Wednesday, 27 February 2013

Questions (92)

Michael McGrath


92. Deputy Michael McGrath asked the Minister for Finance the reason all the fixed term deposits related to investment products sold by Anglo Irish Bank were not transferred to AIB at the time of the sale of its deposit book; and if he will make a statement on the matter. [10641/13]

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Written answers (Question to Finance)

Pursuant to a Transfer Order made by the High Court under CISA on 24 February 2011 (the “Transfer Order”), Anglo Irish Bank transferred the vast majority of its Irish and UK customer deposits to Allied Irish Banks, p.l.c. (‘AIB’) and AIB Group (UK) p.l.c. (‘AIB UK’), together with its NAMA senior bonds and its Isle of Man subsidiary.

As part of this process it was agreed between Anglo and the Transferees that a variety of deposits and accounts would be excluded from the transfer and retained within IBRC in order to retain security and/or as income sweep accounts related to its lending book and also where the nature of the products were difficult to transfer. I have been informed by the Special Liquidators that as far as they are aware all deposits as set out in the Transfer Order were transferred by IBRC.