First Trust Bank
Encyclopedia
First Trust Bank, part of the AIB Group, is a commercial bank
in Northern Ireland
. The bank was created in 1991 when TSB
Northern Ireland merged with the AIB Group's other interests. The bank can trace its existence back to 1816
with the founding of the Belfast Savings Bank. The bank is one of the four banks that issues Pound Sterling
banknotes in Northern Ireland.
Allied Irish Banks confirmed plans to sell off the bank in April 2010 as part of plans to raise capital. These plans have since been put on hold.
and Great Britain
(where it operates as Allied Irish Bank (GB)
), with different economies and operating environments. AIB Group (UK) p.l.c., registered in the UK
and regulated by the Financial Services Authority
, operates as the legal entity for the division.
In the Northern Ireland
market, the division operates under the trading name First Trust Bank from 44 full service branches throughout the province. The First Trust Bank Head Office is located in Belfast
, together with the Business Services Centre. A full service is offered to business and personal customers, across the range of customer segments, including personal customers, small and medium sized enterprises, and the corporate sector. Specialist services, including mortgages, invoice discounting and asset finance are based in Belfast and delivered throughout the division (the credit/debit card operations were split in 2007, with the Card Issuing business transferred to the AIB Head Office in Dublin in 2007, and the Card Acquiring (merchant) business becoming a joint venture with First Data Merchant Services in 2009). First Trust Independent Financial Services provides sales and advice on regulated products and services, including protection, investment and pension requirements to the whole of the division.
In common with the other Big Four banks of Northern Ireland, the First Trust Bank retains the right to issue its own banknotes. Until the name change in 1991, these banknotes bore the name Allied Irish Bank. These are pound sterling
notes and equal in value to Bank of England notes
, and should not be confused with banknotes of the former Irish pound
.
Earlier note issues by the bank were made under the bank's previous names: the Provincial Bank of Ireland Ltd. (to 1976), Allied Irish Banks Ltd. (1977–1986), and Allied Irish Banks PLC (1987–1993).
First Trust Bank's current notes depict two generic people, one male, one female. They appear as children on the £1 and £5 notes, as middle-aged on the £10 and £20, and finally as elderly on the £50 and £100. The obverse designs generally feature images associated with the Spanish Armada
, commemorating the wrecking of 24 Armada ships
off the coast of County Antrim
in 1588:
A £5 note featuring Dunluce Castle
on the obverse and a £1 note also featuring the Girona were issued by the Provincial Bank of Ireland and by AIB, but have not been issued by First Trust Bank.
Commercial bank
After the implementation of the Glass–Steagall Act, the U.S. Congress required that banks engage only in banking activities, whereas investment banks were limited to capital market activities. As the two no longer have to be under separate ownership under U.S...
in Northern Ireland
Northern Ireland
Northern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west...
. The bank was created in 1991 when TSB
Trustee Savings Bank
The Trustee Savings Bank was a British financial institution which specialised in accepting savings deposits from the poor. They did not trade their shares on the stock market and, unlike mutually held building societies, depositors had no voting rights nor the ability to direct the financial and...
Northern Ireland merged with the AIB Group's other interests. The bank can trace its existence back to 1816
1816 in Ireland
-Events:* The Year Without a Summer - Famine and typhoid kills 65,000 people * Belfast Savings Bank founded .*Templemore Market House is built, County Tipperary* The Ha'penny Bridge is built over Dublin's River Liffey...
with the founding of the Belfast Savings Bank. The bank is one of the four banks that issues Pound Sterling
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
banknotes in Northern Ireland.
Allied Irish Banks confirmed plans to sell off the bank in April 2010 as part of plans to raise capital. These plans have since been put on hold.
Banking services
Allied Irish Banks' UK division, with total assets of €15.1 billion (approx £10 billion), operates in two distinct markets, Northern IrelandNorthern Ireland
Northern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west...
and Great Britain
Great Britain
Great Britain or Britain is an island situated to the northwest of Continental Europe. It is the ninth largest island in the world, and the largest European island, as well as the largest of the British Isles...
(where it operates as Allied Irish Bank (GB)
Allied Irish Bank (GB)
Allied Irish Bank is the trading name of commercial banks operating in Great Britain. AIB Group p.l.c., registered in Belfast, Northern Ireland and regulated by the Financial Services Authority, is the legal entity which also includes First Trust Bank...
), with different economies and operating environments. AIB Group (UK) p.l.c., registered in the UK
United Kingdom
The United Kingdom of Great Britain and Northern IrelandIn the United Kingdom and Dependencies, other languages have been officially recognised as legitimate autochthonous languages under the European Charter for Regional or Minority Languages...
and regulated by the Financial Services Authority
Financial Services Authority
The Financial Services Authority is a quasi-judicial body responsible for the regulation of the financial services industry in the United Kingdom. Its board is appointed by the Treasury and the organisation is structured as a company limited by guarantee and owned by the UK government. Its main...
, operates as the legal entity for the division.
In the Northern Ireland
Northern Ireland
Northern Ireland is one of the four countries of the United Kingdom. Situated in the north-east of the island of Ireland, it shares a border with the Republic of Ireland to the south and west...
market, the division operates under the trading name First Trust Bank from 44 full service branches throughout the province. The First Trust Bank Head Office is located in Belfast
Belfast
Belfast is the capital of and largest city in Northern Ireland. By population, it is the 14th biggest city in the United Kingdom and second biggest on the island of Ireland . It is the seat of the devolved government and legislative Northern Ireland Assembly...
, together with the Business Services Centre. A full service is offered to business and personal customers, across the range of customer segments, including personal customers, small and medium sized enterprises, and the corporate sector. Specialist services, including mortgages, invoice discounting and asset finance are based in Belfast and delivered throughout the division (the credit/debit card operations were split in 2007, with the Card Issuing business transferred to the AIB Head Office in Dublin in 2007, and the Card Acquiring (merchant) business becoming a joint venture with First Data Merchant Services in 2009). First Trust Independent Financial Services provides sales and advice on regulated products and services, including protection, investment and pension requirements to the whole of the division.
Banknotes
Pound sterling
The pound sterling , commonly called the pound, is the official currency of the United Kingdom, its Crown Dependencies and the British Overseas Territories of South Georgia and the South Sandwich Islands, British Antarctic Territory and Tristan da Cunha. It is subdivided into 100 pence...
notes and equal in value to Bank of England notes
Bank of England note issues
The Bank of England, which is now the Central Bank of the United Kingdom, has issued banknotes since 1694. Since 1970, its new series of notes have featured portraits of British historical figures. Of the eight banks authorised to issue banknotes in the UK, only the Bank of England can issue...
, and should not be confused with banknotes of the former Irish pound
Irish pound
The Irish pound was the currency of Ireland until 2002. Its ISO 4217 code was IEP, and the usual notation was the prefix £...
.
Earlier note issues by the bank were made under the bank's previous names: the Provincial Bank of Ireland Ltd. (to 1976), Allied Irish Banks Ltd. (1977–1986), and Allied Irish Banks PLC (1987–1993).
First Trust Bank's current notes depict two generic people, one male, one female. They appear as children on the £1 and £5 notes, as middle-aged on the £10 and £20, and finally as elderly on the £50 and £100. The obverse designs generally feature images associated with the Spanish Armada
Spanish Armada
This article refers to the Battle of Gravelines, for the modern navy of Spain, see Spanish NavyThe Spanish Armada was the Spanish fleet that sailed against England under the command of the Duke of Medina Sidonia in 1588, with the intention of overthrowing Elizabeth I of England to stop English...
, commemorating the wrecking of 24 Armada ships
Spanish Armada in Ireland
The Spanish Armada in Ireland refers to the landfall made upon the coast of Ireland in September 1588 of a large portion of the 130-strong fleet sent by Philip II to invade England....
off the coast of County Antrim
County Antrim
County Antrim is one of six counties that form Northern Ireland, situated in the north-east of the island of Ireland. Adjoined to the north-east shore of Lough Neagh, the county covers an area of 2,844 km², with a population of approximately 616,000...
in 1588:
- 10 pound note featuring the ship GironaGirona (ship)La Girona was a galleass of the 1588 Spanish Armada which foundered and sank off Lacada Point, County Antrim, Northern Ireland, on the night of 26 October 1588 after making its way eastward along the Irish coast...
- 20 pound note featuring the chimney at Lacada Point, Giant's CausewayGiant's CausewayThe Giant's Causeway is an area of about 40,000 interlocking basalt columns, the result of an ancient volcanic eruption. It is located in County Antrim on the northeast coast of Northern Ireland, about three miles northeast of the town of Bushmills...
, near DunluceDunluce CastleDunluce Castle is a now-ruined medieval castle in Northern Ireland. It is located on the edge of a basalt outcropping in County Antrim , and is accessible via a bridge connecting it to the mainland...
, County Antrim, where the Girona was wrecked - 50 pound note featuring a commemorative medalMedalA medal, or medallion, is generally a circular object that has been sculpted, molded, cast, struck, stamped, or some way rendered with an insignia, portrait, or other artistic rendering. A medal may be awarded to a person or organization as a form of recognition for athletic, military, scientific,...
- 100 pound note featuring the Spanish Armada
A £5 note featuring Dunluce Castle
Dunluce Castle
Dunluce Castle is a now-ruined medieval castle in Northern Ireland. It is located on the edge of a basalt outcropping in County Antrim , and is accessible via a bridge connecting it to the mainland...
on the obverse and a £1 note also featuring the Girona were issued by the Provincial Bank of Ireland and by AIB, but have not been issued by First Trust Bank.