Anglo submits INBS merger plan

Anglo Irish Bank has confirmed it has submitted plans for the planned merger with Irish Nationwide Building Society (INBS).

In February, Anglo was ordered to come up with a detailed plan for the merger of the State-owned bank with INBS, the rationalisation of branches and offices overseas, and the disposal of its wealth management business.

The plan was due to be submitted to the National Treasury Management Agency by the end of March.

In a statement today, the bank said it had complied with these directions.

Anglo said it has also been required to draw up and implement a "high level restructuring document", subject to variations directed and approved by the European Commission.