Did you ever hear the one about the bank that failed, was split into two, but in fact wasn't really split at all ?
Here's the pitch -
* Along with many others, I had money on deposit with Anglo
* Anglo went boom
* We were told that Anglo was being split
* good stuff (which I take to mean deposits such as mine) went to AIB Direct - which is like AIB, only it doesn't share account holder details with AIB so I can't see it in my AIB online banking
* bad stuff (which I take to mean loans to developers which are unlikely to be repaid in full) went to IBRC - which to all intents and purposes is still "Anglo"
* For the last year or so, any correspondence has come from AIB Direct and I have received nothing from IBRC
* I rang AIB Direct and drew down some money yesterday
* Today the draft arrived - it's an IBRC draft
So, I had money in Anglo, it was transferred to AIB Direct, but when I went to draw it down it actually came from IBRC . . . where I supposedly don't have an account.
Here's the question -
I know that AIB could have sent me a draft drawn on "The Personal Bank of the King of Nigeria" and as long as it was made out to me and the money ended up in my account then there's no real problem, but is there not something odd about the draft coming from IBRC if the whole point of splitting Anglo up into AIB Direct & IBRC was to separate the good from the bad ?
If AIB Direct have *their* money with IBRC then does that not sort of make a bit of a mockery of the process of splitting them up ?
And if it's actually *my* money that is still with IBRC, then does that not make a bit of a mockery of the process in a different way - if my money never moved from Anglo (let's call a spade a spade) then why tell me that my money has moved ?
Does anyone have any sort of explanation of how this whole setup works ?
z
Here's the pitch -
* Along with many others, I had money on deposit with Anglo
* Anglo went boom
* We were told that Anglo was being split
* good stuff (which I take to mean deposits such as mine) went to AIB Direct - which is like AIB, only it doesn't share account holder details with AIB so I can't see it in my AIB online banking
* bad stuff (which I take to mean loans to developers which are unlikely to be repaid in full) went to IBRC - which to all intents and purposes is still "Anglo"
* For the last year or so, any correspondence has come from AIB Direct and I have received nothing from IBRC
* I rang AIB Direct and drew down some money yesterday
* Today the draft arrived - it's an IBRC draft
So, I had money in Anglo, it was transferred to AIB Direct, but when I went to draw it down it actually came from IBRC . . . where I supposedly don't have an account.
Here's the question -
I know that AIB could have sent me a draft drawn on "The Personal Bank of the King of Nigeria" and as long as it was made out to me and the money ended up in my account then there's no real problem, but is there not something odd about the draft coming from IBRC if the whole point of splitting Anglo up into AIB Direct & IBRC was to separate the good from the bad ?
If AIB Direct have *their* money with IBRC then does that not sort of make a bit of a mockery of the process of splitting them up ?
And if it's actually *my* money that is still with IBRC, then does that not make a bit of a mockery of the process in a different way - if my money never moved from Anglo (let's call a spade a spade) then why tell me that my money has moved ?
Does anyone have any sort of explanation of how this whole setup works ?
z