IBRC in 840 legal cases at time of liquidation
FINANCE Minister Michael Noonan has confirmed that the Irish Bank Resolution Corporation (IBRC) was involved in more than 800 legal cases when it was put into liquidation.
In written Dail responses on the liquidation of the former Anglo Irish Bank in February, Mr Noonan said that 120 cases were being taken against IBRC at the time of liquidation, with the bank taking 720 legal cases against a variety of defendants.
In response to queries from Sinn Fein's finance spokesman, Pearse Doherty, Mr Noonan said that the legal cases taken by the IBRC were against a variety of defendants but primarily against borrowers, former staff and former professional advisers.
"Due to commercial confidentiality and sensitivities, the special liquidators are unable to disclose the amounts involved and the financial provisions in place for legal cases," he said.
Mr Doherty said the revelation that the IBRC was involved in 840 legal cases at the time of liquidation underlined how unclear the final cost of the IBRC liquidation would be.