Anglo Irish Bank is to sell its wealth management business as part of its response to an order from the High Court directing it to take certain steps related to the EC restructuring plan.

The disposal was outlined in a detailed plan submitted to the National Treasury Management Agency, which also stated that the firm will be planning a “rationalisation” of overseas offices and branches.

The firm said that “each of the requirements is a reorganisation measure for the purposes of Directive 2001/24/EC of the European Parliament and of the Council of 4 April 2001 and the European Communities.”