Anglo Irish Chairman Alan Dukes has said after its restructuring, its sole purpose will be as a 'recovery bank'.
In the coming weeks, Anglo Irish Bank will be rebranded and the name synonymous with the economic boom and bust will be consigned to history.
As part of a restructuring of the State-owned bank, deposits will be moved to a separate entity and the bank's loan book will be wound down over a number of years.
Anglo's depositors will remain fully covered by the deposit guarantee.
Speaking on RTÉ's Morning Ireland, Mr Dukes said that when the proposals are finalised with the European Commission, Anglo's sole purpose will be as a 'recovery bank'.
It will focus on managing the loan assets of the bank and seek to recover the maximum amount possible for the bank and, therefore, for the taxpayer.
He says that essentially it will be doing just half of the proposed division of the bank into a funding and recovery operation.
Mr Dukes said that in reality the funding bank element was never going to be a runner for a number of 'technical reasons', which he was not keen to explain.
It would also be hard to 'maintain the fiction' that the two banks were separate entities when they were actually 'joined at the hip'.
His understanding is that the Anglo Irish deposit book will be transferred in its entirety to another bank, with exactly the same terms and conditions that applied to accounts opened with Anglo.
He says he is not sure yet which bank would take over the deposit aspect of the business.
Mr Dukes pointed out that initial remarks about the bank disappearing by the Governor of the Central Bank Patrick Honohan, on the News At One, were 'a little wide of the mark' and that the statement subsequently issued by the Central Bank clarifies matters.
The Anglo chairman said the deposit element of any restructuring has a lot of loose ends that will need to be tied up in the coming weeks.
Anglo has operations in the Isle of Man and in the US and while the end of January 2011 timeframe for submitting the restructuring plan to the Commission is tight, he says the deadline can be met.
Mr Dukes said the comments from Mr Honohan were not 'a bolt from the blue'.
Anglo had concluded 'some time ago' that the recovery and funding bank model would not work, chiefly because the funding part was not feasible.
Plans were being made on the basis of Anglo operating solely as a recovery bank. Now all that remains is to define how this will function.
A new name has been registered but Mr Dukes said it has yet to be finalised.
