Ireland’s disgraced banks, Anglo Irish Bank and Irish Nationwide Building Society, which are set to merge, will be renamed by the Irish government after their “appalling failing."

The merged financial institution will be called The Irish Bank Resolution Corporation, Finance Minister Michael Noonan said in a statement.

The two Dublin based banks received a combined $50 billion in taxpayer funds after they were nationalized.

The government made the decision to change the bank’s name “to remove the negative international references associated with the appalling failings of both institutions and their previous managements,” according to the statement.

After a multi-billion dollar bail out from the EU and IMF, the European Commission agreed to wind down the disgraced banks on June 29. The name change will take effect once “integration processes,” have been worked out according to Irish Nationwide.

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