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| Version 4 | Version 5 |
|---|---|
| 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 Irish parliament is reviewing draft legislation, which it is discussing in a special late-night session. | The Irish parliament is reviewing draft legislation, which it is discussing in a special late-night session. |
| Liquidation may enable Dublin to delay by several years the repayment of debts it took on to rescue Anglo Irish. | Liquidation may enable Dublin to delay by several years the repayment of debts it took on to rescue Anglo Irish. |
| The Republic of Ireland's central bank governor, Patrick Honohan, has been negotiating the plan with the European Central Bank (ECB) late on Wednesday. | The Republic of Ireland's central bank governor, Patrick Honohan, has been negotiating the plan with the European Central Bank (ECB) late on Wednesday. |
| Members of the ECB's board are currently in Frankfurt, where they have gathered for a regular monthly monetary policy meeting. | Members of the ECB's board are currently in Frankfurt, where they have gathered for a regular monthly monetary policy meeting. |
| An official statement from the ECB is expected early Thursday afternoon ahead the regular press conference held by its President, Mario Draghi, to discuss the central bank's interest rate decision. | An official statement from the ECB is expected early Thursday afternoon ahead the regular press conference held by its President, Mario Draghi, to discuss the central bank's interest rate decision. |
| The Irish Government said that it was optimistic it would be able to come to an agreement with European officials. | The Irish Government said that it was optimistic it would be able to come to an agreement with European officials. |
| Its chief whip, Paul Kehoe, told politicians that officials had worked "extremely hard". | Its chief whip, Paul Kehoe, told politicians that officials had worked "extremely hard". |
| He added: "We are optimistic that an arrangement agreeable by all parties can be found." | He added: "We are optimistic that an arrangement agreeable by all parties can be found." |
| But opposition politicians expressed anger at the short amount of time they had to consider the plan, as well as what they saw as a lack of detail. | |
| Toxic loan book | Toxic loan book |
| Anglo Irish's board was dismissed on Wednesday and the accountants KPMG are now running the bank. | Anglo Irish's board was dismissed on Wednesday and the accountants KPMG are now running the bank. |
| If the Irish Republic 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 the Irish Republic 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 3.1bn euros (£2.7bn; $4.2bn) 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 3.1bn euros (£2.7bn; $4.2bn) 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 after 18 months of negotiations. | 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 after 18 months of negotiations. |
| The ECB was reluctant to be seen to be providing debt relief to a national government. | The ECB was reluctant to be seen to be providing debt relief to a national government. |
| 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. |
| The Irish government issued the total 31bn-euro promissory note in order to cover most of the 34bn-euro cost of rescuing Anglo Irish. | The Irish government issued the total 31bn-euro promissory note in order to cover most of the 34bn-euro cost of rescuing Anglo Irish. |
| The bank, which still employs almost 800 people, was among the most prolific of lenders to property speculators and developers during the Irish Republic's housing bubble in the last decade. | The bank, which still employs almost 800 people, was among the most prolific of lenders to property speculators and developers during the Irish Republic's housing bubble in the last decade. |
| The majority of these are expected to be rehired. | The majority of these are expected to be rehired. |