Anglo Irish Bank history

Earlier in 1966, the Bank of Ireland (not to be confused with the Royal Bank) had bought the Irish interests of the National Bank.

In 1967, the group boasted assets of £318 million.

In a March 1968 company statement, Chairman Edmond M. R. O'Driscoll reported on a newly formed alliance between AIB and Toronto-Dominion Bank, strengthening AIB's international stance.

The Irish Bank Officials Association, spurred by staff alienation after the merger, called a devastating, eight-month strike in 1970, which sent customers scrambling to the smaller, nonassociated banks.

AIB continued to standardize its three families of branch offices, which in 1971 numbered 281 in the Irish Republic and 46 in Northern Ireland; only 11 branches had been closed after the merger.

1977 Anglo has deposits of £2 million, cash and government securities of £1.2 million and net assets of £100,000.

1978 Anglo was acquired by City of Dublin Bank, through its Irish Bank of Commerce subsidiary, in a £100,000 all-cash deal.

1980 Bank turns a profit of £100,000 and primarily provides instalment credit.

AIB restructured itself in 1986.

1987 Establishes Isle of Man operations to support growing sterling loan book.

1988 Profit grows by 54 per cent to £2.2 million.

AIB had been advising the 63-branch bank since 1991.

1992 Anglo director and 15 per cent shareholder John Clegg is forced to resign following British newspaper reports that he may have been involved in money-laundering for the IRA.

1993 Anglo claims to be taking deposits of £1 million a day during the currency crisis but Murphy reassures shareholders that "Anglo does not, has not and will not speculate". Annual profits reach £7.3 million.

In 1994, AIB bid for the state-owned Budapest Bank.

In 1995, the company's partnership with Phillip Securities in Singapore was mirrored by a new Malaysian partnership involving both Phillip and Grand Care.

1999 Buys Smurfit Paribas Bank for £30 million cash.

2001 46 per cent rise in pre-tax profits to €194.8 million, about a third of which is generated overseas.

In 2003, Allfirst was integrated with M&TBank Corporation (“M&T”). Under the terms of the agreement AIB received 26.7 million shares in M&T, representing a stake of approximately 22.5% in the enlarged M&T;

2004 David Drumm (37) is appointed chief executive as FitzPatrick steps down after 22 years at the helm.

2005 Profits increase by 36 per cent to €685 million as deposits hit €41.7 billion.

The global financial system began to experience difficulties in mid-2007 resulting in severe dislocation of international financial markets around the world with unprecedented levels of illiquidity in the global capital markets and significant declines in the values of asset classes.

In 2008, as the Irish economy started to decline and as interest rates continued to increase, housing oversupply persisted and mortgage delinquencies increased.

AIB’s ordinary shares were subsequently admitted, in January 2011, to the Enterprise Securities Market of the Irish Stock Exchange.