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Dublin: 15 °C Friday 19 September, 2014

Today is the deadline for bidders to buy IBRC loans

IBRC is being liquidated and selling some of its loans which have a value of €3.5 billion.

Anglo Irish Bank, now the IBRC.
Anglo Irish Bank, now the IBRC.
Image: Niall Carson/PA Wire/Press Association Images

TODAY IS THE deadline for bidders to submit their offers to buy IBRC loans.

The loans were issued by Anglo Irish Bank, now called the Irish Bank Resolution Corporation (IBRC), which is in liquidation and therefore selling its loans which have a value of €3.5 billion.

Irish companies

At the time of liquidation, borrowers were advised that their loans were to be put up for sale. These includes loans from the likes of Arnotts, Topaz and TV3.

Minister for Finance Michael Noonan said in the Dáil that the assets of IBRC would be valued independently before being sold and any assets that are not sold to third parties will be sold to NAMA at the independent valuation.

According to business advisors and chartered accountants Cooney Carey, the first tranche of loans on offer is made up of about fifty borrower groups. They state that bidders in the process are anonymous.

Read: US court hears IBRC overcharged some customers for 14 years>

Read: Anglo Tapes: Drumm admits €6 billion was being sent “around in a circle”>

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