Anglo Irish sold its Anglo Irish Bank Austria (AIBA) division to Valartis Bank. Anglo & INBS Merger A Transfer Order was made by the High Court in Dublin under the Credit Institutions (Stabilisation) Act 2010 transferring the assets and liabilities of Irish Nationwide Building Society ("INBS") to Anglo Irish Bank Corporation Limited ("Anglo" or the "Bank") on 1 July 2011. This achieves the legal merger of the INBS business into Anglo consistent with directions provided to both entities by the Minister for Finance, in consultation with the European Commission. Financial results On 31 March 2010, Anglo Irish Bank reported results for the 15 months to December 2009. Loss for the period were €12.7 billion, with an operating profit before impairment of €2.4 billion and an impairment charges of €15.1 billion driving the overall result. Total assets declined to €85.2 billion at the end of 2009 from €101.3 billion in September 2008. With the substantial capital investment in the Bank by the government offsetting the provisions, the Core Tier 1 and total regulatory capital were €5 billion and €8 billion respectively at the end of 2009 versus risk weighted assets of €73 billion. Anglo Irish Bank is the largest contributor of assets to Ireland's "bad bank", the National Asset Management Agency. It expects to transfer loans with a nominal value of €35.6 billion to NAMA over 2010 which would see the risk-weighted-assets fall to €43 billion. In Anglo Irish Bank's 2009 Annual Report, referring to the QUINN group and related companies, it stated that the "High Court in Ireland appointed two joint provisional administrators to a significant corporate borrower of the Group. The Group is closely monitoring the situation and assessing the potential implications of this development which may have a negative impact on impairment charges in 2010." Controversy of business practices & loans On 4 April 2010, The Times described the lending practices at Anglo Irish Bank and how these led to the nationalisation of the bank. The article quotes the new CEO, Mike Aynsley: "hubris played a very, very big part." In many deals, Anglo Irish Bank would lend to wealthy individuals to further their equity participation. According to the CEO of Ireland's the National Asset Management Agency (NAMA), loan-to-value on deals was as high as 100%. As a result, the bank was totally exposed to any decline in value. In many cases, Anglo took personal guarantees as security.