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ARTICLE · 13 FEBRUARY 2013

Irish Bank Resolution Corporation Liquidation

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The Irish Government enacted the Irish Bank Resolution Corporation Act 2013 (the "IBRC Act") in the early hours of 7 February 2013.

IrelandFinance and Banking
Liam Carney
Liam Carney
David Maughan
David Maughan
Nollaig Murphy
Nollaig Murphy
Robin McDonnell
Robin McDonnell
Andrew Quinn
Andrew Quinn
Diarmuid Mawe
Diarmuid Mawe
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The Irish Government enacted the Irish Bank Resolution Corporation Act 2013 (the "IBRC Act") in the early hours of 7 February 2013 in order to secure and stabilise the assets of the Irish Bank Resolution Corporation ("IBRC") (formerly known as Anglo Irish Bank).

IBRC Act: Purpose

The IBRC Act is designed to help address "the continuing serious disturbance in the economy of the State" and to "protect the interests of taxpayers".  It provides for the winding up of IBRC to bring to an end the financial exposure of the State and the Irish Central Bank to IBRC.  It is stated that it is hoped that it will "help restore the financial position of the State" and restore confidence in the banking sector by "furthering the reorganisation of the Irish banking system".

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