404:"INBS mortgages of âŹ2bn to be run down or sold off"
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192:. The Irish Times. 20 April 2010. Archived from
176:The latest report and accounts are available at
269:"Ex vice-chairman wants 'thorough' bank probe"
1305:Building societies of the Republic of Ireland
884:Minister for Enterprise, Trade and Employment
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545:Building societies in the Republic of Ireland
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243:"INBS set tles discrimination case for .200k"
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154:"Elderfield adds to pressure on bondholders"
510:- Website now redirects to Anglo Irish Bank
304:INBS set tles discrimination case for .200k
218:. Tribune.ie. 25 April 2010. Archived from
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245:. Tribune.ie. Archived from
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351:. Rte.ie. 17 August 2010
105:Irish Life and Permanent
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605:(a subsidiary of
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477:. 11 August 2013.
475:Irish Independent
391:978-0-340-99482-5
375:978-0-14-104444-6
273:Irish Independent
196:on 8 October 2010
158:Irish Independent
47:Michael Fingleton
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1024:Demography
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127:References
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