Irish Competition Authority Decisions

COMPETITION AUTHORITY

 

Competition Authority Decision of 18 September 2001 relating to a proceeding under Section 4

of the Competition Act, 1991

Notification No. CA/8/01 – Irish Bankers’ Federation and Irish Mortgage and Savings

Association / Euro Changeover Agreement

Decision No: 594

Price £1.00, ( €1.27 )

£1.50, ( €1.90 ) including postage

 

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Competition Authority Decision of 18 September 2001 relating to a proceeding under Section

4 of the Competition Act, 1991.

Notification No. CA/8/01 – Irish Bankers’ Federation and Irish Mortgage and Savings

Association / Euro Changeover Agreement

Decision No: 594

Introduction

 

1. This decision concerns a Euro Changeover Operational Agreement (hereafter “the

Agreement”) between the member institutions of the Irish Bankers’ Federation (hereinafter ‘IBF’) and

the member institutions of the Irish Mortgage and Savings Association (hereinafter ‘IMSA’). In

addition to matters agreed between the member institutions of IBF and IMSA, the Agreement contains

recommendations of the IBF / IMSA Retail Operations Expert Group. The Agreement concerns

operational matters relating to the final changeover to the euro, or (in other words) the period during

which the Irish pound is phased out as a sub-division unit of the euro and the introduction of euro

notes and coins commences. The Agreement was notified by IBF and IMSA on 24 July 2001, with a

request for a certificate under Section 4(4) of the Competition Act, 1991, or, in the event of a refusal

by the Authority to issue a certificate, a licence under section 4(2) of the Act.

 

The Facts

(a) The Subject of the Notification

 

2. The Agreement can be regarded as a response of IBF and IMSA, and of their member

institutions, to a historic change in the Irish economy – the change of the national currency from the

Irish pound to the euro, a currency which is shared, at present, with eleven other Member States. By

virtue of the Treaty on European Union signed at Maastricht in February 1992 and subsequently

ratified by EU Member States, and by virtue of Irish and European legislation, Ireland’s currency

became the euro on 1 January 1999 when exchange rates were fixed between the National Currency

Units of the participating Member States. Since then, the Irish Pound has been a subdivision unit of the

euro.1 The introduction of euro notes and coins is to commence on 1 January 2002,2 and the period of

dual circulation is to continue in Ireland until 9 February 2002.3 As a matter of European law, the

transition must be completed by 30 June 2002.4

 

3. The notified Agreement deals with the coordinated phased withdrawal of handling by the

member institutions of IBF and IMSA of the ‘legacy currency’, i.e. the Irish pound, in all its forms,

such as cash, cheques, and electronic transfers. A recurring feature of the arrangements set out in the

Agreement is the fixing of dates after which instruments of exchange/transfer denominated in Irish

pounds will not be accepted. The arrangements cover a variety of subjects related to the euro

changeover, such as technical and administrative matters and communication with customers.

1 Section 24 of the Central Bank Act, 1989 as amended by Section 6(1) of the Economic and Monetary Union Act,

1998 reads as follows.

24. By virtue of Council Regulation (EC) No. 974/98 of 3 May 1998 on the introduction of the euro, from the 1st day

of January, 1999 –

(a) the currency of the State is the euro, and

(b) the Irish pound unit (within the meaning of the Economic and Monetary Union Act, 1998) is a subdivision of

the euro.

2 Article 15 of Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro.

3 Irish Pound Notes and Coins (Cessation of Legal Tender Status) Order, 2001 (S.I. No. 313 of 2001), made under

section 9(1) of the Economic and Monetary Union Act, No. 38 of 1998.

4 Article 15 of Council Regulation (EC) No 974/98 of 3 May 1998 on the introduction of the euro.

 

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(b) The Parties

 

4. IMSA is a trade association which represents the interests of building societies and mortgage

lending institutions in Ireland. IMSA is affiliated to the IBF. IBF is a trade association which

represents banking institutions in Ireland, including licensed banks, savings banks, and banks and

subsidiaries of banks operating in the International Financial Services Centre in Dublin. Both trade

associations operate from Nassau House, Nassau Street, Dublin 2.

 

 

5. The member institutions of IBF and IMSA provide various financial services and include most

of the main financial services institutions in the State. According to IBF figures, “the combined

contribution of IBF-member banks to the Irish economy accounted for 3.5% of Gross National Product

in 1998.” The member institutions of IBF and IMSA are listed in Annex 1 to this decision.

 

(c) The Product and the Market

 

6. The products and services affected by the agreement include: bank accounts denominated in

‘legacy currencies’ (i.e. the former currencies of euro-participant states); cheques and other currency

instruments denominated in legacy currencies; domestic drafts; electronic funds transfers (“EFTs”);

Automated Teller Machines (“ATMs”); debit (‘Laser’) cards.

 

 

7. The parties submitted that the relevant market is the market in the State for provision by banks

and building societies of bank account, money transfer services This definition of the relevant market

may be too broad and it is likely that several discrete markets may be defined within the financial

services sector. For the purposes of this decision, however, the Authority has decided that it is

unnecessary to make a final determination on this point. Regardless of whether the market(s) should be

defined in the manner submitted by IBF and IMSA, or in a different manner, the Authority’s

assessment of the Agreement would not change.

 

(d) The Notified Arrangements

 

8. The Agreement was prepared by the “IBF/IMSA EMU Retail Operations Expert Group” and

includes various commitments that have been entered into by the member institutions of IBF and

IMSA in relation to operational matters (excluding the introduction of euro notes and coins, but

including matters relating to Automatic Teller Machines (ATMs)) affected by the final changeover to

the euro on 1 January 2002. It also includes a number of recommendations of the IBF/IMSA Expert

Group in relation to the changeover.

 

The Commitments

 

9. IBF/IMSA member institutions agree that all legacy currency bank accounts in Ireland not

already re-denominated prior to the Changeover Period (defined in the Agreement as the period

stretching approximately from close of business on Friday 28 December 2001 to start of business on

Wednesday 2 January 2001) will be automatically re-denominated (in euro) during the Changeover

Period and that no bank will continue to offer legacy currency accounts after the Changeover Period.

 

 

10. The member institutions also agree that customers should be strongly advised that 31

December 2001 is the latest date on which they should write cheques denominated in Irish pounds;

that 30 June 2002 will be the last date on which a collecting bank will accept Irish pound cheques or

any other Irish pound payment instruments (with the exception of bank drafts) for processing; and that

paying bankers will not pay Irish pound cheques, whether they have been presented through the interbank

clearing or payment systems or otherwise, which have been accepted by a collecting bank after

30 June 2002 (and accordingly that no bank will issue cheque books denominated in Irish pounds after

the Changeover Period). It is also agreed that 15 February 2002 is to be recognised as the last date on

which a bank will accept an instrument drawn in any other legacy currency for processing within a

 

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cross-border cash letter service. Individual institutions will continue to make their own arrangements

with their overseas agents for the clearance of such instruments after 16 February 2002.

 

 

11. It is agreed that no member of IBF or IMSA will issue Irish pound bank drafts or gift cheques

after the Changeover Period, but that members will continue to accept Irish pound bank drafts drawn

on any Irish financial institution as such drafts have no expiry date. Irish pound bank drafts collected

after 30 June 2002 will be processed “on a special presentation basis”.

 

 

12. The Agreement states that “on the basis that all member institutions of IPSO have agreed to

cease processing Paper Direct Debits prior to 1 January 2002, no allowance will be made for euro

Paper Direct Debits before, during, or after the Changeover Period.” It should be noted that the “OTC

(over the counter) Initiative” that is the proposed withdrawal by certain retail banks of counter paper

based utility and other bill payment services, has been notified to, and is under separate consideration

by the Authority

 

 

13. The member institutions of IBF and IMSA agree that, on and from 28 December 2001, all

inter-bank electronic fund transfer (“EFT”) transactions (including unpaid debits) will be exchanged in

euro; that it is the responsibility of the originator’s bank to convert to euro any EFT payments

originating in Irish pounds which will be exchanged on or after 28 December 2001 before exchanging

with other banks; that the resolution of errors arising due to an Irish pound denominated file being

processed as a euro-denominated file will be the responsibility of the originator and his bank; that it is

the responsibility of the originator’s bank to ensure that warehoused transactions accepted in Irish

pounds prior to 28 December 2001, and which will be exchanged on or after 28 December 2001, have

been converted to euro before they are exchanged with other banks.

 

 

14. It is also agreed that all inter bank ATM transactions will continue to be denominated solely in

Irish pounds until the initiation of a ‘clean-break period’ shortly after midnight of the 31 December

 

 

2001. After the end of the ‘clean-break period’ sometime5 on the morning of 1 January 2002,

individual banks will re-denominate their ATM operations from Irish pounds to euro and all inter bank

transactions will be denominated in euro after service is resumed. In the event that some ATMs

continue to dispense Irish pounds after the ‘clean-break’ (and contrary to what has been agreed), it will

be the dispensing bank’s responsibility to ensure that all inter-bank transactions are denominated in

euro; and that any “divergence” or rounding issues, which arise as a result, will be the responsibility of

the dispensing bank.

 

 

15. The member institutions further agree that Laser debits exchanged on 28 Dec 2001 will be in

Irish pounds and that Laser debits exchanged after 28 Dec 2001 (i.e. from 2 Jan 2002) will be in euro;

and that it is the acquiring bank’s responsibility to ensure that debits which, for whatever reason, are

originated in a currency other than that in which they must be exchanged are converted prior to being

exchanged.

 

 

16. It is also agreed that all unpaid debits for exchange through the Irish Paper Debit Clearing

Company Ltd.6 on or after 28 December 2001 will be exchanged in euro regardless of the currency of

the original transaction; that any associated paper advices will be denominated in euro; and that if the

paper advice applies to an item originally denominated in Irish pounds, the advice must also include

the Irish pound amount. Similar provision is made for paper advices associated with unpaid debits

exchanged via EFT.

5 The exact timing is to be determined by the “IBF/IMSA EMU ATM Sub-group”.

6 Irish Paper Debit Clearing Company Limited was established in 1997 and is responsible for the clearing of payments

in the form of debits (such as cheques) in the State. It is regulated by the Central Bank, pursuant to the Central Bank

Act, 1997.

 

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17. ‘Equivalent information’ (defined in the Agreement to mean the display of the ‘opposite’

currency, for information purposes only, of the equivalent of balance or transaction information) as

implemented during the Transitional Period (i.e. prior to 28 December 2001) will continue to be

displayed until at least 9 March 2002; member institutions of IBF and IMSA will endeavour to

coordinate the removal of such information at broadly the same time; the ‘original currency

information’ (as defined in the Agreement to mean the display of the original currency amount on

cross-currency transactions) on transactions will be presented on euro account statements for as long as

transactions processed in Irish pounds appear on such statements.

18. Under the terms of the Agreement, 31 December 2001 is not to be regarded as a normal day

for the provision of banking clearing or value date services in the State and this position is provided for

by legislation.7 It is also agreed that no bank will raise payments or issue drafts denominated in any

other legacy currencies after the Changeover Period. It is also provided in the Agreement that it is

entirely a matter for each IBF / IMSA member institution to develop its own mechanism for handling

the conversion of interest and fees; and also as to the conversion of thresholds, limits and ranges.

 

 

19. The member institutions of IBF/IMSA also agree “to comply fully with whatever inter-bank

testing and certification procedures are defined by the relevant IBF/IMSA EMU Committees as the

euro programme progresses.” The commitment is open-ended in the sense that it imposes an obligation

to “comply fully” with procedures, which have not yet been decided upon. As it is possible that the

testing and certification procedures governed by this commitment could raise competition law

concerns, the Authority wishes to make clear that this decision does not cover any agreements,

determinations or procedures operating under this commitment – the Authority cannot certify

agreements the contents of which are as yet unknown.

 

The Recommendations

 

20. Certain of the recommendations concern communications with customers. Member institutions

of IBF and IMSA are encouraged to reassure customers about the changeover and to “dissuade them

from requesting out-of-course statements or contacting their bank unnecessarily at the time of the

changeover.” Customers are also to be discouraged from writing cheques in Irish pounds after the end

of 2001 and retailers are to be discouraged from accepting such cheques. It is also recommended that

“a clear message” be communicated that 30 June 2002 is the last date on which Irish pound payment

instruments will be accepted for processing and that customers be “strongly encouraged” to lodge

cheques denominated in Irish pounds before the end of the national dual circulation period (for cash)

on 9 February 2002.8 Liaising with trade representative organisations to promote euro invoicing is also

recommended, as is communicating the fact that banks will not pay cheques that have had their

currency manually altered. It is also recommended that consumers be encouraged to purchase drafts

and gift cheques in euros in December 2001. Certain communications relating to EFTs and

warehoused transactions are also recommended, as are communications to address potential customer

concerns regarding the conversion of interest rate bands. Recommendations are also made regarding

dual display of currency at point-of-sale between 1 October 2001 and 9 March 2002.

 

 

21. Certain of the recommendations concern technical and administrative matters within the

banking system. These matters include the allocation of technical responsibilities (e.g. for errors in

processing transactions) within the banking system, ensuring that certain instruments which have had

their currency manually altered do not enter the clearing system, and the proactive distribution of euro

denominated cheque books. It is also recommended that banks should allow for a significant level of

7 Section 5 of the Euro Changeover (Amounts) Act, 2001.

8 This date was fixed by Statutory Instrument 313 of 2001, the Irish Pound Notes and Coins (Cessation of Legal Tender

Status) Order, which was made by the Minister for Finance under section 9(1) of the Economic and Monetary Union

Act, No. 33 of 1998.

 

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inter-bank information technology testing during the third quarter of 2001, and that general banking

practice be amended so that cheques denominated in Irish pounds will be considered out of date on 30

June 2002.

 

(e) Submissions of the Parties

 

22. IBF and IMSA submitted that the arrangements are necessary to ensure that the final

changeover to the euro takes place in as orderly and efficient a manner as possible, and in accordance

with legislation and recommendations of the Irish and EU authorities. They further submitted that the

arrangements would only affect the form (i.e. the currency) of products and not the substance of

competition on the market. Arguments were also advanced in favour of granting a licence in the event

of a refusal by the Authority to issue a certificate under Section 4(4) of the Act. The Authority has not

found it necessary to consider those arguments.

 

Assessment

(a) Section 4(1)

 

23. Section 4(1) of the Act states that ‘all agreements between undertakings, decisions by

associations of undertakings and concerted practices, which have as their object or effect the

prevention, restriction or distortion of competition in trade in goods or services in the State or in any

part of the State are prohibited and void.’

 

(b) The Undertakings and the Arrangements

 

24. Section 3(1) of the Act defines an undertaking as ‘a person being an individual, body

corporate or unincorporated body of persons engaged for gain in the production, supply or

distribution of goods or the provision of a service.’ A variety of types of legal personality is

represented among the membership lists of IBF and IMSA – private limited companies, public limited

companies, companies incorporated in this jurisdiction, companies incorporated abroad, and, indeed,

companies established by an Act of Parliament. Regardless of differences in legal personality, all of

the member institutions of the two trade associations are “undertakings” for the purposes of the Acts.

Therefore, the points of agreement contained in the notified Agreement, each of which is prefaced

“[m]embers of the IBF/IMSA agree…”, constitute agreements between undertakings.

 

 

25. IBF and IMSA, as trade associations, are “associations of undertakings” for the purposes of the

Acts. In the opinion of the Authority, the recommendations of the associations contained in the

notified paper, which recommendations are prefaced “[t]he Group recommends”, are capable of

constituting decision of associations of undertakings within the meaning of the Act.

 

 

26. In its Decision No. 16, Association of Optometrists, Ireland, Articles of Association and Code

of Ethics9, the Authority stated:

“The Association claimed that its Code of Ethics merely set out recommendations for its members. The

European Court of Justice has ruled however, that:

‘A recommendation of an association of undertakings, even if it had no binding effect, cannot

escape ……. Article [81(1)] where compliance with the recommendations by the undertakings

to which it is addressed has an appreciable influence on competition in the market in

question.’10

9 29 April 1993, Notif. CA/9/92/E.

10 Cases 96/82 etc., NV IAZ International Belgium v. Commission [1983] ECR 3369.

 

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Consequently the claim that the Code merely contains recommendations does not put it outside the

scope of Section 4(1).”11

In Case 45/85, Verband der Sachversicherer v. Commission, the Court of Justice concluded with

regard to the recommendation at issue in that case, that “…. the recommendation, regardless of what

its precise legal status may be, constituted a faithful reflection of the applicant’s resolve to coordinate

the conduct of its members….”12 and so amounted to a decision of an association of undertakings for

the purposes of Article 81 of the EC Treaty.

 

 

27. In the context of this notification, the Authority is satisfied that the recommendations in

question constitute ‘faithful reflections’ of IBF/IMSA resolve to coordinate the conduct of their

members. It follows that the recommendations are decisions of associations of undertakings for the

purposes of Section 4(1) of the Act.

 

(c) Applicability of Section 4(1)

 

The Commitments

28. The essence of many of the points of agreement is that various products/services (e.g. bank

accounts, cheques) formerly available in Irish pounds shall no longer be available in that currency. The

Authority is of the opinion that it would be artificial to regard products/services available in two

versions of the same currency,13 during a transitional period, as heterogeneous products/services. Thus

the situation whereby the products/services become available only in the new version, is not regarded

by the Authority as having a distorting effect on competition. It is not the case that the member

institutions of IBF and IMSA are collectively withdrawing certain products/services but rather that

they are collectively establishing standard mechanisms for facilitating the introduction of the euro.

29. It follows that where both a currency and a sub-division unit of that currency subsist during a

transitional period, the fact that the sub-division unit is then withdrawn cannot, in the Authority’s

view, be considered to have a restricting or distorting effect on competition. It is wholly exceptional

for a currency to have a subdivision-unit and the return to the normal situation in which the State has

one currency without sub-division units cannot be regarding as in any way truly stifling competition.

Hence, the Authority is satisfied that the agreement to withdraw Irish pound (and other legacy

currency) denominated versions of the products/services in question does not contravene Section 4(1)

of the Act.

30. As regards points of agreement relating to the allocation of technical responsibilities (for

conversion of transactions to euros and for errors in processing) within the banking system, the

Authority is satisfied that, in these particular circumstances, the responsibilities in question need to be

clearly allocated in the interests of the operation of the banking system during the changeover and that

no competition issues arise. The Authority is also satisfied that the agreements relating to cheques

which have had their currency manually altered will not impact on competition, as a uniform

procedure for cheque processing is necessary in order for the service (i.e. cheques and their

processing) to operate at all.

31. As regards those points of agreement relating to the dual currency display of figures, the

Authority is satisfied that they will not impact upon competition in these circumstances. As regards the

agreement to strongly advise customers that 31 December 2001 is the latest date on which they should

write cheques denominated in Irish pounds, it should be noted that agreements to dissuade customers

from availing of a product or service are capable of raising competition law concerns. However, in

11 At para. 76 of the Authority’s decision.

12 At paragraph 31 of the judgment.

13 See Section 24 of the Central Bank Act, 1989 (as amended), reproduced supra fn. 1.

 

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these exceptional circumstances, the Authority is satisfied that no restriction or distortion of

competition arises, as the actual withdrawal of Irish Pound denominated cheques will not impact on

competition.

 

 

32. According to the notifying parties:

[t]he Agreement focuses solely on putting in place the required infrastructure and operational standards

which are essential to an effective changeover to the euro on and from 1 January 2002 ……….. Thus,

and generally, the formation of the Agreement has at no stage entailed the discussion of commercially

sensitive matters or the sharing of confidential information.

The Authority has noted that none of the arrangements concern the fees, or rates or bands of interest,

charged or employed by any of the member institutions of IBF or IMSA. It has also been noted that the

Irish and European authorities have been liaising extensively with trade associations within the

financial services sector in order to arrange for a successful and trouble-free changeover.14

 

The Recommendations

 

33. Recommendations by associations of undertakings may, in certain circumstances, in particular

where the recommendations cause the member institutions of the association to act in a concerted

fashion, raise competition law concerns. Recommendations concerning members’ communications

with customers may, for the same reason, raise competition law concerns. As regards the

recommendations in the Agreement to dissuade customers (including, in some cases, retailers) from

availing of services (i.e. out-of-course bank statements and Irish Pound denominated cheques), the

Authority is nevertheless satisfied that no restriction or distortion of competition arises in the

exceptional circumstances of the euro changeover. The other recommended communications are in the

interests of the smooth operation of the banking system during the changeover and do not raise

significant competition law issues. The recommendations regarding dual display at point of sale will

not lead to any restriction of competition.

 

 

34. As regards those recommendations that relate to the allocation of technical responsibilities (for

errors in processing) within the banking system, the Authority is satisfied that the responsibilities in

question need to be clearly allocated and that no competition issues arise. As regards the

recommendation to proactively distribute euro denominated cheque books the Authority is satisfied

that no restriction or distortion of competition will result, as members of IBF/IMSA are being

encouraged to provide a service to consumers and to facilitate the changeover. The recommendation

regarding inter-bank testing does not raise competition law issues.

 

Conclusion

 

35. It follows from all of the above that the Authority is satisfied that none of the points of

agreement between IBF/IMSA member institutions and none of the recommendations of IBF/IMSA

contravene Section 4(1) of the Act.15 The Authority wishes to emphasise that this conclusion has been

reached in the context of the singular circumstances of the euro changeover.

 

The Decision

 

36. In the Authority’s opinion:

14 The role of trade associations in the financial services sector is acknowledged in the National Changeover Plan,

published by the Euro Changeover Board of Ireland. In the European context, see, for example, Article 1(2) of the

Commission Recommendation of 23 Apr 1998 on dialogue, monitoring and information to facilitate the transition to

the euro.

15 Having reached this conclusion, it is unnecessary to consider whether aspects of the Agreement were mandated by

legislation.

 

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• the member institutions of IBF and the member institutions of IMSA are undertakings within

the meaning of Section 3(1) of the Competition Act, 1991;

• the notified agreements constitute agreements between undertakings within the meaning of

Section 4(1) of the Compeition Act, 1991;

• IBF and IMSA are associations of undertakings within the meaning of Section 4 of the

Competition Act, 1991;

• the recommendations of the IBF and IMSA Expert Group constitute decisions of associations

of undertakings within the meaning of Section 4(1) of the Competition Act, 1991;

• the agreements and recommendations notified do not contravene Section 4(1) of the

Competition Act, 1991.

 

The Certificate

The Competition Authority has issued the following certificate:

The Competition Authority certifies that in its opinion, on the basis of the facts in its possession, the

arrangements of the Irish Bankers’ Federation and the Irish Mortgage and Savings Association, and of

their respective member institutions, relating to the facilitation of the euro changeover (Notification no.

CA/8/01), notified on 24 July 2001 under Section 7, do not contravene Section 4(1) of the Competition

Act 1991, as amended.

For the Competition Authority

 

Isolde Goggin

Member

18 September 2001

 

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Annex 1 (of 1)

The following bodies corporate are members of IBF: ABN AMRO Bank, ABN-AMRO International

Financial Services, ACC Bank, AIB Capital Markets plc., AIB Finance & Leasing Ltd., AIB Group,

AIB International Financial Services, Anglo Irish Bank Corporation plc., Bank of America, Bank of

Ireland Asset Management Ltd., Bank of Ireland Finance Ltd., Bank of Ireland International Finance

Ltd., Bank of Ireland, Bank of Montreal Ireland plc., Bank of Scotland (Ireland) Ltd., Banque

Nationale de Paris, Barclays Bank plc., BBL Finance Ireland, Bear Stearns Bank plc., BW Bank

Ireland plc., Chase Manhattan Bank (Ireland) plc., Citco Bank Nederland NV - Dublin Branch,

Citibank N.A, DePfa-Bank Europe plc., Dresdner Bank (Ireland) plc, Deutsche Bank, Eurohypo

European Mortgage Bank Ltd., Garras Bank- Naspa Dublin, GE Capital Woodchester Limited,

Guinness & Mahon (Ireland) Ltd., GZ-Bank Ireland plc, Helaba Dublin, Hewlett-Packard International

Bank Ltd., HSBC Bank Plc- Dublin Branch, Hypo Vereinsbank Ireland, ICC Bank plc., ING Bank

N.V., Investec Gandon Ltd, Irish Intercontinental Bank Limited, KBC Finance Ireland, KB

Luxembourg Finance Dublin, LGT Bank in Liechtenstein (Ireland) Ltd, Lombard & Ulster Banking

Limited, MBNA Ireland Ltd., Merrill Lynch Capital Markets Bank Ltd., National Irish Bank Limited,

Northern Rock Plc., Pfizer International Bank Europe, Rabobank Ireland plc., Rheinhyp Bank Europe

plc., Sachsen LB Europe plc, Sanpaolo IMI Bank Ireland plc, Santander Financial Products Ltd,

Scotiabank (Ireland) Ltd., TD Global Finance, TSB Bank, Ulster Bank Ltd., Ulster Bank Capital

Markets Limited, Ulster International Finance, Unicredito Italiano Bank (Ireland) plc, Westdeutsche

Landesbank (I) Limited, WGZ-Bank Ireland plc, Zurich Capital Markets Company.

The following bodies corporate are members of IMSA: Irish Life & Permanent plc, First Active plc,

EBS Building Society, ICS Building Society, Irish Nationwide Building Society, IIB Homeloans Ltd.