Anglo Irish Granted Jersey Licence

by Jason Gorringe, Tax-News.com, London

12 February 2007

Anglo Irish Bank Corporation plc has, under the Banking Business (Jersey) Law 1991, been granted a Deposit Taking Licence and is now operating as a full branch in Jersey.

The office, which is situated in St Helier, is headed by Patrick Scully, Head of Corporate Treasury, and will initially employ a staff of four. He commented:

"Anglo Irish Bank has well established and recognised expertise in the areas of business banking and treasury and we are delighted to be bringing that expertise to the Island. Jersey has total bank deposits in excess of GBP180 billion (US$350 billion) and, with cash now being an asset class in its own right, we are very confident we can improve returns for those non bank intermediary clients with cash on deposit."

"Jersey is an extremely important jurisdiction for international financial services with its highly regulated environment governing both banking and the non bank intermediary markets. It is this high quality jurisdiction that has immense appeal for us."

He added:

"The relevant authorities, including the States of Jersey, the Jersey Financial Services Commission and Jersey Finance Limited, have all been extremely supportive in making the Bank welcome."

The Bank expects the majority of its business will be generated from the thriving trust and fund management sectors, where firms will be seeking the best possible interest rates on the cash assets they manage on behalf of international clients.

Anglo Irish Bank, which has been one of the best performing banks globally over the past decade, is headquartered in Dublin, with offices in the United Kingdom, Austria, Isle of Man, Portugal, Switzerland and the United States of America.

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