Irish MPs have approved in the night from Wednesday 6 to Thursday, February 7 liquidation of the Anglo Irish Bank was nationalized in 2009 following its spectacular collapse during the financial crisis as a result of risky loans. Members approved the bill by 113 votes for and 36 against in a vote in the Dail (Irish Parliament).
The bank's assets will be transferred to NAMA, bank defeasance created by Dublin during the financial crisis to relieve the country's banks of their toxic assets.
Finance Minister, Michael Noonan, was obliged to submit the bill to parliament in emergency Wednesday night in order to "ensure stability" of the bank, officially renamed Irish Bank Resolution Corporation (IRBC).
The dismantling of Anglo Irish Bank, however, still needs approval from the European Central Bank (ECB). The Governor of the Central Bank of Ireland, Patrick Honohan, attended a meeting Wednesday at the headquarters of the ECB in Frankfurt, before an official meeting Thursday. The Irish Government was confident that he would find an agreement with European leaders on the issue Thursday.
Irish Prime Minister Enda Kenny, for his part, hailed a milestone "on the way back to prosperity and full employment." "[The liquidation of Anglo Irish Bank] closes a sad and tragic chapter of our economy and our political history, he said. [However] it is not a miracle cure to all our problems economy. It will take many years to correct the damage caused by these economic institutions, "warned the head of government.
The establishment became synonymous with reckless lending practices that sank the Irish financial sector in 2010, Anglo Irish Bank posted a loss of 17.65 billion euros. Three former leaders of the establishment, including former CEO, will go before the courts next year on charges of fraud. This is a result of the collapse of Anglo Irish as Dublin was forced to rescue its banks at the end of 2008, the price of a huge debt that eventually forced the country to seek international assistance in 2011.
The bank merged with Irish Nationwide Building Society (INBS), also at the heart of the banking crisis, and took a new name, the Irish Bank Resolution Corporation (IRBC), whose mission was to gradually liquidate its assets on a period of about ten years. However, the institution continues to be commonly known as Anglo Irish Bank.
The audit firm and consultancy KPMG took control of IRBC, whose board of directors resigned Wednesday afternoon on government orders. All work contracts to IRBC will be broken, but a large part of the workforce could be rehired to help the liquidator.
Ireland had to ask at the end of 2010 to support the European Union, the ECB and the IMF. This bailout provided 85 billion euros in aid over three years in exchange for the implementation of painful austerity measures. More than 30 billion have been provided to bail out Anglo Irish Bank and the INBS. The former chairman of Anglo Irish Bank Sean Fitzpatrick and two other former officials of the institution must be judged in January 2014 for alleged embezzlement.
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