For some, the ultimate symbol of their wealth is a million pound home, a racehorse or a Rolls Royce. For others, a less ostentatious symbol can be just as appealing something like belonging to one of the private banks, for example, though customers with less than a half a million to transact, need not apply.
Not too long ago, the idea of private banks and old money went together: Guinness and Mahon (since taken over by building society-cum-bank Irish Permanent) was probably the only bank that tailored its services for the rich the merchant princes, aristocrats and old Anglo-Irish families. About 10 years ago Bank of Ireland and AIB realised that economic development and personal wealth were increasing at about the same pace. Their private banks have welcomed those members of the "old money" set who wanted to move, but their sights were clearly focused on the new entrepreneurs and professionals who were impressed by the idea of an exclusive banking address, but also wanted the kind of discretion and service that enough money can always buy.
Discretion and good taste is fine-tuned at Bank of Ireland's private bank, set up nine years ago and located at 35 Fitzwilliam Square. AIB's private bank offices are based at its head office in Ballsbridge. Its service has been operating for the past three years and it also has a private bank in Cork city.
There is no sign outside the dark blue Fitzwilliam Square door, only a discreet buzzer. Inside, the gold carpets are four inches thick and the fine stuccoed walls and ceilings and gilt mirrors show how carefully the bank has preserved this fine old Georgian building.
In Mr Michael Moriarty's beautiful second-floor office, with the Paul Henry tucked away on a corner wall, the head of the private bank and his associate, Mr Stephen Walsh, who heads the trusts and succession planning department, explain that prestige is a relatively minor reason why customers join this branch.
Instead, they say that successful business people and professionals appreciate the "comprehensiveness of our services, the personal service and continuity of access to the same staff, and the high level of confidentiality that we offer". Many of their customers, who they describe as "self-made entrepreneurs or professionals, mainly in their 30s, 40s and 50s" increasingly appreciate the merit in keeping their business banking affairs and their personal affairs separate, says Mr Walsh.
It offers all the usual bank services lending, deposit-taking, investments, wills and trusts, arranging mortgages, etc. If it cannot provide the expertise itself, for example on insurance or investment services, it calls in other bank specialists.
The private banks also give more detailed narrative statements and comprehensive monthly statements of balances than ordinary bank branches. This includes the monthly amount outstanding on loans and mortgages or the position of deposit accounts, to the quarterly value of pension funds and investments, such as tracker bonds or unit funds. The account paraphernalia cheques and statements, credit and card accounts, advertise the private bank connection and are printed on good quality paper with gold embossing, but this optional service does cost £125 a quarter. Interestingly, Mr Moriarty says many customers prefer not to draw attention to themselves and opt instead for the ordinary chequebook version.
The private banks do not advertise or promote their services publicly and they admit that their colleagues in the branches are not likely to recommend that a customer transfers to them.
"Word of mouth and recommendations from existing customers is how we get most of our new business," says Mr Moriarty. Nor is there a rigid income level to be met before you can join the private banks. But in Bank of Ireland's case, "you need to be capable of doing in the region of half a million pounds worth of business with us," says Mr Moriarty.
