State Eyes €100 Million of Backdated Interest From IBRC Liquidation

The Government forecasts that it will receive a further €100 million next year from the remains of Irish Bank Resolution Corporation (IBRC), as the company’s liquidators start to pay interest due to unsecured creditors since early 2013, The Irish Times reported. The figure is contained in a written answer given this week by Minister for Finance Paschal Donohoe to Sinn Féin finance spokesman Pearse Doherty on foot of a parliamentary question. IBRC was set up in 2011 to take over the assets of failed lenders Anglo Irish Bank and Irish Nationwide Building Society (INBS). It was put into liquidation in February 2013. The liquidators of IBRC, Kieran Wallace and Eamonn Richardson of KPMG, said last December that unsecured creditors in the bank would receive the remaining 50 per cent of what they were owed within weeks. The State was the biggest IBRC creditor in this category, owed a total of €1.2 billion. Read more