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BOI get authorisation to operate as a Bank from the UK Financial Services Authority

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  • 10-11-2010 1:11pm
    #1
    digme
    Closed Accounts Posts: 4,584 ✭✭✭


    BANK OF IRELAND / ICS Building Society are and get
    their “authorisation” from and in the UK to operate as a Bank from
    the UK Financial Services Authority. http://www.fsa.gov.uk


    I just came across this today in a ebook which some guy has written about him and his dealings with the bank of ireland.
    How can the above be true?Is the BOI and english company or what?
    Does the above mean that they only authorize it to be a bank in the uk or Ireland or both?
    I'm genuinely interested and have no idea so no smart ass comments or asking for evidence....


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    #2
    ANXIOUS
    Registered Users Posts: 3,095 ✭✭✭ANXIOUS


    Im pretty sure this is because boi run the post office bank, in the uk. However if you want a conspiracy i heard they are planning on robbing all our money and just starting fresh in the uk.


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    #3
    gizmo
    Registered Users Posts: 8,405 ✭✭✭gizmo


    Probably because they operate in the UK also...
    International Operations

    The bank is headquartered in Dublin, and has operations throughout the Republic of Ireland. It also operates in the United Kingdom, particularly Northern Ireland, where it prints its own banknotes in Pounds Sterling (see section on banknotes below). In Great Britain, the bank expanded largely through the takeover of the Bristol and West Building Society in 1996. On 21 September 2005 the Bristol and West retail and contact centre network was sold to Britannia Building Society. Bank of Ireland has still retained the right to use the Bristol & West name to sell Mortgages. Bank of Ireland also provides financial services for the British Post Office throughout the UK.

    They are also authorised by the Irish Financial Regulator for their operations in this country.


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    #4
    Boo Radley
    Registered Users Posts: 485 ✭✭Boo Radley


    AIB operate in the same fashion in NI under the name of First Trust and Britain as AIB GB (or used to, not sure about now). Nothing weird going on.


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    #5
    My name is URL
    Registered Users Posts: 25,067 ✭✭✭✭My name is URL


    I don't know much about the corporate side of banking, but if; through some loophole, an Irish bank could operate under British regulation, it'd be a hell of a lot easier than all banks having to dance to the beat of a single drum.


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