What is happening?
The Bill passed today provides that joint Special Liquidators will be appointed to IBRC. When this is done the Central
Bank will become the economic owner of the Promissory Notes. Apart from the wider economic considerations
concerning IBRC, it makes very little sense at this point to retain two State organisations performing broadly similar
functions. It is now appropriate that the remaining assets of IBRC which, following an independent valuation exercise
and if not bought by third parties, will be sold to NAMA as part of the Special Liquidators’ winding up of IBRC.