EBS Building Society
Encyclopedia
EBS Limited was a financial institution in Ireland
and was the country's largest building society
. EBS has more than 400,000 members and distributes its products through a branch and franchised agency network. It handles direct business by telephone and the Internet. The institution's previous name was Educational Building Society, which reflected the role played by school teachers in its establishment, but "Educational" was later replaced by "EBS", forming a redundant acronym
.
EBS was one of last two Irish building societies owned by their members but since July 2011, has been a subsidiary of AIB Bank. With branches throughout Ireland, EBS offers residential and commercial mortgage
s, personal loans, savings accounts, investment products and a financial planning service.
It formerly did not offer current accounts using its own resources and instead through an agreement with Allied Irish Banks
, an ATM card service was operated using AIB's Banklink system. This has now been withdrawn and a Debit Card is provided in conjunction with MasterCard. Similarly, credit cards are offered in conjunction with MBNA
.
In 2006, EBS became a tied insurance agent of Irish Life, PLC for the provision of life and investments products. All investment products sold through EBS are managed by Irish Life Investment Managers.
During 2007, a wholly owned subsidiary was established. Haven Mortgages focusses exclusively on the broker market as a separate lender in its own right.
In the 2004 and 2005 "Ireland Great Place to Work" awards, EBS was named as the "Best Company to work for in Ireland with 500-1000 employees". In both these years, EBS was also named as one of the top 100 Best Places to Work in Europe
As and from the 1st July 2011, EBS Building Society ceased to exist and, after being granting a banking licence,and demutalising, EBS Building Society became EBS Ltd., a subsidary of AIB.
authorised the Irish government
to inject €875 million as emergency rescue aid into the society to combat the 2008–2011 Irish banking crisis. This bailout money came with the demand that the EBS must submit a restructuring plan to the Commission. The European Commissioner for Competition, Joaquín Almunia
, said "EBS needs a significant recapitalisation to comply—and to continue to comply in the coming years—with capital requirement rules."
By March 2011 the total external bailout needed to save the institution was estimated at €1.5 billion.
Republic of Ireland
Ireland , described as the Republic of Ireland , is a sovereign state in Europe occupying approximately five-sixths of the island of the same name. Its capital is Dublin. Ireland, which had a population of 4.58 million in 2011, is a constitutional republic governed as a parliamentary democracy,...
and was the country's largest building society
Building society
A building society is a financial institution owned by its members as a mutual organization. Building societies offer banking and related financial services, especially mortgage lending. These institutions are found in the United Kingdom and several other countries.The term "building society"...
. EBS has more than 400,000 members and distributes its products through a branch and franchised agency network. It handles direct business by telephone and the Internet. The institution's previous name was Educational Building Society, which reflected the role played by school teachers in its establishment, but "Educational" was later replaced by "EBS", forming a redundant acronym
RAS syndrome
RAS syndrome , also known as PNS syndrome or RAP phrases , refers to the use of one or more of the words that make up an acronym or initialism in conjunction with the abbreviated form, thus in effect repeating one or more words...
.
EBS was one of last two Irish building societies owned by their members but since July 2011, has been a subsidiary of AIB Bank. With branches throughout Ireland, EBS offers residential and commercial mortgage
Commercial mortgage
A commercial mortgage is a mortgage loan made using commercial real estate as collateral to secure repayment.A commercial mortgage is similar to a residential mortgage, except the collateral is a commercial building or other business real estate, not residential property. In addition, commercial...
s, personal loans, savings accounts, investment products and a financial planning service.
It formerly did not offer current accounts using its own resources and instead through an agreement with Allied Irish Banks
Allied Irish Banks
Allied Irish Banks p.l.c. is a major commercial bank based in Ireland.AIB is one of the so called "big four" commercial banks in the state. The bank has one of the largest branch networks in Ireland; only Bank of Ireland fully rivals it. AIB offers a full range of personal and corporate banking...
, an ATM card service was operated using AIB's Banklink system. This has now been withdrawn and a Debit Card is provided in conjunction with MasterCard. Similarly, credit cards are offered in conjunction with MBNA
MBNA
MBNA Corporation was a bank holding company and parent company of wholly owned subsidiary MBNA America Bank, N.A., headquartered in Wilmington, Delaware, prior to being acquired by Bank of America in 2006...
.
In 2006, EBS became a tied insurance agent of Irish Life, PLC for the provision of life and investments products. All investment products sold through EBS are managed by Irish Life Investment Managers.
During 2007, a wholly owned subsidiary was established. Haven Mortgages focusses exclusively on the broker market as a separate lender in its own right.
In the 2004 and 2005 "Ireland Great Place to Work" awards, EBS was named as the "Best Company to work for in Ireland with 500-1000 employees". In both these years, EBS was also named as one of the top 100 Best Places to Work in Europe
As and from the 1st July 2011, EBS Building Society ceased to exist and, after being granting a banking licence,and demutalising, EBS Building Society became EBS Ltd., a subsidary of AIB.
History
EBS Building society was founded in 1935 by Alex McCabe and other teachers to provide affordable housing finance for teachers and other civil servants.Emergency government rescue
In June 2010, the European CommissionEuropean Commission
The European Commission is the executive body of the European Union. The body is responsible for proposing legislation, implementing decisions, upholding the Union's treaties and the general day-to-day running of the Union....
authorised the Irish government
Irish Government
The Government of Ireland is the cabinet that exercises executive authority in Ireland.-Members of the Government:Membership of the Government is regulated fundamentally by the Constitution of Ireland. The Government is headed by a prime minister called the Taoiseach...
to inject €875 million as emergency rescue aid into the society to combat the 2008–2011 Irish banking crisis. This bailout money came with the demand that the EBS must submit a restructuring plan to the Commission. The European Commissioner for Competition, Joaquín Almunia
Joaquín Almunia
Joaquín Almunia Amann is a Spanish politician and prominent member of the European Commission, currently responsible for Competition under the second mandate of President Barroso. He was previously responsible for Economic and Monetary Affairs in Barroso's previous mandate...
, said "EBS needs a significant recapitalisation to comply—and to continue to comply in the coming years—with capital requirement rules."
By March 2011 the total external bailout needed to save the institution was estimated at €1.5 billion.