AIB (NI)

Last updated

AIB (NI)
Type Division of AIB Group (UK) plc
Founded1991
Headquarters Belfast, Northern Ireland
Key people
Adrian Moynihan, Head of AIB – Northern Ireland
ProductsVarious banking products
Website aibni.co.uk

AIB (NI) (formerly known as First Trust Bank) is a commercial bank in Northern Ireland that is part of Allied Irish Banks's UK subsidiary AIB Group (UK) plc. It is one of the Big Four banks in Ireland. The bank was created in 1991 when TSB Northern Ireland merged with the AIB Group's other interests. The bank can trace its existence back to 1816 with the founding of the Belfast Savings Bank. The bank was one of the four banks that issued Pound Sterling banknotes in Northern Ireland until February 2019; First Trust notes are no longer legal currency since 30 June 2022. Allied Irish Banks confirmed plans to sell off the bank in April 2010 as part of plans to raise capital, [1] however these plans were subsequently shelved and instead the bank announced investment plans starting in 2014. [2] The bank traded as First Trust Bank in Northern Ireland until November 2019. [3]

Contents

Banking services

Allied Irish Banks' UK division, with total assets of €15.1 billion (approx £10 billion), [4] operates in two distinct markets, Northern Ireland and Great Britain (where it operates as Allied Irish Bank (GB)), with different economies and operating environments. AIB Group (UK) p.l.c., registered in the UK and regulated by the Financial Conduct Authority and the Prudential Regulation Authority, operates as the legal entity for the division.

Banknotes

A PS100 First Trust Bank note FirstTrust100.jpg
A £100 First Trust Bank note

In common with the other Big Four banks of Northern Ireland, First Trust Bank retained the right to issue its own banknotes, though production ceased on 30 June 2020. [5] [6] These are pound sterling notes and equal in value to Bank of England notes, and should not be confused with banknotes of the former Irish pound.

Earlier note issues by the bank were made under the bank's previous names: the Provincial Bank of Ireland Ltd. (to 1976), Allied Irish Banks Ltd. (1977–1986), and Allied Irish Banks PLC (1987–1993).

First Trust Bank's final issue of notes depicted two generic people, one male, one female. They appear as children on the £1 and £5 notes, as middle-aged on the £10 and £20, and finally as elderly on the £50 and £100. The obverse designs generally feature images associated with the Spanish Armada, commemorating the wrecking of 24 Armada ships off the coast of County Antrim in 1588: [7] [8]

A £5 note featuring Dunluce Castle on the obverse and a £1 note also featuring the Girona were issued by the Provincial Bank of Ireland and by AIB, but have not been issued by First Trust Bank.

In February 2019, First Trust Bank ceased issuing its own banknotes in circulation and replaced them with Bank of England banknotes as they are withdrawn from circulation. First Trust Bank notes could continue to be used until 30 June 2022, after which time they ceased to be legal currency but can still be paid into bank accounts, or exchanged for Bank of England notes at branches of AIB (NI).

See also

Related Research Articles

<span class="mw-page-title-main">County Antrim</span> Historic Northern Ireland county

County Antrim is one of six counties of Northern Ireland and one of the thirty-two counties of Ireland. Adjoined to the north-east shore of Lough Neagh, the county covers an area of 3,086 square kilometres (1,192 sq mi) and has a population of 651,321, as of the 2021 census. County Antrim has a population density of 203 people per square kilometre or 526 people per square mile. It is also one of the thirty-two traditional counties of Ireland, as well as part of the historic province of Ulster.

<span class="mw-page-title-main">Banknotes of the pound sterling</span> Promissory notes denominated in pounds sterling

The pound sterling is the official currency of the United Kingdom, Jersey, Guernsey, the Isle of Man, British Antarctic Territory, South Georgia and the South Sandwich Islands, and Tristan da Cunha.

<span class="mw-page-title-main">Bank of Scotland</span> Bank based in Edinburgh, Scotland

The Bank of Scotland plc is a commercial and clearing bank based in Scotland and is part of the Lloyds Banking Group. The bank was established by the Parliament of Scotland in 1695 to develop Scotland's trade with other countries, and aimed to create a stable banking system in the Kingdom of Scotland.

<span class="mw-page-title-main">Clydesdale Bank</span> Commercial bank in Scotland

Clydesdale Bank is a trading name used by Clydesdale Bank plc for its retail banking operations in Scotland.

Bank of Ireland Group plc is a commercial bank operation in Ireland and one of the traditional Big Four Irish banks. Historically the premier banking organisation in Ireland, the bank occupies a unique position in Irish banking history. At the core of the modern-day group is the old Governor and Company of the Bank of Ireland, the ancient institution established by royal charter in 1783.

<span class="mw-page-title-main">Trustee Savings Bank</span> British financial institution

The Trustee Savings Bank (TSB) was a British financial institution. Trustee savings banks originated to accept savings deposits from those with moderate means. Their shares were not traded on the stock market but, unlike mutually held building societies, depositors had no voting rights; nor did they have the power to direct the financial and managerial goals of the organisation. Directors were appointed as trustees on a voluntary basis. The first trustee savings bank was established by Rev. Henry Duncan of Ruthwell in Dumfriesshire for his poorest parishioners in 1810, with its sole purpose being to serve the local people in the community. Between 1970 and 1985, the various trustee savings banks in the United Kingdom were amalgamated into a single institution named TSB Group plc, which was floated on the London Stock Exchange. In 1995, the TSB merged with Lloyds Bank to form Lloyds TSB, at that point the largest bank in the UK by market share and the second-largest by market capitalisation.

<span class="mw-page-title-main">Ulster Bank</span> Irish commercial bank

Ulster Bank is a large retail bank, and one of the traditional Big Four Irish clearing banks. The Ulster Bank Group is subdivided into two separate legal entities: National Westminster Bank Plc, trading as Ulster Bank ; and Ulster Bank Ireland DAC. The headquarters of Ulster Bank in the Republic of Ireland are located on George's Quay, Dublin, whilst the headquarters of Ulster Bank Northern Ireland are in Donegall Square East, Belfast, and it maintains a large sector of the financial services in both the UK and the Republic of Ireland.

<span class="mw-page-title-main">Allied Irish Banks</span> One of the four main commercial banks in Ireland, operating in multiple market segments

Allied Irish Banks, p.l.c. is one of the so-called Big Four commercial banks in the Republic of Ireland. AIB offers a full range of personal, business and corporate banking services. The bank also offers a range of general insurance products such as home, travel and car. It offers life assurance and pensions through its tied agency with Irish Life Assurance plc.

The pound is the currency of Guernsey. Since 1921, Guernsey has been in currency union with the United Kingdom and the Guernsey pound is not a separate currency but is a local issue of sterling banknotes and coins, in a similar way to the banknotes issued in Scotland, England and Northern Ireland. It can be exchanged at par with other sterling coinage and notes.

<span class="mw-page-title-main">Jersey pound</span> Currency of Jersey

The pound is the currency of Jersey. Jersey is in currency union with the United Kingdom, and the Jersey pound is not a separate currency but is an issue of banknotes and coins by the States of Jersey denominated in sterling, in a similar way to the banknotes issued in Scotland and Northern Ireland. It can be exchanged at par with other sterling coinage and notes.

<i>Girona</i> (ship)

<span class="mw-page-title-main">Banknotes of Ireland</span>

Ireland has issued its own trading banknotes for several centuries, both when the whole of Ireland was one legal entity, and following partition of the island into the Republic of Ireland and Northern Ireland. Notes have been issued by individual banks and by state agencies of the Republic of Ireland and the United Kingdom.

<span class="mw-page-title-main">Dunluce Castle</span> Medieval castle on coast of Northern Ireland

Dunluce Castle is a now-ruined medieval castle in Northern Ireland, the seat of Clan MacDonnell. It is located on the edge of a basalt outcropping in County Antrim, and is accessible via a bridge connecting it to the mainland. The castle is surrounded by extremely steep drops on either side, which may have been an important factor to the early Christians and Vikings who were drawn to this place where an early Irish fort once stood.

Banknotes have been issued for use specifically in Northern Ireland since 1929, and are denominated in pounds sterling. They are legal currencies, but technically not legal tender anywhere. This is not uncommon as most bank notes are not recognised as tender. However, the banknotes are still widely accepted as currency by larger merchants and institutions elsewhere in the United Kingdom. Issuing banks have been granted legal rights to issue currency, and back the notes with deposits at the Bank of England.

AIB Group (UK) p.l.c. is a subsidiary of Allied Irish Banks. It is registered in Northern Ireland. Regulated by the Financial Services Authority, it serves as the legal entity for the United Kingdom banking division of the group.

<span class="mw-page-title-main">Portballintrae</span> Seaside village in County Antrim, Northern Ireland

Portballintrae is a small seaside village in County Antrim, Northern Ireland. It is four miles east of Portrush and two miles west of the Giant's Causeway. In the 2001 Census it had a population of 734 people, a decline of 10% compared to 1991. It lies within the Causeway Coast and Glens District Council area.

Banknotes of Scotland are the banknotes of the pound sterling that are issued by three Scottish retail banks and in circulation in Scotland. The issuing of banknotes by retail banks in Scotland is subject to the Banking Act 2009, which repealed all earlier legislation under which banknote issuance was regulated, and the Scottish and Northern Ireland Banknote Regulations 2009. Currently, three retail banks are allowed to print notes for circulation in Scotland: Bank of Scotland, Royal Bank of Scotland, and Clydesdale Bank.

The Ulster Bank £50 note is a banknote issued by Ulster Bank. It is valued at fifty pounds sterling and the current design was first issued in 1997. As with most banknotes of Northern Ireland, they can be used for transactions in the Isle of Man and Great Britain, but in practice most retailers will not accept them and they are not legal tender.

The Ulster Bank £100 note is a banknote issued by Ulster Bank. It is valued at one hundred pounds sterling and the current design was first issued in 1990. As with most banknotes of Northern Ireland, they can be used for transactions in the Isle of Man and Great Britain, but in practice most retailers will not accept them and they are not legal tender.

References

  1. "First Trust staff 'shocked' at sale". BBC News . 2 April 2010.
  2. Oral evidence given by First Trust Bank at a Northern Ireland Affairs Committee hearing in the House of Commons on 29 January 2014. See p31 https://publications.parliament.uk/pa/cm201314/cmselect/cmniaf/uc650-xi/uc650xi.pdf
  3. "Northern Ireland Chamber of Commerce".
  4. AIB Investor Relations
  5. "Banknote Announcement - AIB (NI) Personal Banking". AIB. Retrieved 30 April 2023.
  6. "Information for Noteholders in the UK" . Retrieved 24 July 2021.
  7. "British Isles Coast Gallery By Mark Horton". BBC. Retrieved 15 October 2008.
  8. "Giant's Causeway – The Armada". NorthAntrim.com. Archived from the original on 15 February 2009. Retrieved 31 October 2008.