society required a €5.4 billion government bailout to stay afloat, leaving it effectively in state ownership. A letter which the Central Bank of Ireland received concerning the legality of the loans by the building society to Sean FitzPatrick had "gone missing". Management at Irish Nationwide used to arrange meetings with the Central Bank of Ireland for late on a Friday afternoon, knowing that their staff would not want for the encounter to last for more than an hour because it would nibble into their weekend. On 24 February 2011, the deposits of Irish Nationwide were sold to Irish Life and Permanent. The building society was consequently split between its deposit book and its loan book, which was to be merged with Anglo Irish Bank In June 2011, Irish Life and Permanent itself collapsed into full state ownership. Following a court order, on 1 July 2011 all of Irish Nationwide's remaining assets and liabilities (including the branch network) were transferred to Anglo Irish Bank with immediate effect. The new merged institution was named "Irish Bank Resolution Corporation." In making the transfer order the Finance Minister, Michael Noonan, "noted the importance of the name change for the new entity in order to remove the negative international references associated with the appalling failings of both institutions and their previous managements." Former banker and British regulator, Scott J Dobbie, prepared a report in August 2012 following Nationwide's collapse, finding that the Financial Regulator "understood and delineated the critical INBS issues well before they caused trouble, but equally failed fully to use its powers under the [Building Societies] Act by pursuing these issues, being apparently mollified by bland assurances" and the Central Bank "did not meet standards which might be reasonably expected". References External links Former website, archived - Website now redirects to Anglo Irish Bank Building societies of the Republic of Ireland Banks established in 1873 Banks disestablished in 2011 Financial services companies based in Dublin (city) 1873 establishments in Ireland 2011 disestablishments in Ireland