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Lawmakers in Ireland's parliament voted overnight to liquidate the Irish Bank Resolution Corp, or IBRC, one of its "bad banks", as part of a plan for a new debt-repayment deal with the European Central Bank.
The rushed nature of the legislation followed leaks to news agencies yesterday of “reliable” information that may have affected the markets and “placed between €12bn and €14bn of IBRC assets at risk,” writes the daily.
The government plans to transfer those assets to the NAMA, the other toxic-debt management bank. Politicians had to approve the measure, which will lead to the loss of 850 jobs, before Ireland’s courts opened and creditors could file lawsuits to block the bank’s dismantlement.
A conversation with investigative reporters Stefano Valentino and Giorgio Michalopoulos, who have dissected the dark underbelly of green finance for Voxeurop and won several awards for their work.
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