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| Anglo Irish Bank successor 'to be liquidated' | Anglo Irish Bank successor 'to be liquidated' |
| (35 minutes later) | |
| Failed bank IBRC, formerly Anglo Irish, is to be liquidated as part of a deal to ease Dublin's huge debt burden. | Failed bank IBRC, formerly Anglo Irish, is to be liquidated as part of a deal to ease Dublin's huge debt burden. |
| The Republic of Ireland's central bank governor, Patrick Honohan, will discuss a plan with the European Central Bank (ECB) on Wednesday evening, according to the Reuters news agency. | The Republic of Ireland's central bank governor, Patrick Honohan, will discuss a plan with the European Central Bank (ECB) on Wednesday evening, according to the Reuters news agency. |
| Liquidation may mean that Dublin can delay the repayment of debts associated with the bank's bailout by many years. | Liquidation may mean that Dublin can delay the repayment of debts associated with the bank's bailout by many years. |
| An update is expected to be provided to the Irish Parliament late on Wednesday. | |
| If Ireland gets ECB approval for the liquidation, IBRC's loans would be transferred to the National Asset Management Agency (Nama), the Irish "bad bank" responsible for recovering the value of problematic loans made by other Irish banks. | If Ireland gets ECB approval for the liquidation, IBRC's loans would be transferred to the National Asset Management Agency (Nama), the Irish "bad bank" responsible for recovering the value of problematic loans made by other Irish banks. |
| A so-called promissory note, under which Dublin must pay 3bn euros a year until 2023, would be turned into sovereign bonds that may not have to be fully repaid for up to 40 years. | A so-called promissory note, under which Dublin must pay 3bn euros a year until 2023, would be turned into sovereign bonds that may not have to be fully repaid for up to 40 years. |
| The result would be that Dublin postpones repayment of a huge debt burden. The government had previously wanted to reschedule the debt repayment, but this was blocked by the ECB. | The result would be that Dublin postpones repayment of a huge debt burden. The government had previously wanted to reschedule the debt repayment, but this was blocked by the ECB. |
| The IBRC has been winding down the old toxic loan book of Anglo Irish for more than two years. | The IBRC has been winding down the old toxic loan book of Anglo Irish for more than two years. |