Anglo Irish Bank has been renamed Irish Bank Resolution Corporation (IBRC) and will now trade as IBRC.
In the same stroke, Anglo Irish Mortgage Bank becomes IBRC Mortgage Bank and Anglo Irish Assurance Company, IBRC Assurance Company.
The changes acknowledge the bank’s merger with Irish Nationwide Building Society (INBS) in July but more importantly consign two “infamous” names to history.
IBRC chief executive officer, Mike Aynsley, explains: “The cost to the Irish taxpayer caused by the disastrous lending practices and poor stewardship of Anglo Irish Bank and INBS will not be forgotten or forgiven.”
He adds: “The new board and management of the bank will continue with focus and determination to recover as much money as possible for the state, as the organisation is fully wound down under the name IBRC”.
Anglo Irish reported a loss of €17.7 billion for 2010, having passed to Irish state ownership in January 2009 after ex-chairman, Sean Fitzpatrick, admitted to exceptionally poor stewardship of the group.
In 2008 he temporarily transferred loans of €87 million with Anglo Irish to another bank, before the financial year end.
Similar transfers had apparently occurred over the past eight years, meaning that the loans did not appear in annual accounts during the period.
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