Ireland’s disgraced banks, Anglo Irish Bank and Irish Nationwide Building Society, which are set to merge, will be renamed by the Irish government after their “appalling failing."
The merged financial institution will be called The Irish Bank Resolution Corporation, Finance Minister Michael Noonan said in a statement.
The two Dublin based banks received a combined $50 billion in taxpayer funds after they were nationalized.
The government made the decision to change the bank’s name “to remove the negative international references associated with the appalling failings of both institutions and their previous managements,” according to the statement.
After a multi-billion dollar bail out from the EU and IMF, the European Commission agreed to wind down the disgraced banks on June 29. The name change will take effect once “integration processes,” have been worked out according to Irish Nationwide.
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2 Comments
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Switch to the desktop site to post a comment.cillowen | Jul 02, 2011, 10:34 AM EDT
re-brand the turkey - anglo needs to be there to convey who calls the shots
LoyalCitizen | Jul 02, 2011, 09:16 AM EDT
As if changing a name is going to get corrupt politicians and bankers into a decent court system to be dealt with. They change the name of government departments every time they get caught committing crimes, EG Dept Social Welfare, Dept Of Social, Community and Family Affairs, Dept Social Protection. Changing the title is for the purpose of hiding the deed.