AIB/BNY Trust Company Ltd, the sub-custody joint venture between Allied Irish Bank and Bank of New York, is being wound up.
“We have made the decision to centralize the custody for Irish equities in our global network within Bank of New York, London,” says a spokesman for AIB.BNY Trust Company. “This decision has been made, acknowledging the strategic trend of Irish companies which now list on the UK rather than the Irish market, and that all dematerialized Irish equities settle via Crest.”
The change will take effect at the end of September this year, when custody services for Irish equities for clients will be provided by Bank of New York in London alone.