IBRC will repay €1.1bn loaned by the State

The Irish Banking Resolution Corporation will repay the €1.1bn loaned to it to cover depositors under the State guarantee.

In its latest progress report the bank – which took on the loan books of Anglo Irish Bank and Irish Nationwide - said it had generated €16.5bn in cash inflows by 6 February through the sale of €21.7bn worth of loans since December 2013.

After payments to creditors and costs are deducted, IBRC said it was left with net cash of €1.85bn.

As a result, the bank said it would be able to make a payment to unsecured creditors towards the end of the year.

IBRC has a remaining loan book valued at €3.6bn, which is to be managed, liquidated or sold off by the bank in the months ahead.

As part of this the company is putting in place a Service Management Unit, which will begin operating in July.

Of the current 157 IBRC employees, only 46 will remain; working alongside staff from KPMG as part of this.

The bank also said that it was involved in more than 700 litigation proceedings at the moment, which it described as a "key risk" for its remaining operation.

In a statement Minister for Finance Michael Noonan said the "sheer scale and complexity of the liquidation of IBRC which is unprecedented in Ireland, is evident in the report."

He said the success of the bank's special liquidators means that there will be no need to transfer assets to the National Asset Management Agency, nor was there any risk of another call being made on the Exchequer.

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