Timmy Dooley (Clare, Fianna Fail)
Link to this: Individually | In context

Question 128: To ask the Minister for Finance if he will provide all costs incurred by Anglo Irish Bank in re-branding the company as the Irish Bank Resolution Corporation. [3426/12]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context

As the Deputy is aware, Anglo Irish Bank Corporation Limited changed its name to Irish Bank Resolution Corporation Limited (trading as IBRC) on 14 October 2011. The Bank has informed me that a significant part of this renaming and rebranding project was managed using internal resources. The main components of the project included the development of a new brand identity for IBRC and the consolidation of multiple websites into one site. The timing of Bank's name change was scheduled to coincide with the appointment of a new non-executive director to IBRC, Mr. Oliver Ellingham in order to minimise the replacement cost of printed materials.

The Bank has indicated that two principal elements of this project necessitated external costs to be incurred. They were: The development of a new brand identity for IBRC: External expertise was used to deliver identity guidelines for IBRC and the necessary redesign of over 200 pieces of print collateral currently used by the Bank. A minimum amount of internal signage was also required. The cost of this external design work and signage was €30,645.

The development of a new website for IBRC: An approved external supplier was used to consolidate the existing websites of Anglo and INBS and implement the changed name of the Bank, across a number of geographies, into one group site www.ibrc.ie. The cost of the external support for that project was €7,000.

The total cost of the renaming project undertaken was therefore approximately €38,000 (ex-vat). Finally, it should be noted that separate to the renaming of the Bank, as part of the broader integration of INBS into the new entity, the Bank is further developing its website so that it will be suitable for the combined entity's approved long term business objectives. This project is scheduled to be delivered this month with estimated external costs of approximately €60,000. One of the key objectives of this project is to save IBRC considerable site update and maintenance costs in the future.