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Tuesday April 26, 2011
Anglo Turns Into Bank With No Name
The most infamous commercial sign in Irish history, that of Anglo Irish Bank is taken down by Ken Glennan, from outside it's former HQ at St Stephen's Green in Dublin (Photocall) The most toxic name in Irish commercial history has been taken down from above the doors of its branches around the country and from its headquarters at St Stephen's Green in Dublin. The signs and logos of Anglo Irish Bank have been removed, marking another step in the winding down of the institution, widely regarded as being responsible for bankrupting the country. The bank was nationalized two years ago after string of scandals, and has since twice broken its own record for making the biggest commercial losses in Irish corporate history. So far Anglo has cost the Exchequer almost €30m, and it's the subject of several criminal investigations. The bank will now merge with Irish Nationwide, with both institutions transferring their deposits to AIB and Irish Life Permanent, and then working through their loan book over time. It's not yet known what the new name of the merged Anglo-Nationwide entity will be, but it will not be displayed as prominently as the old Anglo brand was. "It's practical and symbolic," said the bank's chief executive Mike Aynsley, "We're changing the name, so the name has to come off the front of the building. But symbolic because the organization is fundamentally a different organization than it was." "We've spent a lot of time and effort re-engineering the control systems, we've taken out the board, we've taken out senior management, we've taken out layers of management." He said it was important to draw a line between "the Anglo that created the problems, and the new organization which is a different group of people under a different management structure and a different board that are charged with getting as much out of this mess as possible." A small crowd of onlookers watched as the sign came down from the head office on St Stephen's Green. "It's a little bit of history," said one, as he took a picture on his cellphone. Minister for Public Expenditure and Reform Brendan Howlin said he was glad to see the Anglo name go, and he didn't care what the new name would be be. "The public want to ensure that its final transition to oblivion is as cost-free as it possibly can be because, God knows, its life to date has been extremely costly for the Irish taxpayer, for the Irish economy and for the Irish people," he said. There was massive interest in the physical signage - sure to be collector's items in the future - with several charities requesting to put them up for auction. For now, they are being stored in a bank vault while a decision is made on what to do with them. |
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