Tuesday 20 August 2019

Taxpayers to get €275m from IBRC in weeks

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Donal O'Donovan

Donal O'Donovan

The liquidators of IBRC will make a payout to creditors, including the State, in the next two weeks, worth 25pc of what is owed.

The biggest payment of around €275m will be to taxpayers. Others in line to claw something back include ordinary suppliers who were left out of pocket when the bank was placed into liquidation in February 2013.

So-called junior bondholders, who refused to take a smaller payout when most of their peers were 'burned', are not in line for the current payout.

The Joint Special Liquidators of Irish Bank Resolution Corporation Limited (In Special Liquidation), Mr Kieran Wallace and Mr Eamonn Richardson of KPMG Dublin, said earlier this year that around €2.2bn had been raised from the sale of the bank's loans.

Junior bondholders will only be paid once all other classes of unsecured creditor are paid in full.

Irish Independent

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