Anglo Irish Bank name changed to IBRC

Friday 14 October 2011 16.26
Anglo Irish signage to be displayed in the Museum of Modern Art
Anglo Irish signage to be displayed in the Museum of Modern Art

Anglo Irish Bank has officially changed its name to the Irish Bank Resolution Corporation (IBRC).

The bank will now trade as IBRC.

Anglo Irish Bank Chairman Alan Dukes estimated last month that the final cost to the taxpayer to deal with the bank was around €25bn.

This differs from the €29bn to €34bn forecast in September last year.

It was reported on Tuesday that the Anglo Irish Bank signage was to be displayed in the Museum of Modern Art.

IBRC CEO Mike Aynsley said: "The Anglo name will cease to exist from today and the recently merged institution of Anglo and INBS will be officially known by this new name.

''I strongly believe that, in addition to meeting practical requirements for the merged organisation, this name change is of symbolic importance to all of us as we move on from the past.

''The cost to the Irish taxpayer caused by the disastrous lending practices and poor stewardship of Anglo Irish Bank and INBS will not be forgotten or forgiven.

''With these infamous names now committed to history, the new board and management of the bank will continue with focus and determination to recover as much money as possible for the state, as the organisation is fully wound down under the name IBRC.''