he Irish government passed emergency legislation today to liquidate the former Anglo Irish Bank.
The ‘bad bank’ is currently trading as the Irish Bank Resolution Corporation (IBRC) and being run by KPMG after its board was dismissed on Wednesday.
Details of negotiations between the European Central Bank and the Irish government were leaked this week, with the government coming to a decision today.
Under the legislation, the bank ceases to exist and 800 employees lose their jobs, although most will likely to be re-hired by the National Asset Management Agency (NAMA).
The bank’ s debt, which costs Irish taxpayers around €3.1bn a year, is expected to be transferred to a long-term bond held by the Central Irish Bank.