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IBRC liquidation could cost up to €306M, Irish finance minister says

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IBRC liquidation could cost up to €306M, Irish finance minister says

Irish Finance Minister Paschal Donohoe said the liquidation of Irish Bank Resolution Corp. Ltd. could cost between €291 million and €306 million by the time the entire process is completed by 2022-end, The Irish Times reported.

However, Donohoe said the cost could change depending on events outside the control of the joint special liquidators. IBRC, which housed the remaining assets of collapsed lenders Anglo Irish Bank and Irish Nationwide Building Society, was placed into liquidation in February 2013, the May 31 report noted.

IBRC's liquidators have paid out dividends corresponding to 50% of valid senior unsecured claims, with the Irish government, IBRC's main creditor, receiving about €560 million, the newspaper reported. The Irish finance department reportedly said in December 2017 that the total unsecured claims approved by the liquidators amounted to €1.3 billion.

The liquidators also said that they expect to make a third dividend announcement by 2018-end, with unsecured creditors expected to receive between 75% and 100% of what they were owed, the report added.