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President Michael D Higgins this morning signed the bill to liquidate Irish Bank Resolution Corporation (IBRC) – the former Anglo Irish Bank - and transfer its assets and liabilities to Nama.
The legislation was rushed through after the news was leaked yesterday afternooon of the Government’s plans to wind down the former Anglo Irish Bank. Finance Minister Michael Noonan said Government had to act quickly and the bank had to be liquidated before the Courts opened this morning.
The Irish Bank Resolution Corporation Act 2013 was debated in the Dail from midnight and was passed by 113 votes to 35 just before 3am. It was subsequently passed by 38 votes to six in the Seanad.
It’s understood that all 800 IBRC employment contracts have been terminated, but that many of the staff will be rehired to help with the process of transferring its assets to Nama.
Under the new legislation, Ireland’s €28bn worth of promissory notes will be replaced with long-term Government bonds.
The ECB has yet to approve the plan to replace the promissory note with the longer term debt. It will be meeting in Frankfurt this morning and president Mario Draghi is expected to make a statement on the matter after this.