Liquidated Irish Bank Seeks U.S. Creditor Protection

The liquidation vehicle for Ireland's failed Anglo Irish Bank has filed for bankruptcy protection in the United States, it said on Tuesday, Reuters reported. The Irish Bank Resolution Corporation's (IBRC) liquidators said they filed an application under Chapter 15 of the U.S. bankruptcy code in the district of Delaware on Monday. Chapter 15 grants a foreign company protection from creditors looking to seize its assets in the country. "These assets form part of the liquidation process currently underway," the liquidators said in a statement. Anglo Irish Bank was wrecked in 2008 when a property bubble burst after years of reckless lending and sparked more public anger in June when a newspaper published phone conversations of executives laughing at being rescued by the government. The bank eventually cost taxpayers some 30 billion euros in the financial crisis, almost one-fifth of the country's annual output, and three former executives will go on trial next year on fraud charges. Read more.