Impact on depositors/account holders
The following FAQs are based on the Irish Government's document 'Anglo Irish Bank Corporation plc - Nationalisation FAQs' published 03/02/09. This section refers to items 16 and 17.
I am a depositor with Anglo. Is my deposit affected?
No. Deposits with Anglo are still protected by: (a) the existing Irish Deposit Protection Scheme up to a limit of €100,000 per customer; and/or (b) the State guarantee provided for under Credit Institutions (Financial Support) Scheme 2008.
The Minister for Finance has stated that all customers of Anglo can be assured that the full amount of their deposits and savings are further safeguarded by nationalisation. Customers can also be assured that they can and should continue transacting with Anglo as normal and there is no need for customers to take any steps as a result of nationalisation. The terms and conditions of accounts with Anglo are not affected by the nationalisation.
I have heard that Anglo and/or the Government are stopping some people from removing their deposits in Anglo. Is this true?
No. The first draft of the nationalisation legislation contained a provision that would have prevented a limited class of depositors (those with large loans outstanding) from removing their deposits in limited circumstances. This provision was not included in the final legislation that was passed. There are, therefore, no restrictions on depositors removing their deposits from Anglo, subject of course to contractual restrictions or the deposits being subject to existing security arrangements.
What is the impact on my Savings products and interest rates?
All products and interest rates are unchanged. We review rates from time to time. Our current rates are available here and we will notify you of any rate changes on products you hold by mail when appropriate.
I've applied for an account but it is not yet open. What happens now?
There is no change. You will hear about the status of your application when we have processed it, as normal.
Will this affect how I operate my account?
No, you can continue transacting with Anglo as normal and there is no need for customers to take any steps as a result of this announcement.
To view the full pdf 'Anglo Irish Bank Corporation plc - Nationalisation FAQs' on the Department of Finance website, please click here.