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Ireland to get extra £542 million from Anglo Irish wind-down

Ireland to get extra £542 million from Anglo Irish wind-down
FILE PHOTO - Ireland's Prime Minister (Taoiseach) and Defence Minister Leo Varadkar attends a news conference after a European Union leaders summit in Brussels, Belgium December 14, 2018. REUTERS/Piroschka Van De Wouw -
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PIROSCHKA VAN DE WOUW(Reuters)
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DUBLIN (Reuters) – Ireland will receive an additional 600 million euros (542 million pounds) from the wind-down of the bank at the heart of its 2010 financial crisis, Prime Minister Leo Varadkar said on Wednesday, but most of a 30 billion euro bailout will never be recovered.

Varadkar told parliament that the liquidator of the Irish Banking Resolution Corporation (IBRC), the wind-down vehicle of Anglo Irish, the bank at the heart of Ireland’s 2010 financial crisis, is due to make the payment in the coming weeks, completing a 1.2 billion claim by the state.

Anglo Irish, which was nationalised in 2009 and wound down from 2011 was synonymous with the lending practices that drove the “Celtic Tiger” boom and subsequent bust.

Ireland’s taxpayers stumped up 30 billion euros, around 15 percent of annual economic output, to bail out the bank, a move that contributed to the country being forced into a three-year bailout in 2010.

Varadkar also confirmed that unsecured creditors – some of whom bought the debt at a fraction of its original value – would receive full par value on 267 million of debt, a move a member of parliament for the opposition Sinn Fein party, Pearse Doherty, described as “a betrayal of the Irish people.”

Some of the creditors bought the debt at around 20 percent of its value in 2010.

(Reporting by Conor Humphries; Editing by Alexander Smith)

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