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The Irish Bank Resolution Corporation (IBRC) was the name given to the entity formed in 2011 by the court-mandated merger of the state-owned banking institutions Anglo Irish Bank and Irish Nationwide Building Society.[1][2]
Following a High Court order on the application of the Minister for Finance, Michael Noonan,[3] the Irish government drove through overnight legislation to liquidate the IBRC in February 2013, with the emergency action required given a leaking of plans in the press.[4]
Irish Nationwide Building Society (INBS) had been effectively nationalised in August 2010, after receiving a €5.4bn government bailout.,[5] while Anglo Irish Bank had been taken into state ownership in January 2009.[6] The two institutions had been widely criticised for their role in the risky lending practices that led to the Irish banking crisis.[7][8][9]
The removal of both failed banks from the Irish banking system was a key objective for the new Fine Gael-led government.[3]Michael Noonan, the Minister for Finance, made an application to the High Court[10] using his powers under the Credit Institutions (Stabilization) Act 2010, requesting that the assets and liabilities of INBS be immediately transferred to Anglo Irish Bank.
The newly merged entity was named the Irish Bank Resolution Corporation. The Finance Minister stated that the new name was important to remove the "negative international references associated with the appalling failings of both institutions and their previous managements".[3]
LiquidationEdit
On 6 February 2013, the board of the IBRC was stood down by the Irish government and replaced by accountancy group KPMG. Michael Noonan introduced emergency legislation to liquidate IBRC, and replace its promissory notes with bonds with an average maturity of 27 years. Dáil Éireann began debating the legislation a few minutes after midnight on 7 February.[11]
Opposition politicians reacted with instant universal dismay and condemnation of the Fine Gael-Labour coalition's actions and the driving through of legislation during the night. Independent TDJohn Halligan deemed the legislation "madness", with People Before Profit Alliance TD Richard Boyd Barrett protesting "Only 2 hours 15 mins to read & vote with no details of broader deal in Europe"—both comments made on Twitter.[12] Independent TD Shane Ross called the showdown a "humiliation" and expressed particular concern about Section 17 of the Bill, which awards wide-ranging powers to the finance minister, while his fellow Independent TD Stephen Donnelly suggested it was "entirely plausible" that Section 17 is unconstitutional.[13]Socialist Party TD Joe Higgins described the rapid developments as "chaotic".[14] Finance Minister Noonan also made reference to the hundreds of people who were effectively sacked on live television; according to Sinn Féin finance spokesperson Pearse Doherty the workers found out from Bloomberg Television that they had lost their jobs.[13][15]
^"Irish Nationwide BS Assets, Liabilities Transferred To Anglo Irish Bank". The Wall Street Journal. 1 July 2011. from the original on 5 July 2011. Retrieved 27 September 2021.
^"Meet Anglo 2.0... Irish Bank Resolution Corporation". The Journal. 1 July 2011. Archived from the original on 13 September 2012. Retrieved 1 July 2011.. The names Anglo Irish Bank and Irish Nationwide Building Society (INBS) are no more after the assets and liabilities of the latter were transferred to the former with immediate effect today.
^ abc. Irish Department of Finance press release. 1 July 2011. Archived from the original on 3 July 2011. Retrieved 1 July 2011.
^"IRISH BANK RESOLUTION CORPORATION BILL 2013" (PDF). (PDF) from the original on 1 November 2013. Retrieved 8 February 2013.
^. The Irish Times. 23 April 2010. Archived from the original on 8 October 2010. Retrieved 1 July 2011.
^"Ireland's banking crisis: timeline". The Daily Telegraph. 31 March 2011. from the original on 22 November 2020. Retrieved 27 September 2021.
^"Rogue banks merged into new body". The Belfast Telegraph. 1 July 2011. from the original on 20 October 2012. Retrieved 1 July 2011.
^"Anglo Irish Bank Renamed After 'Appalling' Past Failings". Bloomberg. 1 July 2011. from the original on 23 October 2013. Retrieved 27 September 2021.
^"Moody's Lowers Anglo Irish, Irish Nationwide Ratings Closer To Default". The Wall Street Journal. 24 June 2011. from the original on 31 August 2011. Retrieved 27 September 2021.
^IN THE MATTER OF THE IRISH NATIONWIDE BUILDING SOCIETY and IN THE MATTER OF THE CREDIT INSTITUTIONS (STABILIZATION) ACT, 2010 and IN THE MATTER OF AN APPLICATION BY THE MINISTER OF FINANCE FOR A TRANSFER ORDER IN RELATION TO THE IRISH NATIONWIDE BUILDING SOCIETY PURSUANT TO SECTION 34 OF THE CREDIT INSTITUTIONS(STABILIZATION) ACT 2010 AND ANCILLARY ORDERS 20 July 2011 at the Wayback Machine – The High Court/Before Justice McGovern. 1 July 2011
^"Government proposes legislation to wind up IBRC". RTÉ News. RTÉ. 6 February 2013. from the original on 5 October 2013. Retrieved 7 February 2013.
^"As it happened: Dáil approves Bill to liquidate IBRC". The Journal. 7 February 2013. from the original on 8 February 2013. Retrieved 8 February 2013.
^ ab"Michael Noonan says IBRC action taken to secure assets". RTÉ News. RTÉ. 7 February 2013. from the original on 7 February 2013. Retrieved 8 February 2013.
^"Irish lawmakers vote to liquidate Anglo Irish Bank". France 24. 7 February 2013. Archived from the original on 10 April 2013. Retrieved 7 February 2013.
^"Law to liquidate IBRC complete after night of high drama, as President Higgins signs it into law". BreakingNews.ie. 7 February 2013. from the original on 9 February 2013. Retrieved 8 February 2013.
^"IBRC investigation will cover Doherty allegations". RTÉ.ie. 10 June 2015. from the original on 28 July 2021. Retrieved 27 September 2021.
^"Draft Commission of Investigation (Certain matters concerning transactions entered into by IBRC) Order 2015: Motion". Dáil Éireann debates. Oireachtas. 9 June 2015. from the original on 14 June 2015. Retrieved 10 June 2015.
^"Dáil approves terms of reference for IBRC investigation". RTÉ. from the original on 10 June 2015. Retrieved 11 June 2015.
^"More IBRC revelations on the way, TDs claim". Independent.ie. from the original on 13 June 2015. Retrieved 11 June 2015.
^"Dáil votes to establish Commission of Investigation into IBRC". Newstalk.ie. from the original on 27 September 2021. Retrieved 11 June 2015.
^"Shane Ross criticises 'partisan' tribunal practices". Irish Times. from the original on 19 July 2015. Retrieved 11 June 2015.
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Parts of this article those related to information from gov ie need to be updated Please help update this article to reflect recent events or newly available information Last update 1 October 2023 The Irish Bank Resolution Corporation IBRC was the name given to the entity formed in 2011 by the court mandated merger of the state owned banking institutions Anglo Irish Bank and Irish Nationwide Building Society 1 2 Irish Bank Resolution CorporationPredecessorAnglo Irish BankFounded1 July 2011 2011 07 01 Defunct7 February 2013 2013 02 07 FatePlaced into liquidation overnight by emergency legislationHeadquartersIrelandKey peopleAlan Dukes Chairman Mike Aynsley Group CEO OwnerState of IrelandNumber of employees0 7 February 2013 850 6 February 2013 Websitewww wbr ibrc wbr ieFollowing a High Court order on the application of the Minister for Finance Michael Noonan 3 the Irish government drove through overnight legislation to liquidate the IBRC in February 2013 with the emergency action required given a leaking of plans in the press 4 Contents 1 History 2 Liquidation 3 Commission of investigation 4 References 5 External linksHistory EditIrish Nationwide Building Society INBS had been effectively nationalised in August 2010 after receiving a 5 4bn government bailout 5 while Anglo Irish Bank had been taken into state ownership in January 2009 6 The two institutions had been widely criticised for their role in the risky lending practices that led to the Irish banking crisis 7 8 9 The removal of both failed banks from the Irish banking system was a key objective for the new Fine Gael led government 3 Michael Noonan the Minister for Finance made an application to the High Court 10 using his powers under the Credit Institutions Stabilization Act 2010 requesting that the assets and liabilities of INBS be immediately transferred to Anglo Irish Bank The newly merged entity was named the Irish Bank Resolution Corporation The Finance Minister stated that the new name was important to remove the negative international references associated with the appalling failings of both institutions and their previous managements 3 Liquidation EditOn 6 February 2013 the board of the IBRC was stood down by the Irish government and replaced by accountancy group KPMG Michael Noonan introduced emergency legislation to liquidate IBRC and replace its promissory notes with bonds with an average maturity of 27 years Dail Eireann began debating the legislation a few minutes after midnight on 7 February 11 Opposition politicians reacted with instant universal dismay and condemnation of the Fine Gael Labour coalition s actions and the driving through of legislation during the night Independent TD John Halligan deemed the legislation madness with People Before Profit Alliance TD Richard Boyd Barrett protesting Only 2 hours 15 mins to read amp vote with no details of broader deal in Europe both comments made on Twitter 12 Independent TD Shane Ross called the showdown a humiliation and expressed particular concern about Section 17 of the Bill which awards wide ranging powers to the finance minister while his fellow Independent TD Stephen Donnelly suggested it was entirely plausible that Section 17 is unconstitutional 13 Socialist Party TD Joe Higgins described the rapid developments as chaotic 14 Finance Minister Noonan also made reference to the hundreds of people who were effectively sacked on live television according to Sinn Fein finance spokesperson Pearse Doherty the workers found out from Bloomberg Television that they had lost their jobs 13 15 Commission of investigation EditMain article O Keeffe Commission In 2015 the government proposed a motion in the Oireachtas to establish a commission of investigation into the operation of IBRC 16 17 On 10 June 2015 it was announced that Mr Justice Daniel O Keeffe had agreed to serve as Chairperson of the Commission of Investigation 18 19 20 21 References Edit Irish Nationwide BS Assets Liabilities Transferred To Anglo Irish Bank The Wall Street Journal 1 July 2011 Archived from the original on 5 July 2011 Retrieved 27 September 2021 Meet Anglo 2 0 Irish Bank Resolution Corporation The Journal 1 July 2011 Archived from the original on 13 September 2012 Retrieved 1 July 2011 The names Anglo Irish Bank and Irish Nationwide Building Society INBS are no more after the assets and liabilities of the latter were transferred to the former with immediate effect today a b c Transfer Order in relation to Irish Nationwide Building Society and Anglo Irish Bank Irish Department of Finance press release 1 July 2011 Archived from the original on 3 July 2011 Retrieved 1 July 2011 IRISH BANK RESOLUTION CORPORATION BILL 2013 PDF Archived PDF from the original on 1 November 2013 Retrieved 8 February 2013 Fingleton s successor says events at INBS an outrage The Irish Times Tuesday April 20 2010 The Irish Times 23 April 2010 Archived from the original on 8 October 2010 Retrieved 1 July 2011 Ireland s banking crisis timeline The Daily Telegraph 31 March 2011 Archived from the original on 22 November 2020 Retrieved 27 September 2021 Rogue banks merged into new body The Belfast Telegraph 1 July 2011 Archived from the original on 20 October 2012 Retrieved 1 July 2011 Anglo Irish Bank Renamed After Appalling Past Failings Bloomberg 1 July 2011 Archived from the original on 23 October 2013 Retrieved 27 September 2021 Moody s Lowers Anglo Irish Irish Nationwide Ratings Closer To Default The Wall Street Journal 24 June 2011 Archived from the original on 31 August 2011 Retrieved 27 September 2021 IN THE MATTER OF THE IRISH NATIONWIDE BUILDING SOCIETY and IN THE MATTER OF THE CREDIT INSTITUTIONS STABILIZATION ACT 2010 and IN THE MATTER OF AN APPLICATION BY THE MINISTER OF FINANCE FOR A TRANSFER ORDER IN RELATION TO THE IRISH NATIONWIDE BUILDING SOCIETY PURSUANT TO SECTION 34 OF THE CREDIT INSTITUTIONS STABILIZATION ACT 2010 AND ANCILLARY ORDERS Archived 20 July 2011 at the Wayback Machine The High Court Before Justice McGovern 1 July 2011 Government proposes legislation to wind up IBRC RTE News RTE 6 February 2013 Archived from the original on 5 October 2013 Retrieved 7 February 2013 As it happened Dail approves Bill to liquidate IBRC The Journal 7 February 2013 Archived from the original on 8 February 2013 Retrieved 8 February 2013 a b Michael Noonan says IBRC action taken to secure assets RTE News RTE 7 February 2013 Archived from the original on 7 February 2013 Retrieved 8 February 2013 Irish lawmakers vote to liquidate Anglo Irish Bank France 24 7 February 2013 Archived from the original on 10 April 2013 Retrieved 7 February 2013 Law to liquidate IBRC complete after night of high drama as President Higgins signs it into law BreakingNews ie 7 February 2013 Archived from the original on 9 February 2013 Retrieved 8 February 2013 IBRC investigation will cover Doherty allegations RTE ie 10 June 2015 Archived from the original on 28 July 2021 Retrieved 27 September 2021 Draft Commission of Investigation Certain matters concerning transactions entered into by IBRC Order 2015 Motion Dail Eireann debates Oireachtas 9 June 2015 Archived from the original on 14 June 2015 Retrieved 10 June 2015 Dail approves terms of reference for IBRC investigation RTE Archived from the original on 10 June 2015 Retrieved 11 June 2015 More IBRC revelations on the way TDs claim Independent ie Archived from the original on 13 June 2015 Retrieved 11 June 2015 Dail votes to establish Commission of Investigation into IBRC Newstalk ie Archived from the original on 27 September 2021 Retrieved 11 June 2015 Shane Ross criticises partisan tribunal practices Irish Times Archived from the original on 19 July 2015 Retrieved 11 June 2015 External links Edit nbsp Banks portalOfficial website Retrieved from https en wikipedia org w index php title Irish Bank Resolution Corporation amp oldid 1178346065, wikipedia, wiki, book, books, library,
