permanent tsb bank takes over the deposit book of Irish Nationwide Building Society

• permanent tsb bank takes over €3.6 billion in Irish Nationwide deposits
• No change to Terms and Conditions for Irish Nationwide’s transferred customers
• Bank to begin intensive communication exercise with Irish Nationwide customers

Friday 25^th February 2011. permanent tsb – the banking business of Irish life & Permanent plc – has successfully taken over the deposit book of Irish Nationwide Building Society.  The book represents €3.6 billion of deposits consisting of approximately 160,000 primarily retail customers across the country.  

The Chief Executive of permanent tsb, David Guinane, hailed the deal as a very significant day for permanent tsb and for Irish Nationwide deposit customers; “at permanent tsb we have been highly successful in growing our retail deposit book by an average of €1.5Bn each year since 2008. Customers have also been reassured by the fact that we are the only domestic bank which has not required capital support from the State and which has not had to sell any loans to NAMA. We welcome these Irish Nationwide deposit customers to the bank and we reassure them that we truly value their business with us and fully respect the terms and conditions which they have enjoyed with Irish Nationwide.”

The bank will now commence an extensive communications exercise with Irish Nationwide depositors which will

• Emphasise that the bank will honour all terms and conditions and highlight how  permanent tsb has enjoyed rapid growth in the number of customers placing their deposits with the bank. 
• Explain that under the transfer order, all transferred deposits continue to retain the same level of protection under both the Deposit Guarantee Scheme in respect of amounts up to €100,000 per institution and the Eligible Liabilities Guarantee Scheme in respect of amounts over €100,000.
• See the setting up of a special customer helpline for Irish Nationwide customers to answers questions.

In 2010 alone permanent tsb bank opened up an average of 450 new deposits accounts each working day and have in excess of 850,000 existing savings accounts 

The bank has a strong reputation for innovation on deposits – most recently launching a fixed rate term deposit account which pays the net interest at the beginning of the term as opposed to the end.

David Guinane also said that the bank would seek an early meeting with representatives of relevant staff in Irish nationwide; “we look forward to welcoming our new colleagues to the bank and will work closely with them over the coming weeks to ensure that their transition to permanent tsb bank takes place smoothly.”

Issued by:
Gordon MRM
Contact – Kieran Garry Ph: 087 2368366