Emergency legislation to allow for the immediate liquidation of Irish Bank Resolution Corporation passed all stages of the Oireachtas and was signed into law early this morning by President Michael D Higgins. President Higgins flew from Rome back to Dublin last night on the state jet to make himself available in the possibility of there being legislation to consider as Emergency legislation to liquidate the former Anglo Irish Bank was rushed through the Dáil overnight, ahead of an expected announcement on bank debt deal for Ireland today.
Finance Minister Michael Noonan admitted he nearly had to move several times in recent months to liquidate the Irish Bank Resolution Corporation, reported the Irish Examiner.
Mr Noonan said he was forced into liquidating the zombie bank in a dramatic late night Dáil sitting because he was not able to deny media reports that this was what he intended to do. It is understood information was leaked to Bloomberg.
He said that while there was no specific threat to €14bn worth of assets, he needed to act before the courts opened later this morning.
Mr Noonan expressed his regret for the “shock” caused to the 800 staff in IBRC whose contracts will be terminated, but he said they would be rehired to assist with the liquidation.
Most workers are expected to transfer to NAMA, which will take on all of IBRC’s assets and debts.
A spokesman told the Independent: “The President intends to return to Italy on Thursday and looks forward to his meeting with President Giorgio Napolitano and to his meeting with Jose Graziano da Silva, director general of the Food and Agriculture Organisation.”
Mr Higgins is on a three-day visit to Rome on foot of an invite from Mr Napolitano.