State to receive €280m IBRC payout

Latest payout by liquidators brings total dividends transferred to State to €560m

Former offices of Irish Bank Resolution Corporation (IBRC). Photograph: Alan Betson

Former offices of Irish Bank Resolution Corporation (IBRC). Photograph: Alan Betson

 

The State will receive a €280 million payout in the coming weeks from the KPMG liquidators of Irish Bank Resolution Corporation (IBRC), the entity that absorbed the bust institutions Anglo Irish Bank and Irish Nationwide.

Kieran Wallace and Eamonn Richardson, the joint special liquidators, on Thursday announced plans to pay a 25 per cent dividend on unsecured claims against IBRC before the end of January.

It will be the second 25 per cent payout, following a similar dividend payout announced in December 2016. The State has a €1.12 billion unsecured claim on IBRC. The latest payout will bring the total dividends transferred to the State up to €560 million.

The IBRC’s liquidators reiterated guidance it provided last May, which suggested that unsecured creditors of the bank would receive between 75 per cent and 100 per cent of their claims.

“The final outcome remains dependent on a number of variables including the future realisations from remaining assets and the outcome of ongoing litigation,” said the liquidators.