independent

Sunday 20 April 2014

Former Anglo Irish Bank placed in special liquidation

CHANGE: Former Anglo Irish CEO Mike Aynsley with the bank symbol as the sign is taken from their St Stephen's Green HQ

In February, IBRC, formerly Anglo Irish Bank, was dramatically placed in special liquidation following a late night Dail sitting. The hurried decision to liquidate the bank was taken by the Government as part of its deal with Brussels to restructure so-called promissory notes that were used to bail out IBRC.

The bank's €22bn loan book was then put up for sale. But the liquidation of IBRC has sparked court cases here and in the US. Former IBRC CEO Mike Aynsley (pictured) and two other former senior executives have sued the special liquidators of IBRC seeking payment of notice entitlements under their contracts.

But if the liquidation of IBRC wasn't dramatic enough, the Independent newspaper group exclusively got hold of internal telephone recordings from Anglo Irish Bank as it faced oblivion in 2008. Former Anglo chief executive David Drumm was recorded speaking with senior executive John Bowe, telling him that Anglo will use the bank guarantee to get money into the bank's coffers.

"We won't do anything blatant, but . . . we have to get the money in . . . get the f***in' money in, get it in," he told Mr Bowe. In response to the fact that the state bank guarantee was resulting in money flowing in from Germany, Mr Bowe sang a couple of lines of 'Deutschland Uber Alles', part of the old German national anthem. The tapes attracted headlines around the world.

Meanwhile, the sale of the IBRC loan books saw loans attached to well-known businesses including Arnotts and Davy stockbrokers put up for sale.

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