Dark chapter in Ireland’s history comes to a close as Govt moves to liquidate IBRC – Donohoe

7th February, 2013

FF/Green Govt threw lifeline to toxic Anglo, FG/Lab has wound it up


A dark chapter in Ireland’s economic and political history has been brought to a close with the liquidation of the Irish Banking Resolution Corporation (IBRC), formerly known as Anglo Irish Bank, by the Irish Government, according to Fine Gael Dublin Central Deputy, Paschal Donohoe.

“The Irish Government has been working steadfastly to make the burden of banking debt more sustainable for the Irish people. The move to liquidate the IBRC, which was taken last night by the Minister for Finance, Michael Noonan TD, as part of a wider deal to resolve the payment of the promissory notes, is the first step in permanently removing Anglo from the financial landscape and closing the book on this dark and murky chapter in Irish history. It also aimed to secure the assets of the bank, which are valued at €12 billion, on behalf of the State.

“Five years ago, the Fianna Fáil administration cobbled together a plan to throw a lifeline to Anglo and to ensure the bank’s survival. Last night, the Government introduced legislation that will see this toxic bank, which has acted as a noose around the Irish taxpayer’s necks, finally being wound down.

“As far back as 2009, Enda Kenny TD, called for the wind-down of Anglo Irish Bank. Today, that has become a reality and the whole sorry Anglo saga will be brought to an end, once and for all. This will have real economic, social and financial benefits for the State and the Irish people and marks a significant day in our nation’s history.

“This Government has been doing everything in its power to make our debt more sustainable and to get the country up off its knees. There has been considerable goodwill accrued in Europe in respect of the reform programme being undertaken and the sacrifice being made by the Irish people. Much work has been done to restore our reputation internationally and to tell the rest of the world that Ireland is open for business and back in the game.
“Restoring our economic sovereignty has been a key focus of this Government since it came to office. We are now seeing the signs that confidence is returning and that the Government’s plan is working; the yield on Irish government bonds has reduced dramatically, the NTMA is raising long term money in the markets for the first time since we became a programme country and our banking sector is returning to health.
“Negotiations on restructuring the promissory notes are still ongoing with the ECB and I am confident of a favourable outcome and that the Government will get a deal over the line. In the meantime, this first step, which will see the door closing on what has been the most toxic bank in Irish history, signals a brighter future ahead for the Irish people.”