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| Predecessor | Anglo Irish Bank |
|---|---|
| Founded | 1 July 2011 (2011-07-01) |
| Defunct | 7 February 2013 (2013-02-07) |
| Fate | Placed into liquidation overnight by emergency legislation |
| Headquarters | Ireland |
Key people | Alan Dukes (Chairman), Mike Aynsley (Group CEO) |
| Owner | State of Ireland |
Number of employees |
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| Website | www |
TheIrish Bank Resolution Corporation (IBRC) was the name given to the entity formed in 2011 by the court-mandated merger of the state-owned banking institutionsAnglo Irish Bank andIrish Nationwide Building Society.[1][2]
Following aHigh Court order on the application of theMinister 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] whileAnglo 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 theIrish banking crisis.[7][8][9]
The removal of both failed banks from the Irish banking system was a key objective for the newFine Gael-led government.[3]Michael Noonan, theMinister 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]
On 6 February 2013, the board of the IBRC was stood down by the Irish government and replaced by Kieran Wallace and Eamonn Richardson of accountancy groupKPMG as Special Liquidators.[11][12] 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.[13]
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. IndependentTDJohn Halligan deemed the legislation "madness", withPeople Before Profit Alliance TDRichard Boyd Barrett protesting "Only 2 hours 15 mins to read & vote with no details of broader deal in Europe"—both comments made onTwitter.[14] Independent TDShane 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 TDStephen Donnelly suggested it was "entirely plausible" that Section 17 is unconstitutional.[15]Socialist Party TDJoe Higgins described the rapid developments as "chaotic".[16] Finance Minister Noonan also made reference to the hundreds of people who were effectively sacked on live television; according toSinn Féin finance spokespersonPearse Doherty the workers found out fromBloomberg Television that they had lost their jobs.[15][17]
In 2015, the government proposed amotion in theOireachtas to establish acommission of investigation into the operation of IBRC.[18][19] On 10 June 2015, it was announced thatMr Justice Daniel O'Keeffe had agreed to serve as Chairperson of the Commission of Investigation.[20][21][22][23]
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