It is reported in today`s Irish independent the former Anglo Irish Bank is to be liquidated after emergency laws were enacted overnight.
The deal following long-running talks with European chiefs aims to ease the burden of the 28 billion euro bailout of the toxic lender.
After politicians sat through the night to pass legislation with money markets closed, President Michael D Higgins signed it into law. Finance Minister Michael Noonan was forced to act when reports of an agreement with the European Central Bank (ECB) leaked out on Wednesday afternoon.
The liquidation will be carried out under the Irish Bank Resolution Corporation (IBRC) Bill 2013, the rebranded name for Anglo. The IBRC has assets worth 12 billion euro.
Please click on link to Irish independent for full report