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02/10/2008
Concerns Over Competitiveness Follow Irish Bank Deal
As the European Commission confirmed that it is 'in close contact' with the Irish government about today's legislative move to guarantee all the deposits in Irish banks - with the emergency law receiving final approval from the Dáil today - there are already signs that some UK savers are moving their money to Ireland's banks.
The Bank of Ireland, for example, has said it has seen a steady increase in people contacting its call-centres, while the Post Office, whose savings products are backed by the Bank of Ireland, has also reported a rise in the number of customers seeking to invest.
The British Bankers' Association has already complained that the Republic of Ireland's move had put British banks at a competitive disadvantage, with the EC now expressing similar concerns that it may give Irish banks an unfair advantage over foreign competitors.
The Irish government's €400bn guarantee covers Allied Irish Bank; Bank of Ireland; Anglo Irish Bank; Irish Life & Permanent; Irish Nationwide Building Society and the Educational Building Society and - it has just been revealed - also covers the various institutions' branches in the UK - be they in Northern Ireland or mainland Britain.
Already, other Irish banks - which are foreign owned - are seeking to be included too, with the Ulster Bank - a subsidiary of the Royal Bank of Scotland - saying it was confident of qualifying to be underwritten as well.
Irish ministers had already said they may extend the scheme to 'foreign' banks with 'a significant number of Irish customers' on a case-by-case basis.
The Seanad (upper house) passed the bill on Thursday morning, but because of some amendments, it had to go back to the Dáil (lower house) for final approval before receiving the presidential signature.
In the course of the Dáil debate, Finance Minister Brian Lenihan confirmed representatives of the public interest will be appointed to the boards of institutions accepting the support.
He said the Irish state was "getting deep" into the banking system, and must ensure that the taxpayer would be protected.
The Dáil sat until after 2am, the latest sitting in three decades, to debate the legislation, finally backing it by 124 votes to 18, with only Labour opposed.
See: NI Customers Await News On Irish Bank Guarantee
(BMcC/KMcA)
The Bank of Ireland, for example, has said it has seen a steady increase in people contacting its call-centres, while the Post Office, whose savings products are backed by the Bank of Ireland, has also reported a rise in the number of customers seeking to invest.
The British Bankers' Association has already complained that the Republic of Ireland's move had put British banks at a competitive disadvantage, with the EC now expressing similar concerns that it may give Irish banks an unfair advantage over foreign competitors.
The Irish government's €400bn guarantee covers Allied Irish Bank; Bank of Ireland; Anglo Irish Bank; Irish Life & Permanent; Irish Nationwide Building Society and the Educational Building Society and - it has just been revealed - also covers the various institutions' branches in the UK - be they in Northern Ireland or mainland Britain.
Already, other Irish banks - which are foreign owned - are seeking to be included too, with the Ulster Bank - a subsidiary of the Royal Bank of Scotland - saying it was confident of qualifying to be underwritten as well.
Irish ministers had already said they may extend the scheme to 'foreign' banks with 'a significant number of Irish customers' on a case-by-case basis.
The Seanad (upper house) passed the bill on Thursday morning, but because of some amendments, it had to go back to the Dáil (lower house) for final approval before receiving the presidential signature.
In the course of the Dáil debate, Finance Minister Brian Lenihan confirmed representatives of the public interest will be appointed to the boards of institutions accepting the support.
He said the Irish state was "getting deep" into the banking system, and must ensure that the taxpayer would be protected.
The Dáil sat until after 2am, the latest sitting in three decades, to debate the legislation, finally backing it by 124 votes to 18, with only Labour opposed.
See: NI Customers Await News On Irish Bank Guarantee
(BMcC/KMcA)
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New NI Bank Notes In Circulation
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New bank notes have been released into circulation in Northern Ireland. The £10 and £20 notes are being issued from Danske Bank and will gradually replace the existing Northern Bank notes. The design of the notes remains the same, the only difference is the Danske Bank logo has replaced the Northern Bank logo.
15 November 2012
Northern Bank Becomes Danske
Today the Northern Bank officially becomes Danske Bank. The new name comes from the bank’s Danish parent and will see branches across Ireland, Norway, Finland, Latvia, Estonia and Lithuania adopt the new title.
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Today the Northern Bank officially becomes Danske Bank. The new name comes from the bank’s Danish parent and will see branches across Ireland, Norway, Finland, Latvia, Estonia and Lithuania adopt the new title.
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Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
