‘Debt deal would see IBRC liquidated if agreement secured from Frankfurt’

Published on 7 February 2013 at 10:24

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Lawmakers in Ireland's parliament voted overnight to liquidate the Irish Bank Resolution Corp, or IBRC, one of its "bad banks", as part of a plan for a new debt-repayment deal with the European Central Bank.
The rushed nature of the legislation followed leaks to news agencies yesterday of “reliable” information that may have affected the markets and “placed between €12bn and €14bn of IBRC assets at risk,” writes the daily.
The government plans to transfer those assets to the NAMA, the other toxic-debt management bank. Politicians had to approve the measure, which will lead to the loss of 850 jobs, before Ireland’s courts opened and creditors could file lawsuits to block the bank’s dismantlement.

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