THE NAME of Anglo Irish Bank was consigned to history yesterday as the nationalised bank officially became known as Irish Bank Resolution Corporation (IBRC).

The new name will apply to what was formerly Anglo and the Irish Nationwide Building Society. The two groups merged in July and will be run down over a 10-year period. The State is injecting a combined €34.7 billion in the institutions.

The company that issued Anglo’s covered bonds, Anglo Irish Mortgage Bank, will be renamed IBRC Mortgage Bank.

Anglo’s wealth management business, Anglo Irish Assurance Company, which is on the market, has been renamed IBRC Assurance Company.

“I strongly believe that, in addition to meeting practical requirements for the merged organisation, this name change is of symbolic important to all of us as we move on from the past,” said IBRC chief executive Mike Aynsley.

“The cost to the Irish taxpayer caused by disastrous lending practices and poor stewardship of Anglo Irish Bank and INBS will not be forgotten or forgiven.”

The renaming comes as the bank also plans to close down and dispose of a large number of subsidiary companies.

IBRC will sell a large number of subsidiaries on its books through the disposal of what was Anglo’s $9.5 billion (€7 billion) US loan book.

The bank has signed deals to sell the US portfolio to two of the three bidders, Texas-based investment company Lone Star Funds and American bank Wells Fargo.

The third bidder, JP Morgan, is expected to sign its bid shortly.

IBRC yesterday announced the appointment of accountant Oliver Ellingham as a non-executive director. A former head of corporate finance at French bank BNP Paribas, Mr Ellingham held senior management roles at Charterhouse Bank and Robert Fleming.

He is a non-executive director in several companies including Vislink plc and the Naafi Pension Fund.

He is chairman and owner of Woking Storage Solutions.

IBRC chairman Alan Dukes said that Mr Ellingham brings “a broad range of international financial experience” to the bank.