Anglo Irish Bank, the Dublin-based nationalized bank, has ceased its custody operations, according to local news reports citing clients who were notified of the termination. Anglo Irish allegedly is outsourcing what remains of its custody business while clients find alternative providers.
The Irish government bought a 75% stake in Anglo Irish Bank two years ago, when it was hit hard by a downturn in the domestic property market. It has seen its share of controversy since then due to massive losses and questions about its loan practices.