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Irish Bank Resolution Corporation Bill 2013: Second Stage

Vote from 06/02/2013

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Motion to liquidate IBRC, former Anglo Irish Bank and Irish Nationwide Building Society, and sell its remaining assets to NAMA or other market purchasers. The intention of the Bill is to replace the €3.1 billion promissory note payment due at the end of March with NAMA bonds.

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Background information

Motion to liquidate IBRC, former Anglo Irish Bank and Irish Nationwide Building Society, and sell its remaining assets to NAMA or other market purchasers. The intention of the Bill is to replace the €3.1 billion promissory note payment due at the end of March with NAMA bonds. All annual repayments due in respect of the promissory notes will be removed going forward and the debt repayment schedule has been lengthened over a longer period of time. It also means that the State has taken on the liabilities of the IBRC and they have become official sovereign debt. This means the debt is owed by the State to the European Central Bank and therefore the ECB and cannot be written down or defaulted on.

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