- Irish Life and Permanent
Infobox_Company
company_name = Irish Life and Permanent, Plc
company_
company_type = Public
company_slogan = "Banking, Only Better" - Permanent TSB
foundation =Dublin ,Ireland (1884 )
location =Dublin ,Ireland
key_people = Denis Casey,CEO
num_employees = 4,800 (2004)
products = bank accounts, loans, mortgages, pensions, life assurance, investments
homepage = [http://www.irishlifepermanent.ie/ www.irishlifepermanent.ie/]
industry =Finance
revenue = profit €411.2m 2004The Irish Life and Permanent (ISE: [http://www.ise.ie/app/equityDetails.asp?equity=564 ILB] , lse|IPM) ( _ga. Cuideachta Bheatha na hÉireann) group is a leading provider of personal financial services in Ireland. The company is historically derived from three different companies:
* "Irish Life Assurance"
* "Irish Permanent Building Society"
* "Trustee Savings Bank"It holds a minority interest in Allianz, the third largest general insurer (i.e. non-life assurance) in the Irish market.It trades under the names
* "Irish Life" for life assurance, investments and pensions
* "Permanent TSB" for banking, mortgages, loans, credit and debit cardsThe Group has over one million customers in Ireland.
Irish Life Assurance
Irish Life was a
life assurance company created in1939 with state assistance and concentrated onlife assurance and investment products. By1936 , as a result of theGreat Depression , many life assurance companies were technically insolvent.
* The "City of Dublin Assurance Company, Limited";
* the "Irish Life and General Assurance Company, Limited";
* the "Irish National Assurance Company, Limited"; and
* the "Munster and Leinster Assurance Company, Limited" were amalgamated.Later some British companies shed their Irish operations, and merged them into this new company. They were:
* the "Prudential",
* the "Britannic",
* the "Liverpool Victoria Friendly Society",
* the "Pearl", and
* the "Refuge". The intention was to form a new company and then release its shares back on the market. However, other events in1939 , made shares in a life assurance company less attractive. The shares were sold in July1991 The
1939 company followed the procedures of the Prudential, its largest component.In
1965 "Irish Life" entered the UK market and competed against its former parent, initially under its own name. Later it acquired "The City of Westminster Assurance". "Irish Life" and "The City of Westminster Assurance" closed for new business, in the UK in1996 .This 'closed book' was sold to Chesnara for £47.5 million onMay 5 2005 .ICI).
Allied Irish Banks took over "Insurance Corporation of Ireland". Shortly afterwards, the general insurance company became insolvent. The Insurance Corporation of Ireland Life (ICI Life) was the Life Assurance subsidiary of the Insurance Corporation of Ireland (TheGovernment of Ireland wrote off the debts of "Insurance Corporation of Ireland" and sold the ICI Life arm as a profitable going concern to Prudential. Prudential Life operated in Ireland until its acquisition by Irish Permanent Building Society. The life office then traded as Progressive Life. In 1999, "Irish Life Assurance plc" and the "Irish Permanent Building Society" merged to form the Irish Life and Permanent Group, the operations of "Progressive Life" and Irish Life Assurance were merged.Even though the government had to assist
Allied Irish Banks following the debacle of "Insurance Corporation of Ireland", they established anotherlife assurance company, called 'Ark Life'.Contrary to popular opinion, "Irish Life Assurance" was never a "Semi-State" company.
In 1939 the minister owned 18% of the shares in the company.
In 1947, restructuring and purchase by Minister of Finance of shares held by British life assurance companies resulting in a government holding of 90.25%.In July 1991 these shares were released on the market.Permanent TSB
"Permanent TSB", previously the "Irish Permanent Building Society", was founded as "The Irish Temperance Permanent Benefit Building Society" which was founded in
1884 .
Building societies existed to help their members build their own home. Initially they were "terminating" societies. Their membership was closed and they wound up when all members had a house. "Permanent Building societies" had a rolling membership. Hence the name: "Irish Permanent Building Society".
In1940 its name was changed to "Irish Permanent Building Society".
In1992 "Irish Permanent Finance", specialising in auto finance, was established.
In1992 branch operations were opened inLondon andBelfast .
In1992 a Banking subsidiary established in theIsle of Man .
In1994 the Irish private banking operation of "Guinness & Mahon" was acquired.
In1996 "Capital Home Loans" a UK mortgage lender was acquired.It was a
mutual organisation , jointly owned by those saving and borrowing. Itdemutualised to form a plc on21 September 1994 .
Irish Permanent was a predominantly personal banking and mortgage company which currently does business in the name of "Permanent TSB" because of the 2001Trustee Savings Bank acquisition from theGovernment of Ireland .Trustee Savings Bank
The origins of the TSB Bank date back to
1816 when the first Irish Savings Bank was established inWaterford . Shortly afterwards, Savings Banks were established in Cork,Dublin ,Monaghan and Limerick. TheDublin andMonaghan banks merged in1977 , followed by the amalgamation of the Cork andLimerick banks in1986 . In1988 ,Waterford was incorporated into theDublin bank and finally, in1992 , Cork andLimerick Savings Bank amalgamated with Trustee Savings BankDublin , to form TSB Bank.For much of its existence, the Savings Banks operated under the Savings Bank Act
1863 , which effectively restricted them to offering savings products. Legislation in1965 ultimately allowed them to successfully broaden their product range into such areas as personal lending, mortgages, current accounts, credit cards and foreign exchange. The Bank, which was an unincorporated statutory entity, was governed by theTrustee Savings Bank Act1989 .It was purchased by "Irish Life and Permanent" from the
Government of Ireland in 2001. The banking arm of "Irish Life and Permanent" now trade under the name "Permanent TSB".Permanent TSB is a member of the Laser payment system.
Others
Additionally there are other companies which are part of the group in similar financial areas, such as:
*ILI Irish Life International [http://www.irishlifeinternational.com/] established in theIFSC in 1994
*ILIM who manage investments
*IPSI who provide third-party administration of life assurance operations, mainly for Italian companies.
*ILCB Irish Life Corporate Business provide pension management services.ee also
*
List of Irish companies External links
* [http://www.irishlifepermanent.ie/ Official site - group website]
References
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