There were angry scenes in the Dáil tonight as Opposition TDs demanded more time to examine emergency legislation to wind-down IBRC.
Taoiseach Enda Kenny defended the IBRC Resolution Corporation Bill, which he said would give "legal certainty" to the protectiion of up to €14bn worth of assets.
"This Bill has been planned for quite some time," he said.
"The Cabinet met in formal session this evening, to approve the memo from the Minister for Finance, which will have the effect of the protection of between 12 and €14bn worth of assets for this State and for the people of this State."
He later stated: "Not dealing with this will leave potential liabilities of up to €40bn."
Opposition Deputies had earlier complained that the minutes given to read the Bill was not adequate, so the Taoiseach then offered that the Dáil reconvene at 11.30pm.
He then offered that Deputies meet at 11.45pm instead.
Fianna Fáil leader Michéal Martin asked the Taoiseach to extend the deadline further to midnight.
Sinn Féin leader Gerry Adams objected, suggesting that the Dáil bar be closed, leading to loud shouts of derision.
Ceann Comhairle Sean Barrett then called an increasingly noisy chamber to order, and a motion to meet again at midnight was hastily passed.