Anglo merger with Irish Nationwide creates IBRC

THE assets and liabilities of Irish Nationwide Building Society have been transferred to Anglo Irish Bank Corporation, signalling the end of an era in Irish banking.

In effect, this means that €2.9 billion of Irish Nationwide mortgages have now been acquired by Anglo, involving about 15,000 mortgages.

The merged entity will be known as the Irish Bank Resolution Corporation (IBRC), once the paper work has been finalised.